Tianju Dihe (Suzhou) Data (2479) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 35.7% to RMB598.7m, while net profit fell 46.6% to RMB18.7m as gross margin contracted and impairment losses increased.

• Results carry material audit uncertainty: the auditor disclaimed an opinion, citing insufficient evidence on US$10m of Notes and RMB57.65m of chip prepayments.

• Trading has been suspended since 1 April 2025; resumption guidance must be met by 30 September 2026 to avoid the risk of listing cancellation.

Financial highlights

• Revenue increased 35.7% YoY to RMB598.7m; gross profit rose 3.8% to RMB129.4m, while gross margin declined from 28.3% to 21.6%.

• Net profit declined 46.6% to RMB18.7m; profit before tax was RMB19.1m, including RMB11.9m of listing expenses.

• Profit attributable to owners was RMB19.3m; basic and diluted EPS fell to RMB0.40 from RMB0.77.

• Cash and cash equivalents rose to RMB255.5m from RMB124.4m; net assets were RMB1,012.7m at 31 December 2024.

Outlook and guidance

• Plans include upgrading Juhe.cn’s 800+ API endpoints and developing a large-model general agent for multimodal understanding, autonomous decision-making and task automation.

• Strategy targets government-authorized public data operations, broader industry and regional coverage, API testing services, subscription monetization and continued R&D investment.

• Demand volatility and competition for technical and sales talent, including rising labor costs, are identified challenges; planned responses include stronger sales capacity and AI product upgrades.