Hikvision 2025 Q1 Report

Stock Exchange Code：002415 Abbreviation of Securities：Hikvision

No：2025-012

Hangzhou Hikvision Digital Technology Co. Ltd.

2025 1st Quarter Report

The Company and all members of the Board of Directors guarantee that the information disclosed is

true accurate and complete without false records misleading statements or material omissions.Important Content Notes:

1. The Board of Directors Board of Supervisors directors supervisors and senior management

guarantee that the information presented in this report is true accurate and complete without false

records misleading statements or material omissions and will undertake individual and joint legal

liabilities.

2. Hu Yangzhong the Company's legal representative Jin Yan the person in charge of the

accounting work and Zhan Junhua the person in charge of accounting institution (accounting

supervisor) hereby declare and warrant that the financial information in this report is true accurate

and complete.

3. Whether the 1st quarter report has been audited

□Yes√ NoHikvision 2025 Q1 Report

I. Key Financial Data

1. Key Accounting Data and Financial Indicators

Whether the Company performed a retroactive adjustment or restatement of the previous accounting data

√ Yes □No

Reasons for retrospective adjustment or restatement

√ Business combination under common control

YoY Change(%) between 2024

2024 Q1

2025 Q1 Q1 and 2025 Q1

Before the adjustment After the adjustment After the adjustment

Revenue (RMB) 18531863690.67 17817550424.43 17817550424.43 4.01%

Net profits attributable to shareholders of the Company

2038683389.011915903199.881915795733.796.41%

(RMB)

Net profits attributable to shareholders of the Company

1926435015.101760276683.161760276683.169.44%

excluding non-recurring gains and losses (RMB)

Net cash flows from operating activities (RMB) -1737373005.70 -3966935241.66 -3965909130.83 56.19%

Basic earnings per share (RMB/share) 0.221 0.208 0.207 6.76%

Diluted earnings per share (RMB/share) 0.221 0.208 0.207 6.76%

Weighted average Return on Equity (ROE) 2.51% 2.47% 2.47% 0.04%

Change(%) between December

On December 31 2024

On March 31 2025 31 2024 and March 31 2025

Before the adjustment After the adjustment After the adjustment

Total assets (RMB) 125735528054.54 132016200156.14 132016200156.14 -4.76%

Owner’s equity attributable to shareholders of the

81856617915.5880668661062.8880668661062.881.47%

Company (RMB)Hikvision 2025 Q1 Report

Note: The Company carried out a business combination under common control in the previous fiscal year. In this period the comparable data for the same period in

the previous year has been retrospectively adjusted in accordance with the Accounting Standards for Business Enterprises.The total share capital of the Company as of the previous trading day of the financial report disclosure:

The total share capital of the Company as of the previous trading day of the financial report disclosure (share) 9233198326

Fully diluted earnings per share calculated using the latest share capital:

Fully diluted earnings per share (RMB/share) calculated with the latest share capital 0.221

2. Items and Amounts of Non-recurring Gains and Losses

√ Applicable □ Inapplicable

Unit：RMB

Item January 1 2025–March 31 2025

Gains or losses from the disposal of non-current assets (including the write-off for the impairment provision of assets) 993633.24

Government subsidies included in the current gain and loss (except for government subsidies that are closely related to the

Company's regular business operations comply with national policies are enjoyed in accordance with determined standards and 152280513.36

have a continuous impact on the Company's profit and loss)

Gains and losses attributed to change in fair value for the holding of financial assets and financial liabilities by non-financial

enterprises and gains and losses arising from the disposal of financial assets and financial liabilities excluding the effective -27942231.11

hedging business related to the regular business operation of the Company.Investment income generated from the disposal of long-term equity investments. 224079.88Hikvision 2025 Q1 Report

Item January 1 2025–March 31 2025

Other non-operating income and expenditures except the items mentioned above 13183355.32

