Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026
The following are the minutes of the FY25Q3 earnings call for$Hesai(HSAI.US) organized by Dolphin Research. For earnings interpretation, please refer to "Hesai: Tesla 'Disdain'? Still Growing Wildly"
I. Review of Core Financial Information
Overall Performance: Hesai Group demonstrated strong growth momentum in the third quarter of fiscal year 2025, with net revenue increasing by 47% year-on-year to RMB 795 million (approximately USD 112 million), marking six consecutive quarters of year-on-year growth. The quarterly total shipment reached 441,398 units, a year-on-year increase of 229%, with shipments of robotic LiDAR increasing 14 times year-on-year. The company achieved a GAAP net profit of RMB 256 million (approximately USD 36 million), setting a single-quarter record, with cumulative net profit for the first three quarters reaching RMB 283 million, ahead of the annual profit target set at the beginning of the year (RMB 200-350 million). The gross margin remained at a healthy level of 42%, showcasing the results of scaled production and cost optimization.
Expense and Cost Control: The company successfully achieved cost reduction and efficiency improvement by deeply integrating artificial intelligence into its R&D, operations, and customer support systems. Since the second quarter, the widespread deployment of intelligent assistants has optimized travel, document processing, recruitment, testing, and coding, cumulatively saving tens of millions of RMB in costs. Total operating expenses in the third quarter decreased year-on-year, and Hesai expects to save RMB 100 million in operating costs for the entire year of 2025 compared to the previous year.
The company's LiDAR products continue to lead the market, with annual production in 2025 exceeding 1 million units, becoming the first company globally to achieve this milestone. According to GA data, Hesai's market share in the long-range automotive LiDAR market reached 46% in August, 1.5 times that of the second place.
Outlook: Management has raised the 2025 full-year GAAP net profit guidance to RMB 350-450 million (approximately USD 49-63 million), with fourth-quarter revenue expected to reach RMB 1 billion (USD 140 million) to RMB 1.2 billion (USD 169 million), representing a year-on-year growth of 39% to 67%.
II. Detailed Content of the Earnings Call
2.1 Key Information from Executive Statements
1) The third quarter demonstrated strong momentum and excellent execution, with net revenue growing nearly 50% year-on-year, achieving a historic milestone—annual LiDAR production in 2025 exceeded 1 million units, becoming the first company globally to achieve this accomplishment. The company has maintained its lead in the long-range automotive LiDAR market for seven consecutive months, with a market share of 46% in August, far surpassing major competitors.
2) In the ADAS business, LiDAR is transitioning from an "optional configuration" to a "standard feature." Two major customers have decided to adopt a new design scheme in their entire 2026 model lineup, achieving 100% LiDAR coverage. Some mainstream models (such as the Zeekr flagship series) have already made Hesai LiDAR a standard configuration. The company expects more popular models to be equipped with Hesai products for mass production from the second half of 2025 to 2026.
3) The policy environment for L3-level autonomous driving in China is rapidly maturing. The Ministry of Industry and Information Technology has issued production license conditions for L3-level systems and initiated a solicitation for mandatory safety standards for L2 systems, marking the systematic implementation of intelligent driving regulations. L3-level and above systems require redundancy design without single-point failures, making factory integration of LiDAR a rigid requirement, thereby driving automakers to transition to advanced intelligent driving platforms.
4) The company's new generation Infinity ID LiDAR solution has become a key product combination for the L3-level market, with the ETX LiDAR setting a new benchmark for the world's longest detection range, and the FTX product offering the industry's widest field of view. This quarter, ETX received a design order from one of the top three domestic new energy vehicle companies, achieving 360° blind spot coverage with a multi-LiDAR system, and plans to start mass production by the end of 2026 or early 2027.
5) Besides ADAS, the robotics business has become a new growth engine. Hesai has signed new cooperation agreements with Pony.ai, Hello Inc., JD Logistics, and others to provide a complete sensor system, including main LiDAR and blind spot LiDAR, for their autonomous vehicle fleets. The overseas market continues to expand, with the company signing multi-million dollar LiDAR supply agreements with global leading autonomous driving companies like Motional and other European and American customers, indicating significant future cooperation potential.
6) In September 2025, Hesai successfully listed on the main board of the Hong Kong Stock Exchange, becoming the first LiDAR company globally to be listed in both the United States and Hong Kong. This IPO raised USD 614 million, marking the largest public offering in the global LiDAR industry, receiving widespread support from international institutions and industry leaders, further solidifying the company's capital strength and brand trust.
