SHENZHEN, China, Aug. 21, 2025 /PRNewswire/ — OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE:OCFT), a leading technology-as-a-service provider for the financial services industry in China, today announced its unaudited financial results for the six months ended June 30, 2025.
First Half 2025 Financial Highlights
- Revenue from continuing operations[1] was RMB801 million, compared to RMB1,416 million during the same period last year.
- Gross margin of continuing operations was 26.1%, compared to 37.1% during the same period last year.
- Loss from continuing operations attributable to shareholders was RMB78 million, compared to RMB70 million during the same period last year. Net margin of continuing operations to shareholders was -9.8%, compared to -5.0% during the same period last year.
- Loss from continuing operations per basic and diluted ADS was RMB-2.16, compared to RMB-1.94 during the same period last year.
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[1] As previously reported, the Company completed the disposal of its virtual bank business (the “discontinued operations”) to Lufax Holding Ltd (“Lufax”) for a consideration of HK$933 million in cash on April 2, 2024. As a result of the disposal, the historical financial results of the Virtual Banking Business segment are now reflected as “discontinued operations” in the Company’s condensed consolidated financial information and the historical financial results of the remaining business of the Company are now reflected as “continuing operations” in the Company’s condensed consolidated financial information for the six months ended June 30, 2025 and for the comparative period in 2024. |
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In RMB’000, except percentages |
Six Months Ended June 30 |
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YoY |
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2025 |
2024 |
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Continuing operations |
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Revenue |
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Revenue from Ping An Group and Lufax[1] |
384,046 |
935,599 |
-59.0 % |
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Revenue from third-party customers |
417,111 |
480,170 |
-13.1 % |
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Total |
801,157 |
1,415,769 |
-43.4 % |
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Gross profit |
209,161 |
525,782 |
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Gross margin[3] |
26.1 % |
37.1 % |
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Operating loss |
(105,691) |
(105,502) |
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Operating margin[3] |
-13.2 % |
-7.5 % |
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Loss from continuing operations attributable to shareholders |
(78,495) |
(70,485) |
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Net margin of continuing operations to shareholders[3] |
-9.8 % |
-5.0 % |
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Loss from continuing operations per ADS[2], basic and diluted |
(2.16) |
(1.94) |
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(Loss)/Profit from continuing and discontinued operations attributable to shareholders |
(78,495) |
139,014 |
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Net margin of continuing and discontinued operations to shareholders[3] |
-9.8 % |
9.8 % |
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(Loss)/Earnings from continuing and discontinued operations per ADS, basic and diluted |
(2.16) |
3.83 |
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[1] Reference is made to the announcement made by Ping An Group on October 21, 2024. Lufax became a subsidiary of Ping An Group on July 30, 2024. Therefore, the Company’s revenue from Ping An Group shown in this table included revenue from Lufax since July 30, 2024. Revenue from Lufax for the half year ended June 30, 2024 was approximately RMB113 million. |
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[2] In RMB. Each ADS represents 30 ordinary shares. |
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[3] Gross margin is calculated as gross profit divided by total revenue from continuing operations for the period. Operating margin is calculated as operating loss divided by total revenue from continuing operations for the period. Net margin to shareholders is calculated as the (loss)/profit attributable to shareholders divided by total revenue from continuing operations for the period. |
Revenue from Continuing Operations Breakdown
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Six Months Ended |
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In RMB’000, except percentages |
June 30 |
YoY |
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2025 |
2024 |
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Implementation |
291,417 |
326,086 |
-10.6 % |
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Transaction-based and support revenue |
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Business origination services |
9,942 |
22,775 |
-56.3 % |
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Risk management services |
105,785 |
126,514 |
-16.4 % |
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Operation support services |
309,517 |
265,391 |
16.6 % |
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Cloud services platform |
2,349 |
607,416 |
-99.6 % |
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Post-implementation support services |
38,842 |
29,348 |
32.3 % |
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Others |
43,305 |
38,239 |
13.2 % |
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Sub-total for transaction-based and support revenue |
509,740 |
1,089,683 |
-53.2 % |
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Total Revenue from Continuing Operations |
801,157 |
1,415,769 |
-43.4 % |
Revenue from continuing operations was RMB801 million in the first half of 2025, a decrease of 43.4% from RMB1,416 million during the same period last year, primarily due to a decrease of RMB605 million in revenue from cloud services platform. Implementation revenue was RMB291 million in the first half of 2025, a decrease of 10.6% from RMB326 million during the same period last year, mainly due to a decrease in demand for implementation of financial services systems in China. Revenue from business origination services was RMB10 million in the first half of 2025, a decrease of 56.3% from RMB23 million during the same period last year, primarily due to a decrease in transaction volumes from loan origination systems under digital credit management solutions. Revenue from risk management services was RMB106 million in the first half of 2025, a decrease of 16.4% from RMB127 million during the same period last year, mainly due to a decrease in transaction volumes from banking related risk analytic solutions. Revenue from operation support services was RMB310 million in the first half of 2025, an increase of 16.6% from RMB265 million during the same period last year, primarily due to increased transaction volumes from insurance solutions. Revenue from cloud services platform was RMB2 million in the first half of 2025, a decrease of 99.6% from RMB607 million during the same period last year, primarily due to the strategic phasing out of the cloud services since July 2024, details of which were previously disclosed in our announcement dated July 11, 2024 regarding an update on our business operations. Revenue from post-implementation support services was RMB39 million in the first half of 2025, an increase of 32.3% from RMB29 million during the same period last year, primarily due to increased demand for our post-implementation support services from our overseas customers.
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Six Months Ended |
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In RMB’000, except percentages |
June 30 |
YoY |
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2025 |
2024 |
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Digital Banking segment |
241,114 |
261,832 |
-7.9 % |
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Digital Insurance segment |
287,866 |
258,977 |
11.2 % |
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Gamma Platform segment |
272,177 |
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