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通告之內容概不 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 對 因 本 通 告 全部或任何部分內容而產生或因倚賴該等內容而引致之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） 股東特別大會通告 茲通告 百應控股集團有限公司（「本公司」）謹定於2025年6月3日（星 期 二）上午十 時正假座本公司於中國的總部及主要營業地點中國福建省廈門市思明區台南 路77號18樓第二單元舉行股東特別大會（「股東特別大會」），藉 以 考 慮 並 酌 情 通 過下列決議案為本公司普通決議案（不 論 有 否 作 出 修 訂）： 承董事會命 1. 凡有權出席股東特別大會及於會上投票的本公司股東（「股 東」）可委派一名或多名代表出 席 大 會 並 在 符 合 本 公 司 章 程 細 則 規 定 的 情 況 下 代 其 投 票。受 委 代 表 毋 須 為 股 東。倘 超 過 一 ...

此乃要件 請即處理 閣下如 對本通函或應採取之行動 有任何疑問，應諮詢 閣下的持牌證券交易商、註冊證券機構、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 名下所有 百應控股集團有限公司 的股份，應立即將本通函連同隨附代表委任表 格 交 予 買 主 或 承 讓 人 或 經 手 買 賣 或 轉 讓 的 銀 行、持 牌 證 券 交 易 商、註 冊 證 券 機 構 或 其 他 代 理 商，以 便轉交買主或承讓人。 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通函之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內 容而引致之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） 有關出售目標集團之出售事項的 主要及關連交易； 及 股東特別大會通告 獨立董事委員會及獨立股東之獨立財務顧問 除文義另有所指外，本封面所用詞彙與本通函所界定者具有相同涵義。 董事會函件載於本通函第5至18頁。載 有 致 獨 立 股 東 之 推 ...

由 於 本 公 司 需 要 額 外 時 間 最 終 確 定 載 入 通 函 的 必 要 資 料，預 期 通 函 將 推 遲 至 2025年5月16日 或 之 前 寄 發。 承董事會命 百應控股集團有限公司 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） 延遲寄發通函 主要及關連交易 出售目標集團的出售事項 茲提述本公司日期為2025年3月27日 及2025年4月1日有關出售事項的公告（「該 等公告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 誠 如 該 等 公 告 所 披 露，一 份 載 有（其 中 包 括）(i)買 賣 協 議 及 出 售 事 ...

Group 1 - The stock price of Baiying Holdings (08525.HK) closed at HKD 0.930 on April 29, marking a 6.9% increase from the previous trading day and reaching a nearly one-year high [1] - The net capital inflow for the day was HKD 0.19 million, with a total inflow of HKD 0.186 million and no outflow recorded [1] Group 2 - Baiying Holdings Group Limited was officially listed on the Hong Kong Stock Exchange GEM on July 18, 2018, under the stock name Baiying Holdings and stock code 8525 [2] - The company focuses on providing equipment financing solutions to small and medium-sized enterprises and individual entrepreneurs, with qualifications in financing leasing and accounts receivable commercial factoring [2] - The company has a strong shareholder base led by Fujian Qipilang Group and includes leading enterprises based in Fujian Province, contributing to stable growth and sound business operations [2] - The management team consists of experienced professionals with an average of about ten years in banking, financing, and investment industries, particularly in risk management, financing leasing, and marketing [2] - Since its establishment, the company has accumulated experience in meeting the financing needs of clients in key sectors such as textiles, apparel, and special equipment, serving over 1,000 clients across more than 20 provinces [2] - The company primarily offers two types of financing leasing services: direct financing leasing and sale-leaseback, along with limited factoring services and other value-added consulting services [2] - The business goal of the company is to become a leading financing leasing company in China while maintaining an effective risk management system [2]

(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 Baiying Holdings Group Limited 百應控股集團有限公司 Dear Non-registered Holder(s) (Note 1) , 16 April 2025 Baiying Holdings Group Limited (the "Company") – Notice of publication of Annual Report 2024 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.byleasing.com and the websit ...

