非執行董事 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：8525） 董事名單及其角色及職能 百應控股集團有限公司董事會（「董事會」）成 員 載 列 如 下： 執行董事 周士淵先生 （主 席） 黃大柯先生 林珍燕女士 C： 相關董事委員會主席 M： 相關董事委員會成員 中 國 福 建 省，2024年12月10日 柯金鐤先生 獨立非執行董事 陳朝琳先生 涂連東先生 謝綿陛先生 董 事 會 已 成 立 三 個 委 員 會，而 該 等 委 員 會 的 成 員 載 列 如 下： | | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 周士淵先生 | – | – | C | | 黃大柯先生 | – | M | – | | 柯金鐤先生 | M | – | – | | 陳朝琳先生 | M | C | – | | 涂連東先生 | C | – | M | | 謝綿陛先生 | – | M | M | 附 註： ...

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） (1)委任執行董事 及 (2)執行董事辭任 董 事 會 謹 此 宣 佈，自2024年12月10日 起： 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」）謹 此 宣 佈，林 珍 燕 女 士（「林女士」）已 獲 委 任 為 執 行 董 事，自2024年12 月10日 起 生 效。 林 女 士 的 履 歷 詳 情 載 列 如 下： 林 女 士，54歲，自2024年5月至今擔任七匹狼控股集團股份有限公司財務中心總 監及自2021年1月 至 今 擔 任 廈 門 七 匹 狼 資 產 管 理 有 限 公 司 資 金 管 理 部 的 ...

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） 補充公告 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 聯交所關於GEM上市規則第17.26條的決定 本公告乃百應控股集團有限公司（「本公司」）根據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」）第17.10條及香港法例第571章證券 及期貨條例第XIVA部內幕消息條文（定 義 見GEM上 市 規 則）作 出。 茲提述本公司日期為2024年12月6日的公告（「該公告」），內 容 有 關（其 中 包 括）本 公司接獲聯交所的函件（「該函件」），通 知 本 公 司 其 決 定，根 據GEM上市規則第 17.26條，本 公 司 未 能 維 持 足 夠 的 業 務 運 作 並 且 擁 有 相 當 價 ...

Group 1 - The core issue is that Baiying Holdings has received a letter from the Hong Kong Stock Exchange indicating that the company has failed to maintain sufficient business operations and asset support for its shares to continue being listed [1] - The Hong Kong Stock Exchange believes that the scale of the company's financial services business is extremely small, the vinegar business is also small, and the paper trading business is not substantial [1] - If the company does not apply for a review, its shares will be suspended from trading on December 17 [1]

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 承董事會命 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8525） 聯交所關於GEM上市規則第17.26條的決定 本公告乃百應控股集團有限公司（「本公司」）根據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」）第17.10條及香港法例第571章證券 及期貨條例第XIVA部內幕消息條文（定 義 見GEM上 市 規 則）作 出。 於2024年12月5日，本 公 司 接 獲 聯 交 所 的 函 件（「該函件」），通 知 本 公 司 其 決 定， 根 據GEM上市規則第17.26條，本 公 司 未 能 維 持 足 夠 的 業 務 運 作 並 且 擁 有 相 當 價 值 的 資 產 支 持 其 營 運，讓 股 份 得 以 繼 續 上 ...

