BGM Group Ltd 6-K, filed Jul 24, 2025

BGM Group Ltd. (BGM)

6-K 2025-07-24 For: 2025-03-31

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Added on April 10, 2026

About this 6-K

BGM Group Ltd filed this 6-K on July 24, 2025.

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Exhibit No.		Description
99.1		Unaudited Condensed Consolidated Financial Statements for the Six Months Ended March 31, 2024 and 2025
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations
101		Interactive Data Files (formatted as Inline XBRL)
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	BGM Group Ltd

	By:	/s/ Chen Xin
	Name:	Chen Xin
	Title:	Chief Executive Officer


CONTENTS	PAGE(S)
Unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and September 30, 2024	F-2
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Six Months Ended March 31, 2025, 2024 and 2023	F-3
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Six Months Ended March 31, 2025, 2024 and 2023	F-4
Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2025, 2024 and 2023	F-5
Notes to Audited Condensed Consolidated Financial Statements	F-6


	As of March 31		As of September 30
	2025(Unaudited)		2024(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalent	$	9,651,606	$	9,817,254
Restricted Cash		113		—
Accounts receivable, net		5,522,883		1,543,160
Bank acceptance notes receivable		2,262,189		3,337,137
Inventories, net		8,848,748		5,049,688
Prepayment to suppliers, net		2,718,998		803,924
Investment in trading securities		4,890,180		8,323,587
Other current assets		9,047,830		894,460
TOTAL CURRENT ASSETS		42,942,547		29,769,210

Restricted Cash		1,044,830		—
Property, plant and equipment, net		10,629,337		8,610,279
Construction in progress		3,876,466		5,640,063
Intangible assets, net		4,585,984		4,539,347
Goodwill		135,244,924		—
Long term investment		3,153,706		3,359,786
Operating lease right of use assets		179,785		—
Deferred tax assets		5,045,298		424,474
Prepayments for property and equipment		644,854		660,569
Other long term assets		45,718		—
TOTAL ASSETS		207,393,449		53,003,728


CURRENT LIABILITIES:
Bank loans		1,602,073		—
Insurance premium payables		1,206,962		—
Accounts payable		8,426,402		4,125,597
Contract liabilities		3,471,007		489,784
Deferred government grants-current		120,113		78,718
Taxes payable		475,498		315,328
Operating lease liability		101,814		—
Due to related party		694,015		2,851,526
Accrued expenses and other payables		7,487,950		915,032
TOTAL CURRENT LIABILITIES		23,585,834		8,775,985

LONG TERM LIABILITIES
Operating lease liability		78,759		—
Deferred government grants - noncurrent		237,869		134,394
TOTAL LIABILITIES		23,902,462		8,910,379


Commitments and contingencies

SHAREHOLDERS’ EQUITY:
Ordinary Shares, $0.00833335 par value, 5,030,000,000 and 100,000,000 shares authorized, an aggregate of 98,294,641 and 7,226,480 ordinary shares, consisting of 78,294,641and 7,226,480 Class A ordinary shares, par value US$0.00833335 per share, and 20,000,000 Class B ordinary shares, par value US$0.00833335 per share, as of March 31, 2025 and September 30, 2024 respectively*		818,486		59,583
Additional paid-in capital		176,643,350		36,410,931
Statutory Reserve		3,266,081		3,266,081
Retained earnings		3,488,157		4,349,377
Accumulated other comprehensive loss		(2,093,282)		(1,342,128)
Total shareholders’ equity attributable to BGM Group Ltd		182,122,792		42,743,844
Noncontrolling interests		1,368,195		1,349,505
TOTAL SHAREHOLDERS’ EQUITY		183,490,987		44,093,349
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		207,393,449		53,003,728


	For the six months ended March 31
	2025		2024			2023
NET REVENUE	$	14,311,414	$	12,562,599		$	29,163,616