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 Dear Registered Shareholders, 16 April 2025 Baiying Holdings Group Limited (the "Company") – Notice of publication of Annual Report 2024 (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 The ...

Financial Performance - Total revenue for 2024 was RMB 33,719,000, a decrease of 6.5% compared to RMB 36,027,000 in 2023[9] - The group reported a net loss of RMB 17,342,000 for 2024, compared to a net loss of RMB 16,133,000 in 2023, indicating a worsening of 7.5%[9] - The company's revenue decreased from RMB 36.0 million for the year ended December 31, 2023, to RMB 33.7 million for the year ended December 31, 2024, representing a decline of approximately 6.39%[16] - The net loss for the reporting period was approximately RMB 17.3 million, compared to a net loss of RMB 16.1 million for the year ended December 31, 2023[16] - The company recorded a loss of RMB 17.3 million for the year ended December 31, 2024, an increase from RMB 16.1 million for the year ended December 31, 2023, primarily due to the impairment loss reversal of RMB 9.1 million[63] Assets and Liabilities - Total assets increased to RMB 376,858,000 in 2024, up from RMB 278,818,000 in 2023, representing a growth of 35.3%[9] - Total liabilities rose significantly to RMB 155,310,000 in 2024, compared to RMB 39,889,000 in 2023, marking an increase of 288.5%[9] - Current liabilities rose significantly from RMB 30.6 million as of December 31, 2023, to RMB 119.8 million as of December 31, 2024, mainly due to an increase in borrowings of RMB 95.0 million[71] - The company's net asset value decreased from RMB 238.9 million as of December 31, 2023, to RMB 221.5 million as of December 31, 2024, primarily due to an increase in total liabilities[72] Revenue Breakdown - Revenue from financing leasing services amounted to RMB 7.4 million, accounting for 22.1% of total revenue[17] - Revenue from the sale of vinegar and other condiments reached RMB 10.6 million for the year ended December 31, 2024, accounting for 31.4% of total revenue[29] - For the year ended December 31, 2024, revenue from the sales of packaging and paper products was RMB 15.0 million, accounting for 44.4% of total revenue[33] Business Operations and Strategy - The company has expanded its sales network to over 10,000 points across multiple provinces and cities in China, enhancing market reach[11] - The group aims to leverage its core advantages to expand its national market presence in the food vinegar industry, targeting leadership in this sector[11] - The company is exploring the Kunming market to drive steady growth in its paper business, indicating strategic market expansion efforts[11] - The company plans to establish a wholly-owned subsidiary, Xiamen Baishun Information Technology Co., Ltd., with a registered capital of RMB 1 million to expand its fintech and service business[93] Financial Management - The company has implemented a comprehensive risk management system, ensuring strict procedures for credit assessments and due diligence before entering into financing lease agreements[60] - The company regularly monitors its cash flow and cash balances to maintain liquidity that meets operational needs while supporting business growth and expansion[65] - The company is focused on capital operation and financing management, ensuring effective cash management and compliance[98] Expenses and Costs - Interest expenses increased from RMB 1.5 million for the year ended December 31, 2023, to RMB 2.7 million for the year ended December 31, 2024, primarily due to an increase in average loan balances[53] - Administrative expenses rose from RMB 16.8 million for the year ended December 31, 2023, to RMB 19.7 million for the year ended December 31, 2024, mainly due to lower-than-expected sales of new products leading to increased management costs by RMB 3.6 million[54] - Sales and distribution expenses increased from RMB 10.6 million for the year ended December 31, 2023, to RMB 15.1 million for the year ended December 31, 2024, primarily due to an increase in employee costs of RMB 1.8 million, promotional expenses of RMB 0.4 million, and service fees of RMB 1.6 million[55] Shareholder Information - As of December 31, 2024, revenue from the top five customers accounted for 70% of total revenue, with the largest customer contributing 30%[128] - The company does not propose any dividend distribution for the year ending December 31, 2024[137] - Major shareholders include Mr. Zhou Yongwei with 124,143,908 shares (45.98%) and Septwolves Holdings with 118,968,750 shares (44.06%) as of December 31, 2024[175] Corporate Governance - The company is committed to maintaining good corporate governance and compliance with relevant laws and regulations in China and Hong Kong[120] - The company has received annual confirmations of independence from all independent non-executive directors as required by GEM listing rules[147] - The company has adopted and fully complied with the corporate governance code during the reporting period[159] Risk Management - Credit risk is identified as the most significant inherent risk, stemming from clients' inability or unwillingness to repay financial obligations[124] - The company has no significant disputes with employees or customers as of December 31, 2024[122] Leadership and Management - Lin Zhenyan has been appointed as the Chief Financial Officer of Qipilang Holdings Group since May 2024, overseeing financial planning and compliance management[98] - The company has a strong leadership team with extensive experience in finance and management, including independent directors with over 15 years in banking and fintech[102] - The company emphasizes strategic planning and investment decision support, with a focus on financial system construction and budget control[98]

