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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n**FORM ****20-F**\n\n**☐****   REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**OR**\n\n**☒****   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the fiscal year ended****September 30****,****2025**\n\n**OR**\n\n**☐**   **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**OR**\n\n**☐**   **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\nDate of event requiring this shell company report:\n\n**For the transition period from _________ to _____________.**\n\nCommission file number: 001-39805\n\n**BGM Group Ltd**\n\n(Exact name of Registrant as Specified in its Charter)\n\n**N/A**\n\n(Translation of Registrant’s name into English)\n\n**Cayman Islands**\n\n(Jurisdiction of Incorporation or Organization)\n\n​\n\n**No. 152 Hongliang East 1st Street, No. 1703****,**\n\n**Tianfu New District****,****Chengdu****,****610200**\n\n**People’s Republic of China**\n\n**+86-028-64775180**\n\n​\n\n(Address of Principal Executive Offices)\n\n​\n\n​\n\n​\n\n**Chen Xin****, Co**-**Chief Executive Officer**\n\n**No. 152 Hongliang East 1st Street, No. 1703****,**\n\n**Tianfu New District****,****Chengdu****,****610200**\n\n**People’s Republic of China**\n\n**+****86****-****028****-****64775180**\n\n**Email:****xinchen@qiliancorp.com**\n\n​\n\n(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)\n\n​\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\n  ​ ​ ​\n\nTrading Symbol(s)\n\n  ​ ​ ​\n\nName of each exchange on which registered\n\nClass A Ordinary Shares\n\n \n\nBGM\n\n \n\nThe Nasdaq Stock Market LLC\n\n​\n\n[Table of Contents](#TOC)\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\n**None**\n\n(Title of Class)\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\n**None**\n\n(Title of Class)\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\nAn aggregate of 200,623,358 ordinary shares, consisting of 180,623,358 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 September 30, 2025.\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐   No ☒\n\nIf 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 ☒\n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):\n\n​\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nEmerging growth company\n\n☒\n\n​\n\nIf 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. ☐\n\nIndicate 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. ☐\n\nIf 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. ☐\n\nIndicate 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). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n​\n\nU.S. GAAP ☒\n\n    \n\nInternational Financial Reporting Standards as issued by the\nInternational Accounting Standards Board ☐\n\n    \n\nOther ☐\n\n​\n\nIf “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 ☐\n\nIf 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 ☒\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐   No ☐\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**TABLE OF CONTENTS**\n\n​\n\n[INTRODUCTION](#INTRODUCTION_19802)\n\n4\n\n​\n\n​\n\n​\n\n[FORWARD-LOOKING INFORMATION](#FORWARDLOOKINGINFORMATION_437633)\n\n6\n\n​\n\n​\n\n​\n\n[PART I](#PARTI_824895)\n\n​\n\n7\n\n​\n\n​\n\n​\n\n[ITEM 1.](#Item1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n[IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#Item1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n7\n\n​\n\n​\n\n​\n\n[ITEM 2.](#Item2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n[OFFER STATISTICS AND EXPECTED TIMETABLE](#Item2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n7\n\n​\n\n​\n\n​\n\n[ITEM 3.](#Item3KEYINFORMATION_522603)\n\n[KEY INFORMATION](#Item3KEYINFORMATION_522603)\n\n7\n\n​\n\n​\n\n​\n\n[ITEM 4.](#ITEM4INFORMATIONONTHECOMPANY_546396)\n\n[INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_546396)\n\n55\n\n​\n\n​\n\n​\n\n[ITEM 4A.](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_815105)\n\n[UNRESOLVED STAFF COMMENTS](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_815105)\n\n110\n\n​\n\n​\n\n​\n\n[ITEM 5.](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n110\n\n​\n\n​\n\n​\n\n[ITEM 