海康威视(002415) - 2025 Q2 - 季度财报

Important Notices, Table of Contents, and Definitions Important Notices and Risk Factors This section outlines eleven major operational risks, including economic transitions, geopolitical issues, and supply chain vulnerabilities - The company advises investors to be aware of 11 primary risks[6][7][8] - Macro and Market Risks: Domestic economic transition, global economic downturn, and geopolitical uncertainty - Operational and Technological Risks: Rapid technological updates, increasing internal management complexity, and potential supply chain disruptions - Financial and Compliance Risks: Declining customer payment capacity, stricter legal compliance, exchange rate fluctuations, cybersecurity, and intellectual property disputes Definitions This section defines key terms used in the report, specifying the components of the company's innovative businesses - The report defines key terms, clarifying that "innovative businesses" include EZVIZ Network, Hikrobot, Hikauto, HIKMICRO, HIKSEMI, and others[13] Company Profile and Key Financial Indicators Company Profile This section provides basic corporate information, including stock ticker, legal representative, and contact details | Item | Information | | :--- | :--- | | Stock Name | HIKVISION | | Stock Code | 002415 | | Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Hu Yangzhong | Key Accounting Data and Financial Indicators The company's revenue reached RMB 41.82 billion, and net profit attributable to shareholders grew by 11.71% | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 41,818,040,088.44 | 41,209,096,206.36 | 1.48% | | Net Profit Attributable to Shareholders (RMB) | 5,657,349,798.68 | 5,064,118,857.29 | 11.71% | | Net Cash Flow from Operating Activities (RMB) | 5,343,019,637.89 | -189,636,040.90 | 2917.51% | | Basic Earnings Per Share (RMB/Share) | 0.615 | 0.539 | 14.10% | | Weighted Average Return on Equity | 6.85% | 6.51% | 0.34% | | Total Assets (RMB) | 124,414,765,281.12 | - | -5.76% (vs. Prior Year-End) | | Net Assets Attributable to Shareholders (RMB) | 78,552,358,426.86 | - | -2.62% (vs. Prior Year-End) | Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled RMB 168 million, mainly from government subsidies offset by fair value losses | Item | Amount (RMB) | | :--- | :--- | | Government Subsidies | 267,638,685.22 | | Fair Value Gains/Losses on Financial Assets/Liabilities | (84,646,697.58) | | Other Non-operating Income and Expenses, Net | 29,239,300.73 | | Total | 168,349,470.31 | Management Discussion and Analysis Analysis of Core Business Operations Innovative businesses drove growth with a 13.92% revenue increase, offsetting a slight decline in domestic operations - The company maintained steady overall performance, with net profit growth (11.71%) significantly outpacing revenue growth (1.48%), indicating successful efforts in enhancing efficiency and refined management[28] - Innovative businesses (robotics, smart home, automotive electronics, etc) have become the core growth engine, with revenue growing 13.92% YoY to account for 28.14% of total revenue, effectively buffering fluctuations in the main business[33] | Business Segment | 2025 H1 Revenue (RMB billion) | YoY Change | | :--- | :--- | :--- | | Main Business | 30.052 | -2.68% | | Main Business Products & Services | 29.272 | -3.17% | | Main Business Construction Engineering | 0.780 | 19.82% | | Innovative Businesses | 11.766 | 13.92% | | Robotics Business | 3.138 | 14.36% | | Smart Home Business | 2.752 | 12.40% | | Automotive Electronics Business | 2.352 | 46.48% | | Thermal Imaging Business | 2.008 | 9.73% | | Storage Business | 1.033 | -21.24% | | Other Innovative Businesses | 0.482 | 24.31% | | Total | 41.818 | 1.48% | | Regional Segment | 2025 H1 Revenue (RMB billion) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Domestic | 26.393 | 63.11% | -2.35% | | Overseas | 15.425 | 36.89% | 8.78% | | Domestic Main Business Groups | 2025 H1 Revenue (RMB billion) | YoY Change | | :--- | :--- | :--- | | Public Business Group (PBG) | 5.573 | -2.11% | | Enterprise Business Group (EBG) | 7.462 | -0.36% | | Small & Medium Business Group (SMBG) | 4.067 | -29.75% | Year-on-Year Changes in Financial Data Financial expenses decreased significantly due to exchange gains, while operating cash flow improved from increased sales collections | Item | Current Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Financial Expenses | -739,368,414.40 | -195.52% | Increased foreign exchange gains due to