Autozi Internet Technology Reports 9.9% Revenue Growth for FY2024, Reaching $124.7 Million

Autozi Internet Technology's Financial Success in FY2024

In a recent announcement, Autozi Internet Technology (Global) Ltd. unveiled its financial results for the fiscal year ending September 30, 2024. The report highlights a robust revenue figure of $124.7 million, marking a 9.9% increase compared to the previous year. Notably, the company has achieved impressive growth in its gross profits, which surged by 152.6%, climbing to $1.3 million. Furthermore, operating expenses saw a significant reduction, falling 14.3% from the earlier figure of $7.8 million to $6.7 million in FY2024.

Strong Performance in Auto Parts and Accessories

One of the standout details from the financial report was the remarkable performance of Autozi's auto parts and accessories segment. Revenue from this sector soared by 86.1%, accounting for 55% of the company's total revenue. Recognizing the potential in this high-margin market, Autozi plans to continue prioritizing this segment in its future strategy to bolster its competitive edge.

Strategic Adjustments and Focus

As part of its strategic transformation, Autozi has made noteworthy adjustments to hone its focus on promising growth areas. The company concluded its automobile insurance services at the end of FY2023 and scaled down its new car sales business throughout FY2024. This pivot allows Autozi to concentrate on the lucrative sales of auto parts and accessories.

By leveraging cutting-edge technologies, including artificial intelligence, big data, and the Internet of Things, Autozi has enhanced the responsiveness of its supply chain cloud platform. This approach has not only optimized their cost structure but has also given rise to improved operational efficiency, ultimately contributing to their profitability.

Expansion of Cooperation Network

In addition to refining its operations, Autozi is keen on expanding its cooperation network. In recent months, the company has established collaborations with 12 provincial distributors and set up logistics partnerships across 8 provinces. These efforts aim to enhance market reach and optimize supply chain efficiency, positioning Autozi favorably within the industry.

Looking Ahead: Digitalization and Future Growth

Dr. Houqi Zhang, the Founder, Chairman, and CEO of Autozi, expressed the company's commitment to pursuing strategic acquisitions that will fortify its leadership position within the automotive sector. He stated, “We are actively exploring opportunities to expand our multi-business ecosystem while optimizing our capital structure to ensure a strong financial footing.”

Looking into the future, Autozi aims to continue advancing its automotive aftermarket parts supply chain cloud platform, with the objective of driving digital upgrades and innovating the supply chain process. With enhanced digital capabilities combined with a growing network of partners, the company anticipates maintaining a steady growth trajectory in the years to come.

About Autozi

Founded in 2010, Autozi Internet Technology (Global) Ltd. has emerged as a leading provider of lifecycle automotive services across China. The company offers a comprehensive suite of high-quality automotive products and services through both online and offline channels nationwide. By harnessing its advanced online supply chain cloud platform and SaaS solutions, Autozi has established a dynamic ecosystem that integrates crucial players within the automotive industry, facilitating more efficient collaborations and streamlined supply chain processes.

In summary, Autozi's strategic focus and dedication to improving operational efficiencies have enabled it to achieve solid financial results in a competitive market. As the company continues to adapt and innovate, it is well-positioned to build on its successes and create sustainable value for its shareholders.