Hesai Q4 财报

I. Q4 and Full Year 2025 Earnings: Profit Significantly Exceeds Expectations, Revenue Meets Guidance but Slightly Below Market Consensus

1. Comparison with Company's Previous Official Guidance

• Full-Year Revenue: The company previously guided for 2025 full-year net revenue of 3.0-3.2 billion yuan, and actual revenue was 3.028 billion yuan, within the guidance range, fully meeting guidance requirements, representing a year-over-year increase of 45.8%.
• Full-Year Net Profit: In the Q3 2025 report, the company raised its full-year GAAP net profit guidance to 350-450 million yuan. Actual profit was 436 million yuan, at the upper end of the guidance range, significantly exceeding the initial full-year profit target of 200-350 million yuan. This makes it the first company in the LiDAR industry to achieve full-year GAAP profitability, successfully turning a loss into a profit year-over-year.
• Q4 Single-Quarter Revenue: The company previously guided for Q4 net revenue of 1.0-1.2 billion yuan. Actual revenue was 1.001 billion yuan, just hitting the lower bound of the guidance range, meeting but not exceeding guidance, with a year-over-year increase of 39%.
• Shipments and Gross Margin: Full-year 2025 LiDAR shipments were 1.62 million units, a year-over-year increase of 222.9%, exceeding the company's previous internal expectations. Full-year gross margin was 41.8% and Q4 single-quarter gross margin was 41%, both maintained above the healthy level of around 40% guided by the company.

2. Comparison with Market Analyst Consensus Expectations

• Profit Significantly Exceeds Expectations: Full-year GAAP net profit of 436 million yuan and Non-GAAP net profit of 551 million yuan both significantly exceeded the market's general expectations of around 400 million yuan and 530 million yuan, respectively. The realization of profitability exceeded market expectations.
• Revenue Slightly Misses Expectations: Full-year revenue of 3.028 billion yuan was slightly below the consensus expectation of 3.09-3.143 billion yuan from mainstream brokerages. Q4 single-quarter revenue of 1.001 billion yuan was also slightly below the market's expected central level of around 1.05 billion yuan.
• Gross Margin Exceeds Expectations: Against the industry backdrop of product mix transition and declining ASP, the company's full-year and Q4 gross margins remained stable above 41%, higher than the market's expectation of 40%, indicating cost control capabilities that exceeded expectations.

II. 2026 Performance Guidance: All Key Metrics Exceed Expectations, Shipment Guidance Significantly Revised Upward

1. Comparison with Company's Previous Guidance

• Full-Year Shipment Guidance Significantly Revised Upward: The company previously provided 2026 LiDAR shipment guidance of 2.0-3.0 million units in November 2025. This has now been significantly raised to 3.0-3.5 million units, significantly exceeding the company's previous guidance range, representing year-over-year growth of 85%-116% compared to 2025's actual shipments.
• 2026 Q1 Revenue Guidance: The company provided its first official guidance for Q1 net revenue of 650-700 million yuan, representing year-over-year growth of 24%-33%. There is no previous internal guidance for comparison. The guidance range reflects steady growth expectations.

2. Comparison with Market Analyst Consensus Expectations

• Full-Year Shipments Significantly Exceed Expectations: The market's previous mainstream expectation for 2026 shipments was concentrated in the 2.5-3.0 million unit range. The company's new guidance upper limit of 3.5 million units significantly exceeds market consensus expectations, further opening up growth space.
• Q1 Revenue Guidance Exceeds Expectations: The market's previous consensus expectation for 2026 Q1 revenue was around 640 million yuan. The lower bound of the company's guidance (650 million yuan) already exceeds market expectations, and the overall guidance midpoint is significantly higher than previous market forecasts.

Additional Market Reaction

Hesai's stock price experienced a short-term pullback in US pre-market trading. The core reason is that Q4 single-quarter revenue hit the lower bound of guidance, with growth slightly below market expectations, rather than full-year profit or 2026 guidance missing expectations. The positive surprise from the guidance was partially offset by the slight miss on Q4 revenue.