Hikvision, a world leading manufacturer and supplier of security products and solutions, generated a total revenue of $9.78 billion (RMB 63.50 billion) for fiscal year 2020, having achieved a year-over-year (YoY) growth of 10.14%. Net profits attributable to shareholders of the company was $2.06 billion (RMB 13.39 billion) reflecting YoY growth of 7.82%.
“As for the business in the United States, while the challenges remain, the improving economy definitely boosts our confidence. But regardless of when the market regains a sense of normalcy, we are dedicated and committed to continue to serve our supportive partners throughout this time,” said Tony Yang, President, Hikvision USA.
Hikvision also reported its first quarter of 2021 revenues to be $2.15 billion (RMB 13.99 billion), representing a YoY increase of 48.36%. Net profits attributable to shareholders of the company in the first quarter was $334.09 million (RMB 2.17 billion) representing a YoY growth of 44.99%.
In 2020, Hikvision further expanded its investment in R&D with spending of more than $982 million (RMB 6.38 billion). 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.