Hesai-W (02525.HK) experienced a significant intraday decline, with its stock price plummeting 5.22%. This movement represents a notable retreat from the elevated levels reached in recent sessions.

The pullback is attributed to intensified profit-taking pressure. This follows a series of positive catalysts that had propelled the stock sharply higher, including its official inclusion in the Shenzhen-Hong Kong Stock Connect and the issuance of strong full-year guidance for LiDAR shipments and Q1 revenue growth. After these events drove the share price to recent highs, investor sentiment shifted towards locking in gains, contributing to the downward pressure. Additionally, trading liquidity contracted significantly compared to the levels seen on the Stock Connect inclusion day.