Hesai (HSAI) Company Report

Analyst Coverage

Research analysts who have asked questions during Hesai earnings calls.

Tina Hou

Goldman Sachs Group, Inc.

6 questions for HSAI

Also covers: LI, NIO, RAAS +3 more

Tim Hsiao

Morgan Stanley

5 questions for HSAI

Also covers: LI, NIO, WRD +2 more

Yu Zhang

Huatai Securities

3 questions for HSAI

Aaron Wong

Jefferies

2 questions for HSAI

Jeff Chang

Citigroup

2 questions for HSAI

Jesse Lu

Bank of America Securities

2 questions for HSAI

Jia Lou

BOCI

2 questions for HSAI

Also covers: XPEV

Lu Jia

VOCI

2 questions for HSAI

Sia Huang

SPDB International

2 questions for HSAI

Yu Jie Lo

Bank of America Securities

2 questions for HSAI

Zheng Yu

Huatai Securities

2 questions for HSAI

Bing Rui Kui

Goethe Haiyong Securities

1 question for HSAI

Cindy Huang

Morgan Stanley

1 question for HSAI

Also covers: EH

Jackie John

CICC

1 question for HSAI

Jeff Chung

Citigroup

1 question for HSAI

Also covers: NIO

Jessie Lo

Bank of America

1 question for HSAI

Jiaqi Huang

SPDB International Securities

1 question for HSAI

Joanna Ma

CMBI

1 question for HSAI

Also covers: CMCM

Olivia Zhang

Haitong International Securities Group Limited

1 question for HSAI

Shang Yu

Huatai Securities

1 question for HSAI

Thierry Lou

JPMorgan Chase & Co.

1 question for HSAI

Zichao Yang

SPDB International

1 question for HSAI

Latest news

Recent press releases and 8-K filings for HSAI.

Hesai Technology Recognized on Morgan Stanley's "Humanoid Tech 25"

HSAI

New Projects/Investments

Product Launch

Revenue Acceleration/Inflection

Hesai Technology has been recognized by Morgan Stanley as the only lidar company on its "Humanoid Tech 25" list, which features the world's 25 most influential robotics companies.
Morgan Stanley's report, The Robot Almanac — Vol. 1, projects global robot hardware revenues to reach $25 trillion and 1.4 billion robots sold annually by 2050.
The report indicates that approximately 700 million lidar units will be required by 2050 to support robotics perception, representing a nearly 300-fold increase from 2025 levels.
In 2025, Hesai became the world's first automotive lidar company to surpass 2 million cumulative deliveries and has held the No. 1 market share for ADAS main lidar for nine consecutive months.
Hesai's JT-series mini 360° 3D robotics lidars have achieved over 200,000 cumulative deliveries since launch, demonstrating the company's scalable manufacturing and market adoption in robotics.

Dec 15, 2025, 2:00 PM

Press Release

Hesai to Exhibit at CES 2026

HSAI

Product Launch

New Projects/Investments

Hesai Technology will exhibit its cutting-edge ADAS and robotics lidar solutions at the Consumer Electronics Show (CES) 2026 in Las Vegas from January 6–9.
In 2025, Hesai became the world's first lidar company to surpass 2 million cumulative lidar deliveries, enabling large-scale deployments across automotive and robotics applications.
The company has secured design wins from 24 automotive OEMs for over 120 vehicle models, with deliveries scheduled between 2026 to 2030.
At CES, Hesai will showcase its next-generation L3 automotive lidar suite, including the long-range ETX and short-range FTX, and demonstrate its lidar applications in robotics.

Dec 4, 2025, 12:00 PM

Press Release

Hesai Group Reports Strong Q3 2025 Financial Results and Raises Full-Year Guidance

HSAI

Earnings

Guidance Update

Revenue Acceleration/Inflection

Hesai Group reported net revenues of RMB795.4 million (US$111.7 million) for Q3 2025, a 47.5% increase year-over-year.
The company achieved a net income of RMB256.2 million (US$36.0 million) in Q3 2025, compared to a net loss of RMB70.4 million in the corresponding period of 2024.
Total lidar shipments reached 441,398 units in Q3 2025, marking a 228.9% increase year-over-year.
Hesai Group raised its full-year GAAP net income guidance to a range of RMB350 million (US$49 million) to RMB450 million (US$63 million).

Nov 12, 2025, 11:26 AM

6-K

Hesai Group Reports Strong Q3 2025 Results, Raises Full-Year Guidance, and Expands Market Leadership

HSAI

Earnings

Guidance Update

Revenue Acceleration/Inflection

Hesai Group reported Q3 2025 net revenue of RMB 795 million, a 47% year-over-year increase, and a record GAAP net income of RMB 256 million.
The company raised its full-year 2025 GAAP net income guidance to RMB 350 million to RMB 450 million and projects Q4 2025 net revenues between RMB 1,000 million and RMB 1,200 million.
Hesai achieved significant market leadership, producing over 1 million LiDAR units in 2023 and securing 46% of the long-range automotive LiDAR market share in August.
Strategic growth is fueled by increasing ADAS adoption, including new design wins for 2026 models and a partnership with BYD, alongside a rapidly expanding robotics business with shipments expected to double in 2026.
The company completed a dual primary listing on the Hong Kong Stock Exchange, raising RMB 614 million, and is leveraging AI for operational efficiencies, expecting RMB 100 million in OpEx savings in 2025.

