Baiya International Group Inc. Announces First Half of Fiscal Year 2025 Financial Results
SHENZHEN, China, Sept. 30, 2025 /PRNewswire/ -- Baiya International Group Inc. ("BIYA" or the "Company") (Nasdaq: BIYA), a human resource ("HR") technology company utilizing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions, today announced its unaudited financial results for the first half of fiscal year 2025 ended June 30, 2025.
Ms. Siyu Yang, Chief Executive Officer of BIYA, commented, "We are pleased to report a 6.9% increase in net revenues for the first half of fiscal year 2025, reaching $7.3 million. Gross profit grew by 49.2% to $0.7 million, and gross margin expanded to 10.0% from 7.2% in the same period last year. This growth was supported by the strong rebound of entrusted recruitment services, which benefited from China's gradually recovering labor market, as well as contributions from project outsourcing services with our major customers in the logistics and express delivery sectors."
Ms. Yang continued, "In line with our long-term strategy, we will continue to enhance the Gongwuyuan Platform to strengthen our SaaS-enabled HR technology solutions and better serve the flexible employment marketplace. At the same time, we are broadening our growth trajectory through strategic initiatives such as our proposed acquisition of STARFISH TECHNOLOGY-FZE and the integration of its UpTop.Meme platform, which could position BIYA to participate in the global wave of digital finance and innovation. Looking ahead, we will remain focused on deepening client relationships, advancing platform development, and exploring new growth opportunities, with the goal of delivering value to our shareholders."
First Half of Fiscal Year 2025 Financial Summary
- Net revenues were $7.3 million for the first half of fiscal year 2025, an increase of 6.9% from $6.8 million for the same period last year.
- Gross profit was $0.7 million for the first half of fiscal year 2025, an increase of 49.2% from $0.5 million for the same period last year.
- Gross margin was 10.0% for the first half of fiscal year 2025, increased from 7.2% for the same period last year.
- Net loss was $4.7 million for the first half of fiscal year 2025, compared to $0.06 million for the same period last year.
- Basic and diluted net loss per common share were $0.385 for the first half of fiscal year 2025, compared to $0.006 for the same period last year.
First Half of Fiscal Year 2025 Financial Results
Net Revenues
Net revenues were $7.3 million for the first half of fiscal year 2025, an increase of 6.9% from $6.8 million for the same period last year.
- Revenue from entrusted recruitment service was $0.4 million for the first half of fiscal year 2025, an increase of 833.5% from $0.04 million for the same period last year. The increase was primarily attributed to China's economy's gradually recovery, and accordingly, the Company's entrusted recruitment services started to gradually bounce back due to increased labor demand.
- Revenue from project outsourcing service was $6.9 million for the first half of fiscal year 2025, an increase of 2.2% from $6.8 million for the same period last year. The increase was primarily due to the outsourcing revenues from the Company's major customers, $0.8 million increase from Zhaoqing Branch of China Postal Group Limited, $0.2 million increased from Songjia Precision Technology (Dongguan) Co., Ltd. and $0.2 million increased from China Postal Express & Logistics Co., Ltd., which was partly offset by $1.0 million decreased from Zhongshan Branch of China Postal Group Limited.
- The Company did not generate revenue from other services for the first half of fiscal year 2025. Revenue from other services was $2,089 for the same period last year.
Cost of Revenues
Total cost of revenue was $6.5 million for the first half of fiscal year 2025, an increase of 3.7% from $6.3 million for the same period last year.
Gross Profit and Gross Margin
Gross profit was $0.7 million for the first half of fiscal year 2025, an increase of 49.2% from $0.5 million for the same period last year. The increase was mainly due to the $0.2 million increase in gross profit from project outsourcing service and $80,009 increase in gross profit from entrusted recruitment service, which was partly offset by the $1,884 decrease in gross profit from other services.
Gross margin was 10.0% for the first half of fiscal year 2025, increased from 7.2% for the same period last year.