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） 主要及關連交易 出售目標集團的出售事項 補充公告 茲提述本公司日期為2025年3月27日有關出售事項的公告（「該公告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。本 公 司 謹 就 該 公 告 所 載 出 售 事 項 提 供 額 外 資 料，如 下： 估 值 誠 如 該 公 告 所 披 露，代 價 乃 由 賣 方 與 買 方 經 計 及 賣 方 委 聘 的 獨 立 估 值 師 對 出 售目標之估值約人民幣12,909,500元（「估 值」）後按公平基準達成（「估值報告」）。 估值報告由聯合中和土地房地產 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 33,719,000, a decrease of 6.5% compared to RMB 36,027,000 in 2023[12]. - The company recorded a loss before tax of RMB 12,467,000 for 2024, compared to a loss of RMB 16,459,000 in 2023, indicating an improvement of approximately 24.1%[12]. - The company reported a net loss of RMB 17,342,000 for the year 2024, compared to a loss of RMB 16,133,000 in 2023, indicating a worsening of 7.5%[12]. - Total revenue decreased from RMB 360.27 million in 2023 to RMB 337.19 million in 2024, primarily due to a decrease in factoring service revenue by RMB 46.28 million and packaging and paper product trade revenue by RMB 60.00 million, partially offset by an increase in vinegar and other seasoning sales by RMB 37.00 million[54]. - Other income increased from RMB 14.00 million in 2023 to RMB 38.00 million in 2024, mainly due to an increase in net gains from financial assets measured at fair value by RMB 30.00 million[55]. - Interest expenses rose from RMB 15.00 million in 2023 to RMB 27.00 million in 2024, attributed to an increase in average loan balances[56]. - Administrative expenses increased from RMB 168.04 million in 2023 to RMB 197.32 million in 2024, primarily due to lower-than-expected sales of new products leading to increased management costs by RMB 36.00 million[57]. - Selling and distribution expenses increased from RMB 106.00 million in 2023 to RMB 151.00 million in 2024, driven by an increase in employee costs by RMB 18.00 million and service fees by RMB 16.00 million[58]. - The company's loss increased from RMB 16.1 million for the year ended December 31, 2023, to RMB 17.3 million for the year ended December 31, 2024, mainly due to impairment losses of RMB 9.1 million[66]. Assets and Liabilities - Total assets increased to RMB 376,858,000 in 2024, up from RMB 278,818,000 in 2023, representing a growth of 35.3%[12]. - Total liabilities rose significantly to RMB 155,310,000 in 2024, compared to RMB 39,889,000 in 2023, marking an increase of 288.5%[12]. - The net asset value decreased to RMB 221,548,000 in 2024 from RMB 238,929,000 in 2023, reflecting a decline of 7.3%[12]. - The company's debt-to-equity ratio increased from 0.04 times in 2023 to 0.58 times in 2024, indicating a significant increase in financial leverage[56]. - The total current assets decreased from RMB 158.0 million as of December 31, 2023, to RMB 135.7 million as of December 31, 2024, mainly due to a decrease in financial assets measured at fair value[73]. - The total current liabilities increased from RMB 30.6 million as of December 31, 2023, to RMB 119.8 million as of December 31, 2024, primarily due to an increase in borrowings of RMB 95.0 million[74]. - The company's loans and receivables increased significantly from RMB 68.9 million as of December 31, 2023, to RMB 173.1 million as of December 31, 2024[77]. Business Strategy and Market Position - The company plans to focus on market expansion and new product development in the upcoming fiscal year[3]. - The management emphasized the importance of strategic initiatives to drive future growth and profitability[3]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[3]. - Qiaoxin's sales network has surpassed 10,000 points, covering multiple provinces and