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].

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2023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2023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2023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 公司股東，並適時於聯交所網站www.hkexnews.hk 及本公司網站www.byleasing.com 可供查閱。 承董事會命 百應控股集團有限公司 主席 周士淵 中國福建省，2023年 ...

Revenue and Profitability - Revenue decreased from RMB 10.3 million for the three months ended March 31, 2022, to RMB 7.2 million for the three months ended March 31, 2023, representing a decline of approximately 30.1%[7] - The company recorded a loss of RMB 2.9 million for the three months ended March 31, 2023, compared to a profit of RMB 3.3 million for the same period in 2022[7] - For the three months ended March 31, 2023, total revenue was RMB 7,199,054, a decrease of 30.3% from RMB 10,342,573 in the same period of 2022[58] - The company reported a net loss of RMB 2,858,534 for the first quarter of 2023, compared to a profit of RMB 3,251,597 in the same quarter of 2022[59] - Basic and diluted loss per share was RMB (1.1), compared to earnings of RMB 1.2 per share in the prior year[58] - The company reported a net loss of RMB 2,857,993 for the three months ended March 31, 2023, compared to a profit of RMB 3,157,715 for the same period in 2022[79] - For the three months ended March 31, 2023, the company reported a net loss of RMB 2,857,993,000 compared to a profit of RMB 3,157,715,000 in the same period of 2022, representing a decline of approximately 190%[83] - Total comprehensive income for the same period was a loss of RMB 2,846,623,000, significantly down from a total comprehensive income of RMB 3,195,876,000 in Q1 2022[83] Revenue Breakdown - Revenue from financing services was RMB 2.0 million for the three months ended March 31, 2023, while revenue from sales of vinegar and other condiments was RMB 0.8 million[7] - Revenue from packaging and paper products trade amounted to RMB 4.4 million, accounting for 61.1% of total revenue for the three months ended March 31, 2023[16] - Revenue from vinegar and other condiments increased significantly to RMB 777,808, compared to RMB 61,765 in the same period last year[67] - Interest income for the financial services segment was RMB 2,024,929, while the packaging and paper products trading segment generated revenue of RMB 4,396,317[75] Expenses and Losses - Interest expenses decreased from RMB 0.8 million for the three months ended March 31, 2022, to RMB 0.5 million for the same period in 2023, primarily due to a reduction in average loan balances[21] - Operating expenses remained stable at RMB 2.3 million for both periods ended March 31, 2022, and March 31, 2023[22] - Sales expenses increased from RMB 0.2 million for the three months ended March 31, 2022, to RMB 1.8 million for the same period in 2023, mainly due to increased employee costs and promotional expenses[23] - The company incurred a total tax expense of RMB 270,214 for the three months ended March 31, 2023, down from RMB 1,988,049 in the same period of 2022[78] - Employee costs increased significantly to RMB 2,022,097 in Q1 2023 from RMB 985,165 in Q1 2022, marking an increase of approximately 105.3%[77] Impairment and Tax - Impairment losses decreased from RMB 4.7 million for the three months ended March 31, 2022, to RMB 0.8 million for the three months ended March 31, 2023, due to new factoring contracts and recovery of overdue receivables[24] - The company reported a significant impairment loss of RMB 783,987 for the three months ended March 31, 2023, compared to a reversal of impairment of RMB 4,685,975 in the same period of 2022[77] - Income tax expenses decreased from RMB 2.0 million for the three months ended March 31, 2022, to RMB 0.3 million for the three months ended March 31, 2023, primarily due to pre-tax losses incurred during the period[25] Business Expansion and Strategy - The company plans to expand its product sales in Fujian through various channels, including distributors and e-commerce platforms[6] - The company has launched several vinegar products under the "Qiaoxin 1950" brand and is actively developing new products[6] - The company has expanded its retail product offerings under the "Qiao Xin 1950" brand, starting from Fujian and gradually expanding to the national market[29] - The company aims to maximize production capacity and diversify its product