Preface
Founded in 1999, iFLYTEK Co., Ltd. is a well-known listed company in intelligent speech and artificial intelligence in the Asia-Pacific region. Since its establishment, it has been engaged in the research of artificial intelligence core technologies such as intelligent speech, computer vision, natural language processing, and cognitive intelligence, and has maintained the international cutting-edge level. iFLYTEK actively promotes the R&D and industrialization of core technologies at the source of artificial intelligence, and is committed to "enabling machines to listen, speak, understand and think, and build a better world with artificial intelligence".
Revenue and net profit for the past year
From 2019 to 2023, iFLYTEK will achieve revenue of 10.079 billion yuan, 13.025 billion yuan, 18.314 billion yuan, 18.820 billion yuan and 19.650 billion yuan respectively. The year-on-year growth rates were 27.30%, 29.23%, 40.61%, 2.77% and 4.41%.
From 2019 to 2023, iFLYTEK achieved net profits of 819 million yuan, 1.364 billion yuan, 1.556 billion yuan, 561 million yuan and 657 million yuan respectively. The year-on-year growth rates were 51.12%, 66.48%, 14.13%, -63.94% and 17.12%.
The company continues to invest in the "iFLYTEK Xinghuo Cognitive Model" and maintains the leading position in the industry, becoming the first echelon of China's large model; At the same time, we will continue to increase investment in domestic independent research and development in core technologies and industrial support, and form a leading achievement in the domestic computing base "Feixing No. 1". Under the background of the above-mentioned high-intensity investment, the company still achieved positive growth in revenue and gross profit, and achieved positive net profit attributable to the parent company, non-net profit deducted and cash flow, and maintained the benign and healthy development of the operation.
In 2023, the revenue structure of iFLYTEK's various products is shown in the figure above, and the revenue of education products and services will be 5.564 billion yuan, accounting for 28.31% of the total revenue in 2023; The open platform achieved revenue of 3.938 billion yuan, accounting for 20.04% of the revenue; The revenue of operator-related business was 2.096 billion yuan, accounting for 10.67%; information engineering revenue was 1.886 billion yuan, accounting for 9.60%; intelligent hardware revenue was 1.617 billion yuan, accounting for 8.23%; the application revenue of the digital government industry was 1.319 billion yuan, accounting for 6.71%; The application revenue of the smart political and legal industry was 728 million yuan, accounting for 3.71% of the revenue; the revenue of automotive intelligent network-related business was 696 million yuan, accounting for 3.54%; the revenue of mobile Internet products and services was 629 million yuan, accounting for 3.20%; The revenue of medical business was 540 million yuan, accounting for 2.75%; the revenue of smart financial products and solutions was 289 million yuan, accounting for 1.47%; the revenue of teaching business was 288 million yuan, accounting for 1.46%; other business revenue was 53.0922 million yuan, accounting for 0.27%; other revenue was 7.6619 million yuan, accounting for 0.04%.
During the reporting period, the overall operation of iFLYTEK's business in different regions is shown in the figure above. In 2023, the revenue in East China will be 9.763 billion yuan, accounting for 49.68%; the revenue in North China was 3.231 billion yuan, accounting for 16.44%; the revenue in South China was 2.651 billion yuan, accounting for 13.49%; the revenue of the southwest region was 1.366 billion yuan, accounting for 6.95%; the revenue in Central China was 1.275 billion yuan, accounting for 6.49%; the revenue of Northwest China was 816 million yuan, accounting for 4.15%; the revenue of the Northeast region was 431 million yuan, accounting for 2.20%; The income from foreign regions was 118 million yuan, accounting for 0.60% of the revenue.
Top 5 customers and suppliers
iFLYTEK's top five customer sales in 2023 and the proportion of the top five suppliers' procurement volume are shown in the figure below:
In 2023, the sales of iFLYTEK's top five customers will total 3.433 billion yuan, accounting for 17.47% of the total annual sales. Among them, the sales of the largest customer 1 were 1.26 billion yuan, accounting for 6.41% of the total annual sales.
In 2023, the top five suppliers of iFLYTEK will purchase a total of 2.457 billion yuan, accounting for 23.95% of the total annual procurement. Among them, the procurement amount of the largest supplier 1 was 1.283 billion yuan, accounting for 12.50% of the total annual procurement.
