"Q3 was a quarter of powerful momentum and exceptional execution." (CEO)
"The cost of LiDAR is nothing compared with the priceless value of human life." (CEO)
"We've already hit our full-year profit target of RMB 200 to RMB 350 million one quarter ahead of schedule." (CFO)
"Higher volumes drive better unit economics, which in turn fuels more growth, creating a self-reinforcing cycle of profitability and innovation." (CFO)
"Embracing AI is just like embracing digital transformation twenty years ago." (CFO)
Prepared Metrics
Metric
Value
Speaker/Context
总出货量
441,398台
CFO，Q3数据
净营收
1.12亿美元（约8.01亿人民币）
CFO，Q3数据
毛利率
42%
CFO，Q3数据
GAAP净利润（非GAAP）
2.56亿人民币（3,600万美元）
CEO，Q3数据；GAAP口径
2025年前九个月GAAP净利润
2.83亿人民币（4,000万美元）
CEO
运营费用节省目标（2025年）
1亿人民币
CFO，同比节省目标
Q&A Batch (6–9 of 9)
Q6 — Aaron Wong
Topic: Robotics business outlook for 2026 and product mix
Key points:
Robotaxi: Hesai holds ~60%–70% global market share; new deals signed with WeRide, Pony, Hello Inc.; up to 8 LiDAR units per vehicle for some models.
Investment with Motional (North America, Asia, Europe) represent tens of millions of dollars.
JT Robotics LiDAR: shipped ~40,000–50,000 units per quarter in 2025; robotaxi fleet sizes expected to grow exponentially in coming year.
Anticipate robotics LiDAR volume to double in 2026 versus 2025.
Mgmt stance: Bullish – cites higher ASPs/margins, accelerating growth momentum, and a TAM several times larger than ADAS.
Q7 — Zhang Yu
Topic: Key ADAS customers for 2026 and demand scale
Key points:
Top ADAS customers for 2025 and likely 2026: Li Auto, Xiaomi, BYD, Leapmotor, Zika, Great Wall Motor (not ranked).
Additional customers starting SOP in 2026: Geely and Chery.
These customers are expanding LiDAR adoption as a standard feature and preparing for L3 capabilities with multi-LiDAR configurations.
Mgmt stance: Bullish – diverse range of vehicle platforms from high-end to mass-market provides a rich foundation for technology adoption.
Q8 — Sia Huang
Topic: Overseas update, European OEM project, and revenue contribution outlook
Key points:
Robotics: Exclusive supplier for Motional's next-gen robotaxi; signed multiyear deal worth over $40 million with a leading US robotaxi company (deliveries through 2026).
ADAS: Secured exclusive design win with a top European OEM; several more in sourcing/negotiation stage.
China JV design wins: Volkswagen, GM, Audi, Toyota, Ford; Audi E5 Sportback (Hesai LiDAR standard) got over $10,000 orders in 30 minutes.
Will be LiDAR supplier for Chinese OEMs' global push, mass production kicking off in 2026.
Mgmt stance: Bullish – multiple international wins; industry consensus that LiDAR is "airbag for autonomous driving"; growing trust from global customers.
Q9 — Lujia
Topic: New business initiatives beyond LiDAR
Key points:
Sensing enhancement: longer range, higher density, material recognition, multi-principle measurement — larger TAM than current LiDAR.
Sensing + AI: perception software stack currently not directly charged; potential to make sensors "think better" for robotics/sensor applications.
3D world capturing: customer demand for fully sensing and recording the 3D world.