WiMi Hologram Cloud Inc.

What they do

WiMi Hologram Cloud operates in the prepackaged software services industry from its principal offices in Beijing's Chaoyang District, where it is organized under Cayman Islands law. The company's Class B ordinary shares began trading on the Nasdaq Global Market under the ticker 'WIMI' on April 3, 2025, following the termination of its American Depositary Receipt program on April 2, 2025. As of December 31, 2025, WiMi had 1,005,778 Class A ordinary shares and 17,379,276 Class B ordinary shares outstanding. The company files with the SEC as a foreign private issuer on Form 20-F. The excerpted filing does not describe specific products or services.

Recent performance

WiMi's annual revenue was approximately $98.0 million in 2022 and $82.6 million in 2023, then dropped to $40.8 million in 2024. A separate 2024 revenue figure of $75.4 million also appears in the data, and 2025 revenue was $60.1 million. Net income swung from losses of $37.0 million in 2021, $51.4 million in 2022, and $59.5 million in 2023 to positive $10.0 million in 2024 and $44.0 million in 2025. Diluted EPS was $0.06 in 2021, negative $0.30 in 2022, negative $0.34 in 2023, $1.01 in 2024, and $2.27 in 2025. Operating cash flow was $9.1 million in 2021, negative $34.2 million in 2022, $12.5 million in 2023, $74.1 million in 2024, and $16.7 million in 2025. At December 31, 2025, total assets were $513.3 million, total liabilities $134.3 million, shareholder equity $314.3 million, and cash and equivalents $186.9 million.

Strategy

The provided excerpt from Item 7 (MD&A) contains no substantive discussion of strategy, investments, or priorities. The excerpted text consists of SEC form checkboxes and a table of contents. No forward-looking statements or growth strategies are included in the excerpted material, and no specific strategy can be described based on the available source.

Risks

• Revenue decline — Revenue fell from $98.0 million in 2022 and $82.6 million in 2023 to $40.8 million in 2024 and $60.1 million in 2025, indicating a sharp contraction in the business.
• Inconsistent financial results — The data show two different 2024 revenue figures ($40.8 million and $75.4 million), and net income moved from large losses in 2021-2023 to profits in 2024-2025, raising questions about the drivers of these swings.
• Operating cash flow volatility — Operating cash flow swung from negative $34.2 million in 2022 to $74.1 million in 2024 and then $16.7 million in 2025, showing poor predictability.
• Limited operational disclosure — The excerpted Item 1 and Item 7 do not describe any products, segments, customers, or business lines, leaving the company's actual operations unclear from the available source.

Outlook

The excerpted Item 7 does not contain any management outlook, guidance, or trend information. The table of contents lists a 'Trend information' section under Item 5, but that section is not included in the excerpt. No forward-looking statements about future performance are available in the provided material.