{"url_path":"/sec/pom/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1877971/0001213900-26-056576-index.html","accession_number":"0001213900-26-056576","cik":"0001877971","ticker":"POM","issuer_name":"POMDOCTOR Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1877971/0001213900-26-056576-index.html","primary_entity_key":"0001877971","primary_entity_name":"POMDOCTOR Ltd"},"word_count":30729,"has_tables":true,"body_markdown":"ITEM 19.EXHIBITS\n\n \n\n**Exhibit\nNumber**\n \n**Description of Document**\n\n1.1\n \n[Fourth\nAmended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect (incorporated herein by reference\nto Exhibit 3.2 to the registration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March\n13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex3-2_pomdoc.htm)\n\n \n \n \n\n2.1\n \n[Form of Specimen American Depositary Receipt (included\nin Exhibit 2.3)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025071951/ea020001917ex4-3_pomdoc.htm)\n\n \n \n \n\n2.2\n \n[Registrant’s\nSpecimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit 4.2 to the registration statement on\nForm F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex4-2_pomdoc.htm)\n\n \n \n \n\n2.3\n \n[Deposit Agreement, among the Registrant, the depositary and the holders and beneficial owners of American Depositary Shares issued thereunder, dated October 9, 2025 (incorporated herein by reference to Exhibit 4.3 to the registration statement on Form S-8 (File No. 333-291280) filed with the SEC on November 5, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025106633/ea026314201ex4-3_pomdoc.htm)\n\n \n \n \n\n2.4*\n \n[Description of Registrant’s Securities](ea028606901ex2-4.htm)\n\n \n \n \n\n4.1\n \n[Form\nof Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to\nExhibit 10.1 to the registration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13,\n2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-1_pomdoc.htm)\n\n \n \n \n\n4.2\n \n[Form\nof Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2 to the\nregistration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-2_pomdoc.htm)\n\n \n \n \n\n4.3\n \n[Exclusive\nBusiness Cooperation Agreement between Guangzhou WFOE and Qilekang Digital Healt dated August 10, 2021 (incorporated herein by reference\nto Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March\n13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-3_pomdoc.htm)\n\n \n \n \n\n4.4\n \n[Form\nof Power of Attorney by and among Guangzhou WFOE, Qilekang Digital Health, and the shareholders of Qilekang Digital Health dated\nAugust 10, 2021 (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-285771),\nas amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-4_pomdoc.htm)\n\n \n \n \n\n4.5\n \n[Form\nof Equity Interest Pledge Agreement by and among Guangzhou WFOE, Qilekang Digital Health, and the shareholders of Qilekang Digital\nHealth dated August 10, 2021 (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No.\n333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-5_pomdoc.htm)\n\n \n \n \n\n4.6\n \n[Form\nof Exclusive Option Agreement by and among Guangzhou WFOE, Qilekang Digital Health, and the shareholders of Qilekang Digital Health\ndated August 10, 2021 (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File No. 333-285771),\nas amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-6_pomdoc.htm)\n\n \n\n142\n\n \n\n \n\n**Exhibit\nNumber**\n \n**Description of Document**\n\n4.7\n \n[Form\nof Spousal Consent Letter granted by each of Zhenyang Shi and Li Xu dated August 10, 2021 (incorporated herein by reference to Exhibit\n10.7 to the registration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-7_pomdoc.htm)\n\n \n \n \n\n4.8\n \n[Securities\nHolders’ Agreement between the Registrant and other parties thereto dated August 10, 2021 (incorporated herein by reference\nto Exhibit 10.8 to the registration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March\n13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-8_pomdoc.htm)\n\n \n \n \n\n4.9\n \n[Form\nof Joinder Agreement (incorporated herein by reference to Exhibit 10.9 to the registration statement on Form F-1 (File No. 333-285771),\nas amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-9_pomdoc.htm)\n\n \n \n \n\n4.10\n \n[English\ntranslation of form of Termination of Contractual Arrangements by and among Guangzhou WFOE, Qilekang Digital Health and each of Zhenyang\nShi, Li Xu, and General Technology dated October 24, 2023 (incorporated herein by reference to Exhibit 10.10 to the registration\nstatement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-10_pomdoc.htm)\n\n \n \n \n\n4.11\n \n[Form of Power of Attorney\nby and among Guangzhou WFOE, Qilekang Digital Health, and each of Zhenyang Shi, Li Xu, Guangzhou Jin Pin, Guangzhou Jin Shang, Guangzhou\nJin Yue, and Guangzhou Jin Qiu dated October 24, 2023 (incorporated herein by reference to Exhibit 10.11 to the registration