IFLYTEK(002230)2024-08-21 10:51Financial Performance - Revenue for the first half of 2024 increased by 18.91% year-on-year to RMB 7,841,552,405.17[12] - Net profit attributable to shareholders of the listed company was RMB 73,571,996.11, a decrease of 644.59% compared to the same period last year[12] - Net cash flow from operating activities was RMB -1,528,741,829.11, a slight decrease of 0.45% year-on-year[12] - Basic earnings per share (EPS) were RMB 0.0318, down 645.91% compared to the same period last year[12] - Total assets as of the end of the reporting period were RMB 37,831,122,978.15, an increase of 1.12% compared to the end of the previous year[12] - Equity attributable to shareholders of the listed company was RMB 17,032,284,511.72, a decrease of 2.21% compared to the end of the previous year[12] - Revenue increased by 18.91% and gross profit increased by 19.08% in the first half of 2024[67] - Education products and services revenue reached 2,859.71 million yuan, up 25.14% year-on-year[67] - Medical business revenue was 228.10 million yuan, an increase of 18.80% year-on-year[67] - Open platform revenue grew by 47.92% to 2,344.60 million yuan[67] - Smart hardware revenue increased by 56.61% to 899.87 million yuan[67] - Automotive business revenue rose by 65.49% to 352.37 million yuan[67] - Total sales collection reached 9 billion yuan, an increase of 1.5 billion yuan compared to the same period last year[67] - Revenue increased by 18.91% YoY to RMB 9.32 billion, with software and IT services contributing 98.09% of total revenue[70][72] - Net profit attributable to shareholders decreased by RMB 474 million YoY, partly due to a RMB 149 million reduction in investment income and fair value changes[69] - R&D investment surged by 32.32% YoY to RMB 2.19 billion, driven by increased R&D expenses and development costs[70] - Open platform and consumer business revenue jumped 47.92% YoY to RMB 2.34 billion, accounting for 25.13% of total revenue[72] - Smart hardware revenue increased by 56.61% YoY to RMB 899.87 million[72] - Education products and services revenue grew 25.14% YoY to RMB 2.86 billion, representing 30.66% of total revenue[72] - Cash and cash equivalents decreased by 81.76% YoY to RMB -1.19 billion, mainly due to reduced net cash flow from investment activities[71] - Revenue from the East China region rose 33.14% YoY to RMB 4.87 billion, accounting for 52.20% of total revenue[72][73] - Revenue from the software and information technology services sector reached 9.147 billion yuan, a year-on-year increase of 18.99%[74] - Revenue from education products and services grew by 25.14% year-on-year to 2.86 billion yuan[74] - Open platform revenue increased by 47.92% year-on-year to 2.345 billion yuan[74] - Material costs accounted for 55.54% of total operating costs, a decrease of 3.33% year-on-year[75] - Operating costs increased by 6.80% year-on-year, accounting for 35.92% of total operating costs[75] - The fair value change of Youbi Technology contributed 54.57 million yuan to the company's financial performance[76] - The company's monetary funds stood at 2.372 billion yuan, accounting for 6.20% of total assets[77] - Long-term loans increased by 3.30% year-on-year to 5.868 billion yuan[77] - The company's investment in the reporting period was 41.54 million yuan, a decrease of 84.23% year-on-year[81] - Restricted assets, including monetary funds and intangible assets, totaled 726.82 million yuan[80] - The fair value change loss for the stock "三人行" (Securities Code: 605168) was -204,540.00 yuan, resulting in a report period loss of -153,168.62 yuan[84] - The fair value change gain for the stock "优必选" (Securities Code: H09880) was 50,980,641.80 yuan, contributing to a report period profit of 50,980,641.80 yuan[84] - The total fair value change for the period was 50,776,101.80 yuan, with a total report period profit of 50,827,473.18 yuan[84] - The subsidiary "讯飞智元信息科技有限公司" reported a net loss of -92,212,879.64 yuan, with total assets of 11,179,322,703.15 yuan[88] - The subsidiary "科大讯飞华南有限公司" reported a net profit of 24,907,234.59 yuan, with total assets of 3,013,143,024.72 yuan[88] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 229,317,822.40 yuan for the 2023 fiscal year[92] - The company has allocated 138% of its average distributable profits over the past three years for cash dividends[92] - Total revenue for the first half of 2024 reached 9.32 billion RMB, an increase from 7.84 billion RMB in the same period of 2023[157] - Net profit for the first half of 2024 was -470.06 million RMB, compared to 14.86 million RMB in the same period of 2023[157] - R&D expenses increased to 1.93 billion RMB in the first half of 2024, up from 1.52 billion RMB in the same period of 2023[157] - Total assets as of the end of the first half of 2024 amounted to 31.13 billion RMB, compared to 28.93 billion RMB at the end of the same period in 2023[155] - Total liabilities for the first half of 2024 were 15.01 billion RMB, up from 13.49 billion RMB in the same period of 