Core Insights - OneConnect Financial Technology Co., Ltd has released its 2024 Environmental, Social, and Governance (ESG) Report, marking the third consecutive year of such disclosures, reflecting the company's commitment to corporate responsibility [1] - The report outlines OneConnect's strategic initiatives and achievements in promoting green finance, serving underbanked communities, and mitigating financial risks [1][2] ESG Commitment - The company has integrated ESG principles into all operations, including strategic planning, product development, and risk management, fostering a sustainability-oriented culture [3] - In 2024, OneConnect identified 25 key material topics, focusing on climate change, digital inclusion, and employee development, and aligned disclosures with international frameworks like GRI and TCFD [4] Institutional Development - OneConnect revised over 10 core policy documents related to operational risk and data security, reporting no major compliance violations [5] - The company enhanced its anti-corruption mechanisms through integrity awareness campaigns and commitments from suppliers [5] Green Finance Initiatives - OneConnect aims for operational carbon neutrality by 2030, maintaining per capita greenhouse gas emissions below 0.4 metric tons of CO₂ equivalent and reducing office energy consumption by 46% [6] - The company has implemented sustainability measures in its offices, including energy-efficient technologies and green procurement practices [7] Digital Services and Financial Inclusion - OneConnect has integrated energy management and carbon emissions tracking into its digital platform, providing clients with tools for operational efficiency [8] - The company focuses on enhancing accessibility in financial services through advanced technologies like AI and big data [9][10] Corporate Citizenship - OneConnect actively participates in public welfare initiatives, launching campaigns to support underprivileged children and rural education, with employees contributing over 300 hours of volunteer service [11] - The company conducts assessments for suppliers to promote a transparent and compliant business ecosystem [12] Industry Recognition - OneConnect received multiple industry awards in 2024, including recognition in the S&P Global Sustainability Yearbook and Forbes China's Top 10 Fintech Companies in ESG Practices [13] - The company serves 197 overseas financial institutions across more than 20 countries, indicating its expanding global presence [14] Future Outlook - OneConnect plans to enhance its technological foundation and integrate ESG principles further into its operations, aiming to support the development of a resilient financial ecosystem [15]

Revenue Performance - Revenue from continuing operations decreased by 36.2% to RMB2,248.1 million for the year ended December 31, 2024, down from RMB3,521.6 million in 2023[47]. - Implementation revenue decreased by 20.4% to RMB664.1 million, while transaction-based and support revenue decreased by 41.0% to RMB1,583.98 million[47]. - Revenue for the year ended December 31, 2024, was RMB2,248.1 million, a decline of 36.3% compared to RMB3,521.6 million in 2023[95]. - For the year ended December 31, 2024, the Group's total revenue decreased to RMB 2,292,398, down from RMB 3,667,508 in 2023, representing a decline of approximately 37.5%[120]. - Revenue from the cloud services platform significantly decreased to RMB 618,088 in 2024 from RMB 1,245,952 in 2023, primarily due to the cessation of relevant services by subsidiaries of Ping An Insurance[125]. Profitability and Losses - Gross profit from continuing operations decreased by 39.3% to RMB804.5 million, with a gross margin of 35.8% compared to 37.7% in 2023[49]. - Loss from continuing operations increased to RMB704.7 million for the year ended December 31, 2024, compared to RMB220.1 million in 2023[70]. - The net loss for the year from continuing operations increased to RMB704.7 million in 2024, compared to a loss of RMB220.1 million in 2023, reflecting a deterioration in financial performance[95]. - The total comprehensive loss for the year was RMB 335,999,000 in 2023, which worsened to RMB 409,477,000 in 2024, indicating an increase of 22%[100]. - Loss from continuing operations attributable to owners of the Company