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Segment information and revenue | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment information and revenue |
Segment information and revenue | 5 Segment information and revenue 5.1 Description of segments and principal activities The chief operating decision-makers and management personnel review the Group’s internal reporting in order to assess performance, allocate resources, and determine the operating segments based on these reports. The Group has the following reportable segments for the year ended December 31, 2022: – Technology Solution – Virtual Bank Business ​ 5 Segment information and revenue (Continued) 5.1 Description of segments and principal activities (Continued) As the Group’s assets and liabilities are substantially located in the PRC, substantially all revenues are earned and substantially all expenses incurred in the PRC, no geographical segments are presented. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | Intersegment | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | eliminations | ​ | ​
​ | ​ | Virtual Bank | ​ | Technology | ​ | and | ​ | ​
​ | ​ | Business | ​ | Solutions | ​ | adjustments | ​ | Consolidated
​ |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue |  | 3,177 |  | 3,353,903 |  | (44,790) |  | 3,312,290
Cost of revenue |  | (20,953) |  | (2,092,671) |  | 44,790 |  | (2,068,834)
Gross profit |  | (17,776) |  | 1,261,232 |  | — |  | 1,243,456
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expenses |  | (27,395) |  | (1,145,895) |  | — |  | (1,173,290)
Selling and marketing expenses |  | (18,622) |  | (610,866) |  | — |  | (629,488)
General and administrative expenses |  | (106,291) |  | (728,626) |  | — |  | (834,917)
Net impairment losses on financial and contract assets |  | (712) |  | (133,807) |  | — |  | (134,519)
Other income, gains or loss-net |  | 7,440 |  | 50,992 |  | — |  | 58,432
Operating loss |  | (163,356) |  | (1,306,970) |  | — |  | (1,470,326)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance income |  | — |  | 77,237 |  | — |  | 77,237
Finance costs |  | (546) |  | (149,817) |  | — |  | (150,363)
Finance costs – net |  | (546) |  | (72,580) |  | — |  | (73,126)
Share of losses of associate and joint venture |  | — |  | (7,802) |  | — |  | (7,802)
Loss before income tax |  | (163,902) |  | (1,387,352) |  | — |  | (1,551,254)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ASSETS |  |  |  |  |  |  |  |
Segment Assets |  | 1,026,918 |  | 9,822,814 |  | (818,197) |  | 10,031,535
Goodwill |  | — |  | 289,161 |  | — |  | 289,161
Deferred income tax assets |  | — |  | 564,562 |  | — |  | 564,562
Total assets |  | 1,026,918 |  | 10,676,537 |  | (818,197) |  | 10,885,258
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  |  |  |  |  |  |  |
Segment Liabilities |  | 511,105 |  | 5,129,511 |  | (60,721) |  | 5,579,895
Deferred income tax liabilities |  | — |  | 20,080 |  | — |  | 20,080
Total Liabilities |  | 511,105 |  | 5,149,591 |  | (60,721) |  | 5,599,975
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other segment information |  |  |  |  |  |  |  |
Depreciation of property and equipment |  | 8,273 |  | 130,258 |  | — |  | 138,531
Amortization of intangible assets |  | 10,720 |  | 271,977 |  | — |  | 282,697
Additions of non-current assets except for goodwill and deferred income tax assets |  | 63,997 |  | 239,829 |  | — |  | 303,826
​ ​ 5 Segment information and revenue (Continued) 5.1 Description of segments and principal activities (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | Intersegment | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | eliminations | ​ | ​
​ | ​ | Virtual Bank | ​ | Technology | ​ | and | ​ | ​
​ | ​ | Business | ​ | Solutions | ​ | adjustments | ​ | Consolidated
​ |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue |  | 34,320 |  | 4,098,734 |  | (697) |  | 4,132,357
Cost of revenue |  | (37,748) |  | (2,658,655) |  | 697 |  | (2,695,706)
Gross profit |  | (3,428) |  | 1,440,079 |  | — |  | 1,436,651
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expenses |  | (33,192) |  | (1,319,826) |  | — |  | (1,353,018)
Selling and marketing expenses |  | (38,042) |  | (550,338) |  | — |  | (588,380)
General and administrative expenses |  | (99,796) |  | (741,889) |  | — |  | (841,685)
Net impairment losses on financial and contract assets |  | (1,250) |  | (70,979) |  | — |  | (72,229)
Other income, gains or loss-net |  | 91 |  | 13,830 |  | — |  | 13,921
Operating loss |  | (175,617) |  | (1,229,123) |  | — |  | (1,404,740)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance income |  | — |  | 28,823 |  | — |  | 28,823
