YITU Technology (02495.HK): AI full-stack technology drives high performance growth, ecosystem layout accelerates industry innovation

Voicecomm Technology (02495.HK): AI Full-Stack Technology Drives High Performance Growth, Ecosystem Layout Accelerates Industry Innovation

On March 28, 2025, Voicecomm Technology Co., Ltd. (hereinafter referred to as "Voicecomm Technology") released its annual performance announcement for the year ended December 31, 2024. The announcement detailed the company's financial performance, business progress, and future development strategies over the past year, showcasing Voicecomm Technology's deep technical expertise and innovation capabilities in the field of artificial intelligence, as well as its significant achievements in core businesses and emerging sectors.

1. Core Financial Performance: Optimized Revenue Structure, Higher-Margin Business Share Increases

Revenue and Profit Both Grow
In 2024, the company achieved revenue of 941 million yuan (RMB, same below), a year-on-year increase of 15.8%; adjusted net profit was 151 million yuan, up 28.6% year-on-year (the adjustment stems from the equity financing agreement signed between Voicecomm Technology and shareholders in the past—the valuation adjustment mechanism (VAM) was recognized as a financial liability under International Financial Reporting Standards (IFRS), and its impact will be completely eliminated in 2025. Adjusted net profit is an indicator reflecting the company's true profitability), including:

Urban Management and Administration revenue of 388 million yuan (YoY +21.0%), accounting for 41.7% of enterprise-level solution revenue;
Automotive and Transportation revenue of 198 million yuan (YoY +4.0%), accounting for 21.3% of enterprise-level solution revenue;
Communications Sector revenue of 172 million yuan (YoY -1.0%), accounting for 18.5% of enterprise-level solution revenue;
Financial Sector revenue of 101 million yuan (YoY +19.1%), accounting for 10.8% of enterprise-level solution revenue;
Other Industries revenue of 72 million yuan (YoY +139.3%), accounting for 7.7% of enterprise-level solution revenue.

High-Value Business Sees Explosive Growth
Surge in Project Volume: As of December 31, 2024, the number of ongoing projects at the beginning of the year reached 150, and the year-end ongoing projects increased by 50.7% YoY to 226. The company continues to refine its interactive AI technology, forming highly mature and commercially valuable products and solutions, deepening its presence in urban management and administration, automotive and transportation, communications, and finance—its four core application scenarios—while actively expanding into new areas such as energy management and healthcare.

Significant Growth in Urban Management and Administration Revenue: As of December 31, 2024, revenue from urban management and administration increased from 321 million yuan in 2023 to 388 million yuan in 2024, a YoY increase of 21.0%. This was mainly due to the continuous enrichment of products and solutions for smart city construction, digital government governance, and smart community intelligence, as well as the active expansion of new urban cooperation projects and the continuous development of new customer resources.

Rapid Development in Other Industries: Revenue from other industries surged by 139.3% YoY, primarily due to the company's active exploration of diversified businesses, with new business segments beginning to generate revenue and showing rapid growth momentum.

Adjusted Net Profit Reflects Operational Profitability
Due to the equity financing agreement signed between Voicecomm Technology and shareholders in the past—the VAM—these shares have special rights, such as priority repurchase and liquidation rights, which differ from ordinary shares. Therefore, under IFRS, they are recognized as financial liabilities. However, since Voicecomm Technology was listed on July 10, 2024, the income statement reflects the company's full-year 2024 data, so the 2024 net profit is still temporarily affected by this factor. The true indicator reflecting the company's profitability is adjusted net profit. All accounting treatments are based on IFRS requirements, and the impact will be completely eliminated in 2025.

2. Technology-Driven: Full-Stack AI Capabilities Build Core Barriers

Technology Foundation: Voicecomm Brain
Voicecomm Brain is highly compatible, supporting international communication protocols such as TAPI, TSAPI, and CSTA, and is compatible with over 95% of enterprise business systems (e.g., CRM, ERP). Voicecomm Brain can achieve 50,000 hours of fault-free operation, with a multimodal information transmission success rate of 99.999%, significantly outperforming industry averages.

Standardized Product Matrix: Voicecomm Suites
Voicecomm Suites, based on APIs, feature high stability and ease of use, enabling low-code development of desired software applications. This allows for efficient and agile fulfillment of users' specific business requirements and cross-scenario application expansion needs.

For example, the "12345 Smart Hotline" project, during major events affecting regional municipal management (such as pandemic outbreaks), saw a surge in requests and hotline traffic. The company's core interactive AI technology helped prefecture-level governments address issues of labor costs and problem-solving efficiency.