Operating Expenses
Total operating expenses were $5.5 million for the first half of fiscal year 2025, an increase of 985.0% from $0.5 million for the same period last year. The change was mainly due to an increase of $4.7 million in general and administrative expenses and an increase of $325,755 in selling expenses, which were partly offset by a decrease of $64,728 in research and development expenses.
- Selling expenses were $360,797 for the first half of fiscal year 2025, an increase of 929.6% from $35,042 for the same period last year. The increase was primarily due to the $260,533 increase in advertising and promotion expense and $67,690 increase in meal and entertainment expense, which was partly offset by $4,344 decrease in travel expenses.
- General and administrative expenses were $5.0 million for the first half of fiscal year 2025, an increase of 1,433.4% from $0.3 million for the same period last year. The increase was mainly due to increased professional fee by $1.9 million, increased telecom service expense by $0.2 million, increased HR service fee by $0.1 million, increased stock compensation expenses by $1.7 million, increased legal expenses by $0.5 million increased audit fee by $0.1 million, increased travel expense by $0.1 million and increased payroll expense by $14,455.
- Research and development expenses were $0.08 million for the first half of fiscal year 2025, a decrease of 46.1% from $0.1 million for the same period last year.
Net Loss
Net loss was $4.7 million for the first half of fiscal year 2025, compared to $0.06 million for the same period last year. The increase mainly resulted from increased operating expenses by $4.9 million, which was partly offset by decreased other expenses by $42,811 and increased gross profit by $0.2 million for the first half of fiscal year 2025.
Basic and Diluted Net Loss per Common Share
Basic and diluted net loss per common share were $0.385 for the first half of fiscal year 2025, compared to $0.006 for the same period last year.
Financial Condition
As of June 30, 2025, the Company had cash of $0.9 million, compared to $1.7 million as of December 31, 2024.
Net cash used in operating activities for the first half of fiscal year 2025 was $6.4 million, compared to net cash provided by operating activities of $0.1 million for the same period last year.
Net cash used in investing activities for the first half of fiscal year 2025 was $0.3 million. There were no cash outflows from investing activities for the same period last year.
Net cash provided by financing activities for the first half of fiscal year 2025 was $6.0 million, compared to $1.2 million for the same period last year.
About Baiya International Group Inc. ("Baiya")
Baiya has evolved from a job matching service provider into a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. Baiya has been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with its traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace. For more information, please visit the Company's website: https://www.baiyainc.com/investors-overview.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this announcement are "forward-looking statements" as defined under the federal securities laws, including, but not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements can be identified by terms such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate", or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the United States Securities and Exchange Commission ("SEC").
For further information, please contact:
Baiya International Group Inc.
Investor Relations Department
Phone: +86 0769-88785888
Email: [email protected]
Investor Relations Inquiries:
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]
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BAIYA INTERNATIONAL GROUP INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Expressed in U.S. Dollars, except for the number of shares) |
|||||||
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As of |
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As of |
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|
|
|
|
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
CURRENT ASSETS |
|
|
|
|
|
||
|
Cash |
|
$ |
909,699 |
|
|
$ |
1,668,291 |
|
Accounts receivable, net |
|
|
2,035,232 |
|
|
|
1,648,073 |
|
Advance to suppliers, net |
|
|
42,233 |
|
|
|
