安防巨头大华股份计提超30亿元坏账准备零跑汽车创始人减持公司数亿元股权

作者：段楠楠文章来源：创业最前线

2026-08-06 09:05

作者：段楠楠文章来源：创业最前线

2026-08-06 09:05

邦小白快读

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这篇文章披露了安防巨头大华股份当前的经营、业绩与资本层面的核心状况，核心重点信息如下：

1. 业绩层面：国内安防市场见顶，大华国内收入四年下滑13.4%，整体业绩停滞，2025年营收和利润还不如2021年；海外业务布局早占营收近五成，近年增速也放缓，拓展的创新业务增长缓慢，和头部企业海康威视差距明显。

2. 财务与资本层面：因为TO G政府项目和海外经销模式，大华有超162亿元应收账款，计提坏账准备超31.87亿元，常年信用减值拖累利润；股价从2023年高点下跌37%，远跑输大盘；零跑汽车创始人、大华元老朱江明近年累计减持套现约3亿元。

本文对安防行业品牌商有多方面参考干货，核心内容如下：

1. 行业趋势方面：国内安防市场已经见顶，本土头部企业国内收入普遍下滑，出海已经成为行业对冲增长压力的必选项，提前布局出海的品牌能够有效缓冲国内市场下滑的影响。

2. 业务拓展启示：开辟第二增长曲线时，需要提前布局新业务，均衡布局多赛道，提升各业务之间的协同性，客户布局要分散以降低行业周期波动影响；大华创新业务因起步晚、布局单薄、客户集中在产能过剩的新能源行业，增长远落后于海康威视，值得品牌商警惕。

3. 风险提示：TO G类业务账期长、坏账风险高，大规模承接总包项目会带来高额应收，持续拖累企业利润，需要提前优化调整业务结构。

本文给安防及相关领域卖家梳理了行业的机会与风险，核心干货如下：

1. 增长机会层面：国内安防市场已经饱和，出海是行业明确的增长方向，大华较早布局海外，目前海外收入已经占到总营收近五成，长期维持正向增长；拓展机器视觉、机器人、汽车电子等创新业务，是行业共同的第二增长曲线方向，有布局能力的卖家可提前切入。

2. 风险提示：TO G政府项目账期长达6-18个月，容易产生高额应收账款和坏账，持续拖累利润，大华收紧总包项目后问题仍未明显好转，卖家需要警惕这类业务的资金风险；创新业务如果起步晚、客户集中在周期性行业，很难实现增长，需避开单点布局的坑。

3. 可借鉴经验：出海可从早期ODM代工积累经验，再逐步转做自有品牌，推进本地化运营，可实现海外收入稳步增长。

本文对安防及相关制造工厂梳理了行业需求与商业机会，核心干货如下：

1. 产品需求变化：国内传统安防产品需求已经见顶，传统安防生产订单增长空间有限，工厂需要围绕新需求调整产品方向，机器视觉、移动机器人、汽车电子、热成像等创新领域，是当前行业主要的新需求增长方向。

2. 商业机会：海外市场仍有稳定增长空间，头部企业推进海外本地化运营带来了稳定的订单需求，较早布局海外的企业已经获得了持续收入增长，国内工厂既可以借力头部品牌的出海布局获取配套订单，也可以自主拓展海外市场。

3. 竞争启示：新业务领域竞争中，提前布局、整合产研销渠道、均衡客户布局才能获得竞争优势，大华机器人业务因起步晚、资源积累不足，远落后于海康威视，工厂布局新业务需要提前做好长期资源投入规划。

本文梳理了当前安防行业的发展趋势以及头部企业的核心痛点，对相关服务商有以下参考干货：

1. 行业发展趋势：国内安防行业已经从高速增长进入存量竞争阶段，头部企业纷纷出海以及拓展创新业务，催生了大量新的服务需求；创新业务中机器视觉、机器人、汽车电子等赛道增长快，头部企业发展差距大，存在大量服务缺口。

2. 核心客户痛点：头部安防企业布局TO G项目普遍存在高额应收账款问题，坏账风险高，需要应收账款管理、不良资产处置相关的专业服务；创新业务拓展中，普遍存在业务协同性差、研发布局滞后的问题，需要战略咨询、业务整合相关的服务。

