iFLYTEK Announces Promising Results as Net Profit Leaps to CNY 1.3 Bn

Technology Author: 唐楠 Editor: 张宇喆 Apr 20, 2021 05:18 PM (GMT+8)

iFLYTEK has released the latest financials: the company's revenue was CNY 130.25 billion, a year-on-year jump of 29.23%, while the net cash flow from operating activities was CNY 2.27 billion.

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In terms of main businesses, the revenue of educational products and services boosted 70.68% to CNY 4.02 billion; the informational engineering income increased by 18.46%, reaching CNY 1.774 billion; revenue from the open platform also improved considerably by 66.42% hitting CNY 1.92 billion.  

iFLYTEK's educational products include smart classrooms, homework platforms, test paper generation tools, intelligent learning tools, translation, covering more than 38,000 universities in 31 provincial administrative regions and serving more than 100 million instructors and students. At present, the AI solution of remote learning has covered more than 6,500 primary and secondary schools in 21 provinces supporting more than 15 million teachers and students and providing educational resources for underdeveloped areas.  

In addition, iFLYTEK raised its R & D investment slightly by 12.73% to CNY 2.42 billion, which accounted for 18.6% of the revenue. The three most invested projects are:

1. An open, innovative AI platform for manufacturing, research, and application, which is directed by public intelligence and creativity. 

2. iFLYTEK AI input phase II research and development, which targets intelligent terminals, meets deep-seated needs, and provides personalized services;

3. AI personalized system iFLYTEK learning machine V2.0 to realize individualized studying experience.

At present, these three projects are all in the developmental stage.

At the annual conference in February, the company put forward the goal for the next five years, that is, to win one billion users, to grab CNY 100 billion revenue, and to boost its industrial ecosystem to a CNY 1 trillion level.

At the performance presentation meeting on April 20, Liu Qingfeng, chairman of iFLYTEK, said that the driving force of the 100-billion-revenue-goal comes from the endogenous growth of iFLYTEK's main business, one third from education, one third from medical, e-government, convenient and convenient services and other digital life fields, while the other third comes from consumer products.

Meanwhile, iFLYTEK also released a first-quarter report revealing that the operating revenue was CNY 2.501 billion, up 77.55%; its net profit was CNY 139 million compared with a net loss of CNY 131 million last year. This remarkable performance has undoubtedly brought confidence to the company's revenue target of CNY 100 billion.