Hesai Group

Sources - 28

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

1. S01primarycompany filing2026-04-24
   Hesai Group Form 20-F for the fiscal year ended December 31, 2025
   Three years of income statements, unit volumes and average selling prices, the customer and supplier concentration, the dual-class voting structure, the composition of other operating income, the share count, and the Department of Defense designation and its litigation history.
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2. S02primarycompany filing2026-08-18
   Hesai Group second quarter 2026 results, Exhibit 99.1 to Form 6-K
   The quarter's statements and the earnings bridge below the operating line, the ADAS and robotics unit split, the balance sheet and borrowings, the cash reserve, the Q3 revenue guidance, the raised Strategic Growth Initiatives guidance and the July share subdivision.
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3. S03primarycompany filing2026-03-24
   Hesai Group fourth quarter and full year 2025 results, Exhibit 99.1 to Form 6-K
   The 2025 unit split of 1,381,133 driver-assistance and 239,273 robotics sensors, the full-year statements, the first full-year profit claim, the 2026 shipment outlook of 3 to 3.5 million units and capacity above 4 million.
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4. S04primarytranscript2026-08-18
   Hesai Group second quarter 2026 earnings call
   The related-party character of the new growth business, the raised guidance and its counterparty, the composition of robotics volume, the penetration and regulatory dates, and the Q3 revenue and unit guidance.

   Demand from Sharpa has been the major source of our revenue for robotic actuation. … I myself am also a co-founder of Sharpa, a humanoid robotics company … we are seeking to increase the annual cap under the supply of products framework agreement with Sharpa from RMB 100 million to RMB 300 million, subject to shareholders' approval at the EGM … We actually raised the full year 2026 SGI revenue guidance from RMB 100 million to a range of RMB 200 million to RMB 300 million. For 2027, we are now looking at roughly USD 100 million … Most of our robotics lidar volume this year is robotic lawn mowers. Those customers are largely Chinese manufacturers focused on Europe as their key overseas markets. … Lidar penetration on EVs was close to 20% in 2025. We think it could get to roughly 30% to 40% this year. … China's mandatory L3 and L4 safety standards came out in August and should take effect in July 2027. … we've already secured multi-lidar design wins with Li Auto, Xiaomi and Changan with 3 to 6 lidars per car. … For Q3, we expect that the total revenue of between RMB 1.1 billion to RMB 1.15 billion with lidar shipments around 800,000 to 850,000 units. … Q3 is expected to be the quarter where revenue from outside ADAS lidar gets close to or even more than half of total revenue. … We are still expecting the full year outlook for our robotics lidar over 500,000 units. Last year, it was around 240,000.

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5. S05primarycompany filing2026-05-19
   Hesai Group first quarter 2026 results, Exhibit 99.1 to Form 6-K
   The second-quarter revenue guidance of RMB850M to RMB900M the quarter was then measured against, and the 31 March cash reserve that shows the six-month decline.
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6. S06secondaryvendor data2026-08-25
   Research pack for HSAI, frozen at content/HSAI/research-pack.json

   content/HSAI/research-pack.json
   Price, the 20-day average daily range, the 252-day return and range, the analyst panel and estimates, and the filed-competitor cohort multiples. Its enterprise value, market value and revenue series all mix renminbi with dollars and are not used - see the data notes.
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7. S07primaryregulator2026-08-18
   Hesai Technology Co., Ltd v. Department of Defense, No. 25-5256, United States Court of Appeals for the District of Columbia Circuit United States Court of Appeals for the D.C. Circuit
   That the appeal was decided on 18 August 2026. The court reversed on Hesai's due-process claim and remanded so the Secretary of Defense may give Hesai notice of the unclassified materials and an opportunity to respond before finalising the designation; it did not hold that Hesai is not a Chinese military company. The quote is the docket line from the court's own August 2026 opinions index, which is machine-readable where the opinion PDF is not.

   25-5256 Hesai Technology Co., Ltd v. DOD 08/18/2026

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8. S08primarycompany release2026-03-25
   RoboSense Technology full year 2025 results announcement RoboSense Technology Co., Ltd.
   The nearest rival's own unit volumes, revenue and gross margin - the only outside measurement of Hesai's cost position, and a robotics leadership claim that contradicts Hesai's.

