Financial Performance - Total revenue for FY2024 reached RMB 807.1 million, a slight increase of 0.3% compared to FY2023[3] - Annual loss narrowed to RMB 221.2 million, a 65.0% reduction compared to FY2023[5] - Total revenue increased slightly from RMB 804.7 million in FY2023 to RMB 807.1 million in FY2024, a growth of 0.3%[20] - Revenue from Big Data Platform and Solutions surged by 41.4% from RMB 221.9 million in FY2023 to RMB 313.6 million in FY2024[20] - Life Sciences Solutions revenue grew by 28.1% from RMB 252.9 million in FY2023 to RMB 324.0 million in FY2024[20] - Health Management Platform and Solutions revenue declined by 48.7% from RMB 329.9 million in FY2023 to RMB 169.5 million in FY2024 due to product portfolio focus[20] - Overall gross margin improved from 34.1% in FY2023 to 42.1% in FY2024[23] - Big Data Platform and Solutions maintained a stable gross margin of 43.7% in FY2024[23] - Life Sciences Solutions gross margin increased significantly from 17.5% in FY2023 to 32.1% in FY2024[23] - Health Management Platform and Solutions gross margin rose from 40.7% in FY2023 to 58.1% in FY2024[23] - Operating loss decreased by 65.1% from RMB 630.0 million in FY2023 to RMB 219.9 million in FY2024[27] - Annual loss decreased by 65.0% from RMB 632.4 million in FY2023 to RMB 221.2 million in FY2024[28] - Non-IFRS adjusted net loss decreased from RMB 448.7 million in FY2023 to RMB 158.1 million in FY2024[30] - Revenue from customer contracts in 2024 was RMB 807,076 thousand, slightly up from RMB 804,700 thousand in 2023[52] - Gross profit increased to RMB 339,445 thousand in 2024 from RMB 274,530 thousand in 2023[52] - Operating loss improved to RMB 219,919 thousand in 2024 from RMB 630,049 thousand in 2023[52] - Net loss for the year was RMB 221,242 thousand in 2024, compared to RMB 632,361 thousand in 2023[52] - Other comprehensive income for the year was RMB 94,812 thousand in 2024, down from RMB 300,056 thousand in 2023[53] - Basic loss per share improved to RMB (0.19) in 2024 from RMB (0.63) in 2023, reflecting a 69.8% improvement[73] Cash and Investments - Cash and cash equivalents, term deposits, and restricted bank balances totaled RMB 3,409.9 million, remaining stable compared to the previous year[5] - Cash and cash equivalents, term deposits, margin bank deposits, restricted bank balances, and deposits were RMB 3,522.0 million in FY2023 and RMB 3,409.9 million in FY2024[33] - The company invested USD 5.6 million in YD Capital I L.P. during FY2024, with a total commitment of USD 40.0 million[34] - Investment commitments as of March 31, 2024, were RMB 256.6 million, primarily related to the remaining commitment to YD Capital I L.P.[38] - The company utilized RMB 2,225 million of the net proceeds from the global offering as of March 31, 2024[50] - 35% of the net proceeds (RMB 1,339 million) were allocated to strengthening core capabilities, with RMB 633 million still unused as of March 31, 2024[49] - 35% of the net proceeds (RMB 1,339 million) were allocated to further business expansion, with RMB 130 million still unused as of March 31, 2024[49] - 20% of the net proceeds (RMB 765 million) were allocated to strategic partnerships, investments, and acquisitions, with RMB 712 million still unused as of March 31, 2024[49] - The company expects to fully utilize the net proceeds by March 31, 2025[50] - Cash and cash equivalents increased from RMB 1,172,793 thousand in 2023 to RMB 1,407,620 thousand in 2024[54] Business Segments and Operations - YiduCore processed and analyzed over 5 billion medical records from more than 1 billion patient visits[6] - The company served 102 top-tier hospitals in China and 43 regulatory agencies, covering over 2,500 hospitals[7] - Life science solutions segment achieved a 151.1% revenue retention rate for top 10 customers, a 60.6% increase year-over-year[7] - Active users on the health management platform reached 27.6 million, with at least one transaction completed[7] - The company completed training of large language models with 6B, 13B, and 70B parameters, focusing on medical verticals[6] - YiduCore's medical knowledge graph covers over 100,000 medical entities and has established precise disease models for more than 80 disease areas[8] - YiduCore's large language model achieved the highest overall score in the MedBench evaluation, ranking first in medical knowledge Q&A, medical language understanding, and medical safety and ethics[9] - The company provided 24/7 health management services to over 5 million users through its large language model[9] - The big data platform and solutions segment revenue increased by 41.4% year-over-year to RMB 313.6 million[10] - The number of top-tier hospital clients increased by 14 to 102, and the number of regulatory and policy-making clients increased by 9 to 43[10] - The research platform products reduced the traditional 6-12 month research cycle to 2-6 months, with a further 50% speedup enabled by the large language model[11] - The company secured a contract worth over RMB 8 million for the regional medical data center project at Peking University Cancer Hospital Inner Mongolia Hospital[11] - The national major public health event