Hikvision 2025 Q3 Report
Stock Exchange Code：002415 Abbreviation of Securities：Hikvision
No：2025-045
Hangzhou Hikvision Digital Technology Co., Ltd.
The Company and all members of the Board of Directors guarantee that the information
disclosed is true, accurate and complete without false records, misleading statements
or material omissions.
Important Content Notes:
Digital Technology Co., Ltd. (hereinafter referred to as the "Company") hereby
guarantee that the information presented in this report shall be together be wholly
liable for the truthfulness, accuracy and completeness of its contents and free of any
false records, misleading statements or material omissions, and will undertake
individual and joint legal liabilities.
the accounting work, and Zhan Junhua, the person in charge of accounting
institution (accounting supervisor) hereby declare and warrant that the financial
information in this report is authentic, accurate, and complete.
□Yes √ No
Hikvision 2025 Q3 Report
I. Key Financial Data
Whether the Company performed a retroactive adjustment or restatement of the previous accounting data
□ Yes √ No
YoY Change between 2025 Q3 YoY Change between 2025
and 2024 Q3 Q1~Q3 and 2024 Q1~Q3
Revenue (RMB) 23,939,742,368.57 0.66% 65,757,782,457.01 1.18%
Net profit attributable to shareholders of the
Company (RMB)
Net profit attributable to shareholders of the
Company excluding non-recurring gains and 3,481,971,466.50 19.73% 8,970,971,794.87 10.06%
losses (RMB)
Net cash flows from operating activities (RMB) — — 13,697,028,509.05 426.06%
Basic earnings per share (RMB/share) 0.399 17.70% 1.014 15.49%
Diluted earnings per share (RMB/share) 0.399 17.70% 1.014 15.49%
Weighted average ROE 4.56% 0.52% 11.43% 0.91%
Change(%) between December 31, 2024 and
On September 30, 2025 On December 31, 2024
September 30, 2025
Total assets (RMB) 129,863,372,985.51 132,016,200,156.14 -1.63%
Net assets attributable to shareholders of the
Company (RMB)
The total share capital of the Company as of the previous trading day of the financial report disclosure:
The total share capital of the Company as of the previous trading day of the financial report disclosure (share) 9,164,871,550
Fully diluted earnings per share calculated using the latest share capital:
Fully diluted earnings per share (RMB/share) calculated with the latest share capital 1.017
Hikvision 2025 Q3 Report
√ Applicable □ Inapplicable
Unit：RMB
Item Amount occurred in the current January 1, 2025–
reporting period (2025 Q3) September 30, 2025
Profit or loss from disposal of non-current assets (including the
write-off for the impairment provision of assets)
Government subsidies included in the current profit and loss
(excluding the government subsidy closely related to regular
course of business of the Company and government subsidy based 266,815,472.20 534,454,157.42
on standard quota or quantitative continuous application according
to the state industrial policy)
Apart from the effective hedging activities related to the
Company's normal business operations, the fair value changes in
financial assets and financial liabilities held by non-financial -18,081,481.87 -102,728,179.45
enterprises, as well as the gains or losses from the disposal of these
financial assets and liabilities.
Investment income generated from the disposal of long-term equity
investments
Profit or loss on debt restructuring -8,314,087.00 -8,314,087.00
Other non-operating income and expenditures except the items
mentioned above
Less: Impact of income tax 42,080,340.93 59,949,789.62
Impact of the minority interests (after tax) 57,138,388.76 90,723,970.17
Total 179,803,463.30 348,152,933.61
Details of other profit and loss items that meet the definition of non-recurring profit and loss:
□ Applicable √ Inapplicable
The Company does not have other specific conditions of profit and loss items that meet the definition of non-
recurring profit and loss.
Explanations on classifying any non-recurring gain/loss item mentioned in the
on Information Disclosure for Companies Offering Their Securities to the Public—Non-recurring Gains and Losses>
as recurring gain/loss item.
□ Applicable √ Inapplicable
The Company does not classify any non-recurring gain/loss item mentioned in the
Losses> as recurring gain/loss item.
