HK Stock Market Move | HESAI-W (02525) rose more than 11% in morning trading; third-quarter SGI business revenue doubled quarter-on-quarter; revenue related to Siasun Robot&Automation has exceeded 50%

HESAI-W (02525) rose more than 11% in morning trading. As of press time, it was up 11.43% at HK$16.57, with turnover of HK$116 million. On the news front, Hesai Technology announced its results. In the third quarter, Hesai's revenue was RMB1.07 billion, and GAAP net profit reached RMB80.79 million, marking six consecutive quarters of GAAP profitability. Among this, Hesai's Strategic Growth Initiatives (SGI) revenue was RMB90.51 million, up 101.4% quarter-on-quarter. Hesai management said on the earnings call that "in the third quarter, revenue related to Siasun Robot&Automation has exceeded 50% (including lidar, data, and joints)." It is worth noting that SGI revenue in the first three quarters has already exceeded the original full-year target of RMB100 million, and the company reiterated its 2026 SGI revenue guidance of RMB200 million to RMB300 million. Among this, shipments of Siasun Robot&Automation power modules in the third quarter were 23,405 units, up 97% quarter-on-quarter, with cumulative shipments of 35,295 units, and monthly production capacity increased to 10,000 units; the 3D world data engine Kosmo was launched globally in October and has begun generating revenue several months after sample shipments, with partners including Pixar RenderMan and Amap.