6.](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n[DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n124\n\n​\n\n​\n\n​\n\n[ITEM 7.](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA)\n\n[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA)\n\n133\n\n​\n\n​\n\n​\n\n[ITEM 8.](#ITEM8FINANCIALINFORMATION_511627)\n\n[FINANCIAL INFORMATION](#ITEM8FINANCIALINFORMATION_511627)\n\n134\n\n​\n\n​\n\n​\n\n[ITEM 9.](#ITEM9THEOFFERANDLISTING_411371)\n\n[THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_411371)\n\n135\n\n​\n\n​\n\n​\n\n[ITEM 10.](#ITEM10ADDITIONALINFORMATION_748976)\n\n[ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_748976)\n\n136\n\n​\n\n​\n\n​\n\n[ITEM 11.](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n151\n\n​\n\n​\n\n​\n\n[ITEM 12.](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n[DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n152\n\n​\n\n​\n\n​\n\n[PART II](#PARTII_709794)\n\n​\n\n153\n\n​\n\n​\n\n​\n\n[ITEM 13.](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n[DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n153\n\n​\n\n​\n\n​\n\n[ITEM 14.](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF)\n\n[MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF)\n\n153\n\n​\n\n​\n\n​\n\n[ITEM 15.](#ITEM15CONTROLSANDPROCEDURES_123234)\n\n[CONTROLS AND PROCEDURES](#ITEM15CONTROLSANDPROCEDURES_123234)\n\n153\n\n​\n\n​\n\n​\n\n[ITEM 16A.](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_160)\n\n[AUDIT COMMITTEE FINANCIAL EXPERT](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_160)\n\n155\n\n​\n\n​\n\n​\n\n[ITEM 16B.](#ITEM16BCODEOFETHICS_304495)\n\n[CODE OF ETHICS](#ITEM16BCODEOFETHICS_304495)\n\n155\n\n​\n\n​\n\n​\n\n[ITEM 16C.](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n155\n\n​\n\n​\n\n​\n\n[ITEM 16D.](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n[EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n155\n\n​\n\n​\n\n​\n\n[ITEM 16E.](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n[PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n155\n\n​\n\n​\n\n​\n\n[ITEM 16F.](#ITEM16FCHANGEINREGISTRANTSCERTIFYINGACCO)\n\n[CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#ITEM16FCHANGEINREGISTRANTSCERTIFYINGACCO)\n\n156\n\n​\n\n​\n\n​\n\n[ITEM 16G.](#ITEM16GCORPORATEGOVERNANCE_765976)\n\n[CORPORATE GOVERNANCE](#ITEM16GCORPORATEGOVERNANCE_765976)\n\n156\n\n​\n\n​\n\n​\n\n[ITEM 16H.](#ITEM16HMINESAFETYDISCLOSURE_406808)\n\n[MINE SAFETY DISCLOSURE](#ITEM16HMINESAFETYDISCLOSURE_406808)\n\n156\n\n​\n\n​\n\n​\n\n[ITEM 16I](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n156\n\n​\n\n​\n\n​\n\n[ITEM 16J](#ITEM16JINSIDERTRADINGPOLICIES_71723)\n\n[INSIDER TRADING POLICIES](#ITEM16JINSIDERTRADINGPOLICIES_71723)\n\n156\n\n​\n\n​\n\n​\n\n[ITEM 16K](#ITEM16KCYBERSECURITY_151494)\n\n[CYBERSECURITY](#ITEM16KCYBERSECURITY_151494)\n\n157\n\n​\n\n​\n\n​\n\n[PART III](#PARTIII_790541)\n\n​\n\n158\n\n​\n\n​\n\n​\n\n[ITEM 17.](#ITEM17FINANCIALSTATEMENTS_593596)\n\n[FINANCIAL STATEMENTS](#ITEM17FINANCIALSTATEMENTS_593596)\n\n158\n\n​\n\n​\n\n​\n\n[ITEM 18.](#ITEM18FINANCIALSTATEMENTS_300245)\n\n[FINANCIAL STATEMENTS](#ITEM18FINANCIALSTATEMENTS_300245)\n\n158\n\n​\n\n​\n\n​\n\n[ITEM 19.](#ITEM19EXHIBITS_53499)\n\n[EXHIBITS](#ITEM19EXHIBITS_53499)\n\n158\n\n​\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\n**INTRODUCTION**\n\n​\n\nAs used in this annual report on Form 20-F, (i) “we,” “us,” “Parent,” “BGM,” “our company,” the “Company,” or “our” refers specifically to BGM Group Ltd (formerly known as Qilian International Holding Group Limited); (ii) “Gansu QLS,” “variable interest entity” or “VIE” refers to Gansu Qilianshan Pharmaceutical Co., Ltd., a company incorporated in the People’s Republic of China; (iii) “WFOE” or “PRC Subsidiary” are to Qilian International Trading (Chengdu) Co., Ltd., formerly known as Chengdu Qilian Trading Co., Ltd., and Qilian Shan International Trade (Hainan) Co., Ltd., both of which are limited liability company organized under the laws of the PRC and are wholly-owned by Qilian International (Hong Kong) Holdings Limited, a limited liability company organized under the laws of Hong Kong.