2.2 Q&A Session
Q: First, regarding pricing—As we enter the last quarter of this year and prepare for next year's price negotiations with customers, considering the annual price reduction tradition and competitor dynamics, can you reveal the pricing trend for next year?
Second, regarding shipment volume—Does management believe that OEM customers will accelerate LiDAR adoption next year? When will mainstream market models fully popularize LiDAR as a standard configuration? Additionally, can you provide guidance or clues related to shipment volume for the fourth quarter and 2026?
A: First, looking at the full-year guidance for 2025: In terms of revenue, fourth-quarter net revenue is expected to reach RMB 1 billion to 1.2 billion, bringing the full-year revenue for 2025 to approximately RMB 3 billion to 3.2 billion, representing nearly 50% year-on-year growth. This strong growth is driven by the rapid popularization of passenger car LiDAR and the continuous expansion of robotic LiDAR in new application scenarios.
Regarding shipment volume and average selling price (ASP), in the first three quarters of 2025, we have accumulated a shipment volume close to 1 million units. The annual shipment volume is expected to continue accelerating, with the fourth quarter as a seasonal peak, shipment volume is expected to reach approximately 600,000 units. Among them, ATX LiDAR is expected to account for about 80% of the total fourth-quarter shipment volume, with a market price of approximately USD 200, offering discount incentives to major customers.
The demand for ATX exceeded expectations, accelerating its replacement of AT128 LiDAR in the second half of 2025. Meanwhile, some automakers adjusted their production plans for models equipped with AT128 in the second half, leading to a slowdown in demand for this product (AT128 is priced several times higher than ATX). This product structure change resulted in a relatively low comprehensive average selling price for the ADAS business in 2025.
In terms of profit margin, the comprehensive gross margin for the fourth quarter is expected to remain at a healthy level of around 40%. We have raised the 2025 GAAP net profit guidance to RMB 350-415 million (excluding potential equity investment-related gains recorded in the fourth quarter); the adjusted full-year GAAP net profit remains within the previous guidance range of RMB 200-300 million. For non-GAAP metrics, an additional RMB 120 million in stock-based compensation expenses needs to be accounted for.
Looking ahead to 2026, we believe it will be a true turning point. On one hand, the demand for passenger car ADAS LiDAR is expected to remain strong, and if L3-level autonomous driving becomes an industry trend, LiDAR shipment volume is expected to reach at least 2 million to 3 million units, or even higher; on the other hand, the comprehensive average selling price may decline, mainly due to three reasons:
① Product structure tilting towards ADAS LiDAR, which has a relatively low unit price but higher shipment volume and revenue share;
② Offering strategic customers with large orders a moderate volume-price linked pricing;
③ The annual routine price reduction demand from downstream customers.
Nevertheless, we have ample reason to remain optimistic, expecting strong positive catalysts in 2026 to 2027:
① The deployment of L3-level autonomous driving vehicles in China will drive LiDAR configuration upgrades, with the value of single-car LiDAR expected to rise to USD 500 to 1000. We have already reached flagship L3-level project cooperation with well-known customers, and more exciting orders are underway;
② Overseas ADAS business is expected to start contributing revenue, marking the start of global ADAS LiDAR mass production;
③ The robotics business continues to grow in diverse application scenarios and customer groups, and the average selling price and profit margin of this business are generally higher than those of the ADAS business;
We are also exploring new growth engines and will share more progress in the future.
In terms of profitability, thanks to continuous cost optimization in product and application-specific integrated circuit (ASIC) design, supply chain, and production processes, the gross margin for 2026 is expected to remain relatively stable compared to 2025. Meanwhile, the popularization of multi-LiDAR configurations in the ADAS business is expected to offset the pressure from the decline in comprehensive average selling price.
In short, we expect double-digit year-on-year revenue growth in 2026, accelerated shipment volume, stable profit margins, and the emergence of new growth engines. Detailed guidance will be gradually released in the coming quarters. Overall, this lays a solid foundation for sustained growth in the coming years.
Q: Regarding competition—We have noticed that Chinese competitors have launched new products priced lower than Hesai's ATX. How do you view the competitive relationship between mainstream products like EMX and our core shipment-driving product ATX?
