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Segment information and revenue | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment information and revenue |
Segment information and revenue | 6 Segment information and revenue 6.1 Description of segments and principal activities Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers (“CODM”), who are responsible for allocating resources and assessing performance of the operating segments and making strategic decisions. The Group’s chief operating decision makers have been identified as the executive directors of the Company, they review the Group’s internal reporting in order to assess performance, allocate resources, and determine the operating segments based on these reports. There were two reporting segments of the Group for the years ended December 31, 2022 and 2023, Technology Solutions and Virtual Bank Business. On April 2, 2024, the Virtual Bank Business segment was disposed of and reported as discontinued operations (Note 12). The below segment comparative information has been restated accordingly. ​ 6 Segment information and revenue (Continued) 6.1 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,
​ | ​ | 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
​ The above disclosures have taken into intersegment eliminations and adjustments. The reconciliation from operating loss to profit/(loss) before income tax during the years ended December 31, 2022, 2023 and 2024 is shown in the consolidated statement of comprehensive income. ​ 6 Segment information and revenue (Continued) 6.2 Revenue (a) 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.
​ 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
​ | ​ | 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
​ ​ 6 Segment information and revenue (Continued) 6.2 Revenue (Continued) (a) Disaggregation of revenue from contracts with customers (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ During the years ended December 31, 2022, 2023 and 2024, the Group mainly operated in the PRC and substantially all revenues are earned in the PRC. The major customers which contributed more than 10% of the total revenue from continuing operations of the Group for the years ended December 31, 2022, 2023 and 2024 are listed as below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.
​ 6 Segment information and revenue (Continued) 6.2 Revenue (Continued) (b) Contract assets and liabilities The Group has recognized the following 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
​ Contract assets and contract liabilities decreased primarily due to decline of revenue from implementation and operation support services, respectively. ​ ​ 6 Segment information and revenue (Continued) 6.2 Revenue (Continued) (b) Contract assets and liabilities (Continued) During the years ended December 31, 2022, 2023 and 2024, 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,
​ |  | 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
​
| (ii) | 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
​ The remaining performance obligations disclosed above represent implementation, 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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