Company Overview - Baiying Holdings Group Limited is listed on the GEM with a focus on small and medium-sized enterprises, which generally carry higher investment risks[1]. - The report period covers six months ending June 30, 2024, providing insights into the company's financial performance and market activities[5]. - The company has subsidiaries including Fujian Baiying Paper Industry Co., Ltd., established in January 2021, contributing to its operational scope[5]. Financial Performance - Revenue decreased from RMB 16.9 million for the six months ended June 30, 2023, to RMB 14.7 million for the six months ended June 30, 2024, representing a decline of approximately 13.0%[9]. - The company recorded a loss of RMB 7.5 million for the six months ended June 30, 2023, which increased to a loss of RMB 9.7 million for the six months ended June 30, 2024[9]. - Total revenue decreased from RMB 168.65 million for the six months ended June 30, 2023, to RMB 146.80 million for the six months ended June 30, 2024, primarily due to a decrease in factoring service income by RMB 26.3 million and packaging paper sales by RMB 42 million, partially offset by an increase in vinegar and other condiments revenue by RMB 35 million[29]. - The company reported a net loss of RMB 9,704,001 for the six months ended June 30, 2024, compared to a loss of RMB 7,468,480 in the same period last year, representing a 30.06% increase in losses[76]. - Basic and diluted loss per share was RMB (3.60), compared to RMB (2.77) for the same period in 2023[76]. Revenue Breakdown - Financing services generated revenue of RMB 2.8 million for the six months ended June 30, 2024, accounting for 19.0% of total revenue[10]. - The revenue from vinegar and other condiments for the six months ended June 30, 2024, was RMB 5.6 million, accounting for 38.1% of total revenue[22]. - The revenue from packaging and paper products for the six months ended June 30, 2024, was RMB 6.3 million, representing 42.9% of total revenue[22]. - Revenue from the sale of packaging and paper products was RMB 6,293,347, down 39.5% from RMB 10,449,316 in the previous year[87]. - Revenue from the sale of vinegar and other condiments increased significantly to RMB 5,335,480, up 177.5% from RMB 1,925,780 in the same period last year[87]. Expenses and Losses - Administrative expenses rose from RMB 58.16 million to RMB 81.51 million, mainly due to underutilization of capacity leading to increased management costs by RMB 20 million[32]. - The company recorded a loss of RMB 75 million for the six months ended June 30, 2023, which increased to RMB 97 million for the six months ended June 30, 2024, attributed to decreased revenue and increased administrative and sales expenses[36]. - Other income decreased from RMB 7 million to RMB 2 million, mainly due to a reduction in government subsidies by RMB 4 million[30]. - The company’s tax expenses increased from RMB 3 million to RMB 10 million for the six months ended June 30, 2024[35]. Cash Flow and Assets - As of June 30, 2024, cash and cash equivalents decreased to RMB 9.966 million from RMB 13.649 million as of December 31, 2023, primarily due to increased sale-leaseback services[44]. - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 22.5 million, mainly due to an operating loss of RMB 6.7 million and negative impacts from changes in working capital[39]. - Total current assets decreased from RMB 158.0 million as of December 31, 2023, to RMB 116.983 million as of June 30, 2024, primarily due to a decrease in loans and receivables by RMB 5.2 million and cash and cash equivalents by RMB 3.7 million[43]. - The company's net assets decreased from RMB 238.9 million as of December 31, 2023, to RMB 229.2 million as of June 30, 2024[43]. Governance and Compliance - The company has a diverse board of directors and committees overseeing various aspects of governance and compliance, ensuring accountability[7]. - The report indicates that the company is committed to transparency and accuracy in its financial reporting, as confirmed by the board of directors[1]. - The company complied with all applicable regulations for the six months ended June 30, 2024[28]. - The company has fully complied with the corporate governance code as per GEM listing rules during the reporting period[70]. Future Outlook and Strategy - The company plans to establish a benchmark market in Fujian for its vinegar products and expand its online e-commerce business[9]. - The group aims to optimize its leasing business structure and ensure sustainable development amid challenges in the financing leasing industry[56]. - The group continues to enhance its vinegar production and sales segment, focusing on brand penetration and expanding distribution channels[57]. Shareholder Information - Mr. Zhou Yongwei holds 124,143,908 shares, representing 45.98% of the total issued share capital[63]. - Septwolves Holdings owns 118,968,750 shares, accounting for 44.06% of the total issued share capital[63]. - Zijiang Capital has a beneficial ownership of 37,968,750 shares, which is 14.06% of the total issued share capital[63]. - The company did not recommend any interim dividend for the six months ended June 30, 2024[67]. Financial Reporting and Standards - The financial report was prepared in accordance with Hong Kong Accounting Standards and has been reviewed by an independent auditor[85]. - The report indicates that the company has not applied any new accounting standards or interpretations that have not yet come into effect during the reporting period[86].

