No.1 in lidar · the eyes of autonomy
Hesai Group
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.
HSAI Updated Jul 12, 2026 4 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · 2025 revenue RMB3.03B (+46%)
- Customer concentration · 1.62M units; Pony, Motional, Aurora.
- Segments · Automotive lidar (ADAS) · Robotics/robotaxi
Revenue from
- Pony.ai High confidence· Amount ¥3B · Hesai FY2025 매출(+46%)
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. - Automotive OEMs · robotics (LiDAR) High confidence· Amount ¥3B · Hesai FY2025 매출(+46%)
Lidar to automakers and robotics (1.62M units, +223%). - Motional (robotaxi lidar) High confidence· Amount $40M · 모셔널 계약(>$40M, ~2026년말)
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).Confirms EN Hesai official Published Sep 11, 2025: Hesai selected as exclusive short-range lidar supplier for Motional's IONIQ 5 robotaxi - Aurora Innovation Medium confidence· Amount ¥3B · Hesai FY2025 매출(+46%)
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.Confirms EN Hesai (SEC results) Published Mar 24, 2026: Hesai FY2025 — 1.62M units shipped, first annual profit; 2026 capacity 4M, NVIDIA L4 partnership
Pays to
- production · materials (undisclosed) Low confidence· Amount ¥3B · Hesai FY2025 매출(+46%)
Automated production and materials. - Chips · lasers · optical components (undisclosed) Low confidence· Amount ¥3B · Hesai FY2025 매출(+46%)
Receiver chips, lasers and optics.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Meituan | lead2 | -38.1 | -20.7 | -64.2 | +137.6 | -34.6 | -15.9 |
| Aurora Innovation | lead1 | · | -89.3 | +261.2 | +44.2 | -39 | +65.1 |
| Pony.ai | lead1 | · | · | · | · | +1 | -49.3 |
| Hesai Group | node | · | · | · | +55.1 | +62.1 | -15.7 |
YTD as of 2026-09-04 · source: Yahoo Finance
Hesai Group is the No.1 in lidar, the eyes of autonomy. After +62.1% in 2025, it corrected -15.7% in 2026. The demand side (avg +7.9%) leads the stock (-15.7%), so customer moves come first here. Among connected nodes the furthest ahead is Aurora Innovation (+65.1%) and the furthest behind is Pony.ai (-49.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The re-rating axis is the 3M+ unit target for 2026, robotics scaling, and the durability of profitability.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target $34 · Price $18.89 (09-04) · Upside +80%