Bairong Inc. Announces 2024 Annual Financial Results
Solid Revenue Growth Coupled with High Gross Profit Margin (73%) and Non-IFRS Profit (RMB 376 Million)
BEIJING, March 26, 2025 /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 year ended December 31, 2024.
Mr. Zhang Shaofeng, our founder, chief executive officer and chairman of the Board, commented:"As a leading cloud-based AI turnkey service provider, Bairong achieved revenue growth and sustained profitability in 2024 when the industry as a whole was weak. We also generated an operating cash flow of RMB 303 million in 2024, which fully demonstrates the resilience of our business. In terms of technology and products, our VoiceGPT continues to iterate rapidly, and at the same time, new products such as the digital human All - in - One Machine AvatarGPT and Cybotstar Agent Platform have been further implemented. In 2025, we will increase our investment in new businesses and new scenarios, especially in the two fields of Pan-financial AI and Pan-industry AI, so as to achieve a vertical and horizontal business layout supported by AGI."
Financial Summary
Year ended December 31,
2024
2023
Change
(RMB in thousands, except percentages)
Revenue
2,929,267
2,680,915
9 %
Model as a service ("MaaS")
932,473
891,248
5 %
Business as a service ("BaaS")
1,996,794
1,789,667
12 %
BaaS, Financial Scenario
1,410,695
1,184,728
19 %
BaaS, Insurance Scenario
586,099
604,939
(3 %)
Gross profit
2,141,712
1,954,532
10 %
Operating profit
285,234
346,886
(18 %)
Profit for the period
266,029
335,259
(21 %)
Non-IFRS measures
Non-IFRS profit for the period
376,051
375,064
—
Non-IFRS EBITDA
486,176
463,782
5 %
Revenue
Our total revenue increased by 9% from RMB2,680.92 million for the year ended December 31, 2023 to RMB2,929.27 million for the year ended December 31, 2024, primarily attributable to our enhanced capabilities of providing products and services despite a challenging macroeconomic and consumption environment.
For the year ended December 31, 2024, our MaaS business reported revenue of RMB932.47 million, representing an increase of 5% year-over-year. During the Reporting Period, the number of Key Clients reached 211, while average revenue per Key Client was RMB3.37 million. Our Key Client retention rate was 97%.
Key metrics of MaaS
Year ended December 31,
