证券研究报告 百融云-W (6608 HK) 24 年利润波动，营销和研发投入加大 2024 年 BaaS 金融云/BaaS 保险云录得收入 14.1/5.9 亿元（同比： +19/-3%）。BaaS 保险行业云新单/续期保费规模为 36/18 亿元（同比： +86/+31%）。新单/续期保单服务费率降至 13/5.5%（2023：26/7%），我们 认为服务费率降低或主要受"报行合一"政策的影响。相比 2023 年全年的 同比增长 93%，24 年金融云的收入增速放缓，可能受到信贷需求偏弱的影 响。随着未来持续的业务投入和技术升级带来的产品力提升，我们认为 BaaS 业务的市场份额有望进一步增长。 盈利预测与估值 我们预计公司将在未来大幅提升营销和研发投入，盈利或受影响，下调 25/26/27 年归母净利润预测至 2.44/3.96/6.06 亿（幅度：-52.5/-47.0%/-）， 下调目标价至 13.1 港币（前值：16.1 港币），考虑到公司已逐渐从此前专 注于风控的数据服务商向 AI 服务商转型，我们调整估值方法为 DCF 估值法 （权益成本：8%）（此前为可比估值法；2024E 20x PE）。 ...

百融云-W(06608)2024年加速实现商业化落地 收入 达29.29亿元 同比增长9% 研发开支同比增加34%至5.09亿元，主要归因于研发人员的员工成本增加，以支持产品供应及各项技术 的开发，包括AI应用技术、算法驱动机器学习平台及底层数据库性能提升，研发开支占收入比重提升3 个百分点至17%。 2024年，公司的智能语音产品VoiceGPT在技术与应用方面均取得了显著的进展。公司建立了一流的基 础设施，所有技术均为自主研发，有效降低成本。VoiceGPT 在应用方面表现出色，支持多种方言，并 实现了AI语音互动的情绪化表达，同时能够识别用户情绪，改善在不同场景下的互动。此外，公司计 划将VoiceGPT的应用场景拓展到泛金融领域，聚焦特定方向训练并快速部署。年内，公司成功推出了 CybotStar企业级智能体平台，该平台致力于解决大模型在客户业务场景中的落地应用问题。CybotStar 支持对内场景(EX)和对客场景(CX)。在对内场景中，平台通过客服培训、客户尽调、法务合规、消费 者保护、人事管理和合同管理等智能工具提升内部运营效率。在对客场景中，CybotStar通过自动客 服、自动营销、还款提醒 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Bairong Inc. 百融雲創 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：6608） 截至2024年12月31日止年度業績公告 百融雲創（「本公司」，連同其附屬公司及綜合聯屬實體統稱「本集團」）董事（「董 事」）會（「董事會」）欣然公佈本集團截至2024年12月31日止（「報告期間」）的年度 經審核綜合業績，連同2023年同期的比較數字。該等年度業績已經本公司審核委 員會（「審核委員會」）審閱。 於本公告中，「我們」、「我們的」及「百融」指本公司，如文義另有所指，則指本集 團。本公告所載若干金額及百分比數字已予以約整，或已四捨五入至個位或小數 點後兩位數。本公告所列任何表格或其他地方總數與金額總和如有任何差異乃因 約整所致。 1 摘要 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2024年 | 2023年 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 12.00, representing a potential upside of 47.04% from the current price of HKD 8.16 [1][5][11]. Core Insights - The company has increased its investment in AI technology, responding to national calls for inclusive finance and focusing on wealth management for financial institutions. It has made significant breakthroughs in intelligent voice and digital human technologies, particularly in semantic understanding and human-computer interaction [2][3][8]. - The company has successfully won multiple cooperation projects with financial institutions, leveraging its business ecosystem to drive growth. Recent projects include strategic partnerships with UnionPay and a credit risk model upgrade for Shengjing Bank [4][9][10]. Financial Performance - In the first half of 2024, the company achieved revenue of RMB 1.321 billion, a year-on-year increase of 6%. The overall gross margin was 73.2%, reflecting a 1.1 percentage point improvement [3][7]. - The net profit attributable to shareholders for the same period was RMB 140 million, a decline of 32% year-on-year. Adjusted net profit, excluding option fees, was RMB 197 million, down 13% [3][7]. - The company expects EPS for 2024, 2025, and 2026 to be RMB 0.58, RMB 0.75, and RMB 0.92, respectively, with corresponding PE ratios of 13.2, 10.2, and 8.3 [5][11]. Market Position and Strategy - The company is actively expanding its AI technology capabilities, which are considered industry-leading. It aims to meet the financing needs of small and micro enterprises and enhance asset preservation and appreciation for C-end customers [5][11]. - The company has a strong client retention rate of 96% among its core customers, which numbered 165, and it continues to expand its business boundaries through AI technology [7][11].