Automotive Parts and Equipment

HESAI-W

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Why do stock prices and performance show opposite trends?

GEELY AUTO

BYD COMPANY

Hesai

North American Energy Par

EMX Royalty

Eaton Vance Municipal Income Term Trust

GEELY AUTO-R

Geely Auto

BYD COMPANY-R

BYD Company Limited

BYD Company

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Tesla

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

BYD HK SDR 10to1

Hesai's Plunge: What Went Wrong?

Conference Minutes

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The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

Pony AI

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Renaissance Ipo

HKEX

JD LOGISTICS

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Hello

Bloomage Biotech

Hong Kong Exchanges and Clearing (HKEX)

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JD.com

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JD HK SDR 10to1

Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

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ATX continues to increase volume in shipments!

Huawei

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Xiaomi Corporation

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Aridis Pharmaceuticals

Xiaomi HK SDR 2to1

Hesai: Tesla 'Disdain'? Still Growing Wildly Towards the Sun

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Hesai 3Q25 Quick Interpretation: Overall, Hesai has once again delivered an impressive report card this quarter. The third-quarter performance exceeded expectations, continuing the high growth trend. Additionally, Hesai has raised its full-year performance guidance. Specifically: ① The third-quarter performance continued the high growth trend, mainly driven by the accelerated shipment of the low-cost ATX: Third-quarter revenue reached 800 million yuan, maintaining a high growth trend of 47.5% year-on-year, also exceeding the market expectation of 780 million yuan. The key to the revenue exceeding expectations this quarter was the lidar shipment volume significantly surpassing market expectations, primarily driven by the accelerated shipment of Hesai's low-cost ATX passenger car radar. This quarter, lidar shipments reached 440,000 units, continuing a high growth trend of 229% year-on-year, also exceeding the market expectation of 400,000 units. The low-cost ATX continues to increase in volume, driving the proportion of passenger car lidar in Hesai's shipment structure to 86.3% (Dolphin Research estimates that ATX accounted for 71% in the third quarter). From the price perspective, the unit price this quarter remained stable quarter-on-quarter. Although the proportion of low-cost ATX continued to rise quarter-on-quarter (replacing the old AT128), it is expected that due to the higher-priced Robotaxi radar starting to increase in volume this quarter, the final lidar unit price was 1,988 yuan, exceeding the market expectation of 1,900 yuan. From the net profit perspective, Hesai's net profit this quarter also significantly exceeded expectations. Third-quarter net profit reached 260 million yuan, far exceeding the market expectation of 60 million yuan, with the net profit margin increasing from 6.2% in the previous quarter to 32.2% this quarter. The significantly exceeded net profit margin was mainly due to a 170 million yuan gain from the sale of equity investments in a startup company recognized in the third quarter. Excluding this one-time impact, the third-quarter net profit margin would be 10.8%, also higher than the market expectation of 7.3%, mainly due to: 1) Third-quarter gross margin was 42.1%. The market originally expected the gross margin to decline from 42.5% in the previous quarter to 40.9% in the third quarter due to the increase in low-cost ATX shipments. Despite the reduction in high-margin non-recurring engineering service revenue, Hesai maintained a high gross margin level through technological cost reduction and large-scale shipments; 2) Continued strong cost control capability, with the three expenses only increasing by 0.1 billion yuan quarter-on-quarter while revenue increased by 0.9 billion yuan quarter-on-quarter. The three expense ratio also continued to decline by 3.5 percentage points quarter-on-quarter from 43.2% in the second quarter to 39.7%. ② Hesai continues to raise full-year performance guidance: Due to the dual exceedance of expectations in lidar delivery volume and net profit in the third quarter, Hesai provided fourth-quarter revenue guidance of 1-1.2 billion yuan. If the fourth-quarter shipment unit price is predicted to remain flat quarter-on-quarter, it implies that fourth-quarter lidar shipments will reach 500,000-600,000 units, and the full-year 2025 lidar delivery volume will reach 1.49-1.59 million units, exceeding Hesai's previous guidance of 1.2-1.5 million units. Additionally, due to the third-quarter net profit performance exceeding expectations, Hesai continues to raise full-year net profit guidance to 350-450 million yuan (originally 200-350 million yuan), implying fourth-quarter net profit of 70-170 million yuan (third-quarter net profit excluding one-time equity gain was 90 million yuan). Based on the midpoint of fourth-quarter revenue and net profit guidance, the fourth-quarter net profit margin will reach 11%, continuing to maintain a very good net profit margin level.$Hesai(HSAI.US) $HESAI-W(02525.HK)

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Today’s Key News Recap

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1111 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. The U.S. Senate has passed a temporary spending bill aimed at ending the longest government shutdown in history, which has lasted for 41 days. The bill now requires approval from the House of Representatives and the President's signature to take effect. This move is a result of bipartisan compromise, providing short-term relief from economic and livelihood impacts, but the core disagreements are merely postponed, with the possibility of another deadlock after January 30th, highlighting the increasing trend of political polarization in the United States. 🐬 Individual Stocks 1. $Baidu(BIDU.US) RoboTaxi has received the first batch of fully unmanned commercial operation licenses issued by the Abu Dhabi Integrated Transport Center...

