Technology
OneConnect Announces Second Quarter and First Half 2024 Unaudited Financial Results
Published
3 months agoon
By
Net Margin of Continuing Operations to Shareholders Improved to -2.4%
Net Margin of Continuing and Discontinued Operations[1] to Shareholders Improved to 35.1%
SHENZHEN, China, Aug. 16, 2024 /PRNewswire/ — OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for the financial services industry in China, today announced its unaudited financial results for the second quarter and half year ended June 30, 2024.
Second Quarter 2024 Financial Highlights
Revenue from continuing operations was RMB692 million, compared to RMB939 million for the same period of the prior year.Gross margin of continuing operations was 36.6%, compared to 37.5% for the same period of the prior year; non-IFRS gross margin of continuing operations was 38.8%, compared to 40.0% for the same period of the prior year.Net loss from continuing operations attributable to shareholders was RMB17 million, compared to RMB41 million for the same period of the prior year. Net margin of continuing operations to shareholders improved to -2.4% from -4.4% for the same period last year.Net loss from continuing operations per basic and diluted ADS was RMB-0.46, compared to RMB-1.13 during the same period last year.Net profit from continuing and discontinued operations attributable to shareholders was RMB243 million, primarily due to the gains derived from the disposal of virtual banking business, compared to net loss of RMB82 million for the same period of the prior year. Net margin of continuing and discontinued operations to shareholders improved by 43.8ppt to 35.1% compared to -8.7% during the same period last year.Earnings from continuing and discontinued operations per basic and diluted ADS was RMB6.70, compared to RMB-2.25 during the same period last year.
[1] As previously reported, the Company completed the disposal of its virtual bank business (the “discontinued operations”) to Lufax Holding Ltd (“Lufax”) for a consideration of HK$933 million in cash on April 2, 2024. As a result of the disposal, the historical financial results of the Virtual Banking Business segment have been reflected as the “discontinued operations” in the Company’s condensed consolidated interim financial information and the historical financial results of the remaining business of the Company have been reflected as the “continuing operations” in the Company’s condensed consolidated interim financial information of the first half of 2024 and of the comparative period in 2023.
In RMB’000, except percentages
and per ADS amounts
Three Months Ended
Six Months Ended
June 30
YoY
June 30
YoY
2024
2023
2024
2023
Continuing operations
Revenue
Revenue from Ping An Group
401,084
580,795
-30.9 %
822,880
1,117,649
-26.4 %
Revenue from Lufax[1]
54,463
73,142
-25.5 %
112,719
144,499
-22.0 %
Revenue from third-party customers[2]
236,952
285,222
-16.9 %
480,170
570,837
-15.9 %
Total
692,499
939,159
-26.3 %
1,415,769
1,832,985
-22.8 %
Gross profit
253,379
352,385
525,782
687,042
Gross margin
36.6 %
37.5 %
37.1 %
37.5 %
Non-IFRS gross margin
38.8 %
40.0 %
39.4 %
40.1 %
Operating loss
(39,154)
(38,226)
(105,502)
(116,368)
Operating margin
-5.7 %
-4.1 %
-7.5 %
-6.3 %
Net loss from continuing operations
attributable to shareholders
(16,789)
(41,170)
(70,485)
(113,649)
Net margin of continuing operations to
shareholders
-2.4 %
-4.4 %
-5.0 %
-6.2 %
Net loss from continuing operations per
ADS[3], basic and diluted
(0.46)
(1.13)
(1.94)
(3.13)
Net profit/(loss) from continuing and
discontinued operations attributable to
shareholders
243,348
(81,592)
139,014
(190,465)
Net margin of continuing and
discontinued operations to shareholders
35.1 %
-8.7 %
9.8 %
-10.4 %
Earnings/(loss) from continuing and
discontinued operations per ADS[3],
basic and diluted
6.70
(2.25)
3.83
(5.24)
[1] Reference is made to announcements made by Lufax dated July 3, 2024 and July 30, 2024, upon the completion of the allotment and issuance of new Lufax shares under the Lufax Script Dividend Scheme described therein, Lufax will become an indirect non-wholly-owned subsidiary of Ping An Group and the financial results of Lufax Group will be consolidated into the consolidated financial statements of Ping An Group.
[2] Third-party customers refer to each customer with revenue contribution of less than 5% of the Company’s total revenue in the relevant period. These customers are a key focus of the Company’s diversification strategy.
[3] In RMB. Each ADS represents 30 ordinary shares.
Chairman, CEO and CFO Comments
Mr. Chongfeng Shen, Chairman of the Board and Chief Executive Officer, commented, “During the first half of 2024, we achieved encouraging results in overseas markets and improved our bottom-line despite the year-over-year decrease in revenue. Throughout this time, we focused on our strategic goal of achieving mid-term profitability by upgrading and integrating products, deepening customer engagement, and expanding our presence in overseas markets. Consequently, our high-value products, protected by high barriers to entry, gained broader appeal from customers, reflected in the 14.8% year-over-year increase in revenue from third-party overseas customers in our continuing operations during the first half of the year. We completed the disposal of our non-core virtual banking business to focus on our core businesses, and continued to implement disciplined expense control measures. As a result, we recorded net profit from continuing operations and discontinued operations during the first half of the year while further cost reductions continued to narrow our loss from continuing operations.”
