$HESAI-W(02525.HK) I took a quick look at Hesai's Q2 earnings report, and it's largely the same as before: core operations remain unprofitable, with all profits derived from interest and investment income. Gross margin was 40% vs. 42% YoY; the report is disappointing as usual. The severe involution is palpable. Honestly, holding for a year has been somewhat underwhelming. The only glimmer of hope is the national autonomous driving standards expected in July 2027, but robotics are still far from large-scale commercialization.