Hesai Group (HSAI) 2026 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by. Welcome to Hesai Group's first-quarter 2026 earnings conference call. (Operator Instructions) Please note that today's conference call is being recorded.

各位女士、各位先生，大家好。感謝各位撥冗等候。歡迎參加禾賽集團 2026 年第一季度財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。

I will now turn the call over to our first speaker today, Yuanting Shi, the company's Head of Capital Markets. Please go ahead.

現在我將把電話交給今天的第一位發言人——公司資本市場負責人石元亭。請開始。

Thank you, operator. Hello, everyone. Thank you for joining Hesai Group's first-quarter 2026 earnings conference call. Our earnings release is now available on our IR website at investor.hesaitech.com as well as via newswire services. Today, you will hear from our CEO, Dr. David Li, who will provide an overview of our recent updates. Next, our CFO, Mr. Andrew Fan, will address our financial results before we open the call for questions.

謝謝接線員。各位好。感謝各位參加禾賽集團 2026 年第一季度財報電話會議。我們的財報新聞稿現已發布於投資者關係網站 investor.hesaitech.com，並透過新聞電訊服務同步發布。今天，您將聽到我們的執行長李一帆博士（Dr. David Li）對近期進展作概述。接著，我們的財務長范安德魯先生（Mr. Andrew Fan）將說明財務業績，之後我們將開放提問。

Before we continue, I refer you to the safe harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements. Please also note that the company will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release and SEC filings.

在繼續之前，請參閱我們財報新聞稿中的「安全港」聲明；由於我們將在本次電話會議中作出前瞻性陳述，該聲明同樣適用於本次會議。另請注意，公司今天將討論非 GAAP 指標；相關內容在我們的財報新聞稿與向美國證券交易委員會（SEC）提交的文件中有更完整的說明，並與 GAAP 下最可比的指標進行對帳。

With that, I'm pleased to turn over the call to our CEO, Dr. David Li. David, please go ahead.

接下來，我很高興把電話交給我們的執行長李一帆博士。David，請開始。

Thank you, Yuanting, and thank you, everyone. Today, we are incredibly honored and excited to announce that Hesai serves as strategic LiDAR partner and confirmed supplier for Mercedes-Benz models, enabling Level 3 autonomy. We see this as a major milestone, not only a strong validation of our technology leadership, but also a clear signal that LiDAR is moving to core infrastructure in the global evolution of intelligent driving.

謝謝元亭，也謝謝各位。今天，我們非常榮幸且興奮地宣布：禾賽已成為梅賽德斯-賓士（Mercedes-Benz）車型的策略性 LiDAR 合作夥伴與確認供應商，助力實現 L3 級自動駕駛。我們認為這是一個重要里程碑，不僅有力驗證了我們在技術上的領先地位，也清楚表明 LiDAR 正在全球智慧駕駛演進中走向核心基礎設施。

More importantly, I am thrilled to announce that Hesai has officially entered a new era of growth and possibility. 2026 marks a transformative chapter for us as we initiate a strategic paradigm shift evolving from spatial perception to spatial intelligence. Beyond our LiDAR business, we are actively forging the eyes and muscles of physical AI.

更重要的是，我很高興宣布：禾賽已正式進入一個全新的成長與可能性時代。2026 年對我們而言將是轉型的一章，我們正啟動策略性典範轉移，從「空間感知」進化到「空間智慧」。除 LiDAR 業務之外，我們也正積極打造實體 AI 的「眼睛」與「肌肉」。

This evolution underscores what has always been at the core of Hesai's DNA, a deep tech enterprise that leverages hardcore technological innovation and sustained R&D intensity to deliver the world's most cutting-edge products, ultimately unlocking profound long-term industry value. At our recent 2026 Tech Open Day, we unveiled several breakthrough innovations that we believe will redefine the industry landscape.

這一演進凸顯了禾賽 DNA 的核心：作為一家深科技企業，我們以硬核技術創新與持續高強度研發，提供全球最前沿的產品，最終釋放深遠的長期產業價值。在近期的 2026 Tech Open Day 上，我們發布了多項突破性創新，我們相信這些創新將重新定義產業版圖。

I will come back to these in more detail later in my remarks. Before turning to the broader opportunities in physical AI, let me first walk through our LiDAR business highlights for the quarter. Last year, we delivered a record 1.6 million LiDAR units. This year, we expect our total shipments to approximately double, reaching between 3 million to 3.5 million units.

我稍後會在發言中更詳細地回到這些內容。在談到實體 AI 的更廣泛機會之前，我先回顧本季度 LiDAR 業務的亮點。去年，我們交付了創紀錄的 160 萬台 LiDAR。今年，我們預計總出貨量將約翻倍，達到 300 萬至 350 萬台。

We are confident that this level of scale firmly reinforces our leadership position in the global LiDAR industry. The trend we highlighted before is only accelerating. LiDAR is fast becoming the invisible airbag deployed across vehicles at scale. This was clearly demonstrated at the recent Beijing Auto Show, where Hesai LiDAR was featured in 56 vehicle models across 24 leading automotive brands. ranking number one in LiDAR presence across exhibited models.

我們有信心，這樣的規模將進一步鞏固我們在全球 LiDAR 產業的領導地位。我們先前提到的趨勢正在加速。LiDAR 正迅速成為在車輛上大規模部署的「隱形安全氣囊」。這在近期北京車展上表現得非常明顯：禾賽 LiDAR 出現在 24 家主流汽車品牌的 56 款車型中，在展出車型的 LiDAR 搭載數量方面排名第一。

At the show, our LiDARs were deployed across the automotive ecosystem from leading brands such as Audi, Cadillac, Lotus, Li Auto, Xiaomi, BYD, Leapmotor, Geely, Great Wall Motor, Changan, Chery to autonomous driving leaders like Pony AI and WeRide. This broad adoption reflects our deep ecosystem penetration and the growing strength of the Hesai insight effect.

在車展上，我們的 LiDAR 覆蓋整個汽車生態系，從奧迪、凱迪拉克、蓮花（Lotus）、理想汽車、小米、比亞迪、零跑、吉利、長城汽車、長安、奇瑞等主流品牌，到小馬智行（Pony AI）與文遠知行（WeRide）等自動駕駛領軍企業。如此廣泛的採用反映了我們在生態系中的深度滲透，以及「禾賽洞察效應」日益增強的影響力。

According to Yole Group, we ranked number one globally in long-range ADAS LiDAR shipments with a 43% market share in 2025. Our leadership only strengthened in March 2026 when our China market share surged to 55% according to Gasgoo. Roughly triple that of the second ranked player, marking our 14th consecutive month in the number one position.

根據 Yole Group 的資料，我們在 2025 年以 43% 的市占率，位居全球長距離 ADAS LiDAR 出貨量第一。我們的領先地位在 2026 年 3 月進一步強化；根據蓋世汽車（Gasgoo）數據，我們在中國市場的市占率躍升至 55%。約為第二名的三倍，並且連續第 14 個月保持第一。

This momentum was fueled by our industry-leading product portfolio with our flagship ATX continuing to scale across major platforms. In April 2026, we began SOP for the revamped version of ATX. OEM demand remained exceptionally strong with backlog now exceeding 6 million units. As Level 2 scales, Level 3 is emerging as the next major growth driver for the LiDAR industry.

這一動能來自我們業界領先的產品組合，其中旗艦產品 ATX 持續在多個主要平台上放量。2026 年 4 月，我們已開始 ATX 改款版本的 SOP（量產啟動）。OEM 需求依然極為強勁，目前在手訂單（backlog）已超過 600 萬台。隨著 L2 規模化，L3 正成為 LiDAR 產業下一個主要成長驅動力。

As responsibility shifts from the driver to the automaker, vehicle safety requirements are rising rapidly, driving architectures from typically one LiDAR per vehicle last year, representing roughly USD200 of LiDAR content per car to three to six LiDARs in Level 3 platforms, increasing content to about USD350 in entry-level multi-LiDAR setups and USD500 to USD1,000 in more advanced configurations.