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook on its future performance [4] Core Views - The company is a leading domestic AI technology service provider, leveraging large language models, NLP, deep machine learning, and cloud computing to offer Model-as-a-Service (MaaS) and Business-as-a-Service (BaaS) solutions [1] - MaaS focuses on decision-making AI, helping businesses digitize their KYC and KYP processes, while BaaS uses generative AI for intelligent customer interaction and transaction facilitation [1] - The company's services are widely applied across industries such as banking, consumer finance, insurance, e-commerce, automotive, logistics, and energy [1] Financial Performance - In 2023, the company achieved revenue of approximately RMB 2.68 billion, a 31% YoY increase, with MaaS revenue at RMB 891 million (17% YoY growth) and BaaS revenue at RMB 1.79 billion (38% YoY growth) [2] - The company maintained a high gross margin of 73% in 2023, with operating profit reaching RMB 347 million, a 48% YoY increase [4] - In H1 2024, revenue grew 6% YoY to RMB 1.32 billion, with BaaS revenue increasing 11% YoY to RMB 900 million, while MaaS revenue declined 2% YoY to RMB 421 million [4] Business Segments - MaaS is the company's core business, generating stable cash flow through model output and evaluation services, with over 7,000 clients and 165 core clients in H1 2024 [6] - BaaS is the company's second growth curve, utilizing generative AI for intelligent marketing and operations, supporting over 50 million daily intelligent voice communications with a semantic understanding accuracy rate exceeding 97% [7] - BaaS financial cloud revenue grew 20% YoY in H1 2024, while BaaS insurance cloud revenue declined 3% YoY [4] Market Potential - The company is expanding its BaaS model into new sectors such as healthcare, with plans to deploy multi-modal AvatarGPT in non-financial retail scenarios like hotels, malls, and airports [8] - The company expects BaaS to facilitate transactions exceeding RMB 200 billion, with increasing bargaining power as user data and profiles expand [8] Share Repurchase - The company expanded its share repurchase plan to HKD 375 million, demonstrating confidence in its business prospects and commitment to creating shareholder value [10] Valuation and Forecast - The report forecasts 2024-2026 revenue of RMB 2.89 billion, RMB 3.26 billion, and RMB 3.76 billion, with YoY growth rates of 7.92%, 12.56%, and 15.48%, respectively [11] - Net profit is expected to be RMB 291 million, RMB 387 million, and RMB 495 million for 2024-2026, with EPS of RMB 0.59, RMB 0.79, and RMB 1.01 [11] - The company's 2025E PE is estimated at 18-20x, with a fair value range of HKD 15.44-17.15 [11]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][2]. Core Views - The company has shown steady revenue growth in 2024H1, with a revenue of 1.32 