InnoScience (Suzhou) Technology Holding (2577) H2 2024 earnings summary

Executive summary

• Revenue grew 39.8% year-over-year to RMB828.5 million, driven by strong demand in consumer electronics, new energy vehicles, and AI/data center applications.

• Gross loss margin improved significantly from -61.6% in 2023 to -19.5% in 2024, reflecting cost reductions and efficiency gains.

• Overseas revenue surged 118.1% year-over-year, reaching RMB126.4 million.

• Annual chip shipments reached 660 million, exceeding the cumulative total of all previous years.

Financial highlights

• Revenue: RMB828.5 million in 2024, up from RMB592.7 million in 2023.

• Gross loss: RMB161.4 million, a 55.4% reduction from 2023.

• Loss for the year: RMB1,045.7 million, down 5.1% year-over-year.

• Cash and cash equivalents increased to RMB1,525.0 million from RMB329.0 million.

• Current ratio improved to 2.5 from 1.2; net gearing ratio dropped to 13.4% from 87.9%.

Outlook and guidance

• Plans to expand production capacity to 20,000 wafers per month and further penetrate global markets in 2025.

• Continued investment in R&D and new product launches targeting consumer electronics, automotive, data centers, and robotics.

• Focus on global strategic partnerships and supply chain optimization.