HESAI-W (02525) surged over 6% again, reaching HK$156 at the time of writing, with a trading volume of HK$36.49 million. The rally follows the company's recent launch of its self-developed RISC-V architecture-based LiDAR-specific high-performance master chip, Fermi C500, on November 24. Alongside the chip, Hesai unveiled the world's first "photon isolation" safety technology and the upgraded 256-line safety LiDAR ATX.

The "photon isolation technology" has been fully integrated into Hesai's ATX and ETX primary LiDAR systems, achieving industry-leading safety and reliability with zero false alarms at the physical level.

Analysts note that Hesai is the first and only publicly listed LiDAR company to achieve profitability, leveraging chip-level technology to build a core competitive moat. Multiple factors are driving the industry into a high-growth phase.

It is projected that with the increasing adoption of urban navigation-assisted driving (NOA), Hesai's automotive LiDAR shipments in China will surpass 3 million units by 2025 and 10 million units by 2028, representing a compound annual growth rate of 58%. The robotics sector is emerging as a new growth driver, while overseas markets await expansion.