Hesai Group (HSAI) Balance Sheet

NASDAQ: HSAIAssets, liabilities, debt and equity over 7 years.

HSAI balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥11.27B assets = CN¥2.30B liabilities + CN¥8.96B equity

Both columns are drawn to the same scale: what HSAI owns equals what it owes plus shareholders’ equity. Hover a block for its value.

HSAI financial health

Current ratio3.73

Comfortable · current assets cover current liabilities 3.73×

Debt / equity0.11

Low leverage · CN¥0.11 of debt for each $1 of equity

Equity / assets79.6%

Equity-funded · of assets funded by shareholders

Cash / debt494.4%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.8%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

HSAI balance sheet trends, 2019–2025

Hesai Group balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥178.4M2019	CN¥11.27B2025	+99.6%/yr
Total liabilities	CN¥45.0M2019	CN¥2.30B2025	+92.7%/yr
Shareholders’ equity	CN¥133.4M2019	CN¥8.96B2025	+101.6%/yr
Cash & short-term investments	CN¥147.0M2019	CN¥4.76B2025	+78.6%/yr
Total debt	CN¥213.6M2019	CN¥963.3M2025	+28.5%/yr
Net cash (debt)	−CN¥66.6M2019	CN¥3.80B2025	+CN¥3.9B
Working capital	CN¥129.1M2019	CN¥5.18B2025	+CN¥5.0B
Current ratio	4.322019	3.732025	−0.59
Debt / equity	1.602019	0.112025	−1.49
Shares outstanding	88.5M2019	146.4M2025	+8.7%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

HSAI assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

HSAI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

HSAI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

HSAI balance sheet in Chinese yuan

Hesai Group annual balance sheet
	2025	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	CN¥4.76B	CN¥3.20B	CN¥3.16B	CN¥1.86B	CN¥2.79B	CN¥902.7M	CN¥147.0M
Cash & equivalents	CN¥1.67B	CN¥2.84B	CN¥1.55B	CN¥913.3M	CN¥449.4M	CN¥256.7M	CN¥16.2M
Short-term investments	CN¥3.09B	CN¥362.2M	CN¥1.61B	CN¥945.9M	CN¥2.34B	CN¥646.0M	CN¥130.8M
Receivables	CN¥1.36B	CN¥797.3M	CN¥544.5M	CN¥509.4M	CN¥245.3M	CN¥94.7M	CN¥7.6M
Inventory	CN¥670.9M	CN¥482.1M	CN¥495.9M	CN¥646.9M	CN¥376.2M	CN¥149.9M	CN¥11.4M
Other current assets	CN¥282.6M	CN¥202.1M	CN¥194.6M	CN¥119.7M	CN¥79.8M	CN¥62.0M	CN¥2.0M
Total current assets	CN¥7.07B	CN¥4.68B	CN¥4.40B	CN¥3.14B	CN¥3.49B	CN¥1.21B	CN¥168.0M
Property, plant & equipment (net)	CN¥1.21B	CN¥1.06B	CN¥1.10B	CN¥595.4M	CN¥376.8M	CN¥73.6M	CN¥7.4M
Goodwill & intangible assets	CN¥95.6M	CN¥116.4M	CN¥119.5M	CN¥66.0M	CN¥65.5M	CN¥17.9M	CN¥5.8M
Long-term investments	CN¥2.78B	CN¥31.8M	CN¥31.8M	CN¥31.9M	CN¥1.9M	CN¥2.0M	CN¥2.0M
Other non-current assets	CN¥108.2M	CN¥100.2M	CN¥12.6M	CN¥11.0M	CN¥14.8M	CN¥9.4M	CN¥0
Total assets	CN¥11.27B	CN¥5.99B	CN¥5.66B	CN¥3.84B	CN¥3.95B	CN¥1.31B	CN¥178.4M
Liabilities
Accounts payable	CN¥592.9M	CN¥345.0M	CN¥276.7M	CN¥206.7M	CN¥77.3M	CN¥55.4M	CN¥2.7M
Short-term debt	CN¥598.8M	CN¥371.5M	CN¥153.9M	CN¥35.0M	CN¥679.5M	CN¥85.0M	CN¥213.6M
Deferred revenue	CN¥21.0M	CN¥33.0M	CN¥79.9M	CN¥40.4M	CN¥122.6M	CN¥9.4M	CN¥1.7M
Total current liabilities	CN¥1.90B	CN¥1.63B	CN¥1.34B	CN¥955.5M	CN¥892.2M	CN¥166.7M	CN¥38.9M
Long-term debt	CN¥278.7M	CN¥269.4M	CN¥285.9M	CN¥18.5M	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥122.3M	CN¥114.5M	CN¥154.4M	CN¥10.1M	CN¥0	—	—
Other long-term liabilities	CN¥128.7M	CN¥159.5M	CN¥179.2M	CN¥23.7M	CN¥10.4M	CN¥8.2M	CN¥6.0M
Total liabilities	CN¥2.30B	CN¥2.06B	CN¥1.80B	CN¥997.7M	CN¥902.5M	CN¥174.9M	CN¥45.0M
Shareholders' equity
Common stock & paid-in capital	CN¥107,063	CN¥89,000	CN¥86,000	CN¥39,000	CN¥39,000	—	—
Retained earnings (deficit)	−CN¥2.98B	−CN¥3.41B	−CN¥3.31B	−CN¥2.83B	−CN¥2.19B	−CN¥56.0M	−CN¥24.5M
Accumulated other comprehensive income	CN¥6.5M	CN¥57.0M	−CN¥254.3M	−CN¥3.6M	CN¥8.5M	−CN¥618,000	CN¥191,222
Minority interest	—	—	CN¥0	CN¥5.99B	—	—	—
Total shareholders' equity	CN¥8.96B	CN¥3.93B	CN¥3.86B	−CN¥3.15B	−CN¥2.49B	CN¥1.14B	CN¥133.4M
Key figures
Total debt	CN¥963.3M	CN¥739.3M	CN¥559.2M	CN¥63.6M	CN¥679.5M	CN¥85.0M	CN¥213.6M
Net cash (debt)	CN¥3.80B	CN¥2.46B	CN¥2.60B	CN¥1.80B	CN¥2.11B	CN¥817.7M	−CN¥66.6M
Working capital	CN¥5.18B	CN¥3.05B	CN¥3.06B	CN¥2.18B	CN¥2.60B	CN¥1.04B	CN¥129.1M
Tangible book value	CN¥8.87B	CN¥3.82B	CN¥3.74B	−CN¥3.21B	−CN¥2.56B	CN¥1.12B	CN¥127.6M
Shares outstanding	146.4M	129.2M	124.8M	125.5M	125.5M	95.2M	88.5M
Current ratio	3.73	2.87	3.29	3.28	3.92	7.25	4.32
Quick ratio	3.23	2.45	2.78	2.48	3.40	5.98	3.97
Debt / equity	0.11	0.19	0.14	—	—	0.07	1.60
Equity / assets	79.6%	65.6%	68.2%	−81.9%	−63.0%	86.7%	74.8%

