Company Overview - Baiying Holdings Group Limited announced its unaudited interim results for the six months ending June 30, 2025[3]. - The company is registered in the Cayman Islands and listed on GEM with stock code 8525[12]. - The company has a subsidiary, Fujian Baiying Paper Industry Co., Ltd., established on January 13, 2021[12]. - The board of directors confirms that the information in the announcement is accurate and complete after reasonable inquiries[7]. - The board of directors includes both executive and independent non-executive members, ensuring governance and oversight[6]. Trading Suspension - The company's shares have been suspended from trading since 9:00 AM on June 9, 2025, until compliance with GEM Listing Rules is achieved[4]. - The company will issue further announcements regarding the resumption of trading as necessary[4]. - The report complies with the GEM Listing Rules regarding interim results announcements[3]. - The announcement will be available on the Hong Kong Stock Exchange website and the company's website for at least 7 days[8]. Financial Performance - Revenue increased from RMB 9.1 million for the six months ended June 30, 2024, to RMB 16.8 million for the six months ended June 30, 2025, representing an increase of 84.6%[19]. - The company recorded a profit of approximately RMB 4.8 million for the six months ended June 30, 2025, compared to a loss of approximately RMB 9.7 million for the same period in the previous year[19]. - The company's revenue increased from RMB 9.1 million for the six months ended June 30, 2024, to RMB 16.8 million for the six months ended June 30, 2025, primarily due to an increase in financing lease service income by RMB 4.6 million and financial information service income by RMB 4.3 million[41]. - The company reported a profit attributable to equity shareholders of RMB 17,155,135 for the six months ended June 30, 2025, compared to RMB 510,384 in the same period of 2024, representing a significant increase[108]. - The total comprehensive income for the period was RMB 4,754,410, recovering from a loss of RMB 9,722,966 in the previous year[107]. Revenue Breakdown - Revenue from financing services amounted to RMB 11.7 million, contributing 69.7% of total revenue for the six months ended June 30, 2025[19]. - The packaging and paper products trading business generated revenue of RMB 5.1 million, with a profit of RMB 0.01 million for the same period[19]. - Financial information services generated revenue of RMB 4.3 million, accounting for 25.8% of total revenue for the six months ended June 30, 2025[28]. - Revenue from packaging and paper products sales was RMB 5.1 million, representing 30% of total revenue for the six months ended June 30, 2025[30]. Expenses and Liabilities - Interest expenses increased from RMB 0.2 million for the six months ended June 30, 2024, to RMB 0.9 million for the same period in 2025, attributed to an increase in average loan balances[43]. - Administrative expenses rose from RMB 2.532 million for the six months ended June 30, 2024, to RMB 2.875 million for the same period in 2025, primarily due to an increase in employee costs by RMB 0.5 million[44]. - The company's asset-liability ratio improved from 0.58 times as of December 31, 2024, to 0.22 times as of June 30, 2025, indicating a reduction in financial leverage[43]. - The total current liabilities decreased from RMB 119.8 million as of December 31, 2024, to RMB 71.3 million as of June 30, 2025, contributing to an increase in net assets from RMB 221.5 million to RMB 261.3 million during the same period[57]. Cash Flow and Assets - Cash and cash equivalents increased from RMB 19.73 million as of December 31, 2024, to RMB 25.51 million as of June 30, 2025, due to proceeds from sales[61]. - The company's total current assets increased from RMB 135.7 million as of December 31, 2024, to RMB 144.6 million as of June 30, 2025, mainly due to an increase in loans and receivables[56]. - The net cash used in operating activities for the six months ended June 30, 2025, was RMB 77.2 million, primarily due to an operating loss before changes in working capital of RMB 20.0 million[52]. - The net cash generated from investing activities for the six months ended June 30, 2025, was RMB 49.8 million, mainly due to proceeds from the sale and redemption of investments amounting to RMB 20.3 million[53]. - The net cash generated from financing activities for the six months ended June 30, 2025, was RMB 33.2 million, which included borrowings of RMB 53.8 million offset by repayments of RMB 20.0 million[54]. Business Operations - The company completed the sale of its entire equity interest in Qiaoxin to Qingxiangyuan on June 13, 2025, resulting in no further consolidation of Qiaoxin's financial performance[18]. - The company continues to focus on developing its financing leasing business while actively seeking opportunities to expand into other business areas[17]. - The company aims to enhance its financial information services alongside its core financing leasing operations[17]. - The company completed the strategic sale of its vinegar business on June 13, 2025, for a cash consideration of RMB 13.45 million, allowing for a concentration of resources on its core financial leasing business[73]. Compliance and Governance - The company adhered to all major regulatory capital requirements and borrowing restrictions applicable to foreign investment financing leasing companies for the six months ended June 30, 2025[35]. - The board has adopted corporate governance elements to ensure high levels of governance, fully complying with the GEM Listing Rules during the reporting period[85]. - The company has confirmed compliance with the non-competition commitments made on June 20, 2018, by its directors and related parties[84]. - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with the GEM Listing Rules throughout the reporting period[92]. Shareholder Information - As of June 30, 2025, major shareholders included Mr. Zhou Yongwei with a 45.98% stake and Septwolves Holdings with a 44.06% stake[96]. - The interests of directors and senior management in the company's shares include 37,968,750 shares (14.06%) held by Mr. Ke Jin Tan and 12,430,934 shares (4.60%) held by Mr. Huang Da Ke[93]. - The board of directors did not propose any interim dividend for the six months ended June 30, 2025[82]. Employee and Management - The company has 24 full-time employees, all based in China, and has implemented training programs to enhance employee skills and knowledge[76]. - The remuneration for key management personnel for the six months ended June 30, 2025, was RMB 391,871, a decrease from RMB 656,470 in the same period of 2024[189]. Future Outlook - The company aims to expand its financing leasing business in green and technology sectors, focusing on regional infrastructure and new energy machinery[78]. - The company has no plans for significant investments or capital assets in the near future[75].
百应控股(08525) - 2025 - 中期业绩