# EDGAR Filing Document

**Accession Number:** 0001861737
**File Stem:** 0001104659-25-078927
**Filing Date:** 2025-8
**Character Count:** 31502
**Document Hash:** eb60212fb8535d55eea185482a3b26a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-078927.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001104659-25-078927

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250815

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hesai Group
- **CENTRAL INDEX KEY:** 0001861737
- **STANDARD INDUSTRIAL CLASSIFICATION:** GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41611
- **FILM NUMBER:** 251222333

**BUSINESS ADDRESS:**
- **STREET 1:** 1588 ZHUGUANG ROAD
- **STREET 2:** 9TH FLOOR, BUILDING L2-B
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 201702
- **BUSINESS PHONE:** 86 21 31588240

**MAIL ADDRESS:**
- **STREET 1:** 1588 ZHUGUANG ROAD
- **STREET 2:** 9TH FLOOR, BUILDING L2-B
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 201702

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of August 2025

Commission File Number: 001-41611

**Hesai Group**

10th Floor, Building A

No. 658 Zhaohua Road, Changning District

Shanghai 200050

People's Republic of China<br> (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**Exhibit Index**

[99.1](tm2523608d1_ex99-1.htm) [Press Release — Hesai Group Reports Second Quarter 2025 Unaudited Financial Results](tm2523608d1_ex99-1.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **Hesai Group** | **Hesai Group** | **Hesai Group** |
| By | : | /s/ Yifan Li |
| Name | : | Yifan Li |
| Title | : | Chief Executive Officer |

---

Date: August 15, 2025

## Exhibit 99.1

**Exhibit 99.1**

**Hesai Group Reports Second Quarter 2025 Unaudited Financial Results**

*Quarterly net revenues were RMB706.4 million (US$98.6 million)**<sup>1</sup>***

*Quarterly lidar shipments were 352,095 units*

*Quarterly net income was RMB44.1 million (US$6.2 million)*

**SHANGHAI**, China, Aug. 15, 2025 (GLOBE NEWSWIRE) -- Hesai Group ("Hesai" or the "Company"), (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months ended June 30, 2025.

**Management Remarks**

"We are pleased to report another outstanding quarter, highlighted by strong revenue growth and a remarkable improvement in profitability," said Mr. Andrew Fan, Hesai's CFO. "Second-quarter net revenues increased by 54% year-over-year to RMB706.4 million (US$98.6 million), marking our fifth consecutive quarter of year-over-year growth and reflecting sustained momentum across both our ADAS and Robotics businesses. Our bottom line significantly outperformed our GAAP breakeven target, delivering net income of RMB44.1 million (US$6.2 million), compared to a net loss of RMB72.1 million in the same period last year. In the first six months of 2025, total shipments have already surpassed those of full-year 2024. According to Gasgoo, we ranked first in installation volume among long-range lidar suppliers during this period. Net income for the first six months reached RMB26.5 million (US$3.7 million), again beating our expectations.This substantial progress demonstrates our disciplined execution, effective cost control, and the powerful operating leverage inherent in our business model. Together, these results reinforce our confidence in driving sustainable growth and creating long-term value for our shareholders."

·  ***Business Updates*:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Global:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Achieved
 the C-sample milestone for Hesai's long-range lidar sensor with a top European OEM,
 marking key progress under the series production contract. The transition from B- to C-sample
 stage confirms advanced product maturity and successful completion of reliability and validation
 testing, keeping the Company on track for full-scale production and commercial launch expected
 in 2026.

<sup>1</sup> All translations from RMB to USD for the second quarter of 2025 were made at the exchange rate of RMB7.1636 to US$1.00, the exchange rate on June 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Secured
 an ADAS design win for a new energy vehicle model to be manufactured by a Toyota joint venture
 based in China, with mass production targeted for 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Featured
 at the 2025 Shanghai Auto Show, Hesai's long-range lidar debuted on SAIC Audi's
 sports car and became the industry's first in-cabin lidar installed behind the windshield
 in SAIC-GM's all-electric Cadillac VISTIQ SUV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Domestic:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Serving
 as the lead drafting organization, Hesai led over 50 industry partners in developing China's
 first national automotive lidar standard (GB/T 45500-2025), which took effect in April 2025
 and unifies lidar performance and testing methods to enable safe, scalable ADAS and autonomous
 driving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Powered
 blockbuster model launches from Hesai's top ADAS customers, including a high-performance
 luxury SUV from a leading domestic tech ecosystem giant—which received 289,000 orders
 within just one hour of launch—featuring lidar as a standard configuration. Additionally,
 Hesai has also secured a platform win for multiple 2026 models with this prominent customer,
 further cementing lidar as a standard feature across its model lineups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Secured
 ADAS design wins with 24 OEMs globally. Throughout the quarter and in recent weeks, Hesai
 earned a substantial number of new design wins through 2026 for 20 models from 9 leading
 OEMs, featuring a prestigious customer lineup including one of the Company's top 2
 ADAS customers, Geely, Great Wall Motor, and Changan, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Ranked
 No.1 in China for Robotics lidar shipments in the first half of 2025, according to GGII.
 By the end of the second quarter, Hesai's JT series lidar—now in mass production
 for applications such as robotic lawnmowers—surpassed 100,000 units in cumulative deliveries,
 the fastest ramp-up on record in the Robotics sector.

