海康威视-2025 年第三季度投资者电话会议要点：去库存初见成效

Ac t i o n | 19 Oct 2025 18:02:06 ET │ 14 pages Hangzhou Hikvision Digital Technology (002415.SZ) 3Q25 Investor Call Takeaways: Emerging Fruit of Destocking CITI'S TAKE Hikvision posted 3Q25 results and we attended the 3Q25 investor call. 3Q25 revenue rose 1% YoY to Rmb23.9bn, 4%/8% below CitiE/BBGe, while 3Q25 margin rose 1.3ppts YoY to 44.8%, 0.7ppts ahead of CitiE. 3Q25 op. profit rose 8% YoY to Rmb3.7bn, largely in line. 3Q25 net profit rose 20% YoY to Rmb3.7bn, 9%/3% ahead of CitiE/BBGe, helped by non- ...