Baiying Holdings Group Limited 百應控股集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code股份代號：8525） NOTIFICATION LETTER 通知信函 4 September 2025 Dear Registered Shareholders, Baiying Holdings Group Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.byleasing.com and the website of ...

公司名稱: 百應控股集團有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 呈交日期: 2025年9月3日 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08525 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 本月底法定/註冊股本 ...

百应控股(08525)发布截至2025年6月30日止6个月业绩，该集团期内取得收益1675.61万元人民币，同比 增加84.51%;期内溢利477.18万港元，同比扭亏为盈;每股基本盈利1.8分。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Baiying Holdings Group Limited 百應控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8525） 截 至2025年6月30日止六個月的 中期業績公告 及繼續暫停買賣 截 至2025年6月30日止六個月的中期業績公告 百應控股集團有限公司（「本公司」，及 其 附 屬 公 司 稱 為「本集團」）董 事（「董 事」） 會（「董事會」）欣然公佈本集團截至2025年6月30日止六個月的未經審核中期業 績。本 公 告 載 有 本 公 司2025年中期報告（「報 告」）全 文，符 合 香 港 聯 合 交 易 所 有 限公司（「聯交所」）GEM證券上市規則（「GEM上市規則」）有關中期業績初步公 告 隨 附 資 料 的 相 關 規 定。載 有GEM上市規則所規定資料的報告印刷版將送達 本公 ...

[Definitions](index=4&type=section&id=Definitions) This section defines key terms and vocabulary used in the report, covering company entities, geographical locations, business activities, and related parties for clarity - "The Company" is defined as Baiying Holdings Group Co., Ltd., incorporated in the Cayman Islands on **June 5, 2017**, with shares listed on GEM (stock code: **8525**)[6](index=6&type=chunk) - "Disposal" refers to Xiamen Baiying's sale of all shares in Qiaoxin to Qingxiangyuan, completed on **June 13, 2025**[6](index=6&type=chunk)[12](index=12&type=chunk) - "Reporting Period" refers to the six-month period ended **June 30, 2025**[7](index=7&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This section lists the company's basic information, including board members, committee compositions, joint company secretaries, registered office, and stock code - Board members include executive directors Mr. Zhou Shiyuan (Chairman), Mr. Huang Dake, Ms. Lin Zhenyan, non-executive director Mr. Ke Jinding, and independent non-executive directors Mr. Li Yao, Mr. Tu Liandong, Mr. Xie Mianbi[8](index=8&type=chunk) - Changes in the audit, remuneration, and nomination committees occurred on **March 5, 2025**[8](index=8&type=chunk) - The company's stock code is **8525**, and its website is www.byleasing.com[9](index=9&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section details the Group's business operations, financial performance, liquidity, capital resources, significant transactions, and future outlook, highlighting significant revenue growth and strategic divestment [Business Overview](index=8&type=section&id=Business%20Overview) The Group, a Fujian-based finance leasing company, provides equipment financing and financial information services, achieving **RMB 16.8 million** in revenue and **RMB 4.8 million** in profit, driven by core financial services and the strategic disposal of its vinegar business - The Group's main business is providing equipment financing solutions and financial information services in China, primarily to small and medium-sized enterprises, individual entrepreneurs, and reputable large enterprises[11](index=11&type=chunk) - A new subsidiary, Xiamen Baishun Information Technology Co., Ltd., was established on **February 18, 2025**, primarily providing SaaS services to small and medium-sized financial consulting service institutions in China[11](index=11&type=chunk) - The disposal of all shares in Qiaoxin was completed on **June 13, 2025**, ceasing its consolidation into the Group's financial results[12](index=12&type=chunk) Key Financial Performance for the Six Months Ended June 30, 2025 | Indicator | For the six months ended June 30, 2025 (RMB million) | For the six months ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Revenue | 16.8 | 9.1 | | Profit/(Loss) | 4.8 | (9.7) | | Finance service revenue | 11.7 | - | | Finance service profit | 17.3 | - | | Packaging and paper products trading revenue | 5.1 | - | | Packaging and paper products trading profit | 0.01 | - | [Finance Services](index=8&type=section&id=Finance%20Services) The Group offers direct finance leasing and sale-and-leaseback services, with finance leasing revenue reaching **RMB 7.4 million** (44% of total), and improved credit quality for receivables due to reduced overdue and impaired amounts [Finance Lease Services](index=8&type=section&id=Finance%20Lease%20Services) Finance lease services, including direct finance leasing and sale-and-leaseback, generated **RMB 7.4 million** in revenue, representing **44%** of total revenue, with net finance lease receivables significantly decreasing to **RMB 4.4 million** due to the disposal of overdue receivables - For the six months ended **June 30, 2025**, revenue from finance lease services was **RMB 7.4 million**, accounting for **44%** of total revenue[14](index=14&type=chunk) Average Monthly Balance and Annual Interest Rate Range for Interest-Bearing Receivables from Finance Lease Services | Indicator | For the six months ended June 30, 2025 | For the year ended December 31, 2024 | | :--- | :--- | :--- | | **Average monthly balance of interest-bearing receivables from finance lease services (RMB thousand)** | | | | －Direct finance lease | 929 | 101 | | －Sale-and-leaseback | 204,277 | 92,468 | | **Annual interest rate range** | | | | －Direct finance lease | 7.2% to 12.5% | 10.5% to 14.4% | | －Sale-and-leaseback | 6.5% to 15.6% | 6.5% to 15.6% | - Net finance lease receivables classified as overdue and credit-impaired significantly decreased from **RMB 41.1 million** as of **December 31, 2024**, to **RMB 4.4 million** as of **June 30, 2025**, mainly due to the disposal of overdue finance lease receivables[15](index=15&type=chunk) - Receivables from sale-and-leaseback transactions classified as overdue and credit-impaired decreased from **RMB 8.1 million** as of **December 31, 2024**, to **RMB 4.8 million** as of **June 30, 2025**, primarily due to the recovery of approximately **RMB 3.3 million** in receivables overdue for more than **90 days**[16](index=16&type=chunk) [Factoring Services](index=11&type=section&id=Factoring%20Services) Factoring services generated no revenue for the six months ended **June 30, 2025**, with the average monthly balance of factoring receivables significantly decreasing to **RMB 2.0 million** and a zero carrying amount due to full impairment provision - For the six months ended **June 30, 2025**, there was no revenue from factoring services[18](index=18&type=chunk) Average Monthly Balance and Interest Rate Range for Factoring Services | Indicator | For the six months ended June 30, 2025 (RMB thousand) | For the year ended December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Average monthly balance of factoring receivables | 1,983 | 19,099 | | Interest rate range | 8.0% | 8.0% | - As of **June 30, 2025**, the impairment loss provision for factoring receivables was **RMB 1,983 thousand**, resulting in a carrying amount of zero[20](index=20&type=chunk) [Consulting Services](index=12&type=section&id=Consulting%20Services) For the six months ended **June 30, 2025**, the Group recorded no revenue from consulting services - For the six months ended **June 30, 2025**, we recorded no revenue from consulting services[20](index=20&type=chunk) [Financial Information Services](index=12&type=section&id=Financial%20Information%20Services) Since **February 2025**, the Group has provided SaaS-based financial information services to Chinese SMEs, contributing **RMB 4.3 million** in revenue, or **25.8%** of total revenue, during the period - Since **February 2025**, the Group has provided financial information services to small and medium-sized financial consulting service institutions in China, centered on SaaS software and supplemented by consulting support[21](index=21&type=chunk) - For the six months ended **June 30, 2025**, financial information services revenue was **RMB 4.3 million**, accounting for **25.8%** of total revenue[22](index=22&type=chunk) [Packaging and Paper Products Trading](index=12&type=section&id=Packaging%20and%20Paper%20Products%20Trading) Since **January 2021**, the Group's packaging and paper products trading business generated **RMB 5.1 million** in revenue, with a gross profit of **RMB 0.1 million** and a gross profit margin of approximately **2.2%** for the six months ended **June 30, 2025** - Since **January 2021**, the Group has conducted packaging and paper products trading business through Baiying Paper, primarily selling packaging paper[23](index=23&type=chunk) Financial Performance of Packaging and Paper Products Trading Business | Indicator | For the six months ended June 30, 2025 (RMB million) | | :--- | :--- | | Sales revenue | 5.1 | | Cost of sales | 5.0 | | Gross profit | 0.1 | | Gross profit margin | 2.2% | [Compliance with Major Regulatory Requirements](index=13&type=section&id=Compliance%20with%20Major%20Regulatory%20Requirements) The Group fully complied with all major regulatory requirements for foreign-invested finance leasing companies during the reporting period, including restrictions on government financing platforms, capital requirements, and financial ratios - For the six months ended **June 30, 2025**, the Group complied with the regulation that foreign-invested finance leasing companies shall not directly or indirectly finance government financing platforms that undertake public welfare responsibilities[27](index=27&type=chunk) - For the six months ended **June 30, 2025**, the Group complied with the regulation that the registered capital of foreign-invested finance leasing companies shall not be less than **USD 10 million** and the foreign investment ratio shall not be less than **25%**[27](index=27&type=chunk) - For the six months ended **June 30, 2025**, the Group complied with a series of financial ratio restrictions, such as risk assets of finance leasing companies not exceeding **eight times** their total net assets[31](index=31&type=chunk)[32](index=32&type=chunk) [Financial Overview](index=15&type=section&id=Financial%20Overview) The Group achieved a turnaround to profit, with revenue increasing to **RMB 16.8 million** and a profit of **RMB 4.8 million**, driven by continuing operations despite losses from discontinued businesses, while administrative and interest expenses rose and impairment losses were recognized [Discontinued Operations](index=15&type=section&id=Discontinued%20Operations) The Group completed the disposal of all shares in Qiaoxin on **June 13, 2025**, ceasing its manufacturing and sales of vinegar and other condiments business, which is now classified as a discontinued operation - The disposal of all shares in Qiaoxin was completed on **June 13, 2025**, and the Group no longer engages in the manufacturing and selling of vinegar and other condiments in China ("discontinued operations")[33](index=33&type=chunk) [Operating Results of Continuing Operations](index=15&type=section&id=Operating%20Results%20of%20Continuing%20Operations) Revenue from continuing operations increased to **RMB 16.8 million** in 2025, primarily from finance lease and financial information services, resulting in a **RMB 4.8 million** profit for the period, reversing the prior year's loss Revenue from Continuing Operations by Business Type | Revenue Type | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income from finance lease services | 7,353 | 2,788 | | Financial information services revenue | 4,330 | – | | Packaging paper sales revenue | 5,073 | 6,293 | | **Total** | **16,756** | **9,081** | - Revenue increase was mainly due to an increase of **RMB 4.6 million** in finance lease services revenue and an increase of **RMB 4.3 million** in financial information services revenue[35](index=35&type=chunk) - Other income, other gains and losses changed from a net loss of **RMB 0.1 million** in the same period of 2024 to a gain of **RMB 2.2 million** in 2025, mainly due to a gain of **RMB 4.5 million** from the disposal of a finance lease receivable[36](index=36&type=chunk) - Interest expense increased from **RMB 0.2 million** in the same period of 2024 to **RMB 0.9 million** in 2025, mainly due to an increase in the average monthly loan balance[37](index=37&type=chunk) - Administrative expenses increased from **RMB 2.5 million** in the same period of 2024 to **RMB 2.9 million** in 2025, mainly due to an increase of **RMB 0.5 million** in staff costs[38](index=38&type=chunk) - Net impairment losses recognized or reversed changed from a reversal of **RMB 1.5 million** in the same period of 2024 to a recognition of **RMB 0.9 million** in 2025, mainly due to an increase in outstanding finance lease receivables[39](index=39&type=chunk) - Profit for the period was **RMB 4.8 million**, compared to a loss of **RMB 9.7 million** in the same period of 2024, mainly due to an increase of **RMB 17.1 million** in revenue from continuing operations, partially offset by a loss of **RMB 12.3 million** from discontinued operations[43](index=43&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's cash and cash equivalents increased to **RMB 25.5 million**, with improved net current assets and a reduced debt-to-asset ratio, while finance lease receivables and borrowings decreased, and loans and receivables increased [Cash Flows](index=18&type=section&id=Cash%20Flows) For the six months ended **June 30, 2025**, net cash used in operating activities was **RMB 77.2 million**, net cash from investing activities was **RMB 49.8 million**, and net cash from financing activities was **RMB 33.2 million**, resulting in an ending cash balance of **RMB 25.5 million** Summary of Selected Cash Flow Statement Items | Indicator | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash and cash equivalents at beginning of period | 19,730 | 13,649 | | Net cash flow used in operating activities | (77,215) | (22,457) | | Net cash flow from investing activities | 49,825 | 10,383 | | Net cash flow from financing activities | 33,188 | 8,409 | | Net increase/(decrease) in cash and cash equivalents | 5,798 | (3,665) | | Cash and cash equivalents at end of period | 25,511 | 9,965 | - Net cash used in operating activities was **RMB 77.2 million**, mainly due to an operating loss of **RMB 20.0 million** before working capital changes and an increase in trade and other receivables, loans and receivables[46](index=46&type=chunk) - Net cash from investing activities was **RMB 49.8 million**, mainly due to proceeds of **RMB 20.3 million** from disposal and redemption of investments, and approximately **RMB 13.5 million** in consideration received from the disposal of an associate[47](index=47&type=chunk) - Net cash flow from financing activities was **RMB 33.2 million**, including proceeds of **RMB 53.8 million** from borrowings, partially offset by repayment of borrowings of **RMB 20.0 million**[48](index=48&type=chunk) [Selected Consolidated Statement of Financial Position Items](index=19&type=section&id=Selected%20Consolidated%20Statement%20of%20Financial%20Position%20Items) As of **June 30, 