Looking ahead to the next decade, Hesai aims to actively transform into a full-stack infrastructure builder. Hesai Group (NASDAQ: HSAI; HKEX: 2525) announced its unaudited financial results for Q3 2025 on November 11. The company reported revenue of RMB 800 million (USD 110 million), up 47.5% year-over-year, marking the sixth consecutive quarter of YoY growth. Notably, Hesai achieved GAAP net profit of RMB 260 million (USD 36 million) in Q3, completing its full-year profit target one quarter ahead of schedule. The company also raised its full-year guidance to RMB 350–450 million (USD 49–63 million).

In Q3, Hesai delivered 441,398 LiDAR units, a 228.9% YoY increase. ADAS deliveries reached 380,759 units (up 193.1% YoY), while robotics segment deliveries surged 1,311.9% YoY to 60,639 units. By late September, Hesai had officially rolled out its 1 millionth LiDAR unit for 2025, becoming the world’s first LiDAR company to achieve annual production exceeding one million units.

Key business updates: - **ADAS**: Hesai secured design wins for full vehicle lineups from its top two ADAS customers in 2026, achieving 100% standard adoption. Its ETX+FTX product combination also secured its first passenger vehicle mass-production win, enabling full-range perception coverage with a "main LiDAR + multiple blind-spot LiDARs" configuration. Mass production is slated for late 2026 or early 2027. - **Robotaxi**: Hesai made significant breakthroughs overseas, securing orders from Motional and other leading autonomous driving firms across North America, Asia, and Europe. Domestically, it partnered with major players like Pony.ai, Hello, and JD Logistics, with some vehicles planning to deploy up to eight Hesai LiDARs (main + blind-spot units).

CEO David Li stated: "We’re thrilled to report another stellar quarter—achieving our full-year profit target ahead of schedule! Third-party data shows Hesai has ranked first in automotive main LiDAR installations for seven consecutive months, with market share rising to 46% in August—1.5x and 2.4x higher than the second and third players, respectively. In ADAS, LiDAR is rapidly becoming standard. Our ETX long-range LiDAR won another design win from a top-three Chinese EV startup, with vehicles integrating multiple FTX blind-spot units. We estimate L3 vehicles will carry 3–6 LiDARs (USD 500–1,000 per vehicle), significantly expanding our TAM. In robotics, global autonomous fleets are scaling fast. Our recent partnerships span Motional, Pony.ai, Hello, and JD Logistics across three continents. Our Hong Kong listing marks a new chapter as we pivot toward full-stack infrastructure innovation."

CFO Fan Peng added: "Q3 delivered robust execution and scale. Revenue grew 47% YoY to RMB 800 million, driven by rising LiDAR penetration in ADAS/robotics and strong shipments. Our gross margin held steady at 42%, while OpEx fell 23% YoY, reflecting AI-driven cost and operational optimizations. Net profit hit a record RMB 260 million, with cumulative nine-month profit reaching RMB 280 million—surpassing our initial full-year target. We’ve raised our GAAP net profit guidance to RMB 350–450 million. Our dual-primary listing in Hong Kong raised USD 614 million (post-Greenshoe), strengthening our balance sheet for high-quality growth."