Bairong Inc. Announces Positive Profit Alert for The Year Ended December 31, 2022

BEIJING, Feb. 15, 2023 /PRNewswire/ -- Bairong Inc. ("Bairong" or the "Company"; HKEX:6608), a leading artificial intelligence ("AI") and cloud-based software-as-a-service("SaaS") technology firm in China serving the financial services industry, today announced its positive profit alert for the year ended December 31, 2022.

Based on the preliminary assessment of the unaudited consolidated management accounts of the Company for the year ended December 31, 2022 and the information of the Company currently available to the Board, the Company is expected to turn from loss to profit for the year ended December 31, 2022, recording a profit of approximately RMB221 million to RMB228 million. The Company is expected to record a non-IFRS adjusted profit of approximately RMB286 million to RMB293 million for the year ended December 31, 2022, representing an increase of approximately 103% to 108% as compared to the same period last year.

Such increase is mainly attributable to a number of factors, including the revenue from smart analytics and operation services, which as a core business, amounted to approximately RMB1,022 million to RMB1,038 million, representing an increase of approximately 39% to 41% as compared to the same period of last year, as the business line continued to leverage its scale of operation to increase both revenue and profit. Specifically, the revenue from smart operation services increased by approximately 140% as compared to the same period of last year. Benefiting from the advantages of AI, this business line offers its self-developed smart AI-powered chatbot (Chatbot) and algorithm-driven smart marketing platform to help banks and other financial institutions complete jobs such as credit card users revitalization, wealth management marketing and users relationship management, effectively enhancing service accuracy and operational efficiency of financial institutions. Chatbot technology integrates natural language processing (NLP), automatic speech recognition (ASR), text-to-speech (TTS), voice activity detection (VAD) and other technologies, which can be applied to financial vertical scenarios to accurately recognize human language, provide millisecond-level voice interaction and feedback with extremely high accuracy for automatic speech recognition, and is capable of operating tens of millions of users and handling more than 100 million automatic interactions per day. This technology is combined with the Company's years of experience in working with financial institutions and the human-machine collaboration, enabling quick adaptation to serve various financial institutions customers. In addition, profit growth is also attributable to the positive impact of the changes in interest rate and currency exchange rate.

As a number of banks have included accelerating digital transformation of financial services into their 2023 business strategies, the Company will make good use of the business opportunities and continue to increase its investments in tools such as Chatbot, NLP, AutoML, deep learning and privacy computing, as well as underlying algorithms such as transformer, model performance tuning and complex neural networks, continue to leverage its technological advantages of AI, big data and cloud computing to serve various financial scenarios including smart operation, smart risk control, smart marketing and smart investment advisory, striving to become a one-stop enabler for the digital and intelligent transformation of financial institutions' full-link business.

About Bairong Inc.

Bairong Inc. is a leader in the facilitation of the Chinese financial service industry's smart digital transformation. We developed a proprietary AI and cloud-based SaaS platform, which leverages AI, big data, cloud computing, and machine learning technologies to provide financial service providers with highly adaptable, secured and reliable products and solutions. Built upon our long-term industry understanding and user insights, we provide a comprehensive product and solution matrix covering the entire business process spanning smart user acquisition, smart analysis, smart decision-making, smart operations, and smart wealth management, etc. Recently, we ranked as the highest-scored financial SaaS enterprise among the "Top 100 Enterprises Driving Digital Transformation in 2022" by the Internet Weekly of Chinese Academy of Sciences, joining other industry leaders in facilitating the digital transformation of the economy.

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: [email protected]

For media inquiries, please contact:
Bairong Inc.
Ms. Shuo Nie
Email: [email protected]

SOURCE Bairong Inc