Hangzhou Hikvision Digital Technology (002415) Q4 2025 earnings summary

Executive summary

• Shifted operational focus from revenue growth to improving operational quality amid changing global and domestic environments.

• Achieved initial results in AIoT business layout, with hundreds of large-scale AI model products launched in 2025.

• Internationalization remains a key growth driver, with overseas revenue growing steadily and a refined “one country, one strategy” approach.

• Eight innovative business subsidiaries have reached scale and improved profitability, contributing to overall growth.

• Won the Fifth China Quality Award for “Digital and Intelligent Quality” management and selected as a “Leading Smart Factory.”

Financial highlights

• 2025 revenue: RMB 92.51 billion, up 0.01% year-over-year.

• Net profit attributable to shareholders: RMB 14.20 billion, up 18.52% year-over-year.

• Net cash flows from operating activities: RMB 25.34 billion, up 91.04% year-over-year.

• Basic and diluted EPS: RMB 1.546, up 19.20% year-over-year.

• Gross margin: 45.88%, up 2.05 percentage points year-over-year.

• Total assets: RMB 138.05 billion; net assets attributable to shareholders: RMB 83.35 billion.

• Cash dividend of RMB 7.50 per 10 shares proposed for 2025.

Outlook and guidance

• Will deepen application of Guanlan Large-scale AI Models and promote scenario-based digital business.

• Plans to expand innovative businesses and increase non-video and non-distribution project revenue overseas.

• Focus on digital transformation, supply chain optimization, and operational efficiency in 2026.