Baiya International Group Inc. Announces Fiscal Year 2024 Financial Results

By PR Newswire | May 13, 2025, 6:00 PM

SHENZHEN, China, May 13, 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 financial results for the fiscal year ended December 31, 2024.

Ms. Siyu Yang, Chief Executive Officer of BIYA, commented, "We are pleased to report a resilient performance for fiscal year 2024, reflecting our determined efforts to navigate China's evolving recruitment market. We achieved a remarkable revenue growth of 10.7% despite slow economic recovery and labor market adjustments, driven by our flexible business strategy with a focus on project outsourcing services. As we see expansion opportunities in the rapidly growing logistics and express delivery sectors, we have been examining postal business tender documents, leading to our successful cooperation with new major customers such as Zhaoqing Branch of China Postal Group Limited. As a result of active business expansion among postal companies, revenue from project outsourcing increased by 26.6%, accounting for 99.7% of our total revenue."

Ms. Yang continued, "Our gross profit grew by 75.4%, underscoring the effectiveness and resilience of our strategic initiatives. At the same time, we took active steps to reduce operating expenses while increasing investment in sales efforts. These measures significantly improved our financial performance, turning a net loss into a positive net income for fiscal year 2024. With such proactive strategies, we believe that we are now better positioned to explore high-margin subsectors that can support a sustainable growth trajectory. Looking ahead, we remain committed to our core strategy while remaining alert to new opportunities as China's economy gradually recovers. We plan to continue to improve the Gongwuyuan Platform to deliver high-quality job matching and HR related services in the flexible employment marketplace. We are confident that our resilient approach, combined with strong client relationship management, will continue to support our long-term growth and deliver value to our shareholders."

Fiscal Year 2024 Financial Highlights

  • Net revenues were $12.8 million in fiscal year 2024, an increase of 10.7% from $11.6 million in fiscal year 2023.
  • Gross profit was $1.4 million in fiscal year 2024, an increase of 75.4% from $0.8 million in fiscal year 2023.
  • Net income was $6,687 in fiscal year 2024, compared to net loss of $1.1 million in fiscal year 2023.
  • Basic and diluted net income per common share were $0.00 in fiscal year 2024, compared to basic and diluted loss per common share of $0.10 in fiscal year 2023.

Fiscal Year 2024 Financial Results

Net Revenues

Net revenues were $12.8 million in fiscal year 2024, an increase of 10.7% from $11.6 million in fiscal year 2023.

  • Revenue from entrusted recruitment service was $0.04 million in fiscal year 2024, a decrease of 97.2% from $1.5 million in fiscal year 2023. The decrease was primarily attributed to the delayed effects of China's stringent preventive measures against the COVID-19 pandemic, which have increased the challenges of economic recovery.
  • Revenue from project outsourcing service was $12.8 million in fiscal year 2024, an increase of 26.6% from $10.1 million in fiscal year 2023. The increase was primarily due to the outsourcing revenues from the Company's major customers, $3.2 million increase from Zhaoqing Branch of China Postal Group Limited, $1.3 million increase from Guangdong Yingwang Industrial Investment Limited ("Yingwang"), and $0.7 million increased from Zhongshan Branch of China Postal Express & Logistics Co., Ltd, which was partly offset by $0.5 million decreased from Zhongshan Branch of China Postal Group limited and $2.0 million decreased revenue from Nanchang Jiesite Cleaning and Environmental Protection Limited ("Jiesite").
  • Revenue from other services was $3,050 in fiscal year 2024, an increase of 155.6% from $1,193 in fiscal year 2023. During fiscal year 2024, the revenue generated from other services mainly represents software revenue of $3,050. During fiscal year 2023, the revenue generated from other services mainly represents software revenue of $1,193. In November 2019, Gongwuyuan launched enterprise version of its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline services.

Cost of Revenues

Total cost of revenue was $11.4 million in fiscal year 2024, an increase of 5.8% from $10.8 million in fiscal year 2023.

Gross Profit

Gross profit was $1.4 million in fiscal year 2024, an increase of 75.4% from $0.8 million in fiscal year 2023. The increase was mainly due to the $0.7 million increase in gross profit from project outsourcing service, which was partly offset by the $0.1 million decrease in gross profit from entrusted recruitment service.

Operating Expenses

Total operating expenses were $1.3 million in fiscal year 2024, a decrease of 11.7% from $1.5 million in fiscal year 2023. The change was mainly due to a decrease of $0.2 million in general and administrative expenses and a decrease of $62,369 in research and development expenses, which were partly offset by an increase of $87,458 in selling expenses.

