Bairong Inc. Announces 2024 Interim Financial Results
Solid Revenue Growth Coupled with High Gross Profit Margin (73%) and Non-IFRS Profit (
Mr.
"We proudly announce
Financial Summary
|
Six months ended |
|
|
|
2024 |
2023 |
Change |
|
(unaudited) |
(unaudited) |
( %) |
|
(RMB in thousands, except percentages) |
||
|
|
|
|
Revenue |
1,321,348 |
1,243,032 |
6 |
Model as a service ("MaaS") |
421,352 |
431,134 |
(2) |
Business as a service ("BaaS") |
899,996 |
811,898 |
11 |
BaaS – Financial Scenario |
589,473 |
492,095 |
20 |
BaaS – Insurance Scenario |
310,523 |
319,803 |
(3) |
Gross profit |
967,155 |
896,034 |
8 |
Operating profit |
156,832 |
211,697 |
(26) |
Profit for the period |
142,833 |
206,808 |
(31) |
|
|
|
|
Non-IFRS measures |
|
|
|
Non-IFRS profit for the period |
197,479 |
226,847 |
(13) |
Non-IFRS EBITDA |
243,481 |
267,644 |
(9) |
Revenue
Our total revenue increased by 6% from
For the six months ended
Key metrics of MaaS
|
Six months ended |
|
|
|
2024 |
2023 |
Change (%) |
|
(unaudited) |
(unaudited) |
|
|
(RMB in thousands, except percentages) |
||
|
|
|
|
Revenue from MaaS |
421,352 |
431,134 |
(2) |
Revenue from Key Clients(Note) |
329,398 |
355,246 |
(7) |
Number of Key Clients |
165 |
146 |
13 |
Average revenue per Key Client |
1,996 |
2,433 |
(18) |
Retention rate of Key Clients |
96 % |
98 % |
-2 pct |
|
|||
Note:
"Key Clients" are defined as paying clients that each contributes more than |
For the six months ended
Key metrics of BaaS – Financial Scenario
|
Six months ended |
|
|
|
2024 |
2023 |
Change (%) |
|
(unaudited) |
(unaudited) |
|
|
(RMB in thousands, except percentages) |
||
|
|
|
|
Revenue from BaaS – Financial Scenario |
589,473 |
492,095 |
20 |
Gross transaction value |
26,150,459 |
21,262,052 |
23 |
Technical service fee rate |
2.3 % |
2.3 % |
0 pct |
In the first half of 2024, the BaaS – Insurance Scenario reported revenue decrease by 3% periodover-period to
Key metrics of BaaS – Insurance Scenario
|
Six months ended |
|
|
|
2024 |
2023 |
Change (%) |
|
(unaudited) |
(unaudited) |
|
|
(RMB in thousands, except percentages) |
||
|
|
|
|
Revenue from BaaS – Insurance Scenario |
310,523 |
319,803 |
(3) |
Revenue from first year premiums |
254,658 |
270,236 |
(6) |
First year premiums |
1,904,544 |
939,753 |
103 |
Revenue from renewal premiums |
55,865 |
49,567 |
13 |
Renewal premiums |
968,119 |
657,650 |
47 |
Cost of sales
Our cost of sales increased by 2% from
Gross profit and gross margin
As a result of the foregoing, the Group's gross profit increased by 8% from
Research and development expenses
The Group's research and development expenses increased by 12% from
General and administrative expenses
The Group's general and administrative expenses increased by 13% from
Sales and marketing expenses
Our sales and marketing expenses increased by 10% from
Other income
Our net other income decreased by 30% from
Profit for the year
As a result of the foregoing, the Group's profit for the period decreased from
Cash, cash equivalents and time deposits
The Group had cash and cash equivalents and time deposits of
Conference Call
Our management will hold a conference call at
For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time.
Participant Online Registration:
https://webcast.roadshowchina.cn/b3NZVk50YUk3Rng4VmF6U3p0Qkk0Zz09
Dial-in details for the earnings conference call are as follows:
International: +86-23-62737100
Mainland
HK China: +852-30183602/+800-961505
Please scan the QR code in the poster below to register for the conference:
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.brgroup.com/earnings
About
For more information, please visit: http://ir.brgroup.com
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements. These forward-looking statements can be identified by terminologies such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and the negative of these words and other similar expressions or statements.
For investor inquiries, please contact:
Ms.
Email: ir@brgroup.com
For media inquiries, please contact:
Email: brmarketing@brgroup.com
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