Movement Alert｜Hesai Falls 5.07% in Regular Trading, Volume-Price Divergence Concerns Continue to Weigh on Shares

Market Focus06-25

On June 25, Hesai-W (02525.HK) declined 5.07% in regular trading, trading at 121.6 HKD/share, with turnover of approximately 37.38 million HKD.

The decline reflects ongoing market concerns over the company's Q1 earnings quality. Hesai reported LiDAR shipment volume growth of 140.9% year-over-year, yet revenue increased only 29.6%, pointing to a significant decline in average selling price from over 2,000 RMB to approximately 1,400 RMB per unit. This volume-price divergence has raised persistent doubts about the sustainability of profitability.

Additionally, since being included in the Stock Connect program on April 16, the stock has declined over 26% cumulatively. Short selling ratios remain elevated, indicating concentrated near-term selling pressure. As a dual primary-listed stock on both Hong Kong and NASDAQ, cross-market capital diversion continues to weigh on Hong Kong-side liquidity. Stock Connect holdings account for only approximately 4% of total shares, limiting domestic investor influence on price discovery.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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