- Both firms report stronger margins and earnings in 2025
- Overseas sales and new businesses expand contribution
Hikvision (海康威视) and Dahua Technology (大华股份), two major players in China’s video surveillance industry based in Hangzhou, reported improved profitability for 2025 and steady first-quarter growth in 2026, as both firms leaned further into overseas markets and innovation-driven businesses.
Hikvision reported full-year revenue of 92.51 billion yuan ($13.57 billion) in 2025, broadly flat year-on-year, while net profit rose 18.52% to 14.2 billion yuan. In the first quarter of 2026, revenue increased 11.78% to 20.7 billion yuan, with net profit up 36.42% to 2.78 billion yuan, extending its earnings momentum.
Dahua posted 2025 revenue of 32.74 billion yuan, up 1.75%, with net profit rising 32.77% to 3.86 billion yuan. First-quarter 2026 revenue grew 10.33% to 6.9 billion yuan, while net profit increased 6.81% to 698 million yuan.
The two companies showed broadly similar business structures, with both reporting rising margins and improved efficiency. Analysts said the results reflect a phase of “incremental but higher-quality growth” in China’s security hardware sector.
Hikvision’s overseas revenue reached 27.2 billion yuan in 2025, accounting for 37.06% of total sales, up further from previous years. Domestic revenue was 58.2 billion yuan, or 62.94%. Its innovation-related businesses contributed 25.45 billion yuan, or 27.51% of revenue.
Within that segment, Hikvision said its robotics arm Hikrobot, smart home unit Ezviz Network, thermal imaging business Hikmicro and automotive electronics operations all remained in leading positions in their respective markets. Robotics revenue rose 8.82%, smart home increased 9.51%, while automotive electronics grew 34.95%.
The company said its innovation businesses are expected to accelerate in 2026, with both revenue and profit set to become more meaningful contributors to overall performance.
Dahua reported a near-even split between domestic and overseas markets in 2025, with domestic revenue of 16.75 billion yuan (51.16%) and overseas revenue of 15.99 billion yuan (48.84%).
Innovation-related businesses generated 5.67 billion yuan, or 17.32% of total revenue, spanning machine vision, mobile robotics, thermal imaging, automotive electronics, smart security, fire safety and storage products.
