Hesai-W (02525) announced its Q3 2025 financial results, achieving net revenue of RMB795 million, a 47.5% year-over-year increase. The company recorded a net profit of RMB256 million, a significant turnaround from a loss of RMB70.4 million in the same period last year. Basic earnings per share stood at RMB1.88.
Dr. Yifan Li, Co-founder and CEO of Hesai, stated: "We are pleased to report another outstanding quarter, achieving our full-year net profit target one quarter ahead of schedule. According to Gasgoo Research Institute, we have maintained the top position in the automotive LiDAR market for seven consecutive months, capturing a 46% market share in August—1.5 times that of the second-ranked competitor and 2.4 times the third. In the ADAS sector, LiDAR is rapidly becoming a standard feature for assisted driving. We have secured partnerships with the top two ADAS customers for full-model deployments in 2026, ensuring 100% LiDAR adoption. Additionally, safety redundancy requirements and evolving regulations are driving demand for multiple LiDARs in L3 vehicles. Our long-range ETX LiDAR has secured another partnership with a top-three Chinese EV startup, whose models will also integrate multiple FTX blind-spot LiDARs. We estimate each L3 vehicle will carry 3–6 LiDARs (valued at $500–$1,000 per vehicle), significantly expanding our addressable market."
"In robotics, global autonomous fleets are scaling rapidly. We recently signed supply agreements with leading companies like Pony.ai, Hello, JD Logistics, and Motional, covering robotaxi and truck markets across North America, Asia, and Europe. Our successful Hong Kong listing marks a new chapter. Over the next decade, we aim to transform into a full-stack tech infrastructure leader, pioneering innovations in perception and interaction for automotive and robotics," Dr. Li added.
CFO Fan Peng highlighted: "Q3 delivered strong performance, with robust revenue growth and operational efficiency. ADAS and robotics drove a 47% YoY revenue increase to RMB795 million ($112 million). In September, we became the first LiDAR company to surpass 1 million units in annual production. Gross margin remained healthy at 42%, while operating expenses fell 23% YoY, reflecting AI-driven cost and quality optimizations."
"As a result, Q3 net profit hit a record RMB256 million ($36 million), with cumulative nine-month profit reaching RMB283 million ($40 million)—exceeding our full-year target early. We now raise our GAAP net profit guidance to RMB350–450 million ($49–63 million). Our dual-primary listing in Hong Kong raised $614 million (post-Greenshoe), strengthening our financial position. With solid profitability and a robust balance sheet, we are poised to fuel Hesai’s next growth phase through innovation," Peng concluded.