Bairong Inc. announces unaudited interim financial results for H1 2023

Bairong Inc., a leading provider of artificial intelligence (AI) solutions, has unveiled its unaudited interim financial results for the first half of 2023. The company reported a staggering 121% increase in net profit compared to the previous period, with a net profit margin of 17%. Notably, revenue from generative AI, delivered through their BaaS (Business as a Service) division, experienced a remarkable growth of 55%. Overall, the company’s financial performance demonstrates steady progress, with gross profit reaching RMB 896.03 million and a gross profit margin of 72%. With operating profit jumping by 130% to RMB 211.73 million and a cash balance of RMB 2,756.67 million, Bairong Inc. has firmly positioned itself as a formidable player in the AI market.

Summary

Bairong Inc., a leading technology company, has released its unaudited interim financial results for the first half of 2023. The company has experienced remarkable growth in various areas, including net profit, revenue from generative AI, gross profit, operating profit, non-IFRS profit, and revenue from different sectors of its business. These impressive financial figures demonstrate the company’s strength and success in the market.

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Net Profit Increase

In the first half of 2023, Bairong Inc. witnessed a significant increase in net profit compared to the previous period. The net profit surged by an impressive 121%, reaching remarkable heights. This growth is a testament to the company’s ability to generate substantial profits and achieve financial success in its operations. The net profit margin, an important indicator of profitability, stood at an impressive 17%, solidifying the company’s position as a major player in the industry.

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Revenue from Generative AI

Bairong Inc. experienced a substantial growth of 55% in revenue from its generative AI sector. This revenue is generated through the company’s Business as a Service (BaaS) business model, which showcases the company’s innovation and expertise in the field of artificial intelligence. This remarkable growth in revenue highlights the demand for Bairong Inc.’s AI services and solutions, further solidifying its position as a leader in the industry.

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Gross Profit

The gross profit for Bairong Inc. in the first half of 2023 reached an impressive RMB 896.03 million, showcasing the company’s ability to generate substantial profits from its operations. The gross profit margin, a measure of profitability, stood at an exceptional 72%. This figure demonstrates the company’s efficiency in managing its costs and maximizing its profit potential. With such a high gross profit margin, Bairong Inc. showcases its ability to generate significant revenue while maintaining profitability.

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Operating Profit

Bairong Inc. experienced a remarkable surge in operating profit during the first half of 2023. Operating profit increased by an astounding 130%, reaching a total of RMB 211.73 million. This growth is indicative of the company’s ability to effectively manage its operations and generate substantial profits. The operating profit margin, a key indicator of operational efficiency, stood at an impressive 17%, further solidifying Bairong Inc.’s position as a leading technology company.

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Non-IFRS Profit

Bairong Inc. achieved a non-IFRS profit of RMB 226.85 million during the first half of 2023. This figure showcases the company’s ability to generate profits while excluding certain items, providing a clearer picture of its core business performance. The non-IFRS profit margin stood at a commendable 18%, reflecting the company’s ability to generate profits and sustain financial success.

Revenue from MaaS Business

The revenue generated from Bairong Inc.’s Mobility as a Service (MaaS) business experienced a notable increase of 24%. This growth demonstrates the company’s ability to provide innovative transportation solutions that meet the evolving needs of customers. The revenue reached an impressive RMB 431.13 million, further solidifying Bairong Inc.’s presence in the market and its potential for future growth in the MaaS sector.

Revenue from BaaS – Financial Scenario Business

Bairong Inc.’s BaaS – Financial Scenario business also witnessed significant growth during the first half of 2023. The revenue from this sector grew by an impressive 55%, reaching a total of RMB 492.10 million. This growth is a testament to the company’s ability to provide financial services through advanced technology solutions, catering to the needs of financial institutions and customers alike. The revenue generated further strengthens Bairong Inc.’s position as a leader in the financial technology sector.

Revenue from BaaS – Insurance Scenario Business

The revenue from Bairong Inc.’s BaaS – Insurance Scenario business experienced a growth rate of 14% during the first half of 2023. This growth highlights the company’s ability to provide innovative solutions to the insurance industry, catering to the evolving needs of insurance providers and customers. The revenue reached RMB 319.80 million, further solidifying Bairong Inc.’s presence in the insurance technology sector.

The Group’s Gross Margin

Throughout the first half of 2023, Bairong Inc. maintained a consistent gross margin of 72%. This figure demonstrates the company’s ability to effectively manage its costs and maintain profitability. With such a high gross margin, Bairong Inc. showcases its efficiency in generating revenue while optimizing its operating expenses.

The Group’s Profit for the Period

The Group’s profit for the period increased significantly from RMB 93.37 million to an impressive RMB 206.81 million during the first half of 2023. This notable increase in profit demonstrates the company’s ability to generate substantial earnings through its various business activities. The growth in profit further solidifies Bairong Inc.’s position as a financially successful and resilient organization.

Cash and Cash Equivalents

Bairong Inc. had cash and cash equivalents of RMB 2,756.67 million as of June 30, 2023. This significant amount of liquidity showcases the company’s financial strength and stability. With a substantial cash reserve, Bairong Inc. is well-positioned to pursue future growth opportunities and invest in innovative solutions to further enhance its market presence.

Conference Call

To discuss the unaudited interim financial results for the first half of 2023, Bairong Inc. will be hosting a conference call. This call will provide an opportunity for shareholders, investors, and industry experts to gain insights into the company’s financial performance, strategies, and future plans. The conference call is an essential platform for communication and transparency, further enhancing Bairong Inc.’s relationship with its stakeholders.

In conclusion, Bairong Inc.’s unaudited interim financial results for the first half of 2023 showcases the company’s remarkable growth and success in various areas. With increased net profit, substantial revenue growth from generative AI, impressive gross profit, operating profit, non-IFRS profit, and revenue from different sectors of its business, Bairong Inc. demonstrates its strength and expertise in the technology industry. As the company moves forward, it is well-positioned for continued success, further establishing itself as a leader in the market.

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