Financial Performance - Revenue for the year ended 31 March 2024 was RMB 854.7 million, representing a year-on-year increase of 13.8%[15] - Loss for the year was RMB 3,208.6 million, reflecting a year-on-year increase of 23.5%[15] - Adjusted net loss was RMB 105.4 million, showing a year-on-year decrease of 64.9%[15] - Operating cash flow for the year was RMB 82.5 million, representing a year-on-year decrease of 44.6%[23] - The company reported a net loss of RMB 3,208.6 million for the year, which is a year-on-year increase of 23.5%[20] - Adjusted net loss for the year was RMB 105.4 million, reflecting a year-on-year decrease of 64.9%[20] - The company reported a loss for the year of RMB 3,208.6 million, an increase from RMB 2,599.0 million in FY2023[181] Revenue Breakdown - Revenue from cloud-based HCM solutions was RMB 632.2 million, accounting for 74.0% of total revenue, with a year-on-year increase of 17.7%[16] - Revenue from professional services was RMB 222.5 million, representing 26.0% of total revenue, with a year-on-year increase of 4.1%[17] - Revenue from cloud-based HCM solutions accounted for 74% of total revenue, with a year-on-year increase of 17.7%, amounting to RMB 632.2 million[21][26] - Revenue from cloud-based HCM solutions increased by 17.7% from RMB 537.3 million in FY2023 to RMB 632.2 million in the Reporting Period[132] Customer Metrics - The company had over 5,500 cloud-based HCM solutions customers, achieving a subscription revenue retention rate of 106%[27] - The total number of Core HCM Integration customers reached approximately 1,900, with an ARR growth rate of 30.7%[27] - The total number of customers reached 5,532 as of March 31, 2024, showcasing the company's growth in client acquisition[75] - The number of customers for cloud-based HCM solutions grew by 8.1%, from over 5,110 as of March 31, 2023, to over 5,530 as of March 31, 2024[132] Assets and Liabilities - Total assets as of 31 March 2024 were RMB 1,906.4 million, compared to RMB 1,870.8 million in 2023[13] - Total liabilities as of 31 March 2024 were RMB 751.5 million, a decrease from RMB 10,227.4 million in 2023[13] - Equity attributable to owners of the Company was RMB 1,154.9 million as of 31 March 2024, compared to a deficit of RMB 8,356.6 million in 2023[13] - Cash and cash equivalents decreased to RMB 234.1 million as of March 31, 2024, down from RMB 408.7 million as of March 31, 2023[193] Research and Development - Beisen has invested in nearly 1,000 new functional features in its integrated HCM SaaS, focusing on customer value creation and successful commercialization of new products[36] - The company aims to maintain stable investment in R&D to enhance integrated product advantages and meet customer needs[42] - R&D expenses for the reporting period amounted to RMB 350.9 million, a year-on-year increase of 15.7% compared to RMB 303.3 million in FY2023[163] - The proportion of R&D expenses to revenue decreased from 37.9% in FY2023 to 30.2% in the reporting period[163] Market Position and Strategy - Beisen maintained its position as the top-ranking company in the IDC China HCM SaaS market for the eighth consecutive year[28] - Beisen's new three-year strategy aims to expand market share and enhance its position in the market[40] - Beisen holds a 15.3% market share in China's HCM SaaS market for the first half of 2023, maintaining its leading position for eight consecutive years[48] - The company is intensifying its focus on strategically significant sectors, particularly targeting state-owned enterprises and large-scale clients to drive growth in HCM SaaS[112] Product Development and Innovation - An explicit "AI-first" product strategy has been defined, focusing on AI recruitment, training, employee services, and leadership development[42] - The integrated HCM SaaS is advancing towards a more intelligent and data-driven direction, leveraging AI-generated content[46] - Beisen's AI Interviewer, an AI-powered solution, aims to accurately identify and nurture talent, creating a dual-driven talent innovation system[111] - The introduction of the People Analytics 3.0 product helped organizations identify areas for improving workforce performance[88] Financial Ratios and Metrics - The gross profit margin for the reporting period was 64.0%, up by 7.6 percentage points from FY2023, with cloud-based HCM solutions gross margin increasing by 3.8 percentage points to 78.8%[74] - Overall gross profit increased from RMB 415.6 million in FY2023 to RMB 514.9 million in the Reporting Period, with gross margin improving from 55.3% to 60.2%[148] - The company's gearing ratio improved to 39.4% as of March 31, 2024, compared to 546.7% as of March 31, 2023, due to the reduction of redeemable convertible preferred shares in total liabilities[194] Government Grants and Other Income - Other income totaled RMB 70.7 million, an increase of 88.9% from RMB 37.4 million in FY2023, driven by a significant rise in government grants[167] - Government grants increased from RMB 3.7 million in FY2023 to RMB 27.5 million in the reporting period, reflecting a growth of 641.9%[167]
北森控股(09669) - 2024 - 年度财报