---
title: "Hesai Technology turned a profit in Q3, with LiDAR shipments increasing more than twofold year-on-year, raising the full-year net profit guidance | Earnings Report Insights"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265332883.md"
description: "Hesai Q3 net revenue was 795 million yuan (up 47.5% year-on-year), with a net profit of 256 million yuan (compared to a loss of 70.4 million yuan in the same period last year). Q4 net revenue guidance is 1 billion to 1.2 billion yuan (year-on-year growth of 39%-67%), and the full-year net profit guidance has been raised to 350 million to 450 million yuan"
datetime: "2025-11-11T11:51:16.000Z"
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  - [zh-HK](https://longbridge.com/zh-HK/news/265332883.md)
---

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# Hesai Technology turned a profit in Q3, with LiDAR shipments increasing more than twofold year-on-year, raising the full-year net profit guidance | Earnings Report Insights

Hesai Technology turned a profit in the third quarter, further consolidating its leading position in the domestic LiDAR market.

Hesai Technology's net revenue in the third quarter increased by 47.5% year-on-year, with a net profit of 250 million yuan, setting a new historical high. The company's management has raised its full-year net profit guidance and emphasized that the penetration rate of LiDAR in the ADAS and robotics fields continues to improve, significantly enhancing business scale and execution efficiency.

Driven by positive performance, Hesai's U.S. stock rose nearly 8% in pre-market trading, with an increase of over four times in the past year.

Key points from the financial report are as follows:

**Performance Status:**

-   Q3 net revenue of 795 million yuan (up 47.5% year-on-year), net profit of 256 million yuan (compared to a loss of 70.4 million yuan in the same period last year), achieving the full-year net profit target a quarter ahead of schedule.
    
-   Gross margin of 42.1% (down 5.6 percentage points year-on-year), operating expenses decreased by 23% year-on-year.
    
-   Cash reserves of 7.37 billion yuan, with Hong Kong listing financing of 614 million USD further solidifying the financial foundation.
    

**Core Business Progress:**

-   LiDAR shipments of 441,400 units (up 228.9% year-on-year), becoming the world's first LiDAR company with an annual production exceeding one million units.
    
-   ADAS LiDAR shipments of 380,800 units (up 193.1% year-on-year), and robotics LiDAR shipments of 60,600 units (up 1311.9% year-on-year).
    
-   Ranked first in market share for vehicle-mounted main LiDAR for seven consecutive months, with a market share of 46% in August.
    

**Performance Guidance:**

-   Q4 net revenue guidance of 1 to 1.2 billion yuan (up 39%-67% year-on-year), with full-year net profit guidance raised to 350 to 450 million yuan.

## **Behind the Surge in Revenue**

The strong growth in revenue is primarily attributed to the rapid expansion of the two core application scenarios: ADAS and robotics.

Q3 net revenue of 795 million yuan, up 47.5% year-on-year, with product revenue of 790 million yuan, a significant increase of 57% year-on-year. Notably, service revenue decreased from 36.3 million yuan in the same period last year to 5.3 million yuan, a decline of 85.4%, mainly due to a reduction in non-recurring engineering service revenue.

From the shipment data, **ADAS LiDAR shipments of 380,800 units, up 193.1% year-on-year**, demonstrate the rapid penetration of the ADAS market. Even more remarkable is the robotics LiDAR shipment of 60,600 units, which surged by 1311.9% year-on-year, reflecting a significant acceleration in the commercialization of autonomous driving.

## **Significant Cost Control Effects and Major Improvement in Financial Status**

Although the gross margin decreased from 47.7% in the same period last year to 42.1%, mainly due to the reduction of high-margin non-recurring engineering service revenue, the company has performed excellently in cost control.

**Operating expenses decreased by 23% year-on-year**, with R&D expenses dropping from 220 million yuan to 199 million yuan, and both sales and marketing expenses and general and administrative expenses also declined. This refined cost management reflects the improvement in the company's operational efficiency **Successfully raised $614 million in Hong Kong, with cash and cash equivalents, restricted cash, and short-term investments reaching 7.37 billion yuan by the end of Q3**, a significant increase from 2.85 billion yuan at the end of Q2. The ample cash reserves provide sufficient financial support for the company's technology research and development, capacity expansion, and international layout.

## **Market Position Further Consolidated**

**According to data from the GaiShi Automotive Research Institute, Hesai has maintained its position as the industry leader in the onboard main lidar field for seven consecutive months, with a market share of 46% in August**. This data reflects Hesai's comprehensive advantages in technology, products, and customer relationships. The company has secured designated cooperation with the top two ADAS customers for all models by 2026, achieving 100% standard configuration of lidar, which provides strong visibility for future revenue growth.

**The incremental market brought by L3 autonomous driving is worth focusing on**. Management expects each L3 vehicle to be equipped with 3-6 lidar units, with the value of lidar per vehicle estimated at approximately $500-1000, which will greatly expand the potential market size. The high-performance lidar product ETX has secured designated cooperation with the top three new car-making forces in China, and related models will be equipped with multiple blind-spot lidar FTX, with mass production planned to start by the end of 2026 or early 2027.

The company has signed new lidar supply agreements with several globally leading autonomous driving companies in North America, Asia, and Europe, including Motional, representing strategic cooperation worth tens of millions of dollars. In the robotics field, collaborations with leading companies such as Pony.ai, Hello, and JD Logistics demonstrate the acceleration of the commercialization process

### 相关股票

- [Hesai (HSAI.US)](https://longbridge.com/zh-CN/quote/HSAI.US.md)
- [HESAI-W (02525.HK)](https://longbridge.com/zh-CN/quote/02525.HK.md)

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