BEISEN HOLDING(09669) Earnings Summary
Bullish Points:
1. Revenue for the year ended March 31, 2023: RMB 750.9 million, a 10.5% increase YoY.
2. Cloud HCM solution subscription revenue for the year ended March 31, 2023: RMB 537.3 million, a 15.9% increase YoY, accounting for 71.5% of total revenue.
3. Over 5,100 contracted customers, with a revenue retention rate of 106% for old customers.
4. Core HCM integrated platform added around 500 new customers, totaling over 1,400 customers, with a customer renewal rate of 95% and a revenue retention rate of 116%.
5. As of March 31, 2023, the company ranked first in IDC China's HCM SaaS market share for seven consecutive years.
6. The company's business model showed strong resilience during the COVID-19 pandemic.
7. R&D investment for the year ended March 31, 2023: RMB 303.3 million, a 17.4% increase YoY.
Bearish Points:
1. Net loss for the year ended March 31, 2023: RMB 2,599.0 million, a 36.2% increase YoY.
2. Adjusted net loss for the year ended March 31, 2023: RMB 300.6 million, an 83.7% increase YoY.
3. Professional services revenue for the year ended March 31, 2023: RMB 213.7 million, a 1.2% decrease YoY, accounting for 28.5% of total revenue.
4. Overall gross profit margin decreased from 58.9% in 2022 to 55.3% in the reporting period.
5. Revenue did not grow as expected during the reporting period due to the unpredictable impact of the COVID-19 outbreak in China.
In summary, Beisen Holding has shown growth in revenue and cloud HCM solution subscription revenue, along with a strong customer base and resilience during the COVID-19 pandemic. However, the company has experienced an increase in net loss and adjusted net loss, a decrease in professional services revenue, and a lower gross profit margin. For more information, you can read the original text of Beisen Holding's financial report: https://static.tigerbbs.com/52c339d5edaa4adea06bcb09b90995a5
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