Core Viewpoint - Autozi Internet Technology (Global) Ltd. reported a 9.9% increase in revenues for fiscal year 2024, driven by a strategic focus on high-margin auto parts and accessories sales, despite challenges in other business segments [3][6][10]. Financial Performance - Revenues increased to 113.5 million in the prior year, with a constant currency growth of approximately 12.2% in RMB terms [3]. - Cost of revenues rose by 9.2% to 1.3 million, with a gross profit margin of 1.0%, up from 0.4% in the previous year, primarily due to stronger profitability in the auto parts and accessories segment [5]. - Revenues from auto parts and accessories surged by 86.1% to 55.8 million [6]. - Operating expenses decreased by 14.3% to 5.4 million, down 25.6% from the previous year [8][9]. - Net loss increased to $11.1 million, primarily due to litigation-related costs, but would have narrowed by 10.5% excluding these charges [10]. Strategic Initiatives - The company is advancing its supply chain digitalization platform, enhancing collaboration and efficiency across the supply chain [2]. - Autozi aims to empower the supply chain ecosystem by creating a direct-to-consumer network for auto service shops and car owners [2]. - The company is exploring strategic acquisitions to strengthen its leadership in the industry while maintaining stable profitability through disciplined cost management [2]. Recent Developments - Autozi has established partnerships with 12 provincial distributors and logistics partnerships in eight provinces, enhancing its market presence and distribution network [12][13]. - The company has registered 3,410 auto parts manufacturers, 17,964 dealers, and 79,351 service store owners on its platforms, reflecting its operational optimization and resource sharing through digitalization [16].
Autozi Internet Technology (Global) Ltd. Announces Fiscal Year 2024 Financial Results and Files Its Annual Report on Form 20-F