Hikvision, a leading digital technology company, has recently released its financial results for both full-year 2023 and the first quarter of 2024. The company reported impressive growth and increased revenue during these periods.
In 2023, Hikvision achieved a total revenue of RMB 89.34 billion, marking a significant 7.42% increase compared to the previous year. The net profit attributable to shareholders also saw a YoY growth of 9.89%, reaching RMB 14.11 billion. Additionally, the company distributed a total cash dividend (tax inclusive) of RMB 8.40 billion, which accounted for 59.52% of the net profit.
When analyzing the revenue sources, Hikvision’s overseas main business stood out with an 8.83% YoY increase, amounting to RMB 23.98 billion and representing 26.84% of the total revenue. The domestic main business generated RMB 46.81 billion, contributing 52.40% of the total revenue. Furthermore, the innovative businesses brought in RMB 18.55 billion, making up 20.77% of the total revenue.
Moving on to the first quarter of 2024, Hikvision continued its upward trend with a quarterly revenue of RMB 17.82 billion, up 9.98% YoY. The net profit for the quarter reached RMB 1.92 billion, reflecting a 5.78% YoY increase.
These positive financial results can be attributed to Hikvision’s commitment to stability and investment in research and development. The company has been strategically developing its AIoT technology system, introducing scenario-based products and solutions that drive the digital transformation of various businesses.
Looking ahead, Hikvision remains dedicated to creating value for its customers while empowering the digital transformation of communities and businesses through its advanced technologies. To learn more in-depth details about the financial performance of Hikvision in 2023 and Q1 2024, the full annual report and Q1 2024 report can be found on their official website.
Source: Hikvision Digital Technology Co., Ltd.
Hikvision’s strong financial results indicate the company’s successful growth and increased revenue. In 2023, the company achieved a total revenue of RMB 89.34 billion, representing a significant 7.42% increase compared to the previous year. The net profit attributable to shareholders also saw a YoY growth of 9.89%, reaching RMB 14.11 billion. Hikvision’s overseas main business played a prominent role in this growth, with an 8.83% YoY increase amounting to RMB 23.98 billion.
One of the key factors contributing to Hikvision’s success is its investment in research and development. The company has been strategically focusing on developing its AIoT technology system, which has allowed it to introduce scenario-based products and solutions that enable the digital transformation of businesses across various industries.
Hikvision’s performance in the first quarter of 2024 continued this positive trend, with a quarterly revenue of RMB 17.82 billion, showing a 9.98% YoY increase. The net profit for the quarter reached RMB 1.92 billion, reflecting a 5.78% YoY increase.
It is important to note that the video surveillance market, in which Hikvision operates, is experiencing significant growth globally. This can be attributed to increasing security concerns and the need for advanced surveillance technologies in both commercial and residential sectors.
However, Hikvision also faces challenges and controversies. One major controversy surrounding the company is its alleged involvement in human rights violations in China’s Xinjiang region. Hikvision has been accused of supplying surveillance technology used for surveillance and control purposes in the region. This has led to concerns from international human rights groups and governments regarding the ethics and implications of using Hikvision’s products.
Despite these challenges, Hikvision’s financial performance and technological advancements position the company as a prominent player in the video surveillance market. With its focus on innovation and commitment to the digital transformation of businesses, Hikvision is well-positioned to capitalize on the growing demand for advanced security solutions.
For more information on Hikvision’s financial performance in 2023 and Q1 2024, the full annual report and Q1 2024 report can be found on their official website: Hikvision Official Website.