Less: Impact of income tax 13729586.77

Impact of the minority interests (after tax) 12761390.01

Total 112248373.91

Details of other profit and loss items that meet the definition of non-recurring profit and loss:

□ Applicable √ Inapplicable

The Company does not have other specific conditions of profit and loss items that meet the definition of non-recurring profit and loss.Explanations on classifying any non-recurring gain/loss item mentioned in the

Their Securities to the Public—Non-recurring Gains and Losses> as recurring gain/loss item.□ Applicable √ Inapplicable

The Company does not classify any non-recurring gain/loss item mentioned in the

Offering Their Securities to the Public—Non-recurring Gains and Losses> as recurring gain/loss item.

3. Information and explanation about variations in key accounting data and financial indicators

√Applicable □Inapplicable

Amount for the same period of

Amount from the beginning of

Item the previous year YoY change (%) Note of changes

the year to the end of the period.(Restated)

Net cash flows from operating

-1737373005.70 -3965909130.83 56.19% Increase in cash received from sales

activitiesHikvision 2025 Q1 Report

II. Shareholder Information

1. Total number of common shareholders and number of preferred shareholders with resumed voting rights and information about top 10 shareholders

Unit: Share

Total number of preferred shareholders (if any) whose voting rights

Total number of common shareholders at the end of the reporting period 340254 0

have been recovered at the end of the reporting period (if any)

Shareholding details of the top 10 shareholders (excluding shares lent out through securities lending arrangements)

The number of Pledged marked or frozen

Share- common

Total shares held

Name of shareholder Nature of shareholder holding percentage shares held

at the period-end

(%) with trading Status Amount

restrictions

Domestic state-owned

China Electronics Technology HIK Group Co. Ltd. 37.01% 3416994909 - Pledged 50000000

corporation

Gong Hongjia Overseas individual 10.42% 962504814 - Pledged 249668200

Domestic non-state-

Hangzhou Weixun Equity Investment Partnership (Limited Partnership) 4.88% 450795176 - Pledged 14000000

owned corporation

Shanghai Perseverance Asset Management Partnership (Limited Partnership) -

Other 3.79% 350000000 - - -

Perseverance Adjacent Mountain 1 Yuanwang Fund

Domestic state-owned

CETC Investment Holdings Co. Ltd. 2.69% 248366168 - - -

corporation

Domestic non-state-

Hangzhou Pukang Equity Investment Partnership (Limited Partnership) 1.98% 182510174 - Pledged 81370000

owned corporation

The 52nd Research Institute at China Electronics Technology Group Domestic state-owned

1.96%180775044---

Corporation corporation

Hu Yangzhong Domestic individual 1.69% 155996477 116997358 - -

Domestic state-owned

Central Huijin Investment Co. Ltd 0.70% 64700691 - - -

corporation

Industrial and Commercial Bank of China Co. Ltd. - Huatai Pinebridge CSI

Other 0.65% 60460156 - - -

300 ETF Securities Investment FundHikvision 2025 Q1 Report

Shareholding details of the top 10 unrestricted shareholders (excluding shares lent out through securities lending arrangements and management locked-in shares)

Number of common shares Type of shares

Name of shareholder without trading restrictions held

at the period-end Type Amount

China Electronics Technology HIK Group Co. Ltd. 3416994909 RMB ordinary shares 3416994909

Gong Hongjia 962504814 RMB ordinary shares 962504814

Hangzhou Weixun Equity Investment Partnership (Limited Partnership) 450795176 RMB ordinary shares 450795176

Shanghai Perseverance Asset Management Partnership (Limited Partnership) -

350000000 RMB ordinary shares 350000000

Perseverance Adjacent Mountain 1 Yuanwang Fund

CETC Investment Holdings Co. Ltd. 248366168 RMB ordinary shares 248366168

Hangzhou Pukang Equity Investment Partnership (Limited Partnership) 182510174 RMB ordinary shares 182510174

