Hesai Group

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 1.4× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 1.4× operating cash profit, lifted by income outside the core business.

  Hesai's reported profit is 1.4× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Hesai's reported profit is 1.4× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Profitable, but burning cash. Reports a profit, but free cash flow is negative.

  Hesai reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

• Operating margin at a 6-year high. 5.6% in 2025, the best of the last 6 years.

  Hesai kept 5.6% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

• Financials may be out of date. Latest financial period ended 10 months ago.

  The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.