Finance
Bairong Inc. Announces 2024 Annual Financial Results
Solid Revenue Growth Coupled with High Gross Profit Margin (73%) and Non-IFRS Profit (RMB 376 Million)
BEIJING, March 26, 2025 /PRNewswire/ — Bairong Inc. (the “Company”, “we” , “us” or “our” ; HKEX: 6608), a leading cloud-based AI turnkey service provider, today announced the consolidated results of the Company for the year ended December 31, 2024.
Mr. Zhang Shaofeng, our founder, chief executive officer and chairman of the Board, commented:
“As a leading cloud-based AI turnkey service provider, Bairong achieved revenue growth and sustained profitability in 2024 when the industry as a whole was weak. We also generated an operating cash flow of RMB 303 million in 2024, which fully demonstrates the resilience of our business. In terms of technology and products, our VoiceGPT continues to iterate rapidly, and at the same time, new products such as the digital human All – in – One Machine AvatarGPT and Cybotstar Agent Platform have been further implemented. In 2025, we will increase our investment in new businesses and new scenarios, especially in the two fields of Pan-financial AI and Pan-industry AI, so as to achieve a vertical and horizontal business layout supported by AGI.”
Financial Summary
|
Year ended December 31, |
|||
|
2024 |
2023 |
Change |
|
|
(RMB in thousands, except percentages) |
|||
|
Revenue |
2,929,267 |
2,680,915 |
9 % |
|
Model as a service (“MaaS“) |
932,473 |
891,248 |
5 % |
|
Business as a service (“BaaS“) |
1,996,794 |
1,789,667 |
12 % |
|
BaaS – Financial Scenario |
1,410,695 |
1,184,728 |
19 % |
|
BaaS – Insurance Scenario |
586,099 |
604,939 |
(3 %) |
|
Gross profit |
2,141,712 |
1,954,532 |
10 % |
|
Operating profit |
285,234 |
346,886 |
(18 %) |
|
Profit for the period |
266,029 |
335,259 |
(21 %) |
|
Non-IFRS measures |
|||
|
Non-IFRS profit for the period |
376,051 |
375,064 |
— |
|
Non-IFRS EBITDA |
486,176 |
463,782 |
5 % |
Revenue
Our total revenue increased by 9% from RMB2,680.92 million for the year ended December 31, 2023 to RMB2,929.27 million for the year ended December 31, 2024, primarily attributable to our enhanced capabilities of providing products and services despite a challenging macroeconomic and consumption environment.
For the year ended December 31, 2024, our MaaS business reported revenue of RMB932.47 million, representing an increase of 5% year-over-year. During the Reporting Period, the number of Key Clients reached 211, while average revenue per Key Client was RMB3.37 million. Our Key Client retention rate was 97%.
Key metrics of MaaS
|
Year ended December 31, |
|||
|
2024 |
2023 |
Change (%) |
|
|
(unaudited) |
(unaudited) |
||
|
(RMB in thousands, except percentages) |
|||
|
Revenue from MaaS |
932,473 |
891,248 |
5 |
|
Revenue from Key Clients(Note) |
711,328 |
744,489 |
(4) |
|
Number of Key Clients |
211 |
213 |
(1) |
|
Average revenue per Key Client |
3,371 |
3,495 |
(4) |
|
Retention rate of Key Clients |
97 % |
99 % |
(2) pct |
|
Note:“Key Clients” are defined as paying clients that each contributes more than RMB300,000 total |
|||
In 2024, our BaaS – Financial Scenario business reported revenue of RMB1,410.70 million, representing a year-over-year increase of 19% from RMB1,184.73 million for the year ended December 31, 2023. During the Reporting Period, we maintained growth against the industry’s downturn, with our brand gaining increasing recognition from more and more partners. A significant number of institutions prioritize choosing us as their partner of choice, indicating that the brand effect has been established.
The Blueprint
- 2025 tariffs lifted U.S. import taxes to nearly 17%, generating $30B/month.
- Framework deals struck with EU, UK, Japan, South Korea, Vietnam; China deal remains unresolved.
- U.S. economy rebounded despite early contraction; AI investments and consumer spending helped growth.
