HK Stock Market Move | HESAI-W (02525) rises over 5%; the company moves toward physical AI infrastructure, and commercial partnerships preliminarily demonstrate product value.

HESAI-W (02525) rose over 5%, up 5.36% as of press time to HK$13.17, with turnover of HK$329 million. On the news front, on October 14 this year, Hesai released its 3D world data engine Kosmo, and simultaneously launched the AI spatial camera Kosmo One and the cloud platform Kosmo World. This marks an important upgrade for Hesai from lidar toward core physical AI infrastructure. It is understood that Kosmo directly addresses the "data impossibility trilemma" of embodied intelligence, using a one-stop solution of "spatial camera capture + cloud platform reconstruction" to convert the real world into sim-ready 3D training data, covering the entire process from pre-training to deployment evaluation. BOCOM INTL believes that on the customer expansion front, the company has signed strategic cooperation agreements with Galaxy General Siasun Robot&Automation and Yuanli Lingji, and the relevant 3D data has been used in Pixar's RenderMan rendering pipeline, while the first batch of 3D commercial scenarios in cooperation with Amap has also gone live. The bank believes that existing cases demonstrate the product's applicability across different scenarios, while commercialization is still in its early stages, and follow-up attention should be paid to paid customer expansion, project replication, and sustained revenue contribution.