currency fluctuations | | Net Cash Flow from Operating Activities | 5,343,019,637.89 | 2917.51% | Increased cash collections from sales | | Net Cash Flow from Financing Activities | -8,550,575,930.17 | 36.00% | Decreased outflows for loan repayments and cash dividends | Analysis of Asset and Liability Status Total assets decreased by 5.76%, with notable shifts in cash and fixed assets due to dividend payments and project capitalization | Asset Item | Period-End Amount (RMB) | % of Total Assets | Change in Weight vs. Prior Year-End | Major Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 31,286,076,526.36 | 25.15% | -2.33% | Decrease in cash due to dividend payments | | Fixed Assets | 16,883,791,179.01 | 13.57% | 2.16% | Capitalization of the EZVIZ Smart Manufacturing Base in Chongqing | - As of the reporting period end, the company had RMB 2.307 billion in restricted assets, with endorsed or discounted notes receivable being the largest component at RMB 1.329 billion[52] Analysis of Investment Status The company maintained stable investment levels, advanced major construction projects, and used hedging to manage currency risk | Project Name | Cumulative Investment as of Period-End (RMB) | Project Progress | | :--- | :--- | :--- | | Wuhan Technology Park Project | 1,661,710,924.66 | 87.41% | | EZVIZ Smart Manufacturing Chongqing Base Project | 1,545,873,682.60 | 100.00% | | Hikrobot Intelligent Manufacturing (Tonglu) Base Project | 627,625,959.41 | 58.60% | | Total | 4,422,104,440.56 | - | - The company engages in foreign exchange derivative investments for hedging purposes to mitigate currency fluctuation risks, reporting an actual loss of RMB 41.58 million during the period[59] Risks and Countermeasures The company actively manages risks across macroeconomic, geopolitical, and operational domains through diversification and innovation - The company identifies and proactively manages multi-dimensional risks[66][67][68] - External Environment Risks: Mitigating domestic/international economic and geopolitical uncertainties through market diversification and flexible strategies - Technological and Operational Risks: Addressing challenges from technological updates and scale expansion through continuous R&D investment and process-based management - Supply Chain and Financial Risks: Ensuring operational stability by cultivating a diverse supply network, strengthening collection mechanisms, and using financial instruments for hedging Corporate Governance, Environment, and Society The company's governance remained stable with no management changes or plans for profit distribution or new incentive programs - The corporate governance structure was stable during the reporting period, with no changes in directors, supervisors, or senior management[73] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of the year[74] - No new or ongoing equity incentive plans or employee stock ownership plans were implemented during the reporting period[75] Significant Events Significant Related-Party Transactions Routine related-party transactions for procurement and sales totaled RMB 1.61 billion, well within the approved annual limit | Transaction Type | Transaction Content | Transaction Amount (RMB 10,000) | Approved Credit Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Purchases | Raw materials, services, etc | 151,829.52 | 615,100.00 | | Sales | Goods, services, etc | 8,884.62 | 87,000.00 | | Leases | Renting in/out properties | 5.63 | 1,000.00 | | Total | - | 160,709.77 | 703,100.00 | - The company conducts financial business with its related-party finance company, China Electronics Technology Finance Co, Ltd, with a period-end deposit balance of RMB 4.0 billion and a credit facility of RMB 5.0 billion[92][93][94] Significant Guarantees The company's outstanding guarantees, exclusively for its subsidiaries, amounted to RMB 2.62 billion, or 3.33% of net assets | Guarantee Item | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit at Period-End | 1,208,500.00 | | Total Actual Outstanding Guarantee Balance at Period-End | 261,729.94 | | Ratio of Total Actual Guarantees to Company's Net Assets | 3.33% | Other Significant Matters The controlling shareholder completed a share buyback, and the company is executing its own share repurchase plan for capital reduction - The controlling shareholder, CETHIK Group, and its concerted party, CETC Investment, completed a share purchase plan, acquiring over RMB 300 million in company shares, demonstrating confidence in