COST OF REVENUE		11,799,981		11,148,577			26,868,870

GROSS PROFIT		2,511,433		1,414,022			2,294,746

SELLING, GENERAL AND ADMINISTRATIVE, RESEARCH AND DEVELOPMENT EXPENSES		4,749,740		2,093,110			2,084,115

INCOME (LOSS) FROM OPERATIONS		(2,238,307)		(679,088)			210,631

Interest income, net		18,811		57,782			32,701
Investment income (loss)		(3,433,407)		966,711			217,593
Share of results of associates		(126,333)		—			—
Grant income		95,278		39,975			96,259
Other income (expenses)		561,478		(44,664)			130,450
Total Other income (expense)		(2,884,173)		1,019,804			477,003
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)/ EXPENSE		(5,122,480)		340,716			687,634
INCOME TAXES (BENEFIT)/EXPENSE		(4,296,785)		11,936			248,254
NET INCOME (LOSS)		(825,695)		328,780			439,380
Less: net income (loss) attributable to non-controlling interest		35,525		(85,688)			(56,141)
NET INCOME (LOSS) ATTRIBUTABLE TO BGM GROUP LTD	$	(861,220)	$	414,468		$	495,521
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment		(767,989)		240,793			1,148,573
COMPREHENSIVE INCOME (LOSS)		(1,593,684)		569,573			1,587,953
Less: comprehensive income (loss) attributable to non - controlling interests		18,690		(70,153)			6,741
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BGM GROUP LTD		(1,612,374)		639,726			1,581,212
Earnings (loss) per common share - basic and diluted	$	(0.03)	$	0.06	*	$	0.07	*
Weighted average shares - basic and diluted		31,615,463		7,226,480	*		7,226,480	*


													Accumulated
											Shareholders’		Other		Shareholders’
	Class A Ordinary Shares			Class B Ordinary Shares			Additional				Equity Attributable		Comprehensive			Equity Attributable	Non-controlling		Total
	Shares*	Amount		Shares	Amount		Paid-in Capital		Retained Earnings		to BGM Group Ltd		Income		to BGM Group Ltd		Interests		Shareholders’ Equity
Balance as of September 30, 2022	7,226,480	$	59,583	—	$	—	$	36,410,931	$	15,509,177	$	3,118,542	$	(2,046,091)	$	53,052,142	$	1,911,394	$	54,963,536
Net income (loss) for the period	—		—	—		—		—		495,521		—		—		495,521		(56,141)		439,380
Acquisition of equity interest from unrelated third party shareholders	—		—	—		—		—		—		—		—		—		(28,669)		(28,669)
Appropriation for statutory reserve	—		—	—		—		—		(130,774)		130,774		—		—		—		—
Dividend	—		—	—		—		—		(1,787,517)		—		—		(1,787,517)		—		(1,787,517)
Foreign currency translation adjustment	—		—	—		—		—		—		—		1,085,690		1,085,690		62,883		1,148,573
Balance as of March 31, 2023	7,226,480	$	59,583	—	$	—	$	36,410,931	$	14,086,407	$	3,249,316	$	(960,401)	$	52,845,836	$	1,889,467	$	54,735,303
Balance as of September 30, 2023	7,226,480	$	59,583	—	$	—	$	36,410,931	$	5,896,373	$	3,162,333	$	(2,737,087)	$	42,792,133	$	1,559,268	$	44,351,401
Net income (loss) for the period	—		—	—		—		—		414,468		—		—		414,468		(85,688)		328,780
Appropriation for statutory reserve	—		—	—		—		—		(49,975)		49,975		—		—		—		—
Foreign currency translation adjustment	—		—	—		—		—		—		—		225,258		225,258		15,535		240,793
Balance as of March 31, 2024	7,226,480	$	59,583	—	$	—	$	36,410,931	$	6,260,866	$	3,212,308	$	(2,511,829)	$	43,431,859	$	1,489,115	$	44,920,974
Balance as of September 30, 2024	7,226,480	$	59,583	—	$	—	$	36,410,931	$	4,349,377	$	3,266,081	$	(1,342,128)	$	42,743,844	$	1,349,505	$	44,093,349
Issuance of common shares	71,068,161		592,236	20,000,000		166,667		140,232,419		—		—		—		140,991,322		—		140,991,322
Net income (loss) for the period	—		—	—		—		—		(861,220)		—		—		(861,220)		35,525		(825,695)
Foreign currency translation adjustment	—		—	—		—		—		—		—		(751,154)		(751,154)		(16,835)		(767,989)
Balance as of March 31, 2025	78,294,641	$	651,819	20,000,000	$	166,667	$	176,643,350	$	3,488,157	$	3,266,081	$	(2,093,282)	$	182,122,792	$	1,368,195	$	183,490,987


Items	Amount
Assets
Cash and cash equivalent	$	2,146,491
Accounts receivable, net		4,603,565
Other current assets		10,380,773
Property and equipment, net		157,626
Operating lease right of use assets		181,922
Deferred tax assets		174,138
Liabilities
Insurance premium payables		979,989
Accounts payable		4,039,426
Taxes payable		34,243
Operating lease liabilities, current		181,922
Accrued expenses and other payables		7,662,537
Total net assets	$	4,746,398