The 52nd Research Institute at China Electronics Technology Group

180775044 RMB ordinary shares 180775044

Corporation.Central Huijin Investment Co. Ltd. 64700691 RMB ordinary shares 64700691

Industrial and Commercial Bank of China Co. Ltd. - Huatai Pinebridge CSI

60460156 RMB ordinary shares 60460156

300 ETF Securities Investment Fund

Hong Kong Securities Clearing Company Ltd.(HKSCC) 57440470 RMB ordinary shares 57440470

Among the above shareholders China Electronics Technology HIK Group Corporation CETC Investment

Holdings Co. Ltd. and the 52nd Research Institute at China Electronics Technology Group Co. Ltd. are acting-

in-concert parties. Mr. Gong Hongjia and Hangzhou Pukang Equity Investment Partnership (Limited Partnership)

Explanation on associated relationship and concerted actions among above

are acting-in-concert parties. Mr. Hu Yangzhong and Hangzhou Weixun Equity Investment Partnership (Limited

shareholders

Partnership) are acting-in-concert parties. Except for these the Company does not know whether the other

shareholders are related parties or whether they are acting-in-concert parties in accordance with the

Administrative Measures for Acquisitions of Listed Companies.Shareholders holding more than 5% of the shares the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participate in the lending of shares in the refinancing

business

□ Applicable √ InapplicableHikvision 2025 Q1 Report

The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared with the previous period due to the refinancing lending/repayment

□ Applicable √ Inapplicable

2. Total number of preferred shareholders and information about Top 10 preferred shareholders

□ Applicable √ InapplicableHikvision 2025 Q1 Report

III. Significant Events

√Applicable □Inapplicable

1. The Shareholding Increase Plan by the Company’s Controlling Shareholder and its Concerted Party Has

Been Completed

On October 18 2024 the Company received a notice from its controlling shareholder China Electronics

Technology HIK Group Co. Ltd. (hereinafter referred to as "CETHIK") and its concerted party CETC Investment

Holdings Co. Ltd. (hereinafter referred to as "CETC Investment") stating that CETHIK and CETC investment plan

to increase their shareholdings in the Company through the trading system of the Shenzhen Stock Exchange via

centralized bidding starting from October 19 2024 for a period of six months. CETHIK intends to increase its

shareholding with an amount ranging from RMB200 million to RMB 300 million while CETC investment plans to

increase its shareholding with an amount ranging from RMB100 million to RMB200 million. The funds for

CETHIK’s shareholding increase consist of its own funds and special-purpose loans for shareholding increase

whereas the funds for CETC Investment’s shareholding increase are entirely from its own funds.As of the market close on April 8 2025 CETHIK has through the Shenzhen Stock Exchange's trading system

via centralized bidding cumulatively increased its shareholdings in the Company by 6845600 shares representing

0.0741% of the Company’s current total issued share capital. The total amount of shares purchased was

RMB200182737.28 (excluding transaction fees). CETC Investment has through the same method cumulatively

increased its shareholdings by 3204700 shares representing 0.0347% of the Company’s current total issued share

capital with a total amount of RMB100016373.80 (excluding transaction fees).The Company timely fulfilled the disclosure obligations in accordance with relevant regulations after the

aforementioned increase plan reached halfway through its implementation period and upon its completion. For

further details please refer to the Announcement on the Shareholding Increase Plan of the Company’s Controlling

Shareholder and its Concerted Party Announcement on the Controlling Shareholder’s Commitment Letter for

Special-Purpose Shareholding Increase Loans Progress Announcement on the Shareholding Increase Plan of the

Company’s Controlling Shareholder and its Concerted Party Upon Reaching the Midpoint and Announcement on

the Completion of the Shareholding Increase Plan of the Company’s Controlling Shareholder and its Concerted

Party published on cninfo website (www.cninfo.com.cn) on October 19 2024 December 14 2024 January 18

2025 and April 9 2025.

