Summary by Moomoo AI
MicroCloud Hologram reported total revenue of RMB 128.7 million (USD 18.1 million) for H1 2024, representing a 31.4% YoY increase. Service revenue grew 56.7% to RMB 121.1 million while product revenue declined 63.3% to RMB 7.6 million. The growth was primarily driven by business combinations and increased customer demand for holographic advertisement services.Gross profit decreased to RMB 23.4 million with margin declining to 18.2% from 51.0% in H1 2023, mainly due to intensifying market competition in services segment. Operating expenses surged 92.4% to RMB 157.5 million, largely attributed to a 185% increase in R&D expenses to RMB 141.0 million.The company reported a net loss of RMB 121.7 million (USD 17.1 million), widening from RMB 29.0 million in H1 2023. As of June 30, 2024, cash and cash equivalents stood at RMB 630.1 million (USD 88.4 million), with working capital of approximately RMB 717.7 million. The company received RMB 733.8 million from convertible promissory notes during the period.
