Hesai Group (HSAI) Income Statement
HSAI 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanHSAI revenue and net income
Where HSAI's revenue goes
2025Each bar shows an amount and its share of revenue. HSAI kept 14.4% of revenue as net income.
HSAI profit margins
HSAI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +45.8% | +36.0% | +48.8% | — |
| Gross profit | +43.0% | +38.9% | +39.6% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HSAI income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.03B | CN¥2.08B | CN¥1.88B | CN¥1.20B | CN¥720.8M | CN¥415.5M | CN¥348.1M |
| Cost of revenue | CN¥1.76B | CN¥1.19B | CN¥1.22B | CN¥730.7M | CN¥339.0M | CN¥176.6M | CN¥103.4M |
| Gross profit | CN¥1.27B | CN¥884.6M | CN¥661.4M | CN¥472.0M | CN¥381.8M | CN¥238.9M | CN¥244.7M |
| Research & development | CN¥796.9M | CN¥855.6M | CN¥790.5M | CN¥555.2M | CN¥368.4M | CN¥229.7M | CN¥149.8M |
| Sales, general & admin | CN¥288.8M | CN¥316.9M | CN¥320.1M | CN¥305.8M | CN¥236.7M | CN¥76.6M | CN¥93.9M |
| Total operating expenses | CN¥1.14B | CN¥1.09B | CN¥1.23B | CN¥850.2M | CN¥647.1M | CN¥340.7M | CN¥392.8M |
| Operating income | CN¥123.5M | −CN¥204.9M | −CN¥571.6M | −CN¥378.2M | −CN¥265.3M | −CN¥101.8M | −CN¥148.1M |
| Interest income | CN¥130.2M | CN¥104.4M | CN¥99.8M | CN¥58.7M | CN¥32.6M | CN¥20.9M | CN¥19.1M |
| Interest expense | CN¥18.4M | CN¥12.8M | CN¥3.1M | CN¥151.9M | CN¥6.1M | CN¥31.3M | CN¥281.8M |
| Income before taxes | CN¥466.7M | −CN¥101.2M | −CN¥475.3M | −CN¥300.8M | −CN¥245.9M | −CN¥107.4M | −CN¥119.3M |
| Income taxes | CN¥30.8M | CN¥1.1M | CN¥658,000 | −CN¥66,000 | −CN¥1.1M | −CN¥199,000 | CN¥930,000 |
| Net income | CN¥435.9M | −CN¥102.4M | −CN¥476.0M | −CN¥300.8M | −CN¥244.8M | −CN¥107.2M | −CN¥120.2M |
| EBITDA | CN¥609.5M | CN¥43.4M | −CN¥385.9M | −CN¥247.2M | −CN¥217.6M | −CN¥82.6M | CN¥21.8M |
| Gross margin | 41.8% | 42.6% | 35.2% | 39.2% | 53.0% | 57.5% | 70.3% |
| Operating margin | 4.1% | −9.9% | −30.5% | −31.4% | −36.8% | −24.5% | −42.5% |
| Net margin | 14.4% | −4.9% | −25.4% | −25.0% | −34.0% | −25.8% | −34.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥860.8M | CN¥680.6M | CN¥1.00B | CN¥795.4M | CN¥706.4M | CN¥525.3M | CN¥719.8M | CN¥539.4M | CN¥458.9M | CN¥359.1M | CN¥561.2M | CN¥445.6M |
| Cost of revenue | CN¥515.6M | CN¥414.5M | CN¥590.0M | CN¥460.5M | CN¥405.9M | CN¥306.1M | CN¥438.7M | CN¥281.9M | CN¥252.0M | CN¥219.9M | CN¥329.7M | CN¥309.4M |
| Gross profit | CN¥345.2M | CN¥266.0M | CN¥410.5M | CN¥334.9M | CN¥300.5M | CN¥219.2M | CN¥281.0M | CN¥257.5M | CN¥206.8M | CN¥139.2M | CN¥231.5M | CN¥136.1M |
| Research & development | CN¥231.2M | CN¥204.7M | CN¥215.6M | CN¥198.9M | CN¥199.2M | CN¥183.3M | CN¥242.4M | CN¥220.2M | CN¥198.6M | CN¥194.4M | CN¥228.5M | CN¥192.6M |
| Sales, general & admin | CN¥116.5M | CN¥52.8M | CN¥97.6M | CN¥73.4M | CN¥63.7M | CN¥54.1M | CN¥105.5M | CN¥76.5M | CN¥66.1M | CN¥68.8M | CN¥133.4M | CN¥80.5M |
| Total operating expenses | CN¥343.1M | CN¥274.6M | CN¥353.7M | CN¥257.5M | CN¥277.6M | CN¥252.7M | CN¥174.5M | CN¥334.7M | CN¥302.6M | CN¥277.7M | CN¥394.3M | CN¥303.4M |
