{"slug":"hesai","name":"Hesai","name_en":"Hesai Group","ticker":"HSAI","updated_at":"2026-07-12T08:21:12.593553+00:00","canonical":"https://valuechain.wiki/hesai","same_as":["https://finance.yahoo.com/quote/HSAI","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1861737"],"citable":"밸류체인 그래프 기준 Hesai의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Hesai Group is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"라이다 세계 1위 · 자율주행·로보틱스의 눈","kicker_en":"No.1 in lidar · the eyes of autonomy","lead":"출하량 규모로 세계 1위 라이다 기업이자, 대량생산으로 업계 첫 연간 흑자를 낸 곳이다 — 2025년 출하 162만 대(+223%)가 원가곡선을 낮춰 매출 30.3억 위안(+46%)·순익 4.4억 위안을 만들었다. 수요는 두 갈래다: 자동차 ADAS(볼륨 기반)와 로보택시·로보트럭·로보틱스(+426% 폭증, 고성장 옵션). 재평가 축은 2026년 300만 대+ 목표와 로보틱스 스케일링, 그리고 흑자의 지속성이다.","lead_en":"The world No.1 in lidar by shipment volume and the first lidar maker to post a full-year profit — 2025 shipments of 1.62M units (+223%) drove down the cost curve to deliver RMB3.03B revenue (+46%) and RMB436M net income. Demand splits two ways: automotive ADAS (the volume base) and robotaxi/robotruck/robotics (up 426%, the high-growth option). The re-rating axis is the 3M+ unit target for 2026, robotics scaling, and the durability of profitability.","segments":{"fy":2025,"parts":[{"desc":"완성차 ADAS용 라이다 — 출하 물량의 기반으로 원가곡선을 낮추는 볼륨 레그.","name":"자동차 라이다(ADAS)"},{"desc":"로보택시·로보트럭·로보틱스용 라이다 — 출하 +426% 폭증한 고성장 옵션 레그.","name":"로보틱스·로보택시"}],"total":"2025 매출 ¥3.03B (+46%)","concentration":"출하 162만 대. Pony·Motional·오로라."},"segments_en":{"fy":2025,"parts":[{"desc":"Lidar for passenger-vehicle ADAS — the volume leg that drives down the cost curve.","name":"Automotive lidar (ADAS)"},{"desc":"Lidar for robotaxi/robotruck/robotics — the high-growth option leg, with shipments up 426%.","name":"Robotics/robotaxi"}],"total":"2025 revenue RMB3.03B (+46%)","concentration":"1.62M units; Pony, Motional, Aurora."},"returns_yearly":{"2024":55.1,"2025":62.1,"2026":-27.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"meituan","name":"메이퇀","name_en":"Meituan","tier":2,"returns_yearly":{"2021":-38.1,"2022":-20.7,"2023":-64.2,"2024":137.6,"2025":-34.6,"2026":-19}},{"slug":"aurora","name":"Aurora Innovation","name_en":"Aurora Innovation","tier":1,"returns_yearly":{"2022":-89.3,"2023":261.2,"2024":44.2,"2025":-39,"2026":66.1}},{"slug":"pony-ai","name":"Pony.ai","name_en":"Pony.ai","tier":1,"returns_yearly":{"2025":1,"2026":-54.6}}],"benefiting":[],"analysis":"허사이의 투자 논점은 '스케일로 흑자를 증명한 라이다 1위'다. 출하 162만 대(+223%)라는 물량이 원가를 낮춰 업계 첫 연간 흑자를 냈고, 이는 라이다 경제성 논쟁에 대한 답이다 — 자동차 ADAS가 볼륨을 대고, 로보틱스·로보택시(+426%)가 고성장 옵션을 얹는다. 그래프상 하류로 Pony.ai·Motional·오로라 등 자율주행이 '눈'을 의존하고, 상류로 수신칩·레이저·광부품을 조달한다. 관건은 2026년 300만 대+ 목표 달성과 로보틱스 레그의 스케일이며, 리스크는 가격 경쟁과 자율주행 상용화 속도다. 2026년 -26.8% 되돌림은 2025년 +62% 급등 뒤 수요가 주가를 앞선 조정이다.","analysis_en":"Hesai's thesis is 'the lidar leader that proved profitability through scale.' Volume of 1.62M units (+223%) drove down cost to produce the industry's first full-year profit — an answer to the lidar-economics debate — with automotive ADAS providing volume and robotics/robotaxi (+426%) adding the high-growth option. In the graph, autonomy players (Pony.ai, Motional, Aurora) depend on it downstream for their 'eyes,' while it sources receiver chips, lasers and optics upstream. The keys are hitting the 3M+ unit target for 2026 and scaling the robotics leg; the risks are price competition and the pace of autonomy commercialization. The -26.8% give-back in 2026 is a correction after the +62% 2025 run as demand ran ahead of the stock.