R&D investment over the years
According to the report data of iFLYTEK, from 2019 to 2023, iFLYTEK's R&D investment will be 1.640 billion yuan, 2.211 billion yuan, 2.830 billion yuan, 3.111 billion yuan and 3.481 billion yuan respectively. The year-on-year growth from 2019 to 2023 will be 29.82%, 34.86%, 27.99%, 9.95% and 11.89%, respectively.
As of the end of 2023, the company has a total of 8,908 R&D personnel, accounting for 62.05% of the company's employees.
The total market capitalization of iFLYTEK
iFLYTEK Co., Ltd. was listed on the Shenzhen Stock Exchange on May 12, 2008.
From the perspective of market value from 2020 to the present, the market value of iFLYTEK reached the highest of 187.097 billion yuan on June 20, 2023, and the lowest was 69.365 billion yuan on May 25, 2020. As of May 14, 2024, iFLYTEK has a total market capitalization of 100.788 billion yuan.
Profitability analysis
The gross profit margin of iFLYTEK from 2019 to 2023 is shown in the figure below. In 2023, the gross sales margin will be 42.66%.
Operational capability analysis
In the past five years, the inventory turnover rate of iFLYTEK is shown in the figure below. In 2023, the inventory turnover ratio is 4.34 times.
Solvency analysis
From 2019 to 2023, iFLYTEK's asset-liability ratio is shown in the figure below. In 2023, the debt-to-asset ratio is 53.13%.
Core competitiveness
1. The international advanced source core technology of artificial intelligence
iFLYTEK adheres to the core technology innovation at the source, and the key core technologies of artificial intelligence have always maintained the international cutting-edge level. As the "national team" of Chinese artificial intelligence, the company has built national platforms such as the National Key Laboratory of Cognitive Intelligence, the National Engineering Research Center for Speech and Language Information Processing, and the first batch of national new generation artificial intelligence open innovation platforms.
In recent years, in the context of being included in the entity list by the United States, iFLYTEK has won many awards in international authoritative competitions in the field of key core technologies of artificial intelligence, including dozens of international artificial intelligence competitions, in addition to the field of intelligent speech, in the field of machine translation, natural language understanding, image recognition and understanding, knowledge graph, machine reasoning and other authoritative international evaluations are at the international leading level, iFLYTEK's global influence in the field of artificial intelligence continues to increase. The company continues to make fruitful innovations in deep learning algorithms, and the framework and platform support for domestic GPUs and hardware are at the industry-leading level.
2. From the breakthrough of core technology to the scenario of large-scale application and promotion and the ability of systematic innovation
iFLYTEK has always adhered to the use of artificial intelligence to solve major social needs, and has formed unique advantages in the following two aspects:
1. On the basis of maintaining the continuous innovation and leading of single-point core technologies, we will continue to expand the breadth and depth of the science and technology tree, and carry out systematic innovation.
2. Based on the artificial intelligence value landing standard of "visible and tangible application cases, standard products that can be promoted on a large scale, and application results that can be proven by statistical data", we continue to apply and promote artificial intelligence products and solutions on a large scale in major national livelihood needs such as education, medical care, and cities, as well as important battlefields of the national economy such as automobiles, finance, and consumer goods, and have developed rich application scenarios in cognitive intelligence and formed an increasing profitability. At the same time, the success of the market, in turn, has continuously strengthened iFLYTEK's advantages in in-depth knowledge understanding and algorithm iteration for industry scenarios, and further enhanced iFLYTEK's competitive advantage in various industries.
3. The credibility of the industry's technology brand and the marketing service system with extensive coverage
Based on years of hard work and accumulation in the industry, iFLYTEK has formed a large-scale marketing network covering the whole country, and has set up a total of 32 regional marketing agencies (provincial regions + central state-owned enterprises) across the country, covering all provinces in the country. In order to better get close to customers and provide services to customers, iFLYTEK has actively strengthened the team management and construction of the landing area, and has built an integrated sales service system through the whole process of front-end and back-end to support the comprehensive and rapid promotion and implementation of business products.
I love the audio network summary
iFLYTEK said that in 2024, the company will adhere to the development strategy of "standing up to the sky", on the one hand, it will always maintain the international leading position at the core technology level, seize the development opportunities of large models, provide a solid guarantee for practical business applications with the world's leading core technology, and continue to establish technical barriers and leading advantages; On the other hand, we should solve the rigid needs of society with innovative advantages, actively promote the large-scale application of artificial intelligence-related technologies, realize the in-depth integration of artificial intelligence technology with multiple industries and fields, and make the industrial ecology endless.
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