   For the full year of 2025, total LiDAR sales volume reached approximately 912,000 units, representing a year-over-year increase of 67.6%. In 2025, the Company ranked No. 1 in the robotics sector with total LiDAR shipments reaching 303,000 units, securing the top position across major segments. The annual revenue was approximately RMB 1.94 billion, with the overall gross margin rising to 26.5%.

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9. S09primarycompany filing2026-03-02
   Ouster Form 10-K for the fiscal year ended December 31, 2025 Ouster, Inc.
   A competitor naming Hesai in its own competition section, and the other side of the arbitration that produced part of Hesai's other operating income.
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10. S10primarycompany filing2026-03-27
    Luminar Technologies Form 10-K for the fiscal year ended December 31, 2025 Luminar Technologies, Inc.
    What happened to the largest Western automotive lidar pure-play while Hesai took share: chapter 11 in December 2025, delisting, the lidar business sold to MicroVision, and a plan of liquidation cancelling all equity.
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11. S11tertiarynews2026-07-07
    CNBC, 'Chinese lidar maker with Nvidia ties accused of being cyber risk for U.S.'
    The date of a national-security story the price reacted to. Recorded for the measured reaction and the date only: the substance is a think-tank commentator's argument, and the checkable facts behind it are the Department of Defense designation in the 20-F and the court record.

    Chinese lidar maker with Nvidia ties accused of being cyber risk for U.S.

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12. S12primarycompany filing2026-03-04
    Innoviz Technologies Form 20-F for the fiscal year ended December 31, 2025 Innoviz Technologies Ltd.
    The nearest like-for-like listed comparison - a Tier-1 automotive lidar supplier selling to the same kind of buyer, admitted to the cohort on that basis.
    read, but no claim rests on it
13. S13primarycompany filing2026-03-04
    MicroVision Form 10-K for the fiscal year ended December 31, 2025 MicroVision, Inc.
    A cohort member's own description of the same product sold into automotive, robotics, warehouse, agriculture and mining.
    read, but no claim rests on it
14. S14primarycompany filing2026-03-20
    Aeva Technologies Form 10-K for the fiscal year ended December 31, 2025 Aeva Technologies, Inc.
    A cohort member's own description of its product and its admission that it has primarily sold prototypes and engineering services.
    read, but no claim rests on it
15. S15primarycompany filing2026-03-18
    AEye Form 10-K for the fiscal year ended December 31, 2025 AEye, Inc.
    A cohort member confirming the same product and the same physical-AI framing.
    read, but no claim rests on it
16. S16primarycompany filing2026-07-31
    Hesai Group circular - continuing connected transactions in relation to the revision of the annual cap under the revised supply of products framework agreement, Exhibit 99.3 to Form 6-K
    The terms of the Sharpa transaction that the earnings call did not: the actual amount transacted, the component breakdown of the cap, the cost-plus pricing policy and the transfer-pricing benchmark behind it, and the independent board committee's and independent financial adviser's recommendation.
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17. S17primarycompany filing2026-08-28
    Hesai Group poll results of the extraordinary general meeting held on August 28, 2026, Exhibit 99.1 to Form 6-K
    The vote on the revised Sharpa supply agreement and annual cap: passed as an ordinary resolution, 581,636,027 Class B votes for (99.9796%) and 118,872 against, with the three co-founders and their associates abstaining on 217,311,136 shares.
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18. S18primarycompany filing2026-09-17
    Hesai Group 2026 Interim Report (six months ended June 30, 2026), Exhibit 99.1 to Form 6-K
    Note 15, related party transactions: RMB44.9M of first-half 2026 revenue from Sharpa, RMB50.2M due from Sharpa at 30 June 2026 aged within six months, and a restatement of the 2025 Sharpa stake purchase and disposal; the subsequent-events paragraph confirming the 28 August 2026 approval of the revised cap.
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19. S19primarytranscript2026-02-05
    Regal Rexnord fourth quarter 2025 earnings call Regal Rexnord Corporation
    A listed motion-control maker selling joint subassemblies to humanoid robot makers, and how many of its targeted makers have put it on their platforms.

    We continue to gain traction with humanoid OEMs and selling our subassembled [ axis ] solutions. … There's 10 key OEMs that we're targeting in the U.S. 3 of them, we are on their platforms, and we're selling subassemblies. 7 of them, we're still working on getting integrated.

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20. S20primarytranscript2026-05-07
    Regal Rexnord first quarter 2026 earnings call Regal Rexnord Corporation
    The size of that rival's humanoid business in orders: about $40M in 2025 and a little over $1M in the first quarter of 2026.