medical center big data platform completed construction and entered operation, supporting over 2,000 research projects[12] - The company won a regional medical intelligence platform project in a southern Chinese city, covering over 50 medical institutions with a total contract value exceeding RMB 40 million[13] - The company assisted in building a regional-level smart medical big data base in an eastern Chinese city, with a contract value close to RMB 8 million[13] - Life Science Solutions segment revenue reached RMB 324.0 million, a year-on-year increase of 28.1%, with gross margin improving by 14.6 percentage points to 32.1%, a historical high[14] - Top 10 customers' revenue retention rate was 151.1%, and the average customer spending increased by 75.4% year-on-year[14] - Completed 321 clinical studies, including both pharmaceutical company-initiated and investigator-initiated trials, and covered over 10,000 patient populations[14] - Remote Intelligent Clinical Trial System Platform (DCT) was applied in multiple projects, including a Phase III clinical trial for Sumitomo Pharma, winning the "2023 China DCT Practice Top 10 Case Award"[14] - Health Management Platform and Solutions segment revenue was RMB 169.5 million, a year-on-year decrease of 48.7%, with gross margin improving by 17.4 percentage points to 58.1%[16] - The company served 4 provinces and 12 cities in the "Huimin Insurance" business, with over 90% of users located in China's top 15 GDP-ranked provincial regions[16] - In Shenzhen, the company underwrote over 6 million "Shenzhen Huimin Insurance" policies, with a participation rate exceeding 35%[17] - AI-powered customer service handled over 80% of claims, achieving second-level responses and improving efficiency by 50%-70% compared to traditional methods[17] - The diabetes digital therapy solution managed nearly 4,000 patients in Hainan, with fasting blood glucose compliance rate increasing by 11% and postprandial blood glucose compliance rate increasing by 12%[17] - Active users on the health management platform who completed at least one transaction increased to 27.6 million by March 31, 2024[17] - Customer contract revenue for the Big Data Platform and Solutions segment was RMB 313,634 thousand in 2024[68] - Gross profit for the Life Sciences Solutions segment was RMB 104,046 thousand in 2024[68] - Total revenue for the Health Management Platform and Solutions segment was RMB 169,398 thousand in 2024[68] - Revenue from China accounted for 86% of total revenue in 2024, compared to 77% in 2023[68] Expenses and Costs - Sales and marketing expenses decreased by 23.1% from RMB 271.6 million in FY2023 to RMB 208.9 million in FY2024[24] - Sales and marketing expenses as a percentage of revenue dropped from 33.8% in FY2023 to 25.9% in FY2024[24] - Administrative expenses decreased by 26.2% from RMB 232.0 million in FY2023 to RMB 171.3 million in FY2024, primarily due to reduced employee benefits and expenses for administrative functions[25] - R&D expenses decreased by 32.0% from RMB 342.5 million in FY2023 to RMB 232.9 million in FY2024, mainly due to reduced employee benefits and expenses for R&D functions[26] - Total expenses for sales and service costs, sales and marketing expenses, administrative expenses, and R&D expenses decreased to RMB 1,080,767 thousand in 2024 from RMB 1,376,315 thousand in 2023, a reduction of 21.5%[70] - Employee benefit expenses increased to RMB 566,252 thousand in 2024 from RMB 777,702 thousand in 2023, a decrease of 27.2%[70] - Outsourcing service fees rose to RMB 239,834 thousand in 2024 from RMB 184,059 thousand in 2023, an increase of 30.3%[70] - Current income tax expense decreased to RMB (2) thousand in 2024 from RMB 2,529 thousand in 2023, a significant reduction[71] Assets and Liabilities - Total assets decreased from RMB 4,911,508 thousand in 2023 to RMB 4,824,198 thousand in 2024[54] - Trade receivables increased from RMB 474,498 thousand in 2023 to RMB 496,367 thousand in 2024[54] - Total equity decreased from RMB 4,156,151 thousand in 2023 to RMB 4,091,993 thousand in 2024[56] - Total liabilities decreased from RMB 755,357 thousand in 2023 to RMB 732,205 thousand in 2024[58] - The company's non-current assets are primarily located in China and Brunei[68] - Trade receivables increased to RMB 665,995 thousand in 2024 from RMB 581,506 thousand in 2023, a growth of 14.5%[74] - Trade receivables within 3 months increased to RMB 278,888 thousand in 2024 from RMB 239,847 thousand in 2023, a 16.3% rise[75] - Trade payables decreased to RMB 170,373 thousand in 2024 from RMB 160,426 thousand in 2023, a 6.2% increase[77] Employee and Payroll - Total employee count was 902 as of March 31, 2024, with 455 employees in Beijing, 103 in Shanghai, and 344 in other offices in China and overseas[39] - Total payroll costs for FY2024 were RMB 566.3 million, down from RMB 777.7 million in FY2023[40] Dividends and Reporting - No dividends were declared or paid for the years ended March 31, 2024, and 2023[79] - The annual report for the fiscal year ended March 31, 2024, will be published on the Hong Kong Stock Exchange website and the company's website[80]
医渡科技(02158) - 2024 - 年度业绩