Maiyue Technology (2501) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 6.0% YoY to RMB274.7m, while profit fell 99.5% to RMB0.1m, driven by weaker gross margins and a RMB24.7m impairment charge on trade receivables and contract assets.

• Cash and cash equivalents were RMB40.5m at year-end, down from RMB47.8m; no final dividend was recommended.

Financial highlights

• Revenue increased 6.0% YoY to RMB274.7m; gross profit fell 19.7% to RMB68.6m and gross margin declined 8.0 percentage points to 25.0%.

• Profit for the year dropped 99.5% to RMB0.1m; basic EPS decreased to RMB0.09 cents from RMB5.68 cents.

• Operating profit was RMB11.7m versus RMB37.6m; loss before tax was RMB1.8m versus profit before tax of RMB27.4m.

• Finance costs rose to RMB12.1m from RMB10.5m, while an income tax credit of RMB1.9m replaced a tax expense of RMB4.7m.

Outlook and guidance

• Four strategic priorities: invest in computing networks, AI models and domestic IT; develop multi-industry AI corpora; expand AI-focused industry–education partnerships; and grow nationwide and in ASEAN markets.

• Smart Computing All-in-One Machine was selected among Guangxi’s first AI products; an AI platform was launched with Guilin University of Electronic Technology in March 2025.

• February 2025 cooperation agreement with Vietnam Made Trading Technology Limited targets cross-border AI cloud computing, e-sports and internet access services; agreement is non-legally binding.