billion RMB, representing a year-on-year increase of 6%. Gross profit reached 967 million RMB, up 8% year-on-year, primarily driven by successful applications of artificial intelligence (AI) technology [1]. - However, net profit for 2024H1 was 143 million RMB, down 31% year-on-year, mainly due to a significant increase in sales and marketing expenses, which rose from 461 million RMB in the same period last year to 507 million RMB [1]. - The company is expected to benefit from its investments in brand promotion and quality traffic acquisition, leading to anticipated revenue and net profit growth in the second half of the year [1]. - The BaaS financial industry cloud segment has shown impressive performance, with revenue of 589 million RMB in 2024H1, a year-on-year increase of 20%, driven by a 23% increase in asset transaction volume to 26.15 billion RMB [1]. - Continuous technological updates, including the integration of intelligent voice applications with large models, are expected to maintain the company's competitive edge and support steady revenue growth in the future [1]. Summary by Sections Financial Performance - 2024H1 revenue: 1.32 billion RMB, +6% YoY - 2024H1 gross profit: 967 million RMB, +8% YoY - 2024H1 net profit: 143 million RMB, -31% YoY - Sales and marketing expenses: 507 million RMB, up from 461 million RMB [1]. Business Segments - BaaS financial industry cloud revenue: 589 million RMB, +20% YoY - Asset transaction volume: 26.15 billion RMB, +23% YoY [1]. Technological Advancements - Successful integration of intelligent voice applications with large models, achieving interaction latency under 500 milliseconds - Development of the first commercial version of intelligent voice interaction hardware for diverse applications [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 8.43 HKD [1]. Core Views - The company has shown stable revenue growth, with its BaaS (Business as a Service) business performing particularly well. In H1 2024, the company achieved revenue of 1.321 billion CNY, a year-on-year increase of 6.3% [3]. - The gross margin remains high at 73.19%, reflecting a focus on AI technology research and development [3]. - The company has successfully integrated AI applications with its products, enhancing performance and reducing response times significantly [3]. - The financial forecasts for 2024-2026 have been adjusted, with expected revenues of 29.55 billion CNY, 32.88 billion CNY, and 36.93 billion CNY respectively, and net profits of 3.05 billion CNY, 3.98 billion CNY, and 4.78 billion CNY [3]. Financial Performance Summary - Revenue (in million CNY): - 2022A: 2,062 - 2023A: 2,681 - 2024E: 2,955 - 2025E: 3,288 - 2026E: 3,693 - Year-on-year growth rates: - 2022A: 26% - 2023A: 30% - 2024E: 10% - 2025E: 11% - 2026E: 12% [1]. - Net Profit (in million CNY): - 2022A: 240 - 2023A: 340 - 2024E: 305 - 2025E: 398 - 2026E: 478 - Year-on-year growth rates: - 2022A: 107% - 2023A: 42% - 2024E: -10% - 2025E: 31% - 2026E: 20% [1]. - The company’s P/E ratios are projected to be 15.6, 11.0, 12.3, 9.4, and 7.8 for the years 2023 to 2026 respectively [1].

