iFLYTEK ranked 53rd in the Kantar BrandZ Top 100 Most Valuable Chinese Brands list, with a brand value of $4.161 billion. iFLYTEK is a top-ranking “newcomer” brand, with 15 brands joining the list for the first time.
Kantar BrandZ is a trusted global source for assessing brand value. The company produced its authoritative brand value rankings based on more than 4.1 million customer interviews evaluating 19,000 brands, 522 product categories, 51 markets, and 5.4 billion pieces of data. By considering a company’s financial value and brand contribution, Kantar BrandZ provides a comprehensive analysis of companies to calculate accurate brand values.
The companies on the 2022 Kantar BrandZ list have a combined value of $1.24 trillion, down by 20% from 2021. However, iFLYTEK bucked this trend to become one of the two highest-performing new additions to the list. iFLYTEK’s strategy of achieving “revolutionary breakthroughs in AI Technology and AI applications to deliver value,” continue to advance the company’s success and will continue to serve as a guide moving forward.
According to the recently released iFLYTEK 2022 semi-annual report, the company achieved operating revenue of ¥8.023 billion ($1.17 billion) in H1, an increase of 26.97% year-on-year. iFLYTEK’s net profit, excluding non-recurring profits and losses, increased by 33.21% year-on-year while R&D investment reached 1.599 billion yuan, up 30.46% year-on-year to account for about 20% of the operating revenue. In the first half of the year, sales revenue was ¥8.185 billion- an increase of 42.44% year-on-year.
iFLYTEK’s strong year can be attributed to sustained growth in key areas such as smart education, smart healthcare, smart city services, and consumer business. Smart education and smart healthcare increased by 27% and 40% respectively. The company also continued to develop its artificial intelligence ecosystem, increasing the number of developers on the iFLYTEK Open Platform to 3.43 million, a 56% year-on-year increase.
It’s also worth noting that iFLYTEK saw accelerated growth in its consumer business in H1. The company’s series of AI learning pads, for instance, saw an increase of over 100% in sales value, achieving the highest NPS score in the industry. The iFLYTEK smart recorders also enjoyed top sales values during a peak shopping season on two of China’s largest online stores for four consecutive years. The latest iFLYTEK wireless speaker C1 has also stood out in the market.
Additionally, iFLYTEK launched its “iFLYTEK Super Brain 2030 Plan” in early 2022 to advance the quality and availability of personal robotics and artificial intelligence solutions for families and communities.
iFLYTEK has sought to base its growth in meeting present social needs through systematic innovation and combining generational knowledge, according to company Chairman Liu Qingfeng.
Wang Xing, Kantar Greater China CEO and Global Chair of Kantar BrandZ, echoed Liu’s view and said iFLYTEK should continue to improve its core technologies as China seeks high-quality growth. He added that the company should also continue to develop comprehensive solutions to social problems that will increase its brand value, provide sustainable development, and prepare iFLYTEK for confronting unforeseen challenges amid global uncertainty.