Finance costs |  | (310) |  | (76,327) |  | — |  | (76,637)
Finance costs – net |  | (310) |  | (47,504) |  | — |  | (47,814)
Share of gain of associate and joint venture |  | — |  | 9,946 |  | — |  | 9,946
Loss before income tax |  | (175,927) |  | (1,266,681) |  | — |  | (1,442,608)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ASSETS |  |  |  |  |  |  |  |
Segment Assets |  | 2,032,344 |  | 7,377,469 |  | (1,041,585) |  | 8,368,228
Goodwill |  | — |  | 289,161 |  | — |  | 289,161
Deferred income tax assets |  | — |  | 683,218 |  | — |  | 683,218
Total assets |  | 2,032,344 |  | 8,349,848 |  | (1,041,585) |  | 9,340,607
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  |  |  |  |  |  |  |
Segment Liabilities |  | 1,459,125 |  | 4,097,004 |  | (60,465) |  | 5,495,664
Deferred income tax liabilities |  | — |  | 9,861 |  | — |  | 9,861
Total Liabilities |  | 1,459,125 |  | 4,106,865 |  | (60,465) |  | 5,505,525
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other segment information |  |  |  |  |  |  |  |
Depreciation of property and equipment |  | 14,195 |  | 121,780 |  | — |  | 135,975
Amortization of intangible assets |  | 20,356 |  | 282,418 |  | — |  | 302,774
Additions of non-current assets except for goodwill and deferred income tax assets |  | 44,107 |  | 201,940 |  | — |  | 246,047
​ ​ 5 Segment information and revenue (Continued) 5.1 Description of segments and principal activities (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | Intersegment | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | eliminations | ​ | ​
​ | ​ | Virtual Bank | ​ | Technology | ​ | and | ​ | ​
​ | ​ | Business | ​ | Solutions | ​ | adjustments | ​ | Consolidated
​ |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
​ |  |  |  |  |  |  |  |
Revenue |  | 106,540 |  | 4,360,546 |  | (3,084) |  | 4,464,002
Cost of revenue |  | (56,716) |  | (2,775,354) |  | 3,084 |  | (2,828,986)
Gross profit |  | 49,824 |  | 1,585,192 |  | — |  | 1,635,016
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expenses |  | (18,276) |  | (1,399,415) |  | — |  | (1,417,691)
Selling and marketing expenses |  | (41,408) |  | (369,948) |  | — |  | (411,356)
General and administrative expenses |  | (114,546) |  | (710,165) |  | — |  | (824,711)
Net impairment losses on financial and contract assets |  | (10,616) |  | (23,023) |  | — |  | (33,639)
Other income, gains or loss-net |  | (544) |  | 71,362 |  | — |  | 70,818
Operating loss |  | (135,566) |  | (845,997) |  | — |  | (981,563)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance income |  | — |  | 14,709 |  | — |  | 14,709
Finance costs |  | (354) |  | (36,819) |  | — |  | (37,173)
Finance costs – net |  | (354) |  | (22,110) |  | — |  | (22,464)
Share of gain of associate and joint venture |  | — |  | 24,852 |  | — |  | 24,852
Impairment charges on associates | ​ | — | ​ | (10,998) | ​ | — | ​ | (10,998)
Loss before income tax |  | (135,920) |  | (854,253) |  | — |  | (990,173)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ASSETS |  |  |  |  |  |  |  |
Segment Assets |  | 2,851,885 |  | 6,330,769 |  | (1,355,392) |  | 7,827,262
Goodwill |  | — |  | 289,161 |  | — |  | 289,161
Deferred income tax assets |  | — |  | 765,959 |  | — |  | 765,959
Total assets |  | 2,851,885 |  | 7,385,889 |  | (1,355,392) |  | 8,882,382
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  |  |  |  |  |  |  |
Segment Liabilities |  | 2,093,126 |  | 3,521,957 |  | (15,952) |  | 5,599,131
Deferred income tax liabilities |  | — |  | 5,196 |  | — |  | 5,196
Total Liabilities |  | 2,093,126 |  | 3,527,153 |  | (15,952) |  | 5,604,327
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other segment information |  |  |  |  |  |  |  |
Depreciation of property and equipment |  | 13,191 |  | 106,118 |  | — |  | 119,309
Amortization of intangible assets |  | 26,909 |  | 135,212 |  | — |  | 162,121
Additions of non-current assets except for goodwill and deferred income tax assets |  | 45,737 |  | 98,740 |  | — |  | 144,477
​ 5 Segment information and revenue (Continued) 5.2 Revenue (a) Disaggregation of revenue from contracts with customers ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
- Technology Solutions | ​ | ​ | ​ | ​ | ​ | ​
Implementation |  | 851,856 | ​ | 733,648 | ​ | 861,820
Transaction based and support revenue |  | ​ | ​ | ​ | ​ | ​
- Operation support services | ​ | 1,061,445 | ​ | 1,097,719 | ​ | 1,140,727
- Business origination services |  | 605,733 | ​ | 450,597 | ​ | 383,723
- Risk management services |  | 362,530 | ​ | 534,071 | ​ | 414,849
