科大讯飞最新财报：经营效率优化驱动盈利质量提升

Core Insights - The company achieved a revenue of 23.343 billion yuan in 2024, marking an 18.79% year-on-year growth, returning to double-digit growth after two years [1][3] - Operating cash flow reached a record high of 2.495 billion yuan, with a year-on-year increase of over 6 times [1][4] - In Q1 2025, revenue continued to grow, reaching 4.658 billion yuan, a 27.74% increase year-on-year, with net profit attributable to shareholders increasing by 35.68% [2] Financial Performance - Revenue for 2024 was 23.343 billion yuan, up from 19.650 billion yuan in 2023, reflecting an 18.79% increase [3] - Gross profit for 2024 was 9.952 billion yuan, compared to 8.384 billion yuan in 2023, also showing an 18.70% increase [3] - Net profit attributable to shareholders was 560 million yuan, down 14.76% from 657 million yuan in 2023, while net profit excluding non-recurring items increased by 59.32% to 188 million yuan [3] Business Strategy and Structure - The company optimized its business structure by focusing on consumer (C-end), business (B-end), and government (G-end) sectors, leading to improved sales collection rates [3][4] - Revenue from core sectors such as consumer, education, automotive, and healthcare grew by 27.58%, 29.94%, 42.16%, and 28.18% respectively [3] - The company reduced its production lines from 60 to 46 to enhance efficiency and focus on core business areas [4] Research and Development - R&D expenditure reached 4.58 billion yuan in 2024, accounting for 19.62% of revenue, with a strategy to balance innovation and profitability [5] - The company is implementing a "1+N" strategy in AI, focusing on developing industry applications based on a self-controlled foundational model [5] - The launch of the upgraded "Xunfei Spark Deep Reasoning Model X1" in Q1 2025 demonstrates the company's commitment to maintaining a technological edge [5] Future Outlook - The company aims to enhance operational efficiency and profit release, indicating a strategic shift from scale expansion to quality improvement [7] - With advancements in foundational model technology and global expansion, the company is positioned to maintain a competitive advantage in the AI sector [7]