On June 25, Hesai-W (02525.HK) declined 5.07% in regular trading, trading at 121.6 HKD/share, with turnover of approximately 37.38 million HKD.

The decline reflects ongoing market concerns over the company's Q1 earnings quality. Hesai reported LiDAR shipment volume growth of 140.9% year-over-year, yet revenue increased only 29.6%, pointing to a significant decline in average selling price from over 2,000 RMB to approximately 1,400 RMB per unit. This volume-price divergence has raised persistent doubts about the sustainability of profitability.

Additionally, since being included in the Stock Connect program on April 16, the stock has declined over 26% cumulatively. Short selling ratios remain elevated, indicating concentrated near-term selling pressure. As a dual primary-listed stock on both Hong Kong and NASDAQ, cross-market capital diversion continues to weigh on Hong Kong-side liquidity. Stock Connect holdings account for only approximately 4% of total shares, limiting domestic investor influence on price discovery.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)