Hesai Group (2525.HK) stock price, financials & research

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Company profile

Hesai Group, including its affiliated entities, specializes in the creation, manufacturing, and global distribution of three-dimensional Light Detection and Ranging (LiDAR) technologies. Its market reach extends across Mainland China, Europe, North America, and other international regions. Beyond its core LiDAR offerings, the company also delivers gas detection products, provides validation services and comprehensive solution support, and undertakes the design and development of various engineering items. Hesai's LiDAR systems are deployed across a diverse range of applications: they enhance advanced driver-assistance systems (ADAS) in both passenger and commercial vehicles; enable autonomous fleets for passenger and freight transportation; and power robotic solutions such as last-mile delivery units, street-cleaning machines, and logistics robots operating in confined spaces. Established in 2014, Hesai Group has its primary corporate base in Shanghai, China.

Industry: Auto - Parts
Sector: Consumer Cyclical
Headquarters: CN
CEO: Yifan Li
Listed since: Sep 16, 2025
Employees: 1,118

Market position

Day range

Current HK$18.10

HK$18.02HK$19.30

52-week range

Current HK$18.10

HK$14.2625HK$30.50

Open: HK$18.70
Previous close: HK$18.69
Volume: 4.61M; 0.52× average
Average volume: 8.9M; Average daily volume
Market cap: 22.62B HKD
Beta: 1.36; Market reference 1
50-day average: HK$16.6772; +8.53% above average
200-day average: HK$20.9272; -13.51% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value: 21.57B CNY
P/E (TTM): 37.77×
P/B (TTM): 2.25×
P/S (TTM): 5.6×
EV / EBITDA: 35.39×
Earnings yield: 1.96%
Free cash flow yield: -1.01%
Dividend yield: 0.00%

Profitability & efficiency

Gross margin: 40.65%
Operating margin: 3.69%
Net margin: 14.93%
Return on equity: 4.87%
Return on assets: 3.87%
Return on invested capital: 1.15%

Financial health

Debt / equity: 0.09×
Current ratio: 3.73×
Altman Z-score: 6.73
Piotroski F-score: 4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin

Income trends

Revenue

3.03B CNY+45.76%

Operating income

123.54M CNY+531.77M CNY

Net income

435.88M CNY+538.26M CNY

Metric (CNY)	FY2025	FY2024	FY2023	FY2022	FY2021
Revenue	3.03B CNY	2.08B CNY	1.88B CNY	1.2B CNY	722M CNY
Cost of goods sold	1.76B CNY	1.19B CNY	1.22B CNY	730.68M CNY	333.37M CNY
Gross profit	1.27B CNY	884.59M CNY	661.38M CNY	471.99M CNY	468.22M CNY
Research and development	796.94M CNY	855.64M CNY	790.55M CNY	555.18M CNY	451.83M CNY
Selling, general, and administrative	480.82M CNY	509.95M CNY	468.94M CNY	305.84M CNY	375.24M CNY
Operating expenses	1.14B CNY	1.29B CNY	1.24B CNY	850.2M CNY	663.26M CNY
Interest income	130.24M CNY	104.4M CNY	99.81M CNY	58.73M CNY	32.05M CNY
Interest expense	18.92M CNY	12.83M CNY	3.07M CNY	—	—
Depreciation and amortization	123.79M CNY	131.81M CNY	86.27M CNY	53.63M CNY	27.77M CNY
Operating income	123.54M CNY	−408.23M CNY	−577.72M CNY	−378.22M CNY	−265.74M CNY
Net income	435.88M CNY	−102.38M CNY	−475.97M CNY	−300.77M CNY	−240.83M CNY