Financial Performance - Revenue for the year ended 31 March 2025 was RMB 945.1 million, representing a year-on-year increase of 10.6%[14] - Net loss for the year ended 31 March 2025 was RMB 147.4 million, showing a year-on-year improvement of 95.4%[14] - Adjusted net loss (non-IFRS measure) was RMB 29.1 million for the year ended 31 March 2025, reflecting a year-on-year improvement of 72.4%[14] - Total revenue for the Reporting Period was RMB 945.1 million, representing a year-on-year increase of 10.6% from RMB 854.7 million in FY2024[96] - The total loss for the year was RMB 3,208.6 million for FY2024 and RMB 147.4 million for the reporting period[148] - Adjusted gross profit for the year ended March 31, 2025, was RMB 625.4 million, a 14.3% increase from RMB 546.9 million in 2024[158] - The adjusted net loss for the year ended March 31, 2025, was RMB 29.1 million, a 72.4% improvement from RMB 105.4 million in 2024[158] - Adjusted EBITDA for the year ended March 31, 2025, was RMB 28.9 million, compared to a loss of RMB 30.3 million in 2024, representing a significant turnaround[158] Revenue Breakdown - Revenue from cloud-based HCM solutions was RMB 721.8 million, accounting for 76.4% of total revenue and representing a year-on-year increase of 14.2%[15] - Revenue from professional services was RMB 223.3 million, accounting for 23.6% of total revenue, with a year-on-year increase of 0.3%[16] - Revenue from cloud-based HCM solutions increased by 14.2% from RMB 632.2 million in FY2024 to RMB 721.8 million in the Reporting Period[101] - ARR for Core HCM Integration increased by 29% from RMB 386.9 million to RMB 499.3 million, accounting for 59% of total ARR as of March 31, 2025[102] Expenses and Liabilities - Research and development expenses were RMB 287.6 million, representing a year-on-year decrease of 18.0%[17] - Selling and marketing expenses decreased by 9.3% from RMB 437.8 million in FY2024 to RMB 397.1 million in the Reporting Period[122] - General and administrative expenses decreased by 11.2% from RMB 184.9 million in FY2024 to RMB 164.2 million in the Reporting Period[123] - Total liabilities as of 31 March 2025 were RMB 932.3 million, an increase from RMB 751.5 million in 2024[13] - Contract liabilities increased to RMB 621.4 million, reflecting a year-on-year increase of 20.4%[18] Market Position and Strategy - In FY2024, Beisen achieved a market share of approximately 15% in China's HCM SaaS market, maintaining its position as the top-ranking company for nine consecutive years since 2016[48][50] - Beisen is the only provider in China's cloud-based HCM solutions market offering integrated solutions and a unified open PaaS infrastructure, positioning itself for sustained growth amid the digital economy[47][50] - The company plans to intensify market expansion and drive AI technology implementation as part of its core strategic focus for the next three years[32] - The establishment of the Key Accounts Division aims to enhance service capabilities and target growth in new energy, high-tech manufacturing, and consumer chain retail sectors[36] AI and Technology Integration - The company has launched seven AI assistants and over 100 AI-powered features, enhancing its product offerings and improving client efficiency and talent quality[52] - Beisen's strategy includes leveraging AI technology to optimize human resource management processes, aligning with the ongoing digital transformation trends[51][52] - The AI Interviewer product has successfully commercialized, with over 240 contracted customers by the end of March 2025, enhancing recruitment efficiency and decision-making capabilities[66] - Beisen's AI Training Assistant increased training participation by 300%, with over 1,000 medical representatives mastering sales skills through real-world scenario simulations[70] Customer Engagement and Retention - The subscription revenue retention rate was maintained at 106%, indicating strong customer loyalty[58] - The total number of Core HCM integrated customers reached nearly 2,300, with a subscription revenue retention rate of 114%[108] - Beisen's focus on large customers has intensified, providing products and services that deliver higher cost-performance value in response to the economic pressures faced by mid-sized and large enterprises[45][49] Cash Flow and Financial Health - Beisen's operating cash flow turned positive, generating RMB 76.9 million during the reporting period[58] - Cash and cash equivalents increased to RMB 478.9 million as of March 31, 2025, up from RMB 234.1 million as of March 31, 2024[164] - The gearing ratio rose to 47.2% as of March 31, 2025, compared to 39.4% as of March 31, 2024, primarily due to increased contract liabilities and salary payables[165] Future Outlook - The company aims to enhance its competitive advantage by launching new products and features in FY2026, focusing on cross-selling opportunities across different modules[89] - The company plans to deepen its capabilities in key industries such as new energy, high-tech manufacturing, and consumer retail chains, targeting large enterprises with over 10,000 employees[91] - The company is committed to an AI-first strategy, integrating AI capabilities into its HCM SaaS and talent management software to improve efficiency and customer experience[91]
北森控股(09669) - 2025 - 年度财报