Gelonghui, May 21 | Financial One Account (06638.HK) announced that for the first quarter ended March 31, 2024, the company's continuous business revenue was RMB 723 million. The gross margin of continuous business increased 0.3 percentage points year-on-year to 37.7%, compared to 37.4% in the same period of the previous year. Net loss due to continuing operations decreased by 25.9% to RMB 54 million, compared to RMB 72 million in the same period of the previous year.

During this period, cloud service platform revenue increased 8.9% year over year to RMB 318 million, mainly due to increased cloud service transaction volume.

Chairman and CEO Mr. Shen Chongfeng said, “Since entering 2024, the company has continued to continuously optimize its product and customer structure under the strategic guidance of integrating two wings, and focus on its business focus to achieve high-quality development. The company continued to expand its overseas business and achieved strong growth. Third-party overseas customer revenue for our continuing business rose 14.8% year-on-year in the first quarter. At the same time, the company has achieved remarkable results in reducing costs and increasing efficiency, and the margin of loss continues to narrow.”

Mr. Shen Chongfeng further added, “Our innovative spirit in the ever-changing fintech industry, strengthening our self-research capabilities, and creating high-value, high-threshold products have been highly recognized by the industry. In the future, the company will closely focus on digital banking, digital insurance, and the Gama platform, continue to optimize the structure, upgrade services, and deeply cultivate overseas markets on the product side and client side, and use the unique advantages of “technology+business” to write big articles on digital finance to empower the development of new types of productivity in the financial industry.”

Chief Financial Officer Mr. Luo Yongtao said, “In the first quarter of 2024, the company continued to make steady progress towards profit goals. The gross margin of the company's continuing business in the first quarter was 37.7%, an increase of 0.3 percentage points over the previous year. Thanks to the results achieved by the company in reducing costs and increasing efficiency, the operating expenses of the company's continuing business decreased significantly by 17.7% year-on-year. Among them, with regard to R&D investment, we efficiently concentrate capital and manpower on high-quality products and projects through strategic allocation of resources. While maximizing the value of investment and output, we have optimized R&D expenses by 22.8% year-on-year. As a result, the net loss of our continuing business attributable to parent company owners fell 25.9% year over year. In the future, while continuing to strictly implement cost control and improve operating efficiency, we will enhance product competitiveness and strive to develop quality+ customers to achieve revenue growth, especially revenue from third parties, achieve profit goals as soon as possible, and create more value for shareholders and customers.”