Company Overview - Baiying Holdings Group Limited reported its unaudited interim results for the six months ended June 30, 2024[1]. - The company is listed on the GEM with stock code 8525, indicating a focus on small and medium-sized enterprises[2]. - The report complies with the GEM Listing Rules, ensuring the accuracy and completeness of the information provided[2]. - The company has subsidiaries including Fujian Baiying Paper Industry Co., Ltd., established in January 2021[6]. - The report period is defined as the six months ending June 30, 2024, which is crucial for financial analysis[7]. - The company operates in Fujian Province, China, which is significant for understanding its market context[6]. - Baiying Holdings Group Limited is committed to transparency and accountability in its financial reporting[1]. Financial Performance - The company's 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%[10]. - The company recorded a loss of RMB 9.7 million for the six months ended June 30, 2024, compared to a loss of RMB 7.5 million for the same period in 2023, indicating a worsening of approximately 29.3%[10]. - 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 million and packaging paper sales by RMB 42 million, partially offset by an increase in vinegar and other condiments sales by RMB 35 million[30]. - 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 30.0% increase in losses[78]. - Basic and diluted loss per share was RMB (3.60), compared to RMB (2.77) for the same period in 2023[77]. Revenue Breakdown - Revenue from financing services amounted to RMB 2.8 million for the six months ended June 30, 2024, accounting for 19.0% of total revenue[11]. - The company generated revenue of RMB 5.6 million from vinegar and other condiments for the six months ended June 30, 2024[10]. - Revenue from packaging and paper products trading was RMB 6.3 million for the six months ended June 30, 2024[10]. - Revenue from the sale of vinegar and other condiments for the six months ended June 30, 2024, was RMB 5.6 million, accounting for 38.1% of total revenue[23]. - 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[23]. 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[33]. - Sales and distribution expenses amounted to RMB 67 million for the six months ended June 30, 2024, with employee costs contributing RMB 28 million and promotional expenses RMB 12 million[35]. - The company recorded a reversal of impairment losses totaling RMB 15.61 million for the six months ended June 30, 2024, compared to a provision of RMB 8.66 million for the same period in 2023, primarily due to the recovery of a factoring receivable[34]. Assets and Liabilities - The company's asset-liability ratio increased from 0.04 times as of December 31, 2023, to 0.08 times as of June 30, 2024, indicating a rise in financial leverage[32]. - Total current assets decreased from RMB 158.0 million as of December 31, 2023, to RMB 117.0 million as of June 30, 2024, mainly due to a decrease in loans and receivables[44]. - Total current liabilities decreased from RMB 30.6 million as of December 31, 2023, to RMB 25.1 million as of June 30, 2024, primarily due to a decrease in trade and other payables[44]. - The company’s non-current assets increased from RMB 120.8 million as of December 31, 2023, to RMB 156.7 million as of June 30, 2024, driven by an increase in property, plant, and equipment[43]. - The company reported a net asset value decreased from RMB 238.9 million as of December 31, 2023, to RMB 229.2 million as of June 30, 2024[44]. Cash Flow - Cash and cash equivalents decreased from RMB 13.6 million as of December 31, 2023, to RMB 10.0 million as of June 30, 2024, mainly due to increased sale-leaseback services[45]. - Net cash used in operating activities was RMB 22.5 million for the six months ended June 30, 2024, primarily due to an operating loss of RMB 6.7 million and negative impacts from changes in working capital[40]. - The company reported a net cash inflow from investing activities of RMB 10.4 million for the six months ended June 30, 2024, mainly from proceeds from asset sales[41]. Shareholder Information - As of June 30, 2024, the company has a total of 124,143,908 shares held by major shareholder Zhou Yongwei, representing 45.98% of the issued share capital[64]. - Septwolves Holdings holds 118,968,750 shares, accounting for 44.06% of the issued share capital[64]. - Zijiang Capital owns 37,968,750 shares, which is 14.06% of the issued share capital[64]. - The company has not issued any stock options under the stock option plan since its adoption, with no unexercised options as of June 30, 2024[61]. Compliance and Governance - 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[71]. - The company's audit committee has reviewed and discussed the accounting principles and practices adopted, with no disagreements noted[59]. Market and Business Strategy - The company established Qiaoxin in April 2020, a vinegar production facility, to diversify its business and has launched several vinegar products[10]. - The company plans to establish a benchmark market in Fujian for its vinegar products and is actively developing online e-commerce channels to enhance sales[10]. - The group continues to focus on optimizing its leasing business structure to ensure sustainable development amid challenges in the financing leasing industry[57]. - The group is enhancing its brand presence in the vinegar production and sales sector, with a focus on expanding distribution channels and improving production management capabilities[58].
百应控股(08525) - 2024 - 中期业绩