2025**, total current assets increased to **RMB 144.6 million**, total current liabilities decreased to **RMB 71.3 million**, and net assets rose to **RMB 261.3 million**, reflecting a reduction in finance lease receivables and borrowings, alongside an increase in loans and receivables - Total current assets increased from **RMB 135.7 million** as of **December 31, 2024**, to **RMB 144.6 million** as of **June 30, 2025**, mainly due to an increase in loans and receivables[50](index=50&type=chunk) - Total current liabilities decreased from **RMB 119.8 million** as of **December 31, 2024**, to **RMB 71.3 million** as of **June 30, 2025**[51](index=51&type=chunk) - Net assets increased from **RMB 221.5 million** as of **December 31, 2024**, to **RMB 261.3 million** as of **June 30, 2025**, mainly due to an increase in profit for the period[51](index=51&type=chunk) - The carrying amount of finance lease receivables decreased from **RMB 15.4 million** as of **December 31, 2024**, to **RMB 1.4 million** as of **June 30, 2025**[52](index=52&type=chunk) - Loans and receivables increased from **RMB 173.1 million** as of **December 31, 2024**, to **RMB 250.4 million** as of **June 30, 2025**[53](index=53&type=chunk) - As of **June 30, 2025**, the Group had no inventories due to the disposal[54](index=54&type=chunk) - Cash and cash equivalents increased from **RMB 19.7 million** as of **December 31, 2024**, to **RMB 25.5 million** as of **June 30, 2025**, due to the disposal[55](index=55&type=chunk) - Trade and other liabilities decreased from **RMB 21.5 million** as of **December 31, 2024**, to **RMB 17.8 million** as of **June 30, 2025**, mainly due to decreases in accrued staff costs, payables for property, plant and equipment, accrued liabilities, and trade payables[58](index=58&type=chunk) - Total borrowings decreased from **RMB 128.3 million** as of **December 31, 2024**, to **RMB 56.9 million** as of **June 30, 2025**[60](index=60&type=chunk) [Significant Investments, Acquisitions and Disposals](index=23&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) The Group completed the disposal of all shares in Qiaoxin on **June 13, 2025**, for **RMB 13,450,000**, after which Qiaoxin is no longer consolidated; no other significant transactions occurred during the reporting period - The disposal of all shares in Qiaoxin was completed on **June 13, 2025**, for a cash consideration of **RMB 13,450,000**[67](index=67&type=chunk) - Other than the disposal of Qiaoxin, there were no significant investments, acquisitions, or disposals for the six months ended **June 30, 2025**[67](index=67&type=chunk) [Future Plans for Material Investments and Expected Sources of Funding](index=23&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Expected%20Sources%20of%20Funding) The Group currently has no future plans for material investments or external financing beyond commercial bank borrowings, nor specific plans for capital assets - Other than bank borrowings obtained from commercial banks, the Group has no future plans for investments or external financing[68](index=68&type=chunk) - As of **June 30, 2025**, the Group had no specific future plans for material investments or capital assets[69](index=69&type=chunk) [Employment and Remuneration](index=23&type=section&id=Employment%20and%20Remuneration) As of the reporting date, the Group employs **24** full-time staff in China, offering competitive remuneration, comprehensive social insurance, and investing in continuous education and training to enhance skills and cohesion - As of the reporting date, the Group had **24** full-time employees, all working in China[70](index=70&type=chunk) - The Group contributes to social insurance funds (including retirement plans, medical insurance, etc.) for employees and complies with all applicable Chinese laws and regulations[70](index=70&type=chunk) - The Group invests in continuous education and training programs covering finance, risk control, collection, industry research, management skills, etc., and organizes regular business and book sharing sessions to enhance employee skills and knowledge[70](index=70&type=chunk) [Pledge of the Group's Assets](index=24&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) As of **June 30, 2025**, the Group had no pledged assets - As of **June 30, 2025**, we had no pledged assets[71](index=71&type=chunk) [Outlook](index=24&type=section&id=Outlook) The Group is expanding finance leasing in green and technology sectors, achieving significant growth, and will focus resources on its core financial business after divesting the vinegar operation, aiming to provide comprehensive financial services with intelligent risk control for sustainable development - The Group actively responds to national strategic guidance, focusing on green and technology sectors, expanding finance leasing businesses in regional infrastructure construction and new energy engineering machinery, driving significant business growth[72](index=72&type=chunk) - During the reporting period, the Group successfully completed the strategic disposal of its vinegar business, which will further concentrate funds and resource advantages to deepen the specialized development of its core financial business[72](index=72&type=chunk) - The Group will continue to optimize business processes, strengthen pre-investment due diligence, strictly adhere to risk control standards, and deepen strategic collaboration with industry chain partners such as equipment manufacturers and technology platforms to provide comprehensive financial service solutions[72](index=72&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section covers corporate governance, securities transactions, dividend policy, competing businesses, share option schemes, directors' and major shareholders' interests, and the continued suspension of trading, confirming compliance with relevant codes and disclosures [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee reviewed and discussed the company's accounting principles, internal controls, and financial reporting with management, and found no disagreements on the accounting treatments adopted in this unaudited interim report - The Audit Committee has reviewed and discussed the accounting principles and practices, internal controls, and financial reporting matters adopted by the Company with management[74](index=74&type=chunk) - The Audit Committee has reviewed this unaudited interim report and had no disagreements on the accounting treatments adopted by the Company[74](index=74&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[75](index=75&type=chunk) [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board does not propose or recommend the payment of any dividend for the six months ended **June 30, 2025** - The Board does not propose or recommend the payment of any dividend for the six months ended **June 30, 2025**[76](index=76&type=chunk) [Competing Business](index=25&type=section&id=Competing%20Business) During the reporting period, none of the Directors or their respective close associates engaged in any business directly or indirectly competing with the Company's business - During the reporting period, none of the Directors or their respective close associates engaged in any business directly or indirectly competing or likely to compete with the Company's business[77](index=77&type=chunk) [Compliance with Non-Competition Undertakings](index=25&type=section&id=Compliance%20with%20Non-Competition%20Undertakings) Controlling shareholders and independent non-executive directors