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Segment information and revenue (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment information and revenue |
Schedule of segments and principal activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ | ​ | 2022 | ​ | 2023 | ​ | 2024
​ | ​ | Continuing | ​ | Continuing | ​ | Continuing
​ | ​ | operations | ​ | operations | ​ | operations
​ | ​ | Technology | ​ | Technology | ​ | Technology
​ | ​ | Solutions | ​ | Solutions | ​ | Solutions
​ |  | RMB’000 |  | RMB’000 |  | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue |  | 4,357,462 | ​ | 3,521,591 |  | 2,248,103
Cost of revenue |  | (2,775,354) | ​ | (2,195,574) |  | (1,443,606)
Gross profit |  | 1,582,108 | ​ | 1,326,017 |  | 804,497
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating loss |  | (849,081) | ​ | (217,285) |  | (303,533)
​ | ​ | ​ | ​ | ​ | ​ | ​
Loss before income tax |  | (857,337) | ​ | (210,341) |  | (249,338)
​ | ​ | ​ | ​ | ​ | ​ | ​
ASSETS |  | ​ |  | ​ |  | ​
Segment Assets |  | 4,975,377 | ​ | 4,016,149 |  | 3,496,187
Goodwill |  | 289,161 |  | 289,161 |  | 157,260
Deferred income tax assets |  | 765,959 |  | 768,276 |  | 313,805
Total assets |  | 6,030,497 |  | 5,073,586 |  | 3,967,252
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  | ​ |  | ​ |  | ​
Segment Liabilities |  | 3,521,233 |  | 2,754,711 |  | 1,463,309
Deferred income tax liabilities |  | 5,196 |  | 2,079 |  | —
Total Liabilities |  | 3,526,429 |  | 2,756,790 |  | 1,463,309
​ | ​ | ​ | ​ | ​ | ​ | ​
Other segment information |  | ​ |  | ​ |  | ​
Depreciation of property and equipment |  | 106,118 |  | 68,729 |  | 51,889
Amortization of intangible assets |  | 135,212 |  | 91,746 |  | 47,742
Schedule of disaggregation of revenue from contracts with customers | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2022 |  | 2023 |  | 2024
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
Technology Solutions | ​ | ​ | ​ | ​ | ​ | ​
Implementation |  | 861,820 | ​ | 834,620 | ​ | 664,127
Transaction based and support revenue |  | ​ | ​ | ​ | ​ | ​
- Operation support services | ​ | 1,140,727 | ​ | 861,056 | ​ | 549,273
- Business origination services |  | 383,723 | ​ | 132,112 | ​ | 30,078
- Risk management services |  | 414,849 | ​ | 320,462 | ​ | 247,828
- Cloud services platform (i) |  | 1,315,819 | ​ | 1,245,952 | ​ | 618,088
- Post‑implementation support services |  | 50,983 | ​ | 52,012 | ​ | 69,064
- Others |  | 189,541 | ​ | 75,377 | ​ | 69,645
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 4,357,462 | ​ | 3,521,591 | ​ | 2,248,103
| (i) | Revenue from cloud services platform decreased primarily due to the decision of the Group to gradually discontinue the operation of cloud services from July 2024 onwards given subsidiaries and associates of Ping An Insurance (Group) Company of China, Ltd. (the “Ping An Group”)) ceased to utilize relevant services.
Schedule of disaggregation of revenue by timing of transfer of services over time or at a point in time | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At a point |  | ​ |  | ​
​ | ​ | in time | ​ | Over time | ​ | Total
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
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
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At a point | ​ | ​ | ​ | ​
​ |  | in time |  | Over time |  | Total
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
Year ended December 31, 2023 |  |  |  |  |  |
Implementation |  | 37,804 | ​ | 796,816 | ​ | 834,620
Transaction based and support revenue |  | ​ | ​ | ​ | ​ | ​
- Operation support services |  | 240,366 | ​ | 620,690 | ​ | 861,056
- Business origination services |  | 132,112 | ​ | — | ​ | 132,112
- Risk management services | ​ | 320,462 | ​ | — | ​ | 320,462
- Cloud services platform |  | — | ​ | 1,245,952 | ​ | 1,245,952
- Post-implementation support services |  | — | ​ | 52,012 | ​ | 52,012
- Others |  | 75,285 | ​ | 92 | ​ | 75,377
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 806,029 | ​ | 2,715,562 | ​ | 3,521,591
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At a point | ​ | ​ | ​ | ​
​ |  | in time |  | Over time |  | Total
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
Year ended December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​
Implementation | ​ | 28,450 | ​ | 635,677 | ​ | 664,127
