Connect with us

Finance

Bairong Inc. Announces 2024 Annual Financial Results

Published

on

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,

Advertisement

2024

2023

Change

(RMB in thousands, except percentages)

Revenue

Advertisement

2,929,267

2,680,915

9 %

Model as a service (“MaaS“)

932,473

Advertisement

891,248

5 %

Business as a service (“BaaS“)

1,996,794

1,789,667

Advertisement

12 %

BaaS – Financial Scenario

1,410,695

1,184,728

19 %

Advertisement

BaaS – Insurance Scenario

586,099

604,939

(3 %)

Gross profit

Advertisement

2,141,712

1,954,532

10 %

Operating profit

285,234

Advertisement

346,886

(18 %)

Profit for the period

266,029

335,259

Advertisement

(21 %)

Non-IFRS measures

Non-IFRS profit for the period

376,051

375,064

Advertisement

Non-IFRS EBITDA

486,176

463,782

5 %

Advertisement

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,

Advertisement

2024

2023

Change (%)

(unaudited)

(unaudited)

Advertisement

(RMB in thousands, except percentages)

Revenue from MaaS

932,473

891,248

5

Advertisement

Revenue from Key Clients(Note)

711,328

744,489

(4)

Number of Key Clients

Advertisement

211

213

(1)

Average revenue per Key Client

3,371

Advertisement

3,495

(4)

Retention rate of Key Clients

97 %

99 %

Advertisement

(2) pct

Note:Key Clients” are defined as paying clients that each contributes more than RMB300,000 total
revenue to the Company year-to-date.

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.

In 2024, our BaaS – Insurance Scenario reported revenue decrease by 3% year-over-year to RMB586.10 million. Total premiums increased by 63% year-over-year to RMB5,442.43 million, with first year premiums increasing by 86% year-over-year to RMB3,641.10 million and renewal premiums increasing by 31% year-over-year to RMB1,801.34 million. The persistency rate of life insurance premiums continued to exceed 90%, ranking among the top in the industry.

Advertisement

Key metrics of BaaS – Insurance Scenario

Year ended December 31,

2024

2023

Change (%)

Advertisement

(unaudited)

(unaudited)

(RMB in thousands, except percentages)

Revenue from BaaS – Insurance Scenario

586,099

Advertisement

604,939

(3)

Revenue from first year premiums

486,964

508,207

Advertisement

(4)

First year premiums

3,641,095

1,952,887

86

Advertisement

Revenue from renewal premiums

99,136

96,732

2

Renewal premiums

Advertisement

1,801,335

1,377,605

31

Cost of sales 

Our cost of sales increased by 8% from RMB726.38 million for the year ended December 31, 2023 to RMB787.56 million for the year ended December 31, 2024, in line with the growth of our business scale.

Advertisement

Gross profit and gross margin

As a result of the foregoing, the Group’s gross profit increased by 10% from RMB1,954.53 million for the year ended December 31, 2023 to RMB2,141.71 million for the year ended December 31, 2024. The Group’s gross margin were approximately 73% for both the year ended December 31, 2024 and 2023.

Research and development expenses

The Group’s research and development expenses increased by 34% from RMB378.79 million for the year ended December 31, 2023 to RMB509.29 million for the year ended December 31, 2024, primarily attributable to the increase in the staff costs of our research and development personnel to support product offerings and technology development about various AI application technology, algorithm-driven machine learning platform and underlying database performance. Research and development expenses as a percentage of revenue increased by 3pct to 17%.

General and administrative expenses

Advertisement

The Group’s general and administrative expenses increased by 26% from RMB259.28 million for the year ended December 31, 2023 to RMB327.72 million for the year ended December 31, 2024, primarily attributable to the increase in share-based compensation expenses from the grant of share options and restricted share units by the Company during the year ended December 31, 2024. General and administrative expenses as a percentage of revenue increased slightly by 1pct to 11%.

Sales and marketing expenses

Our sales and marketing expenses increased by 4% from RMB1,072.99 million for the year ended December 31, 2023 to RMB1,118.94 million for the year ended December 31, 2024, primarily due to an increase of RMB74.62 million of promotion, advertising, information technology services and other related expenses, which was mainly due to the increased branding and business promotion to enhance our brand recognition and our continuous efforts to obtain high-quality traffic to improve conversion efficiency. Sales and marketing expenses as a percentage of revenue decreased by 2pct to 38%.

