Hong Kong Exchanges and Clearing Limited

FORM 2 - Corporate Substantial Shareholder Notice

Form Serial Number:

CS20260630E00417

1. Date of relevant event:

25/06/2026
(dd/mm/yyyy)

2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later):

(dd/mm/yyyy)

3. Stock code:

02525

4. Name of listed corporation:

Hesai Group - W

5. Class of shares:

Ordinary Shares

6. Number of issued shares in class:

130,143,350

7. Name of substantial shareholder:

Deutsche Bank Aktiengesellschaft (Incorporated in the Federal Republic of Germany & members’ liability is limited)

8. Registered office:

12 Taunusanlage, 60325 Frankfurt am Main, Hessen, Germany

9. Principal place of business in Hong Kong:

60/F International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong

15. Exchange on which listed:

Deutsche Boerse and New York Stock Exchange

16. Name of listed parent and exchange on which parent is listed:

17. Details of relevant event:

Brief description of relevant event

Capacity in which shares were/are held

Number of shares bought/sold or involved

Currency of transaction

On Exchange

Off Exchange

Before relevant event

After relevant event

Highest price (per share)

Average price (per share)

Average consideration (per share)

Nature of consideration

Long position

Short position

1503	You ceased to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares decreased because: any other event (you must briefly describe the relevant event in the Supplementary Information box)

2303	Depositary

196,215

18. Total shares immediately before the relevant event:

	Total number of shares	Percentage figure (%)
Long position	67,543,925	51.90
Short position	65,141,576	50.05

19. Total shares immediately after the relevant event:

	Total number of shares	Percentage figure (%)
Long position	67,347,710	51.75
Short position	64,945,361	49.90

20. Capacity in which interests disclosed in Box 19 are held:

Capacity code

Number of shares

2303	Depositary

Long position	64,945,361
Short position	64,945,361

2102	Investment manager

Long position	2,402,349
Short position	0

21. Further information in respect of derivative interests:

Derivatives code

Number of shares

4102	Listed derivatives - Cash settled

Long position	2,163,502
Short position	0

22. Further information in relation to interests of corporations controlled by substantial shareholder:

Name of controlled corporation

Address and place of incorporation

Name of controlling person

% control

Direct interest (Y/N)

Number of shares

DB USA Corporation

1209 Orange Street, Corporation Trust Center, Wilmington / 19801, Delaware (DE), USA (United States)

Deutsche Bank Aktiengesellschaft

100.00

Long position	64,945,361
Short position	64,945,361

Deutsche Bank Trust Corporation

28 Liberty Street, New York / 10005, New York (NY), USA (United States)

DB USA Corporation

100.00

Long position	64,945,361
Short position	64,945,361

Deutsche Bank Trust Company Americas

1 Columbus Circle New York / 10019, New York (NY), USA (United States)

Deutsche Bank Trust Corporation

100.00

Long position	64,945,361
Short position	64,945,361

DB Beteiligungs-Holding GmbH

Taunusanlage 12, Frankfurt / 60325, Hessen, Germany

Deutsche Bank Aktiengesellschaft

100.00

Long position	2,353,102
Short position	0

DWS Group GmbH & Co. KGaA

Mainzer Landstraße 11-17, Frankfurt / 60329, Hessen, Germany

DB Beteiligungs-Holding GmbH

79.49

Long position	2,353,102
Short position	0

DWS Beteiligungs GmbH

Mainzer Landstraße 11-17, Frankfurt / 60329, Hessen, Germany

DWS Group GmbH & Co. KGaA

98.28

Long position	2,353,102
Short position	0

DWS Investment GmbH

Mainzer Landstraße 11-17, Frankfurt / 60329, Hessen, Germany

DWS Beteiligungs GmbH

100.00

Long position	2,353,102
Short position	0

DB Beteiligungs-Holding GmbH

Taunusanlage 12, Frankfurt / 60325, Hessen, Germany

Deutsche Bank Aktiengesellschaft

100.00

Long position	19,200
Short position	0

DWS Group GmbH & Co. KGaA

Mainzer Landstraße 11-17, Frankfurt / 60329, Hessen, Germany

DB Beteiligungs-Holding GmbH

79.49

Long position	19,200
Short position	0

DWS International GmbH

Mainzer Landstraße 11-17, Frankfurt / 60329, Hessen, Germany

DWS Group GmbH & Co. KGaA

100.00

Long position	19,200
Short position	0

DB Beteiligungs-Holding GmbH

Taunusanlage 12, Frankfurt / 60325, Hessen, Germany

Deutsche Bank Aktiengesellschaft

100.00

Long position	1,847
Short position	0

DWS Group GmbH & Co. KGaA

Mainzer Landstraße 11-17, Frankfurt / 60329, Hessen, Germany

DB Beteiligungs-Holding GmbH

79.49

Long position	1,847
Short position	0

DWS USA Corporation

1209 Orange Street, Corporation Trust Center, Wilmington / 19801, Delaware (DE), USA (United States)

DWS Group GmbH & Co. KGaA

100.00

Long position	1,847
Short position	0

DBX Advisors LLC

1209 Orange Street, Corporation Trust Center, Wilmington / 19801, Delaware (DE), USA (United States)

DWS USA Corporation

100.00

Long position	1,847
Short position	0

DB Beteiligungs-Holding GmbH

Taunusanlage 12, Frankfurt / 60325, Hessen, Germany

Deutsche Bank Aktiengesellschaft

100.00

Long position	25,000
Short position	0

DWS Group GmbH & Co. KGaA

Mainzer Landstraße 11-17, Frankfurt / 60329, Hessen, Germany

DB Beteiligungs-Holding GmbH

79.49

Long position	25,000
Short position	0

DWS USA Corporation

1209 Orange Street, Corporation Trust Center, Wilmington / 19801, Delaware (DE), USA (United States)

DWS Group GmbH & Co. KGaA

100.00

Long position	25,000
Short position	0

DWS Investment Management Americas, Inc.

1209 Orange Street, Corporation Trust Center, Wilmington / 19801, Delaware (DE), USA (United States)

DWS USA Corporation

100.00

Long position	25,000
Short position	0

DB Beteiligungs-Holding GmbH

Taunusanlage 12, Frankfurt / 60325, Hessen, Germany

Deutsche Bank Aktiengesellschaft

100.00

Long position	3,200
Short position	0

DWS Group GmbH & Co. KGaA

Mainzer Landstraße 11-17, Frankfurt / 60329, Hessen, Germany

DB Beteiligungs-Holding GmbH

79.49

Long position	3,200
Short position	0

DWS Investments UK Limited

21 Moorfields, London / EC2Y 9DB, Greater London, Great Britain

DWS Group GmbH & Co. KGaA

100.00

Long position	3,200
Short position	0

23. Further information in relation to interests held by substantial shareholder jointly with another person:

Name of joint shareholder	Address	Number of shares

24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:

Names of trust	Address	Status code	Number of shares

25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):

Names of other parties	Address	Number of shares

Total number of shares in which a substantial shareholder is interested under sections 317 and 318

26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:

Names	Address	Relationship Code	Percentage (%)

27. Supplementary information:

Deutsche Bank AG via its subsidiary Deutsche Bank Trust Company Americas acting in its capacity as a depositary of the ADR program of the Company has decreased its security interest.

28. Log/Serial Number of the previous form:

29. Number of concert party document(s) under section 317 attached/uploaded:

Date of filing this Form 2:

30/06/2026
(dd/mm/yyyy)