    Humanoid in the quarter, we only saw a little bit over $1 million of orders. But I remind you that last year, we saw $40 million of orders. What gives us confidence in our position in humanoids is we're seeing more and more cross-sell opportunity.

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21. S21primaryindustry data2026-09-30
    International Federation of Robotics press release - Global Sales of Professional Service Robots Surge 24% (World Robotics 2026 Service Robots) International Federation of Robotics
    the robotics industry body's count of full-size humanoids sold in 2025 and of professional service robots (almost 250,000, up 24%); read through ir_fetch

    In 2025, about 7,000 units of full-size humanoids (above 140 cm) were sold globally. These robots are intended for commercial and professional applications beyond R&D and entertainment.

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22. S22primaryindustry data2026-01-15
    IDC Market Perspective - Worldwide Humanoid Robotics Market Analysis 2026 (CHE54229626), abstract IDC
    an independent tracker's 2025 humanoid shipments and revenue, and the two leading makers at about 5,000 units each; the free abstract of a paid report (publication month January 2026, day not shown), read through ir_fetch

    In 2025, the global humanoid robot market experienced rapid growth, with total shipments reaching approximately 18,000 units and market revenue of around US$440 million, representing a year-over-year (YoY) increase of roughly 508%.

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23. S23primaryindustry data2026-09-29
    IDC blog - 半年出货 2.5 万台，同比增长432.1%：全球人形机器人商业化探索持续升温 (Global Humanoid Robot Tracker, first half 2026) IDC
    first-half 2026 humanoid shipments and revenue, China's 77.9% share, the falling share of research, education and display uses, and the raised 2030 forecast; read through ir_fetch

    IDC数据显示，2026年上半年，全球人形机器人出货量近2.5万台，同比增长432.1%；市场规模超过7.4亿美元，同比增长322.7%。……预计2030年全球人形机器人出货量将超75万台左右，较此前预测上调约50%。

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24. S24secondaryanalyst2024-02-27
    Goldman Sachs Insights - The global market for humanoid robots could reach $38 billion by 2035 Goldman Sachs Research
    a bank's base case for 2030 humanoid shipments and its estimate of the fall in humanoid manufacturing cost to $30,000-$150,000 a unit; read through ir_fetch

    The team’s base case is for more than 250,000 humanoid robot shipments in 2030, almost all of which would be for industrial use.

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25. S25primarycompany release2025-11-17
    UBTECH press release - UBTECH Humanoid Robot Walker S2 Begins Mass Production and Delivery, with Orders Exceeding 800 Million Yuan UBTECH Robotics
    a listed Chinese humanoid maker's own capacity targets, the makers' side of the shipment forecast; read through ir_fetch

    Amid rising market demand, UBTECH has outlined a clear production ramp-up plan, targeting an annual capacity of 5,000 industrial humanoid robots by 2026, scaling to 10,000 units by 2027.

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26. S26primarycompany release2026-10-01
    Unitree Robotics - G1 humanoid product page Unitree Robotics
    the joint count and list price of the highest-volume humanoid maker's main model, and its own joint motors offered for sale; read through ir_fetch

    Extra large joint movement angle space, 23~43 joint motors ... Price from $13.5K

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27. S27primarycompany release2026-05-13
    Humanoid press release - Humanoid Secures Landmark Deal with Schaeffler to Deploy Thousands of Humanoid Robots Humanoid (SKL Robotics Ltd)
    a rival actuator supplier's signed volume with a humanoid maker, from the buyer's own release; Schaeffler's own release answered 403 to ir_fetch

    Under this agreement, Schaeffler will become Humanoid’s preferred supplier, covering more than 50% of the company’s demand for joint actuators for its wheeled-based platforms through 2031. This partnership is expected to translate into the supply of a seven-digit number of actuators.

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28. S28secondaryother2026-01-06
    CES 2026 Innovation Awards - SharpaWave Consumer Technology Association (entry submitted by Sharpa)
    the joint count of the dexterous hand Hesai's actuators go into; the text is Sharpa's own entry, so it is the related party's description, read through ir_fetch

    SharpaWave is a dexterous hand designed for robotics companies, academic institutions, and research labs. SharpaWave has 22 active degrees of freedom (DOF), at the 1:1 human size and scale.

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