iSoftStone 2024 Annual Report: Integrated Software-Hardware Strategy Drives Record Revenue, Growth Exceeds 78%

On April 26, 2025, iSoftStone Information Technology (Group) Co., Ltd. (301236.SZ) released its 2024 Annual Report. In 2024, despite a complex and volatile external environment, emerging opportunities driven by information innovation (ITAI) and Artificial Intelligence created vast market potential. iSoftStone establishing four development strategies, including intelligence, innovation, green growth and global business. The company completed strategic acquisitions, expanded into the new field of embodied intelligent robotics, and extended its business reach from trillion-yuan markets to ten-trillion-yuan markets.

In 2024, iSoftStone's integrated software-hardware strategy fueled substantial business growth, achieving an operating revenue of CNY 31.316 billion, a year-on-year increase of 78.13%. Revenue from software and digital technology services reached CNY 18.121 billion, up 5.0% year-on-year. Revenue from computing products and platforms amounted to CNY 12.920 billion. Revenue from digital energy and AI computing services totaled CNY 259 million. In 2024, the company reported a net profit attributable to shareholders of CNY 180 million, with a cash dividend payout ratio of 52.8%, and a net cash flow from operating activities of CNY 741 million.

During the reporting period, iSoftStone's core business remained stable and showed positive momentum. The number and quality of major clients increased, overall operations remained sound, and asset structures stayed healthy. The company was included in the CSI A500 Index and received several honors and market recognitions, such as "TOP1 in China's 2023 IT Services Market" and "Top 100 Enterprises in the 2024 Software and Information Technology Services Competitiveness Index".

Strategic Upgrade: Full-Stack Intelligence

In 2024, iSoftStone demonstrated strong commitment to development and strategic planning, fully launching a new phase of brand upgrade. The company redefined itself as "China's leading enterprise in full-stack intelligent products & services ", and set a new vision: "To be a leading technology company in global market through continuously innovating", showing its ambition to push boundaries and lead industry development.

Strategically, iSoftStone took decisive actions throughout the year. At the beginning of 2024, the company acquired Tongfang Computer and Other Relevant Sectors, promoting software-hardware synergy based on Chinese computing infrastructure, and accelerating the creation of full-stack intelligent products and services. Meanwhile, iSoftStone officially launched full-stack intelligent AI strategy, focusing on AI frontier technologies. Based on AI engineering capabilities, the company is expanding intelligent products and services across industries, scenarios, and terminals, striving to become a leader in AI innovation products and technical services. The company continues to prioritize investment in innovation. It has established the Robotics Research Institute and the AI PC Research Institute to tackle core technologies, incubate new businesses, and accelerate the development of OpenHarmony-based PCs. iSoftStone has also significantly increased R&D investment in foundational software under its own brands across OpenHarmony, openEuler, and openGauss ecosystems. Additionally, the company launched its independently developed DenovoX Service Platform.

Guided by Four Development Strategies, Driving Value Leap

Leveraging its unique combination of capabilities, a strong client base, comprehensive global footprint, and highly efficient organizational collaboration, iSoftStone continues to deepen its presence in ICT, internet, telecomoperators, finance, high-tech, and manufacturing sectors. The company empowers digital intelligence transformation across industries and contributes to China's technological advancement and socio-economic development.

Software and Digital Technology Services: Accelerating "AI+" for New Opportunities

iSoftStone has strengthened its consulting leading strategy, built core capabilities in large-scale AI models, and enhanced its digital innovation services in cloud, data, industrial internet, and enterprise management software. The company continues to innovate industry applications through the "AI+" strategy. During the reporting period, iSoftStone launched multiple AI products across manufacturing, finance, automotive, smart campus, retail, education, and healthcare sectors, including: Tianxuan MaaS LLM Service Platform, Tianxuan AISE Platform, Tianxuan AI Knowledge Base Platform, Tianxuan AutoAgent Intelligent Agents. The company also collaborated with a major Chinese ICT leader to deliver large model projects such as the Shandong Yongfeng Steel Industry-based Large Model and the Dongfeng Digital Base. It also co-built the Shanxi Coal Industrial Internet Platform, and established strategic partnerships with China Mobile International Limited, COSMO Plat Digital Technology (Qingdao) Co., Ltd., Bank of Hangzhou, among others, to drive intelligent transformation across industries.

