Hesai Group (HSAI) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, ladies and gentlemen. Thank you for standing by. Welcome to Hersai Group's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please note that today's conference call is being recorded. I will now turn the call over to our first speaker today, Yuan-Ting Shi, the company's head of capital markets. Please go ahead. Thank you, Operator. Hello, everyone. Thank you for joining HESA Group's fourth quarter and full year 2025 earnings conference call. Our earnings release is now available on our IR website at investor.hesatech.com, as well as via Newswire Services. Today, you will hear from our CEO, Dr. David Lee, who will provide an overview of our recent updates. Next, our CFO, Mr. Andrew Pham. will address our financial results before we open the call for questions. 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. With that, I'm pleased to turn over the call to our CEO, Dr. David Lee. David, please go ahead. Thank you, Yuan-Ting, and thank you, everyone, for joining our call today. 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 Hercai. We achieved a milestone no other LiDAR company has reached, industry's first full-year gap net income of RMB $436 million. This was not just a year of growth. It was the year our technology leadership, operational scale, and execution converged to set new sta...