Hesai-W (02525) rose more than 5% in Hong Kong trading. At the time of writing, the stock was up 5.2% to HK$198.3, with a turnover of HK$77.9343 million.

The increase follows an announcement from Hesai Group that its newly upgraded ATX lidar has been selected for multiple vehicle models by BAIC Group, with mass production and deliveries scheduled to begin as early as the second half of 2026.

The ATX upgraded version, launched in November last year, has already received orders for over 4 million units from several leading global automakers. Mass production and delivery are expected to commence in April 2026.

To date, Hesai has secured mass production design wins for more than 160 vehicle models from 40 automotive brands. This includes all of the top 10 best-selling car brands in China, as well as full-series model collaborations with its top two ADAS customers for 2026.

According to previous analysis by CMB International, data from Gaogong indicates that Hesai held over 40% of the market share for automotive main lidars in 2025, demonstrating strong performance.

Looking ahead to 2026, in the automotive sector, the bank maintains its forecast for a continued rapid increase in the penetration rate of lidar in the passenger vehicle market. This is based on factors such as domestic automakers further promoting "technology democratization," the push for upgrades to advanced autonomous driving solutions by automakers like new energy vehicle startups, and the key milestone of L3 autonomous driving entering the phase of scaled application.

In the robotics field, the bank predicts that the company's delivery volume will double from the base of over 200,000 units achieved this year.