Hesai Group filings document the regulatory disclosures of a Cayman Islands foreign private issuer with Nasdaq-listed American depositary shares and HKEX-listed Class B ordinary shares under a weighted voting rights structure. The record includes Form 20-F annual reports, 6-K current reports, Hong Kong annual results announcements, ESG reports, board-meeting notices, annual general meeting record-date announcements, and monthly returns on movements in securities.
The filings also cover capital-structure details such as Class A and Class B ordinary shares, authorized share capital, issued shares, treasury shares, public-float confirmations, and Hong Kong listing-related securities reporting. Governance and compensation disclosures include RSU awards under the 2021 Plan, director and employee grants, continuing connected transactions, board composition, material agreements, operating results, and related risk and shareholder-reporting matters.
Hesai Group reported a strong turnaround for 2025, achieving its first full-year GAAP profitability as a lidar company. Net revenues reached RMB3,027.6 million (US$432.9 million), up 45.8% year-over-year, with lidar shipments tripling to 1,620,406 units.
Full-year net income was RMB435.9 million (US$62.3 million), compared with a net loss of RMB102.4 million in 2024; non-GAAP net income rose to RMB550.5 million (US$78.7 million). Q4 2025 net revenues were RMB1,000.5 million with net income of RMB153.2 million.
Gross margin for 2025 was 41.8%. Cash reserve stood at RMB7,511.0 million (US$1,074.1 million) and shareholders’ equity at RMB8,958.8 million. Hesai guides Q1 2026 net revenues of RMB650–700 million, implying 24%–33% year-over-year growth, and received approximately US$6.4 million from a resolved IP arbitration.
Hesai Group director and Chief Scientist Sun Kai has filed an initial ownership report showing a large indirect equity position in the company. The filing lists indirect ownership of 9,228,622 Class A ordinary shares held through Fermat Star Limited, establishing his reported stake at the time of this Form 3.
Hesai Group director Ren Jia has filed an initial ownership report detailing restricted share units (RSUs). These RSUs give a contingent right to receive Class B ordinary shares when they vest. According to the disclosure, the awards vest in three tranches on November 11, 2026, September 8, 2027, and September 7, 2028, and do not have expiration dates.
Hesai Group Chief Financial Officer Fan Peng filed an initial ownership report outlining existing equity interests in the company. The filing lists restricted share units that give a contingent right to receive Class B ordinary shares, vesting between September 19, 2026 and December 1, 2029 under the issuer's share incentive plan. It also shows options to buy Class B ordinary shares at an exercise price of $0.9000 per share, expiring on November 18, 2031, with portions vesting monthly from April 1, 2026 through January 1, 2029. In addition, Fan Peng holds 48,000 American depositary shares, each representing one Class B ordinary share, and 1,600 Class B ordinary shares directly. The report reflects holdings only and does not show any buy or sell transactions.
Hesai Group director and Chief Executive Officer Li Yifan filed an initial statement of beneficial ownership of the company’s equity securities. The filing reports indirect ownership of 8,879,636 Class A ordinary shares held through ALBJ Limited, reflecting Li’s existing stake rather than a new share purchase or sale.
Hesai Group director Zhang Yi has reported his initial equity holdings. The filing shows direct holdings of 16,479 American depositary shares, with each ADS representing one Class B ordinary share. He also holds restricted share units representing 5,953 Class B ordinary shares.
The restricted share units were granted under Hesai Group’s share incentive plan and will vest on February 7, 2027, providing a contingent right to receive Class B ordinary shares upon vesting. This Form 3 is an initial statement of beneficial ownership rather than a new market transaction.
Hesai Group director Wang Hui (Jasmine) has filed an initial Form 3, which is a statement of beneficial ownership for company insiders. The filing lists her status as a director and reports no share transactions or derivative positions at this time.
Hesai Group director and Chief Technology Officer Xiang Shaoqing filed an initial ownership report showing indirect holdings through Galbadia Limited. The filing lists 165,031 American depositary shares, each representing one Class B ordinary share, and 8,890,603 Class A ordinary shares. These positions reflect existing ownership rather than new buying or selling activity.
Hesai Group director and Vice President of Operations Yang Cailian filed an initial Form 3 reporting existing equity interests in the company. The filing shows direct holdings of options over 181,042 Class B ordinary shares at an exercise price of $2.10 per share expiring on July 3, 2028, along with additional option grants at exercise prices of $3.30, $1.63, and $0.90 per share with expirations extending to November 18, 2031. It also discloses restricted share units that vest annually from December 1, 2026 through December 1, 2029, each representing a contingent right to receive Class B ordinary shares upon vesting, and direct ownership of 122,632 American depositary shares, each representing one Class B ordinary share. The Form 3 does not reflect new market purchases or sales but establishes Yang’s baseline ownership position.