confirmed full compliance with the non-competition undertakings made to the Company on **June 20, 2018**, throughout the reporting period - Controlling shareholders Septwolves Holdings, Mr. Zhou Yongwei, Mr. Zhou Shaoxiong, and Mr. Zhou Shaoming have all confirmed to the Company that they have complied with their non-competition undertakings made to the Company on **June 20, 2018**, during the reporting period[78](index=78&type=chunk) - The independent non-executive directors have reviewed the compliance and enforcement of the non-competition undertakings and confirmed that all undertakings have been complied with[78](index=78&type=chunk) [Compliance with Corporate Governance Code](index=25&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Group has adopted and fully complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules throughout the reporting period - The Group has adopted and fully complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules during the reporting period[79](index=79&type=chunk) [Continuing Disclosure Requirements under GEM Listing Rules](index=25&type=section&id=Continuing%20Disclosure%20Requirements%20under%20GEM%20Listing%20Rules) As of **June 30, 2025**, the Directors confirmed no knowledge of any circumstances requiring disclosure under Rules **17.15 to 17.21** or Rule **17.43** of the GEM Listing Rules - As of **June 30, 2025**, the Directors confirmed that they were not aware of any circumstances requiring disclosure under Rules **17.15 to 17.21** or Rule **17.43** of the GEM Listing Rules[80](index=80&type=chunk) [Share Option Scheme](index=26&type=section&id=Share%20Option%20Scheme) The company's share option scheme, adopted on **June 20, 2018**, is valid for **10 years** with a **10%** maximum for total issued shares and **1%** for single participants, and had no outstanding options as of **June 30, 2025** - The share option scheme was adopted and approved on **June 20, 2018**, valid for **10 years**, expiring on **June 20, 2028**[81](index=81&type=chunk) - The maximum number of shares that can be issued shall not exceed **30%** of the shares issued from time to time, and the total number of shares that can be issued upon exercise of all share options shall not exceed **10%** of all issued shares on the listing date[81](index=81&type=chunk) - As of **June 30, 2025**, the Company had no outstanding share options under the share option scheme[83](index=83&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) The Board is not aware of any other significant events after the reporting period - The Board is not aware of any other significant events after the reporting period[84](index=84&type=chunk) [Update on Directors' Information](index=27&type=section&id=Update%20on%20Directors%27%20Information) No changes in Directors' information requiring disclosure under Rule **17.50A(1)** of the Listing Rules occurred between the approval dates of the 2024 annual report and this report - No changes in Directors' information requiring disclosure under Rule **17.50A(1)** of the Listing Rules occurred from the date of the Board meeting approving the 2024 annual report to the date of the Board meeting approving this report[85](index=85&type=chunk) [Model Code for Securities Transactions](index=27&type=section&id=Model%20Code%20for%20Securities%20Transactions) The Company has adopted and ensured full compliance with a model code for securities transactions by Directors and employees with inside information throughout the reporting period - The Company has adopted a model code for securities transactions by Directors, and after specific inquiries to all Directors, they all confirmed full compliance with the required standards for dealing set out in the model code throughout the reporting period[86](index=86&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Securities](index=28&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Securities) As of **June 30, 2025**, non-executive director Mr. Ke Jinding and executive director Mr. Huang Dake held **14.06%** and **4.60%** interests, respectively, in the company's issued share capital through controlled corporations Directors' and Chief Executive's Interests in Securities | Name | Position | Nature of Interest | Number of Shares | Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Mr. Ke Jinding | Non-executive Director | Interest in controlled corporation | 37,968,750 shares(L) | 14.06% | | Mr. Huang Dake | Executive Director | Interest in controlled corporation | 12,430,934 shares(L) | 4.60% | - Mr. Ke Jinding holds interests through Zijiang Capital, and Mr. Huang Dake holds interests through HDK Capital[89](index=89&type=chunk) [Major Shareholders' Interests and Short Positions](index=29&type=section&id=Major%20Shareholders%27%20Interests%20and%20Short%20Positions) As of **June 30, 2025**, Mr. Zhou Yongwei, Septwolves Holdings, Zijiang Capital, Mr. Ke Shuiyuan, Shengshi Capital, and Mr. Huang Boni were disclosed as major shareholders, holding significant interests in the company's shares Major Shareholders' Interests | Name | Nature of Interest | Number of Shares | Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Zhou Yongwei | Interest in controlled corporation | 124,143,908 shares(L) | 45.98% | | Septwolves Holdings | Beneficial owner | 118,968,750 shares(L) | 44.06% | | Zijiang Capital | Beneficial owner | 37,968,750 shares(L) | 14.06% | | Mr. Ke Shuiyuan | Interest in controlled corporation | 37,968,750 shares(L) | 14.06% | | Shengshi Capital | Beneficial owner | 15,885,500 shares(L) | 5.88% | | Mr. Huang Boni | Interest in controlled corporation | 15,885,500 shares(L) | 5.88% | - Mr. Zhou Yongwei holds interests through Septwolves Holdings and SEPTWOLVES INTERNATIONAL GROUP LIMITED[92](index=92&type=chunk) - Mr. Ke Shuiyuan holds interests through Zijiang Capital, and Mr. Huang Boni holds interests through Shengshi Capital[92](index=92&type=chunk) [Continued Suspension of Trading](index=30&type=section&id=Continued%20Suspension%20of%20Trading) The company's shares have been suspended from trading on the Stock Exchange since **9:00 a.m. on June 9, 2025**, and will remain suspended until compliance with GEM Listing Rule **17.26** and resumption guidance is met - Trading in shares has been suspended on the Stock Exchange since **9:00 a.m. on June 9, 2025**, and will remain suspended until the Stock Exchange is satisfied that the Company has re-complied with GEM Listing Rule **17.26**, met the resumption guidance, and fully complied with the GEM Listing Rules[93](index=93&type=chunk) [Independent Review Report](index=31&type=section&id=Independent%20Review%20Report) UHY Certified Public Accountants reviewed Baiying Holdings Group Co., Ltd.'s interim financial report for the six months ended **June 30, 2025**, concluding no material non-compliance with Hong Kong Accounting Standard **34** - The independent review report was issued by UHY Certified Public Accountants, reviewing the interim financial report for the six months ended **June 30, 2025**[97](index=97&type=chunk)[100](index=100&type=chunk) - The review concluded that no matters were noted that caused the reviewer to believe the interim financial report was not prepared in all material respects in accordance with Hong Kong Accounting Standard **34**[99](index=99&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement shows the Group's condensed consolidated profit or loss for the six months ended **June 30, 2025**, with **RMB 17.1 million** profit from continuing operations offset by **RMB 12.3 million** loss