statement\non Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-11_pomdoc.htm)\n\n \n \n \n\n4.12\n \n[Form of Equity Interest\nPledge Agreement by and among Guangzhou WFOE, Qilekang Digital Health, and each of Zhenyang Shi, Li Xu, Guangzhou Jin Pin, Guangzhou\nJin Shang, Guangzhou Jin Yue, and Guangzhou Jin Qiu dated October 24, 2023 (incorporated herein by reference to Exhibit 10.12 to\nthe registration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-12_pomdoc.htm)\n\n \n \n \n\n4.13\n \n[Form of Exclusive Option\nAgreement by and among Guangzhou WFOE, Qilekang Digital Health, and each of Zhenyang Shi, Li Xu, Guangzhou Jin Pin, Guangzhou Jin\nShang, Guangzhou Jin Yue, and Guangzhou Jin Qiu dated October 24, 2023 (incorporated herein by reference to Exhibit 10.13 to the\nregistration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-13_pomdoc.htm)\n\n \n \n \n\n4.14\n \n[Form of Spousal Consent\nLetter granted by each of Zhenyang Shi and Li Xu dated October 24, 2023 (incorporated herein by reference to Exhibit 10.14 to the\nregistration statement on Form F-1 (File No. 333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-14_pomdoc.htm)\n\n \n \n \n\n4.15\n \n[2025 Share Incentive\nPlan (incorporated herein by reference to Exhibit 10.15 to the registration statement on Form F-1 (File No. 333-285771), as amended,\ninitially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex10-15_pomdoc.htm)\n\n \n \n \n\n8.1*\n \n[Significant Subsidiaries of the Registrant](ea028606901ex8-1.htm)\n\n \n \n \n\n11.1\n \n[Code of Business Conduct\nand Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No.\n333-285771), as amended, initially filed with the SEC on March 13, 2025)](http://www.sec.gov/Archives/edgar/data/1877971/000121390025023540/ea020001909ex99-1_pomdoc.htm)\n\n \n \n \n\n11.2*\n \n[Insider Trading Policy](ea028606901ex11-2.htm)\n\n \n\n143\n\n \n\n \n\n**Exhibit\nNumber**\n \n**Description of Document**\n\n12.1*\n \n[Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act\nof 2002](ea028606901ex12-1.htm)\n\n \n \n \n\n12.2*\n \n[Certification by Principal Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act\nof 2002](ea028606901ex12-2.htm)\n\n \n \n \n\n13.1**\n \n[Certification by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act\nof 2002](ea028606901ex13-1.htm)\n\n \n \n \n\n13.2**\n \n[Certification by Principal Accounting Officer Pursuant to Section 906 of the Sarbanes-Oxley Act\nof 2002](ea028606901ex13-2.htm)\n\n \n \n \n\n15.1*\n \n[Consent of Han Kun Law Office](ea028606901ex15-1.htm)\n\n \n \n \n\n15.2*\n \n[Consent of Appleby](ea028606901ex15-2.htm)\n\n \n \n \n\n15.3*\n \n[Consent of HYYH CPA., an independent registered public accounting firm](ea028606901ex15-3.htm)\n\n \n \n \n\n15.4*\n \n[Consent of Marcum Asia CPAs LLP, an independent registered public accounting firm](ea028606901ex15-4.htm)\n\n \n \n \n\n16.1\n \n[Letter of Marcum Asia CPAs LLP dated April 20, 2026 (incorporated herein by reference to Exhibit 16.1 to the Form 6-K filed with the SEC on April 20, 2026)](http://www.sec.gov/Archives/edgar/data/1877971/000121390026045579/ea028693401ex16-1.htm)\n\n \n \n \n\n97.1*\n \n[Clawback Policy of the Registrant](ea028606901ex97-1.htm)\n\n \n \n \n\n101.INS*\n \nXBRL Instance Document\n\n \n \n \n\n101.SCH*\n \nXBRL Taxonomy Extension Schema Document\n\n \n \n \n\n101.CAL*\n \nXBRL Taxonomy Extension Calculation Linkbase Document\n\n \n \n \n\n101.DEF*\n \nXBRL Taxonomy Extension Definition Linkbase Document\n\n \n \n \n\n101.LAB*\n \nXBRL Taxonomy Extension Label Linkbase Document\n\n \n \n \n\n101.PRE*\n \nXBRL Taxonomy Extension Presentation Linkbase Document\n\n \n \n \n\n104*\n \nCover Page Interactive Data File (embedded within the Inline XBRL document)\n\n \n\n \n\n*Filed herewith\n\n \n\n**Furnished herewith\n\n** **\n\n144\n\n \n\n** **\n\nSIGNATURES\n\n \n\nThe registrant hereby certifies\nthat it meets all of the requirements for filing its annual report on Form 20-F and that it has duly caused and authorized the undersigned\nto sign this annual report on its behalf.\n\n \n\n \nPOMDOCTOR LIMITED\n\n \n \n\n \nBy:\n/s/ Zhenyang Shi\n\n \n \nName: \nZhenyang Shi\n\n \n \nTitle:\nChairman and Chief Executive Officer\n\n \n\nDate: May 14, 2026\n\n \n\n145\n\n \n\n \n\n**POMDOCTOR LIMITED**\n\n**INDEX TO FINANCIAL STATEMENTS**\n\n** **\n\n    **Page**\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID No: 7302)](#f_001)   F-2\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID No:\n5395)](#f_009)   F-3\n\n[Consolidated Balance Sheets as of December 31, 2024 and 2025](#f_002)   F-4\n\n[Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2023, 2024 and 2025](#f_003)   F-8\n\n[Consolidated Statements of Changes in Deficit for the Years Ended December 31, 2023, 2024 and 2025](#f_004)   F-9\n\n[Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2024 and 2025](#f_005)   F-10\n\n[Notes to Consolidated Financial Statements](#f_006)   F-12\n\n \n\nF-1\n\n \n\n**Report\nof Independent Registered Public Accounting Firm**\n\n \n\n**To\nthe Shareholders and the Board of Directors of Pomdoctor Limited**\n\n \n\n**Opinion\non the Financial Statements**\n\n \n\nWe\nhave audited the accompanying consolidated balance sheet of Pomdoctor Limited (the “Company”) as of December 31, 2025,\nthe related consolidated statements of operations and comprehensive loss, consolidated statements of changes in deficit, and\nconsolidated statements of cash flows for the year then ended, and the related notes (collectively referred to as the\n“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the\nfinancial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then\nended, in conformity with accounting principles generally accepted in the United States of America.