  • Selling expenses were $0.2 million in fiscal year 2024, an increase of 68.8% from $0.1 million in fiscal year 2023. The increase was primarily due to the $0.1 million increase in bidding service fee, which was offset by the $21,807 decrease in commission expenses and $13,384 decrease in salary and related welfare expenses of salesperson.
  • General and administrative expenses were $0.9 million in fiscal year 2024, a decrease of 18.6% from $1.1 million in fiscal year 2023. The decrease in general and administrative expenses were mainly due to decreased bad debt expense by $0.1 million, decreased rental expense by $75,817, decreased employee salaries and welfare expenses by $63,769 due to the decrease of headcount in administration function, decreased consulting and professional service fees by $33,707, which offset by increased other G&A expense by $89,071.
  • Research and development expenses were $0.2 million in fiscal year 2024, a decrease of 20.8% from $0.3 million in fiscal year 2023.

Net Income (Loss)

Net income was $6,687 in fiscal year 2024, compared to net loss of $1.1 million in fiscal year 2023. The decrease in net loss in 2024 mainly resulted from increased gross profit by $0.6 million, decreased operating expenses by $0.2 million, and decreased other expenses by $0.3 million in fiscal year 2024.

Basic and Diluted Net Income (Loss) per Common Share

Basic and diluted net income per common share were $0.00 in fiscal year 2024, compared to basic and diluted loss per common share of $0.10 in fiscal year 2023.

Financial Condition

As of December 31, 2024, the Company had cash of $1.7 million, compared to $0.03 million as of December 31, 2023.

Net cash provided by operating activities in fiscal year 2024 was $1.6 million, compared to net cash used in operating activities of $1.8 million in fiscal year 2023.

Net cash provided by financing activities in fiscal year 2024 was $0.08 million, compared to net cash used in financing activities of $0.5 million in fiscal year 2023.

Recent Development

On March 24, 2025, the Company completed its initial public offering (the "Offering") of 2,500,000 ordinary shares at a public offering price of $4.00 per share. The gross proceeds were $10.0 million, before deducting underwriting discounts and estimated offering expenses. The Company's ordinary shares began trading on the Nasdaq Capital Market on March 21, 2025, under the ticker symbol "BIYA."

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.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release 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] 

BAIYA INTERNATIONAL GROUP INC.

CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. Dollars, except for the number of shares)







As of

December 31,







2024





2023



ASSETS













CURRENT ASSETS













Cash



$

1,668,291





$

31,973



Accounts receivable, net





1,648,073







3,692,078



Due from related parties





40,549







2,811,786



Deferred offering costs





889,160







668,651



Prepaid expense and other current assets





177,325







237,958



Loan receivable from third parties, current











75,797



Total current assets





4,423,398







7,518,243





















NON-CURRENT ASSETS

















Property and equipment, net





1,872







2,373



Right-of-use asset, net





49,356







4,015



Loan receivable from third parties, non-current





443,787







98,560



Other non-current assets





33,017









Total noncurrent assets





528,032







104,948



TOTAL ASSETS



$

4,951,430





$

7,623,191





















LIABILITIES AND SHAREHOLDERS' EQUITY

















CURRENT LIABILITIES

















Accounts payable



$

1,662,594





$

2,835,982



Loan payable to third parties, current





164,399







140,800



Advance from customers





29,675







30,498



Accrued liabilities and other payables





2,057,865







1,966,483



Taxes payable





146,239







264,671



Due to related parties





170,855







1,040,009



Lease liability





8,422







9,661



Bank loan payables, current





117,345







623,878



Total current liabilities





4,357,394







6,911,982





















NON-CURRENT LIABILITIES

















Lease liability





43,972







1,025



Loan payable to third parties, non-current











28,160



Bank loan payables, non-current











87,707



Total non-current liabilities





43,972







116,892



TOTAL LIABILITIES



$

4,401,366





$

7,028,874





















COMMITMENTS AND CONTINGENCIES



































SHAREHOLDERS' EQUITY

















Preferred shares, par value $0.0001, 100,000,000 shares authorized, nil shares issued and outstanding as of December 31, 2024 and 2023, respectively













Ordinary common shares, par value $0.0001, 400,000,000 shares authorized, 10,000,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively





1,000







1,000



Additional paid-in capital





1,796,285







1,775,951



Statutory Reserve





380,901







325,223



Accumulated other comprehensive loss





(221,139)







(153,429)



Accumulated deficit





(1,456,778)







(1,392,350)



Total Company shareholders' equity





500,269







556,395



Non-controlling interest





49,795







37,922



Total shareholders' equity





550,064







594,317



TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



$

4,951,430





$

7,623,191



 

BAIYA INTERNATIONAL GROUP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. Dollars, except for the number of shares)