“Despite our recent decision to gradually phase out the FinCloud business starting in July 2024, we maintain our strategic focus and will continue to empower the digital transformation of financial institutions and enterprises through our three main businesses: digital banking, digital insurance, and the Gamma platform. Leveraging our customer insights, industry expertise, and artificial intelligence technologies, we will further optimize our products, services, and solutions, and expand our premium-plus customer base. At the same time, we will explore broader overseas markets and expand our ecosystem to drive third-party revenue growth to ensure long-term healthy development.”
Mr. Yongtao Luo, Chief Financial Officer, commented, “Since the start of this year, our focus on improving resource and capital allocation efficiency has generated solid results. We completed the sale of our virtual banking business to refocus resources on our core businesses, resulting in a one-time gain recognized from the disposal in the amount of RMB260 million. This contributed to our net profit from continuing and discontinued operations attributable to shareholders of RMB139 million during the first half of the year, compared to a net loss of RMB190 million for the prior year period. Excluding gains from the sale of virtual banking business, net loss from continuing operations attributable to shareholders also narrowed significantly, falling 59.2% year-over-year and 68.7% sequentially during the second quarter, and 38.0% year-over-year to RMB70 million during the first half of the year. This significant narrowing of our losses from the continuing operation was primarily due to our ROI-oriented approach in managing expenses. In the first half of 2024, adjusted gross margin of continuing operations remained healthy at 39.4%, with operating expenses for continuing operations falling by 21.9% year-over-year. Looking ahead, we will leverage our ample cash position to drive research and development and accelerate innovation in the digital economy as we continue to implement disciplined cost control measures. We are confident this will enable us to grow our market share both domestically and internationally, ultimately achieving sustainable profitability.”
Revenue from Continuing Operations Breakdown
Three Months Ended
Six Months Ended
In RMB’000, except percentages
June 30
YoY
June 30
YoY
2024
2023
2024
2023
Implementation
168,627
233,089
-27.7 %
326,086
443,023
-26.4 %
Transaction-based and support revenue
Business origination services
9,940
32,081
-69.0 %
22,775
81,127
-71.9 %
Risk management services
61,031
72,574
-15.9 %
126,514
150,317
-15.8 %
Operation support services
131,329
249,040
-47.3 %
265,391
471,585
-43.7 %
Cloud services platform
289,109
322,373
-10.3 %
607,416
614,620
-1.2 %
Post-implementation support services
14,427
13,308
8.4 %
29,348
25,649
14.4 %
Others
18,036
16,694
8.0 %
38,239
46,664
-18.1 %
Sub-total for transaction-based and support
revenue
523,872
706,070
-25.8 %
1,089,683
1,389,962
-21.6 %
Total Revenue from Continuing Operations
692,499
939,159
-26.3 %
1,415,769
1,832,985
-22.8 %
Revenue from continuing operations in the second quarter of 2024 decreased by 26.3% to RMB692 million from RMB939 million during the same period last year, primarily due to strategic adjustments made to our revenue mix as we focus on high-value products. Implementation revenue decreased by 27.7% year-over-year to RMB169 million during the second quarter of 2024, mainly due to a decline in demand for implementation of financial services systems domestically. Revenue from business origination services decreased by 69.0% year-over-year to RMB10 million during the second quarter of 2024, primarily due to a decline in transaction volumes from loan origination systems under digital credit management solutions. Revenue from risk management services decreased by 15.9% year-over-year to RMB61 million during the second quarter of 2024, mainly due to a decline in transaction volumes from banking related risk analytic solutions. Revenue from operation support services decreased by 47.3% year-over-year to RMB131 million during the second quarter of 2024, primarily due to a shift in business model for a number of auto ecosystem service providers where we transitioned from acting as a contractor to a distributor. Revenue from cloud services platform decreased by 10.3% year-over-year to RMB289 million during the second quarter of 2024, primarily due to reduced demand of cloud services.
Three Months Ended
Six Months Ended
In RMB’000, except percentages
June 30
YoY
June 30
YoY
2024
2023
2024
2023
Digital Banking segment
100,279
235,332
-57.4 %
261,832
494,069
-47.0 %
Digital Insurance segment
127,091
190,587
-33.3 %
258,977
367,244
-29.5 %
Gamma Platform segment
465,129
513,240
-9.4 %
894,960
971,671
-7.9 %
Total Revenue from Continuing
Operations
692,499
939,159
-26.3 %
1,415,769
1,832,985
-22.8 %
Revenue from Gamma Platform segment in the second quarter of 2024 decreased by 9.4% to RMB465 million from RMB513 million during the same period last year, primarily due to reduced demand of cloud services. Revenue from Digital Banking segment decreased by 57.4% to RMB100 million in the second quarter of 2024 from RMB235 million during the same period last year, mainly due to a decline in transaction volumes from business origination and risk management services, reflecting our continuing effort to phase out lower-value products. Revenue from Digital Insurance segment decreased by 33.3% to RMB127 million in the second quarter of 2024 from RMB191 million during the same period last year, primarily due a shift in business model for a number of auto ecosystem service providers where we transitioned from acting as a contractor to a distributor.