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"Pony.ai","counterparty_slug":"pony-ai","confidence":"high","metric":{"type":"amount","unit":"CNY","value":3030000000,"period":"Hesai FY2025 매출(+46%)","qualifier":"company_scale","units_shipped":1620000},"note":"포니에이아이 로보택시의 '눈'인 라이다를 공급 — 무인 자율주행이 센서 신뢰성에 걸린 만큼, 포니 로보택시 상용화 진도가 허사이 로보틱스 레그의 수요 척도.","note_en":"Supplies the lidar that is the 'eyes' of Pony.ai's robotaxis — since driverless autonomy hinges on sensor reliability, Pony's robotaxi rollout is a gauge of demand for Hesai's robotics leg.","sources":[{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-11-11","url":"https://www.globenewswire.com/news-release/2025/11/11/3185201/0/en/hesai-group-reports-third-quarter-2025-unaudited-financial-results.html","title":"Hesai 3Q25 실적(출하 폭증)","title_en":"Hesai Q3 2025 results (shipments surge)","excerpt":"포니에이아이 로보택시에 라이다 공급.","excerpt_en":"Lidar to Pony.ai robotaxis."},{"stance":"confirms","publisher":"CnEVPost","publisher_en":"CnEVPost","kind":"research","lang":"en","published_at":"2025-09-15","url":"https://cnevpost.com/2025/09/15/hesai-40-million-order-from-us-robotaxi-firm/","title":"Hesai, 미 로보택시사 $40M 수주","title_en":"Hesai $40M order from US robotaxi firm","excerpt":"포니에이아이 로보택시에 라이다 공급.","excerpt_en":"Lidar to Pony.ai robotaxis."}]},{"direction":"revenue","counterparty":"자동차 OEM·로보틱스 (라이다)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":3030000000,"period":"Hesai FY2025 매출(+46%)","qualifier":"company_scale","units_shipped":1620000},"note":"자동차 OEM·로보틱스에 라이다 공급(출하 162만 대, +223%).","note_en":"Lidar to automakers and robotics (1.62M units, +223%).","sources":[{"stance":"confirms","publisher":"Automotive World","publisher_en":"Automotive World","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.automotiveworld.com/news/hesai-posts-first-ever-profit-as-lidar-shipments-pass-1-6m-units/","title":"Hesai 라이다 첫 흑자·160만 대 출하","title_en":"Hesai posts first profit as shipments pass 1.6m","excerpt":"자동차 OEM·로보틱스에 라이다 공급(출하 162만 대, +223%).","excerpt_en":"Lidar to automakers and robotics (1.62M units, +223%)."},{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-11-11","url":"https://www.globenewswire.com/news-release/2025/11/11/3185201/0/en/hesai-group-reports-third-quarter-2025-unaudited-financial-results.html","title":"Hesai 3Q25 실적(출하 폭증)","title_en":"Hesai Q3 2025 results (shipments surge)","excerpt":"자동차 OEM·로보틱스에 라이다 공급(출하 162만 대, +223%).","excerpt_en":"Lidar to automakers and robotics (1.62M units, +223%)."}]},{"direction":"revenue","counterparty":"모셔널 (Motional, 로보택시 라이다)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","value":40000000,"period":"모셔널 계약(>$40M, ~2026년말)","qualifier":"exclusive_short_range"},"note":"미 로보택시 개발사 모셔널의 아이오닉5 로보택시에 라이다를 공급 — 2년+ 협력을 2025.9 공식화하며 단거리 라이다 독점 공급사로 선정(장·단거리 단독 공급). 계약 규모 $40M+, 2026년 말까지 납품. 세계 10대 로보택시 사업자 중 9곳(모셔널·바이두·디디·포니·위라이드 등)에 공급하는 로보틱스 레그의 대표 고객.","note_en":"Supplies lidar for US robotaxi developer Motional's IONIQ 5 — a 2+ year partnership formalized in Sept 2025, naming Hesai the exclusive short-range lidar supplier (sole supplier for both long- and short-range). Deal exceeds $40M with deliveries through end-2026. A flagship customer of the robotics leg, where Hesai supplies 9 of the world's top-10 robotaxi operators (Motional, Baidu, Didi, Pony.ai, WeRide).","sources":[{"stance":"confirms","publisher":"Hesai 공식 발표","publisher_en":"Hesai