Hesai Group Sponsored ADR (HSAI) financial statements

Consumer Cyclical · Auto Parts · Market cap $2.3B

Hesai Group Sponsored ADR reported revenue of 3.0B CNY in fiscal 2025, up 48.8% a year over 5 years.

Net income was 436M CNY and the operating margin 5.6%, against -24.5% in 2020.

Free cash flow was -192M CNY.

The diluted share count rose 63% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-101234202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from Hesai Group Sponsored ADR's 10-K filings with the SEC.

Fiscal year202020212022202320242025
Revenue416M CNY721M CNY1.2B CNY1.9B CNY2.1B CNY3.0B CNY
Cost of revenue177M CNY339M CNY731M CNY1.2B CNY1.2B CNY1.8B CNY
Gross profit239M CNY382M CNY472M CNY661M CNY885M CNY1.3B CNY
Research and development230M CNY368M CNY555M CNY791M CNY856M CNY797M CNY
Selling, general and admin126M CNY306M CNY306M CNY469M CNY510M CNY481M CNY
Operating income-102M CNY-265M CNY-378M CNY-572M CNY-205M CNY169M CNY
Interest expense——0 CNY3M CNY13M CNY19M CNY
Pre-tax income-107M CNY-246M CNY-301M CNY-475M CNY-101M CNY467M CNY
Income tax-199,000 CNY-1M CNY-66,000 CNY658,000 CNY1M CNY31M CNY
Net income-107M CNY-245M CNY-301M CNY-476M CNY-102M CNY436M CNY
EPS (diluted)-1.19 CNY-23.39 CNY-6.47 CNY-3.81 CNY-0.79 CNY2.98 CNY
Diluted shares90M105M116M125M129M146M
Gross margin57.5%53.0%39.2%35.2%42.6%41.8%
Operating margin-24.5%-36.8%-31.4%-30.5%-9.9%5.6%
Net margin-25.8%-34.0%-25.0%-25.4%-4.9%14.4%

Balance sheet

Fiscal years, in CNY, from Hesai Group Sponsored ADR's 10-K filings with the SEC.

Fiscal year202020212022202320242025
Cash and short-term investments257M CNY2.8B CNY1.9B CNY3.1B CNY3.2B CNY4.8B CNY
Receivables56M CNY86M CNY485M CNY525M CNY765M CNY1.3B CNY
Inventory—376M CNY647M CNY496M CNY482M CNY670M CNY
Total current assets—3.5B CNY3.1B CNY4.4B CNY4.7B CNY7.1B CNY
Property, plant and equipment—322M CNY505M CNY337M CNY879M CNY1.0B CNY
Goodwill—3M CNY4M CNY0 CNY——
Total assets—4.0B CNY3.8B CNY5.7B CNY6.0B CNY11.3B CNY
Total current liabilities—892M CNY956M CNY1.3B CNY1.6B CNY1.9B CNY
Long-term debt——18M CNY286M CNY269M CNY279M CNY
Total liabilities—903M CNY998M CNY1.8B CNY2.1B CNY2.3B CNY
Shareholders' equity1.1B CNY-2.5B CNY-3.1B CNY3.9B CNY3.9B CNY9.0B CNY
Net debt-257M CNY-449M CNY-895M CNY-1.3B CNY-2.5B CNY-1.3B CNY

Cash flow

Fiscal years, in CNY, from Hesai Group Sponsored ADR's 10-K filings with the SEC.

Fiscal year202020212022202320242025
Operating cash flow-352M CNY-228M CNY-696M CNY57M CNY64M CNY117M CNY
Capital spending66M CNY220M CNY231M CNY407M CNY260M CNY309M CNY
Free cash flow-418M CNY-448M CNY-927M CNY-349M CNY-196M CNY-192M CNY
Stock-based compensation—54M CNY105M CNY235M CNY116M CNY115M CNY
Net borrowing——18M CNY265M CNY100M CNY128M CNY
Free cash flow margin-100.6%-62.2%-77.1%-18.6%-9.4%-6.4%
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Questions

What was Hesai Group Sponsored ADR's revenue in 2025?

3.0B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Hesai Group Sponsored ADR generate?

-192M CNY in fiscal 2025 (operating cash flow minus capital spending).

From Hesai Group Sponsored ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.