GUANGZHOU, China, April 23, 2024 /PRNewswire/ -- On April 23, Xuan Wu Cloud (2392.HK) disclosed the Company's unaudited operational summary for the first quarter 2024. According to the announcement, Xuan Wu Cloud achieved RMB288.8 million in the first quarter, representing a 25.6% growth year-on-year. The Company continued to focus on the SaaS business segment and achieved revenue of RMB159.4 million in the period under review, increasing by 40.0% year-on-year. It is worth noting that for the first time, the Company's SaaS business revenue accounted for more than 50% of the total revenue, amounting to 55.2%.
In terms of customer operations, Xuan Wu Cloud's total number of core clients reached 274 in the first quarter, an increase of 13.7% year-on-year, and the ARPU of its core clients reached RMB 1.0 million with a growth of 11.4% year-on-year. Meanwhile the Company's net dollar retention rate of core clients reached 103.4%.
Regarding the overall performance in the first quarter of 2024, Xuan Wu Cloud expressed in its announcement that the Company's revenue growth was primarily attributed to the following factors: First of all, Marketing Cloud business performance remained strong in the first quarter, and the Company signed contracts with a number of benchmark clients, including a leading city commercial bank in Eastern China and Western China, and a top insurance institution in Eastern China. Meanwhile, Xuan Wu Cloud has followed closely the policy trend of the financial industry and the needs of its clients. The Company have introduced international SMS standardisation plugins in the ICC (integrated communication centre) to facilitate the rapid expansion of international business for our clients in the banking sector. This has also resulted in the acquisition of new clients as well as increased purchase from our existing client base.
Secondly, in respect of the Sales Cloud business, Xuan Wu Cloud successfully expanded the market for AI standardised products, and at the same time, the efficiency of customer delivery was further enhanced by leveraging the localised and integrated operation strategy. The Company has added an AI model standalone collaboration solution for its AIoT intelligent fridge and is actively researching and developing smart scenarios for chest freezers in line with customer demand, with a view to further expanding the customer base of its intelligent fridge.
While continuing to make breakthroughs on the business end, Xuan Wu Cloud also stated in the announcement that during the period under review, the Company adhered to the principle of prudent cost control, and updated Xuan Wu Cloud's organisational structure at the end of last year. As a result, our operating expenses have continued to decrease as compared to the same period last year. Therefore, the extent of profit decline in the first quarter has narrowed, indicating significant achievements in cost reduction and efficiency improvement.