	Ownership as of		Ownership as of
	September 30,		September 30,
	2024		2024
Moshangfa (Gansu) Fertilizer Industry Co., Ltd (formerly Jiuquan Qiming Biotechnology Co., Ltd, “Moshangfa”)	100	%	100	%
Chengdu Qilianshan Biotechnology Co., Ltd (“Chengdu QLS”)	79.71	%	79.51	%
Jiuquan Ahan Biotechnology Co., Ltd. (“Ahan”)	100	%	100	%
Tibet Samen Trading Co., Ltd (“Samen”) (1)	—	%	—	%
Tibet Cangmen Trading Co., Ltd (“Cangmen”)	100	%	100	%
Rugao Tianlu Animal Products Co., Ltd (“Rugao”)	79.71	%	79.51	%
Chongqing Shengfu Biological Technology Co., Ltd (“Chongqing”)	79.71	%	79.51	%


Items		Useful life
Property and buildings		20–40 years
Leasehold improvement		Lesser of useful life and lease term
Machinery and equipment		3–10 years
Automobiles		3–5 years
Office and electric equipment		3–5 years


Items		Useful life
Land use rights		50 years
Software		10 years
License for drug manufacturing		10 years


	As of
	March 31,		September 30,
	2025		2024
Gansu QLS	$	1,161,373	$	1,146,121
Chengdu QLS and subsidiaries		184,899		181,315
Zhongqiao		21,923		22,069
Total	$	1,368,195	$	1,349,505


	For the six months ended
	March 31,
	2025		2024		2023
Selling expense	$	451,145	$	229,092	$	445,154
General and administrative expense		3,770,496		1,396,655		1,366,888
Research and development expense		528,099		467,363		272,073
Total	$	4,749,740	$	2,093,110	$	2,084,115


	For the six months ended March 31,
	2025		2024*			2023*
Numerator:
Net income (loss) attributable to ordinary shareholders	$	(861,220)	$	414,468		$	495,521

Denominator:
Weighted-average number of ordinary shares outstanding – basic		31,615,463		7,226,480	*		7,226,480	*
Weighted-average number of ordinary shares outstanding – diluted		31,615,463		7,226,480	*		7,226,480	*
Earnings (loss) per share – basic	$	(0.03)	$	0.06		$	0.07
Earnings (loss) per share – diluted	$	(0.03)	$	0.06		$	0.07


	March 31, 2025	September 30, 2024
Year-end spot rate	US$1=RMB 7.1782	US$1=RMB 7.0074

Average rate	US$1=RMB 7.1671	US$1=RMB 7.1178


	Amortization
Year ending September 30,	expense
2025	$	84,279
2026		84,166
2027		83,603
2028		83,603
2029		83,603
Thereafter		4,166,730
	$	4,585,984


	For the six months ended March 31
	2025		2024		2023
Cash flows from operating activities:
Net income(loss)	$	(825,695)		328,780		439,380
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Non-cash operating lease expenses		(180,064)		12,281		13,937
Depreciation and amortization		442,090		554,772		571,441
Provision of credit loss		516,130		62,422		1,281
Provision for inventory(reversal)		(53,200)		(785,426)		397,039
Deferred tax expense		(4,638,121)		(600)		135,274
Unrealized gain from investment in securities		—		(1,066,927)		(245,800)
Investment income		3,433,407		100,216		28,207
Share of results of associates		126,333		—		—
Changes in operating assets and liabilities:
Accounts receivable		(4,538,813)		1,220,376		(728,868)
Bank acceptance notes receivable		997,090		2,304,899		(1,096,994)
Inventories		(3,872,105)		1,179,076		(2,069,096)
Prepayment to suppliers		(1,937,209)		446,983		305,403
Other current assets		(8,196,189)		(229,212)		1,450,828
Accounts payable		4,405,806		(960,861)		(1,069,672)
Insurance premium payables		1,208,837		—		—
Contract liabilities		2,997,528		(648,484)		1,877,996
Deferred government grants		150,174		(39,975)		(96,259)
Tax payables		167,934		97,043		22,210
Accrued expenses and other payables		6,604,911		(16,298)		7,009
Other non-current assets		(45,789)		—		—
Lease liabilities		180,853		1,610		(26,331)
Net cash provided by (used in) operating activities		(3,056,092)		2,560,675		(83,015)