Transaction based and support revenue | ​ | ​ | ​ | ​ | ​ | ​
- Operation support services | ​ | 143,377 | ​ | 405,896 | ​ | 549,273
- Business origination services | ​ | 30,078 | ​ | — | ​ | 30,078
- Risk management services | ​ | 247,828 | ​ | — | ​ | 247,828
- Cloud services platform | ​ | — | ​ | 618,088 | ​ | 618,088
- Post-implementation support services | ​ | — | ​ | 69,064 | ​ | 69,064
- Others | ​ | 69,645 | ​ | — | ​ | 69,645
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 519,378 | ​ | 1,728,725 | ​ | 2,248,103
Schedule of major customers, the parties to whom service fees were charged | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended |
​ | ​ | December 31, |
​ |  | 2022 |  | 2023 |  | 2024 |
​ |  | % of total |  | % of total |  | % of total |
​ | ​ | revenue | ​ | revenue | ​ | revenue |
​ | ​ | (Note 12) | ​ | (Note 12) | ​ | ​ | ​
Ping An Group and its subsidiaries |  | 57.99 | % | 59.38 | % | 52.98 | %
Lufax Holding Ltd (“Lufax” and its subsidiaries) |  | 10.54 | % | Not applicable | ​ | (i) | ​
​ |  | 68.53 | % | 59.38 | % | 52.98 | %
Schedule of major customers, the parties to whom service fees were charged on loans facilitated | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended |
​ | ​ | December 31, |
​ |  | 2022 |  | 2023 |  | 2024 |
​ |  | % of total |  | % of total |  | % of total |
​ | ​ | revenue | ​ | revenue | ​ | revenue |
​ | ​ | (Note 12) | ​ | (Note 12) | ​ | ​ | ​
Ping An Group and its subsidiaries |  | 57.99 | % | 59.38 | % | 52.98 | %
Lufax Holding Ltd (“Lufax” and its subsidiaries) |  | 10.54 | % | Not applicable | ​ | (i) | ​
​ |  | 68.53 | % | 59.38 | % | 52.98 | %
| (i) | Lufax became a subsidiary of Ping An Group on July 30, 2024 and the revenue from Lufax Holding Ltd was included in the revenue from Ping An Group and its subsidiaries since then.
Schedule revenue related contract assets and liabilities | ​
​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ | ​ | 2023 | ​ | 2024
​ |  | RMB’000 |  | RMB’000
Contract assets | ​ | ​ | ​ | ​
-Implementation |  | 137,566 | ​ | 113,986
-Transaction based and support |  | 15,638 | ​ | 11,856
- Operation support services | ​ | 12,149 | ​ | 6,905
- Post implementation support services |  | 3,489 | ​ | 4,951
​ | ​ | ​ | ​ | ​
​ |  | 153,204 | ​ | 125,842
Less: Impairment loss allowance |  | ​ | ​ | ​
-Implementation |  | (50,712) | ​ | (57,910)
-Transaction based and support |  | (6,667) | ​ | (4,512)
- Operation support services | ​ | (4,750) | ​ | (2,201)
- Post implementation support services |  | (1,917) | ​ | (2,311)
​ | ​ | ​ | ​ | ​
​ |  | (57,379) | ​ | (62,422)
​ |  | 95,825 | ​ | 63,420
​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ | ​ | 2023 | ​ | 2024
​ | ​ | RMB’000 |  | RMB’000
Contract liabilities |  | ​ |  | ​
-Implementation | ​ | 37,427 | ​ | 30,656
-Transaction based and support |  | 118,262 | ​ | 97,791
-Post implementation support services |  | 10,609 | ​ | 12,030
-Risk management services |  | 18,801 | ​ | 14,843
-Operation support services |  | 69,825 | ​ | 49,124
-Others | ​ | 19,027 | ​ | 21,794
​ | ​ | ​ | ​ | ​
​ |  | 155,689 | ​ | 128,447
​ | ​ | ​ | ​ | ​
Less: Non‑current contract liabilities |  | (17,126) | ​ | (12,946)
​ |  | 138,563 | ​ | 115,501
Schedule of Revenue recognized in relation to contract liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
Revenue recognized in relation to contract liabilities | ​ | December 31,
​ |  | 2022 |  | 2023 |  | 2024
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
Revenue recognized that was included in the contract liability balance at the beginning of the year | ​ | 153,844 | ​ | 166,650 | ​ | 138,563
Schedule of remaining performance obligations of long-term contracts | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Remaining performance obligations of long-term contracts | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2022 |  | 2023 |  | 2024
​ | ​ | 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 |  | 670,991 | ​ | 386,278 | ​ | 428,055
Expected to be recognized in one to two years |  | 237,126 | ​ | 112,605 | ​ | 120,256
Expected to be recognized in two to three years |  | 99,208 | ​ | 38,900 | ​ | 52,698
Expected to be recognized beyond three years |  | 44,365 | ​ | 13,992 | ​ | 65,675
​ |  | 1,051,690 | ​ | 551,775 | ​ | 666,684

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