Second Quarter 2024 Financial Results
Revenue from Continuing Operations
Revenue from continuing operations in the second quarter of 2024 decreased by 26.3% to RMB692 million from RMB939 million during the same period last year, primarily due to strategic adjustments made to our revenue mix as we focus on high-value products.
Cost of Revenue from Continuing Operations
Cost of revenue from continuing operations in the second quarter of 2024 decreased by 25.2% to RMB439 million from RMB587 million during the same period last year, in-line with the decrease in revenue.
Gross Profit from Continuing Operations
Gross profit from continuing operations in the second quarter of 2024 decreased to RMB253 million from RMB352 million during the same period last year. Gross margin of continuing operations declined slightly to 36.6%, compared to 37.5% in the prior year. Non-IFRS gross margin of continuing operations was 38.8%, compared to 40.0% in the prior year. For a reconciliation of the Company’s IFRS and non-IFRS gross margin, please refer to “Reconciliation of IFRS and Non-IFRS Results for continuing operations (Unaudited).”
Operating Loss and Expenses from Continuing Operations
Total operating expenses from continuing operations in the second quarter of 2024 decreased to RMB296 million from RMB402 million during the same period last year. As a percentage of revenue, total operating expenses from continuing operations decreased by 0.1ppt to 42.7% from 42.8% during the same period last year.
Research and Development expenses from continuing operations in the second quarter of 2024 decreased to RMB186 million from RMB252 million in the prior year, mainly due to a decrease in personnel costs and the ROI-oriented approach we are taking to manage research and development projects. As a percentage of revenue, research and development expenses from continuing operations slightly increased to 26.9% from 26.8% in the prior year.Sales and Marketing expenses from continuing operations in the second quarter of 2024 decreased to RMB44 million from RMB57 million in the prior year, mainly due to a decrease in personnel costs as we enhance sales efficiency and capabilities. As a percentage of revenue, sales and marketing expenses from continuing operations were 6.4%, compared to 6.1% in the prior year.General and Administrative expenses from continuing operations in the second quarter of 2024 decreased to RMB66 million from RMB93 million in the prior year. As a percentage of revenue, general and administrative expenses from continuing operations decreased to 9.5% from 9.9% during the same period last year, primarily due to a decrease in personnel costs.
Operating loss from continuing operations in the second quarter of 2024 increased slightly to RMB39 million from RMB38 million during the same period last year. Operating margin of continuing operations was -5.7%, compared to -4.1% in the prior year.
Net Loss from Continuing Operations Attributable to Shareholders
Net loss from continuing operations attributable to OneConnect’s shareholders in the second quarter of 2024 decreased by 59.2% to RMB17 million from RMB41 million during the same period last year. Net loss from continuing operations attributable to OneConnect’s shareholders per basic and diluted ADS decreased to RMB-0.46, compared to RMB-1.13 during the same period last year. Weighted average number of ordinary shares in the second quarter of 2024 was 1,089,589,125.
Net Profit from Continuing and Discontinued Operations Attributable to Shareholders
Net profit from continuing and discontinued operations attributable to OneConnect’s shareholders in the second quarter of 2024 was RMB243 million, compared to net loss of RMB82 million during the same period last year, which was primarily due to the gains derived from the disposal of virtual banking business. Earnings from continuing and discontinued operations attributable to OneConnect’s shareholders per basic and diluted ADS increased to RMB6.70, compared to RMB-2.25 during the same period last year. Weighted average number of ordinary shares in the second quarter of 2024 was 1,089,589,125.
Cash Flow
For the second quarter of 2024, net cash used in operating activities was RMB183 million, net cash generated from investing activities was RMB224 million of which RMB723 million was generated from the disposal of virtual banking business, and net cash used in financing activities was RMB29 million.
Conference Call Information
Date/Time
Friday, August 16, 2024 at 8:00 a.m., U.S. Eastern time
Friday, August 16, 2024 at 8:00 p.m., Hong Kong time
Online registration
https://www.netroadshow.com/events/login?show=1b2c1d6f&confId=69140
The financial results and an archived transcript will be available at OneConnect’s investor relations website at ir.ocft.com.
About OneConnect
OneConnect Financial Technology Co., Ltd. is a technology-as-a-service provider for financial services industry. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. The integrated solutions and platform the Company provides include digital banking solution, digital insurance solution and Gamma Platform, which is a technology infrastructural platform for financial institutions. The Company’s solutions enable its customers’ digital transformations, which help them improve efficiency, enhance service quality, and reduce costs and risks.