Financial Performance - For the year ended December 31, 2023, the company's revenue was RMB 36,027,000, representing a 28% increase from RMB 28,172,000 in 2022[8] - The company reported a loss before tax of RMB 16,459,000 for 2023, slightly improved from a loss of RMB 16,971,000 in 2022[8] - The net loss for the company was approximately RMB 16.1 million for the year ended December 31, 2023, compared to a net loss of RMB 26.3 million for the previous year[21] - Revenue increased from RMB 281.72 million in 2022 to RMB 360.27 million in 2023, a growth of 27.8%[60] - The company recorded a loss of RMB 16.1 million for the year ended December 31, 2023, a significant decrease from a loss of RMB 26.3 million for the year ended December 31, 2022, primarily due to a reduction in income tax expenses by approximately RMB 9.7 million[74] Assets and Liabilities - Total assets decreased to RMB 278,819,000 in 2023 from RMB 318,957,000 in 2022, indicating a decline of approximately 12.6%[8] - The total liabilities of the company significantly decreased to RMB 39,889,000 in 2023, down from RMB 63,868,000 in 2022, a reduction of about 37.5%[8] - The company's cash and cash equivalents decreased from RMB 70.1 million as of December 31, 2022, to RMB 13.6 million as of December 31, 2023, representing a decrease of RMB 56.5 million[82] - The total current liabilities decreased from RMB 58.1 million as of December 31, 2022, to RMB 30.6 million as of December 31, 2023, mainly due to a reduction in borrowings by RMB 27.9 million[83] - The company's total assets decreased from RMB 255.1 million as of December 31, 2022, to RMB 238.9 million as of December 31, 2023, primarily due to a decrease in total assets[84] Revenue Streams - The company’s financing leasing services generated revenue of RMB 2.7 million, accounting for 7.6% of total revenue for the year ended December 31, 2023[22] - Revenue from the sale of vinegar and other condiments was RMB 6.9 million, accounting for 19.1% of total revenue for the year ended December 31, 2023[38] - Revenue from the sale of packaging and paper products was RMB 21.0 million, making up 58.2% of total revenue for the year ended December 31, 2023[42] - The total revenue from factoring services for the year ended December 31, 2023, was RMB 4.6 million, accounting for 12.8% of total revenue[28] Operational Efficiency - The company plans to accelerate its pace in response to the increasing demands for operational efficiency and regulatory compliance in 2024[14] - The average monthly balance of receivables from direct financing leases decreased from RMB 9.214 million in 2022 to RMB 1.418 million in 2023[23] - The average monthly balance of receivables from sale-leaseback transactions decreased from RMB 60.123 million in 2022 to RMB 28.813 million in 2023[23] - The average monthly balance of receivables from factoring services increased to RMB 87.6 million in 2023 from RMB 76.2 million in 2022, reflecting a growth of approximately 15.5%[30] Market Expansion and Strategy - The company aims to expand its leasing business in the second half of 2023, focusing on both new customer acquisition and collaboration with existing clients[11] - The company is actively exploring partnerships with major retail chains across various provinces in China to expand its market presence[12] - The vinegar market in China is expected to continue expanding, with room for growth in per capita consumption compared to the US and Japan[18] - The company aims to maximize production capacity and improve product diversity by introducing more condiments targeting different customer groups[107] Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions applicable as of December 31, 2023[46] - The company has maintained compliance with regulations regarding foreign investment leasing companies throughout the fiscal year[48] - The company has confirmed compliance with the GEM Listing Rules regarding related party transactions during the reporting period[193] - The company has complied with the corporate governance code throughout the reporting period[181] Challenges and Risks - The financing leasing business continues to face significant challenges due to regulatory changes and monetary credit policy adjustments, prompting the company to prioritize risk management and optimize business processes[108] - Credit risk is identified as a significant inherent risk, stemming from clients' inability or unwillingness to repay financial obligations[141] - Liquidity risk is highlighted, indicating potential challenges in meeting financial obligations due to mismatches in the timing of financial assets and liabilities[142] - The company’s operations and assets are primarily concentrated