Bairong Inc. Announces Unaudited Operation Summary for The Third Quarter of 2022

Bairong Inc., a leading artificial intelligence (AI) and cloud-based software-as-a-service(SaaS) technology firm in China serving the financial services industry, announced its unaudited operation summary for the nine months ended September 30, 2022.

For the nine months ended September 30, 2022, the revenue of smart analytics and operation services reached RMB729 million, representing a year-over-year growth of 46%. The growth was primarily driven by a 13% increase in the number of key clients and 26% increase in the average revenue per key client. Smart operation business grew significantly, representing 25% of the business line, up from 12% in the same period last year, reaching RMB182 million.

Since 2017, we have achieved a CAGR of 46% in revenue growth over the last 5 years, and a CAGR of 229% in adjusted net profit growth over the last 3 years. According to the 2022 interim report, our net profit reached RMB93 million in the first half of the year, leading the SaaS industry.

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We have cumulatively invested over RMB1.2 billion in research and development, and have obtained over 180 software copyrights and patents, covering key areas including machine learning, AI voice, and privacy computing.

We have developed a mix of cloud-based AI platform to provide data analytics, an auto machine learning system to improve modeling efficiency, a privacy computing platform Indra to ensure data security, as well as multiple products and solutions for smart operation, wealth management and inclusive finance. In September 2022, we officially launched the “Backdrop (Tian Mu) Project”, to serve as a one-stop-for-all SaaS service provider for financial institutions.

We are dedicated to assisting small and micro enterprises in addressing their financing issues, as they widely face the challenges of inconsistent standards, information asymmetry, and high identification costs. Through our proactive “industry + technology + finance” ecosystem, we accurately portray the credit profiles of small and micro enterprises, thus relieving their financing difficulties, as well as assisting financial institutions to identify high-quality assets.

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Regarding financial scenario in rural areas, we assist addressing the three key challenges: information asymmetry, lack of collateral, and high transaction costs, by facilitating the construction of rural credit systems and providing more convenient services to rural residents.

We focus on building a win-win financial ecosystem and promoting the green transformation of financial services. We provide cloud services based on big data and AI technologies to help financial institutions reduce fraud risks and improve the efficiency and effectiveness of their decision-making analytics and consumer operations. Moreover, we actively leverage technological innovation to enable the green financial businesses to benefit society, and reduce resource and energy consumption in traditional financial business processes.

As the COVID-19 pandemic continues in the domestic, we carried out the Intelligent Voice Epidemic Prevention public welfare project. We have also used our own technology to promote rural revitalization with a new model of financial assistance, and donated scholarships and worked together with Tsinghua University to cultivate data science talents.

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