2. Company's Implementation Progress on the Share Repurchase ProgramHikvision 2025 Q1 Report

Based on the firm confidence in the Company's future development and its high recognition of the Company's

long-term value the Company held the 4th Meeting of the 6th Board of Directors on December 9 2024 and the 2024

2nd Extraordinary General Meeting on December 25 2024. Both meetings approved the Proposal on the Share

Repurchase Program agreeing for the Company to repurchase a portion of its issued RMB ordinary shares (A-

shares) through the trading system of the Shenzhen Stock Exchange via centralized bidding. The total repurchase

amount will not exceed RMB2.5 billion (inclusive) and will not be less than RMB2 billion (inclusive). The

repurchase price will not exceed RMB40 per share (inclusive). The funds for the repurchase will come from the

Company's own capital and a dedicated share repurchase loan. The repurchase period will be up to 12 months from

the date of approval by the Shareholders' Meeting. The repurchased shares will be used for cancellation to reduce

registered capital. As of the market close on March 31 2025 the Company has implemented the share repurchase

through the dedicated securities account for share repurchases via centralized bidding cumulatively repurchasing

40504219 shares which represents 0.4387% of the Company’s current total issued share capital. The highest

transaction price was RMB32.70 per share and the lowest transaction price was RMB27.53 per share. The total

transaction amount was RMB1235479288.81 (excluding transaction fees). The Company will continue to strictly

comply with laws and regulations as well as the predetermined repurchase plan to implement the share repurchase

and fulfill its corresponding disclosure obligations.Hikvision 2025 Q1 Report

IV. Quarterly Financial Reports

1. Financial Statements

1.1 Consolidated Balance Sheet

Unit: RMB

Item March 31 2025 January 1 2025

Current Assets:

Cash and bank balances 32824665743.13 36271488337.03

Derivative financial assets 841737.09 26775923.93

Notes receivable 2625275987.10 2722596142.46

Accounts receivable 35064107761.13 37910128735.42

Receivables for financing 1815960310.69 2291648244.05

Prepayments 632009515.64 664602593.01

Other receivables 659408286.34 531344606.50

Inventories 19255534362.13 19110711958.11

Contract assets 965373065.38 985822785.69

Non-current assets due within one year 878442739.02 894327647.82

Other current assets 1173704327.27 1071066653.10

Total Current Assets 95895323834.92 102480513627.12

Non-current Assets:

Long-term receivables 331321300.84 380453188.09

Long-term equity investment 1480292066.21 1527223390.79

Other non-current financial assets 489355120.27 472000082.76

Fixed assets 14967532483.01 15063752296.49

Construction in progress 5065524559.76 4699473381.21

Right-of-use assets 498900007.32 530138023.79

Intangible assets 1886914278.93 1828287135.99

Goodwill 312373272.24 312165129.29

Long-term deferred expenses 155842910.58 162841758.91

Deferred tax assets 2347945824.61 2206191157.06

Other non-current assets 2304202395.85 2353160984.64

Total Non-current Assets 29840204219.62 29535686529.02

Total Assets 125735528054.54 132016200156.14

Current Liabilities:

Short-term borrowings 1452173553.74 1031895812.62

Derivative financial liabilities 38477084.81 1874341.64

Notes payable 1094909993.59 1197128746.56

Accounts payable 13942838268.81 20185303107.69Hikvision 2025 Q1 Report

Item March 31 2025 January 1 2025

Contract liabilities 3266516788.75 3353943054.24

Payroll payable 3847196122.23 5666415834.10

Taxes payable 1765532311.44 1535936096.02

Other payables 3731737578.75 3528359044.48

Including: Dividends payable 26087590.85 186793.11

Non-current liabilities due within one year 1024150004.79 767030688.91

Other current liabilities 326089242.07 377117275.65

Total Current Liabilities 30489620948.98 37645004001.91

Non-current Liabilities:

