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    OneConnect Announces First Quarter 2025 Unaudited Financial Results

    5/28/25 6:30:00 AM ET
    $OCFT
    Computer Software: Programming Data Processing
    Technology
    Get the next $OCFT alert in real time by email

    SHENZHEN, China, May 28, 2025 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE:OCFT), a leading technology-as-a-service provider for the financial services industry in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Revenue from continuing operations[1] was RMB368 million, compared to RMB723 million during the same period last year.
    • Gross margin of continuing operations was 28.5%, compared to 37.7% during the same period last year.
    • Loss from continuing operations attributable to shareholders was RMB38 million, compared to RMB54 million during the same period last year. Net margin of continuing operations to shareholders was -10.4%, compared to -7.4% during the same period last year.
    • Loss from continuing operations per basic and diluted ADS was RMB-1.06, compared to RMB-1.48 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 are now reflected as "discontinued operations" in the Company's condensed consolidated financial information and the historical financial results of the remaining business of the Company are now reflected as "continuing operations" in the Company's condensed consolidated financial information for the first quarter ended March 31, 2025, and comparative information has been restated accordingly.

     

    In RMB'000, except percentages

    and per ADS amounts

    Three Months Ended

    March 31



    YoY



    2025

    2024











    Continuing operations







    Revenue







    Revenue from Ping An Group and

    Lufax[1]

    157,542

    480,052

    -67.2 %

    Revenue from third-party customers[2] 

    210,236

    243,218

    -13.6 %

    Total

    367,778

    723,270

    -49.2 %

    Gross profit

    104,914

    272,403



    Gross margin[4] 

    28.5 %

    37.7 %



    Operating loss

    (56,263)

    (66,348)



    Operating margin[4] 

    -15.3 %

    -9.2 %











    Loss from continuing operations

    attributable to shareholders

    (38,362)

    (53,696)



    Net margin of continuing operations to

    shareholders[4]

    -10.4 %

    -7.4 %



    Loss from continuing operations per

    ADS[3], basic and diluted

    (1.06)

    (1.48)



    Loss from continuing and discontinued

    operations attributable to shareholders

    (38,362)

    (104,334)



    Net margin of continuing and

    discontinued operations to shareholders[4] 

    -10.4 %

    -14.4 %



    Loss from continuing and discontinued

    operations per ADS, basic and diluted

    (1.06)

    (2.87)



     

    [1]  Reference is made to the announcement made by Ping An Group on October 21, 2024. Lufax became a subsidiary of Ping An Group on July 30, 2024. Therefore, the Company's revenue from Ping An Group shown in this table included revenue from Lufax since July 30, 2024. Revenue from Lufax for the quarter ended March 31, 2024 was approximately RMB58 million.

    [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.

    [4] Gross margin from is calculated as gross profit divided by total revenue for the period. Operating margin is calculated as operating profit/(loss) divided by total revenue for the period. Net margin to shareholders is calculated as the profit/(loss) attributable to shareholders divided by total revenue for the period.

