每经记者｜刘明涛 每经编辑｜彭水萍 近期，美元指数表现强劲，比特币、海外股市等纷纷回调，面对全球市场调整，上周A股市场冲高回 落，每经品牌100指数周跌2.75%，以1088.77点报收。个股方面，TCL电子、传音控股以及农业银行周 涨幅超过2%，涨幅居前。其中，农业银行周市值增长达到525亿元，上周市值增长相对较大。 值得注意的是，凭借上周五大涨3.59%，每经品牌100指数成分股海康威视（SZ002415，股价29.11元， 市值2688亿元）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。 海康威视业绩韧性凸显 8月1日晚间，海康威视发布的2025年半年报显示，公司净利润增速显著高于营收增速，释放出强烈的盈 利质量改善信号。这一成绩不仅印证了公司在AI转型中的阶段性成果，更标志着其从"安防设备龙 头"向"AIoT解决方案服务商"的战略升级进入收获期。 对于海康威视今年上半年业 ...

Core Viewpoint - Hikvision has shifted its focus from revenue to profit, implementing organizational changes and refined management to enhance operational efficiency and adapt to market changes [2][6]. Financial Performance - In the first half of 2025, Hikvision reported 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 11.71% year-on-year growth [1]. - The net cash flow from operating activities was 5.343 billion yuan, a significant improvement from a cash outflow of 190 million yuan in the same period last year [1]. Strategic Adjustments - The company has made adjustments in three main areas: product line management, profit-focused regional sales assessments, and vertical management of the SMBG (Small and Medium Business Group) [2]. - Hikvision has transitioned from revenue-based assessments to profit-based evaluations for both domestic and international business centers [2]. - The SMBG business has shifted to a nationwide vertical management approach, focusing on improving sales quality and reducing low-margin products [2]. Accounts Receivable Management - As of the end of the reporting period, total accounts receivable and notes receivable amounted to 37.257 billion yuan, a decrease of 3.376 billion yuan from the end of the previous year [3]. - This marks the second instance in history where accounts receivable decreased from the first quarter to the second quarter, a notable achievement for the company [3]. AI Development and Applications - Hikvision has been investing in AI since 2006, with significant advancements in video analysis and deep learning technologies [4]. - The company launched the "Guanlan" large model in 2023, integrating multi-modal AI with industry knowledge to provide AI tools across various sectors [4]. - AI products have been developed for numerous applications, including industrial manufacturing, power industry, urban governance, and traffic management, significantly enhancing operational safety and quality control [5]. Future Outlook - For the full year of 2025, Hikvision anticipates a net profit growth of over 10%, with expectations for sequential improvement in performance [6]. - The company aims to maintain a focus on profit, control accounts receivable, and pursue high-quality revenue growth, projecting positive year-on-year revenue growth in the second half of 2025 [6].

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 | | | ...

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； ...

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].

Core Viewpoint - Hikvision is embracing AI large models to drive the application of AI across various industries, while also focusing on profit optimization and operational efficiency in its business strategy [1][4][6]. Financial Performance - In the first half of 2025, Hikvision achieved total revenue of 41.818 billion yuan, a year-on-year increase of 1.48% - The net profit attributable to shareholders was 5.657 billion yuan, reflecting an 11.71% year-on-year growth - The net cash flow from operating activities was 5.343 billion yuan, accounting for 94% of the net profit attributable to shareholders, compared to a cash outflow of 190 million yuan in the same period last year [1]. Strategic Adjustments - Starting from the second half of 2024, Hikvision shifted its focus from revenue to profit, implementing organizational changes and refined management practices - The company aims to maintain its leading position in the security industry while leveraging AI large model opportunities and accelerating internal digital transformation [2][6]. - Key adjustments include product line classification management, profit-based sales assessments, and vertical management for small and medium-sized enterprises (SMBG) [2][3]. AI Development and Applications - Hikvision has been investing in AI large models since 2006, with significant advancements in deep learning technologies for various applications - The company launched the "Guanlan" large model in 2023, integrating multi-modal capabilities with industry knowledge to provide accessible AI tools across sectors [4][5]. - AI large model products are widely applied in industrial manufacturing, power industry, urban governance, and traffic management, enhancing safety, quality, and operational efficiency [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 - The company plans to maintain stable operating expenses while continuing to focus on profit optimization and high-quality revenue growth [6][7].