The following is a summary of the OneConnect Financial Technology Co., Ltd. (OCFT) Q2 2024 Earnings Call Transcript:

Financial Performance:

• OneConnect reported a net loss from continuing operations that improved to RMB70 million in H1 2024, from RMB114 million in the prior year, marking a 38% decrease.

• Gross profit margin held steady at 37.1%, with an adjusted margin of 39.4%.

• Revenue from continuing operations was RMB1.416 billion in the first half of 2024, which represents a year-over-year decrease of 22.8%.

• Revenue from overseas customers grew by 14.8% year-over-year.

Business Progress:

• OneConnect has made significant advancements in digital banking, digital insurance, and Gamma platform segments.

• The company has expanded its operations to various regions including Hong Kong, China, Southeast Asia, South Africa, and the Middle East.

• Enhanced product offerings include AI-enabled solutions for banking, lending, and insurance sectors, contributing to operational efficiency and client service quality.

Opportunities:

• The company sees a strong growth trajectory in overseas markets, with particular emphasis on banking solutions in Southeast Asia and Hong Kong.

• Plans to export AI assistant, E-KYC products, and specific financial solutions to meet increasing demands in international markets.

Risks:

• Reduction in revenue from continuing operations hints at issues in the home market, potentially from decreased transaction volumes and optimization of major clients like Lufax and Ping An Group.

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