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Additionally, long-serving executive Weichi Wu has retired, having been with Hikvision since 2001 and holding various senior positions, including vice president and executive vice president. Senior vice president Jin Duo and other board members have also left the company.
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According to Tencent Tech, One perspective on the positional adjustment is that it is driven by the pressures of Hikvision’s recent performance growth. After experiencing sales growth from 2019 to 2023, the company’s total revenue growth rate has begun to decline, recording 2.14% in 2022 and 7.42% in 2023, down from a significant 28.21% in 2021. Furthermore, its net profit attributable to the parent company peaked at CNY16.8 billion (US$2.37 billion) in 2021 but has since decreased in 2022 and 2023. In the first half of this year, while Hikvision’s total revenue achieved year-on-year growth, its net profit attributable to the parent company continued to decline.
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