\n\n \n\n**The\nCompany’s Ability to Continue as a Going Concern**\n\n \n\nThe\naccompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note\n2 to the financial statements, the Company has incurred recurring losses from operations, has negative cash flow from operations, and\nwas in an accumulated deficit position. Given the Company’s financial position, there is substantial doubt about the Company’s\nability to continue as a going concern. Management’s evaluation of the events and conditions and management’s plans regarding\nthese matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome\nof this uncertainty.\n\n \n\n**Basis\nfor Opinion**\n\n \n\nThese\nfinancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nfinancial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal\nsecurities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,\nwe are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion\non the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error\nor fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant\nestimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits\nprovide a reasonable basis for our opinion.\n\n \n\n/s/\nHYYH CPA. LLC\n\n \n\nHYYH\nCPA. LLC\n\n \n\nWe\nhave served as the Company’s auditor since 2026.\n\n \n\nBaltimore,\nMaryland\n\nMay\n14, 2026\n\n \n\nF-2\n\n \n\n**Report of Independent Registered Public Accounting\nFirm**\n\n** **\n\nTo the Shareholders and Board of Directors of\n\nPomdoctor Limited\n\n** **\n\n**Opinion on the Consolidated Financial Statements**\n\n \n\nWe have audited the accompanying\nconsolidated balance sheet of Pomdoctor Limited, its subsidiaries, the variable interest entity (“VIE”) and VIE’s subsidiaries\n(collectively the “Company”) as of December 31, 2024, the related consolidated statements of operations and comprehensive\nloss, changes in deficit and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively\nreferred to as the “consolidated financial statements”).\n\n \n\nIn our opinion, the consolidated\nfinancial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the\nresults of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting\nprinciples generally accepted in the United States of America.\n\n** **\n\n**Explanatory Paragraph – Going Concern**\n\n \n\nThe accompanying consolidated\nfinancial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 2,\nthe Company has been incurring losses and negative cash flows from operating activities. The Company also has a significant accumulated\ndeficit and working capital deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern.\nManagement's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments\nthat might result from the outcome of this uncertainty.\n\n \n\n**Basis for Opinion**\n\n \n\nThese consolidated financial\nstatements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated\nfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (\"PCAOB\") and are required to be independent with respect to the Company in accordance with the U.S. federal\nsecurities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in\naccordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance\nabout whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not\nrequired to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we\nare required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion\non the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing\nprocedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nfinancial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,\nas well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for\nour opinion.