當責任從駕駛者轉移至車廠，車輛安全要求迅速提高，推動系統架構從去年通常每車 1 顆 LiDAR（每車約 200 美元的 LiDAR 內容價值），升級到 L3 平台的 3 至 6 顆 LiDAR，使內容價值提升至入門級多 LiDAR 配置約 350 美元，以及更進階配置約 500 至 1,000 美元。

We are well positioned for this transition with multi-LiDAR design wins secured across leading OEMs such as Li Auto, Xiaomi, and Changan. Notably, Li Auto officially commenced deliveries of its multi-LiDAR model on May 15, 2026, marking the first mass production deployment of our FTX blind spot LiDAR. Level 3 is not just about more sensors.

我們已為這一轉型做好準備，並在理想汽車、小米、長安等領先 OEM 中取得多 LiDAR 設計定點（design wins）。值得一提的是，理想汽車已於 2026 年 5 月 15 日正式開始交付其多 LiDAR 車型，標誌著我們 FTX 盲區 LiDAR 的首次量產落地。L3 不僅僅意味著更多感測器。

It fundamentally elevates the role of LiDAR from a passive backup to an active decision enabler in safety-critical driving scenarios. To lead this shift, we introduced Picasso, the world's first 6D full color, ultrasensitive SPAD-SoC. It fuses RGB color and precise 3D geometry at the true chip level, generating real-time, colorized point clouds.

它從根本上提升了 LiDAR 的角色：從被動備援，升級為在安全關鍵駕駛情境中的主動決策使能者。為引領這一轉變，我們推出 Picasso——全球首款 6D 全彩、超高靈敏度的 SPAD-SoC。它在真正的晶片層級融合 RGB 色彩與精準 3D 幾何資訊，生成即時的彩色點雲。

In plain terms, it enables systems to see and understand the world more like humans do and directly addresses the long-standing LiDAR versus camera debate. For the first time, we are delivering a unified perception stack in a single chip, bringing both worlds together and taking a real leap in how machines perceive and understand the physical world.

簡單來說，它讓系統能更像人類一樣看見並理解世界，並直接回應長期以來「LiDAR 與相機孰優」的爭論。我們首次在單一晶片中交付統一的感知堆疊，把兩個世界融合在一起，讓機器在感知與理解物理世界的方式上實現真正的躍升。

For example, through native pixel level fusion of color and depth, Picasso equipped LiDARs help address challenging real-world edge cases across intelligent systems, not only in autonomous driving, but also in robotics and industrial applications such as distinguishing overlapping traffic lights at adjacent intersections or differentiating a yellow signal from sunlight, scenarios where vision-based systems can struggle.

例如，透過色彩與深度在原生像素層級的融合，搭載 Picasso 的 LiDAR 有助於在智慧系統中處理具挑戰性的真實世界邊緣案例（edge cases），不僅適用於自動駕駛，也適用於機器人與工業場景，例如辨識相鄰路口重疊的交通號誌，或區分黃色訊號與陽光等視覺系統可能較難處理的情境。

Powered by the Picasso platform, our flagship ETX LiDAR now supports up to 4,320 channels and delivers a maximum 600-meter range, enabling ultra-high resolution, full color 3D imaging. With enhanced small object detection, ETX pushes safety margins to unprecedented heights. Commercial momentum is already building for this industry-first technology.

在 Picasso 平台驅動下，我們的旗艦 ETX LiDAR 現可支援最高 4,320 線，並提供最遠 600 公尺量測距離，實現超高解析度的全彩 3D 成像。隨著小目標偵測能力提升，ETX 將安全裕度推升至前所未有的高度。這項業界首創技術的商業動能已在加速累積。

We secured an exclusive design win with KargoBot for its Phase II transport robots, deploying our 4,320-channel ETX together with FTX blind- spot LiDARs. This marks the first commercial vehicle contract for our 6D full color LiDAR. ETX is expected to enter mass production in the second half of 2026 across multiple flagship programs with additional engagements actively progressing among both ADAS and robotics clients.

我們與 KargoBot 就其第二階段運輸機器人取得獨家設計導入，將我們的 4,320 通道 ETX 與 FTX 盲區 LiDAR 一同部署。這標誌著我們 6D 全彩 LiDAR 的首份商用車合約。ETX 預計將於 2026 年下半年在多個旗艦專案中進入量產，同時在 ADAS 與機器人客戶之間亦有更多合作案正在積極推進。

Looking ahead, we see LiDAR expanding far beyond today's boundaries with many camera-dominated applications naturally shifting toward LiDAR over time, positioning us for the next wave of physical AI. On the global side, we are incredibly honored and excited to announce that Hesai serves as strategic LiDAR partner and confirmed supplier for Mercedes-Benz models, enabling Level 3 autonomy.

展望未來，我們看到 LiDAR 的應用將遠遠超越當前邊界，許多以相機為主的應用將隨時間自然轉向 LiDAR，讓我們得以把握下一波實體 AI 的浪潮。在全球方面，我們非常榮幸且興奮地宣布，禾賽（Hesai）成為梅賽德斯-賓士（Mercedes-Benz）車型的策略性 LiDAR 夥伴與確認供應商，支援 Level 3 自動駕駛。

The new supply agreement supports Mercedes-Benz programs in Europe and China with LiDAR production supported by Hesai's new Galileo manufacturing center in Thailand. In parallel, we continue to deepen our footprint with Chinese joint ventures as well as fast-growing Chinese automakers expanding overseas. We have been selected for GAC Toyota's 2026 BZ3X model, marking our first entry into the Japanese automotive ecosystem.

新的供應協議支援梅賽德斯-賓士在歐洲與中國的專案，LiDAR 量產將由禾賽位於泰國的新 Galileo 製造中心提供支援。同時，我們持續深化與中國合資企業的布局，並與快速成長、加速出海的中國車企擴大合作。我們已獲選用於廣汽豐田 2026 年 BZ3X 車型，標誌著我們首次進入日本汽車生態系。

We have also secured new overseas design wins with Xiaomi, one of our largest customers, with SOP expected to begin in 2027. Looking ahead, we see strong and sustained momentum driven by both global OEM partnerships and the continued international expansion of Chinese automakers. Together, these two forces are becoming the key structural growth drivers for Hesai in the years ahead.

我們也與小米（Xiaomi）——我們最大的客戶之一——取得新的海外設計導入，預計於 2027 年開始 SOP（量產起始）。展望未來，我們看到在全球 OEM 夥伴關係與中國車企持續國際化擴張的共同推動下，動能強勁且可持續。這兩股力量正共同成為未來數年推動禾賽結構性成長的關鍵驅動因素。

Beyond ADAS, robotics is emerging as an addressable market, roughly 10 times larger. We are already a leader across key segments, including humanoid and quadruped robots, Robotaxis, Robovans and robotic lawn mowers, ranking number one according to GGII, Yole Group and Frost & Sullivan. To share a few recent highlights, in humanoid robotics, our JT -128 LiDAR-powered Honor's lighting robot to deliver a championship winning performance and break the human world record at the world's first humanoid robot half marathon.

除 ADAS 之外，機器人正成為可服務市場（TAM），規模約為其 10 倍。我們已在多個關鍵細分領域居於領先地位，包括人形與四足機器人、Robotaxi、Robovan 以及機器人割草機，並依據 GGII、Yole Group 與 Frost & Sullivan 的評比排名第一。分享幾個近期亮點：在人形機器人方面，我們的 JT-128 LiDAR 驅動榮耀（Honor）的「燈光機器人」，在全球首場人形機器人半程馬拉松中交出奪冠表現，並打破人類世界紀錄。

In Robovans, we secured an exclusive design win with Zelos for 200,000 LiDAR units and deepened our partnership with Neolix as its largest LiDAR supplier. We are also expanding into smart mobility with an FTX design win from NIU Technologies for next-generation electric two-wheelers, a market with more than 60 million units sold annually in China.

在 Robovan 領域，我們與 Zelos 取得 20 萬顆 LiDAR 的獨家設計導入，並深化與 Neolix 的合作，成為其最大 LiDAR 供應商。我們也正拓展至智慧移動領域，獲得 NIU Technologies 針對下一代電動兩輪車的 FTX 設計導入；在中國，該市場年銷量超過 6,000 萬台。

Having established ourselves as a global leader in 3D perception solutions, one thing is clear. bringing AI into the physical world takes more than just LiDAR. That's why we are taking our most exciting step yet, expanding from spatial perception to spatial intelligence. To build an uncompromised digital foundation for the physical AI era, we introduced Kosmo, an AI algorithm-integrated spatial intelligence device.

