Hesai Technology's financial report shows that its profit level is declining rapidly and it is in a stage of transformation

In the past two years, with the rapid growth of its ADAS lidar business, its profitability has been declining rapidly. According to financial report data, Hesai Technology's comprehensive gross profit margin for the whole year of 2023 reached 35.2%. Its gross profit margin in 2022 was 39.2%, a significant decline compared with the comprehensive gross profit level of 53.0% in the first three quarters of last year.