International. Hikvision generated total revenue of US$9.78 billion for fiscal 2020, having achieved year-over-year (YoY) growth of 10.14%. Net profit attributable to the company's shareholders was US$2.06 billion, reflecting a year-on-year growth of 7.82%.
"As for business in the United States, even if challenges persist, the improvement in the economy definitely boosts our confidence. But regardless of when the market returns to normal, we are dedicated and committed to continuing to serve our support partners throughout this time," said Tony Yang, President of Hikvision USA.
Hikvision also reported that its first quarter 2021 revenue was $2.15 billion, representing a year-over-year increase of 48.36%. Net profit attributable to the company's shareholders in the first quarter was US$334.09 million, representing a year-on-year growth of 44.99%.
In 2020, Hikvision further expanded its R&D investment with an expenditure of over US$982 million. The R&D expense ratio has continuously increased in recent years, from 7.62% in 2017 to 8.99% in 2018, 9.51% in 2019 and 10.04% in 2020.
The company explains that technological innovation has been the key area of focus driving its development. As new external uncertainties emerged in 2020, Hikvision worked closely with partners and suppliers globally to maintain stability and integrity in their supply chain, improve their smart manufacturing processes and optimize delivery efficiency, as well as ensure reliable business development.
