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1、 Hangzhou Hikvision Digital Technology Co.,Ltd.2017 Annual Report April 21st 2018 Hikvision 2017 Annual Report 1 To shareholders In 2017,Hikvision maintained steady and healthy growth,reporting sales revenue of RMB 41.91 billion,representing year-over-year growth of 31.22%,and net profit attributabl
2、e to the listed company of RMB 9.41 billion,representing year-over-year growth of 26.77%.In 2017,the Company focused on Hikvision-developed products,notably its intelligent products,enhancing solution through product innovation and creating more value for customers.For the overseas market,the Compan
3、y continues to expand from a channel distribution market to a project-based market.Despite a significant increase in the selling expense ratio,the Company continued to strengthen its investments in the project-based market.After several years of exploration,our innovative businesses saw certain grow
4、th.EZVIZ,business based on internet application,reported its first-ever annual profit,with sales revenue in excess of RMB 1 billion.In the window period for development of the artificial intelligence industry,the Company has enhanced its investment in artificial intelligence technology research and
5、development to ensure its industry leadership in niche areas.Capital-driven innovation leads to increasing competition for talent,rising housing prices,cost of living,and personnel costs have contributed to a rapid increase in operating costs of the Company.With enterprise growth,internal management
6、 of the enterprise becomes much more complex,and diseconomy problems resulting from increased scale increase are more prominent.Continuing to improve the internal management ability of the Company becomes more important.At the same time,rewarding shareholders with current profits is also the respons
7、ibility and obligation of the Company.The Company is working hard to balance technology accumulation,market expansion,employee stability,improvement of internal management ability and current reward to shareholders.We understand that customers come first and that the continuous development of the co
8、mpany,greater room for employees growth and continuous rewards for shareholders can be secured only by creating more value for customers through continuous product innovation and providing convenient services to customers through improvement in the marketing system.In 2017,the Company put forward th
9、e concept of AI Cloud aligning with the Internet of Things(IoT)industry development under the artificial intelligence(AI)era.The Company defined Hikvision 2017 Annual Report 2 a three-layered architecture incorporating the edge node,edge domain and cloud center of AI Cloud,and proposed the core prin
10、ciple of“Edge perception,on-demand(data)convergence,multi-layered cognition,multi-tier application”of AI Cloud.Over the next few years,the Company will focus on AI Cloud open platforms and cooperate with numerous partners to promote development of the IoT industry.In spite of uncertainties in operat
11、ion,especially uncertainties arising out of trade protectionism,we look forward to the Company maintaining a steady and healthy development in 2018:The trend of artificial intelligence is just getting started,the global marketing network of the Company becomes more and more balanced,and the developm
12、ent speed of innovative businesses will accelerate,all of which will further stabilize the operation of the Company.The Company will further enhance its management ability,pay more attention to profitable growth,continue to promote sustainable and healthy development,and provide long-term rewards fo
13、r shareholders.In closing,we would like to express our heartfelt gratitude to all shareholders for trusting,understanding and supporting the Companys operation and management team.See far,go further.Board of Hangzhou Hikvision Digital Technology Co.,Ltd.April 2018 Hikvision 2017 Annual Report 3 Sect
14、ion I Important Notes,Contents and Definitions The Board of Directors,Board of Supervisors,directors,supervisors and senior management of Hangzhou Hikvision Digital Technology Co.,Ltd.(hereinafter referred to as the“Company”)hereby guarantee that the information presented in this report shall be tog
15、ether be wholly liable for the truthfulness,accuracy and completeness of its contents and free of any false records,misleading statements or material omissions,and will undertake individual and joint legal liabilities.Chen ZongNian,the Companys legal representative;Jin Yan,the person in charge of th
