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Baiya International Group Inc.

For the period ended Dec 31, 2025. Filed Apr 30, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Apr 30, 2026

BIYA$1.11+0.9%Stored close · as of Nov 6, 2026
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**UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 COMPENSATION

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31,2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report ________

For the transition period from __________ to __________

Commission file number 001-42553

Baiya International Group Inc.

(Exact Name of registrant as specified in its charter)

**Not Applicable

**(Translation of Registrant’s name into English)

**Cayman Islands

**(Jurisdiction of incorporation or organization)

D501-12, Building D, Guanghong Meiju

No. 5 Golf Avenue, Hehua Community

Pinghu Street, Longhua District

**Shenzhen, China **

(Address of principal executive offices)

**Siyu Yang, Chief Executive Officer

Room 18022, Floor 18

112 W. 34 th Street

New York, NY 10120

Tel:+1 828-900-8888

Email: siyuyang@biyainc.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Ordinary Shares, $0.0025 par value per shareBIYANasdaq Capital Market

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2025:1,185,835 Class A Ordinary Shares were issued and outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act Yes☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes☐ No ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒International Financial Reporting Standards as issued By the International Accounting Standards Board ☐Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17☐ Item 18☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes☐ No☒

Table of Contents

Page Number
INTRODUCTIONii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSii
PART I1
Item 1.Identity of Directors, Senior Management and Advisers1
Item 2.Offer Statistics and Expected Timetable1
Item 3.Key Information1
Item 4.Information on the Company57
Item 5.Operating and Financial Review and Prospects87
Item 6.Directors, Senior Management and Employees107
Item 7.Major Shareholders and Related Party Transactions111
Item 8.Financial Information112
Item 9.Offer and Listing112
Item 10.Additional Information113
Item 11.Quantitative and Qualitative Disclosures About Market Risk119
Item 12.Description of Securities Other Than Equity Securities119
PART II120
Item 13.Defaults, Dividends Arrearages and Delinquencies120
Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds120
Item 15.Controls and Procedures120
Item 16.[Reserved]121
Item 16A.Audit Committee Financial Expert121
Item 16B.Code of Ethics121
Item 16C.Principal Accountant Fees and Services122
Item 16D.Exemptions form the Listing Standards for Audit Committees122
Item 16E.Purchases of Equity Securities by the Issuer and Affiliated Purchasers122
Item 16F.Change in Registrant’s Certifying Accountant122
Item 16G.Corporate Governance123
Item 16H.Mine Safety Disclosure123
Item 16I.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections123
Item 16J.Insider Trading Policies124
Item 16K.Cybersecurity124
PART III125
Item 17.Financial Statements125
Item 18.Financial Statements125
Item 19.Exhibits125

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.