from discontinued operations, resulting in a total profit of **RMB 4.8 million**, reversing the prior year's loss Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Revenue | 16,756,083 | 9,081,314 | | Profit before income tax | 10,073,231 | 1,562,747 | | Income tax credit/(expense) | 7,000,698 | (1,036,479) | | Profit for the period from continuing operations | 17,073,929 | 526,268 | | Loss for the period from discontinued operations | (12,302,136) | (10,230,269) | | Profit/(Loss) for the period | 4,771,793 | (9,704,001) | | Total comprehensive income/(loss) for the period | 4,754,410 | (9,722,966) | | Basic and diluted earnings/(loss) per share (RMB cents) | 1.80 | (3.60) | | Basic and diluted earnings per share from continuing operations (RMB cents) | 6.35 | (0.19) | - Revenue from continuing operations increased from **RMB 9.1 million** in the same period of 2024 to **RMB 16.8 million** in 2025[101](index=101&type=chunk) - Profit for the period turned from a loss of **RMB 9.7 million** in the same period of 2024 to a profit of **RMB 4.8 million** in 2025[101](index=101&type=chunk) [Condensed Consolidated Statement of Financial Position](index=34&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's condensed consolidated financial position as of **June 30, 2025**, showing total assets less current liabilities of **RMB 268.7 million** and net assets of **RMB 261.3 million**, with a significant decrease in non-current assets due to reduced property, plant, and equipment, and an increase in current assets Summary of Condensed Consolidated Statement of Financial Position | Indicator | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total non-current assets | 195,525,220 | 241,109,137 | | Total current assets | 144,576,624 | 135,749,207 | | Total current liabilities | 71,442,960 | 119,754,822 | | Net current assets | 73,133,664 | 15,994,385 | | Total assets less current liabilities | 268,658,884 | 257,103,522 | | Net assets | 261,256,856 | 221,547,928 | | Total equity | 261,256,856 | 221,547,928 | - Property, plant and equipment significantly decreased from **RMB 112.5 million** as of **December 31, 2024**, to **RMB 0.2 million** as of **June 30, 2025**, mainly due to the disposal of a subsidiary[104](index=104&type=chunk) - Loans and receivables increased from **RMB 173.1 million** as of **December 31, 2024**, to **RMB 250.4 million** as of **June 30, 2025**[104](index=104&type=chunk) - Borrowings decreased from **RMB 128.3 million** as of **December 31, 2024**, to **RMB 56.9 million** as of **June 30, 2025**[104](index=104&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=36&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement presents the Group's condensed consolidated changes in equity for the six months ended **June 30, 2025**, showing a total equity increase from **RMB 221.5 million** to **RMB 261.3 million**, driven by a **RMB 4.8 million** profit and a **RMB 35.0 million** capital reserve increase from a subsidiary disposal Summary of Condensed Consolidated Statement of Changes in Equity | Indicator | Balance as at January 1, 2025 (RMB) | Profit for the period (RMB) | Other comprehensive loss (RMB) | Disposal of a subsidiary (RMB) | Balance as at June 30, 2025 (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share capital | 2,301,857 | – | – | – | 2,301,857 | | Share premium | 238,097,760 | – | – | – | 238,097,760 | | Capital reserve | (6,640,176) | – | – | 34,954,518 | 28,314,342 | | Surplus reserve | 10,139,301 | – | – | – | 10,139,301 | | Other reserves | – | – | – | – | 34,954,518 | | Exchange reserve | 1,521,618 | – | (17,383) | – | 1,504,235 | | Retained profits | (26,294,529) | 4,852,999 | – | – | (21,441,530) | | Total equity attributable to owners of the Company | 219,125,831 | 4,852,999 | (17,383) | 34,954,518 | 258,915,965 | | Non-controlling interests | 2,422,097 | (81,206) | – | – | 2,340,891 | | **Total equity** | **221,547,928** | **4,771,793** | **(17,383)** | **34,954,518** | **261,256,856** | - Profit for the period was **RMB 4,771,793**, and other comprehensive loss was **RMB 17,383**[108](index=108&type=chunk) - Disposal of a subsidiary resulted in an increase in capital reserve of **RMB 34,954,518**[108](index=108&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=37&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the Group's condensed consolidated cash flows for the six months ended **June 30, 2025**, showing **RMB 77.2 million** net cash used in operating activities, **RMB 49.8 million** net cash from investing activities, and **RMB 33.2 million** net cash from financing activities, resulting in a **RMB 5.8 million** net increase in cash and cash equivalents, with an ending balance of **RMB 25.5 million** Summary of Condensed Consolidated Statement of Cash Flows | Indicator | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Net cash used in operating activities | (77,214,823) | (22,456,501) | | Net cash generated from investing activities | 49,825,017 | 10,383,118 | | Net cash generated from financing activities | 33,187,798 | 8,408,581 | | Net increase/(decrease) in cash and cash equivalents | 5,797,992 | (3,664,802) | | Cash and cash equivalents at June 30 | 25,510,670 | 9,965,573 | - Net cash from investing activities mainly came from proceeds of **RMB 20.3 million** from disposal and redemption of investments and net proceeds of **RMB 12.2 million** received from the disposal of a subsidiary[109](index=109&type=chunk) - Net cash from financing activities mainly came from proceeds of **RMB 53.8 million** from borrowings, partially offset by repayment of borrowings of **RMB 20.0 million**[109](index=109&type=chunk) [Notes to the Unaudited Interim Financial Report](index=38&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes to the condensed consolidated financial statements, covering preparation basis, accounting policy changes, revenue, segment reporting, discontinued operations, impairment, income tax, EPS, PPE, receivables, financial assets, inventory, cash, borrowings, payables, capital, reserves, fair value, commitments, subsidiary disposal, and related party transactions [1. General Information](index=38&type=section&id=1.%20General%20Information) The Company was incorporated in the Cayman Islands on **June 5, 2017**, and its shares have been listed on GEM of the Hong Kong Stock Exchange since **July 18, 2018** - The Company was incorporated in the Cayman Islands on **June 5, 2017**, and its issued shares have been listed on GEM of the Hong Kong Stock Exchange since **July 18, 2018**[110](index=110&type=chunk)[111](index=111&type=chunk) [2. Basis of Preparation](index=38&type=section&id=2.%20Basis%20of%20Preparation) This unaudited interim financial report is prepared in accordance with Hong Kong Accounting Standard **34** "Interim Financial Reporting" and applicable GEM Listing Rules, authorized for issue on **August 28, 2025** - This unaudited interim financial report is prepared in accordance with Hong Kong Accounting Standard **34** "Interim Financial Reporting" and the applicable disclosure provisions of the GEM Listing Rules[112](index=112&type=chunk) [3. Changes in Accounting Policies](index=38&type=section&id=3.