Financial Performance - For the six months ended June 30, 2024, the company's revenue reached RMB 1,321.35 million, a 6% increase from RMB 1,243.03 million for the same period in 2023[5]. - The company's gross profit for the same period was RMB 967.16 million, reflecting an 8% increase compared to RMB 896.03 million in the previous year[5]. - The operating profit decreased by 26% to RMB 156.83 million, down from RMB 211.70 million in the prior year[5]. - The net profit for the period was RMB 142.83 million, a decline of 31% from RMB 206.81 million in the previous year[5]. - The non-IFRS profit for the period was RMB 197.48 million, with a non-IFRS profit margin of 15%, consistent with the previous year's level[6]. - The company's revenue for the first half of 2024 reached RMB 421.35 million, showing a year-on-year decrease of 2% from RMB 431.13 million in the same period of 2023[15]. - The average revenue per core client decreased to RMB 1.996 million, down 18% from RMB 2.433 million in the previous year[15]. - The company’s MaaS (Model as a Service) business recorded significant growth in June 2024, contributing to the overall revenue recovery[14]. - MaaS revenue decreased by 2% to RMB 421.35 million, while BaaS financial industry cloud revenue increased by 20% to RMB 589.47 million[28]. - Gross profit rose by 8% to RMB 967.16 million, with a gross margin of 73% for the six months ended June 30, 2024, compared to 72% in the previous year[30]. Client and Market Growth - The BaaS business model showed significant growth, with revenue from small and micro enterprises increasing by approximately 47% year-on-year[7]. - The number of core clients increased to 165, up from 146 in the previous year, representing a growth of 13%[15]. - The core client retention rate was 96%, a decrease of 2 percentage points compared to the previous year[15]. - The company assisted over 7,000 institutional clients in China with intelligent decision-making, marketing, and operations, including major state-owned banks and internet technology companies[8]. - The number of banking clients significantly increased compared to last year, demonstrating the strong appeal of the BaaS model in the banking sector[17]. Research and Development - R&D expenses increased by 12% to RMB 225.88 million, primarily due to higher employee costs to support product supply and technology development[31]. - The company aims to leverage generative AI and decision-making AI to enhance product offerings and expand application scenarios[25]. - The company is exploring the application of AI VoiceGPT in the pharmaceutical industry to enhance customer satisfaction feedback processes[7]. - The company is exploring applications of AI VoiceGPT in various sectors, including healthcare, to broaden service offerings[17]. Corporate Governance - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee, each with clear written terms of reference[51]. - The Corporate Governance Committee is responsible for ensuring the company operates in the best interests of all shareholders and complies with listing rules, particularly regarding the dual-class share structure[52]. - The company has confirmed compliance with the corporate governance code and has reviewed its policies and practices regarding legal and regulatory compliance[52]. - The company has implemented sufficient corporate governance measures to manage potential conflicts of interest between different voting rights beneficiaries, ensuring operations align with the interests of all shareholders[53]. Shareholder Information - The company has a dual-class share structure with A shares having 10 votes per share and B shares having 1 vote per share, resulting in Mr. Zhang controlling approximately 65.10% of the voting rights through 77,208,112 A shares and 0.60% through 7,091,503 B shares[47]. - Major shareholders include Genisage Tech Inc. with 77,208,112 Class A shares (100.00%) and HH BR-I Holdings Limited with 37,631,065 Class B shares (9.09%)[58]. - The company has not declared an interim dividend for the six months ended June 30, 2024[88]. - The company has not declared any dividends to its shareholders for the periods ending June 30, 2023, and June 30, 2024[154]. Financial Position - As of June 30, 2024, the company's bank loans amounted to approximately RMB 393.6 million, due within one year[40]. - Cash and cash equivalents, along with time deposits, were recorded at RMB 2,852.85 million as of June 30, 2024, down from RMB 3,301.84 million as of December 31, 2023[41]. - The company's debt-to-asset ratio was 0.18 as of June 30, 2024, slightly improved from 0.19 on December 31, 2023[43]. - Total assets as of June 30, 2024, were RMB 4,294,030 thousand, up from RMB 3,083,818 thousand at the end of 2023[102]. - The company's total equity increased to RMB 4,558,743 thousand from RMB 4,448,924 thousand, showing a growth of 2.5%[104]. Stock Options and Incentives - The