在我們已建立 3D 感知解決方案全球領導地位之後，有一點很清楚：把 AI 帶入物理世界，不僅僅需要 LiDAR。因此，我們正邁出迄今最令人振奮的一步，從空間感知擴展到空間智慧。為了在實體 AI 時代打造毫不妥協的數位底座，我們推出 Kosmo——一款整合 AI 演算法的空間智慧裝置。

As physical AI accelerates, we believe richer, higher fidelity spatial data is becoming an increasingly scarce strategic resource, arguably even more critical than computing power itself. Kosmo is purpose-built to break this bottleneck. Unlike traditional 3D reconstruction solutions that rely on bulky hardware and costly workflows, Kosmo combines Hesai's ultra-high precision LiDAR with proprietary 3DGS and AIGC algorithms to rapidly generate photorealistic production-grade 3D environments at scale.

隨著實體 AI 加速發展，我們相信更豐富、更高保真度的空間資料正成為日益稀缺的策略性資源，甚至可說比算力本身更為關鍵。Kosmo 正是為打破這一瓶頸而打造。不同於仰賴笨重硬體與高成本流程的傳統 3D 重建方案，Kosmo 結合禾賽超高精度 LiDAR 與自研 3DGS 及 AIGC 演算法，可快速、規模化生成具照片寫實效果、可用於量產的 3D 環境。

For 200-square- meter space, Kosmo requires only 1/5 the time of existing 3DGS solutions and roughly 1/50 the time of traditional methods with dramatically lower labor costs. More importantly, Kosmo is far beyond a hardware, AI-integrated product. It is the starting point of a scalable new business model, combining hardware, AI software, spatial data and future platform services, creating recurring revenue streams, strong ecosystem effects and a durable long-term moat.

以 200 平方公尺空間為例，Kosmo 所需時間僅為現有 3DGS 解決方案的 1/5，約為傳統方法的 1/50，且人力成本大幅降低。更重要的是，Kosmo 遠不止是一款硬體或 AI 整合產品。它是一個可擴展新商業模式的起點，結合硬體、AI 軟體、空間資料與未來平台服務，創造經常性收入來源、強大的生態系效應，以及長期可持續的護城河。

We believe Kosmo unlocks trillion-RMB downstream opportunities across robotics, simulation and training, immersive media, 4D entertainment and beyond. Commercial traction is already building rapidly. We are actively engaging with a powerhouse roster of industry leaders, spanning global pioneering embodied AI companies and top-tier entertainment studios to market-leading tech giants, AI-driven industrial titans and global luxury brands with some customers already having placed orders.

我們相信 Kosmo 將在機器人、模擬與訓練、沉浸式媒體、4D 娛樂等領域解鎖以兆元人民幣計的下游機會。商業化動能已在快速累積。我們正積極與一批具實力的產業領導者接洽，涵蓋全球先驅的具身 AI 公司與頂級娛樂工作室、到市場領先的科技巨頭、AI 驅動的工業龍頭以及全球奢侈品牌，其中部分客戶已下單。

We are incredibly excited about the long-term growth potential ahead. Beyond perception, bringing AI into the physical world also means enabling it to act, giving it the muscles to truly come to life. This leads to our next strategic pillar, robotic actuation modules. This is a natural extension of our systemic expertise in materials, simulation, physical design and the manufacturing of delicate components.

我們對未來長期成長潛力感到非常振奮。除了感知之外，把 AI 帶入物理世界也意味著讓它能夠行動，賦予它真正「活起來」的肌肉。這引出了我們下一個策略支柱：機器人致動模組。這是我們在材料、模擬、物理設計以及精密元件製造方面系統性專長的自然延伸。

We also bring proven know-how gained from millions of in-house developed automotive-grade, motors and encoders deployed in our LiDAR products. Consider this a first glimpse and Easter egg. More exciting updates will follow in the near future. To wrap up, let me bring us back to the core theme today, our evolution from spatial perception to spatial intelligence.

我們也具備經過驗證的專業能力，源自我們自研、車規等級的馬達與編碼器在 LiDAR 產品中累計數百萬套的部署經驗。請將此視為首次一瞥與彩蛋。在不久的將來，我們將帶來更多令人期待的更新。最後，讓我回到今天的核心主題：我們從空間感知到空間智慧的演進。

We are executing this across three clear dimensions. First, perceiving the world, powered by our chip-based LiDAR solutions, giving robots the eyes to see the physical world in high fidelity. Second, understanding the world with Kosmo and its ecosystem, transforming rich spatial data into actionable intelligence for real reasoning and decision-making.

我們正從三個清晰的維度推進這一策略。第一，感知世界：由我們的晶片化 LiDAR 解決方案驅動，賦予機器人高保真度觀察物理世界的「眼睛」。第二，理解世界：透過 Kosmo 及其生態系，將豐富的空間資料轉化為可執行的智慧，用於真正的推理與決策。

Third, changing the world through our robotic actuation modules, the muscles that allow machines to truly interact with the physical world and serve humanity. Together, these are unlocking powerful new growth engines and positioning us as a core enabler of physical AI, digitizing the real world and redefining how humans and robots perceive and act.

第三，改變世界：透過我們的機器人致動模組，作為讓機器真正與物理世界互動並服務人類的「肌肉」。綜合而言，這些正在解鎖強勁的新成長引擎，並使我們成為實體 AI 的核心賦能者，將真實世界數位化，重新定義人類與機器人如何感知與行動。

With that, I will now turn the call over to Andrew to discuss our financial performance and outlook. Andrew, please go ahead.

接下來，我將把電話會議交給 Andrew，請他說明我們的財務表現與展望。Andrew，請開始。

Thank you, David. Hello, everyone. Before diving into our first-quarter financial and operating performance, I would like to provide an important update on our financial reporting structure. As David highlighted, 2026 marks a year of strategic evolution for Hesai as we expand our boundaries to become the key enabler of physical AI.

謝謝你，David。各位好。在深入說明我們第一季的財務與營運表現之前，我想先就我們的財務報導架構提供一項重要更新。如 David 所強調，2026 年對禾賽而言是策略演進的一年，我們將擴展邊界，成為實體 AI 的關鍵賦能者。

To better reflect this shift and further enhance our disclosure transparency, starting this quarter, we are updating our segmentation into two distinct categories: our core LiDAR business and our strategic growth initiatives, or SGI, which includes our new AI algorithm integrated spatial intelligence device, Kosmo. We believe this updated reporting framework will help investors better appreciate the distinct financial profiles, independent growth trajectories and underlying value drivers of these two segments.

為更好反映這一轉變並進一步提升資訊揭露透明度，自本季起，我們將分部更新為兩個明確類別：核心 LiDAR 業務，以及策略成長計畫（SGI），其中包含我們新推出、整合 AI 演算法的空間智慧裝置 Kosmo。我們相信，這套更新後的報導框架將幫助投資人更好理解這兩個分部各自不同的財務特徵、獨立的成長軌跡與底層價值驅動因素。

By separately reporting our robust, rapidly scaling core LiDAR business from our highly transformative SGI segment, we aim to provide you with clearer visibility to better model our business and track how each engine contributes to our long-term shareholder value. With that, let me walk you through our first-quarter operating and financial performance, followed by our outlook for the second-quarter and the rest of 2026.

透過將我們強勁且快速擴張的核心 LiDAR 業務，與高度變革性的 SGI 分部進行分開揭露，我們希望為各位提供更清晰的可視性，以便更好地建立模型並追蹤各引擎如何貢獻我們的長期股東價值。接下來，我將帶各位回顧第一季的營運與財務表現，並說明第二季以及 2026 年剩餘期間的展望。

To be mindful of the length of our call, I encourage listeners to refer to our earnings release for further details. We kicked off 2026 with strong momentum and delivered another strong quarter of robust growth, improving scale and disciplined profitability. Starting with the top line, total net revenues reached RMB681 million or USD99 million, representing an increase of 30% year-over-year.

為了留意我們通話的時間長度，我鼓勵聽眾參閱我們的財報新聞稿以取得更多細節。我們以強勁動能開啟2026年，並再度交出一個強勁季度，展現穩健成長、規模提升與嚴謹的獲利紀律。先看營收端，總淨營收達人民幣6.81億元（或9,900萬美元），年增30%。

This marked our eighth consecutive quarter of year-over-year revenues growth, reflecting both sustained demand across our core markets and our ability to scale with consistency and operational rigor. This performance was supported by total LiDAR shipments of over 471,000 units for the first-quarter with both broad-based ADAS and robotics shipments more than doubling year-over-year.