offerings by collaborating with domestic retailers, large supermarkets, and online platforms[31] - The financing leasing business continues to face significant challenges due to regulatory tightening and credit policy adjustments, leading to a slowdown in its development[31] - The company has entered the paper products sales and supply chain industry, which has generated some revenue and created synergies with the financing leasing business[32] - The company continues to focus on expanding its financing solutions and value-added consulting services in the Chinese market[69] Shareholder and Corporate Governance - The board does not propose to declare any dividends for the three months ended March 31, 2023[45] - As of March 31, 2023, major shareholders include Mr. Zhou Yongwei with 124,143,908 shares (45.98%) and Septwolves Holdings Limited with 118,968,750 shares (44.06%)[54] - The company has confirmed compliance with non-competition commitments made by key individuals as of June 20, 2018[48] - The company has no knowledge of any circumstances requiring disclosure under GEM Listing Rules as of March 31, 2023[49] Share Option Plan - The company has adopted a share option plan effective from June 20, 2018, which will last for 10 years until June 20, 2028, to attract and retain talented participants[40] - The total number of shares that may be issued upon the exercise of all outstanding options under the share option plan is capped at 30% of the issued shares at any time[40] - As of March 31, 2023, the company has no unexercised options under the share option plan[44] - The share option plan allows for options to be granted without a minimum holding period prior to exercise, subject to board discretion[44] - The company has a total of 27,000,000 shares available for grant under the share option plan, representing 10% of the issued share capital[40] - 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[44] Equity and Financial Position - As of March 31, 2023, total equity attributable to equity shareholders was RMB 249,940,088,000, a decrease from RMB 282,592,966,000 at the end of Q1 2022, reflecting a decline of approximately 11.6%[83] - The company’s total equity as of March 31, 2023, was RMB 252,241,448,000, down from RMB 284,918,707,000 at the end of Q1 2022, marking a decrease of approximately 11.5%[83] - The company’s retained earnings as of March 31, 2023, stood at RMB 5,271,178,000, down from RMB 37,624,191,000 a year earlier, indicating a significant reduction in retained earnings[83] - The company’s foreign exchange reserve increased to RMB 1,598,966,000 as of March 31, 2023, from RMB 1,806,670,000 a year earlier, reflecting a decrease of approximately 11.5%[83] - The company’s premium on shares remained at RMB 238,097,760,000 as of March 31, 2023, indicating no change from the previous year[83]

Financial Performance - Total revenue for 2022 was RMB 28,172,000, a decrease of 27% compared to RMB 38,625,000 in 2021[8] - The company reported a net loss of RMB 26,321,000 for 2022, compared to a net loss of RMB 7,093,000 in 2021, indicating a significant decline in profitability[8] - The company's revenue decreased from RMB 386 million for the year ended December 31, 2021, to RMB 282 million for the year ended December 31, 2022, reflecting a decline of approximately 27%[17] - The net loss for the reporting period was approximately RMB 263 million, compared to a net loss of RMB 71 million for the year ended December 31, 2021[17] - The net profit margin decreased from -18.4% for the year ended December 31, 2021, to -93.4% for the year ended December 31, 2022, primarily due to difficulties in disposing of collateral from default agreements and increased impairment losses[90] Assets and Liabilities - Total assets decreased to RMB 318,957,000 in 2022 from RMB 357,396,000 in 2021, reflecting a downward trend in the company's financial position[8] - Total liabilities also decreased to RMB 63,868,000 in 2022 from RMB 75,767,000 in 2021, showing a reduction in financial obligations[8] - Total current assets decreased from RMB 2,190 million as of December 31, 2021, to RMB 2,030 million as of December 31, 2022, primarily due to a decrease in loans and receivables by RMB 361 million and a decrease in receivables from finance leases by RMB 327 million, offset by an increase in cash and cash equivalents by RMB 510 million[77] - Total current liabilities increased from