Baiwang (6657) H2 2024 earnings summary

Executive summary

• Revenue fell to RMB659.2m in 2024 from RMB713.0m; net loss widened to RMB501.3m, largely due to non-cash fair-value losses on preferential-rights liabilities ahead of the IPO.

• Adjusted net loss was RMB116.0m; excluding RMB41.3m of strategic government-project investment costs, adjusted net loss was RMB74.7m, down 10.5% YoY.

• Strategic focus shifted toward Data Intelligence, AI-enabled products, government digital-transformation projects and overseas market exploration.

Financial highlights

• Revenue was RMB659.2m vs RMB713.0m in 2023; gross profit was RMB263.4m vs RMB282.0m.

• Operating loss narrowed to RMB202.8m from RMB305.1m; net loss widened to RMB501.3m from RMB359.3m.

• Adjusted net loss, excluding share-based payments, listing expenses and preferential-rights fair-value changes, was RMB116.0m vs RMB83.4m.

• Basic and diluted loss per share was RMB2.73 vs RMB2.56.

Outlook and guidance

• 2025 priorities include applying AI and data technologies to customer scenarios, developing intelligent-agent products and turning data into digital productivity.

• Planned initiatives include improving digital-invoice penetration and transaction value, expanding partner channels, lowering development and delivery costs, and growing risk-control products.

• Further plans target higher-value financial services, data-element products and overseas expansion in VAT markets across Southeast Asia, Africa, South America and the Middle East.