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MARKETS / NASDAQ / HSAI
NASDAQ · GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC · LARGE CAP

Hesai Group HSAI

6 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 3.0B
▲ 45.8% YoY
CNY 435.9M
CNY -192.4M
In brief

What this company does

Hesai has developed and produced a full range of LiDAR solutions and products for various applications in ADAS and Robotics. Hesai Technology has established offices in Shanghai, Palo Alto and Stuttgart, and operates in-house factories in China and Thailand, with customers spanning more than 40 countries. As of December 31, 2025, it had 733 engineers, mostly in its research and development department, representing 66.8% of its total employees. As of December 31, 2025, it owned Maxwell Center, its research and development and manufacturing facility in Shanghai, China, and leased additional manufacturing facilities at Hertz Center in Hangzhou, China and Galileo Factory in Thailand. Hesai commenced operations in October 2014 through Hesai Photonics Technology Co., Ltd., now known as Hesai Technology Co., Ltd., a limited liability company incorporated under the laws of Chinese Mainland, and shifted its primary business to the development, manufacturing and sales of LiDAR products in 2016.

Written from the business description in Hesai Group's annual report to the U.S. Securities and Exchange Commission, filed 24 April 2026. Every sentence was checked against that document before publication.

Growth
CNY 3.0B
Revenue, FY2025 · full 6-year series below
Revenue CNY B Net income CNY B
FY2025 · Revenue 3.0 · Net income 0.4
2.0B-0.2B-0.4B202020212022202320242025
Compound annual growth
+36.0%
+48.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +48.8% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
14 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 5.6% · Net 14.4%
5%10%-10%-20%-30%202020212022202320242025
ROE
FY2025 · ROE 6.8%
-50%-100%202020212022202320242025
Gross margin41.8%
Operating margin5.6%
Net margin14.4%
Return on assets5.1%
EBITDACNY 292.5M

Each CNY of equity produced 7 cents of profit this year.

Cash & shareholders
—
returned in FY2025 · dividends + net buybacks
Free cash flow CNY M
FY2025 · FCF -192.4
-400M-800M202020212022202320242025
Dividends paid—
Net buybacks—
Share of profit—
Consecutive raises—

Total assetsCNY 11.3B
EquityCNY 9.0B
CashCNY 1.7B
Gross debtCNY 395.2M
Net debtCNY -1.3B
Current ratio3.73×

The company holds more cash than debt.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · CNY
row low → row highnegative
Metric 202520242023202220212020
Revenue CNY B3.02.11.91.20.70.4
Operating income CNY B0.2−0.2−0.6−0.4−0.3−0.1
EBITDA CNY B0.3−0.1−0.5−0.3−0.2−0.1
Income tax CNY B0.00.00.0−0.0−0.0−0.0
Net income CNY B0.4−0.1−0.5−0.3−0.2−0.1
Free cash flow CNY B−0.2−0.2−0.3−0.9−0.4−0.4
EPS, diluted CNY 2.98−0.79−3.81−6.47−23.39−1.19
Dividend / sh CNY ······
Payout %······
ROE %6.8−2.6−132.7··−9.4

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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This company against its peers

Hesai GroupvsChina Yuchai International Ltd.Same industry: General Industrial Machinery & Equipment, NEC
Provenance
Company facts, as filed
How we verify · 0 failures in 28 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 67 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityGeneral Industrial Machinery & Equipment, NEC
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
Data on record since2020

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