in China, making it vulnerable to adverse political, economic, or social changes in the region[143] Future Outlook - The company is optimistic about its overall business performance in 2023, anticipating opportunities to enhance performance and returns in 2024[108] - The company provided an optimistic outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[116] - Strategic acquisitions are being considered to enhance the company's capabilities and market reach, with potential targets identified[116] Management and Structure - The company has a strong management team with extensive experience in finance and investment management[123] - The financial manager has been with the company since May 2012, indicating stability in financial oversight[123] - The board of directors includes independent non-executive directors responsible for compliance and corporate governance oversight[121] Investments and Capital Expenditures - The company's capital expenditures for the year ended December 31, 2023, were RMB 37.84 million, a significant decrease from RMB 271.16 million in 2022[94] - The company has no future plans for investments or external financing beyond bank loans obtained from commercial banks[101] - The company entered into a construction contract on December 27, 2023, for a vinegar production plant with a contract value of RMB 29 million[98]

Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue was RMB 36,027,000, showing a significant increase from RMB 28,172,000 in 2022, representing a growth of approximately 27.7%[11] - The company reported a loss of RMB 16,133,000 for the year, which is an improvement compared to a loss of RMB 26,321,000 in 2022, indicating a reduction in losses by about 38.8%[11] - Revenue increased from RMB 28.2 million for the year ended December 31, 2022, to RMB 36.0 million for the year ended December 31, 2023, representing a growth of approximately 27.5%[24] - Net loss decreased from RMB 26.3 million for the year ended December 31, 2022, to RMB 16.1 million for the year ended December 31, 2023, showing an improvement of about 38.5%[24] - Total revenue increased from RMB 281.72 million in 2022 to RMB 360.27 million in 2023, representing a growth of approximately 28%[63] Assets and Liabilities - Total assets decreased to RMB 278,819,000 in 2023 from RMB 318,957,000 in 2022, reflecting a decline of approximately 12.6%[11] - Total liabilities significantly reduced to RMB 39,889,000 in 2023, down from RMB 63,868,000 in 2022, marking a decrease of about 37.5%[11] - The net asset value of the company was RMB 238,929,000 in 2023, down from RMB 255,089,000 in 2022, which is a decline of approximately 6.3%[11] - The company's asset-liability ratio improved from 0.12 in 2022 to 0.04 in 2023, indicating a stronger financial leverage position[66] Revenue Sources - The company generated RMB 4.6 million in revenue from factoring services for the year ended December 31, 2023, accounting for 12.8% of total revenue[31] - Revenue from the sale of vinegar and other condiments for the year ended December 31, 2023, was RMB 6.9 million, accounting for 19.1% of total revenue[41] - Revenue from the sale of packaging and paper products was RMB 21.0 million, representing 58.2% of total revenue for the year ended December 31, 2023[45] Operational Strategy - The company aims to enhance its market presence and expand its operations in response to the recovering global economy and domestic reforms[13] - The management highlighted the importance of technological innovation and structural optimization to boost confidence and mitigate risks in the current economic environment[13] - The company plans to continue its efforts in macroeconomic adjustments and expanding domestic demand to support its growth strategy moving forward[13] - The company is actively seeking opportunities to expand into other business areas while continuing to focus on its financing leasing and factoring services[23] Risk Management - The company implemented a comprehensive risk management system, including strict procedures for credit assessment and due diligence before entering financing lease agreements[74] - The financing leasing business continues to face significant restrictions and challenges due to regulatory changes and monetary credit policy adjustments[111] - The company has significant credit risk due to its focus on providing equipment financing solutions to small and medium-sized enterprises and individual entrepreneurs[144] - Liquidity risk is a concern for the company, as it may face difficulties in meeting financial obligations when liabilities are due[145] Corporate Governance - The board of directors confirmed the accuracy and completeness of the financial