BEIJING, April 29, 2021 /PRNewswire/ -- WiMi Hologram
Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading
Hologram Augmented Reality ("AR") Technology provider, today
announced that it has filed its annual report on Form 20-F for the
fiscal year ended December 31, 2020,
with the Securities and Exchange Commission (the "SEC").
The Company reported that its revenues increased by
approximately RMB 446.8 million, or
140.0 %, from approximately RMB 319.2
million for the year ended December
31, 2019 to approximately RMB 766.0
million (US$ 117.4 million)
for the year ended December 31,
2020.The Company reported non-GAAP net income, which is defined as
net income (loss) before the impact of stock compensation expenses,
of RMB 40.3 million (US$ 6.2 million) for the year ended December 31, 2020. Research and development
expenses increased by approximately RMB 66.6
million, or 362.8%, from approximately RMB 18.4 million for the year ended December 31, 2019 to approximately RMB 85.0 million (US$ 13.0
million) for the year ended December
31, 2020. The increase was primarily attributable to the
increase in salary, as the Company hired more IT engineers to
work on research and development of advanced AR holographic and
related projects. In addition, the Company also focused
on the research and development of the application of holographic
AR technologies in the area of semiconductor, cloud computing,
artificial intelligence, big data 5G and other areas, which the
Company incurred in outsourced technical development services
to focus on developing its technological capabilities in order
to maintain its competitive advantages in the AR holographic
industry.
Since its inception in 2015, the Company has offered AR-based
holographic services and products to cater to customers' needs,
focusing on providing an innovative, immersive and interactive
holographic AR experience to
customers and end users. Since July
2020, the Company has developed its semiconductor business
and provided computer chip products and comprehensive solutions for
central processing algorithms and related services with software
and hardware integration to its enterprise customers. In 2020, the
Company generated approximately 44% and 56.0% of its revenues from
holographic AR business and semiconductor business,
respectively.
Mr. Shi Shuo, the chief executive and operations officer
of WiMi, commented, "In 2020, we made three major leaps forward.
First, after our successful initial public offering in April 2020, we overcame the impact of COVID-19 in
the first half of the year and achieved a robust growth in our
revenues in the second half of 2020. As a result, our total
revenues in 2020 grew by 140% year-over- year to RMB766.0 million (US$117.4
million). In particular, after we received investment from
well-known investment institutions in both the US and
Asia, including a company
affiliated with Weibo Corporation (NASDAQ: WB),we actively expanded
our holographic AR business scope and made meaningful progress in
the semiconductor industry."
"Secondly, we have increased our investment in the research and
development of holographic AR technology applications, mainly in
the specialized fields of automobile AR holographic HUD, 3D
holographic pulse LiDAR, head-mounted light field holographic
devices, holographic semiconductors, holographic cloud software,
holographic automobile navigation, and others. These fields cover
multiple segments of holographic AR technologies from holographic
automobile AR technology, 3D holographic pulse LiDAR technology,
holographic visual semiconductor technology, holographic software
development, holographic AR Advertising technology, holographic AR
entertainment technology, holographic ARSDK payment, interactive
holographic communication and many other aspects of holographic AR
technology. Our research and development expenses in 2020 increased
significantly, by 362.8% year -over -year to RMB85.0 million, as we worked to enhance our
competitiveness and maintain our technology leadership position in the holographic AR
industry."
"Thirdly, we have established a huge technology research and
development ecosystem in the holographic AR industry through
investment and mergers and acquisitions. According to
Frost & Sullivan's industry report, the market
size of the global holographic AR market will grow rapidly.
From 2020 to 2025, the annual growth rate of the market size
of AR software & content and AR hardware is expected
to be 68.7% and 67.9%, respectively. As a listed
company in the holographic AR industry, we have a high global
vision. In 2020, through investment in and acquisition of many
R&D companies in the holographic AR industry, we have formed a
powerful holographic AR technology research and development
ecosystem, and are in the process of building a holographic AR
industry value chain with great potential for expansion."
The information disclosed in this press release does not purport
to be complete and is qualified in its entirety by reference to the
Company's annual report on Form 20-F. The annual report, which
contains the Company's audited consolidate statements, can be
accessed on the SEC's website at http://www.sec.gov and on the
Company's investor relations website at http://ir.wimiar.com/.
About WIMI Hologram Cloud Inc.
WiMi Hologram Cloud, Inc.(NASDAQ: WIMI), whose commercial
operations began in 2015, is a holographic cloud comprehensive
technical solution provider that focuses on professional areas
including holographic AR automotive HUD software, 3D holographic
pulse LiDAR, head-mounted light field holographic equipment,
holographic semiconductor, holographic cloud software, holographic
car navigation and others. Its services and holographic AR
technologies include holographic AR automotive application, 3D
holographic pulse LiDAR technology, holographic vision
semiconductor technology, holographic software development,
holographic AR advertising technology, holographic AR entertainment
technology, holographic ARSDK payment, interactive holographic
communication and other holographic AR technologies. For more
information, please visit http://ir.wimiar.com.
Safe Harbor / Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such
as"will,""expects,""anticipates,""future,""intends,""plans,""believes,""estimates"
and similar statements. Statements that are not historical facts,
including statements about the Company's beliefs and expectations,
are forward-looking statements. Among other things, the business
outlook and quotations from management in this press release, as
well as the Company's strategic and operational plans, contain
forward−looking statements. The Company may also make written or
oral forward−looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward−looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of the AR holographic industry; and
the Company's expectations regarding demand for and market
acceptance of its products and services. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and current report on Form 6-K and other
documents filed with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
laws.
Contacts
WIMI Hologram Cloud Inc.
Email: pr@wimiar.com
ICR, LLC
Jack Wang
Tel: +1 (646) 975-9495
Email: wimi@icrinc.com
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SOURCE WiMi Hologram Cloud Inc.