**Operational Highlights**

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br> June 30, 2025** | **Six months ended <br> June 30, 2025** |
| ADAS lidar shipments | 303564 | 449651 |
| Robotics lidar shipments | 48531 | 98262 |
| Total lidar shipments | 352095 | 547913 |

---

· **Q2 2025 ADAS lidar shipments** were 303,564 units, representing an increase of 275.8% from
 80,773 units in the corresponding period of 2024.

· **Q2 2025 Total lidar shipments** were 352,095 units, representing an increase of 306.9% from
 86,526 units in the corresponding period of 2024.

**Financial Highlights for the Second Quarter of 2025**

(in RMB millions, except for per ordinary share data and percentage)

---

| | | | |
|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2024** | **% Change** |
| Net revenues | 706.4 | 458.9 | 53.9% |
| Gross margin | 42.5% | 45.1% | / |
| Income/(loss) from operations | 22.9 | (95.8) | / |
| Non-GAAP income/(loss) from operations<sup>2</sup> | 52.1 | (67.3) | / |
| Net income/(loss) | 44.1 | (72.1) | / |
| Non-GAAP net income/(loss) | 73.3 | (43.6) | / |
| Net income/(loss) per ordinary share | 0.33 | (0.56) | / |
| Diluted net income/(loss) per share | 0.32 | (0.56) | / |
| Non-GAAP net income/(loss) per ordinary share | 0.55 | (0.34) | / |
| Diluted non-GAAP net income/(loss) per ordinary share | 0.53 | (0.34) | / |

---

<sup>2</sup> See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results" included in this release for further details.

· **Net revenues** were RMB706.4 million (US$98.6 million) for the second quarter of 2025, representing
 an increase of 53.9% from RMB458.9 million for the same period of 2024. Product revenues
 were RMB699.4 million (US$97.6 million) for the second quarter of 2025, representing an increase
 of 71.1% from RMB408.7 million for the same period of 2024. The year-over-year increase was
 mainly attributable to increased shipments and revenues from sales of ADAS lidar products
 driven by robust demand in China. Service revenues were RMB7.0 million (US$1.0 million) for
 the second quarter of 2025, representing a decrease of 86.1% from RMB50.2 million for the
 same period of 2024. The year-over-year decrease was attributable to a decrease in revenue
 from non-recurring engineering services.

· **Cost of revenues** was RMB405.9 million (US$56.7 million) for the second quarter of 2025, representing an increase of 61.1% from RMB252.0 million for the same period of 2024.

· **Gross margin** was 42.5% for the second quarter of 2025, compared with 45.1% for the same period
 of 2024. The year-over-year decrease was mainly due to a decrease in revenue of high
 margin non-recurring engineering services, partially offset by effective cost and scale optimization
 on both ADAS and Robotics lidars.

· **Sales and marketing expenses** were RMB42.3 million (US$5.9 million) for the second quarter of
 2025, representing a decrease of 24.1% from RMB55.7 million for the same period of
 2024. The decrease was mainly driven by a decrease in payroll expenses of RMB6.5 million
 (US$0.9 million) and a decrease in marketing expenses of RMB3.0 million (US$0.4 million).

· **General and administrative expenses** were RMB63.7 million (US$8.9 million) for the second quarter
 of 2025, representing a decrease of 3.7% from RMB66.1 million for the same period
 of 2024. The decrease was mainly driven by a decrease in professional service fees of RMB9.0
 million (US$1.3 million), partially offset by an increase in expected credit loss of RMB7.6
 million (US$1.1 million).

