Hangzhou Hikvision Digital Technology Co., Ltd. (Hikvision) recently released its Q3 2025 financial report, drawing significant attention. The report indicates that the company's Q3 operating revenue reached 23.94 billion yuan, maintaining positive year-on-year growth. Cumulative revenue for the first three quarters totaled 65.758 billion yuan, up 1.18% YoY, reflecting stable business performance amid current market conditions.
Profitability remained robust, with Q3 net profit attributable to shareholders rising 20.31% YoY to 3.662 billion yuan. For the first nine months, cumulative net profit reached 9.319 billion yuan, a 14.94% increase. After excluding non-recurring gains and losses, Q3 net profit stood at 3.482 billion yuan, up 19.73%, while the nine-month cumulative adjusted net profit was 8.971 billion yuan, growing 10.06%.
The company's gross margin improved for three consecutive quarters, reaching 45.37% in Q3, up 0.61 percentage points YoY. This drove the net profit margin for the first three quarters to 15.59%, a 1.33 percentage-point increase.
In terms of cash flow, net cash outflow from investing activities narrowed to -2.831 billion yuan from -3.316 billion a year earlier. Net cash outflow from financing activities also decreased sharply to -10.593 billion yuan from -20.593 billion.
Hikvision made notable progress in cash flow and receivables management. Net operating cash flow surged 426.06% YoY to 13.697 billion yuan in the first three quarters, primarily due to improved sales collections. Accounts receivable stood at 33.174 billion yuan as of September 30, 2025, down 4.736 billion yuan from year-end 2024, indicating enhanced capital recovery efficiency.
However, the report also noted that total assets declined 1.63% from year-end 2024 to 129.863 billion yuan, while shareholders' equity attributable to listed company owners fell 2.82% to 78.394 billion yuan.
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