increased from RMB 211,342,000 in 2023 to RMB 669,176,000 in 2024, representing a significant rise of 216%[149]. - Basic and diluted loss per share for continuing operations rose from RMB 0.19 in 2023 to RMB 0.61 in 2024, indicating a 221% increase[149]. Expenses - Research and development expenses decreased by 46.5% to RMB510.9 million, reflecting a decrease in personnel costs[50]. - Selling and marketing expenses decreased by 26.6% to RMB177.3 million, attributed to reduced personnel and advertising costs[51]. - General and administrative expenses decreased by 18.7% to RMB305.1 million, primarily due to lower labor and workplace expenses[52]. - Total costs for revenue, research and development, selling and marketing expenses, and general and administrative expenses decreased from RMB 3,767,515,000 in 2023 to RMB 2,436,899,000 in 2024, representing a reduction of about 35.4%[132]. Cash Flow and Liquidity - Net cash used in operating activities was RMB276.8 million, while net cash generated from investing activities was RMB1,106.3 million[72]. - As of December 31, 2024, cash and cash equivalents increased to RMB1,947.9 million from RMB1,379.5 million as of December 31, 2023, representing a growth of 41.3%[75]. - The Company reported a net cash used in operating activities of RMB 648,461,000 in 2023, which improved to RMB 276,849,000 in 2024, indicating a reduction of 57%[101]. - Net cash generated from investing activities significantly increased from RMB 318,634,000 in 2023 to RMB 1,106,256,000 in 2024, marking a growth of 276%[101]. - The company had no significant liquidity risk and sufficient working capital as of December 31, 2024[76]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB8,068.4 million, a significant increase from RMB3,967.3 million as of December 31, 2023[97]. - Total current liabilities rose to RMB 5,073,078,000 in 2023 from RMB 1,439,693,000 in 2022, reflecting an increase of 253%[98]. - The Company’s total liabilities increased to RMB 5,120,566,000 in 2023 from RMB 1,463,309,000 in 2022, representing an increase of 250%[98]. - The Group's total liabilities for 2024 were RMB 1,463,309 for continuing operations, with segment liabilities for Technology Solutions at RMB 1,463,309[122]. - Trade receivables decreased from RMB 779,458,000 in 2023 to RMB 582,068,000 in 2024, a decline of 25%[163]. Impairments and Provisions - Goodwill impairment of RMB131.9 million was recognized in 2024 due to the strategic discontinuation of cloud services and challenging market conditions[57]. - The Group recognized an impairment loss against goodwill of RMB 131,901,000 in 2024, reflecting challenges in the Technology Solution segment[156]. - The impairment loss allowance for trade receivables increased from RMB 68,789,000 in 2023 to RMB 75,533,000 in 2024, showing a rise of 10%[163]. Corporate Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period, except for provisions C.2.1 and C.6.2[169]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed full compliance by all directors during the reporting period[173][174]. - The audit committee has reviewed the unaudited annual results for the year ended December 31, 2024, and met with the independent auditor, PricewaterhouseCoopers[175]. Discontinued Operations - The company reported a loss after income tax from discontinued operations of RMB 151,373,000 in 2023, which improved to a profit of RMB 209,499,000 in 2024 following the sale of subsidiaries[147]. - The total comprehensive income from discontinued operations improved from a loss of RMB 141,249,000 in 2023 to a gain of RMB 233,969,000 in 2024[147]. - The cash consideration received from the sale of subsidiaries in 2024 was RMB 839,087,000, resulting in a net cash inflow of RMB 723,171,000 after accounting for cash and bank balances disposed of[148]. Future Outlook - The Group's revenue growth rate is projected to decline between -10% to -13% in 2023 and -25% to 10% in 2024, indicating a challenging market environment[161]. - The Group is currently assessing the implications of adopting IFRS 18, which is expected to impact the presentation and disclosure of financial statements starting January 1, 2027[112].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Cayman Islands (Jurisdiction of incorporation or organization) 21/24F, Ping ...