information presented in the report, ensuring no misleading elements were included[4] - The company has a strong governance framework, adhering to relevant laws and regulations in both China and Hong Kong[139] - The company emphasizes compliance and corporate governance as key areas of focus for its operations[118][121] Market Outlook - The company expresses optimism about its overall business performance in 2023, anticipating readiness to seize suitable opportunities in 2024[111] - The paper industry is expected to stabilize and recover as global trade is projected to grow by 3.3% in 2024[20] - The group believes that vinegar has a vast market potential in China, with a focus on enhancing the brand awareness of Yongchun aged vinegar, one of China's four famous vinegars[110] Legal and Compliance - The company has initiated legal proceedings to recover overdue debts from 12 customers involved in 19 default agreements[70] - There are currently 9 pending legal cases initiated by the company, which are not expected to have a significant adverse impact on its business or financial condition[185] - The board confirmed that they are not aware of any circumstances requiring disclosure under GEM listing rules as of December 31, 2023[152] Management and Team - The company has a strong management team with extensive experience in finance and investment management[120][122] - The management team has a diverse educational background, including degrees in economics, finance, and management[120][124] - The company has been expanding its board with experienced independent directors to enhance governance[121][124]

Revenue Performance - Revenue increased from RMB 22.8 million for the nine months ended September 30, 2022, to RMB 25.0 million for the nine months ended September 30, 2023, representing a growth of approximately 9.6%[6] - For the nine months ended September 30, 2023, total revenue reached RMB 25,000,210, an increase from RMB 22,820,281 in the same period of 2022, representing a growth of approximately 5.16%[77] - For the three months ended September 30, 2023, total revenue was RMB 8,135,291, an increase of 66.5% compared to RMB 4,881,806 for the same period in 2022[58] - Revenue from financing services was RMB 5.6 million for the nine months ended September 30, 2023, while revenue from vinegar and other condiments was RMB 2.7 million, contributing 10.9% to total revenue[6] - Revenue from packaging and paper products trade was RMB 16.6 million, accounting for 66.6% of total revenue for the nine months ended September 30, 2023[15] - Revenue from the sale of packaging and paper products was RMB 16,642,057 for the nine months ended September 30, 2023, compared to RMB 11,638,419 in 2022, marking a significant increase of 43.0%[77] Net Loss and Financial Performance - Net loss decreased from RMB 15.2 million for the nine months ended September 30, 2022, to RMB 11.6 million for the nine months ended September 30, 2023, a reduction of about 23.7%[6] - The net loss for the nine months ended September 30, 2023, was RMB 11,619,316, a decrease of 23.5% from RMB 15,231,325 in the same period of 2022[59] - The company reported a net loss of RMB 4,150,836 for the three months ended September 30, 2023, compared to a net loss of RMB 1,860,463 for the same period in 2022, representing an increase in loss of 122.4%[59] - The company reported a net loss before tax of RMB 10,470,752 for the nine months ended September 30, 2023, compared to a loss of RMB 7,110,694 in the previous year[77] - The company recorded a significant impairment loss of RMB 1,430,375 for the three months ended September 30, 2023, compared to a gain of RMB 362,711 in the same period of 2022[82] Operating Expenses - Operating expenses increased from RMB 8.3 million for the nine months ended September 30, 2022, to RMB 9.7 million for the nine months ended September 30, 2023, primarily due to an increase in employee costs and R&D expenses[21] - Sales expenses increased from RMB 1.5 million for the nine months ended September 30, 2022, to RMB 7.4 million for the nine months ended September 30, 2023, primarily due to the commencement of production and sales of vinegar and other condiments[24] - Operating expenses for the nine months ended September 30, 2023, totaled RMB 9,727,559, compared to RMB 8,265,572 in the same period of 2022, indicating an increase of 17.7%[77] - Employee costs for the three months ended September 30, 2023, totaled RMB 2,102,904, up 47.5% from RMB 1,425,225 in the same period of 2022[82] Tax and Interest Expenses - Interest expenses decreased from RMB 2.7 million for the nine months ended September 30, 2022, to RMB 0.9 million for the nine months ended September 30, 2023, due to a