company has granted a total of 31,171,400 stock options to eligible participants during the reporting period under the 2021 employee stock option plan[70]. - The company has a maximum limit of 24,764,500 B shares that can be granted under the 2021 Share Award Scheme, subject to a 3% annual cap of the total issued shares[74]. - The total stock-based payment expenses recognized for the six months ended June 30, 2024, amounted to RMB 54.65 million, compared to RMB 20.04 million for the same period in 2023[168]. - The company issued a total of 10,531,500 incentive shares under the 2021 Share Award Scheme during the reporting period, with 1,237,000 shares becoming invalid[75]. Future Outlook - The company plans to explore growth opportunities in inclusive finance and wealth management, with a focus on small and micro-enterprise financing[26]. - The company plans to continue expanding its AI technology platform services in the financial services industry, focusing on enhancing its MaaS and BaaS offerings[111]. - The company aims to enhance its value proposition to financial service providers through strategic investments and acquisitions[90]. - The company plans to extend the timeline for utilizing the unutilized proceeds for R&D investment and general corporate purposes from the end of 2024 to the end of 2026[89].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.8 [5][3] Core Insights - The company reported a revenue growth of 6% year-on-year for the first half of 2024, with a gross margin increase of 1.1 percentage points to 73.19%. However, the net profit attributable to shareholders decreased by 32% [1][2] - The company's MaaS (Mobility as a Service) business showed a slight decline of 2% in revenue to HKD 4.21 billion, but began to recover from June 2024. The BaaS (Banking as a Service) business grew by 11% to HKD 9.00 billion, driven by a 20% increase in revenue from the financial sector [2][3] - The adjusted net profit, excluding stock option expenses, was HKD 1.97 billion, reflecting a 13% decline year-on-year [2][3] Financial Performance Summary - Revenue for 2024 is projected at HKD 3.02 billion, with a growth rate of 12.8% [4] - The net profit attributable to shareholders is forecasted to be HKD 313.88 million in 2024, a decrease of 7.8% compared to the previous year [4] - The adjusted net profit is expected to grow by 7% in 2024, reaching HKD 401.88 million [4][3] - The company’s gross margin is expected to stabilize at 72.5% for the next few years [11] Business Development and AI Investment - The company is focusing on AI research and development, enhancing its product offerings in vertical markets. It has integrated various AI technologies to improve its service capabilities [2][3] - The company aims to expand its AI applications, including a commercial version of a 3D digital human for customer interactions in various sectors [2][3] Market Position and Valuation - The company’s current P/E ratios are projected to be 11.17, 8.60, and 7.34 for the years 2024, 2025, and 2026 respectively, indicating attractive valuation levels [3] - The target price of HKD 11.8 corresponds to a 16x P/E ratio based on industry performance [3]

Financial Performance - For the six months ended June 30, 2024, the company's revenue reached RMB 1,321.35 million, a year-on-year increase of 6% from RMB 1,243.03 million for the same period in 2023[3]. - The company's gross profit for the reporting period was RMB 967.16 million, compared to RMB 896.03 million in the previous year[2]. - The operating profit decreased by 26% to RMB 156.83 million, down from RMB 211.70 million in the same period last year[2]. - The non-IFRS profit for the period was RMB 197.48 million, with a non-IFRS profit margin of 15%, consistent with the previous year's level[3]. - The net profit for the period decreased from RMB 206.81 million to RMB 142.83 million[29]. - Non-IFRS profit decreased from RMB 226.85 million to RMB 197.48 million, with a non-IFRS profit margin of 14.9% compared to 18.2% in the previous period[31]. - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.30, down from RMB 0.43 for the same period in 2023, representing a decrease of approximately 30.2%[66]. - Diluted earnings per share for the six months ended June 30, 2024, were RMB 0.29, compared to RMB 0.41 for the same period in 2023, reflecting a decline of about 29.3%[67]. - Net profit attributable to equity shareholders for the six months ended June 30, 2024, was RMB 139,956,000, a decrease of 31.7% from RMB 205,251,000 in the same period of 2023[66]. Revenue Breakdown - The company's MaaS (Model as a Service) business recorded revenue of RMB 421.35 million for the six months ended June 30, 2024, a decrease of 2.0% compared to RMB 431.13 million in the same period of 2023[11]. - MaaS revenue decreased by 2% from RMB 431.13 million to RMB 421.35 million, while BaaS revenue increased by 11% from RMB 811.90 million