Yifan Li

“I'd like to start by taking a step back and looking at what we accomplished over the course of the year. 2025 was a defining year for Hesai. We achieved a milestone no other lidar company has reached, industry first full year GAAP net income of RMB 436 million.”

“Let's start with an overview of this quarter's progress. Q3 was a quarter of powerful momentum and exceptional execution with net revenue surging nearly 50% year-over-year and a landmark milestone achieved, we produced over 1 million LiDAR units in 2025 alone and are the first to do so globally.”

“We demonstrated great financial resilience in the first quarter, navigating typical seasonal factors as well as slower demand in our robotaxi business compared to the previous year, as guided.”

“We're delighted to report that our third quarter financial performance surpassed our expectations. Our quarterly net revenues rose to reach another record high, and our total delivery doubled year-over-year.”