- |
|
Due from related parties |
|
|
1,922,295 |
|
|
|
40,549 |
|
Deferred IPO costs |
|
|
- |
|
|
|
889,160 |
|
Prepaid expense and other current assets, net |
|
|
21,443,545 |
|
|
|
177,325 |
|
Loan receivable from third party - current |
|
|
97,720 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
26,450,724 |
|
|
|
4,423,398 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
1,908 |
|
|
|
1,872 |
|
Right-of-use asset, net |
|
|
80,156 |
|
|
|
49,356 |
|
Loan receivable from third parties, non-current |
|
|
703,491 |
|
|
|
443,787 |
|
Other non-current assets |
|
|
- |
|
|
|
33,017 |
|
Total noncurrent assets |
|
|
785,555 |
|
|
|
528,032 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
27,236,279 |
|
|
$ |
4,951,430 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,046,618 |
|
|
$ |
1,662,594 |
|
Loan payable to third parties |
|
|
132,620 |
|
|
|
164,399 |
|
Advance from customers |
|
|
149,709 |
|
|
|
29,675 |
|
Accrued liabilities and other payables |
|
|
1,924,468 |
|
|
|
2,057,865 |
|
Taxes payable |
|
|
256,553 |
|
|
|
146,239 |
|
Due to related parties |
|
|
127,673 |
|
|
|
170,855 |
|
Lease liabilities |
|
|
72,246 |
|
|
|
8,422 |
|
Loan payables, current |
|
|
28,639 |
|
|
|
117,345 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
4,738,526 |
|
|
|
4,357,394 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Lease liabilities |
|
|
9,187 |
|
|
|
43,972 |
|
Loan payable to third parties, non-current |
|
|
- |
|
|
|
- |
|
Loan payables, non-current |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
9,187 |
|
|
|
43,972 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
4,747,713 |
|
|
|
4,401,366 |
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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STOCKHOLDER'S EQUITY |
|
|
|
|
|
|
|
|
Preferred shares, par value $0.0001, 100,000,000 shares authorized, nil shares issued |
|
|
- |
|
|
|
- |
|
Class A Common shares, par value $0.0001, 1,600,000,000 shares authorized, |
|
|
1,999 |
|
|
|
1,000 |
|
Class B Common shares, par value $0.0001, 100,000,000 shares authorized, |
|
|
160 |
|
|
|
- |
|
Additional paid-in capital |
|
|
28,447,180 |
|
|
|
1,796,285 |
|
Statutory Reserve |
|
|
380,901 |
|
|
|
380,901 |
|
Accumulated other comprehensive loss |
|
|
(203,635) |
|
|
|
(221,139) |
|
Accumulated deficit |
|
|
(6,214,056) |
|
|
|
(1,456,778) |
|
|
|
|
|
|
|
|
|
|
Total Company shareholders' equity |
|
|
22,412,549 |
|
|
|
500,269 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
|
76,017 |
|
|
|
49,795 |
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
22,488,566 |
|
|
|
550,064 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
27,236,279 |
|
|
$ |
4,951,430 |
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BAIYA INTERNATIONAL GROUP INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
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|
(Expressed in U.S. Dollars, except for the number of shares) |
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(Unaudited) |
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|
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For the Six Months |
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|
|
2025 |
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|
2024 |
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|
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|
|
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|
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|
Net revenues |
|
$ |
7,261,545 |
|
|
$ |
6,791,902 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
6,535,524 |
|
|
|
6,305,256 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
726,021 |
|
|
|
486,646 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Selling expenses |
|
|
360,797 |
|
|
|
35,042 |
|
General and administrative expenses |
|
|
5,015,210 |
|
|
|
327,064 |
|
Research and development expenses |
|
|
75,605 |
|
|
|
140,333 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
5,451,612 |
|
|
|
502,439 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(4,725,591) |
|
|
|
(15,793) |
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
|
4,502 |
|
|
|
(24,268) |
|
Other income (expenses), net |
|
|
5,156 |
|
|
|
(8,885) |
|
|
|
|
|
|
|
|
|
|
Other income (expenses), net |
|
|
9,658 |
|
|
|
(33,153) |
|
|
|
|
|
|
|
|
|
|
Loss before income tax |
