Bairong Inc. Announces Unaudited Operation Summary for the Third Quarter of 2023
Bairong Inc. Announces Unaudited Operation Summary for the Third Quarter of 2023
Total revenue increased by 33% period-over-period and revenue of BaaS – Financial Scenario increased by 60%
Beijing, November 20, 2023 – Bairong Inc. (“Bairong” or the “Company”; HKEX: 6608), a leading cloud-based AI turnkey service provider, today announced the unaudited operation summary of the Group for the third quarter of 2023.
Performance Review
Our total revenue increased by 33% from RMB1,487.09 million for the nine months ended September 30, 2022 to RMB1,983.49 million for the nine months ended September 30, 2023, primarily attributable to favorable industry environment and our enhanced capabilities of providing products and services benefiting from our AI capabilities.
For the nine months ended September 30, 2023, the revenue of MaaS (Model as a service) reached RMB664.72 million, representing a year-on-year growth of 22%. The growth was primarily driven by an increase of 17% in the number of Key Clients. The revenue of BaaS (Business as a service) increased by approximately 40% to RMB1,318.77 million, as compared to the same period of last year. This is primarily due to the continued strong growth of our revenue from the BaaS - Financial Scenario, which increased by 60% year-on-year. Benefiting from our self-developed AI Chatbot and continued improvement of AI application across BaaS business, we assist financial institution clients to generate more transactions with higher efficiency. We also continued to extend our BaaS services to more clients and use cases.
In terms of large language model development and application, Bairong has developed its Cybertron platform based on its BR-LLM. The Bairong Cybertron platform is able to quickly visualize and generate internal bots for enterprises, which connects internal knowledge database and tool libraries, and provides AI pilots and AI agents externally. Based on the Bairong Cybertron platform, Bairong has incubated products and applications including AI employees and AI Avatars. Building on Bairong ’s long-term development of various AI application capabilities, Bairong has been integrating these capabilities to form an enterprise AI middle platform. The AI middle platform provides training of various AI models including large language models, the deployment of AI models and unified API service interfaces. This platform enables full process AIOps and consolidates the management of AI computing power, resources and services.
During the nine months ended September 30, 2023, the Company had repurchased a total of 15,557,000 Class B Shares on the Stock Exchange at an aggregate consideration of approximately HK$159.9 million including expenses.
Note:
1. “Key Clients” are defined as paying clients that each contributes more than RMB300,000 total revenue to the Company year-to-date.
Conference Call
Our management will hold a conference call at 14:00 Beijing/Hong Kong Time on Tuesday, November 21, 2023 (1:00 a.m. U.S. Eastern Time) to discuss the financial results and answer questions from investors and analysts.
For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time.
Participant Online Registration:
https://webcast.roadshowchina.cn/WkJNd3NReU9vNktPN1p6cEE1c0NIdz09
Dial-in details for the earnings conference call are as follows:
International: +86-23-62737100
Mainland China: 023-63623333/4008-063-263
HK China +852-30183602/+852-30186949
English Dial-in Password: 358087253
Chinese Dial-in Password: 508990232
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.brgroup.com/earnings
About Bairong Inc.
Bairong Inc. is a leading artificial intelligence (AI) technology services company. The Company applies natural language processing (NLP), privacy computing, machine learning, cloud computing and other technologies to provide services to enterprises through model-as-a-service (MaaS) and business-as-a-service (BaaS). The MaaS services leverage discriminant AI to digitalize the know-your-customer (KYC) and know-your-product (KYP) process for enterprises, by analyzing users’ risk, willingness, and capability. The BaaS services use discriminant AI to analyze and stratify users into groups and develops generative AI-powered chatbots using human natural languages to in Bairong Inc. is a leading artificial intelligence (AI) technology services company. The Company applies natural language processing (NLP), privacy computing, machine learning, cloud computing and other technologies to provide services to enterprises through model-as-a-service (MaaS) and business-as-a-service (BaaS). The MaaS services leverage discriminant AI to digitalize the know-your-customer (KYC) and know-your-product (KYP) process for enterprises, by analyzing users’ risk, willingness, and capability. The BaaS services use discriminant AI to analyze and stratify users into groups and develops generative AI-powered chatbots using human natural languages to interact with users. The Company’s products and services are widely used by enterprise customers in banking, consumer finance, insurance, e-commerce, automobiles, logistics, ticketing, energy, construction and other industries.
For more information, please visit: http://ir.brgroup.com
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements. These forward-looking statements can be identified by terminologies such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and the negative of these words and other similar expressions or statements. Bairong may also make written or oral forward-looking statements in its periodic reports to the HKEx, in its annual and interim reports to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Bairong's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including but not limited to the following: Bairong's strategies, future business development, and financial condition and results of operations; Bairong's limited operating history; risks associated with the financial service industry, Bairong's ability to develop and deliver services of high quality and appeal to clients; Bairong's ability to generate positive cash flow and profits; Bairong's ability to compete successfully; Bairong's ability to build its brand and withstand negative publicity; and changes in client demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Bairong's filings with the HKEX. All information provided in this press release is as of the date of this press release, and Bairong does not undertake any obligation to update any forward-looking statements, except as required under applicable laws.
For investor inquiries, please contact:
Bairong Inc.
Ms. Sandy Qin, CFA, CMA
Email: ir@brgroup.com
For media inquiries, please contact:
Bairong Inc.
Email: brmarketing@brgroup.com
SOURCE Bairong Inc.