Core Viewpoint - The company, Innovusion (2121.HK), has achieved a significant transformation towards high-quality development through strategic focus and business restructuring, with its core business of "AI + Manufacturing" revenue surpassing 80% for the first time in 2024 [1][4] Financial Performance - The company implemented a "cash flow first" strategy, resulting in a substantial improvement in operating cash flow, which decreased losses by 80.1% year-on-year, with a cash reserve of 1.205 billion yuan at the end of the period [2] - Total revenue for the year was 1.22 billion yuan, with a gross margin increase of 1 percentage point to 34.6%, and adjusted net losses narrowed by 23.9% to 117 million yuan [2] - Accounts receivable turnover efficiency improved significantly, with net accounts receivable decreasing by 28.8% year-on-year, and over 50% of accounts having a collection period of less than three months [2] Technological Development - The company established a "one model, one body, two wings" technical architecture, with its self-developed AlnnoGC industrial model as the foundation, driving the dual development of industrial robots and industrial software [3] - The latest Alnno-75B industrial model achieved top rankings in authoritative evaluations, including the highest rating from the China Academy of Information and Communications Technology [3] - The company is focusing on the development of embodied intelligent robots as a key carrier for the implementation of large models, with a fully autonomous industrial intelligent technology stack [3] Market Position and Strategy - The revenue share of the "AI + Manufacturing" business has been increasing year by year, indicating deep and practical advancements in the manufacturing sector [4] - The company has completed intelligent layouts in industrial logistics, reducing blockage time by 40% through model optimization, and has achieved commercial breakthroughs in drone driving systems at southern ports [4] - Innovusion has become the leading provider in China's AI industrial quality inspection solutions market, extending its service chain to cover the entire process from model production to intelligent analysis of inspection results [4] Future Outlook - The CEO emphasized the continuation of the "high-quality development" strategy, anticipating sustained growth in demand for digital transformation driven by AI technology as industry cycles improve [4] - Analysts noted that Innovusion has established a first-mover advantage in the AI manufacturing and industrial model sectors, with a cash reserve of 1.2 billion yuan providing a safety net during the AI industrialization cycle [5]
创新奇智2024财报：AI制造营收占比首破80% 工业大模型商业化加速