3. Industry Deep Dive: Rapid Penetration in Four Core Scenarios

Urban Management and Administration
In the government hotline sector, the company's solutions have successfully covered over 130 prefecture-level cities, making it one of the leading service providers in China's enterprise-level full-stack interactive AI solutions market in terms of prefecture-level city coverage in 2024, laying a solid foundation for the popularization and development of smart governance.

Jinxun Digital Intelligence, a non-wholly owned subsidiary of the company, focuses on the public service sector and has achieved significant breakthroughs in practical applications. It has fully integrated DeepSeek into its smart governance solution framework, significantly enhancing the core capabilities of smart governance systems in intelligent interaction and data governance, fully demonstrating the profound value of leading AI technology in real-world industry applications.

Automotive and Transportation
Voicecomm Technology launched and implemented its first autonomous driving project in Mianyang Science and Technology New City, an important practice in the field of intelligent transportation. By integrating interactive AI with autonomous driving technology, the project has expanded broad development space for the smart city construction of Mianyang Science and Technology New City.

The "Mianyang Urban Travel and Logistics Service Autonomous Driving Pilot Application" is the only autonomous driving pilot project in Sichuan Province. With its innovations and practices in the smart transportation field, the project was successfully selected as one of the "2024 Top 100 AI Application Benchmarks," showcasing its exemplary and leading role in the intelligent transportation sector with the outstanding achievement of "National Intelligent Transportation Pilot Project—Mianyang Intelligent Connected Vehicle Construction."

Communications
In the communications sector, Voicecomm Technology has provided major Chinese telecom companies with cloud PBX system solutions based on the internet. By adding value-added features through core interactive AI technology and collaborative solutions, the company has improved enterprise work and communication efficiency.

Finance
In the financial sector, the intelligent agent solution has significantly reduced the huge costs incurred by banks in maintaining customers and operations. By using AI to recognize customer emotions, the solution helps banks provide better customer service.

4. Strategic Layout: AI Ecosystem Construction and Global Expansion

Second Growth Curve: Deep Penetration into Emerging Scenarios
Voicecomm Technology will build on its four core scenarios—urban management, automotive transportation, communications, and finance—to horizontally expand into high-potential fields such as energy management, healthcare, and cultural tourism, creating a diversified business matrix.

1. Healthcare
With the intensification of population aging and the weakening of traditional family care functions, existing medical systems struggle to meet the new demands of integrated medical and elderly care. Addressing this societal pain point, the company has launched a smart elderly care solution. Its smart elderly care platform project uses informatization and intelligent means to comprehensively improve elderly care service levels, building a comprehensive service system that combines home, community, and institutional care.

Additionally, the company has established deep cooperation with Chongqing Pharmaceutical (Group) Co., Ltd. ("Chongqing Pharmaceutical Group"). To address its needs for professional knowledge training and service skill improvement in sales service links such as drug recommendation, medication reminders, and customer maintenance, as well as the lack of practical training and operational supervision, the company has launched a solution centered on smart work badges.

2. Energy Management
Voicecomm Technology's AI-powered smart charging solution aims to integrate ecosystems such as charging piles and smart parking lots, achieving seamless vehicle-pile connectivity, automatic recognition, and automatic charging services. It has gradually integrated China's charging pile resources and covered mainstream charging pile networks in multiple Southeast Asian countries, providing car owners with more high-standard charging options.

Investment and M&A Participation: Building an AI Industry Ecosystem
Voicecomm Technology will leverage the resource advantages and brand influence of a listed company to actively participate in the integration of upstream and downstream industry chains centered on the company through direct investment or the establishment of industrial funds. At the same time, it will focus on high-quality enterprises in the AI and digital economy sectors, driving the expansion of core businesses and the release of synergies through strategic mergers or investments.

Expanding Overseas Markets: Adhering to an International Brand Strategy
The company has registered a subsidiary in Malaysia and will use ASEAN as its core to expand channels and market layouts, promoting the widespread application of AI technology and products and enhancing international influence. It will also strengthen localized operations based on market characteristics and policy advantages to ensure efficient strategy implementation.

Additionally, the company will enter the Middle Eastern market, focusing on countries such as the UAE and Saudi Arabia, exporting advanced technology to empower local industrial upgrades and digital transformation. With its technological advantages and global vision, the company will solidify its business foundations in ASEAN and the Middle East, facilitating the implementation of its internationalization strategy.

5. Summary
Voicecomm Technology, with its "integrated communications + AI" full-stack technology, continues to deepen its presence in high-value scenarios such as governance and automotive while expanding into blue-ocean markets like healthcare and energy. With increased R&D investment after its H-share listing, the company is expected to further expand its leading advantage in the interactive AI solutions market and become a core builder of the AI industry ecosystem.