HESAI-W (02525) announced that on March 25, 2026, Hesai Group entered into a product sales framework agreement with Sharpa. Under this agreement, Hesai Group will periodically supply lidar products and power modules to Sharpa during the term from March 25, 2026, to December 31, 2026. The Board of Directors believes the proposed expansion into the power module business has sufficient commercial justification and aligns with the company's long-term development strategy. The Board considers the Group's existing technology, manufacturing, and operational capabilities to be relevant and transferable to the research, development, production, and supply of power modules, which are core components for robotics and intelligent systems. Broadly speaking, lidar can be seen as the "eyes" of a robot, while power modules serve as the "muscles" that support drive and movement. Therefore, the new business represents a prudent expansion by the Group into an adjacent business area based on existing strengths. The Board believes the new business will broaden the Group's product portfolio, enhance its market position in adjacent sectors, and may, over time, diversify the company's revenue streams while providing additional sources of growth in the medium to long term. The Group also expects to leverage its existing manufacturing, operational, and supply chain capabilities in developing the new business, which may help improve resource utilization and operational efficiency.