3. 机会方向：头部企业出海需要海外本地化运营相关的仓储、物流、品牌营销服务，服务商可围绕出海拓展布局相关业务，抓住行业转型的需求风口。

本文分析了安防行业头部企业的发展状况，对产业相关平台商的运营和风险规避有以下干货：

1. 企业需求层面：当前国内安防头部企业普遍存在拓展新业务、拆分创新业务上市的需求，比如大华计划拆分旗下机器视觉子公司华睿科技单独上市，平台可针对性推出适配创新企业的上市服务，吸引相关优质项目入驻。

2. 招商方向：出海业务、机器视觉、机器人、汽车电子等创新业务是安防行业企业主要的增长方向，平台招商可重点布局这类赛道的优质企业，分享行业转型的增长红利。

3. 风险规避：布局安防相关项目时，需要警惕传统安防业务增长见顶带来的业绩风险，以及TO G业务带来的高额应收账款、坏账风险，还要关注核心创始人减持带来的资本层面波动，评估项目时要重点考察业务结构与创新业务增长能力。

本文梳理了国内安防产业当前发展的新动向与新问题，对产业研究有以下干货：

1. 产业新动向：国内安防产业已经进入存量竞争阶段，头部企业发展分化明显，海康威视凭借创新业务的快速增长，拉开了与第二名大华股份的差距；出海成为头部企业对冲国内增长不足的核心战略，行业普遍从早期出海代工转向自有品牌本地化运营；分拆创新业务独立上市，成为头部企业盘活资产、促进新业务增长的新动作。

2. 产业新问题：国内传统安防需求见顶后，头部企业第二增长曲线打造分化明显，同样布局创新业务，受起步时间、战略定位、资源投入、客户布局影响，增长效果差异极大；TO G业务模式带来的高额应收账款和坏账问题，是行业普遍的利润拖累点，即使主动收紧总包项目也难以快速解决问题。

3. 商业模式层面：验证了出海从ODM代工到自有品牌本地化发展的路径可行性，也暴露了单一大客户结构、布局单薄的创新业务抗风险能力弱的问题。

声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。

我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

This article discloses the core operating, performance and capital status of major Chinese security giant Zhejiang Dahua Technology. Key takeaways are as follows:

1. Performance: The domestic security market has hit a growth ceiling. Dahua's domestic revenue has dropped 13.4% over four years, leaving overall performance stagnant. Its 2025 revenue and profit are projected to be lower than 2021 levels. While its early overseas expansion now accounts for nearly half of total revenue, growth there has also slowed in recent years. Its newly expanded innovative businesses have posted sluggish growth, leaving Dahua far behind industry leader Hikvision in performance.

2. Finance and capital: Driven by its government-facing (To G) project structure and overseas distribution model, Dahua holds more than 16.2 billion yuan in accounts receivable, with over 3.187 billion yuan in bad debt provisions. Persistent credit impairments have consistently weighed on profits. Its stock has fallen 37% from its 2023 peak, vastly underperforming the broader market. Zhu Jiangming, founder of Leapmotor and a founding veteran of Dahua, has cumulatively sold off around 300 million yuan worth of shares in recent years.

This article provides multiple key insights for security industry brand owners, with core takeaways as follows:

1. Industry trends: The domestic security market has peaked, and leading domestic players are universally seeing domestic revenue declines. Going global has become a must-have for the industry to offset domestic growth pressure, and brands that built out their overseas footprint early are better positioned to buffer the impact of domestic market contraction.

2. Insights for business expansion: When building a second growth curve, companies should plan ahead for new business lines, pursue balanced multi-track expansion, improve synergy across business units, and diversify their customer base to reduce exposure to industry cyclical fluctuations. Dahua's innovative businesses have grown far slower than Hikvision's due to their late launch, thin resource布局, and overconcentration of customers in the oversupplied new energy sector — a risk brand owners should watch closely.

3. Risk warning: To G government projects have long payment cycles and high bad debt risks. Large-scale general contracting projects create massive accounts receivable that persistently drag down corporate profits. Companies should adjust and optimize their business structures proactively.

