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: info@biyainc.com
Investor Relations Inquiries:
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
BAIYA INTERNATIONAL GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)
As of
June 30, As of
2025 December 31,
(Unaudited) 2024
------------ ---------------
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
STOCKHOLDER'S EQUITY
Preferred shares, par value $0.0001,
100,000,000 shares authorized, nil
shares issued and outstanding as
of June 30, 2025 and December 31,
2024, respectively - -
Class A Common shares, par value
$0.0001, 1,600,000,000 shares
authorized, 19,998,496 and
10,000,000 shares issued and
outstanding as of June 30, 2025 and
December 31, 2024, respectively 1,999 1,000
Class B Common shares, par value
$0.0001, 100,000,000 shares
authorized, 1,600,000 and nil
shares issued and outstanding as of
June 30, 2025 and December 31,
2024, respectively 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
=========== ===========
BAIYA INTERNATIONAL GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(Expressed in U.S. Dollars, except for the number of shares)
(Unaudited)
For the Six Months
Ended
June 30,
-------------------------
2025 2024
------------ -----------
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.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars, except for the number of shares)
(Unaudited)
For the Six Months
Ended
June 30,
------------------------
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
=========== =========
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SOURCE Baiya International Group Inc.
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September 30, 2025 09:20 ET (13:20 GMT)