A: First, regarding competitive products. The LiDAR market is fiercely competitive, and we always face strong competition from multiple companies. The product you mentioned is indeed an excellent product, and competitors also possess outstanding technical capabilities. However, I would like everyone to consider a different perspective: our strategy is to launch each generation of products according to a clear timeline.
In the era of mechanical rotating LiDAR, Pandar128 was considered an industry benchmark, which is indisputable. Looking back, AT128 can be said to have defined the vehicle LiDAR industry—it had the largest shipment volume, priced higher than competitors, and more importantly, was recognized as a performance-leading, top-quality product, achieving great success as our second-generation product.
The third-generation product is ATX. Today, ATX has undoubtedly achieved comprehensive victory in the market—we have received more orders than any competitor, and shipment volume is far ahead. Moreover, the market generally believes that ATX's performance is superior, reliability is higher, and it fully meets top quality standards. This is the clear market position of our third-generation product ATX.
Of course, we also have our own next-generation product release schedule. But as a company with the highest market share, the best brand, and product quality, we will not act hastily because competitors launch products after us. Our strategy is to maintain our own pace, integrating all advantageous technologies into products at predetermined time points.
This is why when competitors launch similar products six months or a year after our product release, they may have some standout features, but in the long run, our products consistently lead in performance, shipment volume, and profit margin, ultimately becoming the most comprehensive and best-performing products in the market. We are confident in continuing this trend.
The future is full of uncertainty, but so far, with our semiconductor technology, manufacturing capabilities, strong brand influence, and deep mutual trust cooperation with almost all top OEMs in China, we are confident in maintaining our competitive advantage. Although each generation of products will experience price declines according to market rules, we have maintained a healthy gross margin through continuous innovation, which is evident to everyone.
Q: Regarding technology—In recent months, there has been much discussion about single-photon avalanche diode (SPAD) system-on-chip (SOC). How do you view the advantages of digital LiDAR based on SPAD? Can you share the latest views from management?
Next is the question about SPAD. SPAD stands for single-photon avalanche diode, and I will share some in-depth insights beyond mere competitive publicity:
First, we are the first company to apply SPAD technology to vehicle LiDAR. As far as we know, as early as two or three years ago, we launched the world's first fully solid-state vehicle LiDAR FT120 for near-field blind spot detection and achieved global vehicle installation, although the shipment volume was not yet scaled, it had reached fully vehicle-grade standards.
Second, we strengthened our technical capabilities by acquiring a Swiss SPAD technology company because we recognize its technical value and believe it will become an important supplement for us, and this acquisition has been successfully completed.
However, at the same time, we also need to objectively and rationally view the current application boundaries of SPAD technology. If only adopting existing SPAD technology for simple integration, one of the core challenges faced is the noise issue. Once LiDAR has noise, it is prone to false triggering—SPAD's sensitivity is extremely high, but this characteristic also brings the difficulty of noise control, which is currently one of the biggest challenges faced by the industry, and all companies are actively seeking solutions.
The current long-range SPAD LiDAR, although advertised as highly sensitive, also increases the risk of false triggering, which is fatal for LiDAR as a safety product. We will never sacrifice product reliability and safety for the pursuit of new technology, nor will we tolerate the occurrence of false triggering issues. We are actively solving this problem through internal research and development.
Our strategy is not simply to purchase the latest ready-made components for assembly, but to prioritize mature and reliable technology as safety components integrated into products, and then gradually add cutting-edge features—reliability and safety must be put first. It's like the invisible airbags in a car; you wouldn't want to risk the false triggering of airbags just to try new technology; the core issue must be thoroughly resolved first.
We firmly believe that the false triggering problem of SPAD technology will eventually be resolved. SPAD has many excellent characteristics and huge cost optimization space, and it will eventually be widely adopted. We are actively promoting related research and development. But we hope the market can more comprehensively understand the advantages and disadvantages of this technology and make an objective assessment.
Q: Regarding L3-level autonomous driving, are there signs of improvement in product structure and single-car LiDAR configuration? What are your views on L3-level autonomous driving regulations in China and Europe?
First is the L3-level autonomous driving-related regulations: We are excited about China's active promotion of advanced autonomous driving initiatives. As regulations continue to improve, safety redundancy becomes a rigid requirement, and LiDAR must be factory integrated rather than retrofitted, prompting automakers to reserve platform upgrade space for L3-level functions, with market development speed far exceeding expectations.