This article outlines industry opportunities and risks for sellers in the security and related sectors, with core insights as follows:

1. Growth opportunities: The domestic security market is saturated, and overseas expansion is the clear growth path for the industry. Dahua entered overseas markets early, and now nearly half of its total revenue comes from overseas, where it has maintained long-term positive growth. Expanding into innovative businesses such as machine vision, robotics, and automotive electronics is the shared direction for the industry's second growth curve, and sellers with the capability to enter these areas can get in early.

2. Risk warning: To G government projects have payment cycles of 6 to 18 months, and easily create large volumes of accounts receivable and bad debt that continuously erode profits. Even after Dahua cut back on general contracting projects, the issue has not improved significantly, so sellers should watch closely for the financial risks of this type of business. If innovative businesses launch late and have customer bases concentrated in cyclical industries, achieving sustained growth is very difficult — sellers should avoid the pitfall of overconcentrated single-sector布局.

3. Actionable lessons: For overseas expansion, companies can first accumulate experience through early-stage ODM manufacturing, then gradually shift to developing their own brands and implement localized operations to achieve steady growth in overseas revenue.

This article outlines industry demand and business opportunities for security and related manufacturing factories, with core insights as follows:

1. Shifting product demand: Demand for traditional domestic security products has peaked, leaving limited growth room for traditional security production orders. Factories need to adjust their product focus to align with new demand. Innovative fields including machine vision, mobile robotics, automotive electronics, and thermal imaging are the main sources of new demand growth in the industry today.

2. Business opportunities: Overseas markets still offer room for steady growth. The localized overseas operations pursued by leading industry players have generated stable order demand, and companies that entered overseas markets early have already achieved sustained revenue growth. Domestic factories can capture supporting orders by partnering with leading brands on their global expansion, or develop overseas markets independently.

3. Competitive takeaways: In competition for new business areas, early layout, integrated R&D, production and sales channels, and diversified customer positioning are required to gain competitive advantage. Dahua's robotics business lags far behind Hikvision's due to its late launch and insufficient resource accumulation, so factories need to plan for long-term resource investment in advance when布局ing new businesses.

This article outlines current development trends in the security industry and core pain points of leading players, with the following key insights for relevant service providers:

1. Industry development trends: China's security industry has shifted from high-speed growth to a stock competition phase, and leading players' global expansion and push into innovative businesses have generated strong new demand for services. Fast-growing innovative tracks such as machine vision, robotics, and automotive electronics already see wide performance gaps between leading players, creating large unmet demand for services.

2. Core client pain points: Leading security companies universally hold large volumes of accounts receivable from To G projects, with high bad debt risks, creating demand for professional services related to accounts receivable management and non-performing asset disposal. When expanding innovative businesses, players commonly face challenges including poor business synergy and delayed R&D布局, creating demand for services related to strategic consulting and business integration.

3. Opportunity directions: Leading players expanding overseas need services supporting localized global operations, including warehousing, logistics, and brand marketing. Service providers can build out related offerings around global expansion to capture the demand windfall from industry transformation.

This article analyzes the development status of leading companies in the security industry, with the following key insights for operation and risk mitigation for industry-related platform operators:

1. Corporate demand: Leading domestic security companies generally have demand to expand new businesses and spin off innovative business units for public listing. For example, Dahua plans to spin off its machine vision subsidiary Huaray Technology for an independent IPO. Platforms can develop tailored listing services adapted to innovative companies to attract high-quality relevant projects to locate on their platforms.

2. Sourcing and attraction direction: Overseas expansion, and innovative businesses including machine vision, robotics, and automotive electronics, are the main growth directions for security industry companies. Platforms can prioritize attracting high-quality companies in these tracks to capture growth dividends from industry transformation.

3. Risk mitigation: When布局ing security-related projects, platforms need to guard against performance risks from the peaking of traditional security growth, as well as high accounts receivable and bad debt risks from To G businesses, plus capital market volatility from core founder share sales. When evaluating projects, platforms should prioritize assessing business structure and innovative business growth capability.