The Company has established long-term cooperation relationships with financial institutions to address their needs of digital transformation. The Company has also expanded its services to other participants in the value chain to support the digital transformation of financial services eco-system. In addition, the Company has successfully exported its technology solutions to overseas financial institutions.
For more information, please visit ir.ocft.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s limited operating history in the technology-as-a-service for financial institutions industry; its ability to achieve or sustain profitability; the tightening of laws, regulations or standards in the financial services industry; the Company’s ability to comply with the evolving regulatory requirements in the PRC and other jurisdictions where it operates; its ability to comply with existing or future laws and regulations related to data protection or data security; its ability to maintain and enlarge the customer base or strengthen customer engagement; its ability to maintain its relationship and engagement with Ping An Group and its related parties, which are its strategic partner, most important customer and largest supplier; its ability to compete effectively to serve China’s financial institutions; the effectiveness of its technologies, its ability to maintain and improve technology infrastructure and security measures; its ability to protect its intellectual property and proprietary rights; its ability to maintain or expand relationship with its business partners and the failure of its partners to perform in accordance with expectations; its ability to protect or promote its brand and reputation; its ability to timely implement and deploy its solutions; its ability to obtain additional capital when desired; litigation and negative publicity surrounding China-based companies listed in the U.S.; disruptions in the financial markets and business and economic conditions; the Company’s ability to pursue and achieve optimal results from acquisition or expansion opportunities; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Use of Unaudited Non-IFRS Financial Measures
The unaudited consolidated financial information is prepared in accordance with IFRS Accounting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) . Non-IFRS measures are used in gross profit and gross margin, adjusted to exclude non-cash items, which consist of amortization of intangible assets recognized in cost of revenue, depreciation of property and equipment recognized in cost of revenue, and share-based compensation expenses recognized in cost of revenue. OneConnect’s management regularly review non-IFRS gross profit and non-IFRS gross margin to assess the performance of our business. By excluding non-cash items, these financial metrics allow OneConnect’s management to evaluate the cash conversion of one dollar revenue on gross profit. OneConnect uses these non-IFRS financial measures to evaluate its ongoing operations and for internal planning and forecasting purposes. OneConnect believes that non-IFRS financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, facilitates period-to-period comparisons of results of operations, and assists in comparisons with other companies, many of which use similar financial information. OneConnect also believes that presentation of the non-IFRS financial measures provides useful information to its investors regarding its results of operations because it allows investors greater transparency to the information used by OneConnect’s management in its financial and operational decision making so that investors can see through the eyes of the OneConnect’s management regarding important financial metrics that the management uses to run the business as well as allowing investors to better understand OneConnect’s performance. However, non-IFRS financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly-titled non-IFRS measures used by other companies. In light of the foregoing limitations, you should not consider non-IFRS financial measure in isolation from or as an alternative to the financial measure prepared in accordance with IFRS. Whenever OneConnect uses a non-IFRS financial measure, a reconciliation is provided to the most closely applicable financial measure stated in accordance with IFRS. You are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures. For more information on non-IFRS financial measures, please see the table captioned “Reconciliation of IFRS and non-IFRS results (Unaudited)” set forth at the end of this press release.
Contacts
Investor Relations:
OCFT IR Team
OCFT_IR@ocft.com
Media Relations:
OCFT PR Team
pub_jryztppxcb@pingan.com.cn
ONECONNECT
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
June 30
Six Months Ended
June 30
2024
2023
2024
2023
RMB’000
RMB’000
RMB’000
RMB’000
Continuing operations
Revenue
692,499
939,159
1,415,769
1,832,985
Cost of revenue
(439,120)
(586,774)
(889,987)
(1,145,943)
Gross profit
253,379
352,385
525,782
687,042
Research and development expenses
(186,457)
(251,893)
(399,640)
(528,039)
Selling and marketing expenses
(44,068)
(56,828)
(92,568)
(116,030)
General and administrative expenses
(65,507)
(92,904)
(146,027)
(173,117)
Net impairment losses on financial and
contract assets
(9,543)
(8,739)
(23,233)
(32,804)
Other income, gains or loss–net
13,042
19,753
30,184
46,580
Operating loss
(39,154)
(38,226)
(105,502)
(116,368)
Finance income
19,346
5,726
29,686
11,516
Finance costs
(3,710)
(5,312)
(7,988)
(11,453)
Finance income – net
15,636
414
21,698
63
Share of gain of associate and joint venture –
net
–
–
–
7,157
Impairment charges on associate
–
–
–
(7,157)
Loss before income tax
(23,518)
(37,812)
(83,804)
(116,305)
Income tax benefit/(expense)
2,435
(7,274)
2,346
(5,402)
Loss from continuing operations
(21,083)
(45,086)
