olivLaw · US equity research
Hesai Group HSAI
General Industrial Machinery & Equipment, NEC · SIC 3569 · Vertical: General Industrial Machinery & Equipment, NEC (SIC 3569)
Hesai Group, through its operating unit Hesai Technology, is a global leader in LiDAR-based 3D perception for ADAS in passenger vehicles and for robotics. The company reported net revenues of RMB3,027.6 million in fiscal 2025, and its shift to series production and robotics could be decisive for consolidating its position.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 30 Oct 2026, Hesai Group (HSAI) stock was 12.18 USD (−6.09% on the day), with market capitalisation 1.9 bn USD, P/E 28.3 on diluted EPS of 0.43 USD over the last 12 months, beta 1.91, 52-week range 12.14–28.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.9
- weak (30–45)
- Bollinger (20, 2)
- 11.39 – 16.66
- in the lower half of the band · %B 0.15 · band width 37.6%
- SMA 50 / 200
- 15.84 / 19.84
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.89 / -0.88
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.6% | −0.9% | −22.7 pp | — |
| 3 months | −27.9% | +1.2% | −29.1 pp | — |
| 6 months | −44.7% | +4.8% | −49.5 pp | — |
| Year to date | −45.6% | +10.7% | −56.4 pp | — |
| 1 year | −47.5% | +11.1% | −58.6 pp | −25.2% |
| 3 years | +26.1% | +80.7% | −54.7 pp | +32.8% |
| 5 years | unavailable | +64.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 52.1, median 52.1, max 52.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | 15.7 m | 0 | 0 | 284.6 m | 432.9 m |
| Revenue YoY | unavailable | unavailable | −100.0% | unavailable | unavailable | +52.1% |
| Net income | unavailable | unavailable | -43.6 m | -67.0 m | -14.0 m | 62.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.94 | -0.54 | -0.11 | 0.43 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | -4.9% | 14.4% |
| Free cash flow | unavailable | unavailable | -134.4 m | -49.2 m | -26.9 m | -27.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 237.9 m USD
- Financial debt
- 104.0 m USD
- Net debt
- -133.9 m USD
- Equity
- 1.3 bn USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.08x
- Current ratio
- 3.73x
- ROE
- 6.9%
- ROA
- 5.1%
- FCF margin
- -6.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 15.7 m | 0 | 0 | 284.6 m | 432.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Cost of revenue | — | — | 105.9 m | 171.2 m | 163.4 m | 252.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Gross profit | — | — | 68.4 m | 93.2 m | 121.2 m | 180.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Research & development | — | — | 80.5 m | 111.3 m | 117.2 m | 114.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Operating income | — | — | -54.8 m | -80.5 m | -28.1 m | 24.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Depreciation & amortisation | — | — | 7.8 m | 12.2 m | 18.1 m | 17.7 m | SEC (XBRL)· 24 Apr 2026verified |
| EBITDA | — | — | -47.1 m ≈ | -68.4 m ≈ | -10.0 m ≈ | 41.8 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Interest expense | — | — | — | 432.0 k | 1.8 m | 2.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Pre-tax income | -107.4 m | -245.9 m | -300.8 m | -475.3 m | -101.2 m | 466.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Income tax | — | — | -10.0 k | 93.0 k | 155.0 k | 4.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Net income | — | — | -43.6 m | -67.0 m | -14.0 m | 62.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Diluted EPS | — | — | -0.94 | -0.54 | -0.11 | 0.43 | SEC (XBRL)· 24 Apr 2026verified |
