Q2 2024 OneConnect Financial Technology Co Ltd Earnings Call Transcript
Key Points
- Profitability has improved significantly, with net loss from continuing operations decreasing by 38% year-on-year.
- Overseas business continues to show strong growth, with third-party revenue from overseas customers increasing by 14.8% year-on-year.
- Gross profit margin and adjusted gross profit margin remained healthy at 37.1% and 39.4%, respectively.
- The company has successfully expanded its product portfolio and deepened customer cooperation, laying a solid foundation for future profitability.
- OneConnect has received multiple industry recognitions, including nine awards in the first half of 2024, reflecting its technical strength and influence.
- Total revenue from continuing operations decreased by 22.8% compared to the same period last year.
- Revenue from third-party customers decreased by 15.9% to RMB480 million in the first half.
- Revenue from Ping An Group, a flagship customer, decreased by 30.9% year-on-year.
- The company is phasing out its cloud services, which is expected to impact top-line performance in the second half and full year of 2024.
- Premium-plus customers decreased to 93 from 121 in the same period last year, indicating a short-term decline in high-value customer engagement.
Ladies and gentlemen, thank you for standing by, and welcome to OneConnect second quarter 2024 earnings call. (Operator Instructions) Thank you. Please note, this event is being recorded.
Now, I would like to hand the conference over to your speaker host today, Mr. Rick Chan, the company's Head of Investor Relations. Please go ahead, Mr. Chan.
Thank you, operator. Hello, everyone, and welcome to our 2024 second quarter earnings conference call. Our financial and operating results were released earlier today and currently available on our IR website.
Today, you will hear from our Chairman and CEO, Mr. Shen Chongfeng, who will give opening remarks and business highlights. Afterwards, our CFO, Mr. Luo Yongtao, will cover a closer look into our financials. And then in question-and-answer question, our management team will be available to you.
In today's conference, our management team will make statements in Mandarin or in English. For those in Mandarin, a
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