On April 13, Ezviz Network released the minutes of its 2025 annual and 2026 first-quarter performance briefing. Through solid operational data, clear business layout, and forward-looking strategic planning, the company revealed the current reality of the consumer security market and pointed out the industry's future direction.
Current Situation: Steady Growth with Core Business as the Foundation Since 2025, although the consumer security sector has been affected by macroeconomic conditions, leading companies have achieved steady breakthroughs through product innovation and channel development. Ezviz's operational data serves as a vivid snapshot of the industry landscape.
1. Overall Performance: Enhanced Profitability and Resilient Growth In 2025, Ezviz achieved total operating revenue of 5.901 billion yuan, a year-on-year increase of 8.44%. Net profit attributable to shareholders reached 567 million yuan, up 12.43% year-on-year, indicating steady improvement in overall profitability. The growth momentum strengthened further in the first quarter of 2026, with net profit attributable to shareholders surging 32.30% year-on-year to 183 million yuan. The comprehensive gross profit margin rose to 50.47%, an increase of 7.92 percentage points from the same period in 2025, demonstrating strong profit resilience. This performance reflects the broader trend in the consumer security sector toward quality and efficiency improvements—users are no longer satisfied with basic security functions and are willing to pay a premium for higher-quality, smarter products, driving the industry's transition toward quality enhancement.
2. Business Structure: Hardware as the Base, Cloud Services Accelerating Breakthroughs The consumer security sector has evolved into a dual-driven structure of "hardware + cloud services," with Ezviz's business layout being highly representative. On one hand, smart IoT hardware remains the core pillar, generating revenue of 4.663 billion yuan in 2025, accounting for 79.47% of main business revenue, with the overall gross profit margin rising to 37.41%. Among these, smart home cameras serve as the foundation, with revenue of 3.180 billion yuan in 2025, and Ezviz maintained its position as the global leader in consumer camera shipments. 4G battery cameras emerged as a growth highlight, with products like the Magic Cube CB60 breaking the limitations of fixed scenarios and covering outdoor applications such as fish ponds and orchards, validating the market demand for mobile IoT.
On the other hand, the smart entry segment performed impressively, with revenue of 936 million yuan in 2025, a year-on-year increase of 25.25%, and a gross profit margin as high as 47.39%. Ezviz's smart locks ranked fourth in both sales volume and value in the domestic market. The company launched the Qiming AI Face Video Lock, the industry's first product integrating AI interactive capabilities. Cloud services have become a new growth engine, generating revenue of 1.205 billion yuan in 2025, exceeding 20% of total revenue. This includes 675 million yuan from B2B developer services and 529 million yuan from C2C cloud storage value-added services. The Ezviz Cloud platform has connected over 360 million IoT devices, and the "Ezviz Cloud Video" APP became the top monthly active user app in the smart home category.
3. Regions and Channels: High Overseas Growth, Online and Offline Synergy Regionally, the domestic market showed stable progress, with revenue of 3.530 billion yuan in 2025, a year-on-year increase of 1.25%. The overseas market became the primary growth driver, with revenue surging 22.27% year-on-year to 2.338 billion yuan, accounting for 39.84% of total revenue, approaching 40%. This reflects the saturation of the domestic consumer security market, with overseas emerging markets becoming the new growth pole for the industry.
In terms of channels, online consumption habits have become mainstream. Global e-commerce platform revenue reached 1.231 billion yuan in 2025, up 30.84% year-on-year, with online shipments of mainstream products in China exceeding 55% of total sales. Offline channels still dominate, generating revenue of 3.432 billion yuan, accounting for 73.60% of hardware sales revenue. Ezviz is promoting the transformation of offline channels through the development of a "terminal + service provider" system.
AI Integration and Deep Transformation: Three Trends Leading Industry Change Based on Ezviz's strategic layout and investor Q&A, the future of consumer security will focus on breakthroughs in three directions: "AI empowerment, scenario expansion, and global deep cultivation," heralding a new round of industry upgrades.
AI Comprehensive Penetration In 2025, the company invested 862 million yuan in R&D expenses (R&D expense ratio of 14.61%) to build the Blue Ocean large model and AI mid-platform, with 2026 expected to be a period of explosive AI implementation. In the future, AI will be fully integrated into security products: smart home cameras will enable natural language interaction, smart locks will incorporate AI agents to enhance user experience, and smart service robots will utilize embodied intelligence technology for applications in housekeeping and care scenarios. Simultaneously, AI will empower internal operations through "digital employees" to optimize supply chain, financial, and customer service processes, achieving cost reduction and efficiency gains. Ezviz reduced its workforce by over 300 employees in 2025, a direct result of AI-driven quality and efficiency improvements, which will become a core competitive advantage for industry leaders.
Accelerated Scenario Expansion Consumer security is expanding from fixed home scenarios to personal mobile scenarios, a trend clearly reflected in Ezviz's strategy: the launch of the sub-brand Aiketu, focusing on outdoor sports and travel enthusiasts, with plans to release a 4G portable online sports camera in the second quarter of 2026, positioning it as a "portable AI companion"; continued investment in smart service robots, with new products like cleaning robots and pet care robots to be launched successively, completing the smart home ecosystem. Additionally, smart entry systems will evolve from single products to integrated systems, combining smart locks, doorbells, and door openers to create a unified entry solution tailored to mid-to-high-end user needs. Outdoor products like 4G battery cameras will continue to penetrate the market, with significant growth potential remaining overseas.
Sustained Global Deep Cultivation Overseas markets will become the core growth driver for consumer security. Ezviz explicitly stated that the proportion of overseas revenue will gradually exceed domestic revenue in the future. Unlike traditional trade-oriented expansion, Ezviz adopts a "deep cultivation model," establishing local teams, subsidiaries, and overseas warehouses abroad, expanding into multiple channels including security, electrical engineering, and CE consumer electronics. The company is also focusing on authorized e-commerce and self-operated cross-border e-commerce to build a stable overseas business structure. Facing challenges such as geopolitical conflicts and overseas certifications, Ezviz will dynamically adjust its strategies while avoiding price wars, achieving differentiated competition through product innovation and brand upgrades. Furthermore, local storage and cloud services will coexist long-term, with Ezviz planning to launch edge-side small models to meet user privacy protection needs, balancing security and practicality.
From Ezviz's performance and strategic layout, it is evident that the consumer security sector is entering a high-quality development phase characterized by "quality and efficiency improvements, innovation-driven growth." For the industry, only by focusing on core technologies, aligning with user needs, and planning for long-term opportunities can companies seize opportunities amid uncertainty. Ezviz's model of "hardware + cloud services + AI," coupled with its "long-termism" philosophy, undoubtedly provides a reference development path for consumer security companies.
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