“Science and Technology Innovation Board Daily”, April 16 (Reporter Zhu Ling) Two days after the release of the 2023 report and the 2024 quarterly report, Fluorite Network announced the records of the institutional investor performance briefing yesterday. The performance issues involved IoT cloud platforms, robotics, AI, and smart home businesses.

According to financial data for the first quarter of this year, Fluorite Network's 2024 Q1 revenue was 1,237 billion yuan, up 14.61% year on year; net profit was 125 million yuan, up 37.38% year on year; net profit after deduction was 122 million yuan, up 34.94% year on year, and performance was in line with market expectations.

Fluorite Network's revenue for the full year of 2023 was 4.84 billion yuan, up 12.4% year on year; net profit was 563 million yuan, up 68.80% year on year; after deducting non-net profit of 553 million yuan, up 86.90% year on year.

It is worth mentioning that Fluorite Network has raised the level of cash dividends. It plans to distribute a cash dividend of 5 yuan (tax included) for every 10 shares, with a dividend rate of 50%.

▌Integrate AI technology to open up space for cloud business growth

Fluorite Network currently adheres to the dual main business development model of “smart home+IoT cloud platform”. The former mainly develops and sells hardware devices such as smart home cameras, smart locks, and smart robots, while the latter is a cloud platform subscription and renewal.

According to financial data, in 2023, Fluorite Network's smart home product revenue was 3.96 billion yuan, accounting for about 82.22% of the company's main business revenue; revenue increased 10.09% over 2022. During the same period, the revenue of the IoT cloud platform was 856 million yuan, accounting for 17.78% of the company's main business revenue; revenue increased 27.79% compared to 2022.

As can be seen, at present, the main revenue of Fluorite Network is still hardware product sales. However, the company is now also working to increase the share of the cloud platform business in total revenue. The latter is also one of the segments that are more imaginative.

The growth of the cloud platform business is largely dependent on the size of users. According to financial data, by the end of 2023, the number of devices connected to the Fluorite Network IoT cloud platform exceeded 254 million, including more than 200 million video devices. The number of registered users of the “Fluorite Cloud Video” application is 157 million, and the number of monthly active users is 54.46 million.

In the latest research notes, the growth of the cloud platform business is also one of investors' concerns.

For cloud services, the current method of Fluorite Network is to combine large AI models for incremental growth.

Fluorite Network announced the exploration of the AGI (General Artificial Intelligence) business in the middle of last year. It has been developing for nearly a year. Currently, it is using self-developed and open source models to enhance AI proxy technology to achieve the application of algorithms on the B-side and C-side. The C-side is mainly based on IoT interactive AGI applications. It mainly focuses on the B-side and B-side in home nursing scenarios, while the B-side focuses more on open cloud AGI applications, such as intelligent service robots and interactive cameras.

For B-side businesses, Fluorite provides AI capabilities as a service to B-side developers through an open AI platform. In addition, Fluorite is also exploring the aPaaS (Application Platform as a Service) model, and plans to gradually develop and serve B-side customers starting in 2024.

For the C-side, as large models and other algorithm technologies mature, Fluorite is expected to launch new services and products, gradually shifting cloud algorithms from a free model to a paid model to increase revenue.

▌Smart home entry and robotics business have become a new focus

Another highly anticipated business of Fluorite Network is smart home entry, which is regarded as the second growth curve. Judging from financial data, smart household revenue in 2023 was 506 million yuan, an increase of 49.5% over the previous year, making it the fastest growing sub-sector of Fluorite Network.

Smart home entry will continue to be built as a “star business.” In the research notes, Fluorite Network believes that there is still plenty of room for growth in this business. The company plans to continue to enrich the smart home entry product line and provide customized solutions for different types of residential and office scenarios. Furthermore, Fluorite Network hopes to turn smart home entry into a modular system to enable interaction with vehicles, gates, courtyards, etc., thereby enhancing the overall development of the smart home category. Maintain the continuous growth of the business by occupying the high-frequency application scenario of taking over the doorstep.

Robots, which have been hotly discussed in the market recently, are also viewed by Fluorite Network as a business with more room for imagination. The company is cultivating and incubating the intelligent service robot business while integrating the forward-looking layout of AI models. However, it did not follow hot topics, but mainly practical, entering the market with a relatively simple robot form. The company has now released C-end cleaning robots, companion robots, and B-end commercial cleaning robots.

According to Fluorite Network, although humanoid robots are currently in hot technology, the cost of such products is very high. On the application market side, humanoid robots cannot be seen used in homes or factories.

“As for the shape of intelligent robots, it is still difficult to determine what kinds of expressions future robot forms will have. Of course, humanoid robots may be the highest-end and most complete form of expression, but there may also be some non-humanoid robot forms, and I think they will continue to develop in a variety of ways.” Fluorite Network management said so.