· **Research and development expenses** were RMB199. 2 million (US$27.8 million) for the second
 quarter of 2025, representing an increase of 0.3% from RMB198.6 million for the same period
 of 2024.

· **Income from operations** was RMB22.9 million (US$3.2 million) for the second quarter of 2025,
 compared with loss from operations of RMB95.8 million for the same period of 2024.
 Excluding share-based compensation expenses, non-GAAP income from operations was RMB52.1
 million (US$7.3 million) for the second quarter of 2025, compared with non-GAAP loss from
 opertions of RMB67.3 million for the second quarter of 2024.

· **Net income** was RMB44.1 million (US$6.2 million) for the second quarter of 2025, compared
 with net loss of RMB72.1 million for the same period of 2024. Excluding share-based compensation
 expenses, non-GAAP net income was RMB73.3 million (US$10.2 million) for the second
 quarter of 2025, compared with non-GAAP net loss of RMB43.6 million for the same period of
 2024.

· **Net income attributable to ordinary shareholders of the Company** was RMB44.1 million (US$6.2
 million) for the second quarter of 2025, compared with net loss attributable to ordinary
 shareholders of the company of RMB72.1 million for the same period of 2024. Excluding share-based
 compensation expenses, non-GAAP net income attributable to ordinary shareholders of
 the Company was RMB73.3 million (US$10.2 million) for the second quarter of 2025, compared
 with non-GAAP net loss attributable to ordinary shareholders of the Company of RMB43.6 million
 for the same period of 2024.

· **Basic and diluted net income per ordinary share** were RMB0.33 (US$0.05) and RMB0.32 (US$0.04),
 respectively, for the second quarter of 2025. Excluding share-based compensation expenses, non-GAAP basic and diluted net income per ordinary share were RMB0.55 (US$0.08) and
 RMB0.53 (US$0.07), respectively, for the second quarter of 2025.

· **Cash and cash equivalents, restricted cash and short-term investments** were RMB2,848.9 million
 (US$397.7 million) as of June 30, 2025, compared with RMB2,860.7 million as of March 31,
 2025.

**About Hesai**

Hesai Technology (Nasdaq: HSAI) is a global leader in lidar solutions. The company's lidar products enable a broad spectrum of applications including passenger and commercial vehicles ("ADAS"), as well as autonomous driving vehicles and robotics and other non-automotive applications such as last-mile delivery robots and AGVs ("Robotics"). Hesai seamlessly integrates its in-house manufacturing process with lidar R&D and design, enabling rapid product iteration while ensuring high performance, high quality and affordability. The company's commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai has established offices in Shanghai, Palo Alto and Stuttgart, with customers spanning more than 40 countries.

**Use of Non-GAAP Financial Measures**

To supplement Hesai's consolidated financial results presented in accordance with GAAP, Hesai uses the following measures defined as non-GAAP financial measures by the SEC: income/loss from operation excluding share-based compensation expenses, net profit/loss excluding share-based compensation expenses, net profit/loss attributable to ordinary shareholders excluding share-based compensation, and net income/loss per ordinary share attributable to ordinary shareholders excluding share-based compensation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release.

Hesai believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. Hesai believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Hesai's historical performance and liquidity. Hesai believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that they exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP financial measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

**Exchange Rate Information**

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.1636 to US$1.00, the exchange rate on June 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

**Safe Harbor Statement**

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; expected changes in the Company's revenues, costs or expenditures; the trends in, expected growth and the market size of the ADAS and Robotics industries; the market for and adoption of lidar and related technology; the Company's ability to produce high-quality products with wide market acceptance; the success of the Company's customers in developing and commercializing products using its solutions, and the market acceptance of those products; the Company's ability to introduce new products that meet its customers' requirement; the Company's expectations regarding the effectiveness of its marketing initiatives and the relationship with its third-party partners; competition in the Company's industry; the Company's ability to recruit and retain qualified personnel; relevant government policies and regulations relating to the Company's industry; the Company's ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

**For investor and media inquiries, please contact:**

Hesai Group

Yuanting "YT" Shi, Head of Capital Markets

Email: ir@hesaitech.com

Christensen Advisory<br> Tel: +86-10-5900-1548<br> Email: hesai@christensencomms.com

