---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43458355.md"
description: "$HESAI-W(02525.HK) I took a quick look at Hesai's Q2 earnings report, and it's largely the same as before: core operations remain unprofitable, with all profits derived from interest and investment income. Gross margin was 40% vs. 42% YoY; the report is disappointing as usual. The severe involution is palpable. Honestly, holding for a year has been somewhat underwhelming. The only glimmer of hope is the national autonomous driving standards expected in July 2027, but robotics are still far from large-scale commercialization."
datetime: "2026-08-18T11:17:18.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43458355.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43458355.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43458355.md)
author: "[jockey](https://longbridge.com/en/profiles/20512279.md)"
---

# $HESAI-W(02525.HK) I took a quick look at Hesai's …


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## Comments (4)

- **宇宙大爆炸 · 2026-08-18T11:54:18.000Z**: Looking at the consolidated operating profit, it remains at 2.2M = Core Lidar profit − SGI loss. In Q1, Core Lidar segment operating profit was 42M, with an SGI loss of 51M. By Q2, SGI began generating revenue, and its loss is expected to narrow to the 30-40M range; back-calculating, Core Lidar segm
  - **jockey** (2026-08-18T13:33:38.000Z): Since buying last year, it always plunges on earnings release
  - **宇宙大爆炸** (2026-08-18T13:36:37.000Z): I've sold a lot of puts and got bagged 😂
  - **jockey** (2026-08-18T13:44:09.000Z): Yeah, it fits this strategy well. I'm not adding more and will just hold until July next year to see. I've also visited its Shanghai factory; in the grand scheme, physical AI should be the last to lan