Innovusion Releases First Annual Report Since IPO: 2025 Revenue Hits RMB 1.102 Billion, Gross Margin Turns Positive, Expands to 18 OEMs

In 2025, Hesai Group achieved revenue of approximately RMB 1.102 billion, turned its gross margin from negative to positive, and significantly narrowed its net loss compared to the previous year. Initially deeply tied to NIO, the company subsequently diversified its customer base to mitigate client concentration risk and, by the end of 2025, had secured定点 projects from 18 OEMs and other customers. Technologically, Hesai was among the first to adopt high-performance 1550nm lidar and later launched the Lingque platform targeting the cost-performance segment. In 2025, the Lingque product series entered mass production. During the same period, the company also saw substantial revenue growth in non-automotive sectors such as robotics. Hesai continues to advance its global expansion, with operations established across multiple countries and regions. In Q1 2026, both delivery volumes and revenue rose markedly, and the company expects to deliver one million units throughout the year.