Source: Hesai Group

**HESAI GROUP**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

(All amounts in thousands, except share and per share data and otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **December 31,**<br> **2024** | **June 30,**<br> **2025** | **June 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2838966 | 2734345 | 381700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 3594 | 4079 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 362195 | 110514 | 15427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivables | 22341 | 33020 | 4609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 765027 | 1057372 | 147603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 9909 | 9909 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due from related parties | 5039 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 482137 | 599252 | 83652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | 193448 | 273777 | 38218 |
| **Total current assets** | **4682656** | **4822268** | **673161** |
| **Non-current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 944218 | 1014431 | 141609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments | 31798 | 131776 | 18395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 76554 | 89844 | 12542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land-use rights, net | 39879 | 39447 | 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | 114260 | 92580 | 12924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 100246 | 71739 | 10014 |
| **Total non-current assets** | **1306955** | **1439817** | **200991** |
| **TOTAL ASSETS** | **5989611** | **6262085** | **874152** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 345253 | 478230 | 66758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 10096 | 120498 | 16821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 345011 | 461879 | 64476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 32994 | 31669 | 4421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due to related parties | 335253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued warranty liability | 43607 | 57605 | 8041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 516726 | 365951 | 51084 |
| **Total current liabilities** | **1628940** | **1515832** | **211601** |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 98370 | 77313 | 10792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term borrowings | 269438 | 273435 | 38170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 61132 | 40271 | 5622 |
| **Total non-current liabilities** | **428940** | **391019** | **54584** |
| **TOTAL LIABILITIES** | **2057880** | **1906851** | **266185** |
| **Shareholders' Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Ordinary shares | 19 | 17 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B Ordinary shares | 70 | 73 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 7577113 | 7651112 | 1068054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription receivables | (292721) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 56975 | 87220 | 12175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (3409725) | (3383188) | (472275) |
| &nbsp;&nbsp;&nbsp;**TOTAL SHAREHOLDERS' EQUITY** | **3931731** | **4355234** | **607967** |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **5989611** | **6262085** | **874152** |

---

**HESAI GROUP**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

(All amounts in thousands, except share and per share data and otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| **Net revenues** | **458862** | **706388** | **98608** |
| &nbsp;&nbsp;&nbsp;Cost of revenues | (252036) | (405910) | (56663) |
| **Gross profit** | **206826** | **300478** | **41945** |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses | (55745) | (42311) | (5906) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (66146) | (63720) | (8895) |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (198609) | (199219) | (27810) |
| &nbsp;&nbsp;&nbsp;Other operating income, net | 17898 | 27624 | 3856 |
| **Total operating expenses** | **(302602)** | **(277626)** | **(38755)** |
| **(Loss)/income from operations** | **(95776)** | **22852** | **3190** |
| &nbsp;&nbsp;&nbsp;Interest income | 23597 | 20967 | 2928 |
| &nbsp;&nbsp;&nbsp;Interest expenses | (3334) | (6545) | (914) |
| &nbsp;&nbsp;&nbsp;Foreign exchange income, net | 3545 | 6936 | 968 |
| &nbsp;&nbsp;&nbsp;Other income/(loss), net | 283 | (19) | (3) |
| **Net (loss)/income before income tax and share of loss in equity method investments** | **(71685)** | **44191** | **6169** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (367) | (94) | (13) |
| &nbsp;&nbsp;&nbsp;Share of loss in equity method investment | (7) | (11) | (2) |
| **Net (loss)/income** | **(72059)** | **44086** | **6154** |
| **Net (loss)/income attributable to ordinary shareholders of the Company** | **(72059)** | **44086** | **6154** |
| **Net (loss)/income per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | (0.56) | 0.33 | 0.05 |
| &nbsp;&nbsp;&nbsp;Diluted | (0.56) | 0.32 | 0.04 |
| **Weighted average ordinary shares used in calculating net loss per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 129079779 | 132413850 | 132413850 |
| &nbsp;&nbsp;&nbsp;Diluted | 129079779 | 139194205 | 139194205 |
| **Net (loss)/income** | **(72059)** | **44086** | **6154** |
| **Other comprehensive income/(loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 2933 | (1653) | (231) |
| **Comprehensive (loss)/income** | **(69126)** | **42433** | **5923** |

