每经记者｜刘明涛 每经编辑｜彭水萍 凭借周五大涨3.59%，安防龙头海康威视8月实现"开门红"！收盘后，海康威视公布2025年半年报，公司 上半年实现营业收入418.18亿元，同比增长1.48%；归母净利润56.57亿元，同比增长11.71%。在积极把 握AI大模型技术突破带来的发展机遇，业绩重回上升通道的同时，海康威视市值也正重新迈向3000亿 元大关。 | 复权 極加 多股 | 统计 | 画线 | F10 | 标记 +自选 返回 | | | 8002415 海康威视 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ○ ○ | | 二四 | 10.15% 李芳 | 1356 | | | | | | | 65.00 | 实力 | 29.15 | 1871 | | | | | | | | | 29.14 | 843 | | | | | | | | | 29.13 | 426 | | | | | | | | | 29.12 | 1273 | | | | | | | 55 01 | | 29.11 | 1290 | | | ...

Group 1 - OpenAI is expected to release a significant number of new models and products in the coming months, including GPT-5, although it faces data bottlenecks and technical challenges [2][3][5] - Anthropic has cut off OpenAI's access to its Claude AI model API, citing violations of service terms, which may impact competition between Claude and GPT-5 [7][8][9] - Tesla has been reported to owe over $110 million to suppliers, leading to the bankruptcy of at least two small companies, highlighting issues with its payment practices [10][11] Group 2 - Hikvision is currently in the process of IPO for its robotics division, indicating strong performance in the domestic robotics industry [15] - Microsoft reported a 24% increase in net profit for Q4 2025, despite laying off 9,000 employees, driven by strong performance in its Microsoft 365 and Azure services [16][17] - ByteDance has clarified that the average tenure of its employees is around 3 years, countering rumors of a high turnover rate [14] Group 3 - Apple has faced talent loss in its AI division, with four researchers leaving for Meta, prompting CEO Tim Cook to reassure employees about the company's AI strategy [20][21] - Meta is planning significant capital expenditures for AI infrastructure, with expectations of spending between $66 billion to $72 billion in 2025 [19] - The Chinese AI market has seen over 3.1 billion registered users for large model applications, indicating rapid growth in AI adoption [24]

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《计算机持仓占比低位！AI 链商业化拐点 将至！——计算机行业周报 20250721- 20250725》 2025/07/26 《Kimi K2 发布获多项开源 SOTA！美国天 才法案通过！——计算机行业周报 20250714-20250718 》 2025/07/19 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230123060004 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230123090010 chenqh@swsresearch.com 联系人 罗宇琦 (8621)23297818× luoyq@swsre ...

人民财讯8月3日电，海康威视（002415）在业绩说明会上表示，展望2025年全年，预计：1)全年归母净 利润实现10%以上增长，下半年扣非净利润增速高于上半年，业绩逐季上行；2)全年的经营费用同比大 致持平；3)继续"以利润为中心"，严控应收款，追求高质量的收入增长，预计2025年下半年的收入保持 同比正增长。 ...

Core Viewpoint - Hikvision reported a steady growth in revenue and net profit for the first half of 2025, demonstrating the company's operational strength amidst external uncertainties [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 41.818 billion yuan, a year-on-year increase of 1.48% [1]. - The net profit attributable to shareholders was 5.657 billion yuan, reflecting an increase of 11.71% compared to the same period last year [1]. - The company's overseas business grew steadily, with a year-on-year increase of 6.9%, while innovative business segments saw a significant growth of 13.9%, becoming the main source of growth [1]. Group 2: Operational Efficiency - The company optimized its operational system and implemented refined management practices, leading to improved performance quality [2]. - Management expenses decreased by 5.33% year-on-year, indicating effective cost control [2]. - The net cash flow from operating activities turned positive, showcasing an improvement in revenue quality [2]. Group 3: Strategic Initiatives - The company is actively enhancing its AI technology capabilities, which are expected to benefit its core business [2]. - Hikvision is expanding its digital business scenarios and increasing investment in overseas market marketing to boost international revenue [2]. - The company aims to leverage its understanding of the smart IoT industry to drive the practical application of multimodal large model technology, supporting the digital transformation of society [2].

人民财讯8月2日电，海康威视（002415）8月2日在业绩说明会上表示，经过多年的积累，海康绝大部分 的产品线都已结合AI技术推出了AI产品，为千行百业提供了众多系列的AI硬件产品。从深度学习进入 到AI大模型，AI硬件产品的泛化能力得到大幅提升。过去几年，海康一直在AI大模型上持续投入。到 今年上半年，公司已推出数百款大模型产品。 ...