Long-term borrowings 4587103095.99 5119185000.00

Lease liabilities 363314792.95 375432749.68

Long-term payables 9781322.51 9780220.80

Provisions 302943173.27 305250049.71

Deferred income 900952695.73 874512073.53

Deferred tax liabilities 110564729.87 112711363.52

Other non-current liabilities 93980569.15 74029948.84

Total Non-current Liabilities 6368640379.47 6870901406.08

Total Liabilities 36858261328.45 44515905407.99

Owners’ Equity

Share capital 9233198326.00 9233198326.00

Capital reserves 6212785119.03 6181644265.06

Less: Treasury shares 1235585048.40 310044296.12

Other comprehensive income (67837124.21) (111510486.21)

Surplus reserves 4715460312.00 4715460312.00

Retained earnings 62998596331.16 60959912942.15

Total Owners' Equity Attributable to Owner of the

81856617915.5880668661062.88

Company

Minority equity 7020648810.51 6831633685.27

Total Owners' Equity 88877266726.09 87500294748.15

Total Liabilities and Owners' Equity 125735528054.54 132016200156.14

Legal Representative: Hu Yangzhong Person in Charge of the Accounting work: Jin Yan

Person in Charge of Accounting Institution: Zhan JunhuaHikvision 2025 Q1 Report

1.2 Consolidated Income Statement

Unit: RMB

Item 2025 Q1 2024 Q1 (Restated)

I. Total Revenue 18531863690.67 17817550424.43

Including: Revenue 18531863690.67 17817550424.43

II. Total Operating Costs 16039816987.94 15619003528.87

Including: Cost of sales and services 10206702190.22 9699040821.35

Business taxes and surcharges 180626489.02 178185970.16

Selling expenses 2601129809.18 2427360886.36

Administrative expenses 652194624.94 680342867.69

Research and Development (R&D) expenses 2672128721.98 2671475230.52

Financial expenses (272964847.40) (37402247.21)

Including：Interest expenses 53770927.85 136117640.40

Interest income 147780931.33 300013541.92

Add: Other Income 528905294.73 559337897.73

Investment income (loss"-") (4451590.77) (90237693.78)

Including: Investment gains in associated

(24415332.04)(63804379.76)

enterprise and joint-venture enterprise

Gains (loss "-") from changes in fair values (47681892.50) 70731744.13

Credit impairment losses ("-") (177943981.02) (95251432.28)

Impairment losses ("-") of assets (149789122.81) (69525214.28)

Asset disposal income (loss"-") 1020430.22 (7338187.59)

III. Operating Profit (loss"-") 2642105840.58 2566264009.49

Add: Non-operating income 15388224.61 17311883.58

Less: Non-operating expenses 3945966.14 6301591.43

IV. Total Profit (loss"-") 2653548099.05 2577274301.64

Less: Income tax expenses 422637400.18 355425007.20

V. Net Profit (loss"-") 2230910698.87 2221849294.44

5.1 Classification by operation continuity

(a) Net profit (loss) on continuous operation 2230910698.87 2221849294.44

(b) Net profit (loss) on terminated operation

5.2 Classification by attribution of ownership

(a) Net profit attributable to owners of parent 2038683389.01 1915795733.79

company

(b) Profit or loss attributable to minority 192227309.86 306053560.65

shareholders

VI. Other Comprehensive Income Net of Income Tax 50008936.80 33548490.10Hikvision 2025 Q1 Report

Item 2025 Q1 2024 Q1 (Restated)

Other comprehensive income attributable to owners of the

43673362.0014987924.38

Company net of tax

(I) Items that will not be reclassified subsequently to profit or

loss

(II) Other comprehensive income to be reclassified to profit

43673362.0014987924.38

or loss in subsequent periods

1. Exchange differences arising on conversion of

43673362.0014987924.38

financial statements denominated in foreign

currencies

Other comprehensive income attributable to minority

6335574.8018560565.72

interests net of tax

VII. Total Comprehensive Income 2280919635.67 2255397784.54

Total comprehensive income attributable to owners of the

2082356751.011930783658.17

parent company

Total comprehensive income attributable to minority

198562884.66324614126.37

shareholders

VIII. Earnings per Share

(I) Basic earnings per share 0.221 0.207

(II) Diluted earnings per share 0.221 0.207

Legal Representative: Hu Yangzhong Person in Charge of the Accounting work: Jin Yan

