HONG KONG, May 29, 2018 /PRNewswire/ -- Cogobuy Group ("Cogobuy" or the "Company", stock code: 400.HK; with its subsidiaries (the ''Group'')), a leading platform providing artificial intelligence and internet of things ("AIoT") business solutions in China, is pleased to announce the implementation of its new corporate development strategies have been completed. The Company's IC components direct sales recovered in the first quarter of 2018, and INGDAN.com was upgraded into an AIoT Business Service Platform. The Group recorded revenues of RMB1,417.0 million for the first quarter of 2018. The Company's Non-GAAP profit attributable to equity shareholders was RMB63.2 million.
In the fourth quarter of 2017, the Company set out to transform its corporate development strategy to an AIoT Business Service Platform + IC Component Trading Platform dual business model, primarily dealing in IC and AIoT, to best capture the flood of new opportunities arising from the manufacturing sector. INGDAN.com's new AIoT Business Service Platform has three sources of revenue: (i) IC chip sales; (ii) development and sales of the Group's patented AI modules, and (iii) monetization from incubating high-potential AIoT projects.
In the first quarter of 2018, INGDAN.com primarily generated revenue from two revenue streams: (i) sales of chips and the Group's patented AI modules, and (ii) the provision of technical services and enterprise services such as supply chain financing. INGDAN.com's AIoT ecosystem has brought on over 35,000 companies to date, including AI computing companies, bottom chip companies, module companies, technical solutions providers, and IoT projects, many of which often have high procurement demands, especially for smart cars, smart homes, robotics, and customized AIoT chips.
Now, as an AIoT Business Service Platform, INGDAN.com is using its competitive advantages and knowhow in edge computing, machine learning, and in-depth customization, to provide manufacturers with customized AI solutions. IngDan Labs was also upgraded into a Center for AIoT Hardware Innovation. INGDAN.com's flagship K-System has developed a patented Cloud Data Conversion Platform, K-AI voice-controlled modules, and K-image processing modules. It will soon roll out AI modules such as K-ADAS and K-visual modules, to meet the latest AI application demands arising from various industries, particularly robotics, smart cars, smart homes, and medtech.
Mr. Jeffrey Kang, CEO of Cogobuy Group, said, "Looking ahead to the second quarter, the Company will continue its focus on two core goals. First, we aim to enter the industry of manufacturing for new, emerging electronics through our unique position in IC chips to capture the highest growth opportunities in the industry. Cogobuy has been committed to consolidating the world's major high-end IC component companies within our ecosystem. In addition to leading IC manufacturers, we have also reached in-depth collaborations with over 40 domestic IC manufacturers. Second, we aim to foster China's high-end AI hardware and IoT companies through our INGDAN.com AIoT platform, which will also boost sales of our AI products and services. We seek to generate revenue through commercializing projects we have equity interests in, including EZ Robot Inc. ("EZ Robot"), one of the successful projects incubated within INGDAN.com. EZ Robot now hosts over 3,000 robotics companies. As the new leading provider in AI robotics products and solutions, and with the backing of INGDAN.com's expertise in technology, we expect commercializing EZ Robot to drive new revenue. We are confident in our strong business prospect."
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About Cogobuy Group
Cogobuy Group is headquartered in Shenzhen, with offices and branches across major cities in China, including Hong Kong, Shanghai, Beijing, Wuhan, Chengdu, Nanjing, Hangzhou and Xi'an, as well as overseas branches in the United States, Singapore, Israel and Japan. The Group is comprised of Cogobuy.com, an IC Components Direct Sales Platform and INGDAN.com, the leading AIoT Business Service Platform. Cogobuy's AIoT ecosystem connects cloud computing and AI core technologies with the Group's expertise in edge computing, machine learning and deep customization. With the ecosystem, the Group aims to provide AIoT solutions to vertical industries such as smart cars, smart homes, robotics and customized AIoT chips. For further information, please refer to the Company's website at http://www.cogobuy.com/
 Net profit attributable to equity shareholders add share-based compensation costs, amortization of intangible assets and its related deferred taxation effect.