- Cloud services platform |  | 314,338 | ​ | 1,050,179 | ​ | 1,315,819
- Post‑implementation support services |  | 55,678 | ​ | 49,447 | ​ | 50,983
- Others |  | 57,533 | ​ | 182,376 | ​ | 189,541
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 3,309,113 | ​ | 4,098,037 | ​ | 4,357,462
​ 5 Segment information and revenue (Continued) 5.2 Revenue (Continued) (a) Disaggregation of revenue from contracts with customers (Continued) Disaggregation of revenue by timing of transfer of services over time or at a point in time is set out below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At a point |  | ​ |  | ​
​ | ​ | in time | ​ | Over time | ​ | Total
Year ended December 31, 2020 |  | ​ |  | ​ |  | ​
Implementation |  | — | ​ | 851,856 | ​ | 851,856
Transaction based and support revenue |  |  | ​ | ​ | ​ | ​
- Operation support services |  | 453,720 | ​ | 607,725 | ​ | 1,061,445
- Business origination services | ​ | 605,733 | ​ | — | ​ | 605,733
- Risk management services |  | 362,530 | ​ | — | ​ | 362,530
- Cloud services platform | ​ | — | ​ | 314,338 | ​ | 314,338
- Post‑implementation support services |  | — | ​ | 55,678 | ​ | 55,678
- Others |  | 56,505 | ​ | 1,028 | ​ | 57,533
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 1,478,488 | ​ | 1,830,625 | ​ | 3,309,113
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At a point | ​ | ​ | ​ | ​
​ | ​ | in time | ​ | Over time | ​ | Total
Year ended December 31, 2021 |  | ​ | ​ | ​ | ​ | ​
Implementation |  | — | ​ | 733,648 | ​ | 733,648
Transaction based and support revenue |  | ​ | ​ | ​ | ​ | ​
- Operation support services |  | 399,523 | ​ | 698,196 | ​ | 1,097,719
- Business origination services | ​ | 450,597 | ​ | — | ​ | 450,597
- Risk management services |  | 534,071 | ​ | — | ​ | 534,071
- Cloud services platform | ​ | — | ​ | 1,050,179 | ​ | 1,050,179
- Post-implementation support services |  | — | ​ | 49,447 | ​ | 49,447
- Others |  | 181,004 | ​ | 1,372 | ​ | 182,376
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 1,565,195 | ​ | 2,532,842 | ​ | 4,098,037
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At a point | ​ | ​ | ​ | ​
​ |  | in time |  | Over time |  | Total
Year ended December 31, 2022 |  |  |  |  |  |
Implementation |  | 36,266 | ​ | 825,554 | ​ | 861,820
Transaction based and support revenue |  | ​ | ​ | ​ | ​ | ​
- Operation support services |  | 376,784 | ​ | 763,943 | ​ | 1,140,727
- Business origination services |  | 383,723 | ​ | — | ​ | 383,723
- Risk management services | ​ | 414,849 | ​ | — | ​ | 414,849
- Cloud services platform |  | — | ​ | 1,315,819 | ​ | 1,315,819
- Post-implementation support services |  | — | ​ | 50,983 | ​ | 50,983
- Others |  | 189,366 | ​ | 175 | ​ | 189,541
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 1,400,988 | ​ | 2,956,474 | ​ | 4,357,462
​ 5 Segment information and revenue (Continued) 5.2 Revenue (Continued) (a) Disaggregation of revenue from contracts with customers (Continued) ​ During the years ended December 31, 2020, 2021 and 2022, the Group mainly operated in the PRC and most of the revenue were generated in PRC. The major customers (and for the Group’s lending solution services, the parties to whom service fees were charged(i)) which contributed more than 10% of the total revenue of the Group for the years ended December 31, 2020, 2021 and 2022 are listed as below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year |
​ | ​ | ended |
​ | ​ | December 31, |
​ |  | 2020 |  | 2021 |  | 2022 |
​ |  | % of total |  | % of total |  | % of total |
​ | ​ | revenue | ​ | revenue | ​ | revenue |
Ping An Group and its subsidiaries |  | 52.23 | % | 56.03 | % | 56.60 | %
Lufax Holding Ltd (“Lufax” and its subsidiaries) |  | 11.32 | % | 11.15 | % | 10.29 | %
​ |  | 63.55 | % | 67.18 | % | 66.89 | %
​ The major customers (and for the Group’s lending solution services, the lender(ii)) which contributed more than 10% of the total revenue of the Group for the years ended December 31, 2020, 2021 and 2022 are listed as below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year |
​ | ​ | ended |
​ | ​ | December 31, |
​ |  | 2020 |  | 2021 |  | 2022 |
​ | ​ | % of total | ​ | % of total | ​ | % of total |
​ | ​ | revenue | ​ | revenue | ​ | revenue |
Ping An Group and its subsidiaries |  | 52.13 | % | 56.06 | % | 56.60 | %
Lufax and its subsidiaries |  | 10.36 | % | 10.36 | % | 9.71 | %
​ |  | 62.49 | % | 66.42 | % | 66.31 | %
​ Note:
| (i) | The Group’s lending solution services revenue by parties charged represent the fees received/receivable by the Group from the respective customers.
