On May 22, Hesai-W rose 5.4% in regular trading, trading at 167.3 HKD/share, with trading volume of 43.93 million HKD.

The rally was driven by a combination of better-than-expected Q1 results and two major European OEM partnership announcements within one week. The company reported Q1 revenue of 681 million yuan, up 30% year-over-year, with total LiDAR shipments reaching 472,000 units, up 140.9% YoY. GAAP net income came in at 18.3 million yuan, marking the fourth consecutive quarter of profitability, while Non-GAAP net profit surged 452.9% to 47.7 million yuan.

On the partnership front, Hesai secured a strategic cooperation with Mercedes-Benz as the LiDAR supplier for its L3 autonomous driving models covering both European and Chinese markets, with production supported by its new Thailand manufacturing center. Additionally, the company won a 1-million-plus unit order from another top European OEM, covering over ten models under its Chinese joint venture brands. Multiple brokerages maintained buy ratings, citing the companys global expansion and Physical AI business prospects.

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