$HSAI

Hesai Group

CIK:0001861737|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Net revenues	¥ 3,027,573	$ 432,937	¥ 2,077,157	¥ 1,876,989
Cost of revenues	(1,762,477)	(252,031)	(1,192,572)	(1,215,611)
Gross Profit	1,265,096	180,906	884,585	661,378
Operating expenses:
Sales and marketing expenses	(191,990)	(27,454)	(193,032)	(148,798)
General and administrative expenses	(288,828)	(41,302)	(316,913)	(320,144)
Research and development expenses	(796,940)	(113,961)	(855,641)	(790,547)
Other operating income, net	181,415	25,942	276,093	26,520
Total operating expenses	(1,096,343)	(156,775)	(1,089,493)	(1,232,969)
(Loss) income from operations	168,753	24,131	(204,908)	(571,591)
Interest income	130,237	18,624	104,401	99,813
Interest expenses	(18,923)	(2,706)	(12,827)	(3,069)
Foreign exchange (loss) gain, net	2,156	308	14,577	(452)
Other income (loss), net	184,566	26,393	(2,476)	34
Net (loss) income before income tax and share of loss in equity method investments	466,789	66,750	(101,233)	(475,265)
Income tax expense	(30,835)	(4,409)	(1,130)	(658)
Share of loss in equity method investment	(74)	(11)	(13)	(45)
Net (loss) income	435,880	62,330	(102,376)	(475,968)
Net (loss) income attributable to ordinary shareholders of the Company	¥ 435,880	$ 62,330	¥ (102,376)	¥ (475,968)
Net (loss) earnings per share:
Basic (amounts per share) \| (per share)	¥ 3.13	$ 0.45	¥ (0.79)	¥ (3.81)
Diluted (amounts per share) \| (per share)	¥ 2.98	$ 0.43	¥ (0.79)	¥ (3.81)
Weighted average shares used in calculating net (loss) earnings per share:
Basic (in shares)	139,145,475	139,145,475	129,188,125	124,783,013
Diluted (in shares)	146,437,135	146,437,135	129,188,125	124,783,013
Net Income (Loss)	¥ 435,880	$ 62,330	¥ (102,376)	¥ (475,968)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	(50,446)	(7,214)	18,535	42,048
Comprehensive (loss) income	¥ 385,434	$ 55,116	¥ (83,841)	¥ (433,920)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net Income (Loss)	¥ 435,880	$ 62,330	¥ (102,376)	¥ (475,968)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	123,789	17,702	131,809	86,268
Share-based compensation	114,652	16,395	116,064	234,624
Provision for allowance for credit loss	34,889	4,989	15,619	43,004
Loss from disposal of property and equipment	6,584	941	1,885	0
Gain from transfer of an intellectual property	(36,967)	(5,286)	0	0
Fair value change of financial instruments	(877)	(125)	(195)	(15,095)
Share of loss in equity method investee	74	11	13	45
Foreign exchange (gain) loss, net	2,537	363	(2,591)	(9)
Non-cash lease expenses	24,404	3,490	37,375	34,355
Impairment of property and equipment	21,845	3,124	0	0
Inventory write-down	39,850	5,698	2,222	9,290
Gain from disposal of a subsidiary	0	0	0	(6,129)
Gain from disposal of equity securities	(175,563)	(25,105)	0	0
Loss from disposal of one long-term investment	1,724	247	0	0
Changes in operating assets and liabilities:
Notes receivable	(72,356)	(10,347)	(22,341)	0
Accounts receivable	(524,783)	(75,043)	(243,339)	(90,750)
Contract assets	0	0	0	(7,088)
Inventories	(231,525)	(33,108)	26,695	145,977
Prepayments and other current assets	(150,604)	(21,536)	17,002	(82,646)
Amounts due from related parties	5,039	721	0	0
Other non-current assets	(3,421)	(489)	2,173	(3,178)
Amounts due to related parties	(6,038)	(863)	(5,026)	0
Contract liabilities	(11,967)	(1,711)	(46,942)	39,545
Deferred tax liabilities	0	0	0	(35)
Accounts payable	248,565	35,544	75,012	61,529
Notes payable	140,102	20,034	2,841	0
Accrued expenses and other current liabilities	165,954	23,732	88,907	80,297
Operating leases liabilities	(16,576)	(2,370)	(33,758)	(34,595)
Other non-current liabilities	(18,224)	(2,606)	2,454	37,820
Net cash provided by operating activities	116,987	16,732	63,503	57,261
Cash flows from investing activities:
Purchases of short-term investments	(3,725,664)	(532,763)	(2,548,575)	(5,100,868)
Maturity of short-term investments	1,021,000	146,000	3,775,809	4,479,302
Purchases of long-term investments	(2,723,660)	(389,479)	0	0
Purchases of property and equipment	(309,370)	(44,239)	(259,541)	(406,748)
Purchases of intangible assets	(32,825)	(4,694)	(11,817)	(7,925)
Proceeds from government subsidies after capital expenditure	0	0	0	15,893
Purchases of equity securities	100,000	14,300	0	0
Proceeds from disposal of equity securities	275,563	39,405	0	0
Proceeds from disposal of property and equipment	4,224	604	0	0
Proceeds from disposal of an intellectual property licensing	36,967	5,286	0	0
Cash inflow from disposal of subsidiary	0	0	0	14,407
Cash outflow from acquisition of subsidiary, net of cash acquired of RMB 571	0	0	0	(54,454)
Net cash (used in) provided by investing activities	(5,553,765)	(794,180)	955,876	(1,060,393)
Cash flows from financing activities:
Cash distribution to shareholders of Shanghai Hesai in connection with the 2021 Reorganization	(292,721)	(41,859)	0	(17,506)
Cash contribution from shareholders in connection with the 2021 Reorganization	292,721	41,859	0	17,506
Proceeds from issuance of ordinary shares of Hesai Group	4,249,946	607,734	0	1,225,470
Proceeds from long-term borrowings	127,734	18,266	120,275	264,910
Repayment of long-term borrowings	0	0	(20,157)	0
Proceeds from short-term borrowings	331,776	47,443	234,100	111,682
Repayment of short-term borrowings	(347,242)	(49,655)	(117,682)	0
Payment of offering costs	(43,689)	(6,247)	0	(22,828)
Proceeds from issuance of ordinary shares upon the exercise of share options	27,346	3,910	34,139	2,872
Government subsidies received in advance of capital expenditure	0	0	0	8,250
Net cash provided by financing activities	4,345,871	621,451	250,675	1,590,356
Net increase (decrease) in cash and cash equivalents	(1,090,907)	(155,997)	1,270,054	587,224
Cash, cash equivalents and restricted cash, beginning of the year	2,842,560	406,481	1,558,124	913,277
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(84,147)	(12,034)	14,382	57,623
Cash, cash equivalents and restricted cash, end of the year	1,667,506	238,450	2,842,560	1,558,124
Cash paid during the year for:
Income taxes	3,512	502	425	0
Domestic (Chinese Mainland)	144	21	425	0
Income taxes, Foreign	3,368	481	0	0
Interest (net of capitalized amount of RMB 4,433, RMB 1,511 and RMB 651 for the years ended December 31, 2023, 2024 and 2025, respectively)	19,006	2,718	8,054	3,069
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment included in payable	¥ 69,249	$ 9,902	¥ 124,333	¥ 179,839

