Baiwang (6657) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 10.5% YoY to RMB728.6 million; gross profit increased 17.0% to RMB308.1 million, and net loss narrowed to RMB10.0 million from RMB501.3 million.

• Adjusted net profit turned positive at RMB3.1 million, versus an adjusted net loss of RMB116.0 million in FY2024.

• Strategic focus shifted toward authentic transaction data, enterprise commercial credit and Data + AI products, with intelligent agents contributing RMB211.4 million revenue.

Financial highlights

• Revenue was RMB728.6 million, up 10.5% YoY; cost of sales rose 6.2% to RMB420.5 million.

• Gross profit rose 17.0% to RMB308.1 million; gross margin improved to 42.3% from 40.0%.

• Operating loss narrowed to RMB33.9 million from RMB202.8 million; net loss was RMB10.0 million versus RMB501.3 million.

• Adjusted net profit was RMB3.1 million, excluding share-based payments, listing expenses, fair-value changes on preferential-right shares and other non-recurring losses.

• R&D expenses fell 24.9% to RMB135.0 million; selling and distribution expenses fell 40.7% to RMB95.0 million, while administrative expenses rose 7.5% to RMB98.7 million.

Outlook and guidance

• Priorities include a BaiTrust-centered enterprise commercial credit and transaction decision platform, professional digital employees, data-element monetization and a cross-border regulatory technology network.

• TaxSwift is being developed to support cross-border compliance; global expansion aims to extend domestic data governance, rule-engine and complex-scenario capabilities to multiple jurisdictions.

• Remaining Global Offering proceeds are expected to be fully utilized by Dec. 31, 2029, subject to evolving business needs and market conditions.