Hesai Group (HSAI) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — HSAI

Balance Sheet

(in billions CNY)

Metric	FY 2025	FY 2024	FY 2023	FY 2022
Cash & Equivalents	1.66	2.84	0.22	0.13
Short-term Investments	3.09	0.36	0.22	0.14
Accounts Receivable	1.26	0.77	0.07	0.49
Inventory	0.67	0.48	0.07	0.09
Total Current Assets	7.07	4.68	0.62	3.14
Property, Plant & Equipment	1.02	0.88	0.87	0.50
Goodwill	--	--	0.00	0.00
Intangible Assets	0.10	0.08	0.08	0.02
Total Non-current Assets	4.19	0.18	0.18	0.70
Total Assets	11.26	5.99	0.80	3.84
Accounts Payable	0.08	0.35	0.04	0.21
Short-term Debt	0.06	0.35	0.11	--
Total Current Liabilities	0.27	1.63	0.19	0.96
Long-term Debt	0.28	0.27	0.29	0.00
Total Non-current Liabilities	0.41	0.43	0.07	0.04
Total Liabilities	0.33	2.06	1.80	1.00
Retained Earnings	(2.97)	(0.47)	(0.47)	(2.83)
Total Stockholder Equity	8.96	3.93	0.54	(0.46)

Income Statement

(in billions CNY) (except per-share rows)

Metric	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenue	3.03	0.28	0.26	1.20
Cost of Revenue	1.76	1.19	1.22	0.73
Gross Profit	1.27	0.12	0.66	0.07
Research & Development	0.80	0.86	0.79	0.56
Selling, General & Admin	0.04	0.32	0.32	0.20
Total Operating Expenses	1.10	1.09	0.17	0.12
Operating Income	0.17	(0.20)	(0.57)	(0.05)
Interest Expense	--	--	0.00	--
Pretax Income	0.47	(0.10)	(0.48)	(0.30)
Tax Provision	0.00	0.00	0.00	-0.00
Net Income	0.44	(0.10)	(0.07)	(0.30)
Basic EPS	0.45	(0.79)	(0.54)	(6.47)
Diluted EPS	0.43	(0.79)	(0.54)	(6.47)

Cash Flow Statement

(in billions CNY)

Metric	FY 2025	FY 2024	FY 2023	FY 2022
Operating Cash Flow	0.02	0.06	0.06	(0.70)
Capital Expenditures	0.31	0.26	0.41	0.23
Free Cash Flow*	(0.29)	(0.20)	(0.35)	(0.93)
Investing Cash Flow	(5.55)	0.96	(1.06)	0.16
Financing Cash Flow	4.35	0.25	1.59	0.00

* Derived from reported values