| (ii) | The Group’s lending solution services revenue by lenders represent the fees generated by the Group from loans facilitated through the Group’s platform for the respective customers as lenders.
(b) Interest and commission income ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​
– Virtual Bank Business |  |  |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and commission income |  | 3,177 |  | 34,320 |  | 106,540
​ 5 Segment information and revenue (Continued) 5.2 Revenue (Continued) (c) Contract assets and liabilities The Group has recognized the following revenue-related contract assets and liabilities: ​
​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ | ​ | 2021 | ​ | 2022
​ |  | RMB’000 |  | RMB’000
Contract assets | ​ | ​ | ​ | ​
-Implementation |  | 271,521 |  | 163,769
-Transaction based and support |  | 39,582 |  | 18,711
- Business origination services | ​ | 9,976 | ​ | 1,404
- Operation support services | ​ | 17,449 | ​ | 12,085
- Post implementation support services |  | 12,157 |  | 5,222
​ | ​ | ​ | ​ | ​
​ |  | 311,103 |  | 182,480
Less: Impairment loss allowance |  | ​ |  | ​
-Implementation |  | (72,266) |  | (52,385)
-Transaction based and support |  | (10,074) |  | (7,467)
- Operation support services | ​ | (4,771) | ​ | (4,779)
- Post implementation support services |  | (5,303) |  | (2,688)
​ | ​ | ​ | ​ | ​
​ |  | (82,340) |  | (59,852)
​ |  | 228,763 |  | 122,628
​ | ​ | ​ | ​ | ​
Less: Non-current contract assets |  | (868) |  | —
​ |  | 227,895 |  | 122,628
​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ | ​ | 2021 | ​ | 2022
​ | ​ | RMB’000 |  | RMB’000
Contract liabilities |  | ​ |  | ​
-Implementation | ​ | 24,107 | ​ | 42,014
-Transaction based and support |  | 149,155 |  | 144,613
-Post implementation support services |  | 22,748 |  | 21,679
-Risk management services |  | 21,629 |  | 20,997
-Operation support services |  | 90,409 |  | 87,562
-Others | ​ | 14,369 | ​ | 14,375
​ | ​ | ​ | ​ | ​
​ |  | 173,262 |  | 186,627
​ | ​ | ​ | ​ | ​
Less: Non‑current contract liabilities |  | (19,418) |  | (19,977)
​ |  | 153,844 |  | 166,650
​ ​ 5 Segment information and revenue (Continued) 5.2 Revenue (Continued) (c) Contract assets and liabilities (Continued) Decrease in contract assets during the year was because of the payment from the customer exceeds the value ascribed to the services rendered by the Group. During the years ended December 31, 2020, 2021 and 2022, there were no material cumulative catch-up adjustments to revenue that affect the corresponding contract asset or contract liability, including adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price or a contract modification, there were also no revenue recognized in the reporting year from performance obligations satisfied (or partially satisfied) in previous years. (i)Revenue recognized in relation to contract liabilities ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
Revenue recognized in relation to contract liabilities | ​ | December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
Revenue recognized that was included in the contract liability balance at the beginning of the year | ​ | 104,960 | ​ | 138,547 | ​ | 153,844
​
| (ii) | Remaining performance obligations of long-term contracts
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Remaining performance obligations of long-term contracts | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
Aggregate amount of the transaction price allocated to long‑term contracts that are partially or fully unsatisfied at the end of each year | ​ | ​ | ​ | ​ | ​ | ​
Expected to be recognized within one year |  | 240,089 | ​ | 455,294 |  | 670,991
Expected to be recognized in one to two years |  | 67,464 | ​ | 89,762 |  | 237,126
Expected to be recognized in two to three years |  | 48,475 | ​ | 33,937 |  | 99,208
Expected to be recognized beyond three years |  | 27,688 | ​ | 31,523 |  | 44,365
​ |  | 383,716 | ​ | 610,516 |  | 1,051,690
​ The remaining performance obligations disclosed above represent post-implementation support services, risk management services and operation support services that have an original contractual term of more than one year. Moreover, the amount disclosed above does not include variable consideration which is constrained.

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