Lidar technology company supplying sensors for autonomous vehicles, advanced driver assistance, robotics, and smart infrastructure.
Profile & Fundamentals
Hesai: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Hesai Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Hesai Group, through with its subsidiaries, engages in the development, manufacturing, and sale of three-dimensional light detection and ranging solutions (LiDAR) in Mainland China, Europe, North America, and internationally. The company provides gas sensor products, validation services, solution service, and other services, as well as designs and develops engineering products. Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous vehicle fleets providing passenger and freight mobility services; and other applications, such as last-mile delivery robots, street sweeping robots, and logistics robots in restricted areas. Hesai Group was founded in 2014 and is headquartered in Shanghai, China.
Company profile record
Hesai Group Sponsored ADR
Common Stock · Consumer Discretionary · Automotive Parts & Equipment
Company
- Company / asset
- Hesai Group Sponsored ADR
- Security type
- Common Stock
- Sector
- Consumer Discretionary
- Industry
- Automotive Parts & Equipment
- HQ
- 🇨🇳 China
- Head office
- Building A, Shanghai, China, 200050
Leadership & scale
- Chief executive
- Dr. Yifan Li
- CEO year born
- 1987
- Full-time employees
- 1.2K
- Fiscal year end
- December
- IPO date
- 2023-02-09
Fundamentals snapshot
- Market Cap
- USD 2.6B
- P/E
- 37.3x
- Revenue (Q2 26)
- CNY 860.8M
- Profit (Q2 26)
- CNY 70.5M
- Dividend Yield
- --
- Revenue (FY 25)
- CNY 3.0B
- Shares in public float
- 126.2M
- Insider ownership
- 4.35%
Reporting & identifiers
- Symbol
- HSAI.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- CNY
- Balance Sheet Currency
- CNY
- Cash Flow Currency
- CNY
- EPS Currency
- CNY
- Contract Type
- SPOT
- ISIN
- US4280501085
- Asset ID
- equity_0ecf41f4-6e14-54d0-a24f-d9a1c1a58c68
Ownership
Shares Outstanding
Latest: 162.8M | Max: 162.8M | Min: 93.9M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
77.53%
126.2M latest reported shares
Insider Ownership
4.35%
Latest reported insider stake
Short Float
0.07%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
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| Reporting date | Shares outstanding |
|---|---|
| 2020-01-01 | 93,889,500 |
| 2021-01-01 | 115,650,500 |
| 2022-01-01 | 125,534,600 |
| 2023-01-01 | 126,492,400 |
| 2024-01-01 | 135,612,000 |
| 2025-01-01 | 162,773,700 |
| 2026-01-01 | 162,799,300 |
Top Holders
Available reported ownership records.
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| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| Schroder Investment Management Group | 7,110,618 | 4.53% | 2026-06-30 |
| FMR Inc | 3,682,169 | 2.34% | 2026-03-31 |
| Vanguard Capital Management, LLC | 2,930,807 | 1.87% | 2026-03-31 |
| Deutsche Bank AG | 2,003,502 | 1.28% | 2026-03-31 |
| Fidelity International Ltd | 1,920,158 | 1.22% | 2026-03-31 |
| UBS Group AG | 1,873,701 | 1.19% | 2026-03-31 |
| Fidelity China Special Situations Ord | 1,366,614 | 0.87% | 2026-05-31 |
| Broad Peak Investment Advisers Pte. Ltd. | 1,349,000 | 0.86% | 2026-06-30 |
| Federated Hermes Inc | 1,233,431 | 0.78% | 2026-06-30 |
| Federated Hermes Asia exJpn Eq R EUR Acc | 1,151,832 | 0.73% | 2026-06-30 |
| Hartford Schroders Emerging Mkts Eq I | 1,140,846 | 0.73% | 2026-08-31 |
| Schroder ISF Em Mkts A Dis USD AV | 1,103,328 | 0.7% | 2026-07-31 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 1,016,334 | 0.65% | 2026-03-31 |
| Wexford Capital LP | 1,010,716 | 0.64% | 2026-06-30 |
| Global X Robotics & Artfcl Intllgnc ETF | 1,004,151 | 0.64% | 2026-08-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The headline financial performance suggests a completed business turnaround, with full-year 2025 revenue growing 45.8% to CNY 3.03 billion and net income swinging into positive territory at CNY 436 million, supported by five consecutive profitable quarters. However, scrutinizing the operating line reveals that bottom-line profits were heavily bolstered by interest earned on large cash reserves and non-recurring items rather than manufacturing operating leverage alone. Beneath rapid volume expansion lies the pressure of automotive price wars. In mid-2026, unit deliveries surged 78% while core lidar revenue grew only 15%, proving that carmakers are aggressively cutting supplier prices. Meanwhile, research spending of nearly CNY 800 million annually and investments in new robotics ventures have kept true free cash flow negative.