| Weighted average diluted shares | 89.9 m | 105.0 m | 115.5 m | 124.8 m | 129.2 m | 146.4 m | SEC (XBRL)· 24 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | — | 65.2 m | 132.4 m | 219.0 m | 388.9 m | 237.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Receivables | — | — | 70.3 m | 73.9 m | 104.8 m | 180.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Inventories | — | — | 93.8 m | 69.8 m | 66.1 m | 95.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Current assets | — | — | 454.5 m | 619.4 m | 641.5 m | 1.0 bn | SEC (XBRL)· 24 Apr 2026verified |
| Property, plant & equipment, net | — | — | 73.2 m | 122.8 m | — | — | SEC (XBRL)· 25 Apr 2024verified |
| Goodwill | — | — | 554.0 k | 0 | — | — | SEC (XBRL)· 25 Apr 2024verified |
| Intangibles (excl. goodwill) | — | 19.6 m | 3.0 m | 11.1 m | 10.5 m | 13.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Total assets | — | — | 556.7 m | 797.6 m | 820.6 m | 1.6 bn | SEC (XBRL)· 24 Apr 2026verified |
| Accounts payable | — | — | 30.0 m | 38.0 m | 47.3 m | 84.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Short-term debt | — | — | — | 15.7 m | 47.3 m | 64.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Long-term debt | — | — | 2.7 m | 40.3 m | 36.9 m | 39.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Current liabilities | — | — | 138.5 m | 188.0 m | 223.2 m | 271.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Total liabilities | — | — | 144.6 m | 253.6 m | 281.9 m | 329.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Equity | — | — | -456.0 m † | 544.0 m † | 538.6 m † | 1.3 bn † | SEC (XBRL)· 24 Apr 2026verified |
| Shares outstanding at year end | — | — | — | — | — | 156.1 m | SEC (XBRL)· 24 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | -100.9 m | 8.1 m | 8.7 m | 16.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Capex | — | — | 33.5 m | 57.3 m | 35.6 m | 44.2 m | SEC (XBRL)· 24 Apr 2026verified |
| Free cash flow | — | — | -134.4 m ≈ | -49.2 m ≈ | -26.9 m ≈ | -27.5 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Investing cash flow | — | — | 162.3 m | -149.4 m | 131.0 m | -794.2 m | SEC (XBRL)· 24 Apr 2026verified |
| Financing cash flow | — | — | 2.2 m | 224.0 m | 34.3 m | 621.5 m | SEC (XBRL)· 24 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Quality51
- Valuation24
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.19 – 13.96 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E11.19 – 13.96 (Mid 12.64)4 companies used · median multiple 29.4x · quartiles 26.0x – 32.5xESAB, NDSN, RRX, TAYD
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.5% | 60 (vs peers) | 14% |
| Net margin · Quality | 14.4% | 86 (vs peers) | 9% |
| FCF conversion · Quality | -44.1% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -3.2x | 100 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | 8.9x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 3.7x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 28.3x | 67 (vs peers) | 14% |
| EV/EBITDA · Valuation | 42.3x | 0 (on a fixed band) | 14% |
| FCF yield · Valuation | -1.4% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality51/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation24/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Hesai Group (HSAI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 432.9 m USD in 2025; YoY growth 52.1%; net margin 14.4%; ROE 6.9%; net debt/EBITDA -3.2x.
