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Zheng Yu

Research Analyst at Huatai Securities

Zheng Yu is an equity analyst at Huatai Securities, focusing on sectors such as transportation and logistics within the Chinese market. Throughout his tenure at Huatai, Zheng has been recognized for covering major publicly listed companies like ZTO Express and other logistics firms, delivering in-depth market insights and maintaining a solid track record for research accuracy, though specific public rankings or TipRanks metrics are not available. His career began in China’s financial industry, and he joined Huatai Securities as part of their institutional research division, contributing to the firm's strong reputation in equity research and investment services. Zheng holds advanced professional certifications standard for China’s financial and securities industry, enabling him to provide comprehensive investment analysis for institutional clients.

Zheng Yu's questions to Hesai (HSAI) leadership

Question · Q3 2025

Zheng Yu from Huatai Securities asked Hesai Group's management to identify the key OEM customers for ADAS products in 2026 and provide insights into the expected demand scale or volume from these customers for the upcoming year.

Answer

CFO Andrew Fan identified Li Auto, Xiaomi, BYD, Leap Motor, Zeekr, and Great Wall Motor as Hesai Group's anticipated top ADAS OEM customers for 2025 and 2026, with Geely and Chery also initiating SOPs into 2026. He highlighted that these OEMs are increasing LiDAR adoption as a standard feature and preparing for L3 capabilities with multi-LiDAR configurations across diverse vehicle platforms, from high-end to mass-market.

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Question · Q3 2025

Zheng Yu asked Hesai Group's management to identify the key OEM customers for ADAS products in the upcoming year and provide insights into the expected demand scale or volume from these customers for 2026.

Answer

CFO Andrew Fan identified Li Auto, Xiaomi, BYD, Leap Motor, Zeekr, and Great Wall Motor as expected top ADAS customers for 2025 and likely 2026, with Geely and Chery also kicking off SOPs extending into 2026. He noted that these OEMs are rapidly advancing intelligent driving, expanding LiDAR adoption as a standard feature across more vehicle lines, and preparing for L3 capabilities with multi-LiDAR configurations. Andrew Fan emphasized that these customers represent a diverse range of vehicle platforms, from high-end to mass-market, providing a strong foundation for technology adoption and expansion.

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