According to the Zhitong Finance App, Hongquan Internet of Things (688288.SH) disclosed the 2023 annual performance report. During the reporting period, the company achieved total operating revenue of 407 million yuan, an increase of 69.88% over the previous year; net profit loss attributable to the owner of the parent company was 71.1049 million yuan, and the loss narrowed year over year.

In 2023, as the company continued to expand new markets for passenger cars and two-wheelers and undertook many new commercial vehicle projects, many projects such as instruments, controllers, and central control screens were in the development stage. Therefore, early R&D investment was still large, and R&D expenses continued to grow, so the net profit loss reduction was less than the increase in operating income.