Cash flows from investing activities:
Purchase of property, plant and equipment		(1,018,131)		(786,547)		(716,251)
Purchase of intangible assets		(148,426)		—		(1,885,870)
Cash received from disposal of long term investment		—		1,458,424		—
Dividend received		—		55,566		—
Payments on long term investment		(2,092,908)		—		—
Purchase of non controlling interest		—		—		(28,669)
Net cash provided by (used in) investing activities		(3,259,465)		727,443		(2,630,790)

Cash flows from financing activities:


	As of		As of
	March 31, 2025		September 30, 2024
Beginning balance	$	135,646	$	5,829
Addition		516,130		127,568
Exchange rate difference		(4,029)		2,249
Ending balance	$	647,747	$	135,646


	As of		As of
	March 31, 2025		September 30, 2024
Raw materials	$	1,952,331	$	2,327,285
Work-in-progress		289,148		400,253
Finished goods		6,647,629		2,417,906
Inventory provision		(40,360)		(95,756)
Total inventory	$	8,848,748	$	5,049,688


	As of		As of
	March 31, 2025		September 30, 2024
Beginning balance	$	95,756	$	885,709
Addition		(53,200)		(813,619)
Exchange rate difference		(2,196)		23,666
Ending balance	$	40,360	$	95,756


	Operating,
	lease
2025		11,426
2026		175,067
Total minimum lease payments	$	186,493
Less: Imputed interest		(5,920)
Total	$	180,573


	For the six months ended March 31, 2025
	Diversified
	Pharmaceutical
	and Allied				Insurance
	Products*		AI Solutions		Business		Total
Revenue	$	9,631,184	$	1,104,733	$	3,575,497	$	14,311,414
Cost of revenue		8,283,104		772,807		2,744,070		11,799,981
Gross profit	$	1,348,080	$	331,926	$	831,427	$	2,511,433
Depreciation and amortization	$	200,236	$	146,125	$	95,729	$	442,090
Capital expenditures	$	1,035,722	$	130,835	$	—	$	1,166,557


	For the six months ended March 31, 2024
	Oxytetracycline
	& Licorice				Heparin
	products and				products and
	TCMD		Fertilizer		Sausage casing		Total
Revenue	$	10,755,535	$	159,199	$	1,647,865	$	12,562,599
Cost of revenue		9,501,675		104,591		1,542,311		11,148,577
Gross profit	$	1,253,860	$	54,608	$	105,554	$	1,414,022
Depreciation and amortization	$	444,832	$	22,857	$	87,083	$	554,772
Capital expenditures	$	685,827	$	23,771	$	76,949	$	786,547


	For six months ended March 31, 2023
	Oxytetracycline
	& Licorice				Heparin
	products and				products and
	TCMD		Fertilizer		Sausage casing		Total
Revenue	$	18,521,112	$	752,672	$	9,889,832	$	29,163,616
Cost of revenue		16,622,793		365,813		9,880,264		26,868,870
Gross profit	$	1,898,319	$	386,859	$	9,568	$	2,294,746
Depreciation and amortization	$	452,036	$	22,123	$	97,282	$	571,441
Capital expenditures	$	2,570,090	$	28,098	$	3,933	$	2,602,121


The value of the shares issued on December 27, 2024		139,991,322
Total consideration	$	139,991,322
Net assets		4,746,398
Goodwill		135,244,924


	Total		2025		2026
Operating lease commitments under lease agreements	$	44,919	$	19,251	$	25,668


	For the six months ended March 31, 2025
				The VIE
				and		Consolidated
	Parent	Qilian HK	WFOE	subsidiaries	Elimination⁽⁴⁾	Total
	US$	US$	US$	US$	US$	US$
Total revenues	—	—	4,393,982	14,391,607	(4,474,175)	14,311,414
Including: Service fee revenue (loss absorbed) from the VIE	—	—	4,474,176	—	(4,474,176)	—
Cost of revenues	—	—	(89,279)	11,889,260	—	11,799,981
Total operating expenses	1,695,183	3,670	117,998	7,405,775	(4,472,886)	4,749,740
Including: Service fee expense charged by the WFOE	—	—	—	4,474,176	(4,474,176)	—
Share of (loss) income of subsidiary⁽¹⁾	4,246,729	4,250,399	—	—	(8,497,128)	—
Net income (loss)	(857,552)	4,246,729	4,250,399	35,525	(8,500,796)	(825,695)


