Summary by Moomoo AI
WiMi Hologram Cloud reported total revenues of RMB 290.8 million (USD 40.8 million) for H1 2024, representing a 10% YoY increase. The company's AR service revenue grew 14% to RMB 290.8 million, while gross profit increased 8% to RMB 87.6 million. The company returned to profitability with net income of RMB 12.3 million, compared to a net loss of RMB 18.4 million in H1 2023.Operating expenses decreased 19% YoY to RMB 90.9 million, primarily due to reduced R&D expenses. Research and development costs fell 18% to RMB 75.8 million as Tapuyu improved its R&D technology system. General and administrative expenses rose 19% to RMB 17.7 million due to consulting fees for share consolidation and debt issuance.The company maintained a strong financial position with cash, cash equivalents and short-term investments of RMB 1.16 billion (USD 163.0 million) as of June 30, 2024. Operating cash flow improved significantly to RMB 150.2 million inflow, compared to RMB 4.1 million outflow in H1 2023. The company also raised RMB 152.4 million through share issuance and RMB 145.7 million through convertible notes.
