Debunking Hikvision UK Sales Doubling Claim
The Telegraph reported that Hikvision's UK product sales doubled last year, triggering controversy over the mega-PRC manufacturer's alleged growth despite UK government restrictions. The problem is that the claim is wrong.
The earnings report cited by the Telegraph is legitimate, but because of the oddities of cross-border reporting, it fundamentally misrepresents the challenges and strain Hikvision's UK business has been under in the past few years.
In this note, we explain how these filings work, the actual range for Hikvision's UK revenue and growth rates, and why the Telegraph report ironically falsely scrutinizes Hikvision's UK activities.
** *** ****, ********* ******* *** **** ********* ********** *** **'* ********* ***** ********* registry, ********* ********* "** ****** ******* sales ** ** *** ******* ********* from £**.** ******* ** £**.* ******* in ****."
***** ** ****,*** ********* *********** ********* "**** **** ******* ***** of *** ************ ******* ** ******* last ****."
******* *************** ******** **** *** ******** 2023 ***** ******** ** ****** ** artifact ** ********** ****** **** ****** doubling ** ** *****.
********
*** ******** *******:
- *********'* ** ******* ***** *** ***, far **** **** **** ********* ***** reveals *** *** ********* *******. ** estimate ********* ** ******* ***** **** been **** *** ******* *** *** many *****.
- ********* **'* ***** **** ******** ** roughly *%, ********* ** *** ********* House ****** *** ** **** **** LinkedIn ******** **********, ************* *********'* ** weakness ****** **** ****** ** ****. Related, ***:********* ** ********* ********
- *** ********* ******* **** *** ********* House ****** ***** *********'* "********" ***** declined ** **%, ***** ************ **** this ** *** ** ******** ********** of *********'* ** *****, ********* **** Hikvision **** *** **** "********" ** the ** ** ***** ******* *******.
- *** ****** **** ***** ** **** that *********'* ******** ***** ******* ******* from ~**% ** **% **** **** year. ****, ***, ** ********* ** accounting ******** ****** **** **** * fundamental ***** ** ******* ******.
- **** *******, ******** ******* ********** *** UK ******** **** ********* *** * challenging **** ** ** ***** ******* bans *** **** *** ********* *** ** **** ***** **** to **** ******* ****.
**** ****** *** **** *** **** reporting ** ********* **'* ******* ******* we **** **** ** *** ******* an ******** *******. ********* ** ** owned ** ********* ******, *** *** revenue ** ******** ***** ******** ** Hikvision's ********* ***** *** ** * strategic **********/*** ******** ****** **** ********** a ***** **********'* *********.
************, ********* ** ********** * ***** share ** ******* ** "********* ** services," ***** ****** ** "******** ** the ******** ****** ******* ** ***** and ** ** *** ******* ********* of ***** ***** *********."
********* *** *** ******** ***, *** it ******** ***** ** ***** ******* while ********* ** ******** ******** ** 30%:
**** ******, **** ********* * ****** in **** ********* *** ******* ** report ** ********. **** ******** ***** even ******* *** *** ******** ** sales.
*********'* ****** **** ******** ** ** percentage ****** *** ** ********* **** of *****. **** * *********** ******** is *** ****** ** ***** ****** due ** ********** *******, *** ********* attributes **** ** "********** ********** ** direct ******* ***** ** [***] ** and *******."
***********, ********* **'* ******** ********* ********* by ~*% ****** **** *********, ** would ** ******** **** ******* ******:
***** ********, ** ** ***** ***** numbers ** *** **** ***** **** interpreted ** ********* **** *** ******* Hikvision ********* *****. *** *********'* ****** selectively ****** ** ***** ******* ******* questioning **** ***** ******** ** *************** in *** **** ** *** ******.
False ****** ******** **** ********
********* ** ************ **** ** ********** "********* *****"*** ************ ******** *********** ****.
*** *********'* ****** ********* ******* ******* for **** ******, ********* **** ****** of ********** *** **** ****** *****:
*** ********** ****** *** ********* **** trading ** *** **, *** ****** has ***** *** ** ********* *** dangerous ** ** **** **** ***** have * ***** *** ** **** life. ** **** ** ** ** open ** *****.
Hikvision *******
**** ***** ****** ****** ********* ** a ***********. ** ***** ******** ****** the ******, *** **** ***** ******* it ** *** ** *** *** grow ** *** ********* *******, ***** companies ********* ** *** **** ** do. *******, ** ** **** *** refute **, ** **** **** ** further ******** *** ******** **** ******* bans ******* *** *******.
***** * ********** ***** **** ***********#* that ********* ****’* ****** *** ***** in ****/** *** ****** ***** **** the **** **** **** ******** ** increase ** ***** *** ********* *** liabilities. ** ****** ****’** ****** **** a ******* ** **** ****, **’* unavoidable ** ******** **** ********* **** something ** *** ** **** ****’** reporting *** *** ********.
****’** *** * ****** ******* ** they **** ** ************ ** ******* with ********* ** ** ********* ***** zero ***** *** **** ** ****** a ******* ******** ** ***** **** a *********** **** ******** ** ****** and ********* *** ** ***.
**** ** **** ******* ***** **** continental ****** ** *** ** ****** they ***** **** ** *** *** tax ** *** ** ***** *** has *** ** *** ******* ******** rates *** ****** *********.
* ***’* *** *** **** ** staff ** *********** ******* **** ********** computerisation ** ****-****** ********* *** ****-******** you *** ***** **** ***** *** to ******** **********.
* **** *** **** *** **** aggressive **** ***** ******* ** *** moment *** **** ***** **** ******* brand *********** ******* **** ************ ********* - **** **** ** **** ***** or *** ***** ******* ***** ** the **.
*** **** *****’* ******* ***** ***** of *********. ****’* * *********** *********.
****’** *** * ****** *******
********* ** * ******** ****** ******* in *****:
************** *********** ** *** *** **********, *** ** **** ******** ****** financials. ** ** *** **** ********* else?
* ***’* *** *** **** ** staff ** *********** ******* **** ********** computerisation ** ****-****** ********* *** ****-******** you *** ***** **** ***** *** to ******** **********.
**** ***** ********* *** *** ****** this ****? **'** *** ****** **** as * ******* *****.
**** ***** ***** *** ******** ** fair. ** ***'* **** *** **** accounted ** **** *** **** **** but ** ** **** ***** ******* have ***** ******* ********* ******* *** Hikvision **.
****'* ******* *******, ** *** ****, in ****, ********* **** * ******* amount ** ******* ***** *******, ************ **'* **** ************** * ********** ******** ** ***** margin **** ****** ********* ****** *** admitted **** ***** ******* *** ********** margins:
****, * ** **** ** **** agree *********'* ***** ** ******* *** far *** ****** ** ***** ***** than *** **** *** ** ******* GBP **** ****.
*** **** ******, *********'* ** ********** ***** ***** ******* ******** ********* even ****** **** *********** * ******** of *** *** ****** ***** ****** thermal ******* ***** ** ****:
** ****, *** *****, ********* ******* Hikvision's ** / ***** **********, *** the ******** / ************** ** *** UK *** *** ******.
* *** **** ******** *** ***** day *** - *** **** ******* all ** *** ****** *** ********* above - **** ***** *** ** f'ing *** *** ***** **** ******* sales ** *** ** ***...
****** *** ********** ******* *** *** flim-flam ****** ** ** ***** ******* when ******* **** ******** **** *** Telegraph.