這是我們連續第八個季度實現營收年增，反映核心市場需求持續，以及我們以一致性與營運嚴謹度擴大規模的能力。本季總LiDAR出貨量超過47.1萬台，其中ADAS與機器人出貨量皆較去年同期成長逾一倍。

Our gross margin for the quarter stayed healthy at over 39%. On operating expenses, we maintained a disciplined approach while continuing to invest strategically in long-term growth. During the quarter, total operating expenses increased by 9% year-over-year, primarily reflecting targeted R&D investments in the new initiatives that David outlined earlier, partially offset by savings from scaled adoption of AI tools across the company.

本季毛利率維持健康水準，超過39%。在營業費用方面，我們在持續策略性投入長期成長的同時，維持嚴謹的費用控管。本季總營業費用年增9%，主要反映David先前提到的新計畫之定向研發投入；部分則由公司全面擴大採用AI工具所帶來的節省抵銷。

Excluding these investments, our LiDAR operating expenses declined year-over-year, driven by ongoing efficiency gains and cost discipline. This brings us to the underlying profitability of our two segments. For the first-quarter, our LiDAR business delivered a robust operating profit of RMB42 million, demonstrating its strong self-sustaining profitability.

若排除上述投入，我們的LiDAR營業費用較去年同期下降，主要受惠於持續的效率提升與成本紀律。接下來談我們兩大業務分部的基礎獲利能力。第一季LiDAR業務實現人民幣4,200萬元的強勁營業利益，展現其高度自我造血的獲利能力。

Meanwhile, our SGI business recorded an operating loss of RMB51 million, representing our deliberate and forward-looking investment in building the infrastructure of physical AI. As a result, we delivered GAAP net income of RMB18 million or USD2.7 million and non-GAAP net income of RMB48 million or USD6.9 million for the quarter.

同時，我們的SGI業務錄得人民幣5,100萬元的營業虧損，這代表我們有意且前瞻性地投入於打造實體AI的基礎設施。因此，本季GAAP淨利為人民幣1,800萬元（或270萬美元），非GAAP淨利為人民幣4,800萬元（或690萬美元）。

This extends our track record to four consecutive quarters of GAAP profitability and six consecutive quarters on a non-GAAP basis. The sustained profitability reflects the strength of our operating model and the benefits of scale as our business continues to expand, firmly positioning us at the forefront of the industry. Looking ahead, we expect to build on this strong momentum.

這使我們的紀錄延伸至連續四個季度達成GAAP獲利，以及連續六個季度達成非GAAP獲利。持續的獲利表現反映我們營運模式的強韌性，以及隨著業務擴張所帶來的規模效益，並使我們穩居產業前沿。展望未來，我們預期將在此強勁動能上持續推進。

For the second-quarter of 2026, we expect net revenues to be in the range of RMB850 million to RMB900 million or USD123 million to USD130 million, representing year-over-year growth of approximately 20% to 27%. We also expect revenue momentum to strengthen progressively each quarter throughout the year. From a broader perspective, we believe our business is entering a more sustainable growth trajectory.

對於2026年第二季，我們預期淨營收將介於人民幣8.5億元至9.0億元（或1.23億至1.30億美元），約為年增20%至27%。我們也預期全年各季度的營收動能將逐季增強。從更宏觀的角度來看，我們認為公司正進入更可持續的成長軌道。

Our core LiDAR business will continue to drive growth, scale and cash generation, while SGI is beginning to contribute and significantly expand our long-term growth potential. Supported by our strong customer base and the momentum from early adoption, we expect SGI to generate approximately RMB100 million in revenues this year, with revenue contributions expected to start in the second-quarter of 2026.

我們的核心LiDAR業務將持續推動成長、規模與現金創造，而SGI也開始貢獻並顯著擴大我們的長期成長潛力。在強大客戶基礎與早期採用動能的支持下，我們預期SGI今年可帶來約人民幣1億元營收，且營收貢獻預計自2026年第二季開始。

Looking further ahead, we aim to scale this to around RMB500 million by 2027 and over time, establish it as a meaningful and long-term growth driver for Hesai. Together, these developments are accelerating our evolution into a key enabler of physical AI, unlocking the next phase of growth with greater scale and global impact.

更長遠來看，我們目標在2027年將其擴大至約人民幣5億元，並隨時間推進，將其打造為禾賽一個具意義且長期的成長驅動力。綜合而言，這些進展正加速我們演進為實體AI的關鍵賦能者，以更大規模與全球影響力開啟下一階段成長。

This concludes our prepared remarks today. Operator, we are now ready to take questions.

以上為我們今天的準備發言。主持人，我們現在準備開始問答。

(Operator Instructions) Tina Hou, Goldman Sachs.

(主持人指示) 高盛，Tina Hou。

Congrats on a strong set of results and also very excited about our new opportunities here. So my question is more related to our announcement with Mercedes-Benz and supplying to their L3 models going forward. So just wondering how should we think about the opportunity in terms of volume, revenue and margin contribution over the next, let's say, one to three years and then longer term from this collaboration?

恭喜交出一組強勁的成績，也對我們在此的新機會感到非常振奮。我的問題較聚焦在我們與賓士（Mercedes-Benz）的公告，以及未來將供應其L3車型。想請教在未來一到三年，以及更長期，這項合作在出貨量、營收與毛利貢獻方面，我們應如何看待這個機會？

I'll take this question. This is David. We are pleased to announce that Hesai serves as strategic LiDAR partner and confirmed supplier for Mercedes-Benz models, enabling L3 autonomy. The new supply agreement supports Mercedes-Benz programs in Europe and China with LiDAR production supported by Hesai's new Galileo manufacturing center in Thailand.

我來回答這個問題。我是David。我們很高興宣布，禾賽作為賓士的策略性LiDAR合作夥伴與確認供應商，協助其實現L3自動駕駛。新的供應協議支援賓士在歐洲與中國的專案，LiDAR量產將由禾賽位於泰國的新Galileo製造中心提供支援。

We will not be able to disclose further details on the strategies of the customer, but we do confirm the new contracts are a continuation of the existing collaboration with additional volumes and car models. Our global expansion is fully supported by our new Thailand manufacturing center, unified product architecture and strategic NVIDIA partnership, uniquely positioning Hesai to lead the global ADAS market.

我們無法進一步披露客戶策略的更多細節，但我們確認新合約是在既有合作基礎上的延續，並新增出貨量與車型。我們的全球擴張由泰國新製造中心、統一的產品架構以及與NVIDIA的策略合作全面支撐，使禾賽具備獨特優勢引領全球ADAS市場。

Meanwhile, we are expanding our overseas reach with Chinese joint ventures and fast-growing domestic OEMs going global. Winning a design win on GAC Toyota's 2026 BZ3X model marks our breakthrough into the Japanese auto ecosystem. We've also locked in new overseas design wins with Xiaomi, a top customer targeting a 2027 SOP.

同時，我們也透過中國合資企業，以及快速成長、正走向全球的國內OEM，擴大海外觸及。拿下廣汽豐田（GAC Toyota）2026年BZ3X車型的定點設計（design win），標誌著我們成功打入日本汽車生態系。我們也與小米取得新的海外定點設計，小米是重要客戶，目標在2027年SOP（量產）導入。

Looking ahead, our growth will be structurally driven by two powerful engines, international OEM partnerships and the global expansion of Chinese automakers. That's my response to your question. Thank you.

展望未來，我們的成長將由兩個強勁引擎結構性驅動：國際OEM合作夥伴關係，以及中國車廠的全球化擴張。以上是我對您問題的回覆。謝謝。

Tim Hsiao, Morgan Stanley.

摩根士丹利，Tim Hsiao。

This is Tim from Morgan Stanley. So switching gears to the spatial intelligence device because we noticed Kosmo has already received early orders and it's also highlighted in the announcement that as a scalable business model. So wondering if you could elaborate a bit more about how we should think about the fundamental difference or synergy between the Kosmo and the conventional LiDAR business.

