IBO TECH (02708) announced its annual results for the year ended March 31, 2024, reporting revenue of approximately RMB 199 million, representing a 78.1% decline compared to the previous year. Gross profit stood at approximately RMB 7.18 million, down 92.4% year-over-year. The loss attributable to owners reached approximately RMB 804 million, increasing by approximately 2.3 times compared to the prior year, with basic loss per share of approximately RMB 114.90 cents.

According to the announcement, the revenue decline was primarily attributed to a significant drop in smart terminal product sales revenue. The winding-up petition filed against the company triggered a series of negative chain reactions that severely impacted normal business operations.

The loss was mainly due to: (i) impairment loss of approximately RMB 667 million on receivables from deconsolidated subsidiaries (2023: nil); (ii) cost of sales and services provided of approximately RMB 192 million (2023: RMB 813 million); (iii) net impairment loss under expected credit loss model of approximately RMB 112 million (2023: RMB 151 million); (iv) finance costs of approximately RMB 19.61 million (2023: RMB 19.75 million); (v) combined research and development and administrative expenses of approximately RMB 43.59 million (2023: RMB 98.96 million); and (vi) other net losses of approximately RMB 7.21 million (2023: RMB 54.59 million).