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Hikvision sustains continued growth for fiscal year 2020

Hikvision generated a total revenue of $9.78 billion (RMB 63.50 billion) for fiscal year 2020, having achieved a year-over-year (YoY) growth of 10.14%. Net profits attributable to shareholders of the company was $2.06 billion (RMB 13.39 billion) reflecting YoY growth of 7.82%.

“As for the business in the United States, while the challenges remain, the improving economy definitely boosts our confidence. But regardless of when the market regains a sense of normalcy, we are dedicated and committed to continue to serve our supportive partners throughout this time,” said Tony Yang, president, Hikvision USA in a prepared statement.

Hikvision also reported its first quarter of 2021 revenues to be $2.15 billion (RMB 13.99 billion), representing a YoY increase of 48.36%. Net profits attributable to shareholders of the company in the first quarter was $334.09 million (RMB 2.17 billion) representing a YoY growth of 44.99%.

In 2020, Hikvision further expanded its investment in R&D with spending of more than $982 million (RMB 6.38 billion). The R&D expense ratio has continuously increased over the past few years, from 7.62% in 2017 to 8.99% in 2018, 9.51% in 2019, and 10.04% in 2020.