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Baiwang Co., Ltd. Class H
(6657)
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Rating:44Neutral
Price Target:
HK$12.50
▼(-33.51% Downside)
Action:Reiterated
Date:10/16/26
The score is primarily held back by heavy and persistent cash burn and a still-loss-making earnings profile despite strong progress in narrowing losses. Technicals also weigh on the rating as the price is below key moving averages with bearish MACD, even though the stock appears oversold. Valuation remains hard to justify with a negative P/E and no dividend yield data.
Positive Factors
Sharp improvement in profitability
The substantial narrowing of net and operating losses shows meaningful progress toward a more sustainable earnings model. Although profitability has not yet turned positive, this improvement can strengthen financial resilience and reduce the scale of funding needed to support operations if maintained.
Negative Factors
Persistent cash burn
Persistent negative operating and free cash flow means the business is not yet self-funding, even after the improvement in reported earnings. Continued cash burn can consume balance-sheet resources, increase reliance on external capital, and constrain investment in products and growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Sharp improvement in profitability
The substantial narrowing of net and operating losses shows meaningful progress toward a more sustainable earnings model. Although profitability has not yet turned positive, this improvement can strengthen financial resilience and reduce the scale of funding needed to support operations if maintained.
Read all positive factors
Baiwang Co., Ltd. Class H (6657) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.78B
Dividend YieldN/A
Average Volume (3M)243.18K
Price to Earnings (P/E)―
Beta (1Y)0.13
Revenue Growth-3.42%
EPS Growth-13.93%
CountryHK
Employees754
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.25
Shares Outstanding225,906,750
10 Day Avg. Volume70,900
30 Day Avg. Volume243,176
Financial Highlights & Ratios
PEG Ratio4.28
Price to Book (P/B)4.33
Price to Sales (P/S)5.57
P/FCF Ratio-26.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.25
Revenue Forecast (FY)HK$1.01B
Baiwang Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Operating in China, Baiwang Co., Ltd., established in Beijing in 2015, provides businesses with comprehensive digital transformation services through its proprietary Baiwang Cloud platform. Its core offerings include a suite of Software-as-a-Servi...
Baiwang Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 678.88M | 728.60M | 659.21M | 713.00M | 525.76M | 453.76M |
| Gross Profit | 275.16M | 308.13M | 263.42M | 282.03M | 236.75M | 247.75M |
| EBITDA | -62.15M | -9.11M | -158.60M | -339.67M | -79.14M | -176.50M |
| Net Income | -56.97M | -9.63M | -501.21M | -357.98M | -153.50M | -446.94M |
Balance Sheet | ||||||
| Total Assets | 1.08B | 1.14B | 1.22B | 1.15B | 1.42B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 392.17M | 480.06M | 721.79M | 713.09M | 718.58M | 828.65M |
| Total Debt | 8.19M | 13.59M | 2.97M | 2.23B | 2.18B | 43.64M |
| Total Liabilities | 185.34M | 206.33M | 280.96M | 2.55B | 2.80B | 2.95B |
| Stockholders Equity | 897.44M | 937.66M | 940.54M | -1.40B | -1.38B | -1.33B |
Cash Flow | ||||||
| Free Cash Flow | -126.45M | -156.03M | -155.31M | -105.43M | -59.25M | -15.87M |
| Operating Cash Flow | -123.27M | -154.92M | -152.14M | -99.33M | -54.04M | -10.03M |
| Investing Cash Flow | 97.64M | 111.15M | 1.29M | 216.81M | -189.80M | -189.78M |
| Financing Cash Flow | -9.76M | -8.58M | 256.80M | -19.66M | -13.72M | 435.67M |
Baiwang Co., Ltd. Class H Technical Analysis
Negative
18.80
Price Trends
13.26
Negative
13.46
Negative
14.14
Negative
Market Momentum
-0.74
Positive
38.00
Neutral
32.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6657, the sentiment is Negative. The current price of 18.8 is above the 20-day moving average (MA) of 12.18, above the 50-day MA of 13.26, and above the 200-day MA of 14.14, indicating a bearish trend. The MACD of -0.74 indicates Positive momentum. The RSI at 38.00 is Neutral, neither overbought nor oversold. The STOCH value of 32.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:6657.
Baiwang Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | HK$895.57M | 10.55 | 22.37% | 9.03% | 7.71% | 2.01% | |
71 Outperform | HK$1.31B | 2.95 | 12.42% | ― | 8.65% | ― | |
67 Neutral | HK$1.39B | 13.08 | 9.51% | 10.38% | 21.19% | 19.81% | |
60 Neutral | HK$29.85B | 103.84 | 3.02% | 0.10% | 16.98% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | HK$3.78B | -35.63 | -6.21% | ― | -3.42% | -13.93% | |
42 Neutral | HK$2.70B | -6.31 | -13.18% | ― | 40.17% | 76.39% |
* General Sector Average
HK:6657
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Baiwang Co., Ltd. Class H Corporate Events
Baiwang Raises HK$30 Million Through Targeted H-Share Subscription
Oct 26, 2026
Baiwang Co., Ltd. has entered into a Subscription Agreement to issue 2,581,312 new H shares to Celestine Capital LP at HK$11.622 per share, raising gross proceeds of HK$30 million. The new shares represent about 1.14% of the company’s existi...
