Summary by Moomoo AI
Flowing Cloud Technology Ltd, a company registered in the Cayman Islands, released its mid-year report for 2024. The report shows that in the first half of 2024, the company faced a revenue decline, with revenue decreasing from 5,989.56 million RMB to 4,480.13 million RMB, a 25.2% decrease. The gross margin and net profit inside the period dropped by 36.1% and 45.4% respectively. As a leading AR/VR content and service provider in China, the company actively expands overseas markets and invests in the digital economy track, including areas such as the metaverse and AI. During the reporting period, the company achieved revenue of 448.0 million RMB, with a gross margin of 28.0% and a net profit of 63.5 million RMB. The company will continue to promote the application and innovation of XR and AI technologies in the digital cultural tourism and digital display fields, and plans to further explore business opportunities, providing AR/VR content and services to Yichen. The board of directors does not recommend the payment of interim dividends for the six months ended June 30, 2024.