On April 17, Hikvision unveiled its 2025 annual report, revealing a total revenue of RMB 92.508 billion for the year, marking a marginal 0.01% increase from the previous year. Net profit attributable to shareholders rose by 18.52% to RMB 14.195 billion.

Hikvision maintained its growth trajectory in the first quarter of 2026, with quarterly revenue hitting RMB 20.715 billion, up 11.78% year-on-year. Net profit attributable to shareholders soared by 36.42% to RMB 2.781 billion. Both revenue and net profit achieved double-digit growth, setting a solid foundation for the year ahead.

Annual Dividends Surpass RMB 10 Billion, Benefiting Shareholders

Representing 74.25% of 2025’s Net Profit Attributable to Shareholders

Amidst stable operations and robust profitability, Hikvision has demonstrated its commitment to shareholders by offering generous rewards. The company's 2025 profit distribution plan includes a cash dividend of RMB 7.50 per 10 shares, totaling a proposed cash dividend of RMB 6.874 billion. The total estimated cash dividends for 2025 are expected to reach approximately RMB 10.540 billion (inclusive of the completed interim dividend for 2025), accounting for 74.25% of the company’s 2025 net profit attributable to shareholders.

Since its listing in 2010, Hikvision has distributed a cumulative total of RMB 75.375 billion in dividends and repurchased shares worth RMB 4.072 billion, rewarding shareholders with a combined total of RMB 79.447 billion. This reflects the company's consistently high dividend payout ratio.

Furthermore, Hikvision’s net cash flow from operating activities in 2025 reached RMB 25.339 billion, a significant 91.04% increase year-on-year, underscoring the company’s strong financial health and providing a solid foundation for its long-term development.

Q1 Performance Off to a Strong Start

Net Profit Climbs 36.42% Year-on-Year

The first-quarter operating results highlight the continued improvement in Hikvision’s operational capabilities. Despite the impact of rising upstream raw material prices on gross margins, AI large model products are transitioning from introduction to rapid growth, with research and development, management, and sales expenses increasing by only 4.86% year-on-year.

Key operating metrics for the first quarter include a total operating revenue growth of 11.78% to RMB 20.715 billion and a net profit attributable to shareholders increase of 36.42% to RMB 2.781 billion. The gross margin improved by 4.16 percentage points to 49.09%. Receivables and payables declined by RMB 2.654 billion and RMB 2.676 billion, respectively, on a quarterly basis, while raw material inventory saw a significant increase, rising from RMB 20.472 billion to RMB 24.382 billion.

“Since the company’s inception, management has consistently evaluated whether we are pursuing the right endeavors and whether we are on the correct path. Adapting to changes in the era, adhering to technological innovation, maintaining an entrepreneurial spirit, and cautiously managing risks,” Hikvision stated. As 2026 marks the 25th anniversary of Hikvision’s founding, the company is committed to delivering outstanding performance to reward all shareholders.

Fully Embracing AI Large Models

Fostering New Growth Momentum

“Artificial intelligence has emerged as the core driving force behind the new wave of technological revolution and industrial transformation. AI large models are propelling product innovation and operational efficiency improvements at an unprecedented pace and depth,” Hikvision said. AI large model technology is being deeply integrated into the company’s product offerings. In 2025, Hikvision launched hundreds of AI large model products, achieving comprehensive coverage across cloud, edge, and endpoint products.

At the perception algorithm level, Hikvision’s Guanlan IoT perception large model has fully encompassed multi-dimensional perception products, achieving a leap in perception accuracy and significantly optimizing target detection rates and precision in complex environments. For instance, the audio large model has enhanced the interception rate of abnormal parts in equipment quality inspection scenarios by 70%, while the X-ray large model has reduced the false negative rate in security inspections for prohibited items by 70%.

Leveraging the Guanlan large model platform, Hikvision has developed a series of vertical large models for work safety, public safety, natural disasters, and industrial applications, achieving large-scale deployment in scenarios such as work safety, urban management, water conservancy, and industrial manufacturing.