Core Insights - Ping An Insurance and its affiliate OneConnect participated in the "World Internet Conference Asia-Pacific Summit" to promote the integration of the financial industry with digital intelligence technologies [1][5] - OneConnect's Chairman highlighted Ping An's investments in five key financial sectors, totaling RMB 10.14 trillion in 2024 to support the real economy [2] - OneConnect aims to be a leader in fintech and AI, with 100% of state-owned and joint-stock banks in China using its products [3] Group 1: Company Achievements - Ping An has invested RMB 10.14 trillion in 2024 to support the development of the real economy and allocated over RMB 1 trillion in insurance funds for technology innovation industries [2] - OneConnect has become a key player in fintech, serving 20 countries and regions with 197 overseas financial institutions [3] - OneConnect has received accolades for its technological innovations, including the First Prize for Financial Technology Development from the People's Bank of China [4] Group 2: Strategic Focus - OneConnect is focused on empowering the financial industry through "technology + business" solutions, contributing to the digital transformation of Ping An's subsidiaries [3][4] - The company is committed to aligning with national strategies for building a strong financial sector and providing people-centered financial services [5] - The summit provided a platform for discussing the integration of AI and digital technologies in the financial sector, aiming to create a trustworthy ecosystem for inclusive finance [1][5]

Core Viewpoint - OneConnect Financial Technology Co., Ltd. reported significant declines in revenue and increased net losses for the fourth quarter and full year of 2024, primarily due to the strategic phasing out of its cloud services and a decrease in demand for its financial technology solutions [1][11][16]. Financial Highlights Fourth Quarter 2024 Financial Highlights - Revenue from continuing operations was RMB 415 million, a decrease of 52.9% from RMB 882 million in the same period last year [5][11]. - Gross profit from continuing operations was RMB 142 million, with a gross margin of 34.2%, down from 39.0% year-over-year [13][11]. - Operating loss from continuing operations was RMB 148 million, compared to a loss of RMB 45 million in the prior year [15][11]. - Net loss from continuing operations attributable to shareholders was RMB 569 million, compared to RMB 47 million in the same period last year [16][11]. Full Year 2024 Financial Highlights - Total revenue from continuing operations for the year was RMB 2,248 million, down 36.2% from RMB 3,522 million in 2023 [5][11]. - Gross profit for the year was RMB 804 million, with a gross margin of 35.8%, compared to 37.7% in the previous year [13][11]. - Net loss from continuing operations attributable to shareholders for the year was RMB 669 million, compared to RMB 211 million in 2023 [16][11]. Revenue Breakdown - Revenue from the Digital Banking segment was RMB 92 million, a decrease of 62.7% year-over-year [10]. - Revenue from the Digital Insurance segment was RMB 141 million, relatively stable with a slight increase of 0.2% [10]. - Revenue from the Gamma Platform segment was RMB 182 million, down 63.2% from the previous year [10]. Cost and Expenses - Cost of revenue from continuing operations was RMB 273 million, a decrease of 49.3% from RMB 538 million in the same period last year [12][11]. - Total operating expenses from continuing operations were RMB 165 million, down from RMB 391 million year-over-year [14][11]. - Research and Development expenses decreased to RMB 41 million from RMB 197 million in the prior year, reflecting a strategic adjustment in business structure [14][11]. Cash Flow - Net cash generated from operating activities was RMB 55 million for the fourth quarter of 2024 [17][11]. - Net cash generated from investing activities was RMB 260 million, while net cash used in financing activities was RMB 46 million [17][11]. Company Overview - OneConnect is a technology-as-a-service provider for the financial services industry, focusing on digital banking, digital insurance, and technology infrastructure solutions [18][19]. - The company aims to support the digital transformation of financial institutions, enhancing efficiency and reducing costs and risks [18][19].

