Core Insights - The company reported a revenue of 128.17 billion yuan for the fiscal year 2024, marking a year-on-year growth of 7.14% [2][3] - The net profit attributable to shareholders was 7.53 billion yuan, reflecting a significant decline of 35.77% compared to the previous year [3] - The company faced negative impacts on net profit due to financial costs from asset occupation and asset impairment related to the real estate market [2] Financial Performance - Revenue breakdown: - Cloud services and software business generated 2.965 billion yuan, up 18.75% year-on-year [4] - Proprietary brand products achieved 4.581 billion yuan, a growth of 20.25% [4] - IT distribution and value-added services reached 124.451 billion yuan, increasing by 6.84% [4] - Adjusted net profit excluding non-recurring items was 1.015 billion yuan, down 19.68% from the previous year [3] - Operating cash flow improved significantly to 2.505 billion yuan, a 1,754.34% increase [3] Profitability Metrics - Gross margin for proprietary brand products was 11.49%, up by 2.65 percentage points [4] - Gross margin for IT distribution and value-added services was 3.39% [4] - Basic earnings per share decreased by 35.03% to 1.1653 yuan [3] Research and Development - The company invested 409 million yuan in R&D, representing an 8.67% increase year-on-year [4] - Focus on building R&D teams and managing R&D processes to maintain leadership in cloud services and proprietary products [4] Asset and Equity Position - Total assets at the end of 2024 were 453.74 billion yuan, a 1.09% increase from the previous year [3] - Net assets attributable to shareholders rose to 92.45 billion yuan, an 8.04% increase [3]