Hesai | 20-F: FY2024 Annual Report

Hesai Group reported revenue of RMB2,077.2M (US$284.6M) for fiscal year 2024, representing a 10.7% YoY increase. Gross profit rose 33.7% YoY to RMB884.6M, while net loss significantly improved by 78.5% to RMB102.4M from RMB475.9M in 2023. The company achieved record shipments of approximately 501,900 lidar units, more than doubling from 222,100 units in 2023.The company maintained strong R&D capabilities with a dedicated team of 602 employees, representing 52.7% of total workforce. Notable operational achievements included the completion of the Maxwell Center and securing a one-off project payment of RMB203.3M from a U.S. OEM customer. The company's financial position remained solid with cash and equivalents of RMB2,842.6M as of December 31, 2024.Hesai faces several challenges including ongoing securities class action and patent infringement lawsuits, as well as supply chain and international trade tensions. The company has identified material weakness in internal controls but remains committed to future growth through continued R&D investment, manufacturing capacity expansion, and product portfolio diversification. Capital expenditure commitments for 2025 are set at RMB132,883.

Hesai Group reported revenue of RMB2,077.2M (US$284.6M) for fiscal year 2024, representing a 10.7% YoY increase. Gross profit rose 33.7% YoY to RMB884.6M, while net loss significantly improved by 78.5% to RMB102.4M from RMB475.9M in 2023. The company achieved record shipments of approximately 501,900 lidar units, more than doubling from 222,100 units in 2023.The company maintained strong R&D capabilities with a dedicated team of 602 employees, representing 52.7% of total workforce. Notable operational achievements included the completion of the Maxwell Center and securing a one-off project payment of RMB203.3M from a U.S. OEM customer. The company's financial position remained solid with cash and equivalents of RMB2,842.6M as of December 31, 2024.Hesai faces several challenges including ongoing securities class action and patent infringement lawsuits, as well as supply chain and international trade tensions. The company has identified material weakness in internal controls but remains committed to future growth through continued R&D investment, manufacturing capacity expansion, and product portfolio diversification. Capital expenditure commitments for 2025 are set at RMB132,883.