    Revenue from Continuing Operations Breakdown



    Three Months Ended



    In RMB'000, except percentages

    March 31

    YoY



    2025

    2024











    Implementation

    142,952

    157,459

    -9.2 %

    Transaction-based and support revenue







     Business origination services

    5,237

    12,835

    -59.2 %

     Risk management services

    55,105

    65,483

    -15.8 %

     Operation support services

    121,708

    134,062

    -9.2 %

     Cloud services platform

    1,692

    318,307

    -99.5 %

     Post-implementation support services

    19,925

    14,921

    33.5 %

     Others

    21,159

    20,203

    4.7 %

     Sub-total for transaction-based and support

    revenue

    224,826

    565,811

    -60.3 %

    Total Revenue from Continuing Operations

    367,778

    723,270

    -49.2 %

    Revenue from continuing operations was RMB368 million in the first quarter of 2025, a decrease of 49.2% from RMB723 million during the same period last year, primarily due to a decrease of RMB317 million in revenue from cloud services platform. Implementation revenue was RMB143 million in the first quarter of 2025, a decrease of 9.2% from RMB157 million during the same period last year, mainly due to a decrease in demand for implementation of financial services systems in China. Revenue from business origination services was RMB5 million in the first quarter of 2025, a decrease of 59.2% from RMB13 million during the same period last year, primarily due to a decrease in transaction volumes from loan origination systems under digital credit management solutions. Revenue from risk management services was RMB55 million in the first quarter of 2025, a decrease of 15.8% from RMB65 million during the same period last year, mainly due to a decrease in transaction volumes from banking related risk analytic solutions. Revenue from operation support services was RMB122 million in the first quarter of 2025, a decrease of 9.2% from RMB134 million during the same period last year, primarily due to decreased revenue from AI customer service solution. Revenue from cloud services platform was RMB2 million in the first quarter of 2025, a decrease of 99.5% from RMB318 million during the same period last year, primarily due to the strategic phasing out of the cloud services since July 2024, details of which were previously disclosed in our announcement dated July 11, 2024 regarding an update on our business operations. Revenue from post-implementation support services was RMB20 million in the first quarter of 2025, an increase of 33.5% from RMB15 million during the same period last year, primarily due to increased demand for our post-implementation support services from our overseas customers.



    Three Months Ended



    In RMB'000, except percentages

    March 31

    YoY



    2025

    2024











    Digital Banking segment

    103,973

    161,553

    -35.6 %

    Digital Insurance segment

    142,601

    131,886

    8.1 %

    Gamma Platform segment

    121,204

    429,830

    -71.8 %

    Total Revenue from Continuing

    Operations

    367,778

    723,270

    -49.2 %

    Revenue from Gamma Platform segment was RMB121 million in the first quarter of 2025, a decrease of 71.8% from RMB430 million during the same period last year, primarily due to the strategic phasing out of cloud services. Revenue from Digital Banking segment was RMB104 million in the first quarter of 2025, a decrease of 35.6% from RMB162 million during the same period last year, mainly due to a decrease in transaction volumes from business origination and risk management services. Revenue from Digital Insurance segment was RMB143 million in the first quarter of 2025, an increase of 8.1% from RMB132 million during the same period last year, mainly due to an increased demand for digital property and casualty insurance solutions.

    First Quarter 2025 Financial Results

    Revenue from Continuing Operations

    Revenue from continuing operations was RMB368 million in the first quarter of 2025, a decrease of 49.2% from RMB723 million during the same period last year, primarily due to a decrease in revenue from cloud services platform.

    Cost of Revenue from Continuing Operations

    Cost of revenue from continuing operations was RMB263 million in the first quarter of 2025, a decrease of 41.7% from RMB451 million during the same period last year, which was mainly due to revenue decrease.

    Gross Profit from Continuing Operations

    Gross profit from continuing operations was RMB105 million in the first quarter of 2025, compared to RMB272 million during the same period last year. Gross margin of continuing operations was 28.5%, compared to 37.7% in the prior year. The decrease in gross margin of continuing operations was mainly due to reduction in economies of scale caused by the decrease in revenue.

    Operating Loss and Expenses from Continuing Operations

    Total operating expenses from continuing operations were RMB156 million in the first quarter of 2025, compared to RMB342 million during the same period last year. As a percentage of revenue, total operating expenses from continuing operations decreased by 5.0ppt to 42.3% from 47.3% during the same period last year.

    • Research and Development expenses from continuing operations were RMB62 million in the first quarter of 2025, compared to RMB213 million during the same period last year. The decline was mainly due to the Company's proactive adjustment of its business structure and its return on investment driven approach to manage research and development projects. As a percentage of revenue, research and development expenses from continuing operations decreased to 16.7% from 29.5% in the prior year.
    • Sales and Marketing expenses from continuing operations were RMB46 million in the first quarter of 2025, compared to RMB49 million during the same period last year. The decline was mainly due to a decrease in personnel costs and advertising expenses. As a percentage of revenue, sales and marketing expenses from continuing operations increased to 12.6% from 6.7% in the prior year.
    • General and Administrative expenses from continuing operations were RMB48 million in the first quarter of 2025, compared to RMB81 million during the same period last year. The decline was mainly due to a decrease in personnel costs. As a percentage of revenue, general and administrative expenses from continuing operations increased to 13.0% from 11.1% during the same period last year.

