Hesai Group (HSAI) Cash Flow Statement
Where HSAI’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥113.8M +79.2% vs 2024
- Capital expenditures
- CN¥300.9M 9.9% of revenue
- Free cash flow
- −CN¥187.1M −6.2% margin
- Returned to shareholders
- CN¥292.7M
- Change in cash
- −CN¥1.05B cash at year-end CN¥1.67B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HSAI operating cash flow, capex and free cash flow
HSAI cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥46.2M2019 | CN¥113.8M2025 | +16.2%/yr | |
| Capital expenditures | CN¥39.6M2019 | CN¥300.9M2025 | +40.2%/yr | |
| Free cash flow | CN¥6.6M2019 | −CN¥187.1M2025 | — | |
| Free cash flow margin | 1.9%2019 | −6.2%2025 | −8.1 pts | |
| Stock-based compensation | CN¥02019 | CN¥114.7M2025 | — | |
| Dividends paid | CN¥02019 | CN¥292.7M2025 | — | |
| Capex / revenue | 11.4%2019 | 9.9%2025 | −1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HSAI cash flow by activity
HSAI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HSAI cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | CN¥424.0M | −CN¥102.4M | −CN¥476.0M | −CN¥300.8M | −CN¥244.8M | −CN¥107.2M | −CN¥120.2M |
| Depreciation & amortization | CN¥123.8M | CN¥131.8M | CN¥86.3M | CN¥53.6M | CN¥28.2M | CN¥19.2M | CN¥9.7M |
| Stock-based compensation | CN¥114.7M | CN¥116.1M | CN¥234.6M | CN¥105.2M | CN¥54.3M | CN¥0 | CN¥0 |
| Change in working capital | −CN¥475.8M | −CN¥136.3M | CN¥146.9M | −CN¥621.4M | −CN¥88.7M | −CN¥296.8M | CN¥162.8M |
| Other non-cash items | −CN¥72.8M | CN¥54.3M | CN¥65.5M | CN¥67.3M | CN¥22.6M | CN¥32.8M | −CN¥6.1M |
| Cash from operating activities | CN¥113.8M | CN¥63.5M | CN¥57.3M | −CN¥696.0M | −CN¥228.4M | −CN¥352.0M | CN¥46.2M |
| Investing activities | |||||||
| Capital expenditures | −CN¥300.9M | −CN¥271.4M | −CN¥414.7M | −CN¥240.4M | −CN¥281.6M | −CN¥76.6M | −CN¥39.6M |
| Investments (net) | −CN¥5.25B | CN¥955.9M | −CN¥1.06B | CN¥1.12B | −CN¥1.98B | CN¥179.0M | −CN¥779.5M |
| Acquisitions & other investing | CN¥151.2M | CN¥271.4M | CN¥414.7M | CN¥240.4M | CN¥281.6M | CN¥76.6M | CN¥39.6M |
| Cash from investing activities | −CN¥5.40B | CN¥955.9M | −CN¥1.06B | CN¥1.12B | −CN¥1.98B | CN¥179.0M | −CN¥779.5M |
| Financing activities | |||||||
| Dividends paid | −CN¥292.7M | CN¥0 | −CN¥17.5M | CN¥0 | −CN¥507.6M | CN¥0 | CN¥0 |
| Net borrowing (repayment) | CN¥112.3M | CN¥216.5M | CN¥376.6M | CN¥18.5M | CN¥1.95B | CN¥1.95B | CN¥1.95B |
| Shares issued | CN¥4.25B | CN¥0 | CN¥1.23B | CN¥0 | CN¥454.0M | CN¥317.1M | CN¥739.7M |
| Other financing | CN¥158.0M | CN¥34.1M | CN¥5.8M | −CN¥3.3M | CN¥507.0M | −CN¥1.94B | −CN¥1.95B |
| Cash from financing activities | CN¥4.23B | CN¥250.7M | CN¥1.59B | CN¥15.2M | CN¥2.40B | CN¥323.4M | CN¥739.7M |
| Summary | |||||||
| Net change in cash | −CN¥1.05B | CN¥1.28B | CN¥644.8M | CN¥463.9M | CN¥192.7M | CN¥144.0M | CN¥8.4M |
| Cash at end of period | CN¥1.67B | CN¥2.84B | CN¥1.56B | CN¥913.3M | CN¥449.4M | CN¥256.7M | CN¥112.7M |
| Free cash flow | −CN¥187.1M | −CN¥207.9M | −CN¥357.4M | −CN¥936.4M | −CN¥510.0M | −CN¥428.6M | CN¥6.6M |
| Free cash flow margin | −6.2% | −10.0% | −19.0% | −77.9% | −70.8% | −103.1% | 1.9% |
| Capex / revenue | 9.9% | 13.1% | 22.1% | 20.0% | 39.1% | 18.4% | 11.4% |
| Operating cash flow / net income | 0.27 | — | — | — | — | — | — |
| Mar '25 | |
|---|---|
| Operating activities | |
| Net income | −CN¥17.5M |
| Stock-based compensation | CN¥26.2M |
| Other non-cash items | −CN¥44.0M |
| Cash from operating activities | −CN¥35.4M |
| Investing activities | |
| Capital expenditures | CN¥0 |
| Investments (net) | CN¥36.8M |
| Financing activities | |
| Shares issued | CN¥0 |
| Summary | |
| Net change in cash | CN¥80.7M |
| Cash at end of period | CN¥389.4M |
| Free cash flow | −CN¥35.4M |
| Free cash flow margin | −6.7% |
| Capex / revenue | 0.0% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
HSAI cash generation
In fiscal 2025 (ended December 31, 2025), Hesai generated CN¥113.8 million of cash from operations (up 79.2%) and spent CN¥300.9 million on capital expenditures, leaving free cash flow of -CN¥187.1 million, −6.2% of revenue. It returned CN¥292.7 million to shareholders through dividends (CN¥292.7 million) and net share buybacks (CN¥0). Cash and equivalents fell by CN¥1.1 billion over the year.
Related: HSAI income statement, HSAI balance sheet. See the HSAI stock overview for the latest quote and news.
HSAI cash flow FAQ
What is Hesai's free cash flow?
Hesai's free cash flow was -CN¥187.1 million in fiscal 2025: CN¥113.8 million of operating cash flow minus CN¥300.9 million of capital expenditures It was -CN¥207.9 million a year earlier..
How much cash does Hesai generate from operations?
Hesai generated CN¥113.8 million of cash from operating activities in fiscal 2025, 0.27 times its net income of CN¥424.0 million.
How much does Hesai spend on capital expenditures?
Hesai spent CN¥300.9 million on capital expenditures in fiscal 2025, 9.9% of revenue, compared with CN¥271.4 million the year before.
How much does Hesai pay in dividends?
Hesai paid CN¥292.7 million in dividends in fiscal 2025.