This article outlines new trends and emerging issues in the development of China's domestic security industry, with the following key insights for industry research:

1. New industry trends: China's security industry has entered a stage of stock competition, with clear performance divergence among leading players. Hikvision has widened its lead over second-ranked Dahua thanks to rapid growth in its innovative businesses. Going global has become the core strategy for leading players to offset weak domestic growth, and the industry as a whole has shifted from early-stage original equipment manufacturing for overseas clients to localized operation of owned brands. Spinning off innovative businesses for independent listing has become a new move for leading players to unlock asset value and drive growth of new units.

2. Emerging industry issues: After traditional domestic security demand peaked, leading players have seen wide divergence in their efforts to build second growth curves. Even among players that have entered innovative businesses, growth outcomes vary dramatically based on launch timing, strategic positioning, resource investment, and customer布局. High accounts receivable and bad debt driven by the To G business model are a universal drag on industry profits, and the problem cannot be resolved quickly even if companies proactively cut back on general contracting projects.

3. Business model validation: The research confirms the feasibility of the path from ODM manufacturing to localized owned brand expansion for global markets, but also exposes that innovative businesses with thin布局 and overconcentrated customer structure have very weak anti-risk capability.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

7月22日，大华股份发布公告，为子公司浙江大华科技有限公司向交通银行签订的最高4亿元债务提供担保。截至2026年7月21日，公司及子公司对外实际担保余额为89.46亿元，占公司2025年末经审计净资产的23.69%。

虽然对外担保金额较高，但大华股份自身有息债务不超过8亿元，这对于年利润超30亿元的大华股份而言并不算多。

不过大华股份近几年经营业绩并不理想，在国内安防市场规模缩小的背景下，公司核心主营业务智能安防收入出现下滑。在此背景下，大华股份也在积极拓展创新业务，但与行业老大哥海康威视相比，其开辟的第二增长曲线增长效果并不明显。

在核心两大业务表现较为低迷的背景下，大华股份盈利能力何时才能重回巅峰？

01 海外火爆难敌国内收入下滑，公司四年业绩停止增长

公开资料显示，大华股份最早可追溯至1993年，彼时公司创始人傅利泉与妻子陈爱玲在杭州创办“大华电讯设备厂”，初期主营调度通讯设备的研发与销售，完成首笔订单并实现资金积累。

2001年，公司正式更名为“浙江大华信息技术股份有限公司”，全面进军视频监控行业，初期以嵌入式数字硬盘录像机（DVR）为切入点，避开与国外品牌直接竞争。此后，大华股份在视频监控领域持续深耕，并在2008年正式登陆深交所主板。

2010年，在国家有关部门主导下，监控网络从城市延伸至农村，并配套了相应的系统智能化升级，具备行为分析、车牌识别等功能。在此背景下，摄像头等视频监控产品出货量快速上升。

作为国内仅次于海康威视的第二大安防企业，大华股份充分受益，经营规模进一步扩大，业绩持续提升。

2010年，大华股份营收和归母净利润分别为15.16亿元、2.6亿元。2021年，大华股份营收和归母净利润为328.4亿元、33.78亿元，营收和归母净利润年复合增长率分别为32%、24%。

但随着全国监控系统建设完成，加之行业竞争激烈，大华股份来源于国内安防领域的收入出现下滑。在此背景下，出海便成为安防类企业为数不多的选择之一，彼时业内也流传着“不出海便出局”的说法。

与其他安防类企业不同，大华股份海外业务布局较早，成立之初，公司便制定了走出去的战略，初期公司主要做ODM代工，给海外品牌做贴牌代工。

2008年以后，大华股份开始放弃单纯海外代工的模式，转而经营大华自有海外品牌。叠加公司核心产品DVR（数字录像机）即HDCVI同轴高新技术落地，大华股份在此阶段迎来快速发展。

而真正让大华股份迎来蜕变的还是2014年以后，彼时大华股份启动了海外本地化运营，公司陆续在海外设立子公司、建立仓库，叠加IP高清摄像机的普及，大华股份海外收入快速上升。