Hikvision 2025 Q3 Report
√Applicable □Inapplicable
Item YoY Change Note of changes
(RMB) (RMB)
Net cash flows from
operating activities
Hikvision 2025 Q3 Report
II. Shareholder Information
Information about Top 10 Shareholders
Unit: Share
Total number of preferred shareholders (if any)
Total number of common shareholders at the
end of the reporting period
of the reporting period (if any)
Particulars about top 10 shareholders (Excludes shares lent through refinancing)
The number Pledged, marked or
Share-
Total shares of common frozen
Nature of holding
Name of shareholder held at the shares held
shareholder percentage
period-end with trading Status Amount
(%)
restrictions
Domestic State-
China Electronics Technology HIK Group Co.,
owned 37.28% 3,416,996,509 - Pledged 50,000,000
Ltd.
corporation
Overseas
Gong Hongjia 10.50% 962,504,814 - Pledged 264,908,200
individual
Domestic
Hangzhou Weixun Equity Investment non-state-
Partnership (Limited Partnership) owned
corporation
Shanghai Perseverance Asset Management
Partnership (Limited Partnership) -
Other 3.06% 280,000,000 - - -
Perseverance Adjacent Mountain 1 Yuanwang
Fund
Domestic State-
CETC Investment Holdings Co., Ltd. owned 2.71% 248,366,268 - - -
corporation
Domestic
Hangzhou Pukang Equity Investment non-state-
Partnership (Limited Partnership) owned
corporation
Domestic State-
The 52nd Research Institute at China Electronics
owned 1.97% 180,775,044 - - -
Technology Group Co. Ltd.
corporation
Domestic
Hu Yangzhong 1.70% 155,996,477 116,997,358 - -
Individual
China Life Insurance Co., Ltd. - Traditional -
Other 1.39% 127,550,920 - - -
Ordinary Insurance Product - 005L-CT001 SH
Domestic State-
Central Huijin Investment Co., Ltd. owned 0.71% 64,700,691 - - -
corporation
Particulars about shares held by the Top 10 common shareholders holding shares that are not subject to trading restriction(s)
(Excludes loaned shares through refinancing and lock-up shares of senior executives)
Number of common shares Type of shares
Name of shareholder without trading restrictions
held at the period-end Type Number
China Electronics Technology HIK Group Co.,
Ltd.
Hikvision 2025 Q3 Report
Gong Hongjia 962,504,814 RMB common shares 962,504,814
Hangzhou Weixun Equity Investment
Partnership (Limited Partnership)
Shanghai Perseverance Asset Management
Partnership (Limited Partnership) -
Perseverance Adjacent Mountain 1 Yuanwang
Fund
CETC Investment Holdings Co., Ltd 248,366,268 RMB common shares 248,366,268
Hangzhou Pukang Equity Investment
Partnership (Limited Partnership)
The 52nd Research Institute at China Electronics
Technology Group Co. Ltd
China Life Insurance Co., Ltd. - Traditional -
Ordinary Insurance Product - 005L-CT001 SH
Central Huijin Investment Co., Ltd. 64,700,691 RMB common shares 64,700,691
Industrial and Commercial Bank of China Co.,
Ltd. – Huatai PineBridge CSI 300 Exchange 63,051,156 RMB common shares 63,051,156
Traded Fund
In the aforementioned shareholders, China Electronics Technology HIK Group Co.,
Ltd., CETC Investment Holdings Co., Ltd., and The 52nd Research Institute at China
Electronics Technology Group Co., Ltd. are acting in concert. Mr. Gong Hongjia,
and Hangzhou Pukang Equity Investment Partnership (Limited Partnership) are
Explanation on associated relationship and
acting in concert. Hu Yangzhong and Hangzhou Weixun Equity Investment
concerted actions among above shareholders
Partnership (Limited Partnership) are acting in concert. Except for these, the
Company does not know whether the other shareholders are related parties or
whether they are acting-in-concert parties in accordance with the Administration of
the Takeover of Listed Companies Procedures.