Leading OEMs have launched multi-LiDAR configuration models in 2025: Huawei AITO M9 is equipped with 4 LiDARs, Avatr 12 is equipped with 4, Zeekr 9X is equipped with 5, Nio ES8 is equipped with 3, and these models have all received strong market demand, confirming the real demand of consumers for smarter and safer vehicles.
We expect that as the penetration rate of L3-level autonomous driving increases, the number of LiDARs per vehicle will increase to 3 to 6 or even more, while the main LiDAR will upgrade to high-end models like ETX, which will increase the value of single-car LiDAR to approximately USD 500 to 1000.
Each additional LiDAR will directly enhance vehicle safety, highlighting the irreplaceable value of our technology and our core role in shaping the future of autonomous driving. Currently, discussions among customers about L3-level applications and multi-LiDAR configurations are extremely active, and we have signed a flagship project equipped with ETX and multiple FTXs, with more orders underway, and we will share more details later.
Clearly, we are discussing price and single-car LiDAR value, but ultimately, the value is determined by the value created by technology, and this value has fundamentally changed in the evolution from L2 to L3-level autonomous driving.
In the L2 era, the positioning of LiDAR is similar to airbags or seat belts—although important and life-saving, consumers have clear expectations for its price: even if airbags can save lives, they wouldn't be willing to pay USD 10,000 for them. Therefore, for L2-level functions, we believe USD 200 or less is a reasonable price range, and our products are within this range, which is also the core reason for its exponential growth in penetration rate—consumers see it as a high-value investment.
But L3-level autonomous driving is completely different and can even be understood in conjunction with L4-level value logic: besides safety, the core value created by cars is saving time for users. L2-level models can save users 1 to 2 hours a day at most, and still require users to keep their hands on the steering wheel, so its value is more limited to the safety level; while L4-level autonomous driving (such as robotaxi) vehicle utilization may reach around 20 hours a day.
Quoting industry leader Elon Musk's view: this level of technological change will increase vehicle utilization by 10 times. If a technology can create 10 times the value of traditional products, automakers will naturally be willing to invest in better sensors, more advanced driving systems, and computing platforms to create top-notch products.
Therefore, the value of single-car LiDAR for L3-level and even L4-level autonomous driving, although not necessarily reaching 10 times growth, the price tolerance of consumers and automakers will greatly increase—because the value it creates compared to L2-level systems has increased nearly 10 times or more. This is why the market should be more optimistic about the overall value of LiDAR and the comprehensive potential of sensor suites.
Q: The fourth-quarter guidance is very optimistic, with revenue growing 50% quarter-on-quarter in the best-case scenario, and core earnings growing 100% quarter-on-quarter. Can you share the reasons for such confidence?
Regarding the supplementary explanation of the full-year guidance for 2025: We are very confident that the full-year performance will fall within the guidance range, but it is not a promise to reach the upper limit of the range. Taking the lower limit of the range as an example:
We expect fourth-quarter revenue to exceed RMB 1 billion, while third-quarter revenue was approximately RMB 800 million. If this target is achieved, pre-tax net profit will increase by approximately RMB 80 million compared to the third quarter.
In the first three quarters, we accumulated a net profit of approximately RMB 256 million. As disclosed in the financial report, this includes approximately RMB 150 million in one-time equity investment gains. Excluding this part, the adjusted net profit for the first three quarters is approximately RMB 130 million. If the fourth quarter adds approximately RMB 180 million in net profit, the full-year net profit for 2025 will exceed RMB 350 million, which is the core reason for our confidence in the full-year revenue and profit falling within the guidance range.
Q: Regarding LiDAR orders, this is a controversial topic. Specifically, the timing of LiDAR adoption in mainstream market models and Hesai's market share in it. Considering the high vehicle sales of this customer (BYD), how will its pricing strategy be formulated?
We are pleased to see leading domestic automakers actively promoting the popularization of intelligent driving—BYD took the lead in equipping models priced above RMB 100,000 with LiDAR and deploying the "God's Eye" ADAS system, creating huge market demand, accelerating consumer acceptance of intelligent driving, benefiting the entire industry ecosystem, and enhancing the recognition of LiDAR by the entire industry and consumers.
In this trend, we are proud to be BYD's core partner. Since the first quarter of 2025, we have entered mass production with BYD, supplying LiDAR for multiple models launched by BYD in 2025. This year, we have gained a considerable share of BYD's LiDAR supply through AT128P and ATX products, with ATX being the main shipment driver. Our cooperation covers more than ten models, and more new models will gradually achieve mass production (SOP) from 2025 to 2026. Once the customer is ready to officially announce new models and autonomous driving plans, we will share more details.
