Hong Kong—Baiwang Co. (06657) reported a marked turnaround for the year ended 31 December 2025.
Revenue climbed 10.5% year on year to RMB728.60 million, supported by the rollout of three new AI-driven agent suites that contributed RMB211.37 million after launching from a zero base in 2024.
Gross profit expanded 17.0% to RMB308.13 million, lifting the gross margin to 42.3% from 40.0% a year earlier. The improvement reflected a higher mix of AI and data-rich solutions and tighter delivery costs enabled by low-code automation.
Operating loss narrowed sharply to RMB33.86 million (2024: RMB202.82 million). After finance income, fair-value movements and taxes, the statutory net loss contracted 98.0% to RMB9.98 million. Excluding share-based payments and other non-recurring items, adjusted net profit reached RMB3.08 million versus an adjusted loss of RMB116.03 million in 2024.
Segment highlights • AI Business: Launched “Jin Dun,” “Rui Jie” and “Wen Shu” intelligent agents, generating RMB211.37 million in revenue with a segment margin of 25.5%. • Cloud Financial & Tax Digitalisation: Revenue rose slightly to RMB210.16 million; margin improved to 55.5%. • On-premises Solutions: Revenue grew 8.8% to RMB157.69 million, driven by Golden Tax Phase IV projects; margin advanced to 36.5%. • Data-driven Analytics: Revenue declined to RMB147.38 million as the company deliberately scaled back low-margin precision-marketing work; margin strengthened to 53.0%.
Cost efficiency Research and development spending fell 24.9% to RMB135.03 million after focusing on high-growth Data+Agent projects. Distribution and selling expenses dropped 40.7% to RMB95.04 million as AI-enabled online channels replaced costly offline acquisition. The combined three-expense ratio decreased to 45.1% from 65.5%.
Balance-sheet metrics Cash and cash equivalents stood at RMB385.68 million, supplemented by RMB90.74 million of wealth-management products. Current assets outweighed current liabilities by RMB601.51 million, giving a current ratio of 3.9. Lease liabilities were RMB13.59 million; the group holds no interest-bearing bank debt.
Key operating data Since inception the platform has processed approximately 26.05 billion invoices representing RMB1,188.00 trillion in transaction value, serving more than 96.40 million taxpayer IDs.
Dividend The board proposed no final dividend for 2025.
Outlook Management reiterated its strategic focus on scaling its enterprise-credit data hub, expanding intelligent-agent adoption, and developing cross-border compliance services, while targeting sustained profitability after the 2025 inflection point.