HANGZHOU, China, April 22, 2021 /PRNewswire/ -- Hikvision, an IoT solution provider with video as its core competency, has released its full-year 2020 financial results. In 2020, Hikvision generated a total revenue of RMB 63.50 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, 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, representing a YoY increase of 48.36%. Net profits attributable to shareholders of the company in the first quarter was RMB 2.17 billion, 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. 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.
Hikvision is an IoT solution provider with video as its core competency. Featuring an extensive and highly skilled R&D workforce, Hikvision manufactures a full suite of comprehensive products and solutions for a broad range of vertical markets. In addition to the security industry, Hikvision extends its reach to smart home tech, industrial automation, and automotive electronics industries to achieve its long-term vision. Hikvision products also provide powerful business intelligence for end users, which can enable more efficient operations and greater commercial success. Committed to the utmost quality and safety of its products, Hikvision encourages partners to take advantage of the many cybersecurity resources Hikvision offers, including the Hikvision Cybersecurity Centre. For more information, please visit us at www.hikvision.com.