Hesai Group quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥6.65B	CN¥5.70B	CN¥4.76B	CN¥7.36B	CN¥2.84B	CN¥2.86B	CN¥3.20B	CN¥2.53B	CN¥2.75B	CN¥2.83B	CN¥3.14B	CN¥3.20B
Cash & equivalents	CN¥1.51B	CN¥1.24B	CN¥1.67B	CN¥2.56B	CN¥2.73B	CN¥2.83B	CN¥2.84B	CN¥2.16B	CN¥2.24B	CN¥1.56B	CN¥1.55B	CN¥1.32B
Short-term investments	CN¥5.14B	CN¥4.46B	CN¥3.09B	CN¥4.80B	CN¥110.5M	CN¥30.5M	CN¥362.2M	CN¥364.8M	CN¥508.7M	CN¥1.26B	CN¥1.59B	CN¥1.89B
Receivables	CN¥1.18B	CN¥1.16B	CN¥1.36B	CN¥1.23B	CN¥1.10B	CN¥993.2M	CN¥797.3M	CN¥884.0M	CN¥728.8M	CN¥595.8M	CN¥544.5M	CN¥417.1M
Inventory	CN¥868.5M	CN¥719.0M	CN¥670.9M	CN¥642.8M	CN¥599.3M	CN¥490.0M	CN¥482.1M	CN¥591.6M	CN¥671.0M	CN¥634.7M	CN¥495.9M	CN¥500.3M
Other current assets	CN¥433.6M	CN¥347.4M	CN¥282.6M	CN¥284.9M	CN¥277.9M	CN¥215.7M	CN¥202.1M	CN¥247.6M	CN¥243.0M	CN¥233.7M	CN¥216.6M	CN¥158.5M
Total current assets	CN¥9.14B	CN¥7.93B	CN¥7.07B	CN¥9.53B	CN¥4.82B	CN¥4.56B	CN¥4.68B	CN¥4.25B	CN¥4.39B	CN¥4.29B	CN¥4.40B	CN¥4.28B
Property, plant & equipment (net)	CN¥1.22B	CN¥1.19B	CN¥1.21B	CN¥1.15B	CN¥1.11B	CN¥1.06B	CN¥1.06B	CN¥1.06B	CN¥1.02B	CN¥1.04B	CN¥1.10B	CN¥747.0M
Goodwill & intangible assets	CN¥129.2M	CN¥92.6M	CN¥95.6M	CN¥132.5M	CN¥129.3M	CN¥119.4M	CN¥116.4M	CN¥123.6M	CN¥115.9M	CN¥115.6M	CN¥119.5M	CN¥66.4M
Long-term investments	CN¥0	CN¥1.54B	CN¥2.78B	CN¥30.0M	CN¥131.8M	CN¥31.8M	CN¥31.8M	CN¥31.8M	CN¥31.8M	CN¥31.8M	CN¥31.8M	CN¥31.8M
Other non-current assets	CN¥516.6M	CN¥112.8M	CN¥108.2M	CN¥79.4M	CN¥71.7M	CN¥58.0M	CN¥100.2M	CN¥94.4M	CN¥95.5M	CN¥106.0M	CN¥12.6M	CN¥98.9M
Total assets	CN¥11.00B	CN¥10.86B	CN¥11.27B	CN¥10.91B	CN¥6.26B	CN¥5.83B	CN¥5.99B	CN¥5.56B	CN¥5.66B	CN¥5.59B	CN¥5.66B	CN¥5.22B
Liabilities
Accounts payable	CN¥658.1M	CN¥447.3M	CN¥592.9M	CN¥607.3M	CN¥582.4M	CN¥346.9M	CN¥355.1M	CN¥235.7M	CN¥360.9M	CN¥336.1M	CN¥276.7M	CN¥223.7M
Short-term debt	CN¥395.5M	CN¥625.8M	CN¥598.8M	CN¥448.2M	CN¥500.2M	CN¥334.2M	CN¥345.3M	CN¥267.0M	CN¥196.4M	CN¥188.3M	CN¥153.9M	CN¥109.9M
Deferred revenue	CN¥25.0M	CN¥23.7M	CN¥21.0M	—	CN¥31.7M	CN¥27.0M	—	CN¥58.2M	CN¥44.4M	CN¥41.6M	CN¥79.9M	CN¥36.9M
Total current liabilities	CN¥1.70B	CN¥1.59B	CN¥1.90B	CN¥1.66B	CN¥1.52B	CN¥1.12B	CN¥1.63B	CN¥1.38B	CN¥1.39B	CN¥1.29B	CN¥1.34B	CN¥1.00B
