What's Going on with Hikvision? Its Performance and R&D Are Not Looking Good 😱

宝子们，今天来唠唠海康威视～最近它发布了 2024 年年报和 2025 年第一季度财报，可这数据一出来，真的让人有点担忧呀😟！咱们一起来分析分析～

Guys, let's talk about Hikvision today~ Recently, it released its annual report for 2024 and the financial report for the first quarter of 2025. But when the data came out, it's really a bit worrying 😟! Let's analyze it together~

核心数据：持续低迷，利润在 “谷底” 徘徊

Core Data: Continuously Disappointing, with Profits Lingering at the "Bottom"

2025 年第一季度，海康威视营收 185 亿元，虽说同比增长了 4%，但这主要靠创新业务和海外业务撑着，国内业务依旧低迷。毛利 83 亿元，毛利率 44.9%，同比下降 0.9 个百分点，这意味着产品盈利空间变小啦。

In the first quarter of 2025, Hikvision's revenue was 18.5 billion yuan. Although it increased by 4% year - on - year, this was mainly supported by its innovative businesses and overseas operations. The domestic business remained sluggish. Its gross profit was 8.3 billion yuan, and the gross profit margin was 44.9%, a year - on - year decrease of 0.9 percentage points, which means the profit margin of its products has shrunk.

再看看费用，销售费用涨了，管理费用和研发费用控制住了，研发人员数量还减少了 200 多人，这是近些年来首次减少呢。归母净利 20.4 亿元，净利率 12%，还在历史低位，公司经营真的有点难😫。

Looking at the expenses, the sales expenses increased, while the administrative and R&D expenses were controlled. The number of R&D personnel even decreased by more than 200, the xhs.douyinwh.com first such decrease in recent years. The net profit attributable to the parent company was 2.04 billion yuan, with a net profit margin of 12%, still at a historical low. The company is really facing difficulties in its operations 😫.

各业务进展：国内业务 “拖后腿”，创新业务挑大梁

Business Developments: Domestic Business Is a "Drag", While Innovative Businesses Take the Lead

从业务板块来看，主业产品及服务业务 2024 年下半年营收下滑 5.5%，境内三大事业群都在下滑，PBG 业务受政府财政影响，下滑了 14.4%，太夸张了！EBG 和 SMBG 业务也因为下游需求疲软等原因下滑。还好境外主业业务增长了 3.4%，不然更惨😭。

Looking at the business segments, the revenue of the main business products and services in the second half of 2024 decreased by 5.5%. The three domestic business groups all experienced declines. The PBG business, affected by government finances, dropped by 14.4%, which is really dramatic! The EBG and SMBG businesses also declined due to weak downstream demand and other factors. Fortunately, the overseas main business grew by 3.4%; otherwise, it would have been even worse 😭.

不过，创新业务表现还不错，2024 年下半年营收增长 17.3%，汽车业务和热成像业务增速超 30%，算是给公司带来了一丝希望，成为主要增长点。

However, the innovative businesses performed well. In the second half of 2024, their revenue increased by 17.3%, and the growth rates of the automotive and thermal imaging businesses exceeded 30%. This brought a glimmer of hope to the company and became the main growth driver.

软硬一体化：软件 “跌跌撞撞”，硬件相对 “稳如泰山”

Hardware - Software Integration: Software Is "Stumbling", While Hardware Is Relatively "Steady as a Rock"

海康威视一直走软硬一体化路线。2024 年下半年软件业务收入估算为 103.8 亿元，同比下滑 7.6%，在总收入中的占比也降到 20% 附近。软件业务受经济环境影响太大啦，说跌就跌😔。

Hikvision has always adhered to the hardware - software integration model. In the second half of 2024, the estimated revenue of its software business was 10.38 billion yuan, a year - on - year decrease of 7.6%, and its share in the total revenue dropped to around 20%. The software business is greatly affected by the economic environment and can decline at any time 😔.

硬件业务收入 409 亿元，同比增长 0.9%，虽然增速也回落了，但起码还在增长，比软件业务抗风险能力强多了。

The revenue of the hardware business was 40.9 billion yuan, a year - on - year increase of 0.9%. Although the growth rate also declined, at least it was still growing, and its risk - resistance ability is much stronger than that of the software business.

海康威视现在业绩低迷，还在想办法破局，寄希望于 AI 赋能。宝子们，你们觉得它能靠 AI 逆袭吗🧐？

Hikvision is currently facing a slump in performance and is trying to find a way out, pinning its hopes on AI empowerment. Guys, do you think it can make a comeback with the help of AI 🧐?