Hesai Group's stock experienced a significant pre-market plunge of 6.28% on Tuesday, following the release of its fourth-quarter and full-year 2025 financial results.

The company reported robust Q4 performance, with net revenues rising 39% year-over-year to RMB 1.0 billion and total lidar shipments more than doubling to 631,095 units. For the full year 2025, net revenues increased 45.8% to RMB 3.0 billion, with the company achieving its first full-year GAAP profitability.

Despite the strong historical results, the stock's decline appears driven by investor reaction to the company's Q1 2026 revenue guidance of RMB 650 million to RMB 700 million, which represents a significant sequential decline from the Q4 2025 figure. While management raised its full-year 2026 lidar shipment outlook to 3-3.5 million units and highlighted plans to launch new flagship products, the near-term revenue projection may have fallen short of market expectations, leading to the pre-market sell-off.