STEP Latest Report

Performance Review

Stepstone Group's total operating revenue as of December 31, 2024 was RMB339,023,000, a significant increase from RMB-14,612,000 in 2023, with a year-on-year change of RMB339,023,000, indicating the company achieved strong revenue growth in 2024 and successfully reversed its previous negative revenue status. This change may be attributed to the company's positive actions in investment management, market environment, product innovation, and cost control.

Key Financial Data

1. The transformation of operating revenue from negative to positive indicates that the company's business has recovered and its revenue sources have become more stable.

2. The significant growth in 2024's operating revenue may be attributed to the company's successful investment management strategy, which attracted more client funds.

3. The improvement in the market environment, such as economic recovery and rising industry demand, may have created better business opportunities for the company.

4. The launch of new products or services, such as the "Pacing" tool, enhanced customer experience and attracted more investors.

5. Effective cost control may help improve the company's profit margin and support revenue growth.

Peer Comparison

1. Industry-wide analysis: The asset management industry experienced a recovery in 2024, with overall operating revenue growth, reflecting the rise in investment demand and the recovery of market confidence, providing a good external environment for Stepstone Group's revenue growth.

2. Peer evaluation analysis: Stepstone Group's significant rebound in total operating revenue in 2024 shows its enhanced competitiveness in the market. If other companies in the same industry also show similar growth, it may indicate the industry's recovery; otherwise, Stepstone Group's performance will stand out.

Conclusion

Stepstone Group achieved a significant increase in operating revenue in 2024 through effective market strategies and product innovation, rewriting its negative revenue record in 2023. This positive change not only reflects the company's own efforts but is also closely related to the overall industry recovery and improvement in the market environment.

Opportunities

1. Continue to expand new product lines and services, further enhancing customer experience and market appeal.

2. Leverage the trend of market recovery to increase market share and attract more investors.

3. Deepen relationships with existing clients by providing personalized investment advisory services to enhance customer loyalty.

4. Monitor macroeconomic changes and flexibly adjust investment strategies to seize potential market opportunities.

Risks

1. Macroeconomic factors such as inflation and interest rate fluctuations may affect the company's revenue and profits.

2. A sluggish market may lead to a slowdown in fundraising activities, reducing management fee income.

3. Intensified competition may affect the company's market share and profit margin, especially against strong competitors in the same industry.

4. Potential regulatory changes and policy adjustments may negatively impact the company's business model and profitability.