16、e Companys accounting work and the head of accounting department,hereby declare and warrant that the financial statements in this report are authentic,accurate and complete.The Companys chairman Chen Zongnian,and director Gong Hongjia,Qu Liyang,Hu Yangzhong,Wu Weiqi,independent director Cheng Tianzo
17、ng,Lu Jianzhong,Wang Zhidong attend the board meeting to review this report in person.Independent director Hong Tianfeng was on a business trip and not able to attend the board meeting in person,and Hong authorized independent director Cheng Tianzong to attend and exercise the voting right for him.T
18、he profit distribution proposal passed upon deliberation at the meeting of the Board of Directors is set out as follows:Based on the Companys current total share capital of 9,227,270,473 shares,the Company proposed to distribute cash dividend of RMB 5(tax inclusive)per each 10 shares to all sharehol
19、ders,bonus share and share distribution from capital reserve is nil.Note:This document is a translated version of the Chinese version 2017 Annual Report(“2017 年年度报告”),and the published announcements in the Chinese version shall prevail.The complete published Chinese 2017 Annual Report may be obtaine
20、d at .Hikvision 2017 Annual Report 4 Please read the annual report and pay particular attention to the following risk factors:1)Risk of technology upgrade:With the development of cloud computing,big data,artificial intelligence,and other technologies,the demand and business models of the industry wi
21、ll change accordingly.If the Company cannot follow the changes in the cutting-edge technologies,or fail to realize the business innovation rapidly,the risks of future development uncertainties will increase.2)Risk of cyber-security:Risk of cyber-security:The Company has always attached importance an
22、d taken active measures to enhance security performance of our products and systems,but under the Internet application environment,there is still a possibility of deliberate attempts，including computer viruses,malicious software,hacker and similar disruptions，to damage our systems or products,causin
23、g the security issues.3)Risk of exchange rate fluctuation:At the overseas market,the Company carries out operations in various countries and regions with different currencies.The risk of exchange rate mainly comes from foreign exchange exposures arising out of sales,purchase and financing that not s
24、ettled in RMB(mainly in USD)as well as the exchange rate fluctuations,which may probably affect the profitability level of the Company.4)Risk of internal management:The continual expansion of business scale,the continuous increase of new products and new businesses,the sustained growth in total numb
25、er of employees and the significant rise of internal management complexity have posed challenges to the Companys management work and raised higher requirements on the Companys management team.The Companys sustainable development will face certain risks if the management level fails to match up with
26、the Companys business expansion.5)Risk of global market expansion:The Companys business covers more than 150 countries and regions worldwide.If various situations such as trade protectionism,debt problem or political conflict occur in the country where our business is carried out,adverse impact may
27、be caused to the Companys business development.6)Risk of local debt:In the government-related project field,the Company has been maintaining a prudent attitude towards PPP(Public-Private Partnership)and other construction modes,and endeavors to reduce risks in the course of management and control fo
28、r signing the project and implementing project.However,the risk of extension of project schedule and failure of capital recovery might still appear if some government policies change or the financial payment ability reduces.7)Risk of intellectual property(IP)rights:The Company continues to maintain
29、the relative large scale of R&D investment,and produces considerable technical achievements.At the same time,the Company implements well-organized intellectual property right(IPR)protection measures,however,the risk of provoking IPR disputes and suffering from IPR infringements still exists.The abov
30、e notices might not be all-inclusive of all other potential risks,please pay attention to the potential investment risks Hikvision 2017 Annual Report 5 CONTENTS To shareholders.1 Section I Important Notes,Contents and Definitions.3 Section II Corporate Profile&Key Financial Data.7 Section III Corpor
31、ate Business Summary.13 Section IV Operation Discussion and Analysis.35 Section V Significant Events.57 Section VI Changes in Shares and Information about Shareholders.76 Section VII Information of Preferred Shares.87 Section VIII Information about Directors,Supervisors,Senior Management and Staffs.