我是摩根士丹利的Tim。我想把話題轉到空間智慧裝置，因為我們注意到Kosmo已收到早期訂單，而且公告中也強調其具可擴展的商業模式。想請你們再多談一些，我們應如何理解Kosmo與傳統LiDAR業務之間的根本差異或協同效應。

Are there any comparable products currently available in the market? And how does Kosmo stand out against such alternatives, if any? Additionally, it would be great if the management team can share more details regarding the existing client base. I think David also shared a lot of information. And in the meantime, the time line for consumer-facing rollout as well as your expectation for financial contribution from Kosmo. Yes, that's a few follow-ups.

目前市場上是否有可比的產品？若有，Kosmo相較這些替代方案的差異化優勢是什麼？另外，也希望管理團隊能分享更多既有客戶基礎的細節。我想David也分享了很多資訊。同時，也想了解面向消費者的推出時程，以及你們對Kosmo財務貢獻的預期。以上是幾個追問。

Thank you for raising the question. Well, Kosmo is much more than a sensor or a hardware device. I would describe it as the world's first AI algorithm integrated spatial intelligence device. It combined our custom LiDAR, multiple sensors and our in-house 3DGS and AIGC algorithms together into one system like allowing us to capture and reconstruct the physical world in a very seamless and photorealistic way.

謝謝你提出這個問題。Kosmo遠不只是感測器或硬體裝置。我會把它描述為全球首款整合AI演算法的空間智慧裝置。它將我們客製化的LiDAR、多種感測器，以及自研的3DGS與AIGC演算法整合為一套系統，使我們能以非常無縫且擬真的方式捕捉並重建物理世界。

And we believe in the era of physical AI, high-quality spatial data is becoming a scarce strategic resource. Arguably, I mean even more important than compute itself. And Kosmo is designed to provide what we call the uncompromised digital foundation for this new era, right? So one key difference between traditional LiDAR and Kosmo is really the output.

我們相信在實體AI時代，高品質的空間資料正成為稀缺的策略性資源。可以說，甚至比算力本身更重要。Kosmo的設計目標，是為這個新時代提供我們所稱的「不妥協的數位基礎」，對吧？因此，傳統LiDAR與Kosmo的一個關鍵差異，實際上在於輸出結果。

Traditional LiDAR gives you raw point clouds, which are almost like the wireframe or skeleton of the world. goes much further. Using AI algorithms, it reconstructs a fully photorealistic 3D model with color, texture and shadows, much closer to how humans actually experience the real world, right? And we think we have two very important advantages here. First is hardware.

傳統 LiDAR 會提供原始點雲，幾乎就像世界的線框或骨架。則更進一步。透過 AI 演算法，它會重建出具備色彩、材質與陰影、完全擬真的 3D 模型，更貼近人類實際體驗真實世界的方式，對吧？而我們認為在這裡有兩個非常重要的優勢。第一是硬體。

Since we use our own custom high-performance LiDAR, the raw input quality is already extremely strong compared to most third-party solutions. Second is software. Our proprietary reconstruction and AIGC algorithms are a major differentiator. Based on early customer feedback, our models consistently deliver higher quality results compared with other software solutions.

由於我們使用自家客製的高效能 LiDAR，相較於多數第三方方案，原始輸入品質本來就非常強。第二是軟體。我們自有的重建與 AIGC 演算法是主要差異化因素。根據早期客戶回饋，我們的模型相較其他軟體解決方案，持續能交付更高品質的結果。

As a result, efficiency improvement is actually very significant. For example, for a 200 square meter space, Kosmo can complete reconstruction in roughly 1/5 of the time of existing 3DGS solutions and around 1/50 of traditional workflows while also reducing labor costs substantially, which is huge, right? Now the market opportunity here is still very early and evolving, so it's difficult to define a precise TAM today.

因此，效率提升其實非常顯著。例如，對於一個 200 平方公尺的空間，Kosmo 大約能以現有 3DGS 解決方案 1/5 的時間完成重建，約為傳統工作流程的 1/50，同時也大幅降低人力成本，這很巨大，對吧？目前這個市場機會仍非常早期且持續演進，因此今天很難精準界定 TAM。

But directionally, we think this could become a very large multi-industry opportunity spanning robotics, simulation and training, immersive media, 4D entertainment, industrial applications and beyond. What's even more important in my view, is the business model we are building around Kosmo. The AI integrated Kosmo is really just the front door.

但就方向而言，我們認為這可能成為一個非常龐大的跨產業機會，涵蓋機器人、模擬與訓練、沉浸式媒體、4D 娛樂、工業應用等更多領域。在我看來更重要的是，我們正在圍繞 Kosmo 建立的商業模式。整合 AI 的 Kosmo 其實只是前門入口。

It gets us into the ecosystem, but recurring revenue is what we believe becomes the long-term engine over time. Today, we are already engaging with a very exciting group of customers ranging from pioneering embodied AI companies and top-tier entertainment studios to well, global technology leaders, industrial companies and luxury brands.

它讓我們進入生態系，但我們相信經常性收入才會隨時間成為長期引擎。今天，我們已經在與一群非常令人振奮的客戶合作，範圍從先驅的具身 AI 公司與頂級娛樂工作室，到全球科技領導者、工業公司與奢侈品牌。

We already have early orders in place. Beyond the device itself, customers also pay for software and platform usage, whether it's data processing, model training or cloud-based services through licensing and subscription models. So compared with traditional LiDAR, this business naturally carries a more software driven and potentially higher margin profile.

我們已經有早期訂單在手。除了裝置本身之外，客戶也會為軟體與平台使用付費，不論是資料處理、模型訓練，或透過授權與訂閱模式提供的雲端服務。因此，相較於傳統 LiDAR，這個業務自然更偏軟體驅動，且可能具備更高毛利的輪廓。

Longer term, in a couple of years, we see two major path ahead for Kosmo. First is 4DV, essentially 3D plus where we believe a single lightweight Kosmo device can eventually replace today's bulky, expensive camera-based 4D capture systems. Second is a broader consumer-facing opportunity. Over time, we believe even ordinary consumers will be able to use Kosmo to create immersive 4D content themselves, much like how smartphones democratize photography and video creation over the last decade, right?

更長期來看，在未來幾年內，我們看到 Kosmo 有兩條主要路徑。第一是 4DV，本質上是 3D plus；我們相信一台輕量化的 Kosmo 裝置最終可以取代當今笨重且昂貴、以相機為基礎的 4D 擷取系統。第二是更廣泛的面向消費者的機會。隨著時間推進，我們相信即使是一般消費者也能使用 Kosmo 自行創作沉浸式 4D 內容，就像智慧型手機在過去十年讓攝影與影片創作普及化一樣，對吧？

So overall, we see Kosmo as the starting point of a scalable business model and a very important expansion opportunity for Hesai. We will soon begin demo shipments, and we believe it can become a meaningful growth driver for us in the physical AI era with initial eight-digit revenues expected this year. That's my answer for your question. Thank you.

總體而言，我們將 Kosmo 視為可擴展商業模式的起點，也是禾賽非常重要的擴張機會。我們很快將開始示範出貨，我們相信在實體 AI 時代，它能成為我們重要的成長驅動力，今年預期可帶來初期的八位數營收。以上是我對你問題的回答。謝謝。

Nora Min, UBS.

Nora Min，瑞銀。

So my question is about your progress of the humanoid robot actuator business. And what do you think is the current technical bottleneck? And who are your potential customers? Also are the actuators for the body or hand?

所以我的問題是關於你們在人形機器人致動器業務的進展。以及你們認為目前的技術瓶頸是什麼？你們的潛在客戶是誰？另外，這些致動器是用在身體還是手部？

Thank you for the question. Well, people often think LiDAR is simply a sensor, but in reality, it's much more like a precision machine. Inside a LiDAR system, I mean, you have optics, electronics, software and sophisticated mechanical engineering, all working together in tight synchronization, right? So for both our mechanical and semi solid-state LiDARs, the moving components are extremely demanding from an engineering standpoint.

謝謝你的提問。嗯，人們常以為 LiDAR 只是感測器，但實際上它更像是一台精密機器。在一套 LiDAR 系統裡，我是說，你有光學、電子、軟體以及精密的機械工程，全部以緊密同步的方式一起運作，對吧？因此，無論是我們的機械式或半固態 LiDAR，從工程角度來看，移動部件的要求都極其嚴苛。

They must meet automotive-grade standards and survive years of continuous vibration, heat, cold and harsh real-world driving conditions, while still maintaining extremely high precision every single second, right? I mean it's a bit like asking a professional athlete to run a marathon every day for years without ever losing form or accuracy.

