AIGC第一股年报详解：AIGC业务暴涨88.5%营收2.2亿，95%智能硬件交付出海，跑通规模化「软件订阅+出海」

Core Viewpoint - The first annual report of the Hong Kong-listed AIGC company, Out of the Door, showcases significant growth and a successful transition towards AIGC solutions, indicating a strong market demand and a promising future for the company [1][2][47]. Group 1: Financial Performance - In 2024, Out of the Door achieved total revenue of 390 million yuan, representing a year-on-year growth of 6% [5]. - Revenue from AIGC solutions reached 220 million yuan, a substantial increase of 88.5%, accounting for 56.8% of total revenue [6][8]. - The AIGC business has shown a compound annual growth rate (CAGR) of 219% from 2021 to 2024, with revenues increasing from 6.8 million yuan in 2021 to 220 million yuan in 2024 [9][10]. Group 2: Business Strategy and Transition - The company has shifted its focus from traditional project-based AI solutions to standardized AIGC products, enhancing its product matrix and adopting a subscription model [2][16]. - The strategic transition has resulted in a significant increase in AIGC revenue, driven by a broader range of products and a growing number of paying users, which increased from 63,000 in 2021 to over 100,000 in 2024, reflecting a CAGR of 151% [13][14]. Group 3: Profitability and Margins - The overall gross profit for 2024 was 203 million yuan, with a gross margin of 52.1%, down from 64.3% in 2023 due to the strategic shift [18]. - Adjusted gross profit, excluding the impact of a major client in 2023, was 187 million yuan, indicating stable profitability levels [19]. Group 4: Research and Development - R&D expenses for 2024 were 137 million yuan, a decrease of 11.5%, as the company improved its R&D efficiency [21]. - The company has launched several new AIGC products, including WetaAvatar 4.0 and AI video creation platforms, while enhancing its self-developed large model, "Sequence Monkey" [21][37]. Group 5: International Market Expansion - Revenue from overseas markets accounted for 41.8% of total revenue in 2024, increasing by 6.6 percentage points from 2023, totaling 163 million yuan [24]. - The company has strategically focused on the North American and European markets, leveraging its existing hardware business to facilitate the entry of new AI products [25][49]. Group 6: Business Model and Future Outlook - The company's business model combines hardware, software, and services, avoiding traditional project-based approaches and focusing on a subscription-based revenue model [39]. - The successful transition and growth in AIGC solutions position the company well to capitalize on the increasing global demand for AI products, indicating a healthy and sustainable business model moving forward [48][50].