Financial Performance - For the fiscal year ending December 31, 2024, the revenue from continuing operations was RMB 2,248.1 million, a decrease of 36.2% compared to RMB 3,521.6 million for the fiscal year ending December 31, 2023[6]. - The net loss attributable to owners from continuing operations was RMB 669.2 million, compared to a net loss of RMB 211.3 million for the fiscal year ending December 31, 2023, resulting in a net profit margin of -29.8%[6]. - The company reported a non-IFRS gross profit margin of 38.2% for the fiscal year ending December 31, 2024, down from 40.4% in the previous year[6]. - The gross profit for the year ended December 31, 2024, was RMB 804.5 million, representing a gross margin of approximately 35.7%, down from RMB 1,326.0 million in 2023[83]. - The company incurred an operating loss of RMB 303.5 million for the year ended December 31, 2024, compared to an operating loss of RMB 217.3 million in 2023[83]. - The net loss attributable to owners of the company for the year ended December 31, 2024, was RMB 459.7 million, compared to a net loss of RMB 362.7 million in 2023[84]. Revenue Breakdown - Revenue from Ping An Group and Lufax was RMB 1,307.1 million, a decline of 44.6% from RMB 2,360.1 million in the previous year[8]. - Revenue from third-party customers was RMB 941.0 million, down 19.0% from RMB 1,161.5 million in the previous year[8]. - The cloud services platform revenue dropped significantly by 50.4%, from RMB 1,245.9 million in 2023 to RMB 618.1 million in 2024[37]. - The company’s revenue from risk management services decreased by 22.7%, from RMB 320.5 million in 2023 to RMB 247.8 million in 2024[37]. - Revenue from implementation services decreased by 20.4% from RMB 834.6 million in 2023 to RMB 664.1 million in 2024, primarily due to reduced demand for financial service systems in China[38]. Expenses and Costs - Research and development expenses decreased by 46.5% from RMB 955.2 million in 2023 to RMB 510.9 million in 2024, mainly due to reduced labor costs and a more investment-oriented approach to managing R&D projects[41]. - Sales and marketing expenses fell by 26.6% from RMB 241.6 million in 2023 to RMB 177.3 million in 2024, primarily due to lower labor and advertising costs as sales efficiency improved[42]. - General and administrative expenses decreased by 18.7% from RMB 375.1 million in 2023 to RMB 305.1 million in 2024, mainly due to reduced labor and workplace costs[43]. Cash Flow and Assets - The net cash used in operating activities for the year ended December 31, 2024, was RMB 276.8 million, compared to RMB 648.5 million for the same period in 2023[63]. - As of December 31, 2024, cash and cash equivalents amounted to RMB 1,947.9 million, an increase from RMB 1,379.5 million as of December 31, 2023[65]. - The total assets as of December 31, 2023, amounted to RMB 8,068,358 thousand, while total assets for December 31, 2024, are projected to be RMB 3,967,252 thousand, reflecting a significant reduction[111][112]. Strategic Initiatives - The company aims to reduce revenue concentration from the Ping An Group while expanding its technology solutions and digital infrastructure for a broader range of financial institutions[17]. - The company plans to invest in research and development, commercial expertise, and customer insights to expand its customer base and promote third-party revenue growth in the long term[35]. - The company has expanded its overseas business to 20 countries and regions, covering up to 197 clients as of December 31, 2024[30]. Market and Product Development - The digital retail solution has enhanced overall digital capabilities for banks, improving customer service and operational efficiency[19]. - The AI-driven mortgage solution "Jin Jie Ying" has increased customer manager productivity by approximately six times and reduced loan approval time to about one day[24]. - The company has made significant progress in product upgrades and iterations, focusing on enhancing customer experience and application effectiveness in 2024[23]. Impairments and Financial Adjustments - The company recorded a goodwill impairment of RMB 131.9 million in 2024, reflecting the impact of the decision to gradually terminate cloud services and challenging macroeconomic conditions[47]. - The pre-tax discount rate increased from 19.73% in 2023 to 21.54% in 2024, reflecting increased company-specific risk premiums and other factors[54]. - The company reported a deferred tax expense of RMB (455,368,000) for 2024, primarily due to the reversal of deferred tax assets, compared to a tax expense of RMB (9,762,000) in 2023[127]. Employee and Organizational Changes - The company had a total of 1,937 employees as of December 31, 2024, with the majority (1,226) in research and development[80]. - Employee benefits expenses for the year ended December 31, 2024, were RMB 929.0 million, primarily consisting of salaries and other benefits[80]. - The company has implemented a share incentive plan since November 2017, which has been revised periodically[81]. Regulatory and Reporting Standards - The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and based on historical cost[101]. - The group adopted new and revised standards effective from January 1, 2024, with no significant impact on prior periods or expected future periods[102].
金融壹账通(06638) - 2024 - 年度业绩