Baiying Holding Announces FY2025 Results: Revenue Doubles, Returns to Profit After Exiting Vinegar Business

Bulletin Express03-26

Baiying Holding (08525) released audited results for the year ended 31 December 2025.

Financial Highlights • Revenue surged 102.8% year-on-year to RMB 45.43 million, driven by strong growth in finance leasing (+155.5% to RMB 18.91 million), the debut of financial information services (RMB 8.24 million) and a 22.1% rise in paper trading to RMB 18.28 million.

• Profit attributable to owners reached RMB 7.16 million, reversing the prior year’s RMB 17.39 million loss. Continuing-operations profit was RMB 19.46 million.

• Gross profit improved to RMB 25.26 million (2024: RMB 7.81 million); overall net profit margin turned positive at 15.3% (2024: –77.4%).

• Net assets climbed 19.0% to RMB 263.57 million; cash and cash equivalents increased to RMB 34.46 million.

• Gearing ratio fell to 0.35x (2024: 0.58x) after borrowings dropped 27.2% to RMB 93.40 million.

Business Update • Finance leasing receivables shrank to RMB 0.95 million after significant recovery and transfers, while sale-leaseback receivables expanded to RMB 333.48 million.

• Financial information services, launched in March 2025 via subsidiary Baishun IT, contributed 18.1% of group revenue in its first year.

• Disposal of vinegar subsidiary Qiaoxin in June 2025 yielded a RMB 34.95 million gain and removed a loss-making segment. Post-deal, operations focus on financial services and paper trading.

• Workforce stood at 27 employees; R&D and digital initiatives centred on the SaaS-based CRM platform.

Balance Sheet & Liquidity • Total assets were RMB 384.09 million; current ratio improved to 2.66x.

• Impairment charges of RMB 2.91 million were recognised, mainly on finance leasing exposures; overall credit profile improved with overdue credit-impaired receivables down sharply.

Corporate & Governance • The board recommends no dividend.

• Trading in the company’s shares remains suspended since 9 June 2025 pending re-compliance with GEM Rule 17.26 and fulfilment of Stock Exchange resumption guidance.

Looking Ahead Management will concentrate resources on finance leasing, expand financial information services, and maintain steady development in paper trading while continuing cost control and risk management.

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