Situation of shareholders holding more than 5% of the shares, the top 10 shareholders, and the top 10 shareholders
of common shares without trading restrictions participating in the lending of shares in the refinancing business
□Applicable √Inapplicable
Changes of the top 10 shareholders and the top 10 shareholders that are not subject to trading restriction compared
with the previous period due to refinancing, lending/repayment issues
□ Applicable √ Inapplicable
□ Applicable √ Inapplicable
Hikvision 2025 Q3 Report
III. Significant Events
√Applicable □Inapplicable
repurchased shares
Based on the firm confidence in the Company's future development prospects and the high recognition of its long-
term value, the Chairman of the board proposed a share repurchase on October 18, 2024. The proposal was reviewed
and approved at the 4th Meeting of the Sixth Board of Directors on December 9, 2024, and the 2024 2nd
Extraordinary General Meeting on December 25, 2024, through the Share Repurchase Plan Proposal. The company
is authorized to repurchase a portion of its domestically issued RMB ordinary shares (A-shares) via centralized
bidding on the Shenzhen Stock Exchange. The total repurchase amount shall not exceed RMB2.50 billion (inclusive)
and shall be no less than RMB2.00 billion (inclusive), with a maximum repurchase price of RMB 40 1 per share
(inclusive). Funding sources include the Company's own capital and a dedicated share repurchase loan. The
repurchase period shall not exceed 12 months from the date of shareholder approval. The repurchased shares will
be canceled to reduce registered capital. For details, refer to the announcements published on October 19, December
of the Fourth Meeting of the Sixth Board of Directors, Announcement on the Share Repurchase Plan, Resolution of
the 2024 Second Extraordinary General Meeting, and Share Repurchase Report.
On December 26, 2024, the Company completed its first repurchase of 4,003,019 shares via a dedicated securities
account through centralized bidding, representing 0.0434% of the total shares outstanding at the time of the
repurchase. The highest and lowest transaction prices were RMB 31.50/share and RMB 31.06/share, respectively,
with a total share value of RMB 125,613,283.27 (excluding transaction fees). During the implementation period of
the share repurchase, the company strictly complies with the relevant legal and regulatory requirements, announcing
the repurchase progress as of the end of the previous month within the first three trading days of each month. The
company promptly fulfills its obligation to disclose the progress of the repurchase. For details, refer to the
Announcement on the First Repurchase of Company Shares, published on the CNINFO website on December 27,
Due to the implementation of the 2024 annual rights distribution, the upper limit of the repurchase price has been adjusted to RMB
Hikvision 2025 Q3 Report
As of the market close on August 28, the Company has cumulatively repurchased 68,326,776 shares through a
dedicated securities repurchase account using the centralized bidding trading method. This represents 0.74% of the
total pre-cancellation share capital (9,233,198,326 shares). The highest transaction price was RMB 32.70 per share,
the lowest transaction price was RMB 27.06 per share, and the average transaction price was RMB 29.69 per share.
The total transaction amount was RMB 2,028,349,444.12 (excluding transaction fees). The funds for this repurchase
came from the Company’s own funds and a special loan for share repurchase, and the repurchase price did not
exceed the upper limit set in the repurchase plan. The Company has completed the implementation of this share
repurchase plan. On September 4, 2025, the company completed the cancellation procedures for the above shares
at China Securities Depository and Clearing Co., Ltd., Shenzhen Branch. For more details, refer to Announcement
on the Implementation Results and Share Changes of the Share Repurchase and Announcement on the Completion
of Share Repurchase Cancellation and Share Changes, published on the CNINFO website on August 29, 2025, and
September 9, 2025 respectively.