future development[107][108] - The company is executing a RMB 2.0-2.5 billion share repurchase plan to cancel shares and reduce registered capital; as of July 31, 2025, it had repurchased 62,791,259 shares for a total of approximately RMB 1.859 billion[110][111] Significant Matters of Subsidiaries The spin-off and listing of the "Hikrobot" subsidiary on the ChiNext market is progressing steadily through regulatory reviews - The spin-off and listing of the subsidiary Hikrobot on the ChiNext market is progressing steadily, with multiple rounds of inquiry responses completed, marking a key milestone in the listing process[113] Share Capital Changes and Shareholder Information Changes in Share Capital Total share capital remained unchanged, while the proportion of unrestricted shares increased slightly due to the release of locked-up shares | Share Type | Before Change | After Change | | :--- | :--- | :--- | | Restricted Shares | 127,528,512 (1.38%) | 118,437,948 (1.28%) | | Unrestricted Shares | 9,105,669,814 (98.62%) | 9,114,760,378 (98.72%) | | Total Shares | 9,233,198,326 (100.00%) | 9,233,198,326 (100.00%) | - The company continues its share repurchase program, having cumulatively repurchased 62,791,259 shares, representing 0.6801% of total share capital, via centralized bidding as of July 31, 2025[120] Shareholder Number and Holdings The company had 413,933 common shareholders at the end of the period, with a stable ownership structure led by its top two shareholders - As of the reporting period end, the total number of common shareholders was 413,933[126] | Shareholder Name | Shareholding Ratio | Number of Shares Held | | :--- | :--- | :--- | | CETHIK Group Co, Ltd | 37.01% | 3,416,996,509 | | Gong Hongjia | 10.42% | 962,504,814 | | Hangzhou Weixun Equity Investment Partnership | 4.88% | 450,795,176 | | Shanghai Gaoyi Asset Management Partnership | 3.66% | 338,000,000 | | CETC Investment Holdings Co, Ltd | 2.69% | 248,366,268 | Bond-related Matters The company has no bond-related matters to disclose for the reporting period - The company has no bond-related matters to disclose for this reporting period[135] Financial Report This section presents the unaudited semi-annual consolidated and parent company financial statements and accompanying notes Key Financial Statements This includes the balance sheet, income statement, cash flow statement, and statement of changes in equity for the period - The company's semi-annual financial report for 2025 is unaudited[137] Consolidated Income Statement Summary (Unit: RMB) | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | Operating Revenue | 41,818,040,088.44 | 41,209,096,206.36 | | Operating Costs | 22,919,499,439.04 | 22,732,341,841.73 | | R&D Expenses | 5,669,772,011.51 | 5,698,043,754.07 | | Operating Profit | 7,015,255,841.18 | 6,276,963,917.47 | | Total Profit | 7,040,890,604.57 | 6,301,520,592.43 | | Net Profit | 6,281,476,630.83 | 5,640,664,710.62 | | Net Profit Attributable to Parent Company Owners | 5,657,349,798.68 | 5,064,118,857.29 | Consolidated Balance Sheet Summary (Unit: RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 124,414,765,281.12 | 132,016,200,156.14 | | Total Current Assets | 93,969,952,990.69 | 102,480,513,627.12 | | Total Non-Current Assets | 30,444,812,290.43 | 29,535,686,529.02 | | Total Liabilities | 38,605,886,425.59 | 44,515,905,407.99 | | Total Current Liabilities | 35,577,697,402.73 | 37,645,004,001.91 | | Total Non-Current Liabilities | 3,028,189,022.86 | 6,870,901,406.08 | | Total Equity | 85,808,878,855.53 | 87,500,294,748.15 | | Equity Attributable to Parent Company Owners | 78,552,358,426.86 | 80,668,661,062.88 | Notes to the Financial Statements This provides detailed explanations of accounting policies and annotations for key items in the consolidated financial statements - The notes to the financial statements provide detailed explanations and supplementary information for key financial statement items, crucial for understanding the company's financial position and performance[160] List of Reference Documents This lists the available reference documents, including the signed report text and all publicly disclosed filings - Reference documents include[653] - The semi-annual report text signed by the legal representative - Financial statements signed and sealed by the company head, chief accounting officer, and head of the accounting department - Originals and drafts of all company documents publicly disclosed on designated media during the reporting period