Other income

Our other income decreased by 28% from RMB183.01 million for the year ended December 31, 2023 to RMB130.90 million for the year ended December 31, 2024. This is primarily due to a decrease of RMB37.00 million of government grants.

Advertisement

Profit for the year

As a result of the foregoing, the Group’s profit for the year decreased by 21% from RMB335.26 million for the year ended December 31, 2023 to RMB266.03 million for the year ended December 31, 2024.

Cash, cash equivalents and time deposits

The Group had cash and cash equivalents and time deposits of RMB3,176.39 million and RMB3,301.84 million as at December 31, 2024 and December 31, 2023, respectively.

Purchase, sale or redemption of the Company’s listed securities

Advertisement

During the Reporting Period, the Company repurchased a total of 25,490,000 Class B Shares on the Stock Exchange at an aggregate consideration (including transaction cost) of approximately HK$237.51 million including expenses. In addition, 10,331,500 Class B Shares were purchased by trustees of the Companys share award schemes on the market during the year ended December 31, 2024 to satisfy share awards to be vested in subsequent periods.

Conference Call

Our management will hold a conference call at 17:30p.m. Beijing / Hong Kong Time on Wednesday, March 26, 2025 to discuss the financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time.

Participant Online Registration:
https://webcast.roadshowchina.cn/b2hMVjJranVjWXRBMVR4R1ExcWIwdz09/meet

Advertisement

Dial-in details for the earnings conference call are as follows:

International: +86-23-62737100
Mainland China: 023-63623333/4008-063-263
HK China: +852-30183602/+800-961505

English Dial-in Password: 290534058
Chinese Dial-in Password: 297236054

Please scan the QR code in the poster below to register for the conference:

Bairong Invitation to the 2024 Annual Results Presentation

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.brgroup.com/earnings

Advertisement

About Bairong Inc.

Bairong Inc. is a leading artificial intelligence (AI) technology services company. The Company applies natural language processing (NLP), privacy computing, machine learning, cloud computing and other technologies to provide services to enterprises through model-as-a-service (MaaS) and business-as-a-service (BaaS). The MaaS services leverage discriminant AI to digitalize the know-your-customer (KYC) and know-your-product (KYP) process for enterprises, by analyzing users’ risk, willingness, and capability. The BaaS services use discriminant AI to analyze and stratify users into groups and develops generative AI-powered VoiceGPT using human natural languages to interact with users. The Company’s products and services are widely used by enterprise customers in banking, consumer finance, insurance, e-commerce, automobiles, logistics, ticketing, energy, construction and other industries.

For more information, please visit: http://ir.brgroup.com

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements. These forward-looking statements can be identified by terminologies such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and the negative of these words and other similar expressions or statements. Bairong may also make written or oral forward-looking statements in its periodic reports to the HKEx, in its annual and interim reports to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Bairong’s beliefs, plans, and expectations, are forward-looking statements. 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 statements, including but not limited to the following: Bairong’s strategies, future business development, and financial condition and results of operations; Bairong’s limited operating history; risks associated with the financial service industry, Bairong’s ability to develop and deliver services of high quality and appeal to clients; Bairong’s ability to generate positive cash flow and profits; Bairong’s ability to compete successfully; Bairong’s ability to build its brand and withstand negative publicity; and changes in client demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Bairong’s filings with the HKEX. All information provided in this press release is as of the date of this press release, and Bairong does not undertake any obligation to update any forward-looking statements, except as required under applicable laws.

Advertisement

For investor inquiries, please contact:
Bairong Inc.
Ms. Sandy Qin, CFA, CMA, FCG HKFCG
Email: ir@brgroup.com

For media inquiries, please contact:
Bairong Inc.
Email: brmarketing@brgroup.com

(PRNewsfoto/Bairong Inc)
(PRNewsfoto/Bairong Inc)
Cision
Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/bairong-inc-announces-2024-annual-financial-results-302411833.html

SOURCE Bairong Inc.

Finance

Homegrown Music Festival looks to right finances, hire new leadership

Published

on

Homegrown Music Festival looks to right finances, hire new leadership

DULUTH — The Duluth Homegrown Music Festival is seeking both new operational leadership and a solution to financial filing issues that caused the organization to lose its federal tax-exempt status, which it has not held since 2022.

The organization is currently operating as a taxable nonprofit, confirmed Don Ness, the former Duluth mayor who serves as president of Homegrown’s

board of directors.

Ness and the board are working to discern whether there might be any outstanding tax liabilities in the wake of an apparent filing lapse.