它們必須符合車規等級標準，並能在多年持續的震動、熱、冷以及嚴苛的真實道路駕駛條件下存活，同時每一秒仍要維持極高精度，對吧？我的意思是，這有點像要求一位職業運動員每天跑馬拉松，連續多年都不能走樣或失去準確度。

Over the past decade, you see we have already developed and shipped more than 1 million automotive-grade motors and encoders into our LiDAR systems. And fundamentally, the physics behind LiDAR scanning modules and robotic actuation modules are very similar. Both require extremely precise control of velocity, position and force.

在過去十年中，你可以看到我們已經為 LiDAR 系統開發並出貨超過 100 萬顆車規等級馬達與編碼器。而從根本上說，LiDAR 掃描模組與機器人致動模組背後的物理原理非常相似。兩者都需要對速度、位置與力進行極其精準的控制。

So in many ways, moving from LiDAR into robotic actuation was a very natural extension for us really. The same capabilities we built for LiDAR such as material science simulation, proprietary ASICs, precision manufacturing and system-level engineering can now be extended from helping robots see the world to helping them move within it.

因此在很多方面，從 LiDAR 延伸到機器人致動對我們而言其實是非常自然的延伸。我們為 LiDAR 建立的同樣能力，例如材料科學模擬、自研 ASIC、精密製造與系統級工程，現在可以從幫助機器人看見世界，延伸到幫助它們在其中移動。

Now on robotic actuation, we haven't yet disclosed detailed information, but early signals are very encouraging and key performance metrics are already reaching what we believe is well among the industry's highest level. We look forward to sharing more details in the coming quarters as this business develops, of course. That's my answer. Thank you.

至於機器人致動方面，我們尚未披露詳細資訊，但早期訊號非常令人鼓舞，關鍵效能指標也已達到我們認為屬於業界最高水準之列。當然，隨著這項業務發展，我們期待在接下來幾個季度分享更多細節。以上是我的回答。謝謝。

Jessie Lo, Bank of America Securities.

Jessie Lo，美國銀行證券。

My question is around the strategic growth initiatives as well. Could you talk about the ASP revenue and also margin on both the Kosmo and also robotic actuator modules?

我的問題也與策略性成長計畫有關。你們能談談 Kosmo 以及機器人致動模組兩者的 ASP 收入，以及毛利率嗎？

Thank you for the question. This is Andrew. Both the robotic actuation modules and Kosmo are part of our new strategic growth initiatives or SGI segment. Think of this as an early-stage innovation layer sitting alongside our core LiDAR business at this stage. Because these products are still in early commercialization, we are reporting them on a consolidated basis within SGI rather than splitting them out individually.

謝謝你的提問。我是 Andrew。機器人致動模組與 Kosmo 都屬於我們新的策略性成長計畫（SGI）部門的一部分。你可以把它視為在現階段與我們核心 LiDAR 業務並行的一個早期創新層。由於這些產品仍處於商業化早期，我們將它們在 SGI 內以合併口徑揭露，而不是分別單獨拆分。

On the revenue side, we expect SGI to start contributing in the second-quarter this year. With strong early customer interest and initial adoption, we currently anticipate around RMB100 million in full year 2026 revenues. Looking further out, we see a clear scaling path, potentially reaching around RMB500 million in 2027.

在營收方面，我們預期 SGI 將在今年第二季開始貢獻。在早期客戶興趣強勁與初步採用的帶動下，我們目前預期 2026 全年營收約為人民幣 1 億元。再往後看，我們看到清晰的規模化路徑，2027 年可能達到約人民幣 5 億元。

And over a longer horizon, within five years, we believe this business could grow to a scale that is comparable to our core LiDAR business. On profitability, SGI is expected to be accretive to group gross margin over time as this segment scale and matures. Kosmo, in particular, should carry a structurally higher margin profile because it is not just a hardware product.

而在更長的時間跨度上，五年內，我們相信這項業務可成長到與我們核心 LiDAR 業務相當的規模。在獲利能力方面，隨著該部門規模擴大並走向成熟，預期 SGI 將隨時間對集團毛利率具有增益。尤其是 Kosmo，因為它不只是硬體產品，理應具備結構性更高的毛利輪廓。

It integrates hardware, software and data workflows. Over time, we also expect part of Kosmo to evolve toward a recurring ARR model through software and platform services, which naturally improves profitability as the installed base expands. On ASP, it's important to note that we are still in a very early deployment phase. So current pricing is highly customized and driven by pilot programs.

它整合了硬體、軟體與資料工作流程。隨著時間推進，我們也預期 Kosmo 的一部分將透過軟體與平台服務演進為經常性 ARR 模式；隨著裝機量擴大，這自然會提升獲利能力。至於 ASP，需要注意的是我們仍處於非常早期的部署階段。因此，目前定價高度客製化，並由試點專案所驅動。

At this stage, these early data points are not representative of long-term economics. As we move into mass production and the product lines mature, we will provide more normalized unit economics to the market. That's my answer to your question. Thank you.

在這個階段，這些早期數據點並不代表長期的經濟性。隨著我們進入大規模量產、產品線逐步成熟，我們將向市場提供更為常態化的單位經濟模型。以上是我對您問題的回答。謝謝。

Deng Xue, CICC.

鄧雪，中金公司。

This is Deng Xue from CICC Auto Team. Congratulations on your strong results and exciting partnership with Mercedes. My question is regarding your Picasso chip. We think the market is keen to understand how your product interacts with cameras and to what extent can 6D LiDAR replace certain camera functions? And additionally, some of your peers are also promoting camera LiDAR fusion solutions. How does your approach differ from theirs? And what has the customer feedback been so far?

我是來自中金汽車團隊的鄧雪。恭喜你們取得亮眼的業績，以及與賓士令人振奮的合作。我的問題是關於你們的 Picasso 晶片。我們認為市場很想了解你們的產品如何與攝影機互動，以及 6D LiDAR 在多大程度上可以取代某些攝影機功能？另外，你們的一些同業也在推廣相機與 LiDAR 融合的解決方案。你們的方法與他們有何不同？目前客戶回饋如何？

Thank you for the question. First, let me set the stage here. People often debate cameras versus LiDAR. But I think that's a little bit like asking whether humans should choose between seeing colors or seeing depth. In the real world, we naturally use both together. That's exactly what our 6D full-color LiDAR does. It helps machines not only detect objects, but truly understand the physical world more like humans do.

謝謝您的提問。首先，我先把背景鋪陳一下。人們常常在爭論攝影機與 LiDAR 孰優孰劣。但我認為這有點像在問人類應該在看見顏色與看見深度之間二選一。在真實世界中，我們自然會把兩者一起使用。這正是我們的 6D 全彩 LiDAR 所做的事。它幫助機器不僅能偵測物體，更能像人類一樣真正理解物理世界。

And this is why we believe in many future applications, your next camera may not even be a camera anymore. It could be a 6D full color LiDAR. The opportunity is massive across autonomous driving, robotics, industrial automation, infrastructure and even electronics like Kosmo. What makes us different is that many existing solutions are still basically a camera and a LiDAR packaged into one box with software trying to combine the information afterwards. That's still system-level fusion.

也正因如此，我們相信在許多未來應用中，你的下一個「相機」甚至可能不再是相機。它可能是一個 6D 全彩 LiDAR。在自動駕駛、機器人、工業自動化、基礎設施，甚至像 Kosmo 這類電子產品上，機會都非常巨大。我們的不同之處在於，許多現有方案基本上仍是把相機與 LiDAR 裝在同一個盒子裡，然後再用軟體事後嘗試把資訊結合。那仍然是系統層級的融合。

With Picasso, our world's first 6D full color SPAD-SoC, we fuse RGB color and precise 3D geometry directly at the chip level from the very beginning, almost like the human brain naturally combining both eyes in real time. You can think of it as early fusion. The benefit is very clear. The system instantly understands both depth and color together in fully aligned real time, improving perception capability, reducing edge case errors and enhancing safety.

