Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 224.6 million, an increase of about 3.4% compared to RMB 217.2 million for the year ended December 31, 2023[9]. - The company reported an operating loss of approximately RMB 61.1 million for the year ended December 31, 2024, compared to an operating profit of approximately RMB 22.6 million for the previous year[10]. - The net loss increased significantly from approximately RMB 3.1 million in 2023 to approximately RMB 69.0 million in 2024, representing a greater than 100% increase[10]. - The adjusted operating loss under non-IFRS measures was approximately RMB 43.1 million for the year ended December 31, 2024, compared to a profit of approximately RMB 23.1 million in 2023[10]. - The adjusted net loss under non-IFRS measures was approximately RMB 40.8 million for the year ended December 31, 2024, compared to a profit of approximately RMB 23.4 million in 2023[10]. - Total revenue for the year ended December 31, 2024, was approximately RMB 224.6 million, representing a year-on-year increase of 3.4% compared to RMB 217.2 million in 2023[11]. - The company reported a net loss of RMB 69,018,000 for 2024, compared to a net loss of RMB 3,148,000 in 2023, indicating a significant decline in profitability[21]. - The annual loss increased by approximately 2,092.4% from RMB 3.1 million for the year ended December 31, 2023, to approximately RMB 69.0 million for the year ending December 31, 2024, primarily due to increased depreciation and direct R&D expenses related to new business[71]. Revenue Streams - The SaaS service revenue increased by 29.7% year-on-year, reaching RMB 75.0 million in 2024, compared to RMB 57.8 million in 2023[4]. - The credit facilitation and service fees decreased by 16.5% to RMB 58.6 million from RMB 70.2 million in the previous year[11]. - Valalife business revenue decreased by 51.8% to RMB 16.4 million from RMB 33.9 million in the previous year[15]. - The newly established children's amusement business generated revenue of approximately RMB 31.4 million for the year ended December 31, 2024[16]. - The total amount of credit facilitation business for the year was approximately RMB 1,109.3 million, a decrease of 42.8% from RMB 1,938.7 million in 2023[13]. User Base and Initiatives - The registered user base of the 51 Credit Card Manager app remained stable at approximately 88.8 million as of December 31, 2024, with the number of managed credit cards increasing slightly from approximately 151.9 million to 152.4 million[5]. - The company launched the Valalife program, which attracted approximately 37,000 registered users by December 31, 2024, aimed at providing various purchasing and collaboration options for the Vala vehicle[5]. - The Vala vehicle initiative has gained significant attention, with approximately 1.14 million followers on social media and a total of about 2.1 billion views on related videos[8]. Expenses and Investments - Research and development expenses increased to RMB 41,196,000 in 2024, up from RMB 18,319,000 in 2023, reflecting a 125% increase[20]. - The total expenses for the year ended December 31, 2024, amounted to RMB 358,086 thousand, an increase from RMB 302,902 thousand in 2023, reflecting a rise of approximately 18.3%[29]. - Operating expenses increased by approximately 46.9% from RMB 194.6 million for the year ended December 31, 2023, to approximately RMB 285.8 million for the year ending December 31, 2024[62]. - Sales and marketing expenses rose by approximately 88.1% from RMB 27.4 million for the year ended December 31, 2023, to approximately RMB 51.5 million for the year ending December 31, 2024, driven by increased marketing costs related to Vala[64]. Assets and Liabilities - The company’s total assets decreased to RMB 1,075,751,000 in 2024 from RMB 1,164,966,000 in 2023, a decline of approximately 7.6%[22]. - Non-current liabilities decreased significantly to RMB 7,189,000 in 2024 from RMB 87,198,000 in 2023, a reduction of about 91.8%[24]. - Cash and cash equivalents decreased to RMB 280,326,000 in 2024 from RMB 349,490,000 in 2023, a decline of approximately 19.7%[22]. - The company’s total equity increased to RMB 779,522,000 in 2024 from RMB 709,570,000 in 2023, representing a growth of about 9.8%[22]. Future Plans and Projections - The company plans to explore new cooperation models in credit facilitation services while ensuring compliance and utilizing mature risk control models[17]. - In the SaaS business, the company aims to enhance data and product capabilities through increased investment in big data, artificial intelligence, and cloud computing technologies[18]. - The company expects to recognize 100% of the unfulfilled contract transaction value of RMB 16,894,013,000 within the next twelve months[27]. - The company expects to utilize the remaining proceeds for its credit facilitation and SaaS businesses and the development of Vala by December 31, 2027[81]. Corporate Governance and Compliance - The independent auditor's report indicates that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[96]. - The company has terminated the consolidation of its subsidiary, Shouhui Kaizhuo Technology Co., Ltd., due to loss of control as of August 3, 2022, resulting in the exclusion of its financial status and performance from the consolidated financial statements[98]. - Legal actions have been initiated against Shouhui Group for the recovery of approximately RMB 101,425,800 in loans, and measures have been taken to freeze the bank accounts of Shouhui Group's operating companies[98]. - The company lacks sufficient evidence to verify the existence and completeness of commitments and contingent liabilities related to Shouhui Group for the years ending December 31, 2023, and December 31, 2024[99].
51信用卡(02051) - 2024 - 年度业绩