Financial Performance - Revenue for the year ended December 31, 2024, was RMB 156,367,000, a decrease of 23.3% compared to RMB 203,964,000 in 2023[14] - Gross profit for 2024 was RMB 86,676,000, down from RMB 125,133,000 in 2023, reflecting a gross margin decline[14] - Loss before tax increased to RMB 268,701,000 in 2024, compared to RMB 145,859,000 in 2023, indicating a worsening financial position[14] - The company reported a loss per share of RMB 2.50 for 2024, compared to RMB 1.28 in 2023, indicating increased losses on a per-share basis[14] - Net assets decreased to RMB 1,276,602,000 in 2024 from RMB 1,557,784,000 in 2023, a reduction of 18.0%[14] - Revenue decreased by 23.3% from RMB204.0 million for the year ended December 31, 2023 to RMB156.4 million for the year ended December 31, 2024, primarily due to the impact of myopia prevention and control product policies[160] - Cost of sales decreased by 11.6% from RMB78.8 million for the year ended December 31, 2023 to RMB69.7 million for the year ended December 31, 2024, attributed to reduced revenue and improved efficiency[163] - Gross profit decreased from RMB125.1 million for the year ended December 31, 2023 to RMB86.7 million for the year ended December 31, 2024, with gross profit margin declining from 61.4% to 55.4%[164] - Other income and gains decreased from RMB58.1 million for the year ended December 31, 2023 to RMB32.2 million for the year ended December 31, 2024, mainly due to reduced interest income[168] - R&D expenses decreased by 8.9% from RMB111.6 million for the year ended December 31, 2023 to RMB101.7 million for the year ended December 31, 2024, due to strengthened project management and reduced labor costs[169] - Selling and distribution expenses decreased by 25.3% from RMB100.6 million for the year ended December 31, 2023 to RMB75.2 million for the year ended December 31, 2024, primarily due to centralized management and personnel optimization[175] - Administrative expenses increased by 12.7% from RMB99.0 million for the year ended December 31, 2023 to RMB111.6 million for the year ended December 31, 2024, primarily due to increased employee termination payments[176] - The company recorded a loss of RMB265.1 million for the year ended December 31, 2024, compared to a loss of RMB145.7 million for the year ended December 31, 2023, representing an increase in loss of 82.1%[184] - The increase in loss was primarily due to a loss allowance of RMB23.7 million related to regulatory changes affecting laser-based myopia treatment devices, an increase of RMB22.3 million in share-based payments, and an impairment of goodwill of RMB43.2 million[184] Asset Management - Total current assets decreased to RMB 894,222,000 in 2024 from RMB 1,281,927,000 in 2023, a decline of 30.2%[14] - Non-current assets increased significantly to RMB 517,244,000 in 2024, up from RMB 402,985,000 in 2023, showing investment in long-term assets[14] - Current liabilities increased to RMB 122,391,000 in 2024 from RMB 110,237,000 in 2023, reflecting a rise in short-term financial obligations[14] - The company's property, plant, and equipment decreased to RMB16.5 million as of December 31, 2024, from RMB18.0 million as of December 31, 2023, primarily due to depreciation and cleanup of damaged equipment[186] - Inventories decreased to RMB31.2 million as of December 31, 2024, from RMB40.1 million as of December 31, 2023, due to sales-oriented production and improved inventory management[191] - Trade receivables decreased to RMB46.5 million as of December 31, 2024, from RMB79.6 million as of December 31, 2023, attributed to a decrease in gross trade receivables and an increase in impairment loss[192] - The company recognized a loss allowance of RMB39.2 million for trade receivables during the reporting period, with RMB23.7 million related to sales contracts of laser-based myopia treatment devices[193] Product Development and Innovation - The company plans to strengthen its technological foundation and optimize operational efficiency to address market challenges[16] - In 2024, the company maintained the competitiveness of its existing algorithm platforms while making significant progress in the research and development of Large Language Models and successfully filed a national deep synthesis service algorithm[17] - The company launched two landmark portable fundus cameras, the AI-FUNDUSCAMERA-M series and the new generation P-series, enhancing clinical applications and expanding its product matrix[20] - The non-invasive light-based myopia treatment device utilizing PBM-LED technology received medical device certification from the NMPA, becoming the first product of its kind in China to achieve this certification[22] - The company is strategically expanding from a B-end service solution provider to also offering C-end health solutions with the new P-series portable fundus camera scheduled for launch in 2025[21] - The integrated intelligent medical product matrix includes systems for fundus disease detection, myopia prevention, and visual function training, consolidating the company's leading position in intelligent medical treatment[19] - The company