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Disc Medicine

Integra Group (Russia) Sponsored GDR RegS

Integral Acquisition  1

Pro Ultr Silver

iShares Silver Tr

Morgan Stanley

Intel

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Citigroup

Destiny Tech100

XPeng

BIDU-SWR

Baidu HK SDR 10to1

Baidu

Integral Acquisition 1 - Unit

INTEGRAL ACQUISITION CORP 1 C/WTS 31/05/2028 (TO PUR COM)

BTQ Tech

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

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XPeng surged 17% in a single day; Intel AI Chief jumps ship to OpenAI | Today's Important News Recap

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0916 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Federal Reserve will hold a meeting on September 16-17 local time, and the interest rate decision will be announced at 2:00 AM Beijing time on September 18. Recent economic data indicates a weak labor market, and the market generally expects the Federal Reserve to cut interest rates by 25 basis points. Attention is on the extent, pace of the rate cut, and its actual impact on various aspects of the economy. 🐬 Individual Stocks 1. $Tesla(TSLA.US) Regulatory filings show that CEO Elon Musk spent nearly $1 billion last Friday to increase his stake in the company...

Alibaba

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Alibaba HK SDR 5to1

Coinbase

Li Auto

LI AUTO-W

Agilent Tech

Taobao May Launch WeChat Mini Program? Musk Spends Heavily to Increase Tesla Stake | Today's Important News Review

In the first half of the article &#34;'4 Times' Hesai: Why Has the Lidar Abandoned by Tesla Become 'Promising' Again?&#34;, Dolphin Research conducted a detailed review of the reasons behind Hesai's market value explosion. In the high-growth track of lidar, Hesai continues to reduce costs through the technological path of chip integration and increased integration, which leads to a continuous decline in the cost of lidar, thereby bringing about an increase in penetration rate and continuous expansion of application scenarios. The market value of $Hesai(HSAI.US) began to rise significantly after the third quarter report of 2024, as its earnings consistently exceeded market expectations...

MAGNIFICENT

Hesai: Tesla's 'Abandoned Child'? Unstoppable 'Magnificent Comeback' of LiDAR

DeepBlue Auto Launches Intelligent Sedan DeepBlue L06

HTI First Covers Hesa Technology with an 'Outperform' Rating

Hesa Technology Secures Li Auto's LiDAR Order

CMB International Maintains Positive View on Hesai-W, Raises Profit Forecast for 2025-2027

China Merchants Securities International Cuts Hesa Tech Target Price While Maintaining Overweight Rating

Morgan Stanley Maintains Buy Rating on Hesai Group Class B Shares

American Bank Securities Reiterates Buy Rating for Hesaitech B Shares and Sets Target Price

Bernstein initiates coverage of Hesa Group with an outperform rating

Hesa-W Grants 305,800 Share Awards to Employees

Hesai Technology to Establish First Overseas Production Base in Thailand

Hesai-W Reports Q3 Net Profit of 256 Million

Hesai-W expects Q4 2025 net revenue to be RMB 1 billion to RMB 1.2 billion

Hesa-W Exceeds Full-Year Profit Target Early and Outlines Future Tech Transformation

Hesa-W Signs LiDAR Supply Agreement with Multiple Top Autonomous Vehicle Companies

Hesa-W Sees 193.1% Y-o-Y Increase in ADAS Lidar Shipments to 380,759 Units in Q3

Hesa Technology Secures Li Auto's Full Series of New Generation ADAS Platform LiDAR Orders

Hesa Group Reports Net Revenue of RMB 795.4 Million and Net Profit of RMB 256.2 Million in Q3

HESAI-W released FY2025 9 Months earnings on November 11 Pre-Market (BJT), actual revenue HKD 1.336 B, actual EPS HKD 0.2026

HESAI-W released FY2025 Q3 earnings on November 11 Pre-Market (BJT), actual revenue HKD 869.5 M (forecast HKD 908.36 M), actual EPS HKD 1.9567

Hesa Technology and Gotion Jointly Launch Multi-modal Fusion Perception Solution for Robots