2014年，大华股份海外业务收入为22.37亿元，2021年上升至134.9亿元，年复合增长率约为26.4%。

2021年后，虽然海外业务收入增速有所放缓，但依旧维持着正向增长。数据显示，2025年，大华股份国外收入达159.9亿元，较2021年增长超18.5%，占公司营业收入比例接近5成。

同期，由于国内安防业行业规模见顶，大华股份来源于国内业务收入从193.5亿元下降至167.5亿元，下滑超13.4%。

在国内业务收入下滑影响下，大华股份整体业绩表现并不理想。2025年，公司营业收入和扣非后净利润分别为327.4亿元、27.3亿元，2021年则分别为328.4亿元、31.03亿元，2025年公司业绩表现甚至不及四年前。

02 创新业务收入增长缓慢，与海康威视差距拉大

在国内安防业务收入见顶的背景下，与海康威视类似，大华股份也在加大创新业务的拓展。

据悉，大华股份创新业务主要包含机器视觉及移动机器人、热成像、汽车电子、智慧安检、智慧消防、报警等。

其中机器视觉及移动机器人是大华股份创新业务的第一大收入来源，该业务主要由公司持股32.5817%的子公司浙江华睿科技股份有限公司（以下简称“华睿科技”）负责，2026年1月大华股份计划将华睿科技单独分拆上市。

华睿科技披露的招股书显示，2023年至2025年前三季度，公司营业收入分别为10.5亿元，9.02亿元、8.24亿元，收入不仅没有增速反而在下跌。

作为公司竞争对手，海康威视机器人业务表现十分抢眼，海康威视年报显示，2023年至2025年其机器人业务收入分别为49.4亿元、59.29亿元、64.52亿元，收入逐年增长。

造成如此大的差距的核心原因主要是大华股份机器人业务起步较晚及战略定位差距。

据悉，大华股份子公司华睿科技2016年才成立，2020年才完成业务整合，统一“机器视觉+机器人”两条线，而海康威视2014年便在内部孵化了机器视觉业务中心，2016年单独成立了子公司。此外，在渠道、研发、生产上大华股份机器人业务均较海康威视有明显差距。

在产品定位上，华睿科技机器人视觉核心收入主要来源于锂电极片检测、光伏硅片检测等，过去几年由于新能源行业产能过剩，相关厂商削减了资本开支，导致公司机器人业务收入出现下滑。

而海康威视的移动机器人主要聚焦在仓储物流、机器视觉则同步发展3C、汽车、锂电、医药等多个行业，客户分布较为均衡，抗周期性较好，因此大华股份机器人业务收入增速远不及海康威视。

事实上，不只是机器人业务，大华股份整个创新业务收入增速也不及海康威视。数据显示，2023年至2025年，海康威视创新业务收入分别为185.5亿元、224.8亿元、254.5亿元，年复合增速为17.1%。

同期，大华股份创新业务收入为49.07亿元、55.66亿元、56.7亿元，年复合增速为7.4%，远低于海康威视。

与海康威视创新业务相比，大华股份创新业务布局过于单薄，存在较为明显的短板。而海康威视创新业务还涉及智能家居、机器人、汽车电子、热成像等多个赛道，由于渠道协调能力强，海康威视每个赛道发展都较为均衡。

大华股份虽然创新业务布局较多，但实际能为公司带来可观营收的业务只有汽车电子、机器人等业务，且因为研发能力弱、各大业务之间较为割裂，各大业务收入增速也不及海康威视。

2026年一季度，海康威视凭借创新业务的发力，扣非后净利润达26.48亿元，同比增长37.44%。同期，大华股份扣非后净利润为5.89亿元，同比增长16.93%，增速远不及海康威视。

03 坏账准备超30亿元，零跑汽车创始人累计套现数亿元

除创新业务业绩增长缓慢外，大华股份在财务上也面临账款回收难的问题。而大华股份的应收账款主要来源于安防业务。

据悉，大华股份的安防业务分为两大模式，一是国内的TO G政府项目（平安城市、交通、智慧城市），二是海外经销模式。无论是海外经销还是政府TO G都存在着较为严重的资金占用，尤其是政府的TO G项目。