2023[156] - Accounts receivable increased to 10.00 billion RMB in the first half of 2024, compared to 8.37 billion RMB in the same period of 2023[155] - Long-term loans increased to 4.43 billion RMB in the first half of 2024, up from 3.06 billion RMB in the same period of 2023[156] - Total equity for the first half of 2024 was 16.12 billion RMB, compared to 15.44 billion RMB in the same period of 2023[156] - Operating profit for the first half of 2024 was -530.77 million RMB, compared to -37.02 million RMB in the same period of 2023[157] - Sales expenses increased to 1.63 billion RMB in the first half of 2024, up from 1.46 billion RMB in the same period of 2023[157] - Net profit attributable to parent company shareholders was -400,665,617.21 RMB, a significant decline compared to 73,571,996.11 RMB in the same period last year[158] - Basic earnings per share (EPS) was -0.1736 RMB, compared to 0.0318 RMB in the same period last year[158] - Total operating revenue for the first half of 2024 was 4,345,145,299.39 RMB, a slight decrease from 4,390,560,925.80 RMB in the same period last year[159] - R&D expenses increased to 1,160,470,456.05 RMB, up 32.6% from 875,217,244.32 RMB in the same period last year[159] - Investment income significantly increased to 444,904,252.68 RMB, compared to 134,741,239.62 RMB in the same period last year[160] - Total comprehensive income for the first half of 2024 was -470,707,025.39 RMB, a sharp decline from 14,870,452.90 RMB in the same period last year[158] - Interest income decreased to 8,187,667.82 RMB, down from 10,647,001.29 RMB in the same period last year[160] - Other comprehensive income attributable to parent company shareholders was -901,188.00 RMB, compared to 13,917.98 RMB in the same period last year[158] - Total profit for the first half of 2024 was 721,663,822.27 RMB, an increase from 459,252,140.76 RMB in the same period last year[160] - Sales revenue from goods and services increased to 9,010,490,738.54 RMB in H1 2024, up from 7,506,395,767.54 RMB in H1 2023, reflecting a growth of approximately 20%[162] - Net cash flow from operating activities was -1,535,556,254.51 RMB in H1 2024, slightly worse than -1,528,741,829.11 RMB in H1 2023[162] - Cash received from tax refunds increased to 157,288,254.34 RMB in H1 2024, compared to 136,371,871.59 RMB in H1 2023[162] - Cash outflow for purchasing goods and services rose to 6,897,836,089.20 RMB in H1 2024, up from 5,614,896,782.59 RMB in H1 2023[162] - Net cash flow from investing activities was -1,645,008,794.00 RMB in H1 2024, significantly lower than -847,295,396.73 RMB in H1 2023[162] - Cash received from financing activities increased to 3,018,571,700.79 RMB in H1 2024, up from 2,096,923,643.49 RMB in H1 2023[163] - Net cash flow from financing activities was 1,985,265,555.33 RMB in H1 2024, higher than 1,711,414,866.47 RMB in H1 2023[163] - Cash and cash equivalents at the end of the period decreased to 2,191,816,898.95 RMB in H1 2024, down from 3,517,527,705.85 RMB in H1 2023[163] - Parent company's sales revenue from goods and services decreased to 3,225,964,752.54 RMB in H1 2024, down from 3,967,995,573.60 RMB in H1 2023[164] - Parent company's net cash flow from operating activities was -1,539,883,713.17 RMB in H1 2024, significantly worse than -635,480,657.55 RMB in H1 2023[164] - Total owner's equity at the end of the period was RMB 17,297,076,923.35, a decrease from the previous period[171] - Comprehensive income for the period was a loss of RMB 400,665,617.21[167] - Capital reserve decreased by RMB 66,338,603.17 during the period[167] - Retained earnings decreased by RMB 400,665,617.21[167] - Minority interest decreased by RMB 59,111,140.13[167] - Total owner's equity at the beginning of the period was RMB 17,732,033,621.62[166] - Capital reserve at the beginning of the period was RMB 9,854,996,975.06[166] - Retained earnings at the beginning of the period were RMB 5,369,431,856.48[166] - Minority interest at the beginning of the period was RMB 699,749,109.90[166] - Total owner's equity at the end of the previous year was RMB 16,847,063,810.85[172] - Owner's equity at the end of the period is RMB 16,912,042,957.59, with a capital reserve of RMB 9,888,615,952.13[177] - Comprehensive income for the period increased by RMB 668,953,718.22[179] - Owner's equity decreased by RMB 3,641,608.00 due to owner's investment in ordinary shares[179] - Capital reserve decreased by RMB 84,040,242.23[179] - Treasury stock decreased by RMB 95,701,458.24[179] - Retained earnings at the end of the period are RMB 2,859,289,280.93[180] - Total owner's equity at the end of the period is RMB 16,117,124,788.17[180] - Owner's equity at the beginning of the period was RMB 15,440,151,461.94[178] - Capital reserve at the beginning of the period was RMB 11,441,016,118.97[178] - Treasury stock at the beginning of the period was RMB 993,698,579.20[178] - The company's comprehensive income for the period amounted to 405,691,651.33 RMB[182] - Total owner's equity at the end of the period was 15,187,422,426.72 