“It’s a serious matter that requires diligence to do things right, and to correct past oversight, and to make sure that we are in full compliance with all tax and regulatory requirements,” Ness said. “The board is 100% committed to that course of action.”

Advertisement

As the Duluth Monitor first reported, Homegrown had its federal tax-exempt status revoked in 2022 after failing to make required financial reports for three years. The Monitor also reported that Minnesota Attorney General Keith Ellison’s office has notified the organization it may be in violation of state law requiring the proper registration of soliciting charities.

Don Ness, executive director of the Ordean Foundation, speaks at Ordean East Middle School in 2025.

Clint Austin / Duluth Media Group file photo

“All but one of us have been on for less than a year,” Ness said of the current board members. “We’ve been committed to saying, ‘hey, we need to improve the points of accountability.’”

The organization will also require new operational leadership. Co-directors Cory Jezierski and Dereck Murphy-Williams resigned earlier this month, after leading Homegrown through four successful festivals.

Advertisement

“My contract ended at the end of May, and I knew a few days later that I did not want to continue in that position,” Jezierski said. “Simply put, it was the best thing for my mental health. It’s a job that requires many, many hours and a lot of work, and it can be very stressful as well.”

Person with long green hair stands outside a bar window
Onlookers stop and watch the band Damien outside of Blacklist Brewing during the 2023 Duluth Homegrown Music Festival.

Amy Arntson / Duluth Media Group file photo

Murphy-Williams did not respond to an interview request for this article, nor did preceding Homegrown director Melissa LaTour. According to LaTour’s

LinkedIn profile,

Advertisement

she was Homegrown director from 2016 to 2022.

Jason Beckman, a recent president who is no longer serving on the board, responded to a News Tribune email but did not provide an interview availability before this article went to press.

Ness does not believe the reporting lapses were due to any ill intent. He praised Jezierski and Murphy-Williams for their success managing festival operations. “They cared deeply about the festival,” he said. “It’s amazing to see that our community continues to support this really unique and special festival.”

“Those guys run a hell of a festival,” said Scott Lunt, festival founder and a current board member. “I think they needed help with bookkeeping.”

musician performs at music festival show
Scott Lunt performs with Father Hennepin at The West Theatre during the Homegrown Music Festival in 2024.

Clint Austin / Duluth Media Group file photo

Advertisement

By Jezierski’s account, issues with the festival’s tax status became apparent shortly after he became co-director. “We went to file taxes, they were rejected,” Jezierski said. “At that time we, of course, didn’t know why right away, but once we started pulling on that thread, we unraveled a whole lot of the problems that were going on.”

Jezierski said “it took a long time to try to get any sort of help” from the board, but said that by the time he and Murphy-Williams left the organization, “everything had been turned over to be reconciled” with a financial professional.

Ness, like Lunt, was deeply involved with Homegrown in its first decade but had not had an official role with the festival since then. After launching the festival in 1999 and running it on his own for several years, Lunt was “burnt out,” Ness remembered.

Light-skinned person wearing eyeglasses and vest gestures with arm while standing onstage near microphone. Light-skinned person playing guitar is visible in background, with enthusiastic fans at left.
Trevor Klueg of United Men Divide performs at Pizza Luce during the 2007 Duluth Homegrown Music Festival.

Derek Montgomery / Duluth Media Group file photo

Advertisement

After a transition period during which the festival was run in partnership with the Ripsaw newspaper, Homegrown established a nonprofit organization in 2006 with Ness as festival director. Ness subsequently stepped down when he was elected mayor in 2007.

By 2025, Ness was in his current position as executive director of the Ordean Foundation.

“I was approached by a couple of longtime music scenesters,” Ness recalled. “They said, ‘There are questions about (Homegrown’s) nonprofit status. There are questions about some governance issues. We’re concerned.’”

Ness agreed to join the board, and became president. The 2026 festival ran smoothly from an operational standpoint, but Ness found the financial reporting to be lacking.

Advertisement
music performances in arena during festival
Chicken-themed accessories were popular at Amsoil Arena during the 2026 Homegrown Music Festival. A chicken is the mascot of the festival.

Clint Austin / Duluth Media Group file photo

“The last board meeting that we had prior to the (co-directors’) resignations was intended to be an overview of the festival that was a month before,” Ness said. “I certainly felt very uncomfortable with how little financial information we were receiving.”

Lunt also joined the board in 2025, marking his first time serving in that capacity. He said the new board has been spending significant time addressing the accounting and reporting issues.

