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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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