	As of March 31, 2025
				The VIE
				and		Consolidated
	Parent	Qilian HK	WFOE	subsidiaries	Elimination⁽⁴⁾	Total
	US$	US$	US$	US$	US$	US$
Cash and cash equivalents	981,801	733,672	1,176,911	6,759,222	—	9,651,606
Amount due from the Parent/WFOE⁽²⁾	—	—	—	4,923,084	(4,923,084)	—
Total current assets	5,883,981	788,372	3,062,201	38,131,085	(4,923,092)	42,942,547
Service fee receivable from the VIE	—	—	16,263,926	—	(16,263,926)	—
Investment in subsidiary⁽³⁾	17,693,955	17,693,955	—	—	(35,387,910)	—
Other non-current assets	—	3,847,900	5,858,558	157,394,444	(2,650,000)	164,450,902
Total assets	23,577,936	22,330,227	25,184,685	195,525,529	(59,224,928)	207,393,449
Amounts due to the VIE and its subsidiaries⁽²⁾	(3,635,100)	4,635,099	3,923,081	16,263,926	(21,187,006)	—
Total current liabilities	(3,635,100)	4,636,247	7,206,218	35,358,512	(19,980,043)	23,585,834
Service fee payable to the WFOE	—	—	—	—	—	—
Other non-current liabilities	—	—	—	316,628	—	316,628
Total liabilities	(3,635,100)	4,636,247	7,206,218	35,675,140	(19,980,043)	23,902,462
Total equity	27,213,036	17,693,980	17,978,467	159,850,389	(39,244,885)	183,490,987
Total liabilities and equity	23,577,936	22,330,227	25,184,685	195,525,529	(59,224,928)	207,393,449


	As of September 30, 2024
				The VIE
				and		Consolidated
	Parent	Qilian HK	WFOE	subsidiaries	Elimination⁽⁴⁾	Total
	US$	US$	US$	US$	US$	US$
Cash and cash equivalents	1,856,344	1,058,635	2,427,472	4,474,803	—	9,817,254
Amount due from the Parent/WFOE⁽²⁾	—	—	—	5,128,511	(5,128,511)	—
Total current assets	10,191,931	1,113,335	2,464,159	15,999,790	(5)	29,769,210
Service fee receivable from the VIE	—	—	11,789,750	—	(11,789,750)	—
Investment in subsidiary⁽³⁾	11,141,678	11,141,678	—	—	(22,283,356)	—
Other non-current assets	—	3,328,215	6,139,822	21,144,995	(7,378,514)	23,234,518
Total assets	21,333,609	15,583,228	20,393,731	37,144,785	(41,451,625)	53,003,728
Amounts due to the VIE and its subsidiaries⁽²⁾	(3,435,100)	4,436,707	4,126,905	—	(5,128,512)	—
Total current liabilities	—	1,149	2,853,836	5,921,003	(3)	8,775,985
Service fee payable to the WFOE	—	—	—	11,789,750	(11,789,750)	—
Other non-current liabilities	—	—	—	134,394	—	134,394
Total liabilities	(3,435,100)	4,437,856	6,980,741	17,845,147	(16,918,265)	8,910,379
Total equity	24,768,709	11,145,372	13,412,990	19,299,638	(24,533,360)	44,093,349
Total liabilities and equity	21,333,609	15,583,228	20,393,731	37,144,785	(41,451,625)	53,003,728


	For the six months ended March 31, 2025
				The VIE and		Consolidated
	Parent	Qilian HK	WFOE	subsidiaries	Elimination	Total
	US$	US$	US$	US$	US$	US$
Net cash (used in) provided by operating activities	(1,874,543)	194,722	(9,671,307)	8,295,036	—	(3,056,092)
Net cash (used in) provided by investing activities	—	(519,685)	8,501,878	(11,241,658)	—	(3,259,465)
Net cash (used in) provided by financing activities	1,000,000	—	(25,226)	6,387,798	—	7,362,572


		USD
As of September 30, 2024		11,141,678
Share of loss of subsidiaries, the VIE and the VIE’s subsidiaries		4,246,729
Effect of exchange rate		2,305,548
As of March 31, 2025		17,693,955


	For the six months ended
	March 31,						Changes
	2025			2024			Amount			%
Net income(loss)	$	(825,695)		$	328,780		$	(1,154,475)		(351)	%
Interest income		(18,811)			(57,782)			38,971		(67)	%
Income tax (benefit)/expense		(4,296,785)			11,936			(4,308,721)		(36,099)	%
Depreciation & Amortization		442,090			554,772			(112,682)		(20)	%
EBITDA	$	(4,699,201)		$	837,706		$	(5,536,907)		(661)	%
Percentage of EBITDA to revenue		(32.8)	%		6.7	%		(39.5)	%