official","kind":"news","lang":"en","published_at":"2025-09-11","url":"https://www.hesaitech.com/hesai-selected-as-exclusive-short-range-lidar-supplier-for-motionals-all-electric-ioniq-5-robotaxi/","title":"허사이, 모셔널 아이오닉5 로보택시 단거리 라이다 독점 공급사 선정","title_en":"Hesai selected as exclusive short-range lidar supplier for Motional's IONIQ 5 robotaxi","excerpt":"허사이, 모셔널 아이오닉5 단거리 라이다 독점 공급사 선정($40M+, 2026말까지)","excerpt_en":"Hesai named exclusive short-range lidar supplier for Motional IONIQ 5 (>$40M, through end-2026)"}]},{"direction":"revenue","counterparty":"Aurora Innovation","counterparty_slug":"aurora","confidence":"mid","metric":{"type":"amount","unit":"CNY","value":3030000000,"period":"Hesai FY2025 매출(+46%)","qualifier":"company_scale","units_shipped":1620000},"note":"오로라 등 로보트럭에 라이다 공급 — 고속 자율주행 트럭은 장거리 탐지 라이다 의존도가 높아, 로보트럭 상용화가 허사이 고부가 수요의 한 축.","note_en":"Supplies lidar for robotrucks like Aurora's — high-speed autonomous trucks lean heavily on long-range detection lidar, so robotruck commercialization is one axis of Hesai's high-value demand.","sources":[{"stance":"confirms","publisher":"Hesai(SEC 실적)","publisher_en":"Hesai (SEC results)","kind":"filing","lang":"en","published_at":"2026-03-24","url":"https://www.stocktitan.net/news/HSAI/hesai-group-reports-fourth-quarter-and-full-year-2025-unaudited-xe4i81kwa3zx.html","title":"허사이 FY2025 실적 — 출하 162만대, 연간 첫 흑자; 2026 캐파 400만대·엔비디아 L4 협력","title_en":"Hesai FY2025 — 1.62M units shipped, first annual profit; 2026 capacity 4M, NVIDIA L4 partnership","excerpt":"허사이 2025 매출 ¥30.3억(+46%)·출하 162만대(+223%)·연간 첫 흑자; 2026 캐파 최대 400만대·엔비디아 L4 협력","excerpt_en":"Hesai 2025 revenue RMB 3.03bn (+46%), 1.62M units (+223%), first annual profit; 2026 capacity up to 4M, NVIDIA L4 partnership"},{"stance":"confirms","publisher":"CnEVPost","publisher_en":"CnEVPost","kind":"research","lang":"en","published_at":"2025-09-15","url":"https://cnevpost.com/2025/09/15/hesai-40-million-order-from-us-robotaxi-firm/","title":"Hesai, 미 로보택시사 $40M 수주","title_en":"Hesai $40M order from US robotaxi firm","excerpt":"오로라 등 로보트럭에 라이다 공급.","excerpt_en":"Lidar to robotruck players like Aurora."}]},{"direction":"cost","counterparty":"생산·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"CNY","value":3030000000,"period":"Hesai FY2025 매출(+46%)","qualifier":"company_scale","units_shipped":1620000},"note":"자동화 생산·소재.","note_en":"Automated production and materials.","sources":[{"stance":"confirms","publisher":"Automotive World","publisher_en":"Automotive World","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.automotiveworld.com/news/hesai-posts-first-ever-profit-as-lidar-shipments-pass-1-6m-units/","title":"Hesai 라이다 첫 흑자·160만 대 출하","title_en":"Hesai posts first profit as shipments pass 1.6m","excerpt":"자동화 생산·소재.","excerpt_en":"Automated production and materials."}]},{"direction":"cost","counterparty":"칩·레이저·광부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"CNY","value":3030000000,"period":"Hesai FY2025 매출(+46%)","qualifier":"company_scale","units_shipped":1620000},"note":"수신칩·레이저·광학 부품.","note_en":"Receiver chips, lasers and optics.","sources":[{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-11-11","url":"https://www.globenewswire.com/news-release/2025/11/11/3185201/0/en/hesai-group-reports-third-quarter-2025-unaudited-financial-results.html","title":"Hesai 3Q25 실적(출하 폭증)","title_en":"Hesai Q3 2025 results (shipments surge)","excerpt":"수신칩·레이저·광학 부품.","excerpt_en":"Receiver chips, lasers and optics."}]}]}