Financial Performance - The company's revenue for the year ended December 31, 2024, reached RMB 1,031.2 million, representing an 18.8% increase compared to RMB 867.8 million in 2023[4]. - The gross profit for the same period was RMB 717.3 million, a 36.2% increase from RMB 526.5 million in 2023, with a gross margin improvement from 60.7% to 69.6%[4][10]. - The adjusted net loss for 2024 was RMB 679.3 million, a significant increase of 134.8% from RMB 289.3 million in 2023[4][10]. - The company reported a net loss of RMB 835.5 million for the year ended December 31, 2024, compared to a net loss of RMB 443.3 million in 2023[36]. - The operating loss increased from RMB 340.6 million in 2023 to RMB 669.7 million in 2024[36]. - The company reported a pre-tax loss of RMB 640,297,000 for 2024, significantly higher than the RMB 214,437,000 loss in 2023, reflecting increased impairment losses[142]. - The basic loss per share for the year was RMB 0.410, compared to RMB 0.208 in 2023, indicating a deterioration in earnings per share[112]. Customer Growth and Retention - The total number of core enterprise customers increased by 59.3% to 962, while the total number of financial institution customers rose by 11.5% to 146[5][12]. - The customer retention rate improved from 86% in 2023 to 96% in 2024, indicating enhanced customer loyalty[5][12]. - The company added 373 new core enterprise and financial institution customers in 2024, marking a 51% increase in total customer count to 1,108[12]. - The company added 370 new multi-level circulation cloud customers in 2024, bringing the total customer count to 928[22]. Technology and Innovation - The company launched the industry's first lightweight supply chain financial AI product, "BeeLink AI," which won the "Best AI Technology" award from The Asian Banker in 2024[16]. - In 2024, the company achieved a significant growth of 101% year-on-year in ABS cloud business transaction scale, driven by the successful implementation of innovative accounts receivable products[13]. - The company plans to continue expanding and optimizing its supply chain financial technology solutions to serve a broader range of customers[128]. - The company has introduced new products under its business segments to enhance service offerings within the supply chain ecosystem[128]. Financial Technology Solutions - The total supply chain assets processed by the company's technology solutions reached RMB 411.2 billion, a 28% increase year-on-year[10]. - The company's supply chain financial technology solutions generated a total financing amount of RMB 389.5 billion, reflecting a 26.2% growth compared to RMB 308.6 billion in 2023[7]. - The total supply chain assets processed by the company in 2024 reached RMB 3,895 billion, representing a year-on-year increase of 26%[19]. - The company processed RMB 750 billion in supply chain assets through AMS cloud business in 2024, marking a 16% year-on-year growth despite an 18% decline in the overall market[21]. Impairment and Losses - The company's impairment losses surged from RMB 214.4 million in 2023 to RMB 640.3 million in 2024[52]. - The company recorded significant impairment losses of RMB 445.1 million related to credit-impaired financial assets, primarily from accounts receivable from core enterprises[54]. - The impairment provision for receivables from core enterprises rose significantly from RMB 154,320 thousand in 2023 to RMB 599,382 thousand in 2024, an increase of about 288%[174]. - The total credit loss provisions amounted to RMB 599,382,000, with a significant increase in Stage 2 provisions to RMB 599,271,000[176]. Cash and Assets Management - Cash and cash equivalents, along with restricted cash, totaled RMB 5,072 million as of December 31, 2024[10]. - The company’s cash flow from operations was impacted by the repayment agreements with core enterprises, which involved RMB 136,884,000 in securities to settle RMB 168,096,000 in supply chain assets[156]. - The total current financial assets measured at fair value decreased to RMB 458,442,000 in 2024 from RMB 987,741,000 in 2023, a decrease of 53.7%[159]. - The company’s total current assets, including receivables, decreased from RMB 2,268,948 thousand in 2023 to RMB 1,813,746 thousand in 2024, a decrease of about 20%[171]. Strategic Initiatives - A strategic acquisition agreement was signed with Shenzhen Bait Technology Co., Ltd., which will enhance the company's product matrix and integrate technology advantages and customer resources[30]. - The company aims to leverage breakthroughs in AI to reshape the supply chain finance landscape and create new growth curves through innovative product applications and strategic acquisitions[34]. - The company will maintain a prudent approach in selecting acquisition targets to maximize shareholder value[29]. Awards and Recognition - The company was recognized with multiple awards for its ESG performance, including a "Low Risk" rating from Sustainalytics for three consecutive years[18]. - The company successfully issued the first green asset-backed special plan in the Greater Bay Area, showcasing its commitment to innovative financing solutions[13]. Employee and Operational Metrics - The company had a total of 726 employees as of December 31, 2024, with 402 in R&D, 138 in sales and marketing, and 186 in general administration[92][93]. - Employee costs for 2024 totaled RMB 387,030,000, a decrease from RMB 417,522,000 in 2023, with R&D expenses accounting for RMB 161,625,000[139]. - The company’s employee costs included RMB 108,470,000 in administrative expenses for 2024, down from RMB 123,358,000 in 2023, showing a focus on cost management[139].
联易融科技-W(09959) - 2024 - 年度业绩