cities across the country, indicating successful market expansion[14]. - The company aims to leverage its core advantages to expand its national market presence and strive to become a leading brand in the Chinese vinegar industry[14]. - Baiying Paper Industry is exploring the Kunming market to promote steady business growth, indicating strategic market expansion efforts[14]. Compliance and Governance - The company has complied with major regulatory capital requirements and borrowing restrictions as of December 31, 2024[39]. - The company has maintained compliance with all applicable regulations regarding foreign investment and financing lease operations as of December 31, 2024[40][42]. - The company emphasizes compliance and corporate governance through its independent directors[105][107][109][110]. - The board consists of three executive directors and four independent non-executive directors, ensuring effective leadership[182]. - The company has established appropriate insurance arrangements for its directors and senior officers against legal actions they may face[193]. - The audit committee has reviewed and agreed with the accounting principles and practices adopted by the company[171]. Risk Management - Credit risk is identified as the most significant inherent risk, stemming from clients' inability or unwillingness to repay financial obligations[127]. - Liquidity risk arises from the potential inability to meet financial obligations as they come due, which could adversely affect the company's operations and financial condition[128]. - The company has initiated legal proceedings to recover overdue debts from 14 customers involving 19 default agreements, reflecting a proactive approach to managing credit risk[60]. Future Outlook - The global economy is expected to continue a moderate recovery trend into 2025, with significant growth divergence between developed and emerging markets[96]. - The company aims to deepen cooperation with existing clients in the paper industry to promote steady business growth[98]. - The financing leasing business will actively respond to policy directions, optimize business structure, and strengthen risk control systems[96]. - The company is committed to a strategy of "steady operation and focus on core business" in response to a complex environment[96]. Shareholder Information - The company did not propose any dividend distribution for the year ending December 31, 2024[140]. - As of December 31, 2024, Mr. Zhou Yongwei holds 124,143,908 shares, representing 45.98% of the issued share capital[178]. - Zijiang Capital owns 37,968,750 shares, accounting for 14.06% of the issued share capital[178]. - HDK Capital, fully owned by Mr. Huang Dake, holds 12,430,934 shares, which is 4.60% of the issued share capital[177]. Director and Management Information - Li Yao appointed as independent non-executive director from March 5, 2025, with over 15 years of experience in banking and fintech[105]. - Tu Liandong has been an independent non-executive director since June 19, 2018, and has held various leadership roles in investment management and asset management[107]. - The company’s senior management is responsible for daily operations and risk management[186].

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 獨立董事委員會及獨立股東之獨立財務顧問 買賣協議 於2025年3月27日（收市後），賣方與買方訂立買賣協議，據此（其中包括）賣方有 條件同意出售而買方有條件同意購買銷售股份，代價為現金人民幣13,450,000 元。銷 售 股 份 指 出 售 目 標 的 全 部 股 權。出 售 目 標 主 要 於 中 國 從 事 製 造 及 銷 售 食 醋 及 其 他 調 味 品。於 完 成 後，出 售 目 標 將 不 再 為 本 集 團 附 屬 公 司。此 外， 買方須或須促使出售目標於完成後90日 內，向 賣 方 悉 數 償 還 出 售 目 標 結 欠 賣方之合共約人民幣55,436,000元 的 未 償 還 債 務。 GEM上市規則的涵義 由於出售事項的最高適用百分比率（定 ...