On May 17th, Wuxin Technology released its unaudited financial report for the first quarter of 2024, which showed that the company's net revenue in the first quarter was 550 million yuan, a month on month increase of 6% and a year-on-year increase of 192.1%. Under non US GAAP, the adjusted net profit for the first quarter was 210 million yuan, a decrease of 52% month on month and a year-on-year increase of 13%.
Wang Ying, founder, chairman, and CEO of Wuxin Technology, stated that the global regulatory environment is constantly evolving, and the company has always been flexible in responding and actively adjusting its strategies to adapt to changes in various markets. The company will continue to capture business opportunities in the face of changes and cautiously explore potential markets based on its core advantages. At the same time, we will continuously optimize our product portfolio and strive to provide users with compliant, reliable, and high-quality products to meet the diverse needs of consumers.
Wu Xin Technology CFO Lu Chao stated that the company's net revenue in the first quarter reached 550 million yuan, marking the steady growth of revenue for five consecutive quarters. Meanwhile, the company's gross profit margin in the first quarter reached 25.9%. It is worth mentioning that after excluding the impact of equity incentive expenses, the company successfully achieved a turnaround in operating profit, which is in sharp contrast to the loss of 130 million yuan in the same period last year.