\n\nIt is important to note that BGM is *not* a Chinese operating company but a Cayman Islands holding company with no material business operations. BGM conducts its operations in China through the variable interest entity-- Gansu Qilianshan Pharmaceutical Co. Ltd. (the “VIE”, “Gansu QLS”) and its subsidiaries. Investors in BGM’s ordinary shares are *not* purchasing equity interest in its operating entities in China but instead are purchasing equity interest in a Cayman Islands holding company.\n\nBGM receives the economic benefits of Gansu QLS and its subsidiaries’ business operation through a series of contractual arrangements, or the VIE Agreements. As a result of the VIE Agreements, BGM is the primary beneficiary of Gansu QLS for accounting purposes and treats it as a PRC consolidated entity under U.S. GAAP. BGM consolidates the financial results of Gansu QLS and its subsidiaries in its consolidated financial statements in accordance with U.S. GAAP. BGM does not own any equity interest in Gansu QLS and its subsidiaries. For detailed descriptions of each of the VIE Agreement, please refer to disclosures under “Item 4. Information on the Company-A. History and Development of the Company- Our Holding Company Structure and Contractual Arrangements” in this annual report on Form 20-F.\n\nUnless the context otherwise requires, in this annual report on Form 20-F, references to:\n\n●“Affiliated Entities” are to BGM’s two subsidiaries through equity ownership, along with Gansu QLS (the “VIE”) and the VIE’s subsidiaries, which BGM does *not* own through equity ownership;\n\n●“Ahan” are to Jiuquan Ahan Biotechnology Co., Ltd., a limited liability company organized under the laws of the PRC, which is 100% owned by Gansu QLS;\n\n●“Ahan® Antibacterial Paste” are to a disinfection paste made from a mixture of 11 traditional Chinese herbal ingredients used to treat refractory chronic skin diseases;\n\n●“APIs” are to Active Pharmaceutical Ingredients, which refer to any substance or mixture of substances intended to be used in the manufacture of a drug (medicinal) product and that, when used in the production of a drug, becomes an active ingredient of the drug product;\n\n●“BGM” are to BGM Group Ltd (formerly known as Qilian International Holding Group Limited), an exempted company with limited liability incorporated under the laws of the Cayman Islands;\n\n●“Cangmen” are to Tibet Cangmen trading Co., Ltd., a limited liability company organized under the laws of the PRC, which is 100% owned by Gansu QLS;\n\n●“Chengdu QLS” are to Chengdu Qilianshan Biotechnology Co., Ltd., a limited liability company organized under the laws of the PRC, which is 79.71% owned by Gansu QLS;\n\n●“China” or the “PRC” are to the People’s Republic of China, excluding Taiwan but including the special administrative regions of Hong Kong and Macau for the purposes of this annual report only;\n\n●“Class A ordinary shares” are to our Class A ordinary shares, par value of US$0.00833335 each;\n\n●“Class B ordinary shares” are to our Class B ordinary shares, par value of US$0.00833335 each;\n\n●“Gan Di Xin®” are to an innovative antitussive and expectorant medicine made from raw licorice materials;\n\n●“Gansu QLS” are to Gansu Qilianshan Pharmaceutical Co. Ltd., a limited liability company organized under the laws of the PRC, which BGM controls via a series of contractual arrangements between WFOE and Gansu QLS;\n\n●“Hainan Trade” are to Qilian Shan International Trade (Hainan) Co., Ltd., a limited liability company organized under the laws of the PRC and is wholly-owned by Qilian International (Hong Kong) Holdings Limited, a limited liability company organized under the laws of Hong Kong.