“Every year at Homegrown time I’m like, ‘I should get more involved,’ and then I don’t,” Lunt said. “Then this board thing came up, and it was kind of sold to me as, like, four meetings a year. I was like, ‘Oh, that’s perfect.’ And now we’re meeting weekly.”

Advertisement
Figures in gorilla and chicken suits dance on pavement on a sunny day, with an audience of children and adults looking on.
Guy the Gorilla dances with the Homegrown chicken at Homegrown’s Children’s Music Showcase at the Great Lakes Aquarium in Duluth in 2018.

Clint Austin / Duluth Media Group file photo

Although it’s unclear how the organization’s finances will look when the accounting and reporting issues have been fully addressed, along with any outstanding tax liabilities, both Ness and Lunt said they are confident the annual festival will continue without interruption.

“The organization will continue,” Ness said. “The festival will continue. Homegrown is in no danger in terms of its viability.” The financial documentation Ness initially received indicated budgeted revenues of about $140,000, against about $130,000 in expenses.

“Financially, I think we’re in a great spot. We have the money to hire the (financial) professionals, and we have (done so),” Lunt said. “We were hoping that we could get all this sorted out before it had to become more public.”

Advertisement

“We poured countless hours into this festival, and this is how it ends, with everyone talking about this,” Jezierski said. “It’s rough.”

“There’s a DIY ethos that is really at the core of Homegrown,” reflected Ness. “We’re throwing a music festival that isn’t waiting for some famous band from the East Coast to bless us with their presence. We are doing this on our own.”

music performances in arena during festival
Kaylee Matuszak, left, and Steve Solkela perform as Berserk Blondes at Amsoil Arena during the 2026 Duluth Homegrown Music Festival.

Clint Austin / Duluth Media Group file photo

That DIY spirit also means “you’re kind of passing wisdom down from person to person, and sometimes that’s imperfect.” Ness continued. “The ways that we do things evolve over time, because it’s not a buttoned-down corporate sort of thing. That can create its own set of challenges.”

Advertisement

“It’s self-supporting,” said Lunt about the festival. “It’s widely volunteer-run. You do need to pay a couple people, obviously, to keep track of some things, but it’s going to be strong into the future. It’s gone through its bumps before.”

Continue Reading

Finance

LUMIQ Raises Strategic Funding to Become the AI Decision Layer for Financial Services

Published

on

LUMIQ Raises Strategic Funding to Become the AI Decision Layer for Financial Services

While most AI in financial services remains advisory, LUMIQ has built the layer that owns the decision — autonomous, auditable AI agents making regulated calls in production at leading banks, insurers, and capital markets firms. Today, LUMIQ serves clients across India, the United States, and Southeast Asia — leading institutions across insurance, banking, and capital markets.

NEW YORK and SINGAPORE, June 19, 2026 /PRNewswire/ — LUMIQ, an AI-native financial services company, today announced a strategic funding round to scale auto-decisioning for financial institutions across the United States and Southeast Asia. The round was led by Bajaj Finserv, one of India’s largest and most diversified financial services groups, with participation from existing investor Info Edge Ventures.

LUMIQ raises Strategic Funding to become AI decision layer for financial services

Right now, thousands of customers are waiting for a policy to be issued, a loan to be disbursed, a claim to be adjudicated, because somewhere an FSI employee is drowning in decisions, held back by the risk of getting it wrong. Today, when e-commerce delivers the same day, banks and insurers still decide in weeks. We built LiteCone to take that burden: AI decides the routine cases, completely and accountably, so humans spend their judgment on the one case that actually needs it. This round lets us bring that to every financial institution in the markets that matter most.
Shoaib Mohammad, Co-founder and CEO, LUMIQ

From AI that assists to AI that decides

For decades, financial institutions have bought technology that made their people faster — faster data, faster scoring, faster copilots. The decision still landed on a human. LUMIQ is changing that. Through its LiteCone platform, the company deploys AI agents that read the file, apply the institution’s own guidelines, and reach the decision end to end — escalating only the cases that genuinely require human judgment. The output is not a recommendation. It is a decision, with full reasoning attached, cross-referenced to policy, and defensible under audit.

Advertisement

The results in production speak clearly. At a leading life insurer, LUMIQ’s LEO agent decides 75–80% of underwriting cases with zero human touch, reduced policy issuance cost by roughly 25%, and compressed turnaround from days to under eight minutes — running 24×7 with complete auditability. Across its client base spanning insurance, banking, and capital markets in India, the US, and Southeast Asia, LUMIQ now processes millions of decisions annually.