RMB[184] AI and Technology Development - The "iFlytek Spark" large model continues to empower various industries and accelerate application implementation, collaborating with leading enterprises in multiple fields to build benchmark applications[5] - The "iFlytek Brain 2030 Plan" aims to build a complex intelligent system based on cognitive intelligence, enabling machines to surpass human perception and possess continuous self-evolution capabilities[5] - The company's "Xunfei Spark" large model has achieved leading domestic capabilities, with language understanding, mathematical ability, and voice interaction surpassing GPT-4 Turbo, and code capability reaching 96% of GPT-4 Turbo[21] - The "Xunfei Spark" V4.0 model, released on June 27, 2024, is the only fully domestically trained and controlled large model in China, ranking first in 8 out of 12 mainstream Chinese and English test sets[21] - The company's AI technology has been recognized as a core driver of industrial transformation, with predictions that generative AI based on large models will contribute 7% to global GDP growth over the next decade, equivalent to nearly $7 trillion[17] - The company has developed a "platform + track" strategy, providing 708 AI capabilities and one-stop AI solutions through its open platform, while focusing on key sectors such as education, healthcare, and smart cities[19] - The "Xunfei Spark" large model has been continuously upgraded, with its V3.5 version supporting long text, long images, and long voice, and introducing new capabilities such as multi-emotion ultra-realistic synthesis and one-sentence voice replication[21] - The company has been actively involved in the development of national AI policies, with the Chinese government emphasizing the importance of AI in driving economic and social development[17] - The company's AI technology has been applied in various consumer products, including AI learning machines, smart office books, and smart hearing aids, forming a leading brand advantage and sustainable revenue streams[19] - The company, in collaboration with Huawei, launched the "Feixing One" domestic computing platform, supporting trillion-parameter large model training, and released the 100-billion-parameter model "Xunfei Spark V3.5" in January 2024, followed by the upgraded "Xunfei Spark V4.0" in June 2024, which fully benchmarks against GPT-4 Turbo[22] - The Xunfei Open Platform opened 708 AI capabilities and large model technologies, with developer numbers increasing from 5.98 million to 7.06 million in 5 months, adding over 1.08 million developers, and overseas developers exceeding 400,000[23][24] - The company has partnered with over 360,000 enterprise clients to accelerate industry empowerment and collaborated with leading companies like Chery Automobile, Pacific Insurance, and China Mobile to create industry-specific large model applications[24] - The company launched the first open-source large model "Spark Open Source-13B" on January 30, 2024, providing a fully autonomous and free optimization suite for developers, universities, and enterprises[24] - The company's "Multilingual Intelligent Speech Key Technologies and Industrialization" project won the first prize of the National Science and Technology Progress Award in June 2024, marking the first such award in the AI field in the past decade[62] - The company invested over 650 million yuan in large model R&D and core technology development in the first half of 2024[68] - The "Spark" large model V4.0 was upgraded, with 8 out of 10 English evaluations surpassing GPT-4 Turbo[68] - The company has established partnerships with leading enterprises such as China National Petroleum Corporation, China Mobile, and China FAW for large model applications[68] - The "Xunfei Spark" app achieved 140 million downloads on Android, ranking first among domestic general-purpose large model apps[69] - Developer ecosystem grew rapidly, with 1.279 million new developers added in H1 2024[69] - The company's "讯飞星火" large model provides a competitive advantage in AI applications, particularly in education and healthcare[89] - The "Xunfei Spark" V4.0 model was upgraded on June 27, 2024, with 8 out of 10 English evaluations (HumanEval, WinoGrande, GPQA, etc.) and 2 Chinese evaluations (C-Eval, CMMLU) surpassing GPT-4 Turbo, showcasing leading capabilities in large model applications[94] - The company has partnered with major industry leaders such as China National Energy Group, China Mobile, China Petroleum, and others for large model applications[94] Education and Healthcare Applications - The company's smart education products are applied in 32 provincial-level administrative regions in China and overseas markets like Japan and Singapore, with the "Tailored Teaching" solution implemented in over 60 cities and districts[25][28] - The company's intelligent grading technology has been officially applied in 14 provinces for college entrance exams, with new coverage in 1 provincial-level and 3 city-level exams, totaling 25 provinces and 111 cities