Core Insights - OneConnect Financial Technology Co., Ltd has launched its proprietary AI Agent Platform, integrating advanced open-source large language models to enhance the banking industry's digital transformation [1][2] - The dual-engine strategy combines open-source large language models with the AI Agent Platform, ensuring adaptability for banking-specific needs [2] - The company emphasizes data security and regulatory compliance through local deployment of AI solutions, alongside cost-reduction technologies [3] - OneConnect's modular toolchain and low-code development support facilitate seamless AI integration into existing banking systems, improving operational efficiency [4] - The AI solutions have been successfully applied in various banking scenarios, paving the way for future innovations in intelligent banking [5]

Financial Data and Key Metrics Changes - The net loss from continuing operations attributable to shareholders improved to RMB30 million from RMB51 million year-on-year, a decrease of 41.9% [11] - Revenue for Q3 2024 was RMB417 million, a decrease of 48.3% compared to the same period last year, primarily due to the strategic decision to phase out the cloud service business [42] - Gross margin of continuing operations was 32.7%, down from 36% in the prior year, mainly due to reduced economies of scale [44] - Net profit for the period attributable to shareholders was RMB110 million, compared to a net loss of RMB281 million in the same period last year [45] Business Line Data and Key Metrics Changes - Revenue generated from third-party customers decreased by 12.4% to RMB236 million in Q3 2024, but revenue from overseas third-party customers increased by 23.4% year-on-year [43] - R&D expenses from continuing operations were RMB70 million, down from RMB230 million year-on-year, reflecting a proactive adjustment of business structure [46] - Sales and marketing expenses from continuing operations decreased to RMB46 million from RMB66 million year-on-year, indicating enhanced sales efficiency [47] Market Data and Key Metrics Changes - The Southeast Asian region has become a strong growth engine, with significant revenue growth from overseas customers [33] - The company has established strategic cooperation with leading foreign banks operating in China, enhancing its market presence [24] Company Strategy and Development Direction - The company is focusing on product upgrades, customer expansion, and overseas market growth, particularly in digital banking, digital insurance, and the Gamma platform [13][15] - OneConnect aims to empower financial institutions to achieve digital transformation and improve operational efficiency through technology [10] - The company is in the critical period of Stage 2 strategy, focusing on broadening customer engagement and optimizing product offerings [15] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing volatility and uncertainty in the market but remains committed to improving customer experience and product competitiveness [50] - The company expects the discontinuation of the cloud service to impact top-line performance in 2024, but it will continue to focus on cost controls and overseas expansion [51] Other Important Information - OneConnect won four awards in Q3 2024, bringing the total to 318 awards, reflecting industry recognition of its products and technical strength [36] - The company has launched several AI-driven tools to enhance sales and marketing efficiency [19][31] Q&A Session Summary Question: What does the decrease in payment ratios with Ping An Group mean for profit margins? - Management emphasized that Ping An Group remains a key partner and that the company is phasing out low gross margin products to improve profitability [54][56] Question: What are the latest overseas expansion efforts regarding hiring and staffing? - The company plans to allocate resources based on overseas business needs and will focus on core banking, SLP platform, and E-KYC among other offerings [57][59]

Exhibit 99.1 OneConnect Announces Third Quarter and Nine Months Ended September 30, 2024 Unaudited Financial Results Revenue from third-party overseas customers increased by 23.4% YoY in first three quarters of 2024 SHENZHEN, China — (PRNewswire) — OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a- service provider for the financial services industry in China, today announced its unaudited financial results for the third quarter ...

Financial Data and Key Metrics Changes - The company reported a revenue from continuing operations of RMB1.416 billion in the first half of 2024, a decrease of 22.8% compared to the same period last year [21] - Net loss from continuing operations attributable to shareholders improved to RMB70 million in the first half, a significant year-on-year decrease of about 38% [8][23] - Gross profit margin remained stable at 37.1%, with an adjusted gross profit margin of 39.4% [8][23] - The company achieved a net profit attributable to shareholders of RMB243 million in Q2 2024, primarily due to a one-time gain from the sale of its virtual banking business [32][33] Business Line Data and Key Metrics Changes - Revenue from third-party customers decreased by 16.9% to RMB418 million in the first half, while revenue from overseas customers increased by 14.8% year-on-year [22] - Revenue from the Gamma Platform segment accounted