    Operating loss from continuing operations was RMB56 million in the first quarter of 2025, compared to RMB66 million during the same period last year. Operating margin of continuing operations was -15.3%, compared to -9.2% in the prior year.

    Loss from Continuing Operations Attributable to Shareholders

    Loss from continuing operations attributable to OneConnect's shareholders was RMB38 million in the first quarter of 2025, compared to RMB54 million during the same period last year. Loss from continuing operations attributable to OneConnect's shareholders per basic and diluted ADS was RMB-1.06, compared to RMB-1.48 during the same period last year. Weighted average number of ordinary shares in the first quarter of 2025 was 1,089,842,845.

    Cash Flow

    For the first quarter of 2025, net cash used in operating activities was RMB190 million, net cash used in investing activities was RMB825 million, and net cash used in financing activities was RMB6 million.

    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.  

    Contacts

    Investor Relations:

    OCFT IR Team

    [email protected] 

    Media Relations:

    OCFT PR Team

    [email protected] 

     

    ONECONNECT

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (Unaudited)





    Three Months Ended March 31



    2025

    2024



    RMB'000

    RMB'000

    Continuing operations





    Revenue

    367,778

    723,270

    Cost of revenue

    (262,864)

    (450,867)

    Gross profit

    104,914

    272,403

    Research and development expenses

    (61,570)

    (213,183)

    Selling and marketing expenses

    (46,485)

    (48,500)

    General and administrative expenses

    (47,685)

    (80,520)

    Net impairment losses on financial and contract

    assets

    (8,981)

    (13,690)

    Other income, gains or loss ‑ net

    3,544

    17,142

    Operating loss

    (56,263)

    (66,348)

    Finance income

    15,544

    10,340

    Finance costs

    (1,734)

    (4,278)

    Finance income - net

    13,810

    6,062

    Loss before income tax

    (42,453)

    (60,286)

    Income tax expense

    (641)

    (89)

    Loss for the period from continuing operations

    (43,094)

    (60,375)







    Discontinued operations





    Loss from discontinued operations (attributable

    to owners of the Company)

    -

    (50,638)

    Loss for the period

    (43,094)

    (111,013)







    Loss attributable to:





    - Owners of the Company

    (38,362)

    (104,334)

    - Non-controlling interests

    (4,732)

    (6,679)



    (43,094)

    (111,013)







    Loss attributable to owners of the Company

    arises from:





    - Continuing operations

    (38,362)

    (53,696)

    - Discontinued operations

    -

    (50,638)



    (38,362)

    (104,334)







    Other comprehensive (loss)/income, net of tax:





    Items that may be subsequently reclassified to

    profit or loss





    - Foreign currency translation differences of

    continuing operations

    (67)

    1,334

    - Exchange differences on translation of

    discontinued operations

    -

    177

    - Changes in the fair value of debt instruments

    measured at fair value through other

    comprehensive income of discontinued

    operations

    -

    6,056

    Item that will not be reclassified subsequently to

    profit or loss





    - Foreign currency translation differences

    (2,628)

    1,942







    Other comprehensive (loss)/income for the

    period, net of tax

    (2,695)

    9,509







    Total comprehensive loss for the period

    (45,789)

    (101,504)







    Loss per share for loss from continuing

    operations attributable to owners of the

    Company





    (expressed in RMB per share)





    - Basic and diluted

    (0.04)

    (0.05)

    Loss per ADS for loss from continuing operations

    attributable to owners of the Company





    (expressed in RMB per share)





    - Basic and diluted

    (1.06)

    (1.48)







    Loss per share for loss attributable to owners of

    the Company





    (expressed in RMB per share)





    - Basic and diluted

    (0.04)

    (0.10)

    Loss per ADS for loss attributable to owners of

    the Company





    (expressed in RMB per share)





    - Basic and diluted

    (1.06)

    (2.87)

     

    ONECONNECT

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited)





