Exhibit 99.1

Lucas GC Limited Announces 1H 2024 Financial Results:

Revenue at US$83.32 million with Increases in Both Gross Margin and Net Income Margin

NEW YORK, SEPTEMBER 26, 2024 (GLOBE NEWSWIRE) - Lucas GC Limited (NASDAQ: LGCL) ("Lucas" or the "Company"), an artificial intelligence (the "AI") technology-driven Platform-as-a-Service (the "PaaS") company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, today announced its financial results for 1H fiscal year of 2024.

1H 2024 Financial Highlights

●	Our revenue was RMB605.52 million (US$83.32 million) for the six months ended June 30, 2024, compared with RMB820.07 million for the six months ended June 30, 2023, representing a decrease of 26.16%.
●	We recorded a gross margin of 33.54% for the six months ended June 30, 2024, representing an increase of 516 bps compared with that of the six months ended June 30, 2023.
●	We recorded net income of RMB53.93 million (US$7.42 million) for the six months ended June 30, 2024, compared with RMB53.69 million for the six months ended June 30, 2023.
●	Our net income margin increased to 8.91% for the six months ended June 30, 2024, compared with 6.55% for the six months ended June 30, 2023.

1H 2024 Operational Highlights

●	Increased active registered users by 10% to 702,060 in 1H 2024 as compared to Dec 2023.
●	Obtained two patents related to core Artificial Intelligence (AI) technology, bringing the total number of granted patents to 18.
●	Signed two strategic agreements with publicly traded financial institutions, i.e. Bank of Ningbo and Industrial Securities Co., Limited., to port the AI LLM technology into wealth management vertical.
●	Signed a strategic agreement with Beijing Fourth Paradigm Technology Co., Limited to develop Artificial Intelligence training programs.
●	Won The 2024 Cberi Prize in The Most Valuable Brand for Investment during the Asian Brand Economy Conference (ABEC).

Management Commentary

Howard Lee, Chief Executive Officer of Lucas, said "We adopted a change of strategy in 1H 2024. We decided to position ourselves as a technology company rather than a service company. As a result, we started selling our technology to peers and let them deliver the assignments themselves, rather than compete with them. We tried to reduce our activities in delivering the recruitment assignments directly ourselves, and instead we focused on selling the technology and information to our peers and clients with products that have higher margins than those of assignment delivery services. That's why we had significant gross margin improvement in 1H 2024 compared to 1H 2023. The revenue decrease was due to our change of strategy to focus on higher-margin products, as well as the effect of one-time post COVID recovery spike in China, making 1H 2023 a higher-than-normal-business-run-rate comparison."

"In order to sustain our technological leads as a technology company, we have continued to invest significantly in research and development. R&D expenses increased by 2.45% compared to 1H 2023 due to continuous investments in AI-enabled technologies including Generative Pre-trained Transformer (GPT) and related artificial intelligence generated content (AIGC) technologies. R&D as a percentage of revenue was 13.31% in 1H 2024 compared with 9.59% in 1H 2023."

"We had a strong growth of our user base: our active registered users reached 702,060 by June 2024, representing 10% growth in 1H 2024, compared to Dec 2023, setting the stage for strong revenue growth for the future, not only within human resource services, but in the areas such as IT outsourcing and information services. I also expect to execute acquisitions or form partnerships outside China that are accretive and will drive value for shareholders in the coming months."