---

**HESAI GROUP**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

(All amounts in thousands, except share and per share data and otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| **Net revenues** | **817982** | **1231690** | **171937** |
| &nbsp;&nbsp;&nbsp;Cost of revenues | (471934) | (711977) | (99388) |
| **Gross profit** | **346048** | **519713** | **72549** |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses | (97709) | (92857) | (12962) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (134913) | (117807) | (16445) |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (393011) | (382525) | (53398) |
| &nbsp;&nbsp;&nbsp;Other operating income, net | 45354 | 62880 | 8778 |
| **Total operating expenses** | **(580279)** | **(530309)** | **(74027)** |
| **Loss from operations** | **(234231)** | **(10596)** | **(1478)** |
| &nbsp;&nbsp;&nbsp;Interest income | 56392 | 41488 | 5792 |
| &nbsp;&nbsp;&nbsp;Interest expenses | (5620) | (11552) | (1613) |
| &nbsp;&nbsp;&nbsp;Foreign exchange income, net | 5038 | 7960 | 1111 |
| &nbsp;&nbsp;&nbsp;Other income/(loss), net | 71 | (713) | (100) |
| **Net (loss)/income before income tax and share of loss in equity method investments** | **(178350)** | **26587** | **3712** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (615) | (27) | (4) |
| &nbsp;&nbsp;&nbsp;Share of loss in equity method investment | (19) | (23) | (3) |
| **Net (loss)/income** | **(178984)** | **26537** | **3705** |
| **Net (loss)/income attributable to ordinary shareholders of the Company** | **(178984)** | **26537** | **3705** |
| **Net (loss)/income per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | (1.40) | 0.20 | 0.03 |
| &nbsp;&nbsp;&nbsp;Diluted | (1.40) | 0.19 | 0.03 |
| **Weighted average ordinary shares used in calculating net loss per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 128208174 | 131937885 | 131937885 |
| &nbsp;&nbsp;&nbsp;Diluted | 128208174 | 138952264 | 138952264 |
| **Net (loss)/income** | **(178984)** | **26537** | **3705** |
| **Other comprehensive income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 6021 | 30245 | 4222 |
| **Comprehensive (loss)/income** | **(172963)** | **56782** | **7927** |

---

**HESAI GROUP**

**UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS**

(All amounts in thousands, except share and per share data and otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended June 30,** | **For the three months ended June 30,** | **For the three months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| (Loss)/income from operations | (95776) | 22852 | 3190 |
| Add: Share-based compensation expenses | 28505 | 29198 | 4076 |
| **Non-GAAP (loss)/income from operations** | **(67271)** | **52050** | **7266** |
| Net (loss)/income | (72059) | 44086 | 6154 |
| Add: Share-based compensation expenses | 28505 | 29198 | 4076 |
| **Non-GAAP net (loss)/income** | **(43554)** | **73284** | **10230** |
| Net (loss)/income attributable to ordinary shareholders of the Company | (72059) | 44086 | 6154 |
| Add: Share-based compensation expenses | 28505 | 29198 | 4076 |
| **Non-GAAP net (loss)/income attributable to ordinary shareholders of the Company** | **(43554)** | **73284** | **10230** |
| **Weighted average shares used in calculating net (loss)/earnings per share** |  |  |  |
| Basic | 128208174 | 132413850 | 132413850 |
| Diluted | 128208174 | 139194205 | 139194205 |
| **Non-GAAP net (loss)/earnings per share** |  |  |  |
| Basic | (0.34) | 0.55 | 0.08 |
| Diluted | (0.34) | 0.53 | 0.07 |

---

**HESAI GROUP**

**UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS**

(All amounts in thousands, except share and per share data and otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| Loss from operations | (234231) | (10596) | (1478) |
| Add: Share-based compensation expenses | 66305 | 55384 | 7731 |
| **Non-GAAP (loss)/income from operations** | **(167926)** | **44788** | **6253** |
| Net loss | (178984) | 26537 | 3705 |
| Add: Share-based compensation expenses | 66305 | 55384 | 7731 |
| **Non-GAAP net (loss)/income** | **(112679)** | **81921** | **11436** |
| Net (loss)/income attributable to ordinary shareholders of the Company | (178984) | 26537 | 3705 |
| Add: Share-based compensation expenses | 66305 | 55384 | 7731 |
| **Non-GAAP net (loss)/income attributable to ordinary shareholders of the Company** | **(112679)** | **81921** | **11436** |
| **Weighted average shares used in calculating net (loss)/earnings per share** |  |  |  |
| Basic | 128208174 | 131937885 | 131937885 |
| Diluted | 128208174 | 138952264 | 138952264 |
| **Non-GAAP net (loss)/earnings per share** |  |  |  |
| Basic | (0.88) | 0.62 | 0.09 |
| Diluted | (0.88) | 0.59 | 0.08 |

---