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Hikvision is the world's largest video surveillance manufacturer, making IP/analog security cameras, NVRs/DVRs, PT
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 2 suppliers, 2 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Exact-amount match: RMB 2,308,602,513.23 in the related-party procurement note equals the anonymized 第一名 (rank-1) row in the top-5 supplier table (4.82% of FY2025 procurement) — confirming CETC-affiliated entities are Hikvision's single largest supplier relationship. The filing gives no further entity-level breakdown of this aggregate.
FY2024 comparative from the FY2025 annual report's related-party note: RMB 1,897,826,757.19 procurement (FY2025's RMB 2,308,602,513.23 is +21.6% YoY). FY2024 total procurement base is not disclosed in this filing, so no comparable share_pct.
RMB 207,066,575.61 in FY2025 product/service sales to CETC-affiliated entities, below the top-5 customer threshold (the smallest named top-5 slot was RMB 296.6m/0.32% of sales) so it never appears in the anonymized top-5 table; quantified only via the separate related-party-transaction note. Filing gives no % of revenue for this line.
FY2024 comparative from the FY2025 annual report's related-party note: RMB 219,280,317.07 in sales/services (FY2025's RMB 207,066,575.61 is -5.6% YoY).
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
Every exposure is read as a buyer dependency; the top 3 are its binding chokepoints.
As a buyer, policy pressure across its consumed materials is flat.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇨🇦 CA accounts for 100% of severity-weighted pressure.