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Yidu Tech Announces Annual Results for FY 2024: Existing Business Achieves First Full-Year Profit on Adjusted EBITDA

HONG KONG, June 30, 2024 /PRNewswire/ -- Yidu Tech Inc. ("Yidu Tech" or the "Company", together with its subsidiaries and consolidated affiliated entities, the "Group", HKEX: 2158) announced its annual results for the fiscal year ended 31 March 2024 ("FY2024" or the "Reporting Period"). The management provided detailed explanations on the key performance highlights, development strategies, and future outlook. Owing to the Company's "Focus" strategy, Yidu Tech has seen further improvements in operational efficiency, profitability, and business competitiveness. The Company's total revenue in FY2024 was recorded at RMB 807.1 million, and gross profit margin increased to 42.1% from 34.1% year-on-year ("YoY"), representing an increase of 8.0 percentage points, hitting an all-time high. Adjusted net loss narrowed from RMB448.7 million to RMB158.1 million, down 64.8% YoY, and cash flow continued to be optimized. During the reporting period, the Company continued to invest in AI technology, especially in the development and commercialization of its proprietary large language model in the medical vertical field to maintain a leading position in the opportunities of the large language model era. During the results conference, Yidu Tech's management stated that excluding strategic investments in proprietary large language model, non-cash items, and non-operating items, the adjusted EBITDA for our current business has achieved profitability, moving from a RMB 327 million loss to a profit of RMB 31.1 million for the first time this fiscal year. "It further elaborated that this could be largely attributed to the effects of the Company's timely adoption of the 'Focus' strategy. In the face of new opportunities for technological innovation and industrial upgrading driven by generative AI technology, the Company seeks to further play a leading role in innovation, accelerate the commercialization of large language models in healthcare, and provide safer, more inclusive, and more precise intelligent solutions for the entire medical ecosystem, in order to create long-lasting value for investors." Yidu Tech's management commented during the results conference that the Company's operating cash outflow continues to improve, and that it is no longer spending extensively on its operations. Over the past ...