\n\n●“Heparin Sodium Preparation” are to a primary ingredient for pharmaceutical companies to produce medications used in treating cardiovascular diseases, cerebrovascular diseases, and hemodialysis;\n\n●“Moshangfa” are to Moshangfa (Gansu) Fertilizer Industry Co., Ltd., formerly known as Jiuquan Qiming Biotechnology Co., Ltd., a limited liability company organized under the laws of the PRC, which is 100% owned by Gansu QLS;\n\n●“Ordinary Shares” are to our Class A ordinary shares and Class B ordinary shares;\n\n●“Qilian HK” are to BGM’s wholly owned subsidiary, Qilian International (Hong Kong) Holdings Limited, a Hong Kong corporation;\n\n●“Qilian Shan® Licorice Extract” are to a primary ingredient for pharmaceutical companies to manufacture traditional licorice tablets;\n\n●“Qilian Shan® Licorice Liquid Extract” are to a primary ingredient for medical preparation companies to produce compound licorice oral solutions;\n\n●“Qilian Shan® Oxytetracycline APIs” are to an active ingredient used by pharmaceutical companies in the manufacturing of medications that use oxytetracycline;\n\n4\n\n[Table of Contents](#TOC)\n\n●“Qilian Shan® Oxytetracycline Tablets” are to tablets used to prevent and treat a wide range of diseases in chickens, turkeys, cattle, swine, and human;\n\n●“Rugao” are to Rugao Tianlu Animal Products Co., Ltd., a limited liability company organized under the laws of the PRC, which is 100% owned by Chengdu QLS;\n\n●“Samen” are to Tibet Samen Trading Co., Ltd., a limited liability company organized under the laws of the PRC, which was 100% owned by Gansu QLS. Samen was dissolved in June 2023;\n\n●“TCM” are to Traditional Chinese Medicine, a style of traditional medicine built on a foundation of more than 2,500 years of Chinese medical practice that includes various forms of herbal medicine, acupuncture, massage (tui na), exercise (qigong), and dietary therapy;\n\n●“TCMD” are to Traditional Chinese Medicine Derivatives, a type of product derived from TCM that has been prepared through modern medicine manufacturing procedures to be ready for use;\n\n●“VIE” are to Gansu QLS, the variable interest entity; \n\n●“VIE Agreements” are to a series of contractual arrangements, including Exclusive Service Agreement, as amended on August 27, 2019 and later terminated and replaced by Hainan Exclusive Service Agreement on December 1, 2022, the Call Option Agreement, the Equity Pledge Agreement, the Shareholders’ Voting Rights Proxy Agreement and Powers of Attorney, and the Spousal Consents;\n\n●“we,” “us,” “Parent,” or “the Company” are to BGM Group Ltd;\n\n●“WFOE” or “PRC Subsidiary” are to Qilian International Trading (Chengdu) Co., Ltd., formerly known as Chengdu Qilian Trading Co., Ltd., and Qilian Shan International Trade (Hainan) Co., Ltd., both of which are limited liability company organized under the laws of the PRC and are wholly-owned by Qilian International (Hong Kong) Holdings Limited, a limited liability company organized under the laws of Hong Kong;\n\n●“Xiongguan® Organic Fertilizer” are to a fertilizer product designed to improve crop yield, increase soil’s chemical properties, and reduce soil compaction;\n\n●“Xiongguan® Organic-Inorganic Compound Fertilizer” are to a fertilizer product made from both organic materials and traditional chemical fertilizer and is designed to increased plant growth;\n\n●“Zhongqiao” are to Zhongqiao Youguan (Chengdu) E-Commerce Service Co., Ltd., a limited liability company organized under the laws of the PRC, which is a 51% subsidiary of Hainan Trade; and\n\n●“Zhu Xiaochang® Sausage Casings” are to an all-natural food product used for culinary purposes.\n\n●“Duxiaobao” consolidated VIEs refer to Shenzhen Xinbao Investment Management Co., Ltd. (“Xinbao Investment”), Fanhua RONS (Beijing) Technologies Co., Ltd. (“Fanhua RONS Technologies”) and their subsidiaries;\n\n●“BGM (Hubei) Health” are to BGM (Hubei) Health Bioindustry Co., Ltd., a limited liability company organized under the laws of the PRC, which is 100% owned by Qilian International (Hong Kong) Holdings Limited;\n\n●“BGM Brand (Hubei)” are to BGM Brand Operation & Management (Hubei) Co.,Ltd., a limited liability company organized under the laws of the PRC, which is 100% owned by BGM (Hubei) Health Bioindustry Co., Ltd;\n\n●“Class A Ordinary Shares” are to Class A ordinary shares of Chanson International, of US$0.00833335 par value each;\n\n●“Class B Ordinary Shares” are to Class B ordinary shares of Chanson International, of US$0.0001 par value each;\n\n​\n\nThis annual report on Form 20-F includes our audited consolidated financial statements for the fiscal years ended September 30, 2025, 2024, and 2023. In this annual report, we refer to assets, obligations, commitments, and liabilities in our consolidated financial statements in United States dollars. These dollar references are based on the exchange rate of RMB to United States dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of United States dollars which may result in an increase or decrease in the amount of our obligations and the value of our assets.