About Lucas GC Limited

With 18 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 702,060 agents working on its platform. Lucas' technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: https://www.lucasgc.com/.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions. Any forward-looking statements contained in this press release speak only as of the date hereof, and Lucas GC Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For Investor Inquiries and Media Contact:

https://www.lucasgc.com/

[email protected]

T: 818-741-0923

LUCAS GC LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data, or otherwise noted)

		As of December 31,			As of June 30,
		2023			2024
		RMB			RMB			US$
					(Unaudited)
ASSETS
Current assets
Cash and cash equivalents			30,123				51,513				7,088
Restricted cash			100				-				-
Accounts receivable, net			28,144				46,448				6,391
Advance to suppliers, net			164,802				223,004				30,686
Deferred offering costs			6,541				706				97
Prepaid expenses and other current assets			1,626				1,616				222
Total current assets			231,336				323,287				44,484
Non-current assets
Software and equipment, net			48,299				76,388				10,511
Operating lease right-of-use assets, net			84				797				110
Deferred tax assets			12,103				12,897				1,775
Total non-current assets			60,486				90,082				12,396
TOTAL ASSETS			291,822				413,369				56,880
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings			39,381				57,829				7,958
Accounts payable			35,217				51,997				7,155
Contract liabilities			13,552				17,203				2,367
Income tax payable			131				131				18
Amounts due to related parties			3,097				2,120				292
Operating lease liabilities, current			86				449				62
Accrued expenses and other current liabilities			3,766				3,580				490
Total current liabilities			95,230				133,309				18,342
Operating lease liabilities, non-current			-				401				55
Total non-current liability			-				401				55
TOTAL LIABILITIES			95,230				133,710				18,397
Shareholders' equity
Ordinary shares (US$0.000005 par value; 10,000,000,000 and 10,000,000,000 shares authorized as of December 31, 2023 and June 30, 2024; 78,063,300 and 78,063,300 shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively)			3				3				-
Subscription receivables			(3	)			(3	)			-
Additional paid-in capital			113,554				142,255				19,575
Statutory reserve			19,559				23,758				3,269
Retained earnings			61,041				110,372				15,188
Accumulated other comprehensive (loss)/income			(11	)			427				59
Total Lucas GC Limited shareholders' equity			194,143				276,812				38,091
Non-controlling interests			2,449				2,847				392
Total shareholders' equity			196,592				279,659				38,483
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			291,822				413,369				56,880

LUCAS GC LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(All amounts in thousands, except for share and per share data, or otherwise noted)

		For the six months ended June 30,
		2023			2024
		RMB			RMB			US$
		(Unaudited)			(Unaudited)
Revenues
Recruitment service			395,360				155,812				21,440
Outsourcing service			366,550				418,456				57,581
Others			58,162				31,250				4,300
Total revenues			820,072				605,518				83,321
Cost of revenues			(587,382	)			(402,438	)			(55,377	)
Gross profit			232,690				203,080				27,944
Operating expenses
Selling and marketing expenses			(41,678	)			(39,000	)			(5,367	)
General and administrative expenses			(61,389	)			(30,298	)			(4,169	)
Research and development expenses			(78,675	)			(80,612	)			(11,093	)
Total operating expenses			(181,742	)			(149,910	)			(20,629	)
Income from operations			50,948				53,170				7,315
Other/(expenses) income
Financial expenses, net			(273	)			(754	)			(104	)
Other income, net			2,535				718				99
Total other income/(expenses), net			2,262				(36	)			(5	)
Income before income tax benefit			53,210				53,134				7,310
Income tax benefit			482				794				109
Net income			53,692				53,928				7,419
Less: net income attributable to non-controlling interests			(397	)			(398	)			(55	)
Net income attributable to Lucas GC Limited			53,295				53,530				7,364
Net income			53,692				53,928				7,419
Other comprehensive income:
Foreign currency translation difference, net of tax of nil			6				438				60
Total comprehensive income			53,698				54,366				7,479
Less: total comprehensive income attributable to non-controlling interests			(397	)			(398	)			(55	)
Comprehensive income attributable to Lucas GC Limited			53,301				53,968				7,424
Net income per share:
Basic			0.68				0.69				0.09
Diluted			0.68				0.69				0.09
Weighted average shares outstanding used in calculating basic and diluted loss per share:
Basic			78,063,300				78,063,300				78,063,300
Diluted			78,063,300				78,063,300				78,063,300

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