(81,458)
(121,707)
Profit/(loss) from discontinued operations
260,137
(40,422)
209,499
(76,816)
Profit/(loss) for the period
239,054
(85,508)
128,041
(198,523)
Profit/(loss) attributable to:
– Owners of the Company
243,348
(81,592)
139,014
(190,465)
– Non-controlling interests
(4,294)
(3,916)
(10,973)
(8,058)
239,054
(85,508)
128,041
(198,523)
Other comprehensive income/(loss), net of
tax:
Items that may be subsequently reclassified to
profit or loss
– Foreign currency translation differences
(3,979)
(1,660)
(2,645)
(4,863)
– Exchange differences on translation of
discontinued operations
–
33,884
177
22,233
– Changes in the fair value of debt instruments
measured at fair value through other
comprehensive income of discontinued
operations
–
4,781
6,056
1,057
– Disposal of subsidiaries
18,237
–
18,237
–
Item that will not be reclassified subsequently
to profit or loss
– Foreign currency translation differences
11,866
74,846
13,808
44,191
Other comprehensive income for the period,
net of tax
26,124
11,851
35,633
62,618
Total comprehensive income/(loss) for the
period
265,178
26,343
163,674
(135,905)
Total comprehensive income/(loss)
attributable to:
– Owners of the Company
269,472
30,259
174,647
(127,847)
– Non-controlling interests
(4,294)
(3,916)
(10,973)
(8,058)
265,178
26,343
163,674
(135,905)
Total comprehensive income/(loss)
attributable to owners of the Company
arises from:
– Continuing operations
9,335
32,016
(41,085)
(74,321)
– Discontinued operations
260,137
(1,757)
215,732
(53,526)
269,472
30,259
174,647
(127,847)
Loss from continuing operations per share
attributable to the owners of the Company
(expressed in RMB per share)
– Basic and diluted
(0.02)
(0.04)
(0.06)
(0.10)
Loss from continuing operations per ADS
attributable to the owners of the Company
(expressed in RMB per share)
– Basic and diluted
(0.46)
(1.13)
(1.94)
(3.13)
Earnings/(loss) per share attributable to the
owners of the Company
(expressed in RMB per share)
– Basic and diluted
0.23
(0.07)
0.13
(0.17)
Earnings/(loss) per ADS attributable to the
owners of the Company
(expressed in RMB per share)
– Basic and diluted
6.70
(2.25)
3.83
(5.24)
ONECONNECT
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30
December 31
2024
2023
RMB’000
RMB’000
ASSETS
Non–current assets
Property and equipment
65,832
85,076
Intangible assets
340,483
471,371
Deferred tax assets
768,398
768,276
Financial assets measured at fair value through
other comprehensive income
3,204
1,372,685
Restricted cash and time deposits over three
months
200
5,319
Prepayments and other receivables
6,962
6,663
Total non-current assets
1,185,079
2,709,390
Current assets
Trade receivables
930,258
710,669
Contract assets
79,941
95,825
Prepayments and other receivables
898,296
905,691
Financial assets measured at amortized cost from
virtual bank
–
3,081
Financial assets measured at fair value through
other comprehensive income
–
853,453
Financial assets measured at fair value through
profit or loss
640,431
925,204
Derivative financial assets
52,750
38,008
Restricted cash and time deposits over three
months
469,405
447,564
Cash and cash equivalents
1,438,886
1,379,473
Total current assets
4,509,967
5,358,968
Total assets
5,695,046
8,068,358
EQUITY AND LIABILITIES
EQUITY
Share capital
78
78
Shares held for share option scheme
(149,544)
(149,544)
Other reserves
11,027,689
10,989,851
Accumulated losses
(7,734,600)
(7,873,614)
Equity attributable to equity owners of the
Company
3,143,623
2,966,771
Non-controlling interests
(29,952)
(18,979)
Total equity
3,113,671
2,947,792
LIABILITIES
Non–current liabilities
Trade and other payables
14,379
28,283
Contract liabilities
12,901
17,126
Deferred tax liabilities
520
2,079
Total non–current liabilities
27,800
47,488
Current liabilities
Trade and other payables
2,008,719
1,981,288
Payroll and welfare payables
267,881
385,908
Contract liabilities
134,192
138,563
Short-term borrowings
142,783
251,732
Customer deposits
–
2,261,214
Other financial liabilities from virtual bank
–
54,373
Total current liabilities
2,553,575
5,073,078
Total liabilities
2,581,375
5,120,566
Total equity and liabilities
5,695,046
8,068,358
ONECONNECT
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
June 30
Six Months Ended
June 30
2024
2023
2024
2023
RMB’000
RMB’000
RMB’000
RMB’000
Net cash used in operating
activities
(182,757)
(19,650)
(297,993)
(632,914)
Net cash generated from/(used in)
investing activities
224,450
(108,947)
480,298
298,119
Net cash used in financing
activities
(28,821)
(44,480)
(129,792)
(88,901)
Net increase/(decrease) in cash and
cash equivalents
12,872
(173,077)
52,513
(423,696)
Cash and cash equivalents at the
beginning of the period
1,420,891
1,420,891
1,379,473
1,907,776
Effects of exchange rate changes
on cash and cash equivalents
5,123
46,159
6,900
35,433
Cash and cash equivalents at the
end of period
1,438,886
1,519,513
1,438,886
1,519,513
ONECONNECT
RECONCILIATION OF IFRS AND NON-IFRS RESULTS
FOR CONTINUING OPERATIONS
(Unaudited)
Three Months Ended
June 30
Six Months Ended
June 30
2024
2023
2024
2023
RMB’000
RMB’000
RMB’000
RMB’000
Gross profit from continuing operations
253,379
352,385
525,782
687,042
Gross margin of continuing operations
36.6 %
37.5 %
37.1 %
37.5 %
Non-IFRS adjustment
Amortization of intangible assets recognized in cost
of revenue
13,686
21,374
29,228
43,583
Depreciation of property and equipment recognized
in cost of revenue
1,056
1,469
2,208
2,823
Share-based compensation expenses recognized in
cost of revenue
334
894
562
1,330
Non-IFRS gross profit from continuing operations
268,455
376,122
557,780
734,778
Non-IFRS gross margin of continuing operations
38.8 %
40.0 %
39.4 %
40.1 %
View original content:https://www.prnewswire.com/news-releases/oneconnect-announces-second-quarter-and-first-half-2024-unaudited-financial-results-302224276.html
SOURCE OneConnect Financial Technology Co., Ltd.
