Solid Revenue Growth Coupled with High Gross Profit Margin (73%) and Non-IFRS Profit (RMB 200 Million)
BEIJING, Aug. 29, 2024 /PRNewswire/ -- Bairong Inc. (the "Company", "we" , "us" or "our" ; HKEX: 6608), a leading cloud-based AI turnkey service provider, today announced the consolidated results of the Company for the half year ended June 30, 2024.
Mr. Zhang Shaofeng, our founder, chief executive officer and chairman of the Board, commented:"We proudly announce Bairong's continuous profitability as always. Our Non-IFRS profit margin maintained an impressive level of 15%, with half-year Non-IFRS profit approximately RMB 200 million. Gross profit margin further lifted to a remarkable 73%, demonstrating our strong capability to scale up. By integrating large language model and emotion-recognition technique into our AI VoiceGPT robot, we have extended our BaaS as a Service(BaaS) to achieve a double-digit revenue growth of 20% year-over-year, building on the impressive foundation laid in the prior years, and underscoring our leading position and sustainable value in the market."
Financial Summary
Six months ended June 30,
2024
2023
Change
(unaudited)
(unaudited)
( %)
(RMB in thousands, except percentages)
Revenue
1,321,348
1,243,032
6
Model as a service ("MaaS")
421,352
431,134
(2)
Business as a service ("BaaS")
899,996
811,898
11
BaaS – Financial Scenario
589,473
492,095
20
BaaS – Insurance Scenario
310,523
319,803
(3)
Gross profit
967,155
896,034
8
Operating profit
156,832
211,697
(26)
Profit for the period
142,833
206,808
(31)
Non-IFRS measures
Non-IFRS profit for the period
197,479
226,847
(13)
Non-IFRS EBITDA
243,481
267,644
(9)
Revenue
Our total revenue increased by 6% from RMB1,243.03 million for the six months ended June 30, 2023 to RMB1,321.35 million for the six months ended June 30, 2024, primarily attributable to our enhanced capabilities of providing products and services despite a challenging economic and consumption environment.
For the six months ended June 30, 2024, our MaaS business reported revenue of approximately RMB421.35 million. During the Reporting Period, the number of Key Clients reached 165, representing an increase of 19 from 146 period-over-period, while average revenue per Key Client was RMB2.00 million. Our Key Client Retention Rate was 96%.
Key metrics of MaaS
Six months ended June 30,
2024
2023
Change (%)
(unaudited)
(unaudited)
(RMB in thousands, except percentages)