\n\nThis annual report contains translations of certain RMB amounts into U.S. dollars at specified rates. Unless otherwise stated, the following exchange rates are used in this annual report:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**September 30,**\n\nUS$Exchange Rate\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\nAt the end of the year - RMB\n\n \n\nRMB 7.1055 to $1.00\n\n \n\nRMB 7.0176 to $1.00\n\n \n\nRMB7.2960 to $1.00\n\nAverage rate for the year - RMB\n\n \n\nRMB 7.1628 to $1.00\n\n \n\nRMB 7.2043 to $1.00\n\n \n\nRMB7.0533 to $1.00\n\n​\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\n**FORWARD-LOOKING INFORMATION**\n\nThis annual report on Form 20-F contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Known and unknown risks, uncertainties and other factors, including those listed under “Item 3. Key Information—D. Risk Factors,” may cause our and the VIE and its subsidiaries’ actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our and the VIE and its subsidiaries’ actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.\n\nYou can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our, the VIE and its subsidiaries’ financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:\n\n●our and the VIE and its subsidiaries’ mission, goals and strategies;\n\n●our and the VIE and its subsidiaries’ future business development, financial conditions and results of operations;\n\n●the expected growth of the PRC pharmaceutical and chemical industries in China;\n\n●our and the VIE and its subsidiaries’ expectations regarding demand for and market acceptance of their products;\n\n●our and the VIE and its subsidiaries’ expectations regarding their relationships with their suppliers and customers;\n\n●competition in our and the VIE and its subsidiaries’ industries; and\n\n●relevant government policies and regulations relating to our and the VIE and its subsidiaries’ industry.\n\nThese forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. Our, the VIE and its subsidiaries’ actual results could be materially different from our expectations. Other sections of this annual report include additional factors that could adversely impact BGM and its affiliated entities’ business and financial performance. Moreover, our and the VIE and its subsidiaries’ operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our, the VIE and its subsidiaries’ business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should read thoroughly this annual report and the documents that we refer to with the understanding that our actual future results may be materially different from, or worse than, what we expect. We qualify all of our forward-looking statements by these cautionary statements.\n\nThis annual report contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The pharmaceutical industry may not grow at the rate projected by market data, or at all. Failure of this market to grow at the projected rate may have a material and adverse effect on our and the VIE and its subsidiaries’ business and the market price of the Ordinary Shares. In addition, the rapidly evolving nature of this industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our and the VIE and its subsidiaries’ market. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.\n\nThe forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and the documents that we refer to in this annual report and exhibits to this annual report completely and with the understanding that our and the VIE and its subsidiaries’ actual future results may be materially different from what we expect.\n\n​\n\n​\n\n6\n\n[Table of Contents](#TOC)\n\n**PART I**"}