Hikvision announced the financial results for 2020, as the company continues to grow and was able to generate a total revenue of RMB 63.50 billion (approx. $ 9.8 billion), having achieved a year-over-year (YoY) growth of 10.14%, and net profits attributable to shareholders of the company was RMB 13.39 billion (approx. $ 2.07 billion), reflecting a YoY growth of 7.82%.
Hikvision has also disclosed its financial results for the first quarter of 2021, with a revenue of RMB 13.99 billion (approx. $ 2.16 billion), representing a YoY increase of 48.36%. Net profits attributable to shareholders of the company in the first quarter was RMB 2.17 billion (approx. $ 340 million), representing a YoY growth of 44.99%.
In 2020, Hikvision further expanded its investment in R&D, with a spending of RMB 6.38 billion (approx. $ 990 million). 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.
Technological innovation has been the key area of focus driving the successful development of the company, and Hikvision will continue providing more innovative technologies, products and solutions to help increase safety, operational efficiency and sustainability in communities, companies and global societies.
As new external uncertainties emerged in 2020, Hikvision worked closely with partners and suppliers globally to maintain stability and integrity in its supply chain, enhance its intelligent manufacturing processes, and optimize delivery efficiencies, as well as ensure reliable business development.
