As the world’s leading security surveillance provider, Hikvision faces mounting challenges on multiple fronts. Externally, U.S. sanctions continue to restrict its global expansion, while internally, shrinking government contracts and increasing competition from smartphone brands and high-tech giants are encroaching on the video surveillance market. Amid these pressures, this report examines how Hikvision is navigating its transformation toward Artificial Intelligence of Things (AIoT), balancing its dominance in security surveillance while simultaneously developing a second growth curve. It also analyzes its strategic moves by exploring potential pathways for Hikvision to break through in an increasingly competitive and constrained environment.