reduction in average loan balances[20] - Income tax expenses decreased from RMB 8.1 million for the nine months ended September 30, 2022, to RMB 1.1 million for the nine months ended September 30, 2023, due to the inability to confirm certain impairment losses for tax deduction[25] - The income tax expense for the three months ended September 30, 2023, was RMB 809,590, a decrease of 22.3% from RMB 1,041,062 in the same period of 2022[83] - The company experienced a decrease in the provision for current income tax for the nine months ended September 30, 2023, amounting to RMB 603,031, down from RMB 902,088 in the same period of 2022[83] Production and Market Expansion - The company has begun orderly production and sales of its self-produced products under the "Qiaoxin 1950" brand as of September 30, 2023[11] - The first phase of the company's factory has completed most of its fixed asset investments, with an annual production capacity of 10,000 tons of Yongchun old vinegar, ranking among the top factories in China[29] - The company is actively expanding its sales channels across six provinces in China, focusing on the Minnan market for sales and marketing efforts in the next fiscal year[31] - The company plans to utilize e-commerce platforms and new media for product marketing, aiming to significantly increase product visibility and reach a broader customer base[31] - The company is focusing on expanding its market presence in China through its diversified product offerings and strategic partnerships[74] Share Option Plan and Dividends - The company has adopted a share option plan effective from June 20, 2018, for a duration of 10 years, expiring on June 20, 2028[40] - The maximum number of shares that may be issued upon exercise of all outstanding options under the share option plan and any other plans shall not exceed 30% of the issued shares from time to time[42] - As of September 30, 2023, the company has no unexercised options under the share option plan[45] - The board does not recommend the payment of any dividends for the nine months ended September 30, 2023[46] - The company did not declare any dividends for the nine months ended September 30, 2023, consistent with the same period in 2022[87] Shareholder Information - As of September 30, 2023, major shareholders include Zhou Yongwei with 124,143,908 shares (45.98%) and Septwolves Holdings with 118,968,750 shares (44.06%)[54] - Total equity attributable to equity shareholders as of September 30, 2023, was RMB 241,094,947, a decrease from RMB 263,862,815 as of September 30, 2022[90] - The company has a total of 27,000,000 options available for grant, representing 10% of the total issued shares[42] - The maximum number of shares that may be issued in any 12-month period due to the exercise of options granted shall not exceed 1% of the issued shares at the end of that 12-month period[42] - The board has absolute discretion to determine the exercise price of the options, which cannot be lower than the closing price on the grant date[45] - No options have been granted, exercised, canceled, or lapsed since the adoption of the share option plan[45] - As of September 30, 2023, the company is not aware of any other individuals or entities holding interests that require disclosure under the Securities and Futures Ordinance[56] Comprehensive Income - Total comprehensive loss for the nine months ended September 30, 2023, was RMB 11,656,629, a decrease of 24.5% from RMB 15,467,922 in the same period of 2022[61] - The company reported a total comprehensive loss of RMB 11,691,764 for the nine months ended September 30, 2023, compared to a loss of RMB 15,534,275 for the same period in 2022[90] - Other comprehensive income for the three months ended September 30, 2023, included a foreign exchange loss of RMB (14,200) compared to RMB (76,265) for the same period in 2022[61]

Business Focus and Strategy - Baiying Holdings Group Limited focuses on providing equipment financing solutions primarily to small and medium-sized enterprises, individual entrepreneurs, and reputable large enterprises[12]. - The company remains focused on developing its financing leasing and factoring businesses while actively seeking opportunities to expand into other business areas[12]. - Baiying Holdings Group Limited's strategy includes direct sales through factory stores and e-commerce platforms to further engage potential customers[12]. - The company has ventured into the paper products sales and supply chain industry since 2021, collaborating with quality partners to leverage their resources and industry experience[87]. - The company plans to focus on sales and marketing efforts in the Minnan market in the next fiscal year to increase