for 67.2% of total revenue, decreasing by 9.4% year-over-year [28] - Digital banking segment revenue, which accounted for 14.5% of total revenue, reduced by 57.4% year-over-year [29] - Digital insurance segment revenue, accounting for 18.4% of total revenue, decreased by 33.3% year-over-year [29] Market Data and Key Metrics Changes - Revenue contribution from overseas customers increased to 21.2% of total third-party revenue [17] - The company reported strong growth momentum in overseas markets, particularly in Hong Kong, Southeast Asia, and South Africa [41] Company Strategy and Development Direction - The company is focused on enhancing product capabilities in digital banking, digital insurance, and the Gamma platform to empower financial institutions [10] - OneConnect aims to expand its presence in international markets, including Southeast Asia, South Africa, and the Middle East, while continuing to deepen cooperation with existing customers [11][41] - The company is committed to optimizing high-quality offerings and investing in R&D to meet the demands of financial institutions [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictability in the market but remains focused on improving third-party revenue and enhancing product competitiveness [33] - The company is optimistic about achieving double-digit growth in overseas revenue and plans to expand its banking and insurance solutions in targeted markets [41] Other Important Information - The company won nine awards in the first half of 2024, bringing the total number of honors to 314, reflecting industry recognition for its products and technical strengths [18] Q&A Session Summary Question: Why does the company have a dividend payout plan despite achieving profit? - Management stated that achieving positive earnings is a significant milestone, and they will consider various factors, including overseas development needs and financial position, when deciding on dividend payouts [39][40] Question: What is the strategy for overseas business and revenue growth targets? - Management highlighted that overseas revenue increased by 14.8% and expressed confidence in achieving double-digit growth in overseas revenue, focusing on markets like Southeast Asia and Hong Kong [41]

Revenue Performance - Revenue from continuing operations decreased by 19.1% to RMB723 million in Q1 2024, down from RMB894 million in the same period last year[9] - Revenue for the three months ended March 2024 was RMB 723.27 million, a decrease of 19.1% from RMB 893.83 million for the same period in 2023[29] - Revenue from third-party overseas customers increased by 14.8% year-over-year in Q1 2024, indicating rapid growth in overseas business[6] - Revenue from the Gamma Platform segment decreased by 6.2% to RMB430 million in Q1 2024, contributing 59.4% of total revenue[10] Profitability and Loss - Gross profit for the same period was RMB 272.40 million, down 18.6% from RMB 334.66 million year-over-year[29] - Operating loss from continuing operations narrowed by 15.1% to RMB66 million in Q1 2024, compared to RMB78 million in the same period last year[2] - Net loss from continuing operations attributable to shareholders decreased by 25.9% to RMB54 million in Q1 2024, down from RMB72 million in the prior year[18] - Total comprehensive loss for the period was RMB 101.50 million, an improvement from RMB 162.25 million in the same period last year[31] - The company reported a loss per share from continuing operations of RMB 0.05, compared to RMB 0.07 in the previous year[31] Operational Efficiency - Gross margin of continuing operations improved by 0.3 percentage points year-over-year to 37.7% in Q1 2024, compared to 37.4% in the prior year[2] - Operating expenses from continuing operations decreased to RMB342 million in Q1 2024, down from RMB416 million in the prior year[14] - Operating loss narrowed to RMB 66.35 million from RMB 78.14 million year-over-year, indicating improved operational efficiency[29] - Net cash used in operating activities improved to RMB (115,236) from RMB (613,264), a reduction of 81.2%[36] Research and Development - Research and development expenses decreased by 22.8% year-over-year to RMB213 million in Q1 2024, reflecting a strategic focus on high-quality projects[7] - Research and development expenses decreased to RMB 213.18 million, a reduction of 22.8% compared to RMB 276.15 million in the previous year[29] Cash Flow and Assets - Net cash used in operating activities was RMB155 million in Q1 2024, while net cash generated from investing activities was RMB256 million[19] - Cash and cash equivalents decreased to RMB 1.25 billion from RMB 1.38 billion at the end of 2023[33] - Total assets increased to RMB 8.14 billion as of March 2024, compared to RMB 8.07 billion at the end of 2023[33] - Net cash generated from investing activities was RMB 255,848, down from RMB 407,066, a decrease of 37.1%[36] - Net cash used in financing activities increased to RMB (100,971) from RMB (44,421), reflecting a rise of 127.5%[36] Liabilities and Equity - Total liabilities increased to RMB 5,294,224, up from RMB 5,120,566, representing a growth of 3.4% year-over-year[34] - Total current liabilities rose to RMB 5,237,552, compared to RMB 5,073,078, marking an increase of 3.2%[34] - Total equity and liabilities reached RMB 8,141,666, a marginal increase from RMB 8,068,358[34]