透過 Picasso——全球首款 6D 全彩 SPAD-SoC——我們從一開始就在晶片層級直接融合 RGB 色彩與精準的 3D 幾何資訊，幾乎就像人腦能即時自然地把雙眼資訊結合在一起。你可以把它視為「早期融合」。其優勢非常明確。系統能在完全對齊的即時狀態下，同時理解深度與顏色，提升感知能力、降低邊緣案例錯誤並強化安全性。

We understand some peers are moving in a similar direction now, which we see as validation of the trend, but we believe we are roughly about a year ahead in R&D. Customer feedback so far has been extremely encouraging across both ADAS and Robotics. For example, with overlapping traffic lights at adjacent intersections, traditional cameras struggle with depth while traditional LiDARs cannot understand colors.

我們理解有些同業現在也朝相似方向前進，我們將其視為趨勢獲得驗證；但我們相信在研發上大約領先一年。截至目前，客戶在 ADAS 與機器人兩個領域的回饋都非常令人鼓舞。例如，在相鄰路口出現重疊的交通號誌時，傳統相機在深度判斷上會吃力，而傳統 LiDAR 則無法理解顏色。

Our 6D full color LiDAR solves both simultaneously. We believe this creates a strong differentiator for us and supports premium pricing given the very clear value add. Importantly, customers also do not need to completely rebuild their perception stack. The data from 6D full color LiDAR and traditional LiDAR are compatible. And commercially, the momentum is already starting.

我們的 6D 全彩 LiDAR 能同時解決這兩個問題。我們相信這為我們帶來強而有力的差異化，且由於價值增益非常清晰，也支撐溢價定價。重要的是，客戶也不需要完全重建其感知堆疊。6D 全彩 LiDAR 的數據與傳統 LiDAR 相容。在商業化方面，動能也已經開始顯現。

We recently secured an exclusive design win with KargoBot for its transport robots, which marks the industry's first mass production deployment of 6D full color LiDAR on commercial vehicles. We are also actively engaging with both Robotaxi and ADAS customers. Looking ahead, we expect the Picasso equipped ETX to enter SOP in the second half of 2026 with broader global adoption ramping through 2027 and 2028.

我們近期取得 KargoBot 運輸機器人的獨家設計導入（design win），這也標誌著業界首次在商用車上量產部署 6D 全彩 LiDAR。我們也正積極與 Robotaxi 與 ADAS 客戶洽談合作。展望未來，我們預期搭載 Picasso 的 ETX 將於 2026 年下半年進入 SOP（量產啟動），並在 2027 與 2028 年於全球更廣泛地加速導入。

We really believe this could become one of the key technology transitions for the entire perception industry over the next several years. That's my response to your question.

我們確實相信，這可能會在未來幾年成為整個感知產業的關鍵技術轉換之一。以上是我對您問題的回覆。

Jeff Chung, Citi.

Jeff Chung，花旗。

David, what's the updated Q2 '26 revenue forecast right now? And how much SGI contribution to the full year revenue? First question. And secondly, if we take out the RMB100 million revenue from SGI in the second-quarter, the core revenue, excluding SGI Q-on-Q growth will become 18%. Would that be a little bit conservative? And finally, any volume guidance for the second-quarter?

David，目前更新後的 2026 年第二季營收預測是多少？以及 SGI 對全年營收的貢獻會有多少？這是第一個問題。第二，如果把第二季來自 SGI 的 1 億人民幣營收扣除，核心營收（不含 SGI）的季增將變成 18%。這會不會有點保守？最後，第二季出貨量有沒有任何指引？

Thank you. It's Andrew here. For the second-quarter, we expect total revenues to be in the range of RMB850 million to RMB900 million with around 650,000 LiDAR shipments. Importantly, the second-quarter will also mark the initial revenue contribution from SGI. Gross margin has remained resilient even as our ADAS business continues to scale rapidly.

謝謝。我是 Andrew。針對第二季，我們預期總營收將落在人民幣 8.5 億至 9 億之間，LiDAR 出貨量約 65 萬台。重要的是，第二季也將標誌著 SGI 的初始營收貢獻。即使我們的 ADAS 業務持續快速擴張，毛利率仍維持韌性。

We've now delivered a GAAP net income for four consecutive quarters and non-GAAP net income for 6 consecutive quarters, and we expect to maintain this momentum. And if you look at the pattern of our business and OEM production cycles, we also expect financial performance to continue improving sequentially through the year with SGI expected to contribute around RMB100 million in 2026 during this early ramp stage.

我們已連續四個季度實現 GAAP 淨利，並連續六個季度實現 non-GAAP 淨利，我們預期將維持這股動能。此外，若觀察我們的業務型態與 OEM 的生產週期，我們也預期全年財務表現將逐季改善；在這個早期爬坡階段，SGI 預計於 2026 年貢獻約人民幣 1 億元。

For the full year 2026, we are reaffirming our LiDAR shipment guidance of a record 3 million to 3.5 million units. We remain highly confident in our top line and delivery trajectory, supported by several strong and accelerating drivers. Including higher LiDAR penetration across the market, increasing LiDAR content per vehicle as the industry moves toward Level 3, the early ramp of global ADAS programs, including the overseas expansion of Chinese OEMs as well as broader robotics adoption across increasingly diverse applications.

針對 2026 全年，我們重申 LiDAR 出貨量指引為創新高的 300 萬至 350 萬台。在多項強勁且加速的驅動因素支持下，我們對營收規模與交付軌跡仍然高度有信心。這些因素包括：市場整體 LiDAR 滲透率提升、隨著產業邁向 L3 每車 LiDAR 搭載量增加、全球 ADAS 專案的早期放量（包含中國 OEM 的海外擴張），以及機器人在更為多元的應用場景中加速採用。

So overall, we believe Hesai is executing strongly across all fronts. Our LiDAR business continues to serve as a very solid foundation with clear market leadership and global scale. At the same time, we are extremely excited about the future of SGI, and we look forward to sharing more updates on these new businesses very soon. That's my answer to your question. Thank you.

總體而言，我們認為禾賽在各方面都執行得很到位。我們的 LiDAR 業務持續作為非常穩固的基礎，具備清晰的市場領導地位與全球規模。同時，我們也對 SGI 的未來感到非常振奮，並期待很快與大家分享這些新業務的更多進展。以上是我對您問題的回答。謝謝。

Jun Liu, Huatai Securities.

劉俊，華泰證券。

I have a question about ASP. How do we interpret the ongoing decline in LiDAR ASP? And what's your long-term outlook for pricing as the market matures?

我有一個關於 ASP 的問題。我們應該如何解讀 LiDAR ASP 持續下滑的趨勢？隨著市場成熟，你們對長期定價的展望是什麼？

Thank you for the question. We think it's important to look beyond headline blended ASP because what we are really seeing today is a reflection of strong market expansion and a clear product mix shift. As we scale into the mass market, ADAS LiDAR naturally takes a larger share of volume. These products usually carry lower unit prices than Robotics LiDARs, so blended ASP comes down.

謝謝您的提問。我們認為重要的是不要只看表面上的綜合 ASP，因為我們今天看到的其實反映了市場強勁擴張以及明顯的產品組合轉移。當我們擴張到大眾市場時，ADAS LiDAR 的出貨量占比自然會提高。這些產品的單價通常低於機器人 LiDAR，因此綜合 ASP 會下降。

But fundamentally, this is a healthy signal. It reflects LiDAR becoming a mainstream standard across both automotive and robotics. Looking ahead, we see a clear structural catalyst as the industry moves towards Level 3 autonomy. Level 3 raises the bar on safety, redundancy and sensing performance, which directly drives higher sensor content per vehicle.

但從根本上來看，這是一個健康的訊號。這反映出 LiDAR 正在汽車與機器人兩大領域成為主流標準。展望未來，隨著產業邁向 Level 3 自動駕駛，我們看到明確的結構性催化因素。Level 3 對安全性、冗餘與感測效能提出更高要求，這將直接推動每輛車的感測器搭載量提升。

At Level 2, LiDAR content per vehicle last year was roughly around USD200, typically anchored by long-range ATX. At Level 3, it already steps up to about USD350 as a starting point. For example, 1 ATX plus 2 FTX for blind spot coverage. As systems evolve further with ETX high-end LiDAR and additional blind spot FTX, content can increase to roughly USD500 to USD1,000 per vehicle.