product awareness and promote its brand[86]. Financial Performance - Revenue decreased from RMB 17.9 million for the six months ended June 30, 2022, to RMB 16.9 million for the six months ended June 30, 2023, representing a decline of approximately 5.6%[13]. - Loss reduced from RMB 13.4 million for the six months ended June 30, 2022, to RMB 7.5 million for the six months ended June 30, 2023, indicating an improvement of approximately 44%[13]. - Total revenue for the six months ended June 30, 2023, was RMB 16,864,919, a decrease of 5.95% compared to RMB 17,938,475 for the same period in 2022[116]. - The company reported a net loss of RMB 7,468,480 for the six months ended June 30, 2023, an improvement from a net loss of RMB 13,370,862 in the same period of 2022, representing a 44.0% reduction in losses[116][118]. - Basic and diluted loss per share for the period was RMB 2.77, compared to RMB 4.99 for the same period in 2022[116]. Revenue Breakdown - Financing services generated revenue of RMB 4.3 million for the six months ended June 30, 2023, contributing 25.4% to total revenue[13]. - Revenue from vinegar and other condiments was RMB 2.1 million for the six months ended June 30, 2023[13]. - Revenue from packaging and paper products trading was RMB 10.4 million for the six months ended June 30, 2023[13]. - Revenue from factoring services was RMB 2.6 million for the six months ended June 30, 2023, accounting for 15.2% of total revenue[21]. - The revenue from the sale of vinegar and other condiments was RMB 2.1 million, accounting for 12.7% of total revenue[28]. Assets and Liabilities - Total non-current assets decreased from RMB 116.0 million as of December 31, 2022, to RMB 104.8 million as of June 30, 2023[62]. - The company's total liabilities decreased from RMB 63.9 million as of December 31, 2022, to RMB 49.2 million as of June 30, 2023, indicating improved financial stability[62]. - Total current assets decreased from RMB 203.0 million as of December 31, 2022, to RMB 192.0 million as of June 30, 2023, primarily due to a decrease in financial assets at fair value through profit or loss by RMB 14.4 million, partially offset by an increase in inventory by RMB 2.7 million[63]. - The company's equity attributable to shareholders was RMB 245,283,543 as of June 30, 2023, down from RMB 252,786,711 at the end of 2022[122]. Cash Flow and Investments - Cash and cash equivalents decreased from RMB 70.1 million at the beginning of the period to RMB 1.7 million at the end of the period for the six months ended June 30, 2023[57]. - Net cash used in operating activities was RMB 70.9 million for the six months ended June 30, 2023, primarily due to operating losses and changes in working capital[58]. - Net cash generated from investing activities was RMB 13.2 million for the six months ended June 30, 2023, mainly from proceeds from asset sales[59]. - The company incurred a loss of RMB 70,825,049 in cash used in operating activities for the six months ended June 30, 2023, compared to RMB 21,121,627 for the same period in 2022, reflecting increased operational costs[127]. Regulatory and Compliance - The company acknowledges the higher investment risks associated with being listed on the GEM market, which primarily consists of small and medium-sized enterprises[3]. - The company confirmed compliance with the corporate governance code as per GEM Listing Rules during the reporting period[106]. - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM Listing Rules[109]. - The board does not recommend any interim dividend for the six months ending June 30, 2023[102]. Market and Production Developments - As of June 30, 2023, Qiaoxin has commenced orderly production and sales of its self-produced products under the "Qiaoxin 1950" brand, including various types of vinegar[12]. - The company has established a production capacity of 10,000 tons of Yongchun vinegar annually, with the first phase of the factory's fixed asset investment largely completed[85]. - The company has expanded its sales channels across six provinces in China, including traditional retail stores, supermarkets, and online platforms, to increase its customer base and revenue[86]. Challenges and Future Outlook - The financing leasing business continues to face significant challenges due to regulatory changes and credit policy adjustments, leading to a slowdown in its development and investment[87]. - Future outlook remains cautious, with a focus on cost management and potential market expansion strategies[116]. - The company remains optimistic about its business outlook following the easing of COVID-19 restrictions in China, aiming to seize suitable opportunities to enhance performance and returns[88].