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Hesai Group reported strong top- and bottom-line growth for the three and six months ended June 30, 2026, driven by its core lidar business and early contributions from Strategic Growth Initiatives (SGI). For the quarter, net revenues were RMB860.8 million, up 21.9% year-over-year, with total lidar shipments reaching 628,275 units. Quarterly net income was RMB70.6 million, a 60.0% increase, marking the company’s fifth consecutive GAAP-profitable quarter, though operating income fell sharply as reported income from operations declined to RMB2.2 million.
For the first half of 2026, net revenues rose 25.1% to RMB1,541.4 million, while net income increased 235% to RMB88.9 million; non-GAAP net income grew 82.1% to RMB149.1 million. Gross margin for the half-year was 39.7%, down from 42.2% due to a higher mix of lower-margin products. SGI generated RMB44.9 million in revenue in the first half but recorded a significant operating loss, funded by strong profitability in the lidar segment.
Management raised full-year 2026 SGI revenue guidance to RMB200–300 million from RMB100 million and guided third-quarter 2026 net revenues to RMB1,100–1,150 million, implying 38–45% year-over-year growth. Cash reserve stood at RMB7,050.6 million as of June 30, 2026, providing substantial financial flexibility.
Hesai Group plans to hold its 2026 second extraordinary general meeting on August 28, 2026 to seek independent shareholders’ approval for revising the annual cap on transactions with Sharpa under a revised supply of products framework agreement. The proposed Revised Annual Cap for 2026 increases from RMB100 million to RMB300 million, after historical transactions of about RMB42 million between March 25 and June 30, 2026.
The cap mainly covers supplies of robotic actuators and related manufacturing and support services, with component estimates of RMB221 million for actuators, RMB53 million for services and RMB2 million for LiDAR products, plus a buffer. Pricing for actuators and services will follow a cost-plus model with higher margin ranges, referencing updated transfer pricing benchmarks where comparable companies’ three‑year weighted average cost-plus margins rose to an interquartile range of 49%–83% (median 72.99%). The company cites a 29.9% quarter‑on‑quarter increase in R&D expenses for actuators and Sharpa’s stronger‑than‑expected commercialization as key drivers. Because the co‑founders together hold majority voting rights in Sharpa, these are continuing connected transactions requiring independent shareholders’ approval, with the co‑founders and their associates abstaining. Hesai reported 2025 net revenues of RMB3,027.6 million and a net profit of RMB435.9 million, largely from LiDAR sales.
Hesai Group plans a Board meeting on August 18, 2026 (Beijing/Hong Kong time) to consider and approve the quarterly results of the company and its subsidiaries for the three months ended June 30, 2026, as well as the unaudited consolidated interim results for the six months ended the same date and their publication.
Management will host a second quarter 2026 earnings conference call on August 18, 2026 at 8:00 AM U.S. Eastern Time / 8:00 PM Beijing/Hong Kong Time, with phone access via pre-registration and a live and archived webcast available on the company’s investor relations website.
Hesai Group reports that a previously approved Share Subdivision has become effective on July 10, 2026, with trading in the Subdivided Class B Ordinary Shares on the Hong Kong Stock Exchange commencing at 9:00 a.m. that day. Existing share certificates remain valid for delivery, trading and settlement only until 4:10 p.m. on August 17, 2026, after which they may still be exchanged as evidence of legal title. The board lot size for Class B Ordinary Shares has changed from 20 existing shares to 100 Subdivided shares, with a temporary counter for 160 Subdivided shares open between July 10 and August 13, 2026. Outstanding awards under the 2021 equity plan have been adjusted: share options increased from 7,717,032 to 61,736,256 Subdivided Class B Ordinary Shares, and RSUs from 2,186,853 to 17,494,824 underlying Subdivided Class B Ordinary Shares, with exercise and purchase prices adjusted accordingly. The company’s auditors have confirmed that these adjustments comply with the 2021 Plan and Hong Kong Listing Rules guidance.
Hesai Group implemented a 1-for-8 subdivision of its issued and unissued Class A and Class B ordinary shares, effective before the commencement of trading on The Stock Exchange of Hong Kong Limited on July 10, 2026. Each ordinary share was subdivided into eight ordinary shares. After this Share Subdivision, authorized share capital is US$100,000, divided into 8,000,000,000 ordinary shares with a par value of US$0.0000125 each, comprising 400,000,000 Class A ordinary shares and 7,600,000,000 Class B ordinary shares. Simultaneously, an ADS Ratio Change became effective so that each American depositary share now represents eight Class B ordinary shares, instead of one previously. Because the ADS ratio change matched the share split, no new ADSs were issued and the total number of outstanding ADSs remains the same.
Hesai Group has set key dates for its 2026 second extraordinary general meeting (EGM). The EGM is proposed for Friday, August 28, 2026, Hong Kong time. The record date to determine which holders of Class A and Class B ordinary shares can attend and vote is the close of business on Thursday, July 23, 2026, Hong Kong time.
Shareholders on the Cayman Islands register must lodge share transfers with the principal registrar by 4:30 p.m. on Wednesday, July 22, 2026, Cayman Islands time, while holders on the Hong Kong register must do so by 4:30 p.m. on Thursday, July 23, 2026, Hong Kong time. Holders of American Depositary Shares (ADSs) as of the close of business on Thursday, July 23, 2026, New York time must give voting instructions to the ADS depositary, Deutsche Bank Trust Company Americas.
Hesai Group reports that shareholders at its annual general meeting approved all resolutions, including routine business matters and several capital management authorities. Shareholders re-elected directors, re-appointed Deloitte as auditor, and granted the board general mandates to issue and repurchase up to 10% of issued shares.
They also approved an eight‑for‑one share subdivision, reducing par value per share while keeping total share capital unchanged. The subdivision, which increases the number of Class A and Class B shares, will take effect on July 10, 2026, subject to Hong Kong Stock Exchange and NASDAQ-related conditions.
Hesai Group reported that on June 12, 2026 it granted 737,054 restricted share unit (RSU) awards, representing the same number of Class B Ordinary Shares, to 302 employees under its 2021 share incentive plan. Most of these RSUs vest over four years, with 688,229 vesting in four equal annual installments and 48,825 vesting semi‑annually in eight equal portions over 48 months. The awards are granted at nil purchase price, with reference prices of HK$143.7 per Class B Ordinary Share on the Stock Exchange and US$18.06 per ADS on NASDAQ. Following these grants, 13,091,280 underlying Class B Ordinary Shares remain available for future awards under the plan limit. The board and compensation committee state that the grants, which carry no performance targets, are intended to retain and incentivize employees and are viewed as fair, reasonable and aligned with shareholders’ interests.