Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 156.37 million, a decrease of 23.3% compared to RMB 203.96 million in 2023[4]. - The company experienced a pre-tax loss of RMB 268.70 million, compared to a pre-tax loss of RMB 145.86 million in the previous year, indicating a significant increase in losses[4]. - The company reported a net loss of RMB 265,073 thousand for 2024, compared to a net loss of RMB 145,654 thousand in 2023, representing an increase in losses of 82%[111]. - The company's total equity decreased to RMB 1,276,602 thousand in 2024 from RMB 1,557,784 thousand in 2023, a decline of 18%[113]. - The company's basic and diluted loss per share was RMB 2.50, compared to RMB 1.28 in the previous year, indicating a worsening financial position[4]. Revenue Breakdown - Revenue from AI retinal detection products was RMB 112,703,000 in 2024, down from RMB 160,465,000 in 2023, representing a decline of 29.8%[127]. - Revenue from the sale of Airdoc-AIFUNDUS (1.0) retinal cameras amounted to RMB 51.9 million[38]. - Revenue from the big health scenario reached RMB 27.6 million during the reporting period[42]. - Revenue from the eye health business was RMB 33.2 million, with overseas revenue reaching RMB 9.6 million, accounting for 6.1% of total revenue[45]. - Revenue from the myopia prevention AI product line reached RMB 28.2 million[47]. Product Development and Innovation - The company has developed a comprehensive product matrix integrating diagnostic and therapeutic functions, including three major medical AI product lines: retinal detection AI, myopia prevention AI, and visual training AI[11]. - The company achieved regulatory approval for Airdoc-AIFUNDUS (1.0) in multiple regions, including the EU, Singapore, and several Southeast Asian countries, enhancing its market presence[5]. - The company launched a portable fundus camera aimed at the family and small business market, which received regulatory certification in January 2025[5]. - The company obtained 40 new patents in 2024, bringing its total patent count to 270, including 128 invention patents[9]. - The company plans to submit applications for new functions and additional product registrations in 2025, including retinal detachment and glaucoma detection[14][16]. Research and Development - The company has a robust R&D strategy, with products at various stages, including early and late development, pilot production, and commercialization[16]. - The company plans to expand its artificial intelligence products and services, allocating HKD 252.1 million (34.85%) for research and development in health risk assessment solutions[103]. - Research and development expenses decreased to RMB 101,693 thousand in 2024 from RMB 111,642 thousand in 2023, a reduction of 8.8%[110]. - The company is focused on research and development (R&D) in the field of software as a medical device (SaMD)[157]. Market Expansion and Strategy - The company plans to expand sales channels and focus on AI-assisted diagnosis and myopia prevention by 2025[52]. - The company is preparing to enter overseas markets, with ongoing expansions in Malaysia, Singapore, Thailand, UAE, and South Africa[52]. - The expected timeline for the next milestones includes multiple product registrations and approvals throughout 2025, indicating a proactive approach to market expansion[16]. Operational Metrics - The number of active service points increased to 7,883, representing a year-on-year growth of 39.01%[10]. - The company served a total of 7.10 million cases through SaMD and health risk assessment solutions, marking a year-on-year increase of 3.87%[10]. - The number of active hospital coverage points for Airdoc-AIFUNDUS (1.0) reached 417, a year-on-year increase of 51.1%, with testing frequency reaching 401,000, up 65.5%[38]. - The number of active coverage points in primary healthcare institutions reached 2,092, a year-on-year increase of 71.3%, with testing frequency reaching 1,034,000, up 62.6%[38]. Financial Position and Assets - Cash and cash equivalents decreased from RMB 891.5 million as of December 31, 2023, to RMB 683.2 million as of December 31, 2024, mainly due to increased cash outflows from operating and investing activities[78]. - The company's current liabilities as of December 31, 2024, were RMB 122.4 million, primarily consisting of accounts payable of RMB 14.0 million and other payables and accrued expenses of RMB 65.0 million[80]. - The company's net current assets decreased from RMB 1,171.7 million as of December 31, 2023, to RMB 771.8 million as of December 31, 2024[83]. - The total salary cost incurred by the company for the year ended December 31, 2024, was RMB 209.7 million, compared to RMB 214.1 million in 2023[97]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the annual performance and recommended approval to the board[108]. - Ernst & Young confirmed that the figures in the preliminary announcement align with the group's consolidated financial statements for the year ending December 31, 2024[109]. - The board of directors includes executive directors Zhang Dali, Wang Lin, and Chao, as well as independent non-executive directors Wu Yangfeng, Huang Yanlin, and Wu Haoran[156].
鹰瞳科技(02251) - 2024 - 年度业绩