LiteCone turns a real financial-services role into a working AI agent in weeks. Every agent we deploy is consistent, explainable, compliant, and auditable by design — not as an afterthought. This capital lets us go deeper on the platform and broader across roles. And through our cloud and AI lab partnerships, institutions will increasingly find LiteCone already embedded in the platforms they run today.
Vaibhav Dobriyal, Co-founder and Chief Product Officer, LUMIQ

This round funds four priorities: expanding go-to-market in the US and Southeast Asia; deepening LiteCone’s decisioning capabilities; extending the agent workforce across more financial-services roles; and building a partnership ecosystem with cloud hyperscalers, AI labs, and core banking and insurance platforms so LiteCone is embedded where institutions already run.

LUMIQ’s investors backed the round for the same reason its customers adopt LiteCone: agents already deciding in production, with auditability and control built in.

Advertisement

As a financial-services group, we know how much rests on getting regulated decisions right, at speed and at scale. LUMIQ has built AI agents that decide in production with auditability and control built in, the capability the industry has been moving toward. We are proud to lead this round and to support the team’s expansion across the US and Southeast Asia.
Lakshmi Iyer, Group President – Investments & CEO, Bajaj Alternates

Our conviction is grounded in what LUMIQ has already built. Their AI agents aren’t just built for the future. They are operating in production today, at speed. This combination is rare, and its value will only compound as the company scales globally.
Girish Jhunjhunwala, Fund Manager – PE and VC Investments, Bajaj Alternates

Financial services is one of the hardest categories to crack — regulated, risk-averse, and unforgiving of hype. LUMIQ has put agentic AI into live financial-services workflows and earned the trust of large institutions across the US, Southeast Asia and India. That is how a category-defining company in financial-services AI gets built, and we are proud to keep backing the team as they scale globally.
Kitty Agarwal, Partner, Info Edge Ventures

LUMIQ’s goal is to lead one category: auto-decisioning at production scale for financial services. Agents that act, not assist, and never compromise audit, compliance, or predictability.

About LUMIQ
LUMIQ is an AI-native financial services company. Through its LiteCone platform and a growing workforce of production AI agents, LUMIQ turns real financial-services roles — insurance underwriter, credit underwriter, claims adjudicator — into agents that are consistent, explainable, compliant, and auditable. The company pairs deep domain expertise across banking, insurance, and capital markets with frontier AI. LUMIQ employs over 350 AI and data specialists, and has offices in New Jersey, Singapore, and Delhi NCR (India).

Advertisement

Web: www.lumiq.ai

Cision
Cision

View original content:https://www.prnewswire.com/apac/news-releases/lumiq-raises-strategic-funding-to-become-the-ai-decision-layer-for-financial-services-302805280.html

Continue Reading

Finance

Consumer confidence plunges among younger adults

Published

on

Consumer confidence plunges among younger adults

Consumer confidence has plunged among traditionally optimistic younger adults amid fears for their personal finances and the wider economy, figures show.

GfK’s long-running Consumer Confidence Index remained unchanged at an overall score of minus 23 in June.

However, the analyst said this was was “misleading as, beneath the surface, there are new signs that confidence is weakening”.

Source: GfK

Neil Bellamy, consumer insights director at GfK, said: “The biggest fall this month is among those aged 16 to 29, traditionally one of the most optimistic groups.

“Here confidence has dropped 11 points over the past month to minus two, the lowest level seen for two years, driven by large falls in views on both their own personal finances and the wider economy.

Advertisement

“More broadly, there are now no demographic groups with a positive confidence score, including higher-income households earning £50,000 or more, who have slipped back into negative territory as of June.

“Confidence remains subdued and vulnerable to further economic or political uncertainty.”

Sourve: GfK
Sourve: GfK

Overall, confidence in personal finances over the coming year remained flat at minus two, four points lower than this time last year.

The measures of both personal finances and the economy over the previous 12 months were both slightly down, by two points and three points respectively, “reflecting the sense that things have been extremely tough over the last year for so many”, GfK said.

The only measure to increase was expectations for the wider economy over the next 12 months, up two points to minus 36 but still eight points below this time last year.

The major purchase index, an indicator of confidence in buying big ticket items, remained at minus 20, four points lower than June last year.

Advertisement
Continue Reading
Advertisement

Trending