Weide Information(SH:688171) Zheng Quan Zhi Xing·2025-06-13 11:50Core Viewpoint - The company, Guangdong Weide Information Technology Co., Ltd., reported a significant decline in revenue for 2024, marking the first time since its listing that annual revenue fell below 100 million yuan, with a year-on-year decrease of 18.03% to 98.44 million yuan [1][2]. Revenue and Profit Analysis - In 2024, the company achieved operating revenue of 98.44 million yuan, a decrease of 18.03% year-on-year, with the first quarter of 2025 showing a further decline of 57.79% to 8.90 million yuan [1][2]. - The non-recurring gains and losses amounted to 5.23 million yuan [1]. - The company transitioned from profit to loss in both net profit before and after non-recurring items [1]. Business Segment Performance - Information Security Cloud Platform Business: Revenue was 70.45 million yuan with a gross margin of 36.03% in 2023, slightly increasing to 38.39% in 2024. The major clients included State Grid Corporation of China, which saw a revenue increase of 24.39% [3][7]. - Smart Security Equipment: Revenue was 21.25 million yuan with a gross margin of 49.60% in 2023, decreasing to 54.64% in 2024. The decline in gross margin was attributed to increased unit costs due to reprocessing of inventory products and competitive pricing pressures [3][8]. - Technical Services and Others: Revenue dropped significantly from 45.12 million yuan in 2023 to 6.74 million yuan in 2024, with a gross margin of 48.03% in 2023 and 22.28% in 2024. The decline was primarily due to the completion of contracts with major clients like Southern Power Grid and Yunnan Energy Investment [3][8]. Client and Contract Details - Major clients for the Information Security Cloud Platform included State Grid Corporation, Guangdong Xiulian Technology Co., Ltd., and Huanneng Information Technology Co., Ltd. [3][6]. - The Technical Services and Others segment relied heavily on clients such as Yunnan Oriental Guoxin Information Technology Co., Ltd. and Southern Power Grid, with significant revenue contributions from these clients [6][8]. - The company has faced challenges in maintaining contracts, particularly with Southern Power Grid, which did not renew contracts after 2023, impacting revenue from technical services [8][9].