v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net Income (Loss) ¥ 435,880 $ 62,330 ¥ (102,376) ¥ (475,968)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization 123,789 17,702 131,809 86,268
Share-based compensation 114,652 16,395 116,064 234,624
Provision for allowance for credit loss 34,889 4,989 15,619 43,004
Loss from disposal of property and equipment 6,584 941 1,885 0
Gain from transfer of an intellectual property (36,967) (5,286) 0 0
Fair value change of financial instruments (877) (125) (195) (15,095)
Share of loss in equity method investee 74 11 13 45
Foreign exchange (gain) loss, net 2,537 363 (2,591) (9)
Non-cash lease expenses 24,404 3,490 37,375 34,355
Impairment of property and equipment 21,845 3,124 0 0
Inventory write-down 39,850 5,698 2,222 9,290
Gain from disposal of a subsidiary 0 0 0 (6,129)
Gain from disposal of equity securities (175,563) (25,105) 0 0
Loss from disposal of one long-term investment 1,724 247 0 0
Changes in operating assets and liabilities:        
Notes receivable (72,356) (10,347) (22,341) 0
Accounts receivable (524,783) (75,043) (243,339) (90,750)
Contract assets 0 0 0 (7,088)
Inventories (231,525) (33,108) 26,695 145,977
Prepayments and other current assets (150,604) (21,536) 17,002 (82,646)
Amounts due from related parties 5,039 721 0 0
Other non-current assets (3,421) (489) 2,173 (3,178)
Amounts due to related parties (6,038) (863) (5,026) 0
Contract liabilities (11,967) (1,711) (46,942) 39,545
Deferred tax liabilities 0 0 0 (35)
Accounts payable 248,565 35,544 75,012 61,529
Notes payable 140,102 20,034 2,841 0
Accrued expenses and other current liabilities 165,954 23,732 88,907 80,297
Operating leases liabilities (16,576) (2,370) (33,758) (34,595)
Other non-current liabilities (18,224) (2,606) 2,454 37,820
Net cash provided by operating activities 116,987 16,732 63,503 57,261
Cash flows from investing activities:        
Purchases of short-term investments (3,725,664) (532,763) (2,548,575) (5,100,868)
Maturity of short-term investments 1,021,000 146,000 3,775,809 4,479,302
Purchases of long-term investments (2,723,660) (389,479) 0 0
Purchases of property and equipment (309,370) (44,239) (259,541) (406,748)
Purchases of intangible assets (32,825) (4,694) (11,817) (7,925)
Proceeds from government subsidies after capital expenditure 0 0 0 15,893
Purchases of equity securities 100,000 14,300 0 0
Proceeds from disposal of equity securities 275,563 39,405 0 0
Proceeds from disposal of property and equipment 4,224 604 0 0
Proceeds from disposal of an intellectual property licensing 36,967 5,286 0 0
Cash inflow from disposal of subsidiary 0 0 0 14,407
Cash outflow from acquisition of subsidiary, net of cash acquired of RMB 571 0 0 0 (54,454)
Net cash (used in) provided by investing activities (5,553,765) (794,180) 955,876 (1,060,393)
Cash flows from financing activities:        
Cash distribution to shareholders of Shanghai Hesai in connection with the 2021 Reorganization (292,721) (41,859) 0 (17,506)
Cash contribution from shareholders in connection with the 2021 Reorganization 292,721 41,859 0 17,506
Proceeds from issuance of ordinary shares of Hesai Group 4,249,946 607,734 0 1,225,470
Proceeds from long-term borrowings 127,734 18,266 120,275 264,910
Repayment of long-term borrowings 0 0 (20,157) 0
Proceeds from short-term borrowings 331,776 47,443 234,100 111,682
Repayment of short-term borrowings (347,242) (49,655) (117,682) 0
Payment of offering costs (43,689) (6,247) 0 (22,828)
Proceeds from issuance of ordinary shares upon the exercise of share options 27,346 3,910 34,139 2,872
Government subsidies received in advance of capital expenditure 0 0 0 8,250
Net cash provided by financing activities 4,345,871 621,451 250,675 1,590,356
Net increase (decrease) in cash and cash equivalents (1,090,907) (155,997) 1,270,054 587,224
Cash, cash equivalents and restricted cash, beginning of the year 2,842,560 406,481 1,558,124 913,277
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (84,147) (12,034) 14,382 57,623
Cash, cash equivalents and restricted cash, end of the year 1,667,506 238,450 2,842,560 1,558,124
Cash paid during the year for:        
Income taxes 3,512 502 425 0
Domestic (Chinese Mainland) 144 21 425 0
Income taxes, Foreign 3,368 481 0 0
Interest (net of capitalized amount of RMB 4,433, RMB 1,511 and RMB 651 for the years ended December 31, 2023, 2024 and 2025, respectively) 19,006 2,718 8,054 3,069
Supplemental disclosure of non-cash investing and financing activities:        
Purchase of property and equipment included in payable ¥ 69,249 $ 9,902 ¥ 124,333 ¥ 179,839