Baiwang Shareholding Shift Elevates Shi Nan as Major Investor, Ends Chen Jie’s Controlling Status
Oct 25, 2026
Baiwang Co., Ltd. has announced changes in the shareholding structure of its employee shareholding platforms, Ningbo Xiu’an and Tianjin Duoying, with the role of general partner transferred from chairlady and executive director Chen Jie to Y...
Baiwang Co., Ltd. to Shift Registered Office from Beijing to Wuxi
Oct 9, 2026
Baiwang Co., Ltd. plans to relocate its registered office domicile from Haidian District in Beijing to Huishan District in Wuxi, Jiangsu Province, aligning the move with its overall strategic planning and business development needs. The board has ...
Baiwang Co., Ltd. Calls EGM to Approve Registered Office Change
Oct 9, 2026
Baiwang Co., Ltd. has called an extraordinary general meeting for October 29, 2026 in Beijing to seek shareholder approval for a special resolution to change its registered office address and make corresponding amendments to its Articles of Associ...
Baiwang Co., Ltd. Shareholders Approve Appointment of New Non-Executive Director
Sep 17, 2026
Baiwang Co., Ltd. convened an extraordinary general meeting in Beijing on September 17, 2026, with shareholders and proxies representing about 43.74% of its 225,906,754 H shares in issue participating in the poll. The meeting was held in accordanc...
Baiwang Co., Ltd. Details Board and Committee Roles to Bolster Governance Transparency
Sep 17, 2026
Baiwang Co., Ltd. has outlined the composition of its board of directors and clarified the roles and functions of each member across key board committees. The announcement details which directors serve as chair or member of the audit, remuneration...
Baiwang Co., Ltd. Names AI Veteran Wang Qiangyu Co-General Manager to Drive Large Language Model Strategy
Sep 14, 2026
Baiwang Co., Ltd. has appointed Wang Qiangyu as co-general manager, effective September 14, 2026, tasking him with leading strategic planning for AI products and driving optimisation, iteration and commercialisation of the group’s financial ...
Baiwang Forms Enterprise Credit Tech Joint Venture in Connected Transaction
Sep 14, 2026
Baiwang Co., Ltd. has agreed to establish a new joint venture focused on enterprise credit technology and services with Qichacha Technology, Yancheng Hongqiao and Suzhou Baisheng. The venture will be set up as a limited liability company in Shangh...
Baiwang Proposes Appointment of Digital Economy Veteran as Non-Executive Director
Aug 31, 2026
Baiwang Co., Ltd. has proposed appointing technology executive Chen Hang as a non-executive director, subject to shareholder approval at an upcoming extraordinary general meeting. Chen brings over 20 years of experience in enterprise-level interne...
Baiwang Calls EGM to Approve New Non-Executive Director
Aug 31, 2026
Baiwang Co., Ltd. has called an extraordinary general meeting to be held in Beijing on September 17, 2026, where shareholders will vote by poll on the proposed appointment of Mr. Chen Hang as a non-executive director. The notice outlines sharehold...
Baiwang Swings to Interim Loss as Revenue and Margins Decline
Aug 31, 2026
Baiwang Co., Ltd. reported a sharp deterioration in its interim performance for the six months ended June 30, 2026, as revenue fell 14.4% year-on-year to RMB297.5 million and gross profit dropped 20.4% to RMB128.9 million, pushing gross margin dow...
Baiwang Co. EGM Confirms New Board Appointments With Unanimous Shareholder Support
Aug 21, 2026
Baiwang Co., Ltd. held an extraordinary general meeting in Beijing on August 21, 2026, conducted in accordance with PRC company law and its Articles of Association, with directors and independent directors attending either in person or electronica...
Baiwang Sets Out Board Composition and Governance Roles
Aug 21, 2026
Baiwang Co., Ltd. has announced the current composition of its board of directors, detailing the roles of executive, non-executive, and independent non-executive members across its core governance committees. Ms. Chen Jie serves as chairlady of th...
Baiwang Board to Review 2026 Interim Results and Consider Dividend
Aug 19, 2026
Baiwang Co., Ltd., a PRC-incorporated joint stock company listed in Hong Kong under stock code 6657, announced that its board of directors will convene on Monday, August 31, 2026. The company follows conventional governance practices for Hong Kong...
Baiwang Issues Profit Warning as It Pivots Toward AI-Driven Tax and Finance Services
Aug 14, 2026
Baiwang Co., Ltd. has warned investors that it expects a sharp deterioration in first-half 2026 results, projecting revenue of about RMB290 million to RMB310 million versus RMB347.6 million a year earlier and a swing from a small net profit to a n...
Baiwang Co., Ltd. Calls August EGM to Approve New Board Appointments
Aug 4, 2026
Baiwang Co., Ltd. has called an extraordinary general meeting to be held in Beijing on August 21, 2026, where shareholders will vote by poll on appointing Ms. Zhu Liping as an executive director and Mr. Fu Ming as an independent non-executive dire...
Baiwang Co. Reshapes Board with Executive Director Changes
Aug 3, 2026
Baiwang Co., Ltd. announced that executive director Jin Xin plans to resign due to adjustments to her work arrangements, with her departure taking effect upon the appointment of a successor. The board emphasized there is no disagreement between Ji...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.