Nov 11, 2025, 12:00 PM

Transcript

Hesai Group Reports Strong Q3 2025 Financials and Completes Dual Listing

HSAI

Earnings

Guidance Update

Delisting/Listing Issues

Hesai Group reported a strong Q3 2025, with net revenue surging 47% year-over-year to RMB 795 million ($112 million) and achieving a record quarterly GAAP net income of RMB 256 million ($36 million), surpassing its full-year profit target ahead of schedule.
Total shipments reached 441,398 units, marking a 229% year-over-year increase, and the company produced over 1 million LiDAR units in 2023.
The company raised its full-year 2025 GAAP net income guidance to a range of RMB 350 million - RMB 450 million ($49 million - $63 million) and projects Q4 2025 net revenues between RMB 1,000 million - RMB 1,200 million ($140 million - $169 million).
Hesai secured new ADAS design wins for 2026 models with its top two customers, ensuring 100% LiDAR adoption, and expanded its robotics business with new supply agreements, including a multi-year deal worth over $40 million with a leading U.S. robotaxi company.
In September, Hesai successfully completed a dual primary listing on the Hong Kong Stock Exchange, raising $614 million and becoming the first LiDAR company listed in both the U.S. and Hong Kong capital markets.

Nov 11, 2025, 12:00 PM

Transcript

Hesai Reports Record Q3 2025 Financials and Raises Full-Year Guidance

HSAI

Earnings

Guidance Update

Revenue Acceleration/Inflection

Hesai reported a record quarterly GAAP net income of RMB 256 million in Q3 2025, contributing to a nine-month GAAP net income of RMB 283 million, achieving its full-year target ahead of schedule. Net revenue surged nearly 50% year-over-year to RMB 795 million or $112 million.
The company raised its full-year 2025 GAAP net income guidance to a range of RMB 350-450 million or $49-63 million. For Q4 2025, net revenues are projected to be between RMB 1,000 million and RMB 1,200 million, representing a year-over-year increase of 39-67%.
Hesai successfully completed a dual primary listing on the Hong Kong Stock Exchange in September, raising $614 million. Total shipments reached 441,398 units in Q3 2025, a 229% year-over-year increase.
Looking to 2026, Hesai expects LiDAR shipments to reach at least 2-3 million units , driven by strong demand in ADAS and multi-LiDAR setups for L3 vehicles, with a projected system value of $500-$1,000 per car. The company anticipates double-digit year-over-year revenue growth and a stable margin profile.

Nov 11, 2025, 12:00 PM

Transcript

Hesai Secures Exclusive Lidar Supply for Li Auto's Next-Generation Platform

HSAI

New Projects/Investments

Product Launch

Hesai Technology has been selected by Li Auto as the exclusive lidar supplier for all models in its next-generation assisted driving platform.
This agreement includes Li Auto's "L" Series, "i" Series, and "MEGA" vehicle models.
Li Auto, a leading new-energy vehicle manufacturer, has delivered over 1.46 million vehicles as of October 31, 2025, and has made lidar a standard feature across all new models since May 2025.
The partnership between Hesai and Li Auto has been in place since 2021, involving continuous collaboration and the mass production of automotive-grade lidars.

Nov 11, 2025, 11:00 AM

Press Release

Hesai Group Announces End of Stabilization Period and Share Movements

HSAI

Delisting/Listing Issues

Executive Compensation

The stabilization period for Hesai Group's Global Offering concluded on October 11, 2025.
The Over-allotment Option was fully exercised on September 16, 2025, leading to the issuance of 2,932,500 Class B Ordinary Shares at HK$212.80 per share on September 19, 2025.
During September 2025, the company raised $850,875.03 from the exercise of 399,991 share options.
As of September 30, 2025, the total number of issued Class B Ordinary Shares was 129,143,350.

Oct 14, 2025, 10:19 AM

6-K

Hesai Reaches 1 Million Lidar Units in Annual Production

HSAI

Revenue Acceleration/Inflection

Guidance Update

Hesai Technology announced it produced its 1,000,000th lidar unit in 2025, becoming the first lidar company globally to achieve this annual production milestone.
The company holds the No. 1 position in overall automotive lidar market share, ADAS lidar market share, and Level 4 autonomous driving lidar market share worldwide.
As of Q2 2025, Hesai has delivered over 1.37 million lidar units cumulatively and projects annual deliveries between 1.2 and 1.5 million units for 2025, with a planned production capacity of 2 million units.
Hesai lidar is scheduled for production in over 120 vehicle models across 24 OEMs between 2025 and 2027 and supplies nine of the world's top ten robotaxi service providers.

Oct 3, 2025, 12:00 PM

Press Release

Hesai Group announces pricing of Global Offering

HSAI

Delisting/Listing Issues

New Projects/Investments

Hesai Group announced the pricing of its Global Offering of 19,550,000 Class B ordinary shares at HK$212.8 per Offer Share, which translates to US$27.11 per ADS.
The Global Offering is expected to generate HK$4,160.2 million in gross proceeds, before deductions, assuming the over-allotment option is not exercised.
The Class B ordinary shares are expected to begin trading on the Main Board of the Hong Kong Stock Exchange on or about Tuesday, September 16, 2025, under the stock code "2525".
The company plans to use the net proceeds from the Global Offering for investment in research and development, manufacturing capabilities, business development, and working capital.