In terms of model optimization, Hikvision has halved large model memory usage through core technology breakthroughs such as model structure optimization and model compression, establishing a cost-effective application deployment model and effectively lowering the barrier to industry adoption of large model technology. For deployment, Hikvision adopts a system architecture that integrates edge, domain, and cloud, along with front-end and back-end collaboration and a combination of large and small models. Through efficient linkage between front-end perception devices and back-end computing systems, the company achieves efficient and low-cost implementation of large model systems.

Simultaneously, Hikvision’s large model capabilities are being deeply applied across various facets of the company, including R&D, supply chain, marketing, and services, driving its own digital and intelligent transformation and continuously enhancing core competencies. In 2025, Hikvision’s “Digital and Intelligent Quality” management model won the Fifth China Quality Award, and its smart factory was selected for the first batch of national “Leading Smart Factory” cultivation lists.

Consistent Performance Improvement

AIoT Strategy Gradually Yielding Results

In terms of specific data, in 2025, Hikvision’s domestic main business revenue reached RMB 39.845 billion, accounting for 43.07% of the company’s total revenue; overseas main business revenue was RMB 27.217 billion, representing 29.42% of total revenue; and innovative business revenue amounted to RMB 25.446 billion, making up 27.51% of total revenue.

In 2025, for domestic operations, Hikvision’s scenario-based digitalization business continued to make breakthroughs, opening up new growth avenues, while SMBG channel operational efficiency significantly improved. For overseas operations, developing countries maintained rapid growth, major projects in key regions achieved breakthroughs, non-distribution revenue accounted for over 30%, and non-video products such as access control, alarms, and commercial displays grew rapidly, forming a second growth curve on the product side. Among innovative businesses, Hikvision Robot, Hikvision Fluorite Network, Hikvision Microimaging, and Hikvision Automotive Electronics remained at the forefront of their respective segments, becoming new growth engines for the company.

Hikvision stated that in 2026, innovative businesses such as Hikvision Storage, Hikvision Microimaging, and Hikvision Robot will experience rapid development, with both revenue and net profit expected to achieve significant growth, serving not only as important revenue growth points but also as key profit growth drivers for the company.

“The domestic and international environments are undergoing significant changes and adjustments, and the company’s operational focus has gradually shifted from pursuing revenue scale growth to improving operational quality,” Hikvision mentioned in its annual report. After nearly a decade of expansion, the company has completed its business layout in the intelligent IoT (AIoT) field, with results gradually becoming evident. In 2026, the company will continue to refine its business strategies, optimize operational mechanisms and resource allocation, and further improve operating performance.

Sustained High R&D Investment

RMB 59.454 Billion Invested Over the Past Six Years

Technological innovation has consistently been the driving force behind Hikvision’s development. The annual report revealed that in 2025, Hikvision’s R&D investment reached RMB 11.753 billion, accounting for 12.70% of revenue. Over the past six years, cumulative R&D investment has amounted to RMB 59.454 billion, with the R&D expense ratio consistently maintained above 10%. In addition to its Hangzhou headquarters, the company has established multiple local R&D centers domestically and overseas, forming a multi-tiered R&D system with the headquarters as the hub and global reach. R&D and technical service personnel make up nearly 50% of the total workforce, providing a solid talent foundation for continuously breaking through technological barriers.

Leveraging its technological and R&D accumulations, the company has continued to strengthen the implementation of its achievements and patent strategy. As of the end of 2025, the company had been granted a cumulative total of 12,981 patents worldwide, with invention patents accounting for 57%, building a strong intellectual property barrier.

Based on this innovative foundation, Hikvision continues to enrich its product matrix, offering over 30,000 hardware product models and hundreds of software products, including industry-leading innovative achievements: the “Fusion Spectrum Coal Quality Rapid Analyzer,” jointly developed with China Energy, received domestic first-of-its-kind equipment certification through breakthroughs in multi-dimensional perception and AI models; the “Ultra-Long-Distance Belt Conveyor Idler Acoustic Monitoring System,” which innovatively applies fiber optic technology, won the sole gold medal at the 2025 China Innovation Method Competition National Finals.