Compared to automakers, Hesai has been deeply involved in LiDAR research and development for 10 years, starting from complex L4-level applications, accumulating rich experience, and achieving excellent product performance. At the same time, through years of investment in ASIC technology, we have maximized scale effects while strictly controlling costs with a broad customer base. We believe that the positive cooperation between automakers and LiDAR companies will create a win-win situation.
In summary, Hesai is a weather vane for the development of the autonomous driving industry. We are pleased to see BYD leading the wave of intelligent driving popularization while continuously deepening the partnership with BYD.
Q: Regarding the robotics business: Considering the demand growth in the robotics field in the coming years, can management share the outlook for robotics LiDAR shipment volume in 2026 and the coming years? And the share and product structure of different terminal markets in this field?
The robotics business typically has higher average selling prices and profit margins, currently making an important contribution to the company's overall financial performance, with growth momentum continuing to accelerate.
In the robotaxi field, Hesai is the largest LiDAR supplier globally, with a market share of approximately 60% to 70%. Our main LiDAR and blind spot detection products have been adopted by all top robotaxi companies in China, including WeRide, Baidu Apollo Go, Didi, Pony.ai, and Hello.
Traditionally, robotaxi operators relied on mechanical rotating LiDAR in small-scale fleet testing and operations, but recently there has been an urgent demand for scale expansion in the Chinese market. By adopting our flagship ADAS LiDAR, customers can achieve a better balance between sensor price and performance, accelerating fleet expansion and moving towards profitability. Leading this transformation, we recently signed new agreements with WeRide, Pony.ai, and Hello—excitingly, some models are equipped with up to 8 LiDARs per vehicle (main LiDAR and blind spot LiDAR), all supplied by Hesai.
Meanwhile, we have signed new LiDAR supply agreements with global leading autonomous driving companies, including Motional in North America, Asia, and Europe. These projects involve multi-million dollar orders, and as partner scale expands, there is strong potential for subsequent growth. The difference is that global players prefer high-priced mechanical rotating LiDAR, valuing its performance and stability, with lower price sensitivity.
No matter what type of LiDAR is adopted, the gross profit of the robotaxi business is determined by fleet size, single-car LiDAR configuration, average selling price, and profit margin. As costs decrease and large-scale commercial deployment occurs, we expect the fleet size of leading companies to grow exponentially in the coming year, whether they adopt mechanical rotating or ADAS LiDAR, bringing significant profit growth to Hesai.
Besides robotaxi, we see huge opportunities in non-automotive robot applications. With the rapid popularization of intelligent robots, our core advantages in high-performance, scalable LiDAR make us poised to occupy a leading position. Since the production of JT robot LiDAR, the shipment volume for each quarter in 2025 is approximately 40,000 to 50,000 units. This new product is suitable for various robot application scenarios, with home robots, factory robots, and agricultural robots being the current main growth points, freeing people from repetitive work and creating practical value from the start of use.
In the long term, we believe the total addressable market (TAM) for the robotics market may be several times that of the ADAS market—one person can only drive one car, but in the future, there may be 10 robots serving you. We expect the shipment volume of robotics LiDAR to double in 2026 compared to 2025, and we will continue to share related progress.
Q: Regarding next year's major customers: Can you share which OEMs will become core customers for ADAS products? And what are the expectations for demand scale or shipment volume next year?
In the ADAS field, we also see strong growth momentum from multiple core OEMs. Based on current visibility, the following OEMs are expected to become our major ADAS customers in 2025 and 2026 (in no particular order): Li Auto, Xiaomi Auto, BYD, Leapmotor, ZEEKR, and Great Wall Motors.
Meanwhile, more mainstream customers have initiated strategic cooperation projects (SLP) with us, extending to 2026, including Geely Auto and Chery Auto. These customers are making rapid progress in the intelligent driving field, with some companies expanding LiDAR as a standard configuration to more models and preparing multi-LiDAR configurations for L3-level autonomous driving.
These companies are not only leaders in China's rapidly developing intelligent electric vehicle industry but also cover a diversified vehicle platform from high-end to mainstream markets, laying a solid foundation for our technology application and market expansion.
Q: Regarding overseas business progress: Are projects with top European OEM customers progressing as planned? Can you share more about potential overseas customers and design orders? And what are the expectations for overseas revenue contribution in the next two to three years?