32、88 Section IX Corporate Governance.105 Section X Corporate Bonds.118 Section XI Financial Report.119 Section XII Documents Available for Reference.233 Hikvision 2017 Annual Report 6 Definitions Term Definition Reporting Period From January 1st 2017 to December 31st 2017 Articles of Associations Arti
33、cles of Associations for Hangzhou Hikvision Digital Technology Co.,Ltd Hikvision,our Company,the Company Hangzhou Hikvision Digital Technology Co.,Ltd CETHIK CETHIK Group Co.,Ltd.Controlling Shareholder of the Company Innovative Co-investment Partnership Hangzhou Hikvision Equity Investment Partners
34、hip(Limited Partnership)Ezviz,Ezviz Network Inc.Hangzhou Ezviz Network Co.,Ltd.(According to the context,also refers to the corresponding business)Hikvision Robotics Hangzhou Hikvision Robtics Technology Co.,Ltd.(According to the context,also refers to the corresponding business)Hikvision Automotive
35、 Technology Hangzhou Hikvision Automotive Technology Co.,Ltd.(According to the context,also refers to the corresponding business)Hikvision Weiying Hangzhou Hikvision Weiying Sensor Technology Co.,Ltd.(According to the context,also refers to the corresponding business)Hikvision Storage Wuhan HIK Stor
36、age Technology Co.,Ltd.(According to the context,also refers to the corresponding business)Security Industrial Base(Tonglu)Located in Tonglu economic development area,Hangzhou,Zhejiang province,purposes for production factories,warehousing logistics center.Initially disclosed in Announcement about t
37、he Companys Investment in Tonglu to Set up Wholly Owned Subsidiary and New Hikvision Security Industry Base(Tonglu)Project(关于在桐庐投资设立全资子公司及新建海康威视安防产业基地（桐庐）项目的公告)(NO.2014-044).Internet Security Industry Base Located in Binjiang district,Hangzhou,Zhejiang province,purposes for the office building.Initi
38、ally disclosed in Announcement about the Companys New Construction of Internet Security Industry Base Project(关于新建海康威视互联网安防产业基地项目的公告)(NO.2014-035).Chongqing Manufacture Base Located in Chongqing,purposes for manufacturing facility,initially disclosed in Announcement about Resolution of the 20th Meet
39、ing of the 3rd Session Board（No：2016-068）Innovative Business A long investment cycle,business prospects uncertain,has the high risk and uncertainty,in need for direct or indirect investment in exploration,in order for the Company to timely enter into new areas of business.Initially disclosed in Anno
40、uncement about Management Measures for Core Staff Investment in Innovative Business(核心员工跟投创新业务管理办法)()In this report,innovative business also refers to Ezviz,Hikvision Robtics,Hikvision Automotive Technology,Hikvision Weiying,Hikvision Storage,and their related business or products.Euro Bond The Comp
41、any publicly issued the bond with nominal value amounting to Euro 400 million;and the bond was settled,listed and traded on the Irish Stock Exchange on February 18th 2016.For details,please refer to Announcement about Issuing Foreign Currency Bond(关于境外发行外币债券的进展公告)(NO.2016-004)Hikvision 2017 Annual R
42、eport 7 Section II Corporate Profile&Key Financial Data I.Corporate Information Stock abbreviation HIKVISION Stock code 002415 Stock exchange where the shares of the Company are listed Shenzhen Stock Exchange Name of the Company in Chinese 杭州海康威视数字技术股份有限公司 Abbr.of the Company name in Chinese 海康威视 Na
43、me of the Company in English(if any)HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO.,LTD Abbr.of the Company name in English(if any)HIKVISION Legal representative Chen Zongnian Registered address No.555 Qianmo Road,Binjiang District,Hangzhou Postal code of Registered address 310051 Business address No.555
44、Qianmo Road,Binjiang District,Hangzhou Postal code of Business address 310051 Company website E-mail ; II.Contacts and contact information Board Secretary Securities Affairs Representative Name Huang Fanghong Li Yi Address No.555 Qianmo Road,Binjiang District,Hangzhou No.555 Qianmo Road,Binjiang Dis
45、trict,Hangzhou Tel.0571-89710492 0571-89710492 Fax 0571-89986895 0571-89986895 E-mail III.Information disclosure and place of the report Newspaper designated by the Company for information disclosure Securities Times,China Securities Journal Website specified by CSRC for release of the Annual Report
46、 Place where the Annual Report is available for inspection Office of the Board of Directors of the Company Hikvision 2017 Annual Report 8 IV.Company Registration and Alteration Organization code 91330000733796106P Changes in principle business activities since the Company was listed(if any)During th
47、e reporting period,the Company operating range newly added electronic technology consulting service,training service(excluding the organizational training).After the change,the Companys business scope is:the electronic products(including explosion-proof electrical products,communication equipment an
48、d related ancillary equipment,multimedia equipment),aircrafts,robots,intelligent equipment,auto parts and accessories,research and development(R&D)and production of automotive electrical signal equipment;Sales of self-produced products;provide technical services,electronic technology consulting serv
49、ice,training service(excluding the organizational training),electronic equipment installation;electrical engineering,design,construction and maintenance of intelligent system projects.(except country prohibited and restricted items,relating to the specific mandatory license certificate)(subject to r
50、atification in accordance with the project,approved by the relevant departments to operate)Changes of controlling shareholders of the Company(if any)No change during the reporting period V.Other Relevant Information Accounting firm engaged by the Company Name of the accounting firm Deloitte Touche T