在 Level 2，去年每輛車的 LiDAR 搭載價值大約在 200 美元左右，通常以長距離 ATX 為主。到了 Level 3，起步就已提升至約 350 美元。例如，1 顆 ATX 加上 2 顆 FTX 用於盲區覆蓋。隨著系統進一步演進，導入 ETX 高階 LiDAR 以及額外的盲區 FTX，單車搭載價值可提升至約每輛 500 至 1,000 美元。

This is already emerging in early customer adoption and is increasingly reflected in ongoing engagements. And what's more, with our newly launched Picasso 6D full color SPAD-SoC, LiDAR is also evolving from a passive safety sensor into an active intelligence layer, enabling richer perception through real-time colorized point clouds.

這一趨勢已在早期客戶採用中浮現，並且在我們持續進行的合作洽談中愈發明顯。更重要的是，隨著我們新推出的 Picasso 6D 全彩 SPAD-SoC，LiDAR 也正從被動安全感測器演進為主動智慧層，透過即時彩色化點雲帶來更豐富的感知能力。

That shift from safety only to active functionality creates a clear upgrade cycle, and we do see this value add potentially supporting higher pricing for advanced LiDAR configurations. Ultimately, we see the market evolving very much like smartphones. Once users experience a better smartphone, they don't go back because they truly appreciate the value it creates in daily life.

這種從僅限安全到主動功能的轉變，形成了清晰的升級週期；我們也確實看到，這項價值增量有望支撐先進 LiDAR 配置的更高定價。最終，我們認為市場的演進會非常像智慧型手機。一旦使用者體驗過更好的智慧型手機，就不會再回頭，因為他們真正體會到它在日常生活中創造的價值。

In the same way, as automotive and robotics applications become more intelligent over time, end users will increasingly recognize and cherish the value enabled by our technology, not as a cost, but as a capability upgrade in how they move, work and interact with the physical world. That's my answer to the question you just raised.

同樣地，隨著汽車與機器人應用隨時間變得更智慧，終端使用者將愈來愈能認知並珍視我們技術所帶來的價值——不是把它視為成本，而是視為在移動、工作以及與物理世界互動方式上的能力升級。以上就是我對你剛才提出問題的回答。

Jia Lou, BOCI.

婁佳，中銀國際（BOCI）。

I have a question regarding the competition dynamics. Over the past few years, the LiDAR industry has been focused on cost reduction. However, since the beginning of this year, we've observed a shift towards performance race, such as escalation in channel counts, while the technology roadmap have begun to convert. So how does management envision the evolution of the competitive landscape of LiDAR industry? What will be the key differentiator for Hesai to maintain its leadership?

我有一個關於競爭態勢的問題。過去幾年，LiDAR 產業一直聚焦於降本。然而，自今年年初以來，我們觀察到競爭轉向效能競賽，例如通道數持續升級，同時技術路線圖也開始趨同。那麼管理層如何看待 LiDAR 產業競爭格局的演進？禾賽要維持領先地位的關鍵差異化因素會是什麼？

That's a very good question. When people talk about LiDAR competition, the discussion often goes straight to price. Yes, the price of a single LiDAR has come down over the years, but that's really the result of strong in-house ASIC capability and system integration, which helped bring LiDAR from a luxury technology into mass adoption without sacrificing performance.

這是一個非常好的問題。當人們談到 LiDAR 競爭時，討論往往會直接聚焦到價格。是的，單顆 LiDAR 的價格多年來確實下降了，但這其實是強大的自研 ASIC 能力與系統整合能力所帶來的結果，讓 LiDAR 從高端奢侈技術走向大規模普及，同時不犧牲效能。

That is exactly why today, LiDAR can be deployed not only in USD10,000 vehicles, but even in affordable home appliances. We are seeing penetration rapidly expand across sectors, including categories many people did not initially expect, such as robotic lawnmowers and two-wheelers. Once the cost performance curve crosses a certain inflection point, adoption doesn't grow linearly.

也正因如此，如今 LiDAR 不僅能部署在 1 萬美元級別的車輛上，甚至也能用在平價的家用電器中。我們看到滲透率正在跨領域快速擴張，包括許多人起初未曾預期的品類，例如機器人割草機與兩輪車。一旦性價比曲線跨過某個拐點，採用率就不會線性成長。

It starts to expand across industries. And ultimately, the results speak for themselves. According to Yole Group, we ranked number one globally in long-range ADAS LiDAR shipments in 2025 with 43% market share. In March this year, Gasgoo data shows our share further increased to 55%, roughly three times that of the second player.

它會開始向各行各業擴散。最終，結果本身就能說明一切。根據 Yole Group，我們在 2025 年全球長距離 ADAS LiDAR 出貨量排名第一，市佔率達 43%。今年 3 月，Gasgoo 數據顯示我們的份額進一步提升至 55%，約為第二名的三倍。

Beyond automotive, we are also seeing strong momentum in robotics, where we believe we are already the number one global player in robotics LiDAR revenues across Robotaxis, Robovans, lawn mowers, humanoids and other emerging applications. But the more important question is not price. It is who can lead across multiple technology cycles.

在汽車之外，我們也在機器人領域看到強勁動能；我們相信，在 Robotaxi、Robovan、割草機、人形機器人以及其他新興應用的機器人 LiDAR 營收方面，我們已是全球第一。但更重要的問題不是價格。而是誰能在多個技術週期中持續領先。

Today, the industry is moving towards higher performance, higher resolution, new architectures and new types of demand. We are already at 4,320 channel-level products. At the same time, we are expanding into blind spot LiDAR with full 360-degree coverage for large-scale deployments like Li Auto's Livis platform. And we are moving towards deeper fusion of LiDAR and imaging with Picasso, our 6D full color SPAD-SoC as well as into physical AI with Kosmo for high-fidelity spatial intelligence.

如今，產業正朝向更高效能、更高解析度、新架構以及新型需求發展。我們已經推出 4,320 通道級別的產品。同時，我們也在拓展盲區 LiDAR，提供完整 360 度覆蓋，以支援像理想汽車 Livis 平台這類的大規模部署。此外，我們正透過 Picasso（我們的 6D 全彩 SPAD-SoC）推動 LiDAR 與成像的更深度融合，並透過 Kosmo 進入物理 AI，以實現高保真空間智慧。

Across all these shifts, our key advantage is the engineering capability and talent we have built over the past decade. We have built multiple distinct product architectures from gas detection to mechanical LiDAR, semi-solid state and the fully solid-state systems. While they all fall under LiDAR, they are fundamentally different in architectures.

在所有這些變化之中，我們的核心優勢是過去十年所建立的工程能力與人才儲備。我們打造了多種不同的產品架構，從氣體檢測到機械式 LiDAR、半固態，以及全固態系統。雖然它們都屬於 LiDAR，但在架構上本質上是不同的。

Today, we are extending that same capability into physical AI, including Kosmo and robotic actuation modules. At the end of the day, whether competition is in technology, products or market share, we welcome it. We remain confident in our long-term structural advantages and our ability to continue launching category-defining products with a strong pipeline of major launches in 2026.

今天，我們正把同樣的能力延伸到物理 AI，包括 Kosmo 以及機器人執行器模組。歸根結底，無論競爭是在技術、產品還是市佔率，我們都歡迎。我們對自身長期的結構性優勢，以及持續推出定義品類產品的能力仍然充滿信心；並且在 2026 年有一系列重磅新品發佈的強勁管線。

Our leadership in physical AI is, in our view, an important differentiator versus peers. Ultimately, this is a deep tech business. That's my answer to your question. Thanks for that.

我們在物理 AI 方面的領先，在我們看來，是相較同業的重要差異化因素。最終，這是一門深科技的生意。以上就是我對你問題的回答。謝謝你的提問。

There are no further questions at this time. I'll now hand back to Yuanting Shi for closing remarks.

目前沒有進一步的問題。我現在把時間交回給石元廷作結語。

Thank you once again for joining us today. If you have any further questions, please feel free to contact our IR team. This concludes today's call, and we look forward to speaking to you again next quarter. Thank you, and goodbye.

再次感謝各位今天參與。如有任何進一步問題，歡迎隨時聯繫我們的投資者關係（IR）團隊。今天的電話會議到此結束，我們期待在下個季度再次與各位交流。謝謝，再見。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

我們今天的會議到此結束。感謝各位參與。您現在可以掛線。