In addition to our success and solid foundation in the Chinese market, we are gradually strengthening our international market layout, covering both ADAS and robotics business segments.
In the robotics business, we have recently further consolidated our leading position, signing new LiDAR supply agreements in North America, Asia, and Europe, covering application scenarios such as robotaxi, autonomous trucks (robotrucks), autonomous vans (robovans), and factory automation. For example, we are proud to be the exclusive LiDAR supplier for Motional's next-generation all-electric robotaxi; as previously shared, we have also signed a multi-year agreement worth over USD 40 million with a leading American robotaxi company, with deliveries continuing until 2026, and as their fleet size expands, there is room for order growth.
In the ADAS business, the growth momentum is equally strong. As is well known, we have obtained exclusive design orders from top European OEMs, and several global projects from European companies are in the procurement and negotiation stages, with European players leading the global pace. As competition intensifies, global OEMs are increasing their investment in autonomous driving, with safety being their uncompromising core demand.
Today, the industry has formed a clear consensus: LiDAR is becoming the "airbag" of autonomous driving, especially for L3-level and above autonomous driving systems. Once global OEMs make decisions, actions will be very decisive. Please give them some time to adjust their product lines for fuel and electric vehicles, and we believe more LiDAR orders will soon be realized.
For global OEMs' joint ventures in China, the business advancement speed is also accelerating—they are at the forefront of ADAS competition. We have won design orders from five mainstream joint ventures (Volkswagen, General Motors, Audi, Toyota, and Ford), with some projects already achieving mass production (SOP). A recent highlight is the launch of the Audi E5 Sportback equipped with Hesai's core LiDAR as a standard configuration in September, with orders exceeding 10,000 units within 30 minutes. This commercial validation is significant, laying the foundation for our global expansion.
Another exciting part of our strategy is supporting the globalization layout of Chinese OEMs—we will supply LiDAR for models exported overseas, with mass production plans starting in 2026. Currently, we cannot share more details, but please stay tuned for updates.
In summary, these orders reflect the trust and recognition of global customers in us. Looking ahead, we will continue to leverage our advantages to serve partners in more regions and industries.
Q: Regarding new business layout: During the Hong Kong listing event, management mentioned that Hesai will not only be a LiDAR company in the next decade. Can you share potential new fields beyond LiDAR that Hesai is considering expanding into?
There are several fields with great exploration value and potential, and the market size is huge, where we believe we have unique competitive advantages.
First, it is still the perception field itself. Whether it is robots or cars, safety is always the core demand—for safety, 99% or even 99.9% success rate is far from enough. We need to continuously discover potential failure points, create better products, and enhance safety.
Even within the perception field, there is much work that can push safety levels to new heights, including longer detection distances, higher point cloud density, material recognition capabilities, speed measurement capabilities, or adopting different working principles to help robots and vehicles better perceive the surrounding environment. Considering the importance of this task, the market space for the perception field is much larger than the current LiDAR market.
Second, the combination of top perception capabilities and artificial intelligence. Currently, we have the ability to develop perception software stacks and have cooperated with OEMs on related projects, but we are not directly charging for it—because the value we provide is only part of others' software stacks. But in many robot applications and sensor application scenarios, we see the possibility of integrating artificial intelligence capabilities on top of top perception hardware.
Simply put, the first point is to make sensors "see more clearly," and the second point is to make sensors "think more intelligently." This concept is being realized, and many of our software capabilities have been applied to it.
Third, the extension based on the first two points—when top perception capabilities and artificial intelligence software capabilities are combined, our business boundaries will no longer be limited to the automotive field but will expand to broader spatial perception applications. Currently, it is inconvenient to share more details, but we do see direct demand from customers for "comprehensive perception and capturing the 3D world." Imagine how exciting it would be if we could record the 3D world through our products.
Last but equally important, we are currently focused on the perception field, but initially entered perception because it is the most critical part of the automotive physical artificial intelligence 1.0 era. For the 2.0 era, we not only create LiDAR sensors for robots but also see opportunities in many infrastructure technologies—relying on our deep accumulation in high-end perception, semiconductor capabilities, manufacturing capabilities, and product iteration quality control, we are confident in extending these advantages to more infrastructure businesses beyond perception.
I would like to conclude with a quote from Jensen Huang: "In the future, everything that moves will be autonomous." I would like to add the second half: "Everything that becomes autonomous may need the top perception capabilities we provide."
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