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Technology
Stryker launches next generation of SurgiCount+ to help improve the standard of care in hospitals for sponge management and blood loss assessment
Published
18 seconds agoon
November 14, 2024By
PORTAGE, Mich., USA, Nov. 14, 2024 /PRNewswire/ — Stryker (NYSE:SYK), a global leader in medical technologies, announced its launch of the next generation of SurgiCount+ within its sponge management portfolio. Now integrated with Stryker’s Triton technology, SurgiCount+ addresses two key challenges: retained surgical sponges and blood loss assessment. Integrating these previously separate digital solutions provides the added benefit of a more efficient, streamlined workflow for hospitals.
Maternal mortality has been rising in the U.S. for decades,1 with approximately 50,000 cases of severe maternal morbidity occurring each year.2 Notably, 70% of pregnancy-related deaths due to hemorrhage are preventable.3 Stryker’s Triton software includes AI technology that can differentiate blood from other fluids and a Bluetooth scale that batch weighs blood-soaked items to help assess blood loss. This provides hospital staff with real-time information to help coordinate the clinical team’s hemorrhage response and make informed patient care decisions.
Surgical sponges continue to be the number one retained surgical item with 88% of retained surgical items occurring with a false correct count.4 For nurses trying to locate a missing sponge in the operating room (OR), that can take up to 10 minutes on average.5 Stryker’s SurgiCount+ software helps address these problems by featuring a wireless reader that counts, tracks and locates surgical sponges in the OR. RFID-tagged sponges enable unique identification, eliminating false-correct duplicate or unknown counts.
“We are committed to helping keep caregivers and patients safe from harm,” said Brandon Jominy, vice president and general manager of Stryker’s Surgical Technologies business. “Integrating our SurgiCount+ and Triton technologies on one platform will set a new industry standard for quantifying blood loss and continuing to help reduce retained surgical sponges in the OR.”
Additionally, recent studies show that nurse burnout is affecting more than half of all U.S. nurses.6 By integrating these two technologies into one solution, it provides additional benefits to hospitals and staff which includes:
Helping save time by standardizing clinical protocols for chartingSimplifying workflows and aggregating case data with backend dataHelping reduce manual data entry errors through real-time EMR integrationTracking and communicating patient information with one seamless workflow
For more information about Stryker’s SurgiCount+ integrated with Triton please visit safeor.com/products/surgicount-triton.
About Stryker
Stryker is a global leader in medical technologies and, together with its customers, is driven to make healthcare better. The company offers innovative products and services in MedSurg, Neurotechnology, Orthopaedics and Spine that help improve patient and healthcare outcomes. Alongside its customers around the world, Stryker impacts more than 150 million patients annually. More information is available at stryker.com.
Media contact
Beth Sizemore
Sr. Director, Strategic Communications
beth.sizemore@stryker.com
1. Hoyert DL. Maternal mortality rates in the United States, 2021. NCHS Health E-Stats. 2023. DOI: https://dx.doi.org/10.15620/cdc:124678
2. Callaghan, W.M., Creanga, A.A. and Kuklina, E.V. (2012) “Severe maternal morbidity among delivery and postpartum hospitalizations in the United States,” Obstetrics & Gynecology,120(5), pp. 1029–1036. doi:10.1097/aog.0b013e31826d60c5.
3. Building U.S. Capacity to Review and Prevent Maternal Deaths. (2018). Report from nine maternal mortality review committees. https://www.cdcfoundation.org/sites/default/files/files/ReportfromNineMMRCs.pdf
4. Gawande, A. A., Studdert, D. M., Orav, E. J., Brennan, T. A., & Zinner, M. J. (2003). Risk factors for retained instruments and sponges after surgery. The New England Journal of Medicine, 348(3), 229–235. https://doi.org/10.1056/NEJMsa021721
5. Double-blinded survey of 154 Operating Room Nurses from 154 different facilities across the United States. Data on file internally. Conducted August 2020.
