Zhixin Finance APP reported that oneconnect financial technology (06638) released its third quarter and nine-month performance as of September 30, 2024. For the three months ended September 30, 2024, revenue was 0.417 billion yuan (RMB, the same below); gross profit was 0.137 billion yuan; shareholders' attributable loss was 29.51 million yuan, a year-on-year decrease of 67.54%.

For the nine months ended September 30, 2024, revenue was 1.833 billion yuan; gross profit was 0.662 billion yuan; shareholders' attributable profit was 0.11 billion yuan, turning losses into profits year-on-year; earnings per share were 0.1 yuan.

Chairman and CEO Mr. Shen Chongfeng stated, "In a challenging macroeconomic environment, our third-quarter revenue experienced a year-on-year decline, mainly due to the contraction of cloud computing service platform revenue as its strategic termination progressed. Nevertheless, we are encouraged by the continued growth momentum in overseas markets. This quarter, third-party overseas customer revenue achieved a 23.4% year-on-year increase in the first three quarters of this year, reflecting increasing recognition of our products and services by overseas customers. This is the result of our commitment to product upgrade integration, customer cultivation, and innovative cooperation models and overseas expansion efforts. In addition, we achieved a year-on-year loss reduction through effective cost control measures. Looking ahead, we will focus on leveraging ai technology to enhance product competitiveness, seizing overseas market opportunities, improving operational efficiency, and moving towards our mid-term profitability goal."

Chief Financial Officer Mr. Lin Rupo stated, "In the third quarter of 2024, our net loss from continuing operations attributable to equity holders narrowed by 41.9% year-on-year. This improvement was attributed to our continued strict financial management, resulting in a 47.8% year-on-year decrease in operating expenses for continuing operations. This quarter, the gross margin of continuing operations was 32.7%, with an adjusted gross margin of 35.6%. In the future, we will focus on the delivery of more high-value products and increasing the standardization rate of products to enhance gross profit levels. At the same time, we will continue to optimize cost structures, expand overseas operations, and deepen cooperation with strategic and high-quality customers. We believe these strategic measures will drive our future development, creating more value for customers and shareholders."