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.
Harmonization of the procedural framework for discussions
relating to the adaptation and strengthening
of the Casino Group’s financial structure
Paris, 15 May 2026
Further to the Group’s previous communications regarding the project to strengthen and adapt its financial structure, discussions are continuing with financial creditors across various entities within the Group.
As the formalization of a comprehensive agreement is facilitated by the existence of a uniform framework, the Group has applied to the President of the Paris Economic Activities Court for the opening of conciliation proceedings for the benefit of several of its companies1 for an initial period of four months, potentially extendable by one month. In this context, the appointment of SCP BTSG (Maître Marc Sénéchal) as conciliator is being considered for certain of these entities, while the appointment of SCP CBF Associés (Maître Lou Fréchard) is being sought as conciliator for Quatrim.
The Group will seek the consent of Quatrim’s high-yield bondholders for the opening of conciliation proceedings concerning Quatrim and Monoprix SAS, being respectively borrower and guarantor of these bonds.
These conciliation proceedings, which are consistent with those initiated early March2, only concern the financial debt of the companies involved and will have no impact on the Group’s relationships with its operating partners (in particular its suppliers) and employees. Operational activities will continue as normal, in line with the Group’s strategic priorities.
***
ANALYSTS AND INVESTORS CONTACTS
Charlotte IZABEL – cizabel@groupe-casino.fr – Tél: +33 (0)6 89 19 88 33
IR_Casino@groupe-casino.fr – Tél : +33 (0)1 53 65 24 17
PRESS CONTACTS
Casino Group – Communications Department
Stéphanie ABADIE – sabadie@groupe-casino.fr – Tél : +33 (0)6 26 27 37 05
directiondelacommunication@groupe-casino.fr – Tél : + 33(0)1 53 65 24 29
1 Casino Guichard Perrachon, Naturalia France, Monoprix SAS, Monop’ SAS, Samada, Aux Galeries de la Croisette, Monop’Station, O’Monoprix, OLogistique, C- Logistics, C-Technology, CLR, CLV, CShield, Cnova France, IGC Services, Cnova Pay, Casino Finance, Franprix Leader Price Holding and Quatrim
2 Press release dated 9 March 2026 : conciliation proceedings initiated for the benefit of Maas, Sédifrais, ExtenC, Monoprix Holding, Monoprix Exploitation, Distribution Franprix, Franprix-Leader Price Finances, Achats Marchandises Casino and Cdiscount
Attachment
Texas restaurant operators are continuing to face mounting financial pressure as rising food and fuel costs impact businesses across the state, according to the latest quarterly economic report from the Texas Restaurant Association.
The association’s 2026 first-quarter report shows that many restaurant owners are struggling to keep up with increased operating expenses while trying to avoid passing those full costs on to customers.
“You know, what we’re seeing a lot of in Texas from these quarterly economic reports that we do is that food costs continue to rise,” said Texas Restaurant Association Chief Marketing Officer Tony Abroscato. “We all know that it’s up 35% since the pandemic. And so that’s an impact on our restaurant.”
According to the report, 77% of restaurant operators reported increased costs of goods, while 66% said suppliers have added fuel surcharges as gas prices continue to climb.
“We’re seeing that 90% of consumers start to adjust their habits based upon rising gas prices,” said Tony Abroscato. “Then also those gas prices impact the cost of food because everything is trucked and shipped and a variety of different things.”
In addition to rising costs, labor shortages remain a major concern for restaurant owners. More than half of association members reported difficulties finding enough workers.
“You know, immigration is difficult and has had an impact on the restaurant industry, the farming industry, which again, then raises prices along the way,” said Abroscato.
Despite the financial challenges, the Texas Restaurant Association’s 2026 first-quarter report shows that Texas restaurants are only passing a portion of those increased costs on to customers while absorbing the rest through reduced profits.
Some restaurant owners have been making changes to adjust, like limiting menu items or even turning to QR code ordering, Abroscato said.
Copyright 2026 by KSAT – All rights reserved.
Finance
Household savings, income and finances in Spain: how did they fare in 2025 and what can we expect for 2026?
In 2025, GDI grew above the rate of average annual inflation (2.7%) and the growth in the number of households (1.3% according to the LFS), which allowed for a recovery in purchasing power. In this context, real household income has grown by 4.5% since before the pandemic, highlighting that households have continued to gain purchasing power in real terms.
The strong financial position of households is reflected not only in the high savings rate but also in their financial accounts. In this regard, households’ financial wealth continued to increase in 2025: their financial assets amounted to 3.4 trillion euros at the end of the year, versus 3.1 trillion at the end of 2024. This increase of 292 billion euros is broken down into a net acquisition of financial assets amounting to 95 billion, higher than the 21.5-billion average in the period 2015-2019, when interest rates were very low, and a revaluation effect of 194 billion. When breaking down the net acquisition of assets, we note that households invested 42 billion euros in equities and investment funds, just under 9.6 billion less than in deposits, while they disposed of debt securities worth 6 billion following the fall in interest rates.
On the other hand, households continued to deleverage in 2025, and by the end of the year their financial liabilities stood at 46.9% of GDP, compared to 47.8% in 2024, the lowest level since the end of 1998. This decline reflects the fact that, in 2025, households took advantage of the interest rate drop to prudently incur debt: net new borrowing amounted to 35 billion euros, representing an increase of 3.8%, which is lower than the nominal GDP growth of 5.8% and the GDI growth of 5.3%.
As a result of the increase in financial assets and the decrease in liabilities as a percentage of GDP, the net financial wealth of households recorded a notable increase of 7.3 points compared to 2024, reaching 156.8% of GDP.
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