Hesai Group (HSAI)

Nasdaq: HSAI · General Industrial Machinery & Equipment, NEC · Shanghai, CN · filing with the SEC since 2021

Full chart Alerts Compare

Grade6.4

◀ Past 6.9● Present 6.3▶ Future 6.1

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Hesai Group

Nine metrics read from its own filings, by tense

Headline grade

6.4/10

◀ Past6.930% of the headline

● Present6.340% of the headline

▶ Future6.130% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.9/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed

8.0/10

Has it survived what it has been through?

No warning events in its filings since 2021.

weight 33% of this tense · 80th percentile among 15 sector filers · read for itself

From the record

Hesai Group's filings since 2021 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.1/10

What has it actually done, year after year?

+48.8% a year over 6 filed years; profitable in 1 of 6.

weight 45% of this tense · 71st percentile among 14 sector filers · read for its customers

From the record

Hesai Group's 6 filed years say what it did: revenue went from CNY 416 million in fiscal 2020 to CNY 3.0 billion in fiscal 2025, up 48.8% a year; it rose in 5 of 5 years; it never fell from a peak; net income was positive in 1 of 6 of those years (its annual reports).

What it rests on

revenue growth over the filed span48.8%top 25% of its family
the share of years revenue rosetop 18% of its family
the share of filed years with a profitbottom 46% of its family
the deepest fall from a revenue peak0.0%top 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

4.6/10

How has it treated the people who own it?

Share count grew 8.2% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 46th percentile among 9 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Hesai Group's diluted share count grew about 8.2% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 32% of its family
cash returned against operating cash flowbottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.3/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

6.1/10

Is it financially healthy right now?

ROE 5%: 5¢ of profit per shareholder dollar. Leverage 20%: owes 20¢ per asset dollar.

weight 45% of this tense · 61st percentile among 15 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Hesai Group earned about 5 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 11 cents per dollar of everything the company owns. Leverage: it owed about 20 cents per dollar of assets, and net share issuance: its share count grew 13.4% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 37% of its family
return on equitytop 23% of its family
gross profit against assetsbottom 39% of its family
the share count against the year beforetop 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

7.7/10

How strong is its position in its industry?

top 23% of 15 in its family; net margin 14.4%.

weight 33% of this tense · 77th percentile among 15 sector filers · read for its customers

From the record

Hesai Group's standing among 15 graded names in its industry family: revenue of CNY 3.0 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 14.4% ranks in the top 17%; revenue growth of 36% a year over the last 3 filed years ranks in the top 30% (its annual reports).

What it rests on

net margin14.4%top 17% of its family
three-year revenue growth36.0%top 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.7/10

What are the people in charge doing?

SI estimate 4.7/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 9 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 9 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 9 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Hesai Group's leadership is put at 4.7 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 9 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.1/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

6.1/10

How much room does it have to grow?

top 39% of 15 in its family for room to expand.

weight 45% of this tense · 61st percentile among 15 sector filers · read for itself

From the record

Hesai Group's room to grow, from the newest filed statements (fiscal 2025): cash of CNY 1.7 billion against debt of CNY 279 million leaves 12.3% of its assets as net cash, top 43% of its family; cash from operations less capital spending is -6.4% of revenue (bottom 43%); a gross margin of 41.8% (top 25%); research spending of 26.3% of revenue (top 32%) (its annual report).

What it rests on

cash less debt against assets12.3%top 43% of its family
cash from operations less capital spending against revenue-6.4%bottom 43% of its family
gross margin41.8%top 25% of its family
research spending against revenue26.3%top 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.0/10

What could actually drive growth from here?

top 50% of 14 in its family for growth drivers.

weight 33% of this tense · 50th percentile among 14 sector filers · read for its customers

From the record

Hesai Group's growth drivers, from the filed years to fiscal 2025: revenue grew 36% a year over the last three filed years against 48.8% over all 6, slowing (bottom 25% of its family); the newest year grew 45.8% (top 32%); research spending grew 12.8% a year (top 50%); capital spending grew 10.2% a year (top 42%) (its annual reports). Hesai Group reported 4 product lines in fiscal 2025: Revenue From Lidar Products at CNY 3.0 billion (98%), Engineering Design Development and Validation Service and Solution Revenue at CNY 36 million (1%), Other Product Revenues at CNY 10 million (0%), and 1 more; 1 of 4 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-12.7 points a yearbottom 25% of its family
the newest year's revenue growth45.8%top 32% of its family
three-year growth of research spending12.8%top 50% of its family
three-year growth of capital spending10.2%top 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

7.9/10

Did its newest year beat what its own record pointed to?

top 21% of 12 in its family for expectations against reality.

weight 22% of this tense · 79th percentile among 12 sector filers · read for its shareholders

From the record

Hesai Group's newest year against its own record: revenue of CNY 3.0 billion in fiscal 2025 came in 10.9% above the CNY 2.7 billion its prior three years' pace pointed to (top 37% of its family); net income of CNY 436 million against a prior three-year average of CNY 293 million (top 4%); a net margin of 14.4% against -18.4% before (top 21%) (its annual reports).

What it rests on

revenue against the prior three years' pace10.9%top 37% of its family
net income against the prior three years' average+249%top 4% of its family
net margin against its prior average+32.8 pointstop 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton HSAI · research, not advice