On March 22nd, Ruijie Technology released its 2023 annual report, with the group achieving a total revenue of 20.42 billion yuan, a gross profit margin of 16.9%, and a net profit of 740 million yuan for the full year.
In 2023, a year of challenges and opportunities, amid changes in the global economic cycle and a slowdown in product innovation in the first half of the year, consumer demand tended to be cautious. Ruijie Technology persisted in innovation as its core, accelerating the layout of new application scenarios, continuously improving operational efficiency, and focusing on cash flow management. As of December 31, 2023, Ruijie Technology's operating cash flow reached 4.63 billion yuan, hitting a five-year high. Meanwhile, on the basis of strict management of capital expenditure, Ruijie Technology's free cash flow reached a historical high of 3.81 billion yuan, with cash on hand totaling 6.82 billion yuan. The robust cash flow has laid a solid foundation for future market deployment. In the second half of 2023, with the revival of the external environment and the industry, both the revenue scale and profitability of Ruijie Technology resumed growth.
The report indicates that although the global smartphone market was still in a slow recovery and adjustment phase in the first half of 2023, the Group's linear motors achieved a year-on-year shipment growth of 13.3%, driven by their advantages in start-stop speed, vibration frequency, and conversion efficiency. The market share in flagship devices further increased. The Group established a Biomimetic Haptic Lab, enhancing its capabilities in full-chain tactile integration, including motor hardware, drive chips, and software algorithms. Through its integrated tactile solution, RichTap®, the Group provides downstream customers with one-stop hardware debugging, software integration, tactile feedback design, and consulting services. In addition to its leading position in the smartphone segment, the penetration rate of motor products in smartwatches, tablets, smart cars, gaming consoles, and VR/AR devices continued to increase. The Group places high importance on the long-term value of motor modules.
In the future, Raythink Technology will continue to intensify its technological layout in the XR field, striving to become a key technology supplier for the next generation of entertainment interaction revolution. Raythink Technology's XR acoustic solutions have been shipped to numerous global XR industry leaders, earning high recognition from customers for their ultra-thin form factor, leak-proof acoustic design, and near-field acoustic algorithms. Additionally, its motor-related businesses are progressing in coordination with customers. The collaboration with Dispelix on the next-generation single-layer color waveguide lenses lays the foundation for Raythink Technology's further expansion into AR optics, while the successful mass production of the 3P Pancake optical module will enhance the Group's capabilities in VR. Leveraging its one-stop AR/VR comprehensive solutions, Raythink Technology will collaborate with leading industry partners worldwide to establish a leading-edge service capability covering auditory, visual, and tactile aspects.
The original article was first published on the WeChat official account (Aibang VR Industry News)：Ruijie Technology released its 2023 annual report, continuing to enhance its technological layout in the XR field.
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