Summary by Moomoo AI
InnoSmart Technology Group Co., Ltd. ('InnoSmart') announced unaudited interim performance as of June 30, 2024, showing a 38.1% year-on-year decline in revenue to RMB 571,704 thousand. Gross margin improved to 33.8%, but the loss for the period was RMB 184,553 thousand, a decrease from the loss in the same period last year. The company emphasizes the importance of maintaining capital in uncertain market conditions and reports cash and cash equivalents of RMB 1,332.9 million. InnoSmart continues to focus on research and development investment to ensure technological leadership and has made progress in asymmetric enhanced self-supervised learning methods and AI large-scale model technology. In addition, the company announced that all incentive shares granted under the 2023 stock-based incentive plan have expired and changes have been made to the purpose and term of use of the proceeds to align with the company's operation strategy and long-term development. The board of directors does not recommend the distribution of interim dividends.