Zhejiang Dahua Technology (SZ:002236) Chang Jiang Shang Bao·2026-01-26 00:50Core Viewpoint - Dahua Technology (002236.SZ) has achieved significant growth in its operating performance, with a revenue of 32.743 billion yuan and a net profit of 3.854 billion yuan in 2025, marking a year-on-year increase of over 30% [2][3] Financial Performance - In 2025, Dahua's revenue increased by 1.75% compared to 2024, while net profit rose by 32.65% and the net profit excluding non-recurring items increased by 16.13% [3] - In 2024, Dahua experienced declines in revenue, net profit, and net profit excluding non-recurring items, with respective figures of 32.181 billion yuan, 2.906 billion yuan, and 2.347 billion yuan, reflecting decreases of 0.12%, 60.53%, and 20.74% [3][4] Business Strategy - The company has optimized its business structure, enhanced cost control, and focused on high-value business areas, leading to an increase in overall gross profit margin [6] - Dahua has improved its accounts receivable management, resulting in a rapid increase in operating cash flow, with a net cash flow of 1.564 billion yuan in the first three quarters of 2025, a turnaround from a negative figure in the previous year [10] R&D and Shareholder Returns - Dahua has invested 3.067 billion yuan in R&D in the first three quarters of 2025, continuing its trend of significant annual R&D investments [11] - The company has a strong commitment to returning value to shareholders, having distributed a total of 9.7 billion yuan in cash dividends since its listing, with dividends in 2023 and 2024 amounting to 2.267 billion yuan and 2.104 billion yuan, respectively [10][11] Future Outlook - Dahua is focusing on artificial intelligence as a core strategy and is enhancing its capabilities in machine vision and mobile robotics, with plans for its subsidiary, Huarui Technology, to go public in Hong Kong [9]