与民营企业不同，地方政府在财政资金较为紧张的背景下，验收和审计流程经常延期，普遍账期为6-18个月。

在此影响下，大华股份2025年应收账款周转天数达178.8天，应收票据及应收账款余额为162.6亿元。

由于应收账款较为庞大，且部分应收账款难以回收，按照应收账款年限计提准则，截至2025年底，大华股份应收账款坏账准备金额达31.87亿元。

坏账准备较多，导致公司信用减值金额居高不下，2023年至2025年，大华股份信用减值金额分别为4.13亿元、4.88亿元、3.45亿元，一定程度上影响了公司利润表现。

对于应收账款规模大，坏账较多等问题，大华股份在机构调研时表示，过去公司总包类项目较多，造成应收压力较大，近几年公司已经主动收紧了总包项目承接。

目前来看，该策略效果并不显著，大华股份应收账款余额及周转天数较前几年并未有明显好转，应收账款规模大、坏账金额较多的风险依旧存在。

由于业绩停滞不前、加之应收账款坏账较多，资本市场偏好发生改变等因素影响下，大华股份近两年在资本市场表现并不理想，自2023年4月10日最高点达到27.18元/股以来，截至8月4日，公司股价报收17.13元/股，累计下跌37%，同期上证指数累计上涨超15%。

值得注意的是，在业绩增长停滞不前，股价下跌的背景下，大华股份核心元老、公司创始人之一、前CTO朱江明正在逐步减持公司股份。

据悉，朱江明是公司早期核心研发负责人，是公司底层技术的奠基人，主导嵌入式DVR、HDCVI核心技术研发等，为大华股份发展壮大奠定了坚实的技术基础。

2015年其创立零跑汽车，此后便将工作重心转移至零跑汽车，2021年其不再担任公司任何职务，此后，朱江明便开始陆续减持公司股份。

2021年底，朱江明持有大华股份1.606亿股，截至2026年3月31日，其持股数下降至1.357亿股，合计减持约2500万股。

而朱江明的减持主要是集中在近一年，Wind数据显示，自2025年6月30日以来，朱江明减持股份数超1740万股，按该阶段公司股价计算，其套现金额约为3亿元。

在国内安防行业增速见顶的背景下，大华股份急需开辟出第二增长曲线，但由于海外业务近两年销售增速也在下滑，仅靠开拓新的安防市场已经很难推动企业业绩再次快速增长。因此，近两年大华股份也在积极拓展以机器人、汽车电子为代表的创新业务。

但由于下游需求低迷、业务之间协同能力较差，大华股份创新业务发展得并不理想，导致近几年公司业绩未能增长。在海康威视创新业务实现快速增长的背景下，大华股份创新业务何时能突破，「创业最前线」将持续保持关注。

注：文/段楠楠，文章来源：创业最前线(公众号ID：chuangyezuiqianxian)，本文为作者独立观点，不代表亿邦动力立场。

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FAQ回顾

大华股份的主要业务构成是什么？

大华股份核心主营业务为智能安防，创新业务涵盖机器视觉及移动机器人、热成像、汽车电子、智慧安检、智慧消防、报警等品类，2025年其海外业务收入达159.9亿元，占总营业收入比例接近五成。

大华股份近年业绩增长停滞的原因是什么？

国内安防行业规模见顶导致国内安防收入下滑超13.4%，创新业务布局单薄、协同性弱、年复合增速仅7.4%，应收账款坏账规模超30亿元侵蚀利润，海外业务增速放缓多重因素叠加，导致其2025年业绩不及2021年水平。

大华股份与海康威视的创新业务有什么差距？

2023-2025年海康威视创新业务年复合增速达17.1%，大华仅为7.4%；海康布局智能家居、机器人等多赛道且发展均衡抗周期，大华仅汽车电子、机器人等少数业务贡献营收，研发、渠道能力均弱于海康。

零跑汽车创始人朱江明与大华股份有什么关系？

朱江明是大华股份创始人之一、前CTO，主导过嵌入式DVR、HDCVI等核心技术研发，2015年创立零跑汽车后将工作重心转移，2021年起逐步减持大华股份，截至2026年3月累计套现金额约为3亿元。

标签:: 机器视觉未来零售零跑汽车仓储机器人智能设备

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