IFLYTEK(SZ:002230) 2 1 Shi Ji Jing Ji Bao Dao·2025-04-24 09:56Core Insights - After nearly two years of adjustment, iFlytek's performance has returned to double-digit growth, with a reported revenue of 23.343 billion yuan for 2024, marking an 18.79% year-on-year increase, and a net profit of 560 million yuan, with a nearly 60% growth in net profit excluding non-recurring gains [1][3]. Revenue Growth - iFlytek achieved total revenue of 23.343 billion yuan, up from 19.650 billion yuan in 2023, reflecting an 18.79% increase, with gross profit rising by 1.568 billion yuan [3]. - The growth in revenue is primarily attributed to strong performance in smart education, open platforms, and consumer business segments, with the open platform and consumer business generating 7.886 billion yuan, a 27.58% increase, maintaining its position as the largest business segment [4]. Business Segment Performance - The smart education segment reported revenue of 7.23 billion yuan, nearly a 30% increase, with its share of total revenue rising from 28.31% to 30.97% [4]. - The automotive, medical, and enterprise AI sectors also showed rapid growth, with revenues of 989 million yuan, 692 million yuan, and 643 million yuan, respectively, reflecting year-on-year increases of 42.16%, 28.18%, and 122.56% [4]. Cash Flow Improvement - iFlytek's cash flow situation significantly improved in 2024, with net cash flow from operating activities reaching 2.495 billion yuan, a 613.40% increase from 350 million yuan in the previous year [4][5]. Strategic Focus on AI - iFlytek continues to focus on its strategic layout in the AI field, emphasizing the "1+N" strategy centered around the "Xunfei Spark" cognitive model to capture the benefits of the general artificial intelligence (AGI) era [2][6]. - The company is committed to self-research of foundational large models, aiming to maintain international leadership in core technologies while ensuring large-scale industrial application of technological achievements [6][8]. AI Model Development - iFlytek's "Xunfei Spark X1" model, with 70 billion parameters, has achieved advanced industry-level deep reasoning capabilities, comparable to larger parameter models [8]. - The model was primarily trained and optimized on the domestic Huawei Ascend 910B computing platform, demonstrating the feasibility and potential of training top-tier large models on domestic computing platforms [8][9]. Market Demand and Custom Solutions - There is a growing demand from state-owned enterprises and key industry clients for self-researched models due to issues encountered with open-source models, such as hallucinations and security vulnerabilities [9]. - iFlytek's self-researched models can achieve better performance and reliability, with an average improvement of 10% over general large models, and further enhancements of 10%-20% through scenario-specific customization [9]. Industry Responsibility - iFlytek's commitment to self-research and development of foundational large models reflects its responsibility and exploration in promoting technological self-innovation and ensuring the security of the industrial supply chain [10].