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+1
HSAI: Soft guidance — is the sector leader stalling?
Prices have stabilized, but volumes haven’t caught up.
Profit recovery is now pushed back to 2027.+1HESAI
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HSAI (Trans): Robot revenue now over 50%; SGI seen reaching breakeven next year
Robot-related businesses made up over 50% of Q3 revenue. SGI generated RMB 135 mn in revenue in the first nine months, already beating the full-year RMB 100 mn target.
However, softer auto demand led the company to guide Q4 revenue of only RMB 1.1–1.15 bn. It is increasing SGI R&D, aiming for around $100 mn in revenue by 2027 and to reach breakeven.D![PED PED]()
![Hesai Financial Performance Unit：亿元 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26]()
![Hesai's Share of China's ADAS Lidar Market Rese Hesai Technology RoboSense Huawe]()
![Strategic Growth Initiatives(SGI) Core value & technological edge Latest progres]()
+8
HSAI: ASP Keeps Plunging — How Long Will the Pain Last?
Sacrifice margin to defend share, ride out deflation until the turn?
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HSAI (Trans): SGI guide raised to 300 mn; breakeven in 2027
Guidance for 2026 SGI (Strategic Growth Initiatives) revenue was raised from RMB 100 mn to RMB 200–300 mn. Management also guided to around $100 mn revenue in 2027 with breakeven in the same year.
The segment still posted an OP loss of RMB 64 mn this quarter. R&D expense rose in tandem to RMB 231 mn.Meanwhile, beyond lidar, the company is positioning actuator modules and Kosmo as its second growth curve. Q3 non-ADAS revenue is expected to approach, or even exceed, half of total revenue.D![PED PED]()
![Hesai FinancialPerformance Unit亿元 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 1]()
HSAI (Trans): SGI biz to match LiDAR scale in 5 yrs
Q2 total revenue is expected at RMB 850–900 mn.
LiDAR shipments are estimated at ~650k units.D![PED PED]()
![Hesai Financial Performance Unit：亿元 1Q24 2Q24 3Q24 4Q24 .1 1025 2Q25 3Q25 4Q25 1]()
![禾赛国内ADAS激光雷达市占率 禾赛科技 速腾聚创 华为 图达通 100.0% 90.0% 13.9%13.7%13.0%14.4%8.8%14.3%15.5%]()
![Hesai market cap forecast (US$mn) 158 288 China ADAS Europe ADAS 124 Other ADAS]()
+6
HSAI: Cut Losses, Hold the Line — Sector Leader Under Pressure?
2026 will remain a 'price-for-volume' year for Hesai Group amid high-stakes competition.
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HSAI (4Q25 Trans): 2026 shipment guidance raised to 3.0–3.5 mn units---
Overall GPM is expected to remain resilient in 2026. Resilience should hold through the year.
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![Hesai Financial Performance Unit：亿元 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q25]()
![禾赛国内ADAS激光雷达市占率 禾赛科技 速腾聚创 ■华为 图达通 100.0% 13.9% 13.7% 1 13.0% 14.4% 10.6% 8.8% 9.]()
![禾赛市值预计 158 中国ADAS 288 欧洲ADAS 124 ■其他ADAS 机器人 245 LONGPORT]()
HSAI: Worried About ASP Collapse? 'Tesla Castoff' Goes for Volume---
FY26 shipment guidance raised sharply to 3.0-3.5 mn units
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![Hesai Financial Performance Unit：亿元 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25]()
Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026
The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.