RMB 504 million as of December 31, 2021, to RMB 581 million as of December 31, 2022, mainly due to an increase in borrowings by RMB 122 million, offset by a decrease in deferred income by RMB 21 million[77] Revenue Sources - The financing leasing services generated revenue of RMB 87 million, accounting for 30.9% of total revenue for the year ended December 31, 2022[19] - Revenue from the sale of packaging and paper products was RMB 13.2 million, making up 46.9% of total revenue for the year ended December 31, 2022[37] - Revenue from factoring services for the year ended December 31, 2022, was RMB 5,700,000, accounting for 20.1% of total revenue[25] - Revenue from the sale of vinegar and other condiments was RMB 0.5 million, accounting for 1.6% of total revenue for the year ended December 31, 2022[33] Operational Challenges - The company faced challenges due to rising raw material and labor costs, as well as regulatory restrictions impacting small and medium enterprises (SMEs) in 2022[10] - The demand for financing solutions from SMEs continued to decline, leading to a decrease in business volume and revenue for the company[10] - The external environment in 2022 was characterized by geopolitical tensions and economic challenges, impacting overall market conditions[10] - The financing leasing business continues to face significant restrictions and challenges due to regulatory changes and monetary credit policy adjustments, leading to a slowdown in business development and investment[101] Cash Flow and Investments - The net cash flow from operating activities for the year ended December 31, 2022, was RMB 71.3 million, an increase from RMB 51.0 million for the previous year[72] - The net cash used in investing activities for the year ended December 31, 2022, was RMB 21.2 million, mainly due to payments for the purchase of property, plant, and equipment amounting to RMB 29.5 million[73] - The net cash flow from financing activities for the year ended December 31, 2022, was RMB 1.0 million, which included borrowings of RMB 63.4 million offset by repayments of RMB 60.6 million[74] Compliance and Governance - The company has maintained compliance with regulations regarding foreign investment leasing companies throughout the fiscal year[43][45] - The company has a strong focus on compliance and corporate governance, with independent directors overseeing these areas[115] - The company has confirmed compliance with GEM Listing Rules regarding related party transactions during the reporting period[184] - The company has implemented strict compliance with relevant laws and regulations, including the GEM Listing Rules and the Securities and Futures Ordinance[129] Future Outlook - The company anticipates a gradual recovery in the consumption market as pandemic control measures are optimized and fiscal policies continue to support economic activity[10] - The company anticipates a recovery in supply and demand dynamics in 2023 as COVID-19 restrictions ease and the Chinese economy accelerates[12] - The outlook for all businesses in 2023 is optimistic, with a commitment to seize suitable opportunities to enhance performance and returns[102] Shareholder Information - As of December 31, 2022, the company’s major shareholders include Zhou Yongwei with 124,143,908 shares (45.98%) and Septwolves Holdings with 118,968,750 shares (44.06%) [200] - The company’s independent auditor confirmed that all related party transactions were approved by the board and complied with GEM listing rules[190] Legal and Risk Management - As of December 31, 2022, the company had 30 pending legal cases, with 4 new cases filed during the reporting period to recover overdue payments[175] - Credit risk is identified as the most significant inherent risk, stemming from customers' inability or unwillingness to repay financial obligations[134] - The company has implemented a comprehensive risk management system, including multi-layer assessments and approvals based on clients' credit status and transaction history[63]

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2022年12月31日 止 年 度 的 年 度 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2022年12月31日止年度的經審核年度業績。 本公告載有本公司2022年年度報告（「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」）有關年度業績初步公告隨附 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司 股東，並適時於聯交所網站www.hkexnews.hk及本公司網站www.byleasing.com可供 查閱。 承董事會命 百應控股集團有限公司 主席 周士淵 中國福建省，2023年3月2 ...

