May 21Classicdinocadillacs, Yizhuitong Financial Technology Co., Ltd. (Fanyitong, NYSE:OCFT;06638ClassicdinocadillacsAccording to the quarterly report of 2024 released by HK), the company continued to operate its business (excluding virtual banking data, the same below) in the first quarter of this year.Classicdinocadillacs.23 billion yuan, compared with 894 million yuan in the same period last year; the net loss of continuing business homing decreased by 25.9% to 54 million yuan, compared with 72 million yuan in the same period last year.

Financial one account said that continuing business revenue fell year-on-year, mainly due to lower revenue from transaction-based and support services. The decline in revenue reflects the company's decision to adopt a high-quality development strategy, focusing more on high-value products and reducing low-margin customized projects.

Based on this strategy, the gross profit margin of the financial account rose 0.3 percentage points year on year to 37.7% in the first quarter of this year, and the return net profit margin was-7.4%, 0.7 percentage points higher than that of the same period in 2023.

It is worth noting that on April 2, Financial one account completed the sale of virtual banking business to lufax, with a transaction consideration of HK $933 million. Therefore, in this financial report, Financial one account is adopted.ClassicdinocadillacsThe expressions such as "continuous business", "discontinued business" and so on.

Luo Yongtao, chief financial officer of Financial one account, said that in the future, while continuing to strictly implement cost control and improve operating efficiency, the company will enhance the competitiveness of its products and strive to develop quality + customers in order to achieve revenue growth, especially third-party income growth, achieve profit targets as soon as possible, and create more value for shareholders and customers.

As far as the source of income is concerned, in the first quarter of 2024, the three main sources of income of Financial one account are Ping an Group, lufax and third-party customers, with income of 422 million yuan, 58 million yuan and 243 million yuan respectively.

In recent years, Financial one account has continuously improved the product capacity and optimized the integration of solutions around the three major business sectors: digital banking, digital insurance and Gama platform. For example, the company's "Jinjiying AI Housing discount" solution, through business + AIGC empowering financial institutions, helps financial institutions create innovative products for housing loan deduction, so as to achieve diversification of customers, automation of approval, intelligent risk control and digital intelligence of operation. After the launch of an eastern bank project, the proportion of the bank housing loan online process reached 92%, the customer manager production capacity increased by 6 times, achieving an average approval of about 1 day, an average loan of about 3 days, and the growth of housing loan business increased rapidly.

Since the distribution of business in Southeast Asia in 2018, the overseas business of Financial one account has grown rapidly in recent years. In the first quarter of 2024, the company's contribution to overseas customer revenue rose 14.8 per cent from a year earlier, accounting for 20 per cent of third-party revenue (excluding virtual banking data).

Up to now, the financial one account service covers 20 countries and regions, including South Africa, Singapore, Thailand, Malaysia, Indonesia, the United Arab Emirates, the Philippines and Vietnam, and serves a total of 186 overseas financial institutions, including the top three regional banks in Southeast Asia and two of the top ten insurance companies in the world.