To further enhance shareholder returns, increase shareholder satisfaction, and boost confidence in the Company’s
future development, on August 11, 2025, Mr. Hu Yangzhong, the Company’s chairman, proposed that the company
formulate and implement a 2025 interim dividend plan. The Company held its Seventh Meeting of the Sixth Board
of Directors on September 5, 2025, and the First Extraordinary General Meeting of 2025 on September 23, 2025,
to review and approve the Proposal on the 2025 Interim Dividend Plan. The plan agreed to distribute a cash dividend
of RMB 4.00 (tax included) per 10 shares to all shareholders based on the total number of shares entitled to profit
distribution as of the record date for the 2025 interim dividend (i.e., the current total share capital of 9,164,871,550
shares), with no bonus shares issued and no capital reserve conversion. The total amount of this cash dividend is
RMB 3,665,948,620.00. The record date for this semi-annual rights distribution is October 9, 2025, and the ex-date
is October 10, 2025. The Company has completed the implementation of the semi-annual rights distribution plan.
For more details, see the Announcements published on the CNINFO website on August 12, 2025, September 6,
the 2025 Interim Dividend, Announcement on the 2025 Interim Dividend Plan, and Announcement on the
Implementation of the 2025 Semi-Annual Rights Distribution.
Hikvision 2025 Q3 Report
IV. Quarterly Financial Reports
Unit: RMB
Item September 30, 2025 December 31, 2024
Current Assets:
Cash and bank balances 36,650,972,737.97 36,271,488,337.03
Derivative financial assets 6,060,739.31 26,775,923.93
Notes receivable 2,794,651,394.59 2,722,596,142.46
Accounts receivable 33,173,991,626.82 37,910,128,735.42
Receivables for financing 1,903,857,102.80 2,291,648,244.05
Prepayments 711,294,664.61 664,602,593.01
Other receivables 587,756,665.24 531,344,606.50
Inventories 20,105,048,915.91 19,110,711,958.11
Contract assets 958,384,099.80 985,822,785.69
Non-current assets due within one year 671,208,361.54 894,327,647.82
Other current assets 1,278,645,132.31 1,071,066,653.10
Total Current Assets 98,841,871,440.90 102,480,513,627.12
Non-current Assets:
Long-term receivables 250,492,421.42 380,453,188.09
Long-term equity investment 1,638,181,782.48 1,527,223,390.79
Other non-current financial assets 475,993,325.46 472,000,082.76
Fixed assets 16,787,289,311.27 15,063,752,296.49
Construction in progress 4,569,842,911.63 4,699,473,381.21
Right-of-use assets 450,330,390.28 530,138,023.79
Intangible assets 1,852,100,830.16 1,828,287,135.99
Goodwill 312,187,169.01 312,165,129.29
Long-term deferred expenses 135,088,800.91 162,841,758.91
Deferred tax assets 2,317,960,595.41 2,206,191,157.06
Other non-current assets 2,232,034,006.58 2,353,160,984.64
Total Non-current Assets 31,021,501,544.61 29,535,686,529.02
Total Assets 129,863,372,985.51 132,016,200,156.14
Current Liabilities:
Short-term borrowings 1,478,839,687.75 1,031,895,812.62
Derivative financial liabilities 7,469,351.47 1,874,341.64
Notes payable 423,074,018.58 1,197,128,746.56
Accounts payable 17,544,873,021.16 20,185,303,107.69
Hikvision 2025 Q3 Report
Item September 30, 2025 December 31, 2024
Contract liabilities 3,596,901,370.41 3,353,943,054.24
Payroll payable 6,018,465,709.07 5,666,415,834.10
Taxes payable 1,887,982,835.06 1,535,936,096.02
Other payables 5,575,765,631.77 3,528,359,044.48
Including: dividends payable 2,077,144,117.19 186,793.11
Non-current liabilities due within one year 3,824,770,730.18 767,030,688.91
Other current liabilities 376,930,931.62 377,117,275.65
Total Current Liabilities 40,735,073,287.07 37,645,004,001.91
Non-current Liabilities:
Long-term borrowings 1,357,343,268.55 5,119,185,000.00
Lease liabilities 306,827,886.52 375,432,749.68