- Key 2026 developments include Supreme Court rulings, U.S.-China talks, and NAFTA review.
President Donald Trump’s return to the White House in 2025 kicked off a frenetic year for global trade, with waves of tariffs on U.S. trading partners that lifted import taxes to their highest since the Great Depression, roiled financial markets and sparked rounds of negotiations over trade and investment deals.
His trade policies — and the global reaction to them — will remain front and center in 2026, but face some hefty challenges.
What happened in 2025
Trump’s moves, aimed broadly at reviving a declining manufacturing base, lifted the average tariff rate to nearly 17% from less than 3% at the end of 2024, according to Yale Budget Lab, and the levies are now generating roughly $30 billion a month of revenue for the U.S. Treasury.
They brought world leaders scrambling to Washington seeking deals for lower rates, often in return for pledges of billions of dollars in U.S. investments. Framework deals were struck with a host of major trading partners, including the European Union, the United Kingdom, Switzerland, Japan, South Korea, Vietnam and others, but notably a final agreement with China remains on the undone list despite multiple rounds of talks and a face-to-face meeting between Trump and Chinese leader Xi Jinping.
The EU was criticized by many for its deal for a 15% tariff on its exports and a vague commitment to big U.S. investments. France’s prime minister at the time, Francois Bayrou, called it an act of submission and a “sombre day” for the bloc. Others shrugged that it was the “least bad” deal on offer.
Since then, European exporters and economies have broadly coped with the new tariff rate, thanks to various exemptions and their ability to find markets elsewhere. French bank Societe Generale estimated the total direct impact of the tariffs was equivalent to just 0.37% of the region’s GDP.
Meanwhile, China’s trade surplus defied Trump’s tariffs to surpass $1 trillion as it succeeded in diversifying away from the U.S., moved its manufacturing sector up the value chain, and used the leverage it has gained in rare earth minerals — crucial inputs into the West’s security scaffolding — to push back against pressure from the U.S. or Europe to curb its surplus.
What notably did not happen was the economic calamity and high inflation that legions of economists predicted would unfold from Trump’s tariffs.
The U.S. economy suffered a modest contraction in the first quarter amid a scramble to import goods before tariffs took effect, but quickly rebounded and continues to grow at an above-trend pace thanks to a massive artificial intelligence investment boom and resilient consumer spending. The International Monetary Fund, in fact, twice lifted its global growth outlook in the months following Trump’s “Liberation Day” tariffs announcement in April as uncertainty ebbed and deals were struck to reduce the originally announced rates.
And while U.S. inflation remains somewhat elevated in part because of tariffs, economists and policymakers now expect the effects to be more mild and short-lived than feared, with cost sharing of the import taxes occurring across the supply chain among producers, importers, retailers and consumers.
What to look for in 2026 and why it matters
A big unknown for 2026 is whether many of Trump’s tariffs are allowed to stand. A challenge to the novel legal premise for what he branded as “reciprocal” tariffs on goods from individual countries and for levies imposed on China, Canada and Mexico tied to the flow of fentanyl into the U.S. was argued before the U.S. Supreme Court in late 2025, and a decision is expected in early 2026.
The Trump administration insists it can shift to other, more-established legal authorities to keep tariffs in place should it lose. But those are more cumbersome and often limited in scope, so a loss at the high court for the administration might prompt renegotiations of the deals struck so far or usher in a new era of uncertainty about where the tariffs will end up.
Arguably just as important for Europe is what is happening with its trading relationship with China, for years a reliable destination for its exporters. The depreciation of the yuan and the gradual move up the value chain for Chinese companies have helped China’s exporters. Europe’s companies meanwhile have struggled to make further inroads into the slowing domestic Chinese market. One of the key questions for 2026 is whether Europe finally uses tariffs or other measures to address what some of its officials are starting to call the “imbalances” in the China-EU trading ties.
Efforts to finally cement a U.S.-China deal loom large as well. A shaky detente reached in this year’s talks will expire in the second half of 2026, and Trump and Xi are tentatively set to meet twice over the course of the year.