The estimated value range is 11.19–13.96 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.64 USD, the price of 12.18 USD leaves a potential of 3.8% (value / price − 1) and a margin of safety of 3.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.4%
- Net debt / EBITDA: -3.2x
- Interest coverage: 8.9x
- Current ratio: 3.7x
What contradicts it
- FCF conversion: -44.1%
- EV/EBITDA: 42.3x
- FCF yield: -1.4%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
General Industrial Machinery & Equipment, NEC (SIC 3569) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYMSymbotic Inc. | 22.9 bn | 789.3 | 1.8% | 0.3% | +25.7% | −53% / +11% |
| NDSNNordson Corporation | 18.0 bn | 32.6 | 17.8% | 18.6% | +3.8% | +39% / +52% |
| RRXRegal Rexnord Corp | 10.5 bn | 32.4 | 4.8% | 5.4% | −1.6% | +12% / +33% |
| ESABESAB Corporation | 4.3 bn | 25.0 | 7.5% | 5.7% | +3.7% | −40% / +10% |
| OUSTOuster, Inc. | 2.1 bn | — | -18.0% | -26.0% | +52.5% | −11% / +679% |
| CHRNChronoscale Holdings Corporation | 2.1 bn | — | -42.0% | -70.3% | +459.4% | +167% / −12% |
| HSAIHesai Group | 1.9 bn | 28.3 | 6.9% | 14.4% | +52.1% | −47% / +26% |
| HLPHongli Group Inc. | 298.2 m | 135.3 | 3.5% | 9.9% | +39.0% | +165% / +89% |
| AZA2z Cust2mate Solutions Corp. | 269.0 m | — | -82.1% | -477.6% | +47.0% | −17% / +60% |
| SERVServe Robotics Inc. | 225.4 m | — | -64.6% | -2,315.8% | +46.2% | −80% / unavailable |
| TAYDTaylor Devices, Inc. | 180.2 m | 26.4 | 9.9% | 17.5% | −10.0% | +22% / +153% |
| RRRichtech Robotics Inc. | 20.1 m | — | -16.2% | -700.1% | +19.0% | −80% / unavailable |
| KITTNauticus Robotics, Inc. | 10.7 m | — | — | -1,132.2% | +191.8% | −98% / −100% |
| INLFInlif Limited | 1.2 m | — | -41.3% | -29.6% | +16.5% | −100% / unavailable |
| ATSATS Corp | — | — | -1.7% | -1.1% | −16.5% | −33% / −45% |
1- and 3-year price returns: for HSAI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.39 Total return -39% · Per year -39% | 13.00 Total return 7% · Per year 7% | 19.50 Total return 60% · Per year 60% |
| 3 years | 8.76 Total return -28% · Per year -10% | 17.20 Total return 41% · Per year 12% | 28.09 Total return 131% · Per year 32% |
| 5 years | 10.40 Total return -15% · Per year -3% | 22.74 Total return 87% · Per year 13% | 40.44 Total return 232% · Per year 27% |
- Exit P/E± 4.30
- Net margin± 3.01
- Annual revenue growth± 2.24
- Annual dilution± 0.25
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (17 Sept 2026), 6-K (08 Sept 2026), 6-K (28 Aug 2026), 6-K (18 Aug 2026), 6-K (31 Jul 2026).
In brief
Hesai Group, through its operating unit Hesai Technology, is a global leader in LiDAR-based 3D perception for ADAS in passenger vehicles and for robotics. The company reported net revenues of RMB3,027.6 million in fiscal 2025 1, and its shift to series production and robotics could be decisive for consolidating its position.
SWOT
Strengths
- A broad LiDAR range for ADAS and robotics, combined with a proprietary ASIC architecture and integrated manufacturing, supports a cost and scale advantage 1.
- The company holds a leading position in commercializing LiDAR, with rising revenues and a customer base across many countries 1.
- Ongoing investment in research and development supports technological innovation and market position 1.
Weaknesses
Opportunities
Threats
Risks
- Dependence on automaker selectionhigh
If LiDAR products are not selected for vehicle models, access to volumes could be delayed for years 1.
- Product defects and liabilitymedium
Complex products may contain defects or errors that damage reputation and could lead to liability claims 1.
- Pricing pressurehigh
Aggressive competition could push prices and margins down, especially for newer product generations 1.
- Geopolitical and regulatory riskhigh
Inclusion on a US Department of Defense list and Chinese rules on overseas offerings could affect the share price and business opportunities 1.
- ADS price volatilitymedium
The ADS price has been volatile and could continue to be, which could lead to losses for investors 1.
Investment thesis
What would need to be true (bull case)
- If LiDAR adoption in ADAS and robotics keeps accelerating, the company could benefit from larger volumes and lower unit costs.
- Its leading commercial position and proprietary ASIC architecture could support share gains in new markets.