\n\n \n\n/s/ Marcum Asia CPAs LLP\n\n \n\nMarcum Asia CPAs LLP\n\n \n\nWe served as the Company’s auditor from\n2021 to 2026. (Such date takes into account the acquisition of certain assets of Friedman LLP by Marcum Asia CPAs LLP effective September\n1, 2022)\n\n \n\nNew York, New York\n\nMarch 31, 2025\n\n \n\nF-3\n\n \n\n**POMDOCTOR\nLIMITED**\n\n**CONSOLIDATED\nBALANCE SHEETS**\n\n** **\n\n  \n**December 31,\n2024**  \n**December 31,\n2025**  \n**December 31,\n2025** \n\n  \nRMB  \nRMB  \n**US$\nNote 3** \n\nAssets \n   \n   \n  \n\nCurrent assets: \n   \n   \n  \n\nCash and cash equivalents (including amounts of the consolidated VIEs of RMB7,596,708 and RMB8,445,208 (US$1,207,649) as of December 31, 2024 and 2025, respectively) \n 7,651,695  \n 9,580,367  \n 1,369,974 \n\nAccounts receivable, net (including amounts of the consolidated VIEs of RMB8,374,608 and RMB18,440,482 (US$2,636,954) as of December 31, 2024 and 2025, respectively) \n 8,374,608  \n 18,440,482  \n 2,636,954 \n\nAccounts receivable - a related party (including amounts of the consolidated VIEs of RMB424,259 and RMB831,436 (US$118,894) as of December 31, 2024 and 2025, respectively) \n 424,259  \n 831,436  \n 118,894 \n\nAmount due from related parties (including amounts of the consolidated VIEs of RMB6,070,945 and RMB3,637,039 (US$520,090) as of December 31, 2024 and 2025, respectively) \n 5,632,987  \n 3,637,039  \n 520,090 \n\nInventories (including amounts of the consolidated VIEs of RMB9,165,973 and RMB8,280,145 (US$1,184,045) as of December 31, 2024 and 2025, respectively) \n 9,165,973  \n 8,280,145  \n 1,184,045 \n\nOther receivables, net (including amounts of the consolidated VIEs of RMB5,318,724 and RMB5,824,886 (US$832,948) as of December 31, 2024 and 2025, respectively) \n 5,318,724  \n 63,517,961  \n 9,082,948 \n\nAdvances to suppliers (including amounts of the consolidated VIEs of RMB929,167 and RMB679,196 (US$97,124) as of December 31, 2024 and 2025, respectively) \n 929,167  \n 679,196  \n 97,124 \n\nTotal\ncurrent assets \n 37,497,413  \n 104,966,626  \n 15,010,029 \n\nProperty and equipment, net (including amounts of the consolidated VIEs of RMB461,362 and RMB1,246,568 (US$178,257) as of December 31, 2024 and 2025, respectively) \n 461,362  \n 1,246,568  \n 178,257 \n\nOther non-current assets (including amounts of the consolidated VIEs of RMB831,132 and RMB1,344,232 (US$192,223) as of December 31, 2024 and 2025, respectively) \n 831,132  \n 1,344,232  \n 192,223 \n\nDeferred offering costs (including amounts of the consolidated VIEs of RMB7,437,679 and nil as of December 31, 2024 and 2025, respectively)\n \n 7,437,679  \n —  \n — \n\nTotal\nnon-current assets \n 8,730,173  \n 2,590,800  \n 370,480 \n\nTotal\nassets \n 46,227,586  \n 107,557,426  \n 15,380,509 \n\n \n\nF-4\n\n** **\n\n**POMDOCTOR\nLIMITED**\n\n**CONSOLIDATED BALANCE SHEETS — (Continued)**\n\n** **\n\n  \n**December 31,\n2024**  \n**December 31,\n2025**  \n**December 31,\n2025** \n\n  \nRMB  \nRMB  \n**US$\nNote 3** \n\nLiabilities \n   \n   \n  \n\nCurrent liabilities: \n   \n   \n  \n\nAccounts payable (including amounts of the consolidated VIEs of RMB25,320,486 and RMB44,813,902 (US$6,408,303) as of December 31, 2024 and 2025, respectively) \n 25,320,486  \n 44,813,902  \n 6,408,303 \n\nAccounts payable – a related party (including amounts of the consolidated VIEs of RMB25,891 and RMB7,296 (US$1,043) as of December 31, 2024 and 2025, respectively) \n 25,891  \n 7,296  \n 1,043 \n\nShort-term bank loans (including amounts of the consolidated VIEs of RMB34,958,333 and RMB53,000,000 (US$7,578,899) as of December 31, 2024 and 2025, respectively) \n 34,958,333  \n 53,000,000  \n 7,578,899 \n\nLong-term bank loans, current (including amounts of the consolidated VIEs of RMB300,000 and RMB3,700,000 (US$529,093) as of December 31, 2024 and 2025, respectively) \n 300,000  \n 3,700,000  \n 529,093 \n\nLong-term loans, current (including amounts of the consolidated VIEs of RMB10,000,000 and RMB10,000,000 (US$1,429,981) as of December 31, 2024 and 2025, respectively) \n 10,000,000  \n 10,000,000  \n 1,429,981 \n\nLong-term loans from third parties, current (including amounts of the consolidated VIEs of RMB2,320,082 and RMB200,000 (US$28,600) as of December 31, 2024 and 2025, respectively) \n 2,320,082  \n 200,000  \n 28,600 \n\nSalary and welfare payable (including amounts of the consolidated VIEs of RMB15,375,537 and RMB14,477,975 (US$2,070,323) as of December 31, 2024 and 2025, respectively) \n 15,375,537  \n 14,477,975  \n 2,070,323 \n\nAdvance from customers (including amounts of the consolidated VIEs of RMB1,756,046 and RMB1,591,131 (US$227,529) as of December 31, 2024 and 2025, respectively) \n 1,756,046  \n 1,591,131  \n 227,529 \n\nValue added tax (“VAT”) and other tax payable (including amounts of the consolidated VIEs of RMB815,462 and RMB658,492 (US$94,163) as of December 31, 2024 and 2025, respectively) \n 815,462  \n 658,983  \n 94,233 \n\nOther payables (including amounts of the consolidated VIEs of RMB12,888,550 and RMB11,817,179 (US$1,689,838) as of December 31, 2024 and 2025, respectively) \n 12,888,750  \n 11,817,379  \n 1,689,865 \n\nAccrued liabilities (including amounts of the consolidated VIEs of RMB9,712,966 and RMB14,231,003 (US$2,035,006) as of December 31, 2024 and 2025, respectively) \n 9,712,966  \n 14,580,658  \n 2,085,008 \n\nShort-term loans from third parties (including amounts of the consolidated VIEs of RMB11,551,614 and RMB610,637 (US$87,320) as of December 31, 2024 and 2025, respectively) \n 11,551,614  \n 610,637  \n 87,320 \n\n \n\nF-5\n\n \n\n**POMDOCTOR\nLIMITED**\n\n**CONSOLIDATED BALANCE SHEETS — (Continued)**\n\n** **\n\n  \n**December 31,\n2024**  \n**December 31,\n2025**  \n**December 31,\n2025** \n\n  \nRMB  \nRMB  \n**US$\nNote 3** \n\nLoans from related parties, current (including amounts of the consolidated VIEs of RMB13,821,875 and RMB15,198,309 (US$2,173,329) as of December 31, 2024 and 2025, respectively) \n 13,821,875  \n 15,198,309  \n 2,173,329 \n\nAmount due to related parties (including amounts of the consolidated VIEs of RMB36,829,010 and RMB92,331,116 (US$13,203,174) as of December 31, 2024 and 2025, respectively) \n 36,829,010  \n 45,966,864  \n 6,573,174 \n\nOperating lease liabilities, current (including amounts of the consolidated VIEs of RMB1,388,863 and RMB1,545,002 (US$220,932) as of December 31, 2024 and 2025, respectively) \n 1,388,863  \n 1,545,002  \n 220,932 \n\nOther current liabilities (including amounts of the consolidated VIEs of RMB2,080,556 and nil as of December 31, 2024 and 2025, respectively)\n \n 2,080,556  \n —  \n — \n\nTotal\ncurrent liabilities \n 179,145,471  \n 218,168,136  \n 31,197,632 \n\n  \n    \n    \n   \n\nLong-term bank loans, noncurrent (including amounts of the consolidated VIEs of RMB8,400,000 and RMB11,000,000 (US$1,572,979) as of December 31, 2024 and 2025, respectively) \n 8,400,000  \n 11,000,000  \n 1,572,979 \n\nLong-term loans from third parties, noncurrent (including amounts of the consolidated VIEs of nil and RMB2,000,582 (US$286,079) as of December 31, 2024 and 2025, respectively) \n —  \n 2,000,582  \n 286,079 \n\nLoans from related parties, noncurrent (including amounts of the consolidated VIEs of RMB356,690,859 and RMB356,390,859 (US$50,963,215) as of December 31, 2024 and 2025, respectively) \n 356,690,859  \n 356,390,859  \n 50,963,215 \n\nOperating lease liabilities, noncurrent (including amounts of the consolidated VIEs of RMB1,672,218 and RMB1,294,510 (US$185,112) as of December 31, 2024 and 2025, respectively) \n 1,672,218  \n 1,294,510  \n 185,112 \n\nTotal\nnon-current liabilities \n 366,763,077  \n 370,685,951  \n 53,007,385 \n\nTotal\nliabilities \n 545,908,548  \n 588,854,087  \n 84,205,017 \n\n  \n    \n    \n   \n\nCommitments\nand contingencies \n —  \n —  \n — \n\n  \n    \n    \n   \n\nMezzanine equity \n    \n    \n   \n\nConvertible redeemable preferred shares (US$0.0001 par value; 12,597,228 shares authorized, 12,597,228 shares and nil issued and outstanding as of December 31, 2024 and 2025, respectively)\n\n \n 1,595,051,558  \n —  \n — \n\nRedeemable\nnon-controlling interests \n 168,671,234  \n —  \n — \n\nTotal\nmezzanine equity \n 1,763,722,792  \n —  \n — \n\n \n\nF-6\n\n** **\n\n**POMDOCTOR\nLIMITED**\n\n**CONSOLIDATED BALANCE SHEETS — (Continued)**\n\n** **\n\n  \n**December 31, 2024**  \n**December 31, 2025**  \n**December 31, 2025** \n\n  \nRMB  \nRMB  \n**US$ Note 3** \n\nDeficit \n   \n   \n  \n\nClass A Ordinary shares (US$0.0001 par value; 450,000,000 shares authorized, 4,268,156 and 21,140,922 shares issued and outstanding as of December 31, 2024 and 2025, respectively)\n\n \n 2,988  \n 14,997  \n 2,145 \n\nClass B Ordinary shares (US$0.0001 par value; 2,042,042 shares authorized and outstanding as of December 31, 2024 and 2025, respectively)\n\n \n 1,408  \n 1,408  \n 201 \n\nSubscription receivable \n (1,608) \n (2,186) \n (313)\n\nAdditional paid-in capital \n \n—\n  \n 2,023,765,569  \n 289,394,627 \n\nAccumulated deficit \n (2,263,419,477) \n (2,475,998,594) \n (354,063,090)\n\nAccumulated other comprehensive (loss) \n (5,231) \n (1,752,460) \n (250,598)\n\nTotal Pomdoctor Limited’s shareholders’ deficit \n (2,263,421,920) \n (453,971,266) \n (64,917,028)\n\nNoncontrolling interests \n 18,166  \n (27,325,395) \n (3,907,480)\n\nTotal deficit \n (2,263,403,754) \n (481,296,661) \n (68,824,508)\n\nTotal liabilities, mezzanine equity and deficit \n 46,227,586  \n 107,557,426  \n 15,380,509 \n\n \n\n \n\n*Ordinary\nshares and share data have been retroactively restated to give effect to the nominal share\nissuance for the Reorganization completed on August 8, 2024 (Note 1).\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements\n\n \n\nF-7\n\n \n\n**POMDOCTOR\nLIMITED**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**\n\n** **\n\n  \nFor the Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \n**US$ Note 3** \n\nNet revenues – third parties \n 304,729,898  \n 341,328,781  \n 399,359,702  \n 57,107,678 \n\nNet revenues – a related party \n 123,073  \n 1,229,139  \n 555,262  \n 79,401 \n\nNet revenues \n 304,852,971  \n 342,557,920  \n 399,914,964  \n 57,187,079 \n\nCost of revenues \n 266,131,202  \n 294,863,867  \n 347,632,853  \n 49,710,837 \n\nGross profit \n 38,721,769  \n 47,694,053  \n 52,282,111  \n 7,476,242 \n\n  \n    \n    \n    \n   \n\nOperating expenses: \n    \n    \n    \n 　 \n\nSales and marketing expenses (including related party amounts of nil, nil and RMB1,172,706 (US$167,695) for the years ended December 31, 2023, 2024 and 2025, respectively) \n 43,678,681  \n 56,366,433  \n 96,214,406  \n 