The headline financial performance suggests a completed business turnaround, with full-year 2025 revenue growing 45.8% to CNY 3.03 billion and net income swinging into positive territory at CNY 436 million, supported by five consecutive profitable quarters. However, scrutinizing the operating line reveals that bottom-line profits were heavily bolstered by interest earned on large cash reserves and non-recurring items rather than manufacturing operating leverage alone. Beneath rapid volume expansion lies the pressure of automotive price wars. In mid-2026, unit deliveries surged 78% while core lidar revenue grew only 15%, proving that carmakers are aggressively cutting supplier prices. Meanwhile, research spending of nearly CNY 800 million annually and investments in new robotics ventures have kept true free cash flow negative.
Revenue, Net Income, and Free Cash Flow
Latest: CNY 3.0B | Max: CNY 3.0B | Min: CNY -936.4M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 59x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Production margins have shown remarkable durability against industry price slashing, holding near 40% to 42% through mid-2026. This stability is achieved by replacing expensive discrete optical parts with proprietary single-chip silicon dies, lowering unit manufacturing costs in step with customer price demands. In contrast, operating margins remain slim at roughly 4%, as gross profits are heavily consumed by research and early operating losses in new robotics software initiatives. Converting strong production gross margins into durable double-digit corporate operating profits will require successfully scaling high-margin robotics modules and expanding international vehicle sales.
Production margins have shown remarkable durability against industry price slashing, holding near 40% to 42% through mid-2026. This stability is achieved by replacing expensive discrete optical parts with proprietary single-chip silicon dies, lowering unit manufacturing costs in step with customer price demands. In contrast, operating margins remain slim at roughly 4%, as gross profits are heavily consumed by research and early operating losses in new robotics software initiatives. Converting strong production gross margins into durable double-digit corporate operating profits will require successfully scaling high-margin robotics modules and expanding international vehicle sales.
Profitability Margins
Latest: 41.8% | Max: 70.3% | Min: -42.5%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
41.8%
Gross profit / revenue
Operating Margin
4.1%
Operating income / revenue
Net Margin
14.4%
Net income / revenue
FCF Margin
-6.2%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2019-12-31 | 50,012,068.97 | -17,273,563.22 | 946,839.08 |
| 2020-12-31 | 63,631,546.71 | -16,418,989.28 | -65,634,609.49 |
| 2021-12-31 | 113,328,301.89 | -38,494,811.32 | -80,187,106.92 |
| 2022-12-31 | 174,300,000 | -43,589,130.43 | -135,710,869.57 |
| 2023-12-31 | 264,364,647.89 | -67,037,746.48 | -50,339,718.31 |
| 2024-12-31 | 284,542,054.79 | -14,024,109.59 | -28,473,287.67 |
| 2025-12-31 | 433,129,184.55 | 62,357,653.79 | -26,772,754.65 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 59.16 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2019-12-31 | 70.3 | -42.53 | -34.54 | 1.89 |
| 2020-12-31 | 57.5 | -24.5 | -25.8 | -103.15 |
| 2021-12-31 | 52.97 | -36.81 | -33.97 | -70.76 |
| 2022-12-31 | 39.24 | -31.45 | -25.01 | -77.86 |
| 2023-12-31 | 35.24 | -30.45 | -25.36 | -19.04 |
| 2024-12-31 | 42.59 | -9.86 | -4.93 | -10.01 |
| 2025-12-31 | 41.79 | 4.08 | 14.4 | -6.18 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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