Hesai Group
Hesai Group is classed by the SEC under General Industrial Machinery & Equipment, NEC (industry code 3569), based in Shanghai, CN. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $433 million and a profit of $62 million (its filed statements).
vs its business-model standard
Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a product business: prior from its industry code (SEC 3569, General Industrial Machinery & Equipment, NEC); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.
The grade, in three tenses
Headline 6.4 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.8 out of ten, present 6.3 out of ten, future 6.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.
The nine metrics
- Surviving crises (past): 8.0 out of ten. No warning events in its filings since 2021. 80th percentile among 15 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Track record (past): 7.1 out of ten. +48.8% a year over 6 filed years; profitable in 1 of 6. 71st percentile among 14 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Shareholder treatment (past): 4.3 out of ten. Share count grew 8.2% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases. 43rd percentile among 9 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Financial health (present): 6.1 out of ten. ROE 5%: 5¢ of profit per shareholder dollar. Leverage 20%: owes 20¢ per asset dollar. 61st percentile among 15 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Industry position (present): 7.7 out of ten. top 23% of 15 in its family; net margin 14.4%. 77th percentile among 15 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Leadership (present): 4.7 out of ten. CrossAssetData estimate 4.7/10, confidence 20 of 100 (family median). 50th percentile among 9 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
- Room to expand (future): 6.1 out of ten. top 39% of 15 in its family for room to expand. 61st percentile among 15 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Growth drivers (future): 5.0 out of ten. top 50% of 14 in its family for growth drivers. 50th percentile among 14 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Expectations vs reality (future): 7.9 out of ten. top 21% of 12 in its family for expectations against reality. 79th percentile among 12 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
The filing record
Newest annual report: Form 20-F filed 2026-04-24 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 4, 2026-09-21. Filings on record since 2021. Read from EDGAR 2026-10-12.
Where the revenue comes from
Product and service lines in fiscal 2025: Revenue From Lidar Products 98%, Engineering Design Development and Validation Service and Solution Revenue 1%, Other Product Revenues under 1%, Service Other under 1%. By geography: China 78%, North America 15%, Europe 5%, Other regions 3%. As tagged in its annual report (Form 20-F, filed 2026-04-24).
Who runs it
Li, Yifan (Chief Executive Officer); Yang, Cailian (Vice President of Operations); Fan, Peng (Chief Financial Officer); Sun, Kai (Chief Scientist); Xiang, Shaoqing (Chief Technology Officer); Wang, Hui (jasmine) (director); Ren, Jia (director); Zhang, Yi (director). 8 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.
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