Credit Brief — HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. (海康威视)
002415.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 胡扬忠
- Registered address: 浙江省杭州市滨江区阡陌路555 号
- Office address: 浙江省杭州市滨江区物联网街518 号
- Controlling shareholder: 中电海康集团
- Employees: 57,202
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 40,011.9 | 49,629.5 | 36,271.5 | 46,508.3 | 37,851.4 |
| Trading financial assets | 12.8 | 0.0 | — | — | — |
| Accounts receivable | 29,906.3 | 35,815.2 | 37,910.1 | 29,812.4 | 27,784.1 |
| Other receivables | 516.5 | 571.9 | 531.3 | 442.5 | 501.8 |
| Inventories | 18,998.2 | 19,211.4 | 19,110.7 | 20,472.2 | 29,488.1 |
| Long-term equity investments | 1,252.0 | 1,151.1 | 1,527.2 | 1,669.1 | 2,268.3 |
| Fixed assets | 8,539.8 | 11,508.3 | 15,063.8 | 20,176.9 | 19,996.8 |
| Construction in progress | 3,770.8 | 4,307.7 | 4,699.5 | 1,914.1 | 2,065.9 |
| Intangible assets | 1,544.9 | 1,810.5 | 1,828.3 | 1,830.1 | 1,792.3 |
| Total assets | 119,234.8 | 138,848.0 | 132,016.2 | 138,049.7 | 137,690.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 3,343.1 | 2,119.0 | 1,031.9 | 2,685.9 | 2,768.7 |
| Notes payable | 1,207.8 | 1,163.7 | 1,197.1 | 783.8 | 612.9 |
| Accounts payable | 16,025.6 | 19,163.5 | 20,185.3 | 19,843.9 | 20,832.9 |
| Contract liabilities | 2,644.5 | 2,978.0 | 3,353.9 | 4,200.5 | 4,919.9 |
| Other payables | 3,203.3 | 3,911.6 | 3,528.4 | 3,384.0 | 3,055.4 |
| Current portion of non-current liabilities | 868.2 | 5,814.7 | 767.0 | 3,939.3 | 1,061.0 |
| Long-term borrowings | 7,522.3 | 8,940.1 | 5,119.2 | 1,210.6 | 933.4 |
| Total liabilities | 46,263.1 | 56,684.4 | 44,515.9 | 46,832.8 | 44,557.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 9,430.9 | 9,330.6 | 9,233.2 | 9,164.9 | 9,164.9 |
| Capital reserve | 10,141.2 | 7,864.9 | 6,181.6 | 4,385.4 | 4,399.5 |
| Retained earnings | 49,460.4 | 57,136.6 | 60,959.9 | 65,059.1 | 66,081.1 |
| Equity attributable to owners of the parent | 68,389.3 | 76,354.3 | 80,668.7 | 83,348.2 | 84,346.7 |
| Minority interests | 4,582.4 | 5,809.3 | 6,831.6 | 7,868.7 | 8,786.6 |
| Total equity | 72,971.7 | 82,163.6 | 87,500.3 | 91,216.9 | 93,133.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 83,166.3 | 89,339.9 | 92,495.5 | 92,507.8 | 46,822.5 |
| Cost of sales | 47,996.3 | 49,637.1 | 51,953.9 | 50,067.4 | 23,426.6 |
| Selling expenses | 9,773.5 | 10,842.5 | 12,051.2 | 12,347.9 | 5,822.1 |
| Administrative expenses | 2,642.1 | 2,769.7 | 3,095.9 | 2,994.5 | 1,493.4 |
| Finance costs | 0.0 | 0.0 | 0.0 | 0.0 | 346.2 |
| Investment income | 218.4 | 63.3 | 187.0 | 247.7 | 659.4 |
| Operating profit | 14,782.7 | 16,039.3 | 14,312.2 | 16,963.1 | 10,368.9 |
| Profit before tax | 14,855.0 | 16,098.9 | 14,343.5 | 17,013.4 | 10,405.3 |
| Net profit | 13,558.1 | 15,155.7 | 13,141.0 | 15,433.7 | 9,123.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.85x | 2.55x | 2.72x | 2.42x | 2.51x |
| Quick ratio | 2.30x | 2.12x | 2.21x | 1.95x | 1.81x |
| Debt-to-asset ratio | 38.8% | 40.8% | 33.7% | 33.9% | 32.4% |
| Total debt / EBITDA | 0.74x | 0.97x | 0.44x | 0.42x | 0.40x |
| EBITDA interest coverage | 50.90x | 38.14x | 40.57x | 93.26x | 141.83x |
| Gross margin | 42.3% | 44.4% | 43.8% | 45.9% | 50.0% |
| Net margin | 16.3% | 17.0% | 14.2% | 16.7% | 19.5% |
| Return on equity (ROE) | 18.6% | 18.4% | 15.0% | 16.9% | 9.8% |
| Revenue growth | — | 7.4% | 3.5% | 0.0% | -49.4% |
| Net profit growth | — | 11.8% | -13.3% | 17.4% | -40.9% |
| Receivable days | 131 | 146 | 150 | 118 | 217 |
| Cash received / revenue | 104.4% | 104.8% | 106.5% | 119.8% | 115.2% |
| Operating CF / net profit | 0.75x | 1.10x | 1.01x | 1.64x | 0.35x |
| Free cash flow | 10,164.1 | 16,623.3 | 14,590.0 | 25,835.1 | 3,231.4 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.34 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 9,603.9 vs 9,617.6 CNY mn (deviation 0.14%, severity low)
Sources: 2023年年度报告.pdf p.166 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.160 「货币资金」. CF-statement figure below the balance-sheet movement by 13.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
7 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 46,508.3 | 2025年年度报告.pdf | 147 | 货币资金 | 46508328658.44 (元) |
| Total assets | 2025 | 138,049.7 | 2025年年度报告.pdf | 147 | 资产总计 | 138049655334.62 (元) |
| Accounts receivable | 2025 | 29,812.4 | 2025年年度报告.pdf | 147 | 应收账款 | 29812378945.77 (元) |
| Fixed assets | 2025 | 20,176.9 | 2025年年度报告.pdf | 147 | 固定资产 | 20176914451.95 (元) |
| Short-term borrowings | 2025 | 2,685.9 | 2025年年度报告.pdf | 148 | 短期借款 | 2685866236.94 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.