%20Changes%20in%20Accounting%20Policies) The Group applied amendments to Hong Kong Financial Reporting Standards, including HKAS **21**, and adopted a new policy for loss of control over a subsidiary, with no significant impact on current or prior period results - The Group applied amendments to Hong Kong Financial Reporting Standards issued by the HKICPA, including amendments to HKAS **21**, but they had no significant impact[113](index=113&type=chunk) - New accounting policies applied by the Group include the treatment of loss of control over a subsidiary[115](index=115&type=chunk) [4. Revenue and Segment Reporting](index=39&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) The Group's principal businesses are equipment financing, financial information services, and packaging/paper product sales, with continuing operations revenue totaling **RMB 16.8 million**, where financial services contributed **RMB 11.7 million** profit and packaging/paper trading **RMB 0.01 million** profit [(a) Disaggregation of Revenue](index=39&type=section&id=(a)%20Disaggregation%20of%20Revenue) Total revenue from continuing operations was **RMB 16.8 million**, primarily from finance lease services interest income (**RMB 7.4 million**), financial information services revenue (**RMB 4.3 million**), and packaging paper sales (**RMB 5.1 million**) Disaggregation of Revenue from Continuing Operations | Revenue Type | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Sales of packaging and paper products | 5,072,847 | 6,293,347 | | Financial information services | 4,330,581 | – | | Interest income from finance lease receivables | 35,075 | 16,069 | | Interest income from sale-and-leaseback receivables under loans and receivables | 7,317,580 | 2,771,898 | | **Total** | **16,756,083** | **9,081,314** | - For the six months ended **June 30, 2025**, revenue from a single customer was less than **10%**[117](index=117&type=chunk) [(b) Segment Reporting](index=40&type=section&id=(b)%20Segment%20Reporting) The Group has two reportable segments: financial services, which generated **RMB 11.7 million** revenue and **RMB 17.3 million** profit, and packaging and paper products trading, with **RMB 5.1 million** revenue and **RMB 0.01 million** profit in the first half of 2025 - The Group presents two reportable segments: the financial services segment (providing finance lease services and financial information services) and the packaging and paper products trading segment (selling packaging and paper products)[120](index=120&type=chunk) Summary of Reportable Segment Results (For the six months ended June 30, 2025) | Indicator | Financial Services (RMB) | Packaging and Paper Products Trading (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Reportable segment revenue | 11,683,236 | 5,072,847 | 16,756,083 | | Reportable segment profit for the period | 17,264,072 | 10,603 | 17,274,675 | | Reportable segment assets | 332,450,032 | 15,524,758 | 347,974,790 | | Reportable segment liabilities | 87,929,119 | 10,322,779 | 98,251,898 | - Consolidated profit was **RMB 17,073,929**, reportable segment profit was **RMB 17,274,675**, and unallocated head office and corporate expenses were **RMB 200,746**[123](index=123&type=chunk) [5. Discontinued Operations](index=44&type=section&id=5.%20Discontinued%20Operations) The Group completed the disposal of Fujian Yongchun Qiaoxin Brewing Co., Ltd. on **June 13, 2025**, classifying its vinegar and condiment business as discontinued operations, which recorded a loss of **RMB 12.3 million** for the six months ended **June 30, 2025** - The disposal of all equity interests in Fujian Yongchun Qiaoxin Brewing Co., Ltd. ("Disposal Target") was completed on **June 13, 2025**, and its business of manufacturing and selling vinegar and other condiments is classified as a discontinued operation[128](index=128&type=chunk) Loss for the Period from Discontinued Operations | Indicator | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Sales revenue | 2,008,462 | 5,335,480 | | Loss before income tax | (12,352,710) | (10,273,775) | | Loss for the period from discontinued operations | (12,302,136) | (10,230,269) | - Net cash outflow from operating activities of discontinued operations was **RMB 9.4 million**, net cash inflow from investing activities was **RMB 1.7 million**, and net cash inflow from financing activities was **RMB 1.7 million**[131](index=131&type=chunk) [6. Impairment Losses Recognized/(Reversed)](index=46&type=section&id=6.%20Impairment%20Losses%20Recognized%2F(Reversed)) Total net impairment losses from continuing operations shifted from a **RMB 1.5 million** reversal in 2024 to a **RMB 0.09 million** recognition in 2025, primarily due to impairment losses on finance lease receivables Total Net Impairment Losses Recognized/(Reversed) | Asset Type | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Loans and receivables | (707,919) | (916,410) | | Finance lease receivables | 949,006 | (42,717) | | Trade and other receivables | (153,791) | (544,522) | | **Total net impairment losses recognized/(reversed)** | **87,296** | **(1,503,649)** | [7. Profit Before Income Tax](index=47&type=section&id=7.%20Profit%20Before%20Income%20Tax) Profit before income tax from continuing operations was **RMB 10.1 million**, influenced by staff costs, gain on transfer of finance lease receivables, loss from interest waiver on factoring receivables, amortization, depreciation, auditor's remuneration, legal and consulting expenses, and cost of inventories Components of Profit Before Income Tax | Item | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Staff costs | 1,495,712 | 2,355,161 | | Gain on transfer of finance lease receivables | (4,450,250) | – | | Loss from waiver of interest portion of factoring receivables | 2,000,855 | – | | Amortization cost of intangible assets | 31,437 | 38,367 | | Depreciation expense | 121,273 | 85,148 | | Auditor's remuneration | 368,421 | 363,429 | | Cost of inventories | 4,962,051 | 6,139,378 | [8. Income Tax (Credit)/Expense](index=48&type=section&id=8.%20Income%20Tax%20(Credit)%2FExpense) Continuing operations recorded an income tax credit of **RMB 7.0 million**, primarily due to the generation of deferred tax assets, contrasting with an income tax expense of **RMB 1.0 million** in the prior year Summary of Income Tax (Credit)/Expense | Item | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Current tax | 454,746 | 769,696 | | Deferred tax | (7,455,444) | 266,783 | | **Income tax (credit)/expense** | **(7,000,698)** | **1,036,479** | - The income tax credit was mainly due to the generation of deferred tax assets, with a tax impact of **RMB 9,137,500**[134](index=134&type=chunk) [9. Earnings/(Loss) Per Share](index=49&type=section&id=9.%20Earnings%2F(Loss)%20Per%20Share) For the six months ended **June 30, 2025**, basic and diluted earnings per share from continuing and discontinued operations were **RMB 1.80 cents**, reversing a **RMB 3.60 cents** loss from the prior year, with continuing operations contributing **RMB 6.35 cents** Summary of Earnings/(Loss) Per Share | Item | For the six months ended June 30, 2025 (RMB cents) | For the six months ended June 30, 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and diluted from continuing and discontinued operations | 1.80 | (3.60) | | Basic and diluted from continuing operations | 6.35 | (0.19) | | Basic and diluted loss from discontinued operations | (4.56) | (3.79) | - Basic earnings/(loss) per share for the year is calculated based on the profit/(loss) attributable to owners of the Company divided by the weighted average number of ordinary shares in issue during the interim period, which is **270,000,000 shares**[135](index=135&type=chunk) [10. Property, Plant and Equipment](index=50&type=section&id=10.