Person in Charge of Accounting Institution: Zhan Junhua

1.3 Consolidated Cash Flow Statement

Unit: RMB

Item 2025 Q1 2024 Q1 (Restated)

I. Cash Flows from Operating Activities:

Cash received from sale of goods or rendering of services 24149423217.69 22156932069.57

Receipts of tax refunds 861173833.37 796835677.83

Other cash receipts relating to operating activities 442289248.01 524403750.74

Sub-total of cash inflows from operating activities 25452886299.07 23478171498.14

Cash payments for goods purchased and services received 17851083497.95 17304388368.80

Cash paid to and on behalf of employees 6461282265.23 6809828068.59

Payments of various types of taxes 1240080114.48 1506954872.63

Other cash payments relating to operating activities 1637813427.11 1822909318.95

Sub-total of cash outflows from operating activities 27190259304.77 27444080628.97

Net Cash Flows from Operating Activities (1737373005.70) (3965909130.83)

II. Cash Flows from Investing Activities:

Cash receipts from recovery of investments 993325090.14 1398514960.79

Cash received from investment income 19245907.70

Net cash receipts from disposals of fixed assets intangible

7530424.5010402987.98

assets and other long-term assets

Cash received from other activities related to investing 52011400.17 19566585.71Hikvision 2025 Q1 Report

Item 2025 Q1 2024 Q1 (Restated)

Sub-total of cash inflows from investing activities 1072112822.51 1428484534.48

Cash payments to acquire or construct fixed assets

937932093.661007573110.75

intangible assets and other long-term assets

Cash paid to acquire investments 976110494.00 1424948274.81

Sub-total of cash outflows from investing activities 1914042587.66 2432521385.56

Net Cash Flows from Investing Activities (841929765.15) (1004036851.08)

III. Cash Flows from Financing Activities:

Cash receipts from borrowings 1528386931.72 1401340085.25

Sub-total of cash inflows from financing activities 1528386931.72 1401340085.25

Cash repayments of borrowings 1368376992.04 1659853889.39

Cash payments for distribution of dividends or profits or

51396500.14173748772.63

settlement of interest expenses

Other cash payments relating to financing activities 973190611.66 50179655.67

Sub-total of cash outflows from financing activities 2392964103.84 1883782317.69

Net Cash Flows from Financing Activities (864577172.12) (482442232.44)

IV. Effect of Foreign Exchange Rate Changes on Cash and

23889834.25(14005477.86)

Cash Equivalents

V. Net Increase in Cash and Cash Equivalents (3419990108.72) (5466393692.21)

Add: Opening balance of Cash and Cash Equivalents 36053042380.29 49427967355.78

VI. Closing Balance of Cash and Cash Equivalents 32633052271.57 43961573663.57

Legal Representative: Hu Yangzhong Person in Charge of the Accounting work: Jin Yan

Person in Charge of Accounting Institution: Zhan JunhuaHikvision 2025 Q1 Report

2. Information about the implementation of new accounting standards for the first time to

adjust the relevant items in the financial statements at the beginning of the period since

2025

□ Applicable √ Inapplicable

3. Audit Report

Whether audit has been performed on this 2025 1st Quarter Report

□ Yes √ No

The Company’s 2025 1st Quarter report has not been audited

HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO. LTD.Board of Directors

April 19 2025

Note:

This document is a translated version of the Chinese version 2025 1st Quarter Report (“2025 年第一季度报告”)

and the published announcements in the Chinese version shall prevail. The complete published Chinese 2025 1st

Quarter Report may be obtained at www.cninfo.com.cn.