Long-term debt	CN¥242.0M	CN¥258.2M	CN¥278.7M	CN¥315.4M	CN¥273.4M	CN¥300.3M	CN¥269.4M	CN¥298.9M	CN¥334.3M	CN¥326.6M	CN¥285.9M	CN¥238.7M
Lease obligations	CN¥68.2M	CN¥76.8M	CN¥122.3M	CN¥71.7M	CN¥77.3M	CN¥69.8M	CN¥114.5M	CN¥103.7M	CN¥109.6M	CN¥115.5M	CN¥154.4M	CN¥4.3M
Other long-term liabilities	CN¥108.9M	CN¥117.2M	CN¥128.7M	CN¥101.8M	CN¥117.6M	CN¥127.6M	CN¥159.5M	CN¥157.4M	CN¥164.0M	CN¥171.5M	CN¥179.2M	CN¥22.8M
Total liabilities	CN¥2.05B	CN¥1.97B	CN¥2.30B	CN¥2.07B	CN¥1.91B	CN¥1.55B	CN¥2.06B	CN¥1.83B	CN¥1.89B	CN¥1.79B	CN¥1.80B	CN¥1.27B
Shareholders' equity
Common stock & paid-in capital	CN¥107,000	CN¥106,594	CN¥107,063	CN¥107,000	CN¥90,000	CN¥90,000	CN¥89,000	CN¥88,000	CN¥88,000	CN¥86,000	CN¥86,000	CN¥81,000
Retained earnings (deficit)	−CN¥2.88B	−CN¥2.94B	−CN¥2.98B	−CN¥3.13B	−CN¥3.38B	−CN¥3.43B	−CN¥3.41B	−CN¥3.56B	−CN¥3.49B	−CN¥3.41B	−CN¥3.31B	−CN¥3.17B
Accumulated other comprehensive income	−CN¥156.6M	−CN¥76.4M	CN¥6.5M	CN¥70.4M	CN¥87.2M	CN¥88.9M	−CN¥235.7M	CN¥35.5M	CN¥44.5M	CN¥41.5M	CN¥38.4M	−CN¥256.3M
Total shareholders' equity	CN¥8.95B	CN¥8.89B	CN¥8.96B	CN¥8.84B	CN¥4.36B	CN¥4.28B	CN¥3.93B	CN¥3.72B	CN¥3.77B	CN¥3.80B	CN¥3.86B	CN¥3.96B
Key figures
Total debt	CN¥705.7M	CN¥959.6M	CN¥963.3M	CN¥835.3M	CN¥850.9M	CN¥704.3M	CN¥713.1M	CN¥669.6M	CN¥640.3M	CN¥630.3M	CN¥559.2M	CN¥352.9M
Net cash (debt)	CN¥5.94B	CN¥4.74B	CN¥3.80B	CN¥6.53B	CN¥1.99B	CN¥2.15B	CN¥2.49B	CN¥1.86B	CN¥2.11B	CN¥2.20B	CN¥2.58B	CN¥2.85B
Working capital	CN¥7.43B	CN¥6.33B	CN¥5.18B	CN¥7.87B	CN¥3.31B	CN¥3.43B	CN¥3.05B	CN¥2.87B	CN¥3.00B	CN¥3.00B	CN¥3.06B	CN¥3.27B
Tangible book value	CN¥8.82B	CN¥8.80B	CN¥8.87B	CN¥8.71B	CN¥4.23B	CN¥4.16B	CN¥3.82B	CN¥3.60B	CN¥3.66B	CN¥3.68B	CN¥3.74B	CN¥3.89B
Shares outstanding	163.2M	163.2M	162.8M	143.5M	139.2M	131.5M	135.6M	129.9M	131.0M	127.3M	126.5M	125.8M
Current ratio	5.37	4.97	3.73	5.75	3.18	4.06	2.87	3.08	3.16	3.33	3.29	4.26
Quick ratio	4.60	4.30	3.23	5.19	2.60	3.43	2.45	2.48	2.50	2.66	2.76	3.60
Debt / equity	0.08	0.11	0.11	0.09	0.20	0.16	0.18	0.18	0.17	0.17	0.14	0.09
Equity / assets	81.3%	81.9%	79.6%	81.0%	69.5%	73.4%	65.6%	67.0%	66.7%	68.0%	68.2%	75.8%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 24, 2026); data from EODHD.