%20Property%2C%20Plant%20and%20Equipment) For the six months ended **June 30, 2025**, the Group recognized **RMB 117,326** in right-of-use asset additions and **RMB 91,762** in office equipment purchases, while disposing of property, plant and equipment items due to a subsidiary disposal, with no impairment losses recognized - For the six months ended **June 30, 2025**, the Group recognized additions to right-of-use assets of **RMB 117,326**[140](index=140&type=chunk) - The Group purchased office equipment and machinery items costing **RMB 91,762**[141](index=141&type=chunk) - For the six months ended **June 30, 2025**, the Group disposed of property, plant and equipment items, mainly from the disposal of a subsidiary[141](index=141&type=chunk) - No impairment losses on property, plant and equipment were recognized during the period[142](index=142&type=chunk) [11. Loans and Receivables](index=50&type=section&id=11.%20Loans%20and%20Receivables) As of **June 30, 2025**, the Group's total loans and receivables were **RMB 250.4 million**, primarily from sale-and-leaseback transactions, with factoring receivables at zero carrying amount and a decrease in impairment provision for sale-and-leaseback receivables Summary of Loans and Receivables | Item | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Net factoring receivables with recourse | – | 1,484,635 | | Net receivables from sale-and-leaseback transactions | 250,371,457 | 171,622,554 | | **Total** | **250,371,457** | **173,107,189** | - Impairment loss provision for loans and receivables is based on the expected credit loss model; amounts overdue for more than **90 days** decreased from **RMB 10.1 million** to **RMB 6.8 million**[143](index=143&type=chunk) - Changes in impairment loss provision for factoring receivables show a reversal of impairment loss of **RMB 636,272** due to interest waiver[146](index=146&type=chunk) [12. Finance Lease Receivables](index=53&type=section&id=12.%20Finance%20Lease%20Receivables) As of **June 30, 2025**, the carrying amount of finance lease receivables significantly decreased to **RMB 1.4 million** from **RMB 15.4 million**, with overdue amounts over **90 days** falling to **RMB 4.4 million** due to debt transfer Summary of Finance Lease Receivables | Item | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Net finance lease receivables | 5,335,538 | 42,318,360 | | Less: Impairment loss provision | (3,940,735) | (26,895,456) | | **Carrying amount of finance lease receivables** | **1,394,803** | **15,422,904** | - Total finance lease receivables overdue for more than **90 days** decreased from **RMB 41.1 million** to **RMB 4.4 million**[150](index=150&type=chunk) - As of **June 30, 2025**, Xiamen Baiying transferred receivables totaling approximately **RMB 32,579,667** to Xiamen International Trust for a consideration of **RMB 18,000,000**, generating a gain of **RMB 4,450,250**[153](index=153&type=chunk) [13. Trade and Other Receivables](index=56&type=section&id=13.%20Trade%20and%20Other%20Receivables) As of **June 30, 2025**, total trade and other receivables significantly increased to **RMB 49.2 million** from **RMB 22.4 million**, mainly due to a substantial rise in other receivables, including **RMB 18.0 million** from Xiamen International Trust and **RMB 27.7 million** in outstanding debt from the buyer Summary of Trade and Other Receivables | Item | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Non-current assets | 9,651 | 1,239,488 | | Current assets | 49,194,696 | 21,157,640 | | **Total** | **49,204,347** | **22,397,128** | - Other receivables increased from **RMB 1.3 million** as of **December 31, 2024**, to **RMB 46.5 million** as of **June 30, 2025**, mainly referring to **RMB 18.0 million** from Xiamen International Trust and **RMB 27.7 million** in remaining outstanding debt from the buyer[157](index=157&type=chunk) Ageing Analysis of Trade Receivables (Net of Impairment Loss Provision) | Ageing | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 3 months | 1,861,736 | 5,516,243 | | Over 3 months but within 6 months | – | 101,750 | | Over 6 months but within 1 year | 142,606 | 404,539 | | Over 1 year but within 2 years | – | 1,520,866 | | **Total** | **2,004,342** | **7,543,398** | [14. Financial Assets at Fair Value Through Profit or Loss](index=58&type=section&id=14.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of **June 30, 2025**, the Group's financial assets at fair value through profit or loss were primarily **RMB 2.3 million** in wealth management products (Level 2 valuation), a decrease from **RMB 13.2 million** due to the absence of listed securities Summary of Financial Assets at Fair Value Through Profit or Loss | Item | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Wealth management products | 2,304,242 | 3,382,858 | | Listed securities in China | – | 9,829,112 | | **Total** | **2,304,242** | **13,211,970** | - The fair value of wealth management products is determined by reference to quotes published by the issuing banks at the end of the reporting period[159](index=159&type=chunk) [15. Inventories](index=58&type=section&id=15.%20Inventories) Due to the disposal of a subsidiary, the Group had no inventories as of **June 30, 2025** - Due to the disposal, we had no inventories as of **June 30, 2025**[160](index=160&type=chunk) [16. Cash and Cash Equivalents](index=58&type=section&id=16.%20Cash%20and%20Cash%20Equivalents) As of **June 30, 2025**, cash and cash equivalents amounted to **RMB 25.5 million**, an increase from **RMB 19.7 million**, with RMB remittances out of China subject to government foreign exchange controls Summary of Cash and Cash Equivalents | Item | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Bank balances | 25,510,670 | 19,730,061 | - RMB is not a freely convertible currency, and its remittance out of China is subject to foreign exchange controls issued by the Chinese government[161](index=161&type=chunk) [17. Borrowings](index=59&type=section&id=17.%20Borrowings) As of **June 30, 2025**, the Group's total borrowings significantly decreased to **RMB 56.9 million** from **RMB 128.3 million**, comprising **RMB 10.0 million** in bank loans and **RMB 46.9 million** in advances from related parties Summary of Borrowings | Item | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Bank loans | 10,000,000 | 53,287,871 | | Other borrowings (advances from related parties) | 46,900,000 | 15,000,000 | | Other borrowings (borrowings from third parties) | – | 60,000,000 | | **Total borrowings** | **56,900,000** | **128,287,871** | - As of **June 30, 2025**, no loans were secured by certain property, plant and equipment of the Group[162](index=162&type=chunk) - Borrowings from certain related parties amounted to **RMB 46,900,000**, bearing interest at annual rates ranging from **4.0% to 4.6%**, repayable within one year[163](index=163&type=chunk) Borrowing Repayment Schedule | Term | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within one year | 56,900,000 | 96,980,000 | | After one year but within two years | – | 2,000,000 | | After two years but within five years | – | 12,536,603 | | After five years | – | 16,771,268 | | **Total** | **56,900,000** | **128,287,871** | [18. Trade and Other Liabilities](index=61&type=section&id=18.