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,663,492	$ 237,876	¥ 2,838,966
Restricted cash	4,014	574	3,594
Short-term investments	3,091,856	442,130	362,195
Notes receivable	94,697	13,541	22,341
Accounts receivable, net (net of allowance of RMB 54,972 and RMB 79,952 as of December 31, 2024 and 2025, respectively)	1,262,220	180,495	765,027
Contract assets, net (net of allowance of RMB 9,901 and RMB 19,810 as of December 31, 2024 and 2025, respectively)	0	0	9,909
Amounts due from related parties	¥ 0	$ 0	¥ 5,039
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Inventories	¥ 670,453	$ 95,874	¥ 482,137
Prepayments and other current assets	282,431	40,387	193,448
Total current assets	7,069,163	1,010,877	4,682,656
Property and equipment, net	1,099,283	157,195	944,218
Intangible assets, net	95,507	13,657	76,554
Land-use rights, net	39,015	5,579	39,879
Long-term investments	2,781,670	397,774	31,798
Operating lease right-of-use assets	109,318	15,632	114,260
Other non-current assets	67,322	9,627	100,246
Total non-current assets	4,192,115	599,464	1,306,955
TOTAL ASSETS	11,261,278	1,610,341	5,989,611
Current liabilities:
Short-term borrowings	448,233	64,096	345,253
Notes payable	150,199	21,478	10,096
Accounts payable	592,560	84,735	345,011
Contract liabilities	21,019	3,006	32,994
Amounts due to related parties	¥ 0	$ 0	¥ 335,253
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Accrued warranty liability	¥ 77,672	$ 11,107	¥ 43,607
Income tax payable	27,157	3,883	0
Accrued expenses and other current liabilities	578,495	82,724	516,726
Total current liabilities	1,895,335	271,029	1,628,940
Operating lease liabilities	85,555	12,234	98,370
Long-term borrowings	278,727	39,857	269,438
Other non-current liabilities	42,907	6,137	61,132
Total non-current liabilities	407,189	58,228	428,940
TOTAL LIABILITIES	2,302,524	329,257	2,057,880
Commitments and contingencies (Note 26)
Shareholders' equity
Additional paid-in capital	11,925,963	1,705,390	7,577,113
Subscription receivables	0	0	(292,721)
Accumulated other comprehensive income	6,529	933	56,975
Accumulated deficit	(2,973,845)	(425,254)	(3,409,725)
Total Shareholders' equity	8,958,754	1,281,084	3,931,731
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	11,261,278	1,610,341	5,989,611
Class A
Shareholders' equity
Ordinary shares	17	2	19
Class B
Shareholders' equity
Ordinary shares	¥ 90	$ 13	¥ 70