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BEIJING, Nov. 17, 2021 /PRNewswire/ -- Bairong Inc ("Bairong" or "the Company", 6608.HK), a leading independent AI-powered technology platform in China, announced its financial results for the third quarter of 2021. Its total revenue reached CNY 1.193 billion for the first three quarters this year, a year-on-year increase of 56%, which also exceeded revenue for the whole of 2020.
The Company's three key business segments continued to achieve steady growth this year. For the first three quarters, the revenues reached CNY 499 million for smart analysis and operations, CNY 352 million for precision marketing and CNY 343 million for insurance distribution, representing year-on-year growth of 40%, 107% and 44%, respectively.
By November 12 this year, the Company had already spent HK$144 million to buy back approximately 8.9 million shares, which accounted for nearly 1.8% of its total shares. Bairong maintained the highest repurchase percentage among SaaS companies listed in Hong Kong.
Launching a new generation SaaS solution with more invention patents in the pipeline
Facing a new spending trend by SMEs and consumers, financial institutions are in urgent need of improving efficiency with SaaS solutions that can provide higher AI learning capabilities and stronger deployment ability. This year Bairong launched its new generation SaaS solution with AI voice service capability, which can significantly reduce network data transmission loss, dropping interruption and delay to millisecond level, enabling operations in multiple scenarios for financial institutions.
Bairong has invested heavily in R&D and developed many innovative technologies to improve its competitiveness. The Company won three national invention patents in the third quarter this year, including the patent for its innovative "Voice interruption method and device". So far, Bairong owns more than 140 software copyrights and patents.
Empowering financial institutions with digital solutions
The banking industry in China has been experiencing a digital transformation over the past decade, and small and medium-sized banks are facing increasing pressure in this environment. The COVID-19 pandemic has meant that financial institutions around the world have been accelerating their digital upgrades to improve their competitiveness, which is creating massive opportunities for well-positioned SaaS companies like Bairong.
By the end of the third quarter this year, the Company served more than 5,500 financial services providers in China, of which 3,031 are paying clients. The Company's clients include substantially all of China's national banks, more than 880 regional banks, all of China's consumer finance companies, major insurance companies and a variety of other financial services providers.
Looking forward, Bairong will keep investing to upgrade its SaaS platform and improve its product ecosystem to meet the demand from financial institutions, including smart analysis, AI-driven user operations and precision marketing. The Company will drive its long-term sustainable growth by investing in AI technology, such as Multi-Party Computation, Federated Learning, and Convolutional Neural Networks, developing more new clients and improving the value of existing clients. Bairong is expected to strengthen its leadership in the financial SaaS market through its organic R&D and strategic acquisitions.
For more information, please visit Bairong Inc.
About Bairong Inc.
Founded in March 2014, Bairong is a leading independent AI-powered technology platform in China serving more than 5,500 financial services provider clients. Bairong was the largest independent financial big data analytics solutions provider in China. Adhering to the mission of empowering every financial services provider in China with smart and comprehensive data analytics, Bairong has built a cloud-native technology platform that supports the full business cycle of FSP clients, including data analytics, decision-making support and smart consumer operation solutions, enabling them to improve risk management ability, promote user activity and operational efficiency. Bairong also provides big data marketing and distribution services that enable FSP clients to reach and serve their target customers more effectively.
