OCFT (06638) announced its performance for the first three quarters, with a net profit attributable to shareholders of 110 million yuan, turning losses into profits year-on-year.

OCFT(06638) released its third quarter and nine-month results ending on September 30, 2024, with revenues of RMB 417 million in the three months ending on September 30, 2024; gross profit of RMB 137 million; and a net loss attributable to shareholders of RMB 29.51 million, a decrease of 67.54% year-on-year. In the nine months ending on September 30, 2024, the revenues were RMB 1.833 billion; gross profit was RMB 662 million; net profit attributable to shareholders was RMB 110 million, turning a loss into profit year-on-year; and earnings per share were RMB 0.1. Chairman and CEO Mr. Shen Chongfeng stated, "In a challenging macroeconomic environment, our third quarter revenue declined year-on-year, mainly due to the shrinking of cloud service platform revenue as part of our strategic termination. However, we are encouraged by the continued growth momentum in overseas markets. During this quarter, third-party overseas customer revenue increased by 23.4% year-on-year in the first three quarters of this year, reflecting the increasing recognition of our products and services by overseas customers. This is a result of our efforts in product upgrades, customer cultivation, innovative cooperation models, and overseas expansion. In addition, we achieved reduced losses year-on-year through effective cost control measures. Looking ahead, we will focus on enhancing product competitiveness with AI technology, seizing overseas market opportunities, improving operational efficiency, and advancing towards our mid-term profit goals." CFO Mr. Lin Rupo stated, "In the third quarter of 2024, our net loss attributable to shareholders from continuing operations decreased by 41.9% year-on-year. This improvement was attributed to our continued strict financial management, leading to a 47.8% year-on-year decrease in operating expenses of 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 delivering 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 business, and deepen cooperation with strategic and high-quality customers. We believe these strategic measures will drive our future development and create more value for customers and shareholders."