And lastly, the free trade deal with the two largest U.S. trading partners — Canada and Mexico — is up for review in 2026 amid uncertainty over whether Trump will let the pact expire or try to retool it more to his liking.
What analysts are saying:
“It seems like the administration is rowing back on its harshest stance on tariffs in order to mitigate some of the inflation/pricing issues,” Chris Iggo, chief investment officer for Core Investments and chair of the Investment Institute at AXA Investment Managers, said on a 2026 outlook call. “So less of a concern to markets. Could be marginally helpful to the inflation outlook if tariffs are reduced or at least not further increased.”
Ahead of midterm elections later in the year, “a confrontational trade war with China would not be great — a deal would be politically and economically better for the U.S. outlook,” he said.
Finance
Jack in the Box shut down more than 70 stores, expecting more to close amid financial struggle
Jack in the Box plans to close dozens of restaurants by the end of the year in an effort to cut costs and boost revenue.
The franchise said earlier this year it would shutter between 150 and 200 underperforming stores by 2026, including 80–120 by the end of this year, under a block closure program.
In May, Jack In The Box said it had closed 12 locations, which was followed by another 13 closures by August and 47 more reported in the company’s November earnings, according to the Daily Mail.
This brings the total to 72, which remains short of the company’s year-end goal with a week to go.
The company hopes the closures will improve its financial performance because stores are seeing fewer customers, beef prices are rising, and the company is carrying significantly more debt than it generates in annual earnings.
It reported a net loss of $80.7 million for the full fiscal year that ended in September. The franchise also reported that sales fell 7.4% in the fourth quarter of fiscal 2025, reflecting a year-over-year drop compared to the same quarter in 2024 and marking the second consecutive quarter with a dip of more than 7%.
“In my time thus far as CEO, I have worked quickly with our teams to conclude that Jack in the Box operates at its best and maximizes shareholder return potential, within a simplified and asset-light business model,” CEO Lance Tucker said in April.
“Our actions today focus on three main areas: Addressing our balance sheet to accelerate cash flow and pay down debt, while preserving growth-oriented capital investments related to technology and restaurant reimage; closing underperforming restaurants to position ourselves for consistent net unit growth and competitive unit economics; and, an overall return to simplicity for the Jack in the Box business model and investor story.”
The company also announced this week that it has completed the sale of Del Taco to Yadav Enterprises for about $119 million as part of its turnaround plan.
Jack in the Box operates roughly 2,200 restaurants in the U.S., with most in California, Texas and Arizona.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/shawmedia/6DU2AQZK7VH37JJYSRR6524XHY.jpg?ssl=1 "Extension offers farm finance guidance amid low profits")
University of Illinois Extension is guiding to help farmers understand their financial condition through balance sheet analysis as the Midwest agriculture sector faces another year of low profits.
A market-value balance sheet provides a snapshot of a farm’s financial condition by comparing current asset values to liabilities owed, according to Kevin Brooks, Extension educator in Havana.
Lenders use a traffic light system to evaluate farm financial health based on debt-to-asset ratios. Farms with debt ratios of 30% or less are considered financially strong, while ratios between 30% and 60% signal caution and may result in higher interest rates.
“A debt-to-asset ratio of more than 60% will make it challenging to secure a loan through traditional lenders,” Brooks said. Farms in this category may need to work with the Farm Service Agency as a lender of last resort.
Lenders also examine current ratios, calculated by dividing current assets by current liabilities. A ratio of at least 2.0 is considered strong, meaning the farm has $2 to pay each $1 of current debt.
Working capital provides another critical measure, representing the cash cushion farms have above expenses. Lenders typically require a 30% to 40% cushion to cover unexpected challenges.
Brooks emphasized the importance of honest financial reporting and maintaining strong lender relationships, especially during challenging economic conditions.
“Falsifying information on the balance sheet is a criminal offense,” he said. “Farmers have been convicted and imprisoned for bank fraud.”
Brooks advised farmers to keep lenders informed about purchase and debt plans, use realistic asset values and ensure balance sheets are consistent across all lenders.
For more information, contact Brooks at kwbrooks@illinois.edu or visit the Extension Farm Coach blog.
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