    March 31

    2025

    December

     31

    2024



    RMB'000

    RMB'000

    ASSETS





    Non‑current assets





    Property and equipment

    52,364

    43,895

    Intangible assets

    189,152

    195,636

    Deferred tax assets

    313,805

    313,805

    Restricted cash and time deposits over three

    months

    3,932

    -

    Prepayments and other receivables

    7,260

    6,506

    Trade receivables

    10,186

    10,106

    Total non-current assets

    576,699

    569,948







    Current assets





    Trade receivables

    504,110

    496,429

    Contract assets

    65,673

    63,420

    Prepayments and other receivables

    268,007

    342,221

    Financial assets measured at fair value

    through profit or loss

    877,059

    455,016

    Derivative financial assets

    797

    40,356

    Restricted cash and time deposits over three

    months

    490,428

    51,940

    Cash and cash equivalents

    924,955

    1,947,922

    Total current assets

    3,131,029

    3,397,304

    Total assets

    3,707,728

    3,967,252







    EQUITY AND LIABILITIES





    EQUITY





    Share capital

    78

    78

    Shares held for share option scheme

    (145,195)

    (149,544)

    Other reserves

    11,029,706

    11,041,209

    Accumulated losses

    (8,371,653)

    (8,333,291)

    Equity attributable to equity owners of the

    Company

    2,512,936

    2,558,452

    Non-controlling interests

    (59,241)

    (54,509)

    Total equity

    2,453,695

    2,503,943







    LIABILITIES





    Non‑current liabilities





    Trade and other payables

    17,669

    10,670

    Contract liabilities

    11,254

    12,946

    Total non‑current liabilities

    28,923

    23,616







    Current liabilities





    Trade and other payables

    890,467

    993,842

    Payroll and welfare payables

    201,981

    311,190

    Contract liabilities

    110,025

    115,501

    Short-term borrowings

    19,907

    19,160

    Derivative financial liabilities

    2,730

    -

    Total current liabilities

    1,225,110

    1,439,693







    Total liabilities

    1,254,033

    1,463,309







    Total equity and liabilities

    3,707,728

    3,967,252

     

    ONECONNECT

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)





    Three Months Ended March 31



    2025

    2024



    RMB'000

    RMB'000

    Net cash used in operating activities

    (189,795)

    (115,236)

    Net cash (used in)/generated from investing activities

    (824,942)

    255,848

    Net cash used in financing activities

    (5,646)

    (100,971)

    Net (decrease)/increase in cash and cash equivalents

    (1,020,383)

    39,641

    Cash and cash equivalents at the beginning of the period

    1,947,922

    1,379,473

    Effects of exchange rate changes on cash and cash

    equivalents

    (2,584)

    1,777

    Cash and cash equivalents at the end of period

    924,955

    1,420,891

     

    Cision View original content:https://www.prnewswire.com/news-releases/oneconnect-announces-first-quarter-2025-unaudited-financial-results-302466971.html

    SOURCE OneConnect Financial Technology Co., Ltd.

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      5/26/21 5:47:15 AM ET
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      2/2/21 4:30:00 PM ET
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      11/14/24 6:00:00 AM ET
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      Computer Software: Programming Data Processing
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      11/4/24 6:00:00 AM ET
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      8/16/24 6:00:00 AM ET
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    • Amendment: SEC Form SC 13G/A filed by OneConnect Financial Technology Co. Ltd.

      SC 13G/A - ONECONNECT FINANCIAL TECHNOLOGY CO., LTD. (0001780531) (Subject)

      11/5/24 6:13:28 AM ET
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    • SEC Form SC 13G/A filed by OneConnect Financial Technology Co. Ltd. (Amendment)

      SC 13G/A - ONECONNECT FINANCIAL TECHNOLOGY CO., LTD. (0001780531) (Subject)

      2/13/23 4:02:16 PM ET
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    • SEC Form SC 13G/A filed by OneConnect Financial Technology Co. Ltd. (Amendment)

      SC 13G/A - ONECONNECT FINANCIAL TECHNOLOGY CO., LTD. (0001780531) (Subject)

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