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    Bing Rui Kui

    Senior Analyst at Goethe Haiyong Securities

    Bing Rui Kui is a Senior Analyst at Goethe Haiyong Securities, specializing in equity research and financial analysis within the Chinese capital markets. He provides deep coverage of major listed companies, focusing on blue-chip enterprises as well as innovative growth leaders in sectors such as technology, finance, and consumer goods. Recognized for his rigorous market insights and data-driven investment calls, he has maintained a track record of strong forecast accuracy and positive returns, consistently ranking above the industry median on quantitative platforms. Bing Rui Kui began his analyst career in the early 2010s, previously serving in analyst roles at other regional brokerage firms before joining Goethe Haiyong Securities in 2021. He holds full securities analyst certification and is registered with relevant regulatory agencies, including the China Securities Regulatory Commission.

    Bing Rui Kui's questions to Hesai (HSAI) leadership

    Bing Rui Kui's questions to Hesai (HSAI) leadership • Q1 2025

    Question

    Bing Rui Kui from Goethe Haiyong Securities asked for details on the impact of U.S. tariffs on Hesai's pricing and supply chain, and inquired about the company's strategies to mitigate these challenges.

    Answer

    CFO Andrew Fan explained the impact is limited, as the U.S. market is projected to be only 10% of 2025 revenue, with only half of that subject to tariffs under DDP terms. He noted that a 45% tariff was already factored into their profitability outlook. CEO Yifan Li added that customer reactions varied, with some pausing orders while others front-loaded purchases to secure supply, resulting in some potential revenue shifts from Q2 to Q3.

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