HSAI financial position

At the end of fiscal 2025 (December 31, 2025), Hesai had total assets of CN¥11.3 billion (up 88.1% from a year earlier), total liabilities of CN¥2.3 billion and shareholders' equity of CN¥9.0 billion. It held CN¥4.8 billion in cash and short-term investments against CN¥963.3 million of debt, a net cash position of CN¥3.8 billion. Its current ratio was 3.73. In the latest quarter (ended June 30, 2026) total assets were CN¥11.0 billion and equity CN¥9.0 billion.

Related: HSAI income statement, HSAI cash flow statement, HSAI key metrics. See the HSAI stock overview for the latest quote and news.

HSAI balance sheet FAQ

What are Hesai's total assets?

Hesai reported total assets of CN¥11.3 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥6.0 billion a year earlier.

How much debt does Hesai have?

Hesai had CN¥963.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.11.

How much cash does Hesai have?

Hesai held CN¥4.8 billion in cash and short-term investments at the end of fiscal 2025; with CN¥963.3 million of debt that is net cash of CN¥3.8 billion.

What is Hesai's book value?

Hesai's shareholders' equity (book value) was CN¥9.0 billion at the end of fiscal 2025.

What is Hesai's current ratio?

Hesai had current assets of CN¥7.1 billion and current liabilities of CN¥1.9 billion, a current ratio of 3.73 (it can cover its short-term obligations).

How much goodwill does Hesai have?

Hesai carried CN¥95.6 million of goodwill and intangible assets, 0.8% of total assets, at the end of fiscal 2025.