to RMB 899.99 million[22]. - BaaS financial industry cloud revenue for the six months ended June 30, 2024, was RMB 589.47 million, a year-on-year increase of 20%[15]. - BaaS revenue from the financial industry cloud increased significantly to RMB 589,473 thousand, up 19.7% from RMB 492,095 thousand[58]. - The BaaS business model showed significant growth, with revenue from small and micro enterprises increasing by approximately 47% year-on-year[5]. - The company's BaaS (Business as a Service) model has shown significant growth, particularly in the small and micro-enterprise sector, with revenue increasing by approximately 47% year-on-year[13]. Cost and Expenses - R&D expenses rose by 12% from RMB 202.07 million to RMB 225.88 million, primarily due to increased personnel costs to support product supply and technology development[25]. - General and administrative expenses increased by 13% from RMB 123.98 million to RMB 139.94 million, mainly due to increased share-based payment expenses[26]. - Sales and marketing expenses increased by 10% from RMB 460.68 million to RMB 506.54 million, attributed to higher promotional and advertising costs[27]. - Other income decreased by 30% from RMB 104.98 million to RMB 73.03 million, primarily due to a reduction in government subsidies[28]. Customer Metrics - The number of core customers increased to 165, up from 146 in the previous year, representing a growth of 13%[11]. - The average revenue per core customer decreased to RMB 2.00 million from RMB 2.43 million, a decline of approximately 17.7%[11]. - The core customer retention rate was 96%, down from 98% in the previous year, indicating a 2 percentage point decrease[11]. - The company has assisted over 7,000 institutional clients in China with intelligent decision-making, marketing, and operations[6]. Technology and Innovation - The company successfully integrated AI technologies, achieving an interaction latency of under 500 milliseconds for its intelligent voice applications, outperforming competitors[4]. - The company's AI VoiceGPT technology supports over 50 million intelligent voice communications daily, with response times under 500 milliseconds and semantic understanding accuracy exceeding 97%[12]. - The MaaS cloud platform has achieved a stability rate of 99.999%, enhancing reliability for institutional clients[10]. - The company is actively exploring the application of AI VoiceGPT in various industries, including pharmaceuticals, to enhance customer satisfaction feedback[5]. - The company has filed for 262 patents and software copyrights as of June 30, 2024, covering various fields including AI and machine learning[8]. Strategic Initiatives - The company has expanded its services into e-commerce and human resources sectors to mitigate risks and enhance its competitive advantage[5]. - The company aims to leverage data empowerment for customer acquisition and retention, particularly in existing operations, highlighting significant potential for growth[10]. - The company plans to leverage generative AI and decision-making AI to enhance customer trust and maintain high core customer retention rates in the second half of 2024[19]. - The company aims to expand its microfinance services, targeting small and micro enterprises, with a focus on digital management throughout the loan lifecycle[20]. - The company is developing a comprehensive service system for small and micro enterprises, utilizing generative AI and decision-making AI technologies[20]. Financial Position - As of June 30, 2024, the group's bank loans amounted to RMB 393.6 million, due for repayment within one year[34]. - Cash and cash equivalents, along with time deposits, were recorded at RMB 2,852.85 million as of June 30, 2024, compared to RMB 3,301.84 million as of December 31, 2023[34]. - The group's debt-to-asset ratio was 0.18 as of June 30, 2024, down from 0.19 as of December 31, 2023[35]. - The total employee count was 1,414 as of June 30, 2024, with 47% in R&D, 23% in sales and marketing, 13% in customer service, and 17% in general administration[37]. - Total salary costs for the six months ended June 30, 2024, were RMB 421.78 million, an increase from RMB 355.64 million for the same period in 2023[37]. - The company has not made any major investments or capital asset plans beyond previously disclosed expansion plans[35]. Corporate Governance - The company has complied with the corporate governance code, with the exception of the separation of the roles of chairman and CEO[38]. - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2024[46]. - The company did not declare any dividends for the periods ended June 30, 2024, and June 30, 2023[68]. - The company has not been involved in any significant litigation or arbitration as of June 30, 2024[45]. - There were no significant subsequent events from June 30, 2024, until the board approved the interim financial report on August 29, 2024[72].