Computing Products and Platforms: Strengthening Software-Hardware Integration Advantages

Building upon the established brands of Tsinghua Tongfang and MECHREVO, iSoftStone launched a new self-development computer brand—iSoftStone Huafang. In the computing products field, iSoftStone Computer (formerly "Tongfang Computer") has advanced the integration of "AI+" technologies into its products and industry applications, winning nearly a thousand projects in key sectors for Chinese technology substitution, including government, finance, transportation, and education, and maintaining its position among the industry's top tier. In the PC segment, the company introduced a range of intelligent products including the Chinese technology substitution AI PC, OpenHarmony AI PC or Smart Interactive Tablet, and the MECHREVO AI PC. For enterprise-class solutions, iSoftStone Computer launched general servers, Ascend AI servers, and AI workstations. In the field of basic software, the company released several new products, including SwanLinkOS 5, Tianhe OS V24, and the latest version of TianheDB, becoming one of the first to achieve interoperability with HarmonyOS NEXT. In the embodied intelligent robotics sector, iSoftStone established the Humanoid Robot Business Headquarters to advance the development of multiple embodied intelligent robot products, including the Tianqing series robots and Tianhui compound robots. The company also reached a strategic cooperation agreement with AGIBOT and collaborated with partners such as Beijing HARIBIT to tackle key technologies. In the computing products and platforms sector, under AIStone (formerly "Tongfang International"), MECHREVO's series, including YAOSHI, YILONG, and JIGUANG high-performance gaming laptops, ranked among the top three in sales on JD.com and Tmall, and ranked second on Pinduoduo. Its ODM business expanded to 18 countries, serving over 30 clients worldwide.

Digital Energy and AI Computing Services: Empowering New Frontiers

iSoftStone, focusing on the strategic layout of building a new national energy system and intelligent infrastructure, has deepened cooperation with local governments and industry ecosystems. During the reporting period, in the digital energy sector, multiple dual-use emergency and routine charging and swapping stations have become operational, while the company gradually expanded into electricity spot trading and mid-to-long-term power distribution businesses. In intelligent computing services, iSoftStone established its AI Computing Business Headquarters, based in Huangpu, , and launched its independently developed DenovoX Service Platform. The company actively planned and deployed computing clusters in Guangzhou Huangpu, Zhangjiakou, Wuhu, Shanghai, and Shaoguan, and formed strategic partnerships with industry leaders including GDS, iFlytek, Intel, and Mingyang Smart Energy Group.

International Business: Expanding Globally and Bearing Fruit

iSoftStone has established a global presence across four major regions: North America & Europe, Japan & Korea, Asia-Pacific and the Middle East & North Africa, providing strong support for the development of emerging market businesses. During the reporting period, the company deepened its cooperation with major strategic clients such as a leading Chinese ICT enterprise and Alibaba Cloud, focusing on services for Chinese enterprises expanding overseas. For local market expansion among overseas clients: In North America, iSoftStone strengthened its partnership with Microsoft in AI technologies and helped several multinational retail groups achieve digital transformation through AI + Retail solutions. Meanwhile, AIStone's hardware products made significant progress in markets such as Pakistan, Kazakhstan, and Germany.

Looking ahead

Looking ahead, iSoftStone remains committed to technological innovation, seizing the dual opportunities presented by the ITAI and Artificial Intelligence markets. The company will continue to build world-leading full-stack intelligent products and services, transforming cutting-edge science and core technologies into real productive forces. iSoftStone looks forward to working with global partners to create long-term value for customers, shareholders, employees, and society, together writing a new chapter in the era of intelligence.