Financial Performance - The company reported a net loss of RMB 79.56 million for the period, a year-on-year reduction of 77.7%[7]. - Adjusted net loss for the period was RMB 54.10 million, narrowing by 75.9% year-on-year[7]. - Revenue for the six months ended September 30, 2023, was RMB 356.48 million, a decrease of 24.9% compared to RMB 474.37 million in 2022[13]. - Gross profit increased to RMB 136.21 million, representing a 10.1% increase from RMB 123.68 million in the previous year[13]. - Operating loss reduced by 78.0% from RMB 356.3 million to RMB 78.3 million[39]. - Net loss for the period decreased by 77.7% from RMB 356.3 million to RMB 79.6 million[40]. - Adjusted net loss improved from RMB 224.8 million to RMB 54.1 million, with an adjusted net loss margin of 15.2%[41]. - Other income increased to RMB 72,333 thousand, compared to RMB 37,528 thousand in the same period last year, marking a 93% increase[92]. - The total comprehensive income for the period was RMB 54,076 thousand, compared to RMB 14,939 thousand in the previous year, showing a significant increase[93]. Operational Efficiency - The gross margin improved by 12.1 percentage points to 38.2% in the first half of FY24[8]. - Operating expenses as a percentage of revenue decreased by 12.8 percentage points year-on-year, indicating improved operational efficiency[17]. - Sales and service costs decreased by 37.2% from RMB 350.7 million for the six months ended September 30, 2022, to RMB 220.3 million for the six months ended September 30, 2023[33]. - Research and development expenses decreased by 43.0% from RMB 181.9 million to RMB 103.6 million, with R&D expenses as a percentage of revenue dropping from 38.3% to 29.1%[38]. - Administrative expenses decreased by 45.7% from RMB 109.4 million to RMB 59.4 million, with administrative expenses as a percentage of revenue declining from 23.1% to 16.7%[36]. Revenue Segments - The revenue from the big data platform and solutions segment was RMB 127.9 million, representing a year-on-year increase of 3.2%[22]. - The revenue for the life sciences solutions segment reached RMB 170.2 million for the six months ending September 30, 2023, representing a year-on-year increase of 16.1%[27]. - Revenue from the health management platform and solutions segment decreased by 71.4% year-on-year to RMB 58.4 million, primarily due to a focus on product portfolio[28]. - The company’s customer contract revenue from the big data platform and solutions segment was RMB 127,939 thousand for the six months ended September 30, 2023, compared to RMB 124,028 thousand in the same period of 2022[111]. Client and Market Growth - The number of clinical trial projects conducted reached 296, with 1,221 real-world research projects completed[7]. - The number of top-tier hospital clients reached 94, with a revenue retention rate of 128.2% from the top ten clients[7]. - Active users on the health management platform reached 2.6 million, with a focus on digital therapies for chronic diseases[18]. - The company has successfully entered the diabetes digital therapy project in Hainan Province, marking a significant innovation in digital therapy business models[7]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2024[175]. Investments and Future Plans - The company has investment commitments of RMB 260.5 million as of September 30, 2023, significantly up from RMB 13.4 million a year earlier[50]. - The company plans to enhance its core algorithms and develop a medical vertical large language model to strengthen its YiduCore capabilities[30]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of RMB 200 million allocated for this purpose[175]. - A strategic partnership with a leading healthcare provider is expected to drive user growth by 25% in the next fiscal year[175]. - The company plans to invest RMB 150 million in marketing efforts to boost brand awareness in new markets[175]. Shareholder Information - As of September 30, 2023, the total number of shares issued by the company is 1,052,858,149[64]. - Ms. Gong holds a beneficial interest in 417,626,975 shares, representing approximately 39.67% of the total shares[64]. - Mr. Xu also holds a beneficial interest in 417,626,975 shares, equivalent to approximately 39.67%[64]. - The total percentage of shares held by major shareholders includes significant interests from both Ms. Gong and Mr. Xu, each at 39.67%[68]. - A total of 10,340,160 shares were granted under the post-IPO share incentive plan during the reporting period[77]. Cash Flow and Financial Position - The company has a cash reserve of RMB 3.81 billion, a year-on-year reduction of 11.8%[7]. - As of September 30, 2023, the company recorded cash and cash equivalents of RMB 3,191.3 million, down from RMB 3,522.0 million as of March 31, 2023[44]. - The company reported a net cash outflow from financing activities of RMB (3,462) thousand for the six months ended September 30, 2023, compared to RMB (12,755) thousand in the previous year, indicating a reduction in financing costs[98]. - The company’s total liabilities decreased to RMB 621,210 thousand from RMB 755,357 thousand, a reduction of about 17.7%[95]. - The company’s total assets amounted to RMB 4,858,478 thousand, a decrease from RMB 4,911,508 thousand as of March 31, 2023, reflecting a decline of approximately 1.08%[94]. Research and Development - The company has developed and trained large language models in the medical vertical, completing models with 7 billion and 13 billion parameters, and currently training a model with 70 billion parameters[20]. - The company has published 19 disease standard datasets in collaboration with experts and authoritative institutions, enhancing research capabilities in various disease areas[21]. - Research and development expenses increased by 10% to RMB 50 million, focusing on AI technology enhancements[175]. Regulatory and Compliance - The company has received certifications for multi-party secure computing and federated learning capabilities from the China Academy of Information and Communications Technology[16]. - The company has no significant contingent liabilities as of September 30, 2023[49]. - The board does not recommend the distribution of an interim dividend for the six months ended September 30, 2023[57].
医渡科技(02158) - 2024 - 中期财报