Hesai Group operates as a premier developer and manufacturer of 3D LiDAR (Light Detection and Ranging) solutions. The company's business model centers on designing, manufacturing, and selling high-performance LiDAR hardware and related software tools. Its primary revenue source is product sales, which accounted for approximately 94% of total revenues in 2023, supplemented by service revenues (6%) from gas sensor products, validation, and solution services. Hesai's LiDAR sensors are critical components for passenger and commercial vehicles equipped with advanced driver assistance systems (ADAS), as well as for autonomous vehicle fleets (robotaxis) and various robotics applications, including delivery and logistics robots. Geographically, while headquartered in Shanghai with in-house manufacturing facilities in China and Thailand, Hesai serves a global customer base spanning over 40 countries, including major automotive OEMs like Li Auto and Mercedes-Benz. The company maintains a strong competitive position through its vertical integration, combining proprietary ASIC (Application-Specific Integrated Circuit) development with in-house manufacturing to achieve high performance, reliability, and cost efficiency at scale.
