Hesai-W (02525) released its second-quarter performance, with a net profit of 70.6 million yuan, an increase of 60% year-on-year.

Hesai-W (02525) released its second quarter results for the three months ending June 30, 2026, reporting a net revenue of RMB 860.8 million, a year-on-year increase of 21.9%; a net profit of RMB 70.6 million, a year-on-year increase of 60%; and a basic earnings per share of RMB 0.06. Dr. Li Yifan, co-founder and CEO of Hesai Technology, stated: The second quarter represents a milestone turning point for Hesai. We have evolved into a full-stack infrastructure platform for Siasun Robot & Automation and physical AI, empowering them to perceive, understand, and execute. In terms of perception, LiDAR is our strong and robust 'cash cow' business. In the automotive field, where Siasun Robot & Automation is deployed most widely worldwide, LiDAR is experiencing a critical transition from being a 'must-have' to 'higher performance, greater quantity'. Meanwhile, the demand for high-performance, stable, and reliable 3D perception is rapidly extending to humanoid Siasun Robot & Automation and other intelligent terminals, winning us new orders from several clients, including Yushu Technology, Ant Lingbo, Galaxy General, Star Sea Map, and Original Force. On the other hand, our 6D full-color super-sensitive LiDAR SPAD-SoC 'Picasso' has achieved a significant breakthrough in perception technology by driving an integrated 3D understanding of depth, semantics, and spatiotemporal features, thus providing truly multimodal information, which is the essential foundation of world models and physical AI. Dr. Li added: In terms of understanding, our spatial intelligence platform 'Kosmo' transforms the physical world into AI-reusable 3D spatial assets, providing one of the scarcest and most valuable resources for Siasun Robot & Automation, namely, a digital representation of the real world with geometric precision and physical authenticity, thereby bridging the gap between simulation and reality and unlocking the laws of expansion in the field of Siasun Robot & Automation. After delivering prototypes in July 2026, we have secured orders from several leading humanoid Siasun Robot & Automation companies, including Galaxy General, and expect to begin recognizing related revenue in the third quarter of this year, which will be accounted for in Strategic Growth Initiatives (SGI). In terms of execution, high-performance joints represent another significant core bottleneck faced by Siasun Robot & Automation technology. Leveraging our deep accumulation in precision engineering, we have redesigned the power module from first principles, perfectly balancing precise control, compact size, strong power output, and excellent anti-reverse capabilities in a single design. Our self-developed module has made commercial progress: this business began generating revenue in the second quarter of this year, and Hesai is currently providing power modules for global leading companies in Siasun Robot & Automation, such as Sharpa. Our production line is fully operational, with the dexterous hand module already starting to ship and the full-joint module also set to go into mass production. By establishing a complete closed loop from perception, understanding to real-world execution, Hesai is embarking on an exciting new growth chapterbuilding a solid foundation for a future led by Siasun Robot & Automation and physical AI. Mr. Fan Peng, CFO of Hesai Technology, expressed: Hesai's performance in the second quarter of 2026 powerfully validates the success of our next stage growth strategy. The core LiDAR business continues to deliver considerable profitability and strong cash flow, while the SGI business is starting to translate its technological advantages into commercial momentum. This quarter, Hesai achieved net revenue of RMB 861 million, with shipments of ADAS and Siasun Robot & Automation LiDAR increasing by 60% and 193% year-on-year, respectively. Despite continued investment in resources to build the SGI business, net profit still reached RMB 71 million this quarter, up 60% year-on-year. The second quarter of 2026 marks our fifth consecutive quarter of achieving GAAP profitability. Mr. Fan added: This quarter also marks the first contribution of revenue from the SGI business, primarily thanks to the strong early commercialization breakthroughs achieved by our industry-leading Siasun Robot & Automation power module. Benefiting from the SGI business's better-than-expected commercialization progress and market demand, along with Kosmo contributing revenue as planned starting in the third quarter of this year, we have raised our annual revenue guidance for SGI from RMB 100 million to a range of RMB 200 million to RMB 300 million. The growth momentum of the SGI business is exciting, and we expect this business to reach approximately USD 100 million in revenue scale by 2027 and achieve breakeven in the same year.