Long-term payables 9,749,569.60 9,780,220.80
Provisions 351,327,201.61 305,250,049.71
Deferred income 823,446,188.87 874,512,073.53
Deferred tax liabilities 130,584,318.84 112,711,363.52
Other non-current liabilities 177,518,573.22 74,029,948.84
Total Non-current liabilities 3,156,797,007.21 6,870,901,406.08
Total Liabilities 43,891,870,294.28 44,515,905,407.99
Owners’ Equity
Share capital 9,164,871,550.00 9,233,198,326.00
Capital reserves 4,302,740,979.56 6,181,644,265.06
Less: Treasury shares - 310,044,296.12
Other comprehensive income 28,149,471.40 (111,510,486.21)
Surplus reserves 4,715,460,312.00 4,715,460,312.00
Retained earnings 60,182,847,561.63 60,959,912,942.15
Total owners' equity attributable to owner
of the Company
Minority equity 7,577,432,816.64 6,831,633,685.27
Total Owners' Equity 85,971,502,691.23 87,500,294,748.15
Total Liabilities and Owners' Equity 129,863,372,985.51 132,016,200,156.14
Legal Representative: Hu Yangzhong
Person in Charge of the Accounting work: Jin Yan
Person in Charge of Accounting Institution: Zhan Junhua
Hikvision 2025 Q3 Report
Unit: RMB
Item 2025 Q1~Q3
(Restated)
I. Revenue 65,757,782,457.01 64,991,467,788.45
II．Total Operating Costs 55,686,958,076.14 55,973,716,430.00
Less: Cost of sales and services 35,925,957,434.61 36,045,818,382.36
Business taxes and surcharges 580,526,397.79 518,733,466.76
Selling expenses 8,848,755,711.92 8,543,958,715.48
Administrative expenses 2,228,082,915.85 2,261,849,315.30
Research and development (R&D)
expenses
Financial expenses (634,384,331.96) (132,864,387.63)
Including：Interest expenses 153,576,328.82 316,839,376.56
Interest income 392,986,285.68 712,317,025.99
Add: Other income 2,077,470,226.71 1,938,138,530.25
Investment income (loss"-") 142,210,131.47 37,783,854.68
Including: Investment gains (losses) in
associated enterprise and joint-venture 171,642,463.57 (89,958,117.85)
enterprise
Gains on derecognition of financial assets
measured at amortized cost
Gains (loss"-") from changes in fair values (26,762,278.99) 7,519,902.82
Credit impairment losses ("-") (346,820,752.43) (600,045,342.10)
Impairment losses ("-") of assets (318,298,549.51) (269,141,180.16)
Asset disposal income (loss"-") 19,524,387.58 (13,809,533.99)
III. Operating Profit (loss"-") 11,618,147,545.70 10,118,197,589.95
Add: Non-operating income 53,542,089.72 51,891,881.12
Less: Non-operating expenses 12,125,089.21 19,894,367.06
IV. Total Profit (loss"-") 11,659,564,546.21 10,150,195,104.01
Less: Income tax expenses 1,405,797,200.10 1,242,370,816.25
V. Net Profit (loss"-") 10,253,767,346.11 8,907,824,287.76
(a) Net profit (loss) on continuous
operation
(b) Net profit (loss) on terminated
- -
operation
ownership
(a) Net profit attributable to owners of 9,319,124,728.48 8,107,748,494.46
Hikvision 2025 Q3 Report
Item 2025 Q1~Q3
(Restated)
parent company
(b) Profit or loss attributable to minority
shareholders
VI. Other Comprehensive Income, Net of
Income Tax 213,152,756.92 (239,996,824.05)
Other comprehensive income attributable to
owners of the Company, net of tax 139,659,957.61 (126,255,854.26)
(I) Items that will not be reclassified
- -
subsequently to profit or loss
(II) Other comprehensive income to be
reclassified to profit or loss in subsequent 139,659,957.61 (126,255,854.26)
periods
conversion of financial statements 139,659,957.61 (126,255,854.26)
denominated in foreign currencies
Other comprehensive income attributable to
minority interests, net of tax
VII. Total Comprehensive Income 10,466,920,103.03 8,667,827,463.71
Total comprehensive income attributable to
owners of the parent company 9,458,784,686.09 7,981,492,640.20
Total comprehensive income attributable to
minority shareholders
VIII. Earnings Per Share
