MicroAlgo Announces Strong Net Income and Cash Growth in 2024, Driven by Robust Demand for Central Processing Algorithm Services

Core Insights - MicroAlgo Inc. reported total revenues of RMB 541.5 million (USD 75.3 million) and net income of RMB 53.4 million (USD 7.3 million) for the year ended December 31, 2024, marking a significant turnaround from a net loss of RMB 266.2 million in 2023 [1][2][3] - The company's strategic shift to focus exclusively on central processing algorithm services has been effective, with this segment accounting for 100% of revenues in 2024 [1][2] - MicroAlgo's investment in research and development reached RMB 111.7 million (USD 15.5 million) in 2024, which has been crucial for innovation and maintaining a competitive edge [2][3] Financial Performance - The net income of RMB 53.4 million in 2024 represents a significant recovery from the previous year's net loss of RMB 266.2 million [1] - Cash and cash equivalents increased to approximately RMB 1,035.9 million (USD 144.1 million) as of December 31, 2024, compared to RMB 317 million in 2023, indicating a strong balance sheet [3] Strategic Focus - The company has successfully capitalized on the growing demand for central processing algorithm services in sectors such as internet advertising and online gaming [3] - MicroAlgo's strategic initiatives include expanding application fields and diversifying its customer base, positioning the company for continued growth [3] Leadership Perspective - The CEO of MicroAlgo expressed satisfaction with the company's performance in 2024, emphasizing the commitment to innovation and the delivery of value to customers [4]