<div id="readability-page-1"><div>CMSI issued a report stating that HESAI-W (02525.HK) +0.800 (+0.505%) Short selling $38.72M; Ratio 45.767% delivered 1Q results in line with expectations, with LiDAR shipments exceeding forecasts. The company recorded revenue of RMB681 million in the first quarter, up 29.6% YoY, reaching the mid-to-high end of its prior guidance range of RMB650 million to RMB700 million. Non-GAAP adjusted net profit was RMB47.75 million, in line with expectations. LiDAR shipments in the first quarter reached 477,000 units, up 141% YoY, surpassing previous guidance of 400,000 to 450,000 units. The companys LiDAR market share rose to 55% in March, three times that of the second-largest player. Its revenue in the robotics segment ranked first globally within the industry.The report noted that during the structural downtrend phase of the LiDAR industry, average selling prices (ASP) faced temporary pressure. LiDAR-equipped vehicle models are penetrating from premium models into mid- to low-end segments, and even into vehicles priced below RMB100,000, structurally dragging down ASP. In the first quarter, the companys LiDAR ASP was RMB1,441, down 45% YoY. Management believes this represents a healthy trend accompanying rising industry penetration.CMSI highlighted breakthroughs in spatial intelligence AI hardware as a key focus. The companys strategic growth initiative (SGI) is positioning around the eyes and muscles of physical AI. Its first product, Kosmo, is a spatial intelligence device integrating AI algorithms and is set to form the 3D data infrastructure in the era of physical AI. Its customer base includes leading global embodied AI companies, top-tier entertainment studios, tech giants, AI-driven industrial enterprises and luxury brands. In the long term, Cosmo is expected to become widely adopted by general consumers for creating immersive 4D content. The company guides SGI revenue contribution of approximately RMB100 million in 2026 and targets RMB500 million in 2027, with long-term potential to reach a scale comparable to its core LiDAR business.The broker believes the market has been overly concerned in the short term about temporary ASP pressure and advises investors to focus on the companys breakthroughs in spatial intelligence hardware. It maintained an Overweight rating, with the US stock HESAI GROUP (HSAI.US) target price kept at USD32 and the H share target price maintained at HKD250. (da/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-21 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div></div>

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CMSI reported that HESAI-Wdelivered 1Q results in line with expectations, with revenue of RMB681 million, up 29.6% YoY. LiDAR shipments reached 477,000 units, exceeding forecasts. Despite a 45% YoY drop in LiDAR ASP to RMB1,441, management views this as a healthy trend. CMSI emphasizes breakthroughs in spatial intelligence AI hardware, targeting RMB100 million in SGI revenue by 2026. The broker maintains an Overweight rating, with target prices of USD32 forand HKD250 for HESAI-W.

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CMSI: HESAI-W  Quarterly Results In Line; LiDAR Shipments Beat; Reiterate Overweight