(I) Basic earnings per share 1.014 0.878
(II) Diluted earnings per share 1.014 0.878
Legal Representative: Hu Yangzhong
Person in Charge of the Accounting work: Jin Yan
Person in Charge of Accounting Institution: Zhan Junhua
Unit: RMB
Item 2025 Q1~Q3 2024 Q1~Q3
I. Cash Flows from Operating Activities:
Cash received from sale of goods or rendering of services 78,369,270,196.90 67,372,383,421.35
Receipts of tax refunds 3,236,882,063.37 3,213,608,844.77
Other cash receipts relating to operating activities 1,186,697,756.92 1,296,159,457.61
Sub-total of cash inflows from operating activities 82,792,850,017.19 71,882,151,723.73
Cash payments for goods purchased and services received 43,989,344,135.13 43,319,394,936.84
Cash paid to and on behalf of employees 15,020,772,578.45 15,514,458,996.41
Payments of various types of taxes 4,871,467,136.41 4,712,595,300.53
Other cash payments relating to operating activities 5,214,237,658.15 5,731,977,415.15
Sub-total of cash outflows from operating activities 69,095,821,508.14 69,278,426,648.93
Net Cash Flows from Operating Activities 13,697,028,509.05 2,603,725,074.80
Hikvision 2025 Q3 Report
Item 2025 Q1~Q3 2024 Q1~Q3
II. Cash Flows from Investing Activities:
Cash receipts from recovery of investments 3,485,922,506.33 1,942,144,541.12
Cash receipts from investment income 94,952,951.57 67,033,430.58
Net cash receipts from disposals of fixed assets, intangible
assets and other long-term assets
Other cash receipts relating to investing activities 83,324,543.71 43,213,496.63
Sub-total of cash inflows from investing activities 3,781,017,691.90 2,057,757,714.78
Cash payments to acquire or construct fixed assets,
intangible assets and other long-term assets
Cash paid to acquire investments 3,526,776,934.84 1,985,960,403.43
Sub-total of cash outflows from investing activities 6,611,730,867.39 5,373,523,791.86
Net Cash Flows from Investing Activities (2,830,713,175.49) (3,315,766,077.08)
III. Cash Flows from Financing Activities:
Cash receipts from borrowings 2,958,594,145.25 5,701,717,778.30
Other cash receipts relating to financing activities - 2,007,056.47
Sub-total of cash inflows from financing activities 2,958,594,145.25 5,703,724,834.77
Cash repayments of borrowings 3,214,101,612.10 14,450,997,152.86
Cash payments for distribution of dividends or profits or
settlement of interest expenses
Other cash payments relating to financing activities 1,891,269,646.27 2,953,233,662.83
Sub-total of cash outflows from financing activities 13,551,421,248.97 26,296,406,246.85
Net Cash Flows from Financing Activities (10,592,827,103.72) (20,592,681,412.08)
IV. Effect of Foreign Exchange Rate Changes on Cash and
Cash Equivalents
V. Net Increase in Cash and Cash Equivalents 321,014,123.53 (21,348,369,988.13)
Add: Opening balance of Cash and Cash Equivalents 36,053,042,380.29 49,427,967,355.78
VI. Closing Balance of Cash and Cash Equivalents 36,374,056,503.82 28,079,597,367.65
Legal Representative: Hu Yangzhong
Person in Charge of the Accounting work: Jin Yan
Person in Charge of Accounting Institution: Zhan Junhua
accounting standards or interpretation of standards since 2025.
□Applicable √Inapplicable
Whether audit has been performed on the 2025 3rd quarter financial report
Hikvision 2025 Q3 Report
□ Yes √ No
The Company’s 2025 3rd quarter financial report has not been audited.
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD.
Board of Directors
October 18, 2025
Note:
This document is a translated version of the Chinese version 2025 3rd Quarter Report (“2025 年第三季度报告”),
and the published announcements in the Chinese version shall prevail. The complete published Chinese 2025 3rd
Quarter Report may be obtained at www.cninfo.com.cn.
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