13,758,477 \n\nGeneral and administrative expenses \n 12,314,018  \n 11,878,335  \n 59,729,352  \n 8,541,184 \n\nResearch and development expenses \n 3,370,945  \n 3,002,040  \n 12,864,656  \n 1,839,621 \n\nImpairment loss on long-lived assets \n 1,107,027  \n 2,238,525  \n 2,108,517  \n 301,514 \n\nImpairment loss on long-term investment \n 500,000  \n \n—\n  \n \n—\n  \n \n—\n \n\nTotal operating expenses \n 60,970,671  \n 73,485,333  \n 170,916,931  \n 24,440,796 \n\nLoss from operations \n (22,248,902) \n (25,791,280) \n (118,634,820) \n (16,964,554)\n\n  \n    \n    \n    \n   \n\nOther expense, net: \n    \n    \n    \n   \n\nOther income \n 163,622  \n 1,238,538  \n 496,122  \n 70,945 \n\nOther expense \n (1,336,595) \n (37,608) \n (60,325) \n (8,625)\n\nInterest expense (including related party amounts of RMB9,900,417, RMB8,621,249 and RMB8,118,160 (US$1,160,881) for the year ended December 31, 2023, 2024 and 2025, respectively) \n (13,849,119) \n (12,964,584) \n (12,885,122) \n (1,842,548)\n\nGovernment grants \n 321,573  \n 189,500  \n 152,599  \n 21,821 \n\nTotal other expense, net \n (14,700,519) \n (11,574,154) \n (12,296,726) \n (1,758,407)\n\nLoss before income tax \n (36,949,421) \n (37,365,434) \n (130,931,546) \n (18,722,961)\n\nIncome tax expense \n \n—\n  \n \n—\n  \n (375) \n (54)\n\nNet loss \n (36,949,421) \n (37,365,434) \n (130,931,921) \n (18,723,015)\n\nAccretion to redemption value of mezzanine equity \n (108,440,354) \n (105,969,614) \n (81,648,716) \n (11,675,611)\n\nLess: Net income (loss) attributable to noncontrolling interests \n 1,057  \n 25,878  \n (1,520) \n (217)\n\nNet loss attributable to the Pomdoctor Limited’s ordinary shareholders \n (145,390,832) \n (143,360,926) \n (212,579,117) \n (30,398,409)\n\nNet loss \n (36,949,421) \n (37,365,434) \n (130,931,921) \n (18,723,015)\n\nOther comprehensive loss: \n    \n    \n    \n 　 \n\nForeign currency translation adjustments, net of nil income taxes\n\n \n \n—\n  \n (5,231) \n (1,747,229) \n (249,850)\n\nTotal comprehensive loss \n (36,949,421) \n (37,370,665) \n (132,679,150) \n (18,972,865)\n\nAccretion to redemption value of mezzanine equity \n (108,440,354) \n (105,969,614) \n (81,648,716) \n (11,675,611)\n\nLess: comprehensive income (loss) attributable to noncontrolling interests \n 1,057  \n 25,878  \n (1,520) \n (217)\n\nComprehensive loss attributable to the Pomdoctor Limited’s ordinary shareholders \n (145,390,832) \n (143,366,157) \n (214,326,346) \n (30,648,259)\n\n  \n    \n    \n 　  \n 　 \n\nLoss per share \n    \n    \n    \n   \n\nBasic and diluted \n (23.04) \n (22.72) \n (21.96) \n (3.14)\n\n  \n    \n    \n    \n   \n\nWeighted average number of ordinary shares outstanding* \n    \n    \n    \n 　 \n\nBasic and diluted \n 6,310,198  \n 6,310,198  \n 9,680,622  \n 9,680,622 \n\n \n\n \n\n*Ordinary shares and share data have been retroactively restated to give effect to the nominal share issuance for the Reorganization completed on August 8, 2024 (Note 1).\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements\n\n \n\nF-8\n\n**POMDOCTOR\nLIMITED**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT**\n\n** **\n\n  \nClass A ordinary shares*  \nClass B ordinary shares*  \nSubscription  \nAdditional\npaid-in  \nAccumulated  \nAccumulated\nother\ncomprehensive  \nTotal\nPomdoctor\nLimited’s\nshareholders’  \nNoncontrolling  \nTotal \n\n  \nShares  \nAmount  \nShares  \nAmount  \nreceivable  \ncapital  \ndeficit  \nloss  \ndeficit  \ninterests  \ndeficit \n\n  \n   \nRMB  \n   \nRMB  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB \n\nBalance at December 31, 2022 \n 4,268,156  \n 2,988  \n 2,042,042  \n 1,408  \n (1,608) \n \n—\n  \n (1,974,667,719) \n \n—\n  \n (1,974,664,931) \n (8,769) \n (1,974,673,700)\n\nNet income (loss) \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n (36,950,478) \n \n—\n  \n (36,950,478) \n 1,057  \n (36,949,421)\n\nAccretion on convertible redeemable preferred shares to redemption value \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n (108,440,354) \n \n—\n  \n (108,440,354) \n \n—\n  \n (108,440,354)\n\nBalance at December 31, 2023 \n 4,268,156  \n 2,988  \n 2,042,042  \n 1,408  \n (1,608) \n \n—\n  \n (2,120,058,551) \n \n—\n  \n (2,120,055,763) \n (7,712) \n (2,120,063,475)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet income (loss) \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n (37,391,312) \n \n—\n  \n (37,391,312) \n 25,878  \n (37,365,434)\n\nAccretion on convertible redeemable preferred shares to redemption value \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n (105,969,614) \n \n—\n  \n (105,969,614) \n \n—\n  \n (105,969,614)\n\nOther comprehensive loss \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n  \n (5,231) \n (5,231) \n —  \n (5,231)\n\nBalance at December 31, 2024 \n 4,268,156  \n 2,988  \n 2,042,042  \n 1,408  \n (1,608) \n \n—\n  \n (2,263,419,477) \n (5,231) \n (2,263,421,920) \n 18,166  \n (2,263,403,754)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet income (loss) \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n (130,930,401) \n \n—\n  \n (130,930,401) \n (1,520) \n (130,931,921)\n\nAccretion on convertible redeemable preferred shares to redemption value \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n (81,648,716) \n \n—\n  \n (81,648,716) \n \n—\n  \n (81,648,716)\n\nIssuance of Class A ordinary shares upon initial public offering (“IPO”), net of offering cost \n 958,334  \n 683  \n —  \n \n—\n  \n —  \n 134,802,490  \n \n—\n  \n —  \n 134,803,173  \n \n—\n  \n 134,803,173 \n\nConversion of redeemable preferred shares to Class A ordinary shares \n 12,597,228  \n 8,979  \n —  \n \n—\n  \n —  \n 1,668,965,268  \n \n—\n  \n —  \n 1,668,974,247  \n \n—\n  \n 1,668,974,247 \n\nConversion of redeemable non-controlling interest into ordinary shares of the VIE \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n 203,739,302  \n \n—\n  \n —  \n 203,739,302  \n (27,342,041) \n 176,397,261 \n\nIssuance of Class A ordinary shares from share-based compensation \n 3,317,204  \n 2,347  \n —  \n \n—\n  \n (578) \n 16,258,509  \n \n—\n  \n —  \n 16,260,278  \n \n—\n  \n 16,260,278 \n\nOther comprehensive loss \n —  \n \n　\n  \n —  \n \n—\n  \n —  \n —　  \n \n—\n  \n (1,747,229) \n (1,747,229) \n —  \n (1,747,229)\n\nBalance at December 31, 2025 \n 21,140,922  \n 14,997  \n 2,042,042  \n 1,408  \n (2,186) \n 2,023,765,569  \n (2,475,998,594) \n (1,752,460) \n (453,971,266) \n (27,325,395) \n (481,296,661)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nBalances as of December 31, 2025, in US$ \n 21,140,922  \n 2,145  \n 2,042,042  \n 201  \n (313) \n 289,394,627  \n (354,063,090) \n (250,598) \n (64,917,028) \n (3,907,480) \n (68,824,508)\n\n** **\n\n \n\n*Ordinary shares and share data have been retroactively restated to give effect to the nominal share issuance for the Reorganization completed on August 8, 2024 (Note 1).\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements\n\nF-9\n\n \n\n**POMDOCTOR\nLIMITED**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n** **\n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$\n\nNote 3 \n\nCash flows from operating activities: \n   \n   \n   \n  \n\nNet\nloss \n (36,949,421) \n (37,365,434) \n (130,931,921) \n (18,723,015)\n\nAdjustments\nto reconcile net loss to net cash used in operating activities: \n    \n    \n    \n   \n\nDepreciation\nof property and equipment \n 112,092  \n 134,510  \n 149,307  \n 21,351 \n\nChange\nin expected credit losses \n 1,488,459  \n 841,683  \n (240,982) \n (34,460)\n\nAllowance\nfor inventory \n 503,079  \n 494,459  \n 1,883,635  \n 269,355 \n\nShare base payment \n —  \n —  \n 16,423,683  \n 2,348,555 \n\nImpairment\nloss on long-lived assets \n 1,107,027  \n 2,238,525  \n 2,108,517  \n 301,514 \n\nImpairment\nloss on long-term investment \n 500,000  \n —  \n —  \n — \n\nGain/(Loss)\non disposal of property and equipment \n —  \n (3,893) \n —  \n — \n\nChanges\nin operating assets and liabilities: \n    \n    \n    \n   \n\nAccounts\nreceivable \n (1,273,526) \n 20,309,367  \n (10,099,387) \n (1,444,193)\n\nAccounts\nreceivable – a related party \n —  \n (424,259) \n (407,177) \n (58,226)\n\nAmount\ndue from related parties \n 831,665  \n (3,229,309) \n 1,995,948  \n 285,417 \n\nInventories \n (5,001,966) \n 3,033,987  \n (997,807) \n (142,684)\n\nOther\nreceivables \n (4,011,854) \n (210,043) \n (57,924,742) \n (8,283,128)\n\nAdvances\nto suppliers \n (53,696) \n 1,950,808  \n 249,971  \n 35,745 \n\nOther\nnon-current assets \n (171,874) \n (281,632) \n 86,900  \n 12,427 \n\nAccounts\npayable \n (1,627,218) \n (16,254,687) \n 19,493,416  \n 2,787,521 \n\nAccounts\npayable – a related party \n (30,908) \n (88,034) \n (18,595) \n (2,659)\n\nSalary\nand welfare payable \n (3,400,663) \n 149,452  \n (897,562) \n (128,350)\n\nAdvance\nfrom customers \n (1,489,222) \n 512,618  \n (164,915) \n (23,583)\n\nValue\nadded tax (“VAT”) and other tax payable \n (115,371) \n 601,150  \n (156,479) \n (22,376)\n\nOther\npayables \n (3,001,148) \n 3,391,790  \n 1,300,394  \n 185,954 \n\nAccrued\nliabilities \n (96,449) \n (82,393) \n 4,867,692  \n 696,071 \n\nAmount\ndue to related parties \n 8,879,617  \n 7,145,948  \n 9,137,854  \n 1,306,696 \n\nOperating\nlease liabilities \n (1,994,305) \n (1,076,049) \n (2,256,846) \n (322,725)\n\nRefund\nliability \n —  \n 2,080,556  \n (2,080,556) \n (297,516)\n\nNet\ncash used in operating activities \n (45,795,682) \n (16,130,880) \n (148,479,652) \n (21,232,309)\n\n  \n    \n    \n    \n   \n\nCash\nflows from investing activities: \n    \n    \n 　  \n 　 \n\nPayment\nfor purchase of property and equipment \n (111,891) \n (37,773) \n (1,007,753) \n (144,107)\n\nPayment\nfor other noncurrent assets \n —  \n —  \n (600,000) \n (85,799)\n\nProceeds\nfrom disposal of property and equipment \n —  \n 4,400  \n —  \n — \n\nNet\ncash used in investing activities \n (111,891) \n (33,373) \n (1,607,753) \n (229,906)\n\n \n\nF-10\n\n \n\n**POMDOCTOR\nLIMITED**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)**\n\n** **\n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$\n\nNote 3 \n\nCash flows from financing activities: \n   \n   \n   \n  \n\nLoans\nfrom related parties \n 104,430,113  \n 15,301,351  \n 24,778,594  \n 3,543,292 \n\nRepayment\nto related parties \n (64,460,091) \n (25,047,012) \n (23,702,159) \n (3,389,364)\n\nProceeds\nfrom short-term bank loans \n 28,000,000  \n 44,100,000  \n 56,000,000  \n 8,007,893 \n\nRepayment\nof short-term bank loans \n (15,664,494) \n (31,141,667) \n (37,958,333) \n (5,427,969)\n\nProceeds\nfrom long-term bank loans \n 3,000,000  \n 6,000,000  \n 7,000,000  \n 1,000,987 \n\nRepayment\nof long-term bank loans \n —  \n (847,295) \n (1,000,000) \n (142,998)\n\nRepayment\nof long-term loans \n (470,272) \n (391,667) \n (119,500) \n (17,088)\n\nLoans\nfrom third parties \n 1,124,048  \n 19,856,630  \n 2,951,275  \n 422,027 \n\nRepayment\nto third parties \n (3,615,200) \n (10,814,260) \n (13,892,252) \n (1,986,566)\n\nProceeds\nfrom IPO \n —  \n —  \n 163,932,614  \n 23,442,052 \n\nPayment\nfor deferred offering cost \n (2,276,926) \n —  \n (24,063,528) \n (3,441,039)\n\nNet\ncash provided by financing activities \n 50,067,178  \n 17,016,080  \n 153,926,711  \n 22,011,227 \n\nEffect\nof exchange rate changes \n —  \n (5,231) \n (1,910,634) \n (273,217)\n\nNet\nincrease in cash and cash equivalents and restricted cash \n 4,159,605  \n 846,596  \n 1,928,672  \n 275,796 \n\nCash\nand cash equivalents and restricted cash at beginning of the year \n 2,645,494  \n 6,805,099  \n 7,651,695  \n 1,094,178 \n\nCash\nand cash equivalents and restricted cash at end of the year \n 6,805,099  \n 7,651,695  \n 9,580,367  \n 1,369,974 \n\n  \n    \n    \n    \n   \n\nIncluding: \n    \n    \n    \n   \n\nCash\nand cash equivalents at beginning of the year \n 2,485,598  \n 6,717,031  \n 7,651,695  \n 1,094,178 \n\nRestricted\ncash at beginning of the year \n 159,896  \n 88,068  \n —  \n — \n\n  \n    \n    \n    \n   \n\nCash\nand cash equivalents and restricted cash at end of the year \n 6,805,099  \n 7,651,695  \n 9,580,367  \n 1,369,974 \n\n  \n    \n    \n    \n   \n\nIncluding: \n    \n    \n    \n   \n\nCash\nand cash equivalents at end of the year \n 6,717,031  \n 7,651,695  \n 9,580,367  \n 1,369,974 \n\nRestricted\ncash at end of the year \n 88,068  \n —  \n —  \n —　 \n\n  \n    \n    \n    \n   \n\nSupplemental\ndisclosures of cash flows information: \n    \n    \n    \n   \n\nCash\npaid for income tax \n —  \n —  \n —  \n — \n\nCash\npaid for interest expense \n 2,388,025  \n 2,744,793  \n 2,703,601  \n 386,610 \n\n  \n    \n    \n    \n   \n\nSupplemental\ndisclosure of noncash investing and financing activities: \n    \n    \n    \n   \n\nProperty\nand equipment acquired by assuming a long-term loan \n 640,000  \n —  \n —  \n — \n\nOperating\nlease right-of-use assets obtained in exchange for new operating lease liabilities \n 1,063,104  \n 2,200,752  \n 2,035,277  \n 291,041 \n\nConversion\nof convertible redeemable preferred shares into Class A ordinary shares upon IPO \n —  \n —  \n 1,668,974,247  \n 238,660,143 \n\nConversion\nof convertible redeemable non-controlling interest into non-controlling interest upon IPO \n —  \n —  \n 176,397,261  \n 25,224,473 \n\nReclassification\nof deferred offering costs to additional paid-in capital \n —  \n —  \n 29,129,441  \n 4,165,455 \n\nExpensed of deferred offering costs before IPO\n \n \n—\n \n \n \n—\n \n \n \n1,624,680\n \n \n \n232,326\n \n\nNet off deferred offering costs to other payable\n \n \n—\n \n \n \n—\n \n \n \n747,087\n \n \n \n106,832\n \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements\n\n \n\nF-11\n\n \n\n**POMDOCTOR\nLIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**Note 1 — DESCRIPTION\nOF BUSINESS AND ORGANIZATION**\n\n \n\nPomdoctor\nLimited (“Pomdoctor” or the “Company”) was incorporated in the Cayman Islands on February 26, 2021 under\nthe Cayman Islands Companies Act as an exempted company with limited liability. The Company through its consolidated subsidiaries, variable\ninterest entity (the “VIE”) and the subsidiaries of the VIE (collectively, the “Group”) are principally\nengaged in online hospital service and pharmaceutical supply chain in the People’s Republic of China (the “PRC”\nor “China”). Due to the PRC legal restrictions on foreign ownership and investment in such business, the Company\nconducts its primary business operations through its VIE and subsidiaries of the VIE. The Company is ultimately controlled by Mr. Zhenyang\nShi (“Mr. Shi”), founder and a nominee shareholder of the VIE.\n\n \n\nOn\nMarch 12, 2021, the Company established a wholly-owned subsidiary, Pomegranate Cloud Medical Limited (“Pom (HK)”), in\naccordance with the laws and regulations in Hong Kong.\n\n \n\nOn\nApril 6, 2021, Pom (HK) established a wholly-owned subsidiary, Guangzhou Pomegranate Cloud Medical Health Medical Technology Co.,\nLtd. (“Guangzhