Core Viewpoint - In 2024, Innovusion (02121.HK) adopted a prudent operational strategy to ensure financial safety while transitioning towards high-quality development, achieving a revenue of 1.222 billion yuan, with over 80% from its core "AI + Manufacturing" business [1] Group 1: Business Structure Optimization - Innovusion optimized its business structure in 2024 by transitioning from AI 1.0 to AI 2.0, establishing a development route of "one model, one body, two wings," focusing on industrial large models and AI agents to empower industrial robots and software [2] - The company actively abandoned low-margin and non-core business segments, leading to a 30.2% decline in overall revenue, with financial services revenue dropping 68.4% year-on-year, while core "AI + Manufacturing" revenue decreased by 16.6% [2][3] Group 2: Customer Structure Adjustment - In 2024, Innovusion shifted its focus towards end customers, with direct customer contributions reaching 830 million yuan, accounting for 67.9% of total revenue, a significant increase of 22.8 percentage points from 2023 [3] - This adjustment reduced reliance on system integrators, enhancing customer engagement and loyalty, which is expected to facilitate future revenue growth through repeat purchases and scenario expansion [3] Group 3: Financial Performance and Cash Flow - Innovusion prioritized operating cash flow over revenue scale, resulting in the best cash flow performance since its establishment, with net cash used in operating activities improving by 80.1% from -180 million yuan in 2023 to -36 million yuan in 2024 [4] - The company improved accounts receivable management, reducing accounts receivable and notes by 28.8%, with cash and cash equivalents at 1.205 billion yuan, ensuring sufficient liquidity for sustainable development [4] Group 4: Strategic Development and Technological Upgrades - Innovusion's rapid growth in the past five years was driven by AI 1.0 applications, and in 2024, it launched the 75 billion parameter AInnoGC industrial large model, solidifying its "one model, one body, two wings" strategy [5] - The company is focusing on industrial software and industrial robots as key areas, with initiatives like ChatCAD for industrial design and ChatRobot for production scheduling, enhancing operational efficiency [7] Group 5: Future Outlook and Industry Position - The industry anticipates 2025 as the year of intelligent agent applications, with Innovusion developing vertical intelligent agents for the industrial sector, supporting a full value chain from design to marketing [8] - With strategic partnerships established with industry leaders, Innovusion is well-positioned to leverage the growing demand for AI-driven digital transformation in manufacturing, believing in the promising future of "AI + Manufacturing" [8]
创新奇智2024营收12.22亿，现金流改善80.1%，高质量转型蓄势未来增长