Hikvision / Hikrobot海康机器人 002415 ↗

Caveat

Hikrobot is no longer undisclosed. Hikvision's H1 2026 revenue was RMB 46.823bn (+11.97%) with net profit attributable of RMB 7.996bn (+39.57%), an interim dividend of RMB 5.041bn, and a separately reported robot-business revenue line of RMB 4.028bn (+28.34%).

On 2026-03-31 the company restarted preparations to spin off Hangzhou Hikrobot onto the Shenzhen ChiNext board; the application has been with the exchange since March 2023, through two rounds of enquiry and four suspensions for stale financial data. Hikrobot's standalone revenue was RMB 3.90bn in FY2022 (net income RMB 640m), RMB 4.94bn in FY2023 (RMB 800m), RMB 5.929bn in FY2024 and RMB 6.452bn in FY2025 (+8.82%), with a planned raise of about RMB 6bn; the regulator's stated concerns are related-party transaction fairness, business independence and the reliability of financial data, and Hikrobot has relied on the parent for contract manufacturing.

Do not merge the parent's robot-business segment series with the Hikrobot legal-entity series until scope is reconciled: +28.34% and +8.82% are not the same base. Sanctions and export-control exposure and the governance discount are unchanged.

Return −1.19%.

风险提示

海康机器人已不再是“未单独披露”。海康威视 2026 上半年收入 468.23 亿元（+11.97%），归母净利 79.96 亿元（+39.57%），中期分红 50.41 亿元，并单列机器人业务收入 40.28 亿元（+28.34%）。

2026-03-31 公司重启分拆杭州海康机器人至深交所创业板上市的准备；该申请自 2023 年 3 月起在审，历经两轮问询与四次因财务资料过期而中止。海康机器人独立口径收入：FY2022 39.0 亿元（归母净利 6.4 亿元）、FY2023 49.4 亿元（净利 8.0 亿元）、FY2024 59.29 亿元、FY2025 64.52 亿元（+8.82%），拟募资约 60 亿元；监管关注点为关联交易公允性、业务独立性与财务数据可靠性，且海康机器人长期依赖母公司代工。

在口径对齐之前，不得把母公司“机器人业务”分部数据与海康机器人法人口径合并：+28.34% 与 +8.82% 并非同一个基数。制裁与出口管制敞口、治理折价均维持不变。

回报 −1.19%。