has developed a comprehensive product matrix that includes three major AI-enabled medical product lines: Retinal Detection AI, Myopia Prevention and Control AI, and Visual Training AI[51] - The dual-engine strategy of precise detection and innovative treatment enhances market operation synergy and expands product reach to various healthcare settings[44] - Airdoc's AI-empowered retinal image recognition technology addresses significant unmet medical needs for early detection and diagnosis of chronic diseases[52] - The visual training AI product series incorporates AI-powered eye-tracking and training modules, achieving innovative breakthroughs in clinical applications[53] - The company has adjusted its product pipeline to focus on integrated diagnosis and treatment products in response to market demand[63] - The myopia treatment device has been integrated with a self-developed large language model, enhancing its capabilities as a "home optometrist" for personalized intervention[140] - The company continues to invest in R&D for the WanYu LLM technology, integrating it into products and services for enhanced medical solutions[155] Market Expansion and Strategy - Airdoc aims to expand application scenarios to solidify the groundwork for long-term development amidst industry policy adjustments[16] - The company plans to optimize its organization and improve efficiency in 2025, aiming to significantly narrow losses and increase the revenue share of treatment services[31] - National policies have stabilized, with LED-based myopia control products officially categorized as Class II medical devices, which is expected to boost revenues for the company's products[30] - The company aims to enhance its global footprint by expanding into markets such as Malaysia, Singapore, Thailand, the UAE, and South Africa, with a focus on the Middle East in 2025[152] - The company plans to expand sales channels for AI-assisted diagnostics and invest in treatment businesses, including myopia prevention and visual training, to consolidate long-term strategy[151] Regulatory and Compliance - Regulatory changes from the NMPA impacted the company's laser-based AI myopia prevention products, leading to a decrease in revenue and an impairment of goodwill related to the acquisition of Beijing Zhitong Technology Co., Ltd.[28] - The NMPA issued a notice in June 2023 that stipulates laser myopia treatment devices without Class III medical device certification will not be permitted for production and sales in the PRC effective July 1, 2024[199] Customer Engagement and Service Growth - The company achieved significant growth in the number of primary healthcare sites in 2024, broadening service coverage and enhancing customer access to professional services[27] - The number of active service sites increased from 5,671 to 7,883, representing a year-over-year growth of 39.01%[45] - During the reporting period, Airdoc detected 7.10 million cases, reflecting a year-over-year increase of 3.87%[45] - In 2024, there was a more than 50% year-over-year increase in the number of unique visitors (UVs) in hospitals and primary healthcare within the Airdoc Medical segment[46] - The number of active hospital service sites covered reached 417, representing a year-over-year increase of 51.1%, with detections conducted reaching 401 thousand, up by 65.5% year-over-year[120] - The number of active primary healthcare institution service sites reached 2,092, representing a year-over-year increase of 71.3%, with detections conducted reaching 1,034 thousand, up by 62.6% year-over-year[120] - The company has implemented AI-based solutions in over 350 health checkup centers across China, with some achieving a repurchase rate of over 50% for SaMD products[120] Research and Development Achievements - The company has published over 20 papers in prestigious peer-reviewed journals, validating its AI-empowered early detection and diagnostic solutions[83] - The company has published over 20 papers in influential AI academic conferences, enhancing its credibility in the field[85] - Airdoc-AIFUNDUS has been trained on data from 15 different organizations in China, covering a significant portion of the national population, ensuring effective product applicability across diverse demographics[88] - Airdoc's AI technology has been validated through clinical trials, supporting its early detection and diagnostic solutions for chronic diseases[85] - Research collaboration with Fudan University resulted in a publication demonstrating a novel postoperative refractive power prediction method with greater accuracy than existing methods[92] Patent and Intellectual Property - During the reporting period, Airdoc was granted 40 new patents, bringing the total to 270 patents, including 128 inventions[100] - The company has developed SaMD products for glaucoma and cataracts detection, which received Class II medical device certification in June 2020 and January 2022 respectively[67] - The health risk assessment solution currently supports the identification of 55 types of lesions and disease risks, catering to diverse healthcare needs[70]
鹰瞳科技(02251) - 2024 - 年度财报