11 August 2025 | 10:10PM HKT Hikvision (002415.SZ): 3Q growth on innovative/ overseas business and SMBG recovery; 2Q improving GM on product mix upgrade; 3Q25 outlook: We expect Hikvision's 3Q25 revenues growth at 14% YoY (vs. 2Q25 at 0% YoY) to Rmb2.7bn, supported by innovative and overseas business (Middle East/ Africa/ South East Asia) growth, recovery of SMBG, while muted growth of China PBG (Public Business Growth) and EBG (Enterprise). Management expects to see sequential revenues growth in 2H25E and ...