|
|
(4,715,933) |
|
|
|
(48,946) |
|
|
|
|
|
|
|
|
|
|
Less: income tax expense |
|
|
19,769 |
|
|
|
12,807 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(4,735,702) |
|
|
|
(61,753) |
|
|
|
|
|
|
|
|
|
|
Less: net income / (loss) attributable to non-controlling interests |
|
|
21,576 |
|
|
|
(2,187) |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common shareholders of Baiya International Group Inc. |
|
$ |
(4,757,278) |
|
|
$ |
(59,566) |
|
|
|
|
|
|
|
|
|
|
Comprehensive income / (loss) |
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
Foreign currency translation gain / (loss) attributable to the Company |
|
|
17,504 |
|
|
|
(14,759) |
|
Foreign currency translation gain / (loss) attributable to noncontrolling interest |
|
|
4,646 |
|
|
|
(846) |
|
Total other comprehensive income / (loss) |
|
|
22,150 |
|
|
|
(15,605) |
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to the Company |
|
|
(4,739,774) |
|
|
|
(74,325) |
|
Comprehensive income / (loss) attributable to noncontrolling interest |
|
|
26,222 |
|
|
|
(3,033) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
|
(4,713,552) |
|
|
|
(77,358) |
|
|
|
|
|
|
|
|
|
|
Net loss per common share |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.385) |
|
|
$ |
(0.006) |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
12,368,833 |
|
|
|
10,000,000 |
|
BAIYA INTERNATIONAL GROUP INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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|
(Expressed in U.S. Dollars, except for the number of shares) |
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|
(Unaudited) |
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|
|
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|
|
|
For the Six Months |
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|
|
|
2025 |
|
|
2024 |
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,735,702) |
|
|
$ |
(61,753) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation expense |
|
|
- |
|
|
|
442 |
|
Allowances for credit losses |
|
|
(26,235) |
|
|
|
- |
|
Amortization of operating lease right-of-use assets |
|
|
11,511 |
|
|
|
7,026 |
|
Stock compensation expense |
|
|
1,736,736 |
|
|
|
- |
|
Non-cash other income |
|
|
- |
|
|
|
(6,565) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(351,542) |
|
|
|
1,073,828 |
|
Advance to suppliers, net |
|
|
(21,000) |
|
|
|
(255,274) |
|
Prepaid expense and other current assets |
|
|
(3,395,362) |
|
|
|
(87,503) |
|
Accounts payable |
|
|
348,184 |
|
|
|
(667,480) |
|
Advance from customers |
|
|
118,015 |
|
|
|
- |
|
Accrued liabilities and other payables |
|
|
(163,103) |
|
|
|
111,947 |
|
Taxes payable |
|
|
106,228 |
|
|
|
33,659 |
|
Other payables, non-current |
|
|
- |
|
|
|
(20,790) |
|
Lease liability |
|
|
(13,307) |
|
|
|
(5,129) |
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
|
|
(6,385,577) |
|
|
|
122,408 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Loan to third party |
|
|
(344,750) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(344,750) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from loans - bank |
|
|
- |
|
|
|
55,286 |
|
Due to related parties |
|
|
- |
|
|
|
1,715,817 |
|
Repayments to loans - bank |
|
|
(89,827) |
|
|
|
(489,636) |
|
Loan to related parties |
|
|
(1,910,636) |
|
|
|
- |
|
Repayment to third party loan |
|
|
(34,475) |
|
|
|
- |
|
Deferred IPO costs |
|
|
- |
|
|
|
(40,000) |
|
Net proceeds from issuance of common stock for IPO |
|
|
7,995,267 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
5,960,329 |
|
|
|
1,241,467 |
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
|
11,406 |
|
|
|
(10,562) |
|
|
|
|
|
|
|
|
|
|
NET (DECREASE) INCREASE IN CASH |
|
|
(758,592) |
|
|
|
1,353,313 |
|
|
|
|
|
|
|
|
|
|
CASH, BEGINNING OF PERIOD |
|
|
1,668,291 |
|
|
|
31,973 |
|
|
|
|
|
|
|
|
|
|
CASH, END OF PERIOD |
|
$ |
909,699 |
|
|
$ |
1,385,286 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure information of cash flow: |
|
|
|
|
|
|
|
|
Cash paid for income tax |
|
$ |
- |
|
|
$ |
- |
|
Cash paid for interest |
|
$ |
33,679 |
|
|
$ |
24,309 |
|
|
|
|
|
|
|
|
|
|
Supplemental non-cash information: |
|
|
|
|
|
|
|
|
Right of use assets obtained in exchange for operating lease liability |
|
$ |
71,398 |
|
|
$ |
57,642 |
SOURCE Baiya International Group Inc.
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