Revenue Performance - Total revenue for the nine months ended September 30, 2022, was RMB 22.8 million, a decrease from RMB 24.9 million for the same period in 2021, primarily due to a reduction in financial services revenue by RMB 5.4 million [9]. - Revenue from financing leasing services was RMB 7.3 million, accounting for 31.8% of total revenue for the nine months ended September 30, 2022 [11]. - Revenue from factoring services was RMB 3.7 million, representing 16.4% of total revenue for the same period [12]. - Revenue from the sale of vinegar and other condiments was RMB 0.2 million, contributing 0.8% to total revenue [13]. - Revenue from packaging and paper products trade was RMB 11.6 million, accounting for 51.0% of total revenue for the nine months ended September 30, 2022 [17]. - The company reported a total of RMB 362,711 in impairment losses for receivables, indicating challenges in asset recovery [97]. - The revenue from the financial services segment accounted for the majority of the group's income, with finance lease services being the primary contributor [87]. - Total revenue for the reporting period was RMB 24,874,110, with a breakdown of RMB 16,615,474 from interest income and RMB 8,258,636 from sales of packaging and paper products [95]. Financial Performance - The group recorded a loss of RMB 17 million for the nine months ended September 30, 2021, and a loss of RMB 152 million for the nine months ended September 30, 2022, attributed to reduced interest income and increased tax expenses [29]. - The net loss for the nine months ended September 30, 2022, was RMB 15,231,325, compared to a net loss of RMB 1,730,842 for the same period in 2021 [70]. - The basic and diluted loss per share for the nine months ended September 30, 2022, was RMB 5.7, compared to RMB 0.7 for the same period in 2021 [70]. - The comprehensive income for the period was a loss of 15,467,922 RMB, compared to a loss of 1,768,415 RMB in the previous year [108]. - The company reported a net loss of 15,231,325 RMB for the nine months ended September 30, 2022, compared to a net loss of 1,730,842 RMB for the same period in 2021 [108]. Operating Expenses - Operating expenses decreased from RMB 89 million for the nine months ended September 30, 2021, to RMB 83 million for the nine months ended September 30, 2022 [23]. - Sales expenses increased from zero to RMB 15 million for the nine months ended September 30, 2022, mainly due to the launch of packaging and paper products trading and the manufacturing and sale of vinegar and other condiments [25]. - The company’s operating expenses for the nine months ended September 30, 2022, were RMB 8,265,572, slightly down from RMB 8,949,330 for the same period in 2021 [68]. - Operating expenses totaled RMB 8,949,330, reflecting a significant cost structure that impacted overall profitability [95]. Business Diversification - The company is actively seeking opportunities to expand into other business areas while continuing to focus on financing leasing and factoring services [8]. - The company established Fujian Yongchun Qiaoxin Brewing Co., Ltd. in April 2020 to diversify its business into vinegar production [8]. - The company is diversifying its business by investing in the vinegar production and sales industry, leveraging the unique brewing process and regional brand advantages of Yongchun vinegar [36]. - The group has diversified its business by establishing Fujian Baiying Paper Industry Co., Ltd. and Fujian Yongchun Qiaoxin Brewing Co., Ltd. to enhance its market presence in packaging and condiment products [87]. Shareholder Information - As of September 30, 2022, the company has granted options involving a total of 27,000,000 shares, accounting for 10% of all issued shares [45]. - The company’s share options plan was adopted on June 20, 2018, and is valid for a period of 10 years, expiring on June 20, 2028 [43]. - The maximum number of shares that may be issued upon the exercise of options granted under the share option plan is limited to 10% of the issued share capital as of the date of GEM listing [45]. - The board has absolute discretion to determine the exercise price of the options, which cannot be lower than the closing price on the date of the option offer [50]. - There are no unexercised options granted under the share option plan as of September 30, 2022 [50]. - The board does not recommend the payment of any dividends for the nine months ending September 30, 2022 [51]. - The company did not declare any dividends for the nine months ended September 30, 2022, compared to RMB 4,476,222 in dividends paid in the same period last year [105]. - As of September 30, 2022, the company’s major shareholders include Zijiang Capital Limited with a direct interest of approximately 14.06% and HDK Capital Limited with a direct interest of approximately 4.60% [57]. Tax and Interest Income - Interest expenses decreased from RMB 3.5 million for the nine months ended September 30, 2021, to RMB 2.7 million for the same period in 2022 [20]. - The total interest income for the nine months ended September 30, 2022, was RMB 11,014,401, compared to RMB 16,379,625 for the same period in 2021, showing a decrease of approximately 32.5% [91]. - The company recorded interest income of RMB 11,014,401 for the nine months ended September 30, 2022, down 32.5% from RMB 16,379,625 in the same period of 2021 [68]. - Tax expenses for the period included a current tax provision of RMB 902,088, with deferred tax adjustments resulting in a net tax expense of RMB 8,120,631 [99].