%20Trade%20and%20Other%20Liabilities) As of **June 30, 2025**, total trade and other liabilities decreased to **RMB 17.8 million** from **RMB 21.5 million**, mainly due to reductions in accrued staff costs, property, plant and equipment payables, and trade payables, partially offset by increased security deposits from lessees Summary of Trade and Other Liabilities | Item | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Non-current liabilities | 7,402,028 | 3,713,947 | | Current liabilities | 10,446,948 | 17,768,796 | | **Total** | **17,848,976** | **21,482,743** | - Security deposits received from lessees increased from **RMB 5.2 million** as of **December 31, 2024**, to **RMB 8.9 million** as of **June 30, 2025**[166](index=166&type=chunk)[58](index=58&type=chunk) - Accrued staff costs decreased from **RMB 3.8 million** as of **December 31, 2024**, to **RMB 0.6 million** as of **June 30, 2025**[167](index=167&type=chunk)[58](index=58&type=chunk) - As of **June 30, 2025**, there were no trade payables, compared to **RMB 0.9 million** as of **December 31, 2024**, mainly due to the disposal of the vinegar and other condiments business[167](index=167&type=chunk) [19. Capital, Reserves and Dividends](index=62&type=section&id=19.%20Capital%2C%20Reserves%20and%20Dividends) For the six months ended **June 30, 2025**, the Group neither paid nor proposed any dividends, maintaining **270,000,000** issued ordinary shares, with capital management focused on safeguarding going concern and balancing shareholder returns - The Group neither paid, declared, nor proposed any dividends for the six months ended **June 30, 2025**[168](index=168&type=chunk) - The number of issued and fully paid ordinary shares as of **June 30, 2025**, was **270,000,000**, the same as on **December 31, 2024**[168](index=168&type=chunk) - The primary objective of the Group's capital management is to safeguard its ability to continue as a going concern and to adjust the capital structure in response to changes in economic conditions[169](index=169&type=chunk) [20. Fair Value Measurement of Financial Instruments](index=62&type=section&id=20.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) As of **June 30, 2025**, the Group's financial assets measured at fair value were primarily **RMB 2.3 million** in Level 2 wealth management products, with no transfers between levels or into/out of Level 3 during the period Financial Assets Measured at Fair Value (Fair Value Hierarchy) | Item | Level 1 (RMB) | Level 2 (RMB) | Level 3 (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | As at June 30, 2025: Wealth management products | – | 2,304,242 | – | 2,304,242 | | As at December 31, 2024: Wealth management products | – | 3,382,858 | – | 3,382,858 | | As at December 31, 2024: Listed securities in China | 9,829,112 | – | – | 9,829,112 | - The fair value of wealth management products is determined by reference to quotes published by the issuing banks at the end of the reporting period[173](index=173&type=chunk) [21. Commitments](index=63&type=section&id=21.%20Commitments) As of **June 30, 2025**, the Group had no unfulfilled commitments for assets under construction that were contracted but not yet provided for in the financial statements - As of **June 30, 2025**, the Group had no unfulfilled commitments for assets under construction that were contracted but not yet provided for in the financial statements[174](index=174&type=chunk) [22. Disposal of a Subsidiary](index=64&type=section&id=22.%20Disposal%20of%20a%20Subsidiary) The Group completed the disposal of Fujian Yongchun Qiaoxin Brewing Co., Ltd. on **June 13, 2025**, for **RMB 13,450,000**, generating a gain of **RMB 34,954,518** and a net cash inflow of **RMB 12,205,264** - The disposal of all equity interests in Fujian Yongchun Qiaoxin Brewing Co., Ltd. ("Disposal Target") was completed on **June 13, 2025**[175](index=175&type=chunk) Gain and Net Cash Inflow from Disposal of a Subsidiary | Item | For the six months ended June 30, 2025 (RMB) | | :--- | :--- | | Cash consideration | 13,450,000 | | Gain on disposal of a subsidiary | 34,954,518 | | Net cash inflow from disposal | 12,205,264 | [23. Significant Related Party Transactions](index=65&type=section&id=23.%20Significant%20Related%20Party%20Transactions) This section discloses the Group's related party transactions, including interest expenses, rent, purchases, sales commissions, and marketing expenses, along with period-end balances and guarantees provided by related parties - The Group conducts related party transactions in the ordinary course of business on normal commercial terms and at market rates[184](index=184&type=chunk) Remuneration of Key Management Personnel | Item | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Remuneration of key management personnel | 391,871 | 656,470 | Summary of Related Party Transactions | Transaction Type | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Interest expense－Fujian Septwolves Group | 86,667 | 33,491 | | Rent and property management fees－Septwolves Asset Management | 122,207 | 64,343 | | Purchase of condiments－Sichuan Qingxiangyuan | – | 252,508 | | Sales commission income－Sichuan Qingxiangyuan | – | 93,803 | | Sales revenue－Fujian Septwolves Industrial | – | 94,825 | Summary of Related Party Balances | Item | As at June 30, 2025 (RMB) | As at December 31, 2024 (RMB) | | :--- | :--- | :--- | | Trade receivables－Qiaoxin Xiamen | 142,606 | – | | Other receivables－Yongchun Qiaoxin | 27,718,265 | – | | Borrowings－Quanzhou Baiying Huishang Technology | 20,000,000 | – | | Borrowings－Xiamen Zhipuxing Information | 26,900,000 | – | | Accounts payable and trade payables－Septwolves Asset Management | 125,608 | – | | Advances from related parties－Fujian Septwolves Group | – | 15,000,000 | - Related party Fujian Septwolves Group provided a guarantee to the Group for a maximum credit limit of **RMB 30,000,000**[187](index=187&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 繼續暫停買賣 應 本 公 司 要 求，本 公 司 股 份（「股 份」）已自二零二五年六月九日上午九時正起於 香港聯合交易所有限公司（「聯交所」）暫 停 買 賣，並 將 維 持 暫 停 買 賣，直 至 聯 交 所信納本公司已重新符合聯交所GEM證券上市規則（「GEM上市規則」）、達 成 復 牌指引及全面遵守GEM上 市 規 則，並 獲 聯 交 所 批 准 股 份 恢 復 買 賣 為 止。 本公司將於適當時候根據GEM上 市 規 則 的 規 定 刊 發 進 一 步 公 告，向 股 東 更 新 復 牌 的 進 展。 股 東 及 潛 在 投 資 者 於 買 賣 股 份 時 務 請 審 慎 行 事。 Baiying Holdings Group Limited 百應控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號 ...

截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百應控股集團有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08525 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 本月底法定/註冊股本 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Baiying Holdings Group Limited 百應控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8525） 有關該等融資租賃協議的須予披露交易 及繼續暫停買賣 融資租賃協議I 茲 提 述 該 公 告。誠 如 該 公 告 所 披 露，買 方 於2025年5月16日與莆田城廂訂立 融資租賃協議I。 與城廂集團訂立的融資租賃協議 於2025年7月28日（收 市 後），買 方 根 據 融 資 租 賃 協 議 與 城 廂 集 團 訂 立 一 項 售 後 回 租 交 易。根 據 融 資 租 賃 協 議，買 方 同 意 按 人 民 幣24,000,000元（相 當 於 約 26,378,640港 元）的 代 價 向 城 廂 集 團 購 買 租 回 資 產，並 向 城 廂 集 團 出 租 租 回 資 ...

委任副總經理 百應控股集團有限公司（「本公司」，及 其 附 屬 公 司 為「本集團」）董 事（「董 事」）會 （「董事會」）欣 然 宣 佈，林 戊 己 先 生（「林先生」）已 獲 委 任 為 本 公 司 副 總 經 理，自 2025年7月23日 起 生 效。 林戊己先生，41歲，林 先 生 於2025年6月 加 入 本 公 司 擔 任 董 事 會 秘 書，主 要 負 責 證 券 事 務 及 董 事 會 日 常 運 作、企 業 管 治 及 投 資 者 關 係。林 先 生 於 投 資、證 券 事 務及企業管理方面擁有17年 經 驗。於 加 入 本 集 團 前，彼 自2020年7月 至2025年6 月擔任七匹狼控股集團股份有限公司（「七匹狼控股集團」）人力資源及行政部總 監，彼 主 要 負 責 人 力 資 源 及 行 政 管 理、集 團 營 運、策 略 及 組 織 管 理。自2019年10 月 至2020年6月，林 先 生 擔 任 廈 門 七 匹 狼 節 能 環 保 產 業 創 業 投 資 管 理 有 限 公 司 總 經 理 助 理，負 責 投 資、併 購、募 資 及 投 後 管 理。自2014年3月 至2019年 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Baiying Holdings Group Limited 百應控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8525） 有關出售債權之須予披露交易及 繼續暫停買賣 債權轉讓協議 於2025年6月30日（收 市 後），廈 門 百 應（本 公 司 間 接 全 資 附 屬 公 司）與廈門國際 信 託 訂 立 債 權 轉 讓 協 議，據 此，廈 門 百 應 同 意 向 廈 門 國 際 信 託 轉 讓 債 權，代 價為人民幣18,000,000元（相 當 於 約19,737,900港 元）。 GEM上市規則的涵義 由於債權轉讓協議項下擬進行交易的一項或多項適用百分比率（定 義 見GEM 上 市 規 則）超 過5%但低於25%，故 根 據GEM上市規則第19章，該 交 易 構 成 本 公 司 一 項 須 予 ...