6. Rotenstein, L.S., Brown, R., Sinsky, C. et al. The Association of Work Overload with Burnout and Intent to Leave the Job Across the Healthcare Workforce During COVID-19. J GEN INTERN MED 38, 1920–1927 (2023). https://doi.org/10.1007/s11606-023-08153-z
View original content to download multimedia:https://www.prnewswire.com/news-releases/stryker-launches-next-generation-of-surgicount-to-help-improve-the-standard-of-care-in-hospitals-for-sponge-management-and-blood-loss-assessment-302305698.html
SOURCE Stryker
Technology
14,000 Consumers Weigh In: Kearney Consumer Institute Releases Keeping Up with the Consumer – New Report Identifies Key Tension Points Informing Consumer Choices, Brand Selection, and What’s Behind “Unpredictable” Consumer Behavior
Published
19 seconds agoon
November 14, 2024By
Key Findings:
Brands are pumping out more choices than consumers need or want.Consumers streamline their needs spending to enable discretionary spend.Brands and retailers need to revert to EQ and great merchandising.
CHICAGO, Nov. 14, 2024 /PRNewswire/ — The Kearney Consumer Institute (KCI), an internal think tank of global strategy and management consultancy Kearney, today released a consumer research report that upends much of the conventional wisdom around brand proliferation, over-reliance on data, and consumer choices. Based on survey data from 14,000 consumers across the US, Europe, and APAC, Keeping Up with the Consumer examines buyers’ unpredictable, seemingly quixotic behaviors, identifies the underlying tension points that explain them, and concludes that brands are massively under-accounting for the human element that drives purchase decisions.
“Brands have more data than ever about consumer demographics, behavior, spending, and opinions. But we still often categorize consumer behavior as ‘unpredictable.’ To understand why, our research found three key consumer tensions that help explain this behavior,” notes KCI lead Katie Thomas. “As options and access grow, consumers’ lives are only getting more complicated. Sometimes we get lost in one side of a narrative, without realizing the strain it puts on consumers.” The research identified the following three friction points:
Options vs. overload: Consumers seem to expect a product that suits each type of skin, diet, or fitness need. Yet, in many major categories, most consumers believe there’s already plenty to choose from—if not too much.
Curation vs. control: Two out of three consumers say they like making all their decisions themselves. But it’s logical that consumers want (and need) some level of curation to make sense of all their options.
Facts vs. feelings: Consumers want to “do their own research” (and they trust themselves more than they trust brands and institutions), but have limited reserves of time, energy, and motivation.
Keeping Up with the Consumer explores consumer shifts since 2016, when the KCI released The Future Consumer. Then, brands were focusing on the power of influence, a socially driven approach centered on “authenticity.” However, as the “influence” approach became more common, it lost some appeal and started to feel less authentic. Meantime, dramatic changes to the consumer landscape—from COVID-19 to political unrest to the emergence of new social media and shopping platforms—helped consolidate this massive shift.
The research suggests that retailers and brands aren’t striking the right balance between facts versus feelings, curation versus control, and too many choices. Noted Thomas, “When retailers and brands balance the tension, applying emotional intelligence and great merchandising, they will better navigate the mindset of the future consumer to address their needs.”
“Here, we see the push–pull between consumers and brands,” Thomas says. “Sometimes brands should lead consumers forward; but sometimes, the better choice is following consumer behavior. The key is understanding the complex, nuanced, and sometimes unexpected tensions that will crop up next.”
Read the full report by clicking this link.
For more information, or to schedule an interview with Katie Thomas or receive a copy of the Keeping Up with the Consumer report, please contact:
MKPR/Meir Kahtan
+1 917-864-0800
mkahtan@rcn.com
About the Kearney Consumer Institute
The Kearney Consumer Institute (KCI) perspective. By leveraging consumer behavior data and insights, the KCI helps generate conversation, and ultimately action, around how to address consumer needs with meaningful benefits.
Using a consumer-first lens the KCI looks at today’s consumer revolution not by thinking about consumers, but by thinking like consumers. Our consumer-centric approach includes simple, precise, plain-language conversations on topics like trends, consumer communities, convenience, loyalty, service, fair pricing, and product development and technologies.
About Kearney
Kearney is a leading global management consulting firm. For nearly 100 years, we have been a trusted advisor to C-suites, government bodies, and nonprofit organizations. Our people make us who we are. Driven to be the difference between a big idea and making it happen, we work alongside our clients to regenerate their businesses to create a future that works for everyone. www.kearney.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/14-000-consumers-weigh-in-kearney-consumer-institute-releases-keeping-up-with-the-consumer–new-report-identifies-key-tension-points-informing-consumer-choices-brand-selection-and-whats-behind-unpredictable-consumer-behavio-302305115.html
SOURCE Kearney
Technology
GovInvest Reports Triple-Digit Quarterly Growth Fueled by New Customer Wins and Industry Recognition
Published
20 seconds agoon
November 14, 2024By
LOS ANGELES, Nov. 14, 2024 /PRNewswire/ — GovInvest, the pioneer of compensation analytics technology for government agencies, is celebrating a record third quarter in 2024, marked by significant new customer growth, regional expansion, and industry recognition. Over the past quarter (July-September 2024), GovInvest achieved an impressive 125% quarter-over-quarter increase driven by new client partnerships and strengthened relationships with existing customers through expanded solutions.