- Diversification into robotics could reduce dependence on the automotive market and open new revenue sources.
What would break the thesis
- If pricing pressure intensifies, margins could stay weak even as volumes grow.
- Geopolitical tensions could limit access to capital and to certain overseas markets.
- If automakers choose in-house solutions or other suppliers, series contracts could be lost.
What to watch
- Gross margin trend and unit cost of LiDAR productsnext 10-K
- Number of units shipped and product revenue trend2026
- Series production timeline for ETXend of 2026
- Progress with new robotics and industrial customers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (17 Sept 2026), 6-K (08 Sept 2026), 6-K (28 Aug 2026), 6-K (18 Aug 2026), 6-K (31 Jul 2026).
The business
Hesai Technology develops, manufactures and sells LiDAR systems, with a portfolio spanning short, medium and long range applications, and describes its activity as integrated across R&D, testing and manufacturing 1. Products are grouped into the AT, ET and FT series for ADAS and the Pandar, OT, QT, XT and JT series for robotics and autonomous driving. Its headquarters are in Shanghai, with offices in Palo Alto and Stuttgart and factories in China and Thailand, and customers in more than 40 countries 1.
Segments
LiDAR for ADAS
The AT, ET and FT series target driver assistance systems for series-production passenger vehicles, from L2 to L3, and ATX entered series production in January 2025 1. LiDAR products made up 98.2% of net revenues in fiscal 2025 1.
LiDAR for robotics and autonomous driving
The Pandar, OT, QT, XT and JT series address autonomous vehicle fleets, robotaxis, and industrial, warehousing, cleaning and humanoid robots 1. The company says OT128 is the first mechanical LiDAR for autonomous driving built on its proprietary ASIC architecture 1.
Market context
The company describes the LiDAR market as still at an early stage, with adoption varying by region and industry and growth depending on scaling mass production and widening application scenarios 1. Shipped units rose from about 501900 in fiscal 2024 to 1620400 in fiscal 2025 1, indicating accelerating adoption.
Trends
- LiDAR adoption in driver assistancetailwind
Automakers increasingly integrate LiDAR into ADAS, and L3 vehicles are typically equipped with three to six units, which could expand potential volumes for suppliers 1.
- Robotics and industrial automationtailwind
Applications in humanoid, delivery, warehousing and agricultural robots extend the market beyond cars, though cost sensitivity varies by application 1.
- Pricing pressureheadwind
Intense global competition could lead to pricing pressure and lower margins for newer product generations, which could affect profitability 1.
- Geopolitical and trade tensionsmixed
Trade and political tensions between the United States and China could affect access to capital markets and the supply chain, and inclusion on a US Department of Defense list has reputational effects 1.
Competitive position
The LiDAR market is highly competitive, and some rivals have greater financial resources or more established relationships with automakers and may adopt aggressive pricing 1. Hesai positions itself on technological advantage, integrated in-house manufacturing and the ability to meet automotive-grade functional safety requirements 1.
- Rivals with greater financial resources
The filing mentions competitors with larger resources and stronger OEM ties without naming them.
- Automakers' in-house solutions
Large customers may develop internal solutions, which could limit outside purchase volumes 1.
- Other ADAS LiDAR suppliers
Competition in ADAS involves long qualification cycles and model-by-model selection 1.
- Robotics LiDAR suppliers
Competition in robotics centers on cost and performance depending on the application 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Hesai’s (HSAI) Robotics Bet Just Started Paying Off In A Big WayYahoo Finance — News · 27 Aug 2026 · EN
- Hesai (HSAI) Q2 2026 Earnings Call TranscriptYahoo Finance — News · 25 Aug 2026 · EN
- Hesai CEO Li on Earnings, Mercedes-Benz DealBloomberg Markets · 20 May 2026 · EN
The latest news item in our archive is from 27 Aug 2026; the newest SEC filing is from 20 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)08 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Hesai Group · 24 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.