证券代码：002415 证券简称：海康威视 杭州海康威视数字技术股份有限公司投资者关系活动记录表 编号：2025-8-2 | 投资者关系 | □特定对象调研 □分析师会议□现场参观 | | | | | --- | --- | --- | --- | --- | | 活动类别 | □媒体采访 √业绩说明会 | □新闻发布会 | | | | | □路演活动 □其他 （） | | | | | | Atebin Capital Mathew Vanover；Black Rock Globallimited | | 神玉飞；IGWT Investment 廖 | | | | 克铭；安和(广州)私募 王珏；北大方正人寿保险 | 孟婧、付丹婷；北京诚旸投资 | 尹竞超； | | | | 北京枫泉资管 陶静；北京高信百诺资管 | 李广帅；北京缪斯金服资管 | 韩月；北京润泽财富 | | | | 资管 郑旭；北京神农资管 汪洋；北京盛曦资管 | 吕心渊；北京源阖资管 | 刘春昊；博时基金 | | | | 谢泽林、符昌铨；博裕资本资管 | 姜涵奕；财通证券 郭琦、杨烨、吴姣晨、郑元昊；财通证 | | | | | 券资管 邓芳程； ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 02 年 月 日 海康威视（002415.SZ） 半年报业绩扎实稳健，精细化管理带来高质量发展 事件：海康威视发布 2025 年半年报，2025H1 公司实现营业总收入 418.18 亿元，比上年同期增长 1.48%；实现归属于上市公司股东的净利润 56.57 亿元，比上年同期增长 11.71%。 抵御外部不确定性，收入端与利润端仍然实现稳健成长，凸显公司经营实 力。2025 年上半年，全球经济复苏动力不均，外部不确定性依然突出；国 内稳经济政策多措并举，经济展现出一定韧性但能见度较低，企业与社会 数字化转型升级进程在波动起伏中前进。面对复杂多变的国内外环境，海 康威视坚持稳扎稳打，以积极、审慎的态度应对各种不确定性，2025H1 仍 旧实现营业总收入 1.48%的增长和归母净利润 11.71%的增长，凸显公司 经营的稳健性。 境外业务平稳增长，创新业务提供最重要增长动能。2025H1，境外主业同 比增长 6.9%，成长平稳；创新业务同比增长 13.9%，是公司当前主要分 业务中增长最快的部分，为公司提供最重要的成长动力源泉。 优化运营体 ...

Core Viewpoint - Hikvision reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a focus on profitability and operational efficiency amidst changing market conditions [2][5]. Financial Performance - The company achieved total revenue of 41.818 billion yuan, a year-on-year increase of 1.48% [2] - Net profit attributable to shareholders was 5.657 billion yuan, reflecting an 11.71% increase compared to the same period last year [2] - The net cash flow from operating activities was 5.343 billion yuan, accounting for 94% of net profit [2] Strategic Adjustments - Starting from the second half of 2024, the company will implement comprehensive adjustments centered on profitability, including organizational changes and refined management practices [2] - The company is shifting its focus from revenue to profit in sales assessments across domestic and international business centers [3] - The SMBG (Small and Medium Business Group) will transition to vertical management, enhancing channel sales efficiency [3] AI and Product Development - AI large models are identified as a new growth driver, with the company having invested in AI technology since 2006 [3][4] - The company has launched hundreds of AI large model products, covering cloud, edge, and domain architectures [4] - Applications of AI products span various sectors, including industrial manufacturing, power, urban governance, and traffic management, significantly improving operational safety and quality control [4] Future Outlook - The company anticipates a net profit growth of over 10% for the full year of 2025, with expectations for sequential improvement in performance [5][6] - Operating expenses are projected to remain stable year-on-year, with a continued focus on high-quality revenue growth and stringent control of receivables [6]

Core Viewpoint - Hikvision's 2025 semi-annual report shows a revenue of 41.818 billion yuan, a year-on-year increase of 1.48%, and a net profit of 5.657 billion yuan, up 11.71% from the previous year, indicating a focus on profit quality over revenue growth [1][2]. Financial Performance - The company achieved a net cash flow from operating activities of 5.343 billion yuan, representing 94% of the net profit attributable to shareholders, compared to a cash outflow of 1.9 billion yuan in the same period last year [1]. - As of the end of the first half, total accounts receivable and notes receivable amounted to 37.257 billion yuan, a decrease of 3.376 billion yuan from the end of last year and a decline of 0.432 billion yuan from the end of the first quarter [3]. Strategic Adjustments - Starting from the second half of 2024, Hikvision has shifted its focus from revenue to profit, implementing organizational changes and refined management practices [2]. - The company is managing product lines by categorizing them, optimizing regional sales assessments based on profit rather than revenue, and restructuring the management of its small and medium-sized business group [2]. - The adjustments have led to improved gross margins in core businesses and a significant reduction in accounts receivable, indicating early success in the company's strategic shift [2][3]. AI Development - Hikvision has been investing in AI since 2006, with significant advancements in deep learning technologies for various applications, including facial recognition and behavior analysis [4]. - The company has launched hundreds of AI model products that cover cloud, edge, and domain architectures, enhancing the versatility of its AI hardware offerings [4]. - AI products are being applied across multiple sectors, including industrial manufacturing and urban management, with notable improvements in safety and quality control [5]. Future Outlook - Hikvision anticipates a net profit growth of over 10% for the full year of 2025, with expectations for sequential improvement in performance throughout the year [6]. - The company emphasizes maintaining operational efficiency and product focus while continuing to embrace AI advancements to foster new growth opportunities [7].