According to the Orient Securities Research Report, Hikvision's performance continues to exceed expectations, leading the way in physical AI applications. The company's revenue for the first half of the year increased 12% year on year to 46.8 billion yuan, and net profit to mother increased 40% year over year to 7.9 billion yuan. Domestic main business revenue increased 5% year over year to 18.7 billion yuan. Of these, PBG and EBG revenue were 5.83 billion yuan and 7.73 billion yuan respectively, and the year-on-year growth rate was within 5%. Scenario digitization and AI models are expected to open up room for business growth; SMBG channel operation efficiency was further improved, and revenue bottomed out and rebounded, up 14% year on year to 4.62 billion yuan. Overseas main business revenue increased 6% year over year to 12.9 billion yuan, deepening the “one country, one policy” business strategy, optimizing product structure and marketing system, enhancing localized marketing, service and operation capabilities, and actively expanding key regional markets. As of July 6, all categories of Haikang mobile robots have gone offline to exceed 200,000 units; according to the “Mobile Robot Industry Alliance”, Haikang ranked first in the world in the market share of mobile robots in 2025; the company has an annual production capacity of 75,000 mobile robots, 5 million sets of machine vision products, and 20,000 sets of joint robots. The Haikang Guanlan large model has all modes, covering various physical sensing technologies, and constructs a complete IoT sensing capability matrix. Maintain a 26-year average PE valuation of 24 times that of comparable companies, give a target price of 44.64 yuan, and maintain a “buy” rating.

According to the Orient Securities Research Report, Hikvision's performance continues to exceed expectations, leading the way in physical AI applications. The company's revenue for the first half of the year increased 12% year on year to 46.8 billion yuan, and net profit to mother increased 40% year over year to 7.9 billion yuan. Domestic main business revenue increased 5% year over year to 18.7 billion yuan. Of these, PBG and EBG revenue were 5.83 billion yuan and 7.73 billion yuan respectively, and the year-on-year growth rate was within 5%. Scenario digitization and AI models are expected to open up room for business growth; SMBG channel operation efficiency was further improved, and revenue bottomed out and rebounded, up 14% year on year to 4.62 billion yuan. Overseas main business revenue increased 6% year over year to 12.9 billion yuan, deepening the “one country, one policy” business strategy, optimizing product structure and marketing system, enhancing localized marketing, service and operation capabilities, and actively expanding key regional markets. As of July 6, all categories of Haikang mobile robots have gone offline to exceed 200,000 units; according to the “Mobile Robot Industry Alliance”, Haikang ranked first in the world in the market share of mobile robots in 2025; the company has an annual production capacity of 75,000 mobile robots, 5 million sets of machine vision products, and 20,000 sets of joint robots. The Haikang Guanlan large model has all modes, covering various physical sensing technologies, and constructs a complete IoT sensing capability matrix. Maintain a 26-year average PE valuation of 24 times that of comparable companies, give a target price of 44.64 yuan, and maintain a “buy” rating.