For the years ended

December 31,







2024





2023





2022



Net revenues



$

12,809,211





$

11,574,877





$

13,161,560



Cost of revenues





11,401,940







10,772,530







11,635,220



Gross profit





1,407,271







802,347







1,526,340





























Operating expenses

























Selling expenses





214,672







127,214







243,937



General and administrative expenses





890,089







1,093,703







2,205,442



Research and development expenses





238,150







300,519







479,218



Total operating expenses





1,342,911







1,521,436







2,928,597



Profit/(loss) from operations





64,360







(719,089)







(1,402,257)





























Other income (expenses)

























Interest expense, net





(31,510)







(24,030)







(55,640)



Government subsidy income





5,823







33,654







190,944



Other expenses, net





(3,456)







(321,112)







(39,307)



Other (expenses)income





(29,143)







(311,488)







95,997



Income/(loss) before income tax





35,217







(1,030,577)







(1,306,260)



Less: income tax expense





28,530







32,239







23,421



Net income/(loss)





6,687







(1,062,816)







(1,329,681)



Less: net income/(loss) attributable to non-controlling interests





15,437







(45,739)







(65,578)



Net loss attributable to common shareholders of Baiya International Group Inc.



$

(8,750)





$

(1,017,077)







(1,264,103)





























Comprehensive income/(loss)

























Net income/(loss)



$

6,687





$

(1,062,816)







(1,329,681)



Other comprehensive loss

























Foreign currency translation loss





(71,274)







(46,538)







(214,064)



Total other comprehensive loss





(71,274)







(46,538)







(214,064)



Total comprehensive loss





(64,587)







(1,109,354)







(1,543,745)



Less: comprehensive income/(loss) attributable to non-controlling interests





11,874







(48,095)







(76,303)



Comprehensive loss attributable to common shareholders of Baiya International Group Inc.



$

(76,461)





$

(1,061,259)







(1,467,442)



Net income/(loss) per common share

























Basic and diluted*



$

0.00





$

(0.10)





$

(0.13)



Weighted average number of common shares outstanding

























Basic and diluted*





10,000,000







10,000,000







10,000,000



*

Retrospectively restated for effect of share reorganization

 

BAIYA INTERNATIONAL GROUP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. Dollars, except for the number of shares)







For the years ended

December 31,







2024





2023





2022



CASH FLOWS FROM OPERATING ACTIVITIES



















Net income/(loss)



$

6,687





$

(1,062,816)





$

(1,329,681)



Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

























Depreciation expense





443







799







2,139



Allowances for credit losses





(43,859)







121,899







844,053



Amortization of operating lease right-of-use assets





11,693







139,592







177,843



Deferred income tax, net











5,818







(3,298)





























Changes in operating assets and liabilities:

























Accounts receivable, net





1,972,340







(1,331,193)







704,945



Advance to suppliers, net











40,371







(141,522)



Due from related parties





894,107







(900,702)







760,214



Prepaid expense and other current assets





126,918







(138,659)







29,877



Accounts payable





(1,112,598)







1,117,916







(312,815)



Advance from customers

















(21,619)



Accrued liabilities and other payables





(165,046)







175,063







(182,184)



Taxes payable





(105,398)







33,247







(96,177)



Lease liability





(1,530)







(2,448)







(25,135)



Net cash (used in) provided by operating activities





1,583,757







(1,801,113)







406,640





























CASH FLOWS FROM FINANCING ACTIVITIES

























Proceeds from loans-bank





55,434













1,728,334



Due to related parties





938,382







(416,209)







1,330,285



Repayments to loans-bank





(638,745)







(31,224)







(944,416)



Proceeds from third party loan





(278,083)













(184,029)



Advance to third party loan











(60,716)









Net cash (used in) provided by financing activities





76,988







(508,149)







1,930,174





























EFFECT OF EXCHANGE RATE CHANGES ON CASH





(24,427)







(62,935)







(67,132)





























NET (DECREASE) INCREASE IN CASH





1,636,318







(2,372,197)







2,269,682



CASH, BEGINNING OF YEAR





31,973







2,404,170







134,488



CASH, END OF YEAR



$

1,668,291





$

31,973





$

2,404,170





























Supplemental disclosure information of cash flow:

























Cash paid for income tax



$

4,543





$

15,090





$

55,299



Cash paid for interest



$

36,724





$

63,042







56,883





























Supplemental non-cash information:

























Right of use assets obtained in exchange for operating lease liability



$

3,038





$

4,985





$



Due from related party offset with due to related party upon execution of offset agreement



$

1,812,949















 

 

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SOURCE Baiya International Group Inc.

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