| Operating income | CN¥2.2M | −CN¥8.6M | CN¥56.8M | CN¥77.4M | CN¥22.9M | −CN¥33.4M | CN¥106.5M | −CN¥77.2M | −CN¥95.8M | −CN¥138.5M | −CN¥162.8M | −CN¥167.2M |
| Interest income | CN¥59.0M | CN¥56.8M | CN¥60.8M | CN¥28.0M | CN¥21.0M | CN¥20.5M | CN¥22.5M | CN¥25.5M | CN¥23.6M | CN¥32.8M | CN¥30.8M | CN¥28.9M |
| Interest expense | CN¥4.1M | CN¥5.8M | CN¥4.1M | CN¥451,839 | CN¥6.5M | CN¥5.0M | CN¥3.6M | CN¥3.6M | CN¥3.3M | CN¥2.3M | CN¥833,000 | CN¥1.2M |
| Income before taxes | CN¥70.6M | CN¥18.3M | CN¥156.5M | CN¥283.7M | CN¥44.2M | −CN¥17.6M | CN¥147.5M | −CN¥70.4M | −CN¥71.7M | −CN¥106.7M | −CN¥140.2M | −CN¥141.8M |
| Income taxes | CN¥3,000 | CN¥2,000 | CN¥3.3M | CN¥27.5M | CN¥94,000 | −CN¥67,000 | CN¥583,000 | −CN¥68,000 | CN¥367,000 | CN¥248,000 | CN¥733,000 | −CN¥29,000 |
| Net income | CN¥70.5M | CN¥18.3M | CN¥153.2M | CN¥256.2M | CN¥44.1M | −CN¥17.5M | CN¥147.0M | −CN¥70.4M | −CN¥72.1M | −CN¥106.9M | −CN¥140.9M | −CN¥141.8M |
| EBITDA | CN¥74.7M | CN¥24.1M | CN¥160.6M | CN¥287.0M | CN¥89.5M | CN¥20.3M | CN¥128.1M | −CN¥66.9M | −CN¥68.4M | −CN¥82.8M | −CN¥139.3M | −CN¥140.6M |
| Gross margin | 40.1% | 39.1% | 41.0% | 42.1% | 42.5% | 41.7% | 39.0% | 47.7% | 45.1% | 38.8% | 41.2% | 30.6% |
| Operating margin | 0.3% | −1.3% | 5.7% | 9.7% | 3.2% | −6.4% | 14.8% | −14.3% | −20.9% | −38.6% | −29.0% | −37.5% |
| Net margin | 8.2% | 2.7% | 15.3% | 32.2% | 6.2% | −3.3% | 20.4% | −13.0% | −15.7% | −29.8% | −25.1% | −31.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in HSAI's financial statements (latest annual report filed April 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HSAI financial results
In fiscal year 2025 (ended December 31, 2025), Hesai reported revenue of CN¥3.0 billion, up 45.8% from the year before. It had net income of CN¥435.9 million, a net profit margin of 14.4%. Over five years revenue grew at an average rate of 48.8% a year. Figures are in Chinese yuan, the currency of its financial statements.
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HSAI income statement FAQ
What is Hesai's annual revenue?
Hesai reported total revenue of CN¥3.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 45.8% from CN¥2.1 billion the previous year.
Is Hesai profitable?
Yes. Hesai reported net income of CN¥435.9 million in fiscal 2025, a net profit margin of 14.4%; its operating margin was 4.1%.
What is Hesai's gross margin?
Hesai's gross margin was 41.8% in fiscal 2025: for every $100 of revenue, Hesai kept $42 after the direct cost of its products and services.
How much does Hesai spend on research and development?
Hesai spent CN¥796.9 million on research and development in fiscal 2025, 26.3% of revenue.
How fast is Hesai growing?
Revenue grew 48.8% a year on average over the last five fiscal years, from CN¥415.5 million to CN¥3.0 billion.
When will Hesai report its next earnings?
Hesai is expected to report results for the quarter ending September 30, 2026 on November 10, 2026 before the market opens.
When does Hesai's fiscal year end?
Hesai's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 24, 2026.