With its comprehensive suite of labor costing, budgeting, and compensation analytics solutions, GovInvest empowers public sector organizations to streamline operations, bridge the gap between HR and finance, and make smarter workforce decisions. By providing real-time, data-driven insights, the platform helps agencies attract top talent, optimize budgets, and improve employee satisfaction—critical advantages during today’s labor crisis.
Nationwide Customer Growth
Q3 2024 client wins and expansions included new deals in California, Georgia, Ohio, Rhode Island, Iowa, Texas, and Washington. These recent additions highlight GovInvest’s continued momentum in its core California market, where cities like San Bernardino, Beverly Hills, and San Marcos have deepened their use of GovInvest solutions. At the same time, the company is experiencing significant geographic growth, with new clients across diverse regions such as Georgia, Texas, and Washington, demonstrating its expanding national footprint and ability to address the labor costing and budgeting needs of government agencies nationwide.
“We’re excited to see such strong customer growth this past quarter in every geographic market, particularly in the southeast and pacific northwest,” said Michael Fryke, CEO of GovInvest. “This expansion underscores the trust that public sector agencies have in GovInvest’s ability to deliver powerful, data-driven solutions that address their labor costing and budgeting needs. We’re proud to partner with these organizations as they tackle today’s workforce challenges and plan for future success.”
Industry Recognition and Strategic Partnerships
GovInvest’s industry recognition further solidified its leadership in the government services sector. The company was named to the 2024 Inc. 5000 list, ranking 95th in the Government Services sector. This prestigious recognition honors the fastest-growing private companies in America and highlights GovInvest’s rapid growth even amid inflationary pressures and labor market challenges.
“We are deeply humbled by the opportunity to not only make the Inc. 5000 list but to have earned a position within the top 100 Government Services companies,” said Michael Fryke, CEO of GovInvest. “Our success is driven by the dedication of our customers and team, who work tirelessly to provide cutting-edge solutions to help governments make smarter, data-driven workforce decisions.”
In addition, GovInvest announced a strategic partnership with CPS HR Consulting, designed to deliver advanced, technology-driven solutions for compensation consulting. This collaboration further positions GovInvest as a leader in the government services sector, enhancing its value proposition for public sector agencies seeking smarter workforce strategies.
Strengthening Industry Ties
GovInvest’s involvement in key industry events continued to drive its momentum in Q3 2024, including being selected as a sponsor for the PSHRA (Public Sector HR Association) Annual Conference in September. GovInvest showcased its commitment to supporting human resource and public sector professionals with ongoing education and technological innovation.
Customer Webinars Resonating with Agencies
GovInvest’s client webinars also gained traction, with a particular focus on labor costing and workforce planning in the face of inflation and wage compression. The “Effective Labor Negotiations in an Era of Union Empowerment” webinar, featuring Chris Moses, Director of Human Resources for the City of Columbus, OH, provided public agencies with actionable insights into navigating today’s complex labor landscape with GovInvest’s tools. The session resonated with many participants, reinforcing GovInvest’s position as a thought leader in the government analytics space.
“With GovInvest, we’re able to show the unions exactly where we stand financially, making negotiations more transparent,” Moses said. “The trust that we’ve built through these accurate, real-time projections has been invaluable.”
Looking Ahead
As GovInvest looks ahead to continued growth, the company remains dedicated to providing the most advanced labor costing and compensation solutions for government agencies across the country. With a strong foundation of customer success and industry recognition, GovInvest is poised to drive further innovation and transformation in the public sector.
About GovInvest
Founded in 2014, GovInvest empowers over 1,000 public sector agencies nationwide to run their own labor, compensation, and benefits analysis at a fraction of the cost and time through powerful software solutions and hands-on consulting. With a commitment to transparency, efficiency, and equity, GovInvest empowers government leaders to make data-driven decisions, attract top talent, and enhance the effectiveness of their operations. To learn more, visit www.govinvest.com.
CONTACT: Christen Clegg, christen@govinvest.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/govinvest-reports-triple-digit-quarterly-growth-fueled-by-new-customer-wins-and-industry-recognition-302305754.html
SOURCE GovInvest
Stryker launches next generation of SurgiCount+ to help improve the standard of care in hospitals for sponge management and blood loss assessment
14,000 Consumers Weigh In: Kearney Consumer Institute Releases Keeping Up with the Consumer – New Report Identifies Key Tension Points Informing Consumer Choices, Brand Selection, and What’s Behind “Unpredictable” Consumer Behavior
GovInvest Reports Triple-Digit Quarterly Growth Fueled by New Customer Wins and Industry Recognition
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