SHENZHEN, China, Aug. 21, 2025 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for the financial services industry in China, today announced its unaudited financial results for the six months ended June 30, 2025.
First Half 2025 Financial Highlights
-- Revenue from continuing operations[1] was RMB801 million, compared to
RMB1,416 million during the same period last year.
-- Gross margin of continuing operations was 26.1%, compared to 37.1% during
the same period last year.
-- Loss from continuing operations attributable to shareholders was RMB78
million, compared to RMB70 million during the same period last year. Net
margin of continuing operations to shareholders was -9.8%, compared to
-5.0% during the same period last year.
-- Loss from continuing operations per basic and diluted ADS was RMB-2.16,
compared to RMB-1.94 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 six months ended June 30, 2025 and for the comparative
period in 2024.
In RMB'000, except percentages Six Months Ended
and per ADS amounts June 30 YoY
2025 2024
Continuing operations
Revenue
Revenue from Ping An Group and Lufax([1]) 384,046 935,599 -59.0 %
Revenue from third-party customers 417,111 480,170 -13.1 %
Total 801,157 1,415,769 -43.4 %
Gross profit 209,161 525,782
Gross margin([3]) 26.1 % 37.1 %
Operating loss (105,691) (105,502)
Operating margin([3]) -13.2 % -7.5 %
Loss from continuing operations attributable to
shareholders (78,495) (70,485)
Net margin of continuing operations to
shareholders([3]) -9.8 % -5.0 %
Loss from continuing operations per ADS([2]) ,
basic and diluted (2.16) (1.94)
(Loss)/Profit from continuing and discontinued
operations attributable to shareholders (78,495) 139,014
Net margin of continuing and discontinued
operations to shareholders([3]) -9.8 % 9.8 %
(Loss)/Earnings from continuing and
discontinued operations per ADS, basic and
diluted (2.16) 3.83
[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 half year ended
June 30, 2024 was approximately RMB113 million.
[2] In RMB. Each ADS represents 30 ordinary shares.
[3] Gross margin is calculated as gross profit divided by total revenue from
continuing operations for the period. Operating margin is calculated as
operating loss divided by total revenue from continuing operations for the
period. Net margin to shareholders is calculated as the (loss)/profit
attributable to shareholders divided by total revenue from continuing
operations for the period.
Revenue from Continuing Operations Breakdown
Six Months Ended
In RMB'000, except percentages June 30 YoY
2025 2024
Implementation 291,417 326,086 -10.6 %
Transaction-based and support revenue
Business origination services 9,942 22,775 -56.3 %
Risk management services 105,785 126,514 -16.4 %
Operation support services 309,517 265,391 16.6 %
Cloud services platform 2,349 607,416 -99.6 %
Post-implementation support services 38,842 29,348 32.3 %
Others 43,305 38,239 13.2 %
Sub-total for transaction-based and support
revenue 509,740 1,089,683 -53.2 %
Total Revenue from Continuing Operations 801,157 1,415,769 -43.4 %
Revenue from continuing operations was RMB801 million in the first half of 2025, a decrease of 43.4% from RMB1,416 million during the same period last year, primarily due to a decrease of RMB605 million in revenue from cloud services platform. Implementation revenue was RMB291 million in the first half of 2025, a decrease of 10.6% from RMB326 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 RMB10 million in the first half of 2025, a decrease of 56.3% from RMB23 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 RMB106 million in the first half of 2025, a decrease of 16.4% from RMB127 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 RMB310 million in the first half of 2025, an increase of 16.6% from RMB265 million during the same period last year, primarily due to increased transaction volumes from insurance solutions. Revenue from cloud services platform was RMB2 million in the first half of 2025, a decrease of 99.6% from RMB607 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 RMB39 million in the first half of 2025, an increase of 32.3% from RMB29 million during the same period last year, primarily due to increased demand for our post-implementation support services from our overseas customers.
Six Months Ended
In RMB'000, except percentages June 30 YoY
2025 2024
Digital Banking segment 241,114 261,832 -7.9 %
Digital Insurance segment 287,866 258,977 11.2 %
Gamma Platform segment 272,177 894,960 -69.6 %
Total Revenue from Continuing Operations 801,157 1,415,769 -43.4 %
Revenue from Gamma Platform segment was RMB272 million in the first half of 2025, a decrease of 69.6% from RMB895 million during the same period last year, primarily due to the strategic phasing out of cloud services. Revenue from Digital Banking segment was RMB241 million in the first half of 2025, a decrease of 7.9% from RMB262 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 RMB288 million in the first half of 2025, an increase of 11.2% from RMB259 million during the same period last year, mainly due to an increased demand for digital property and casualty insurance solutions.
First Half 2025 Financial Results
Revenue from Continuing Operations
Revenue from continuing operations was RMB801 million in the first half of 2025, a decrease of 43.4% from RMB1,416 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 RMB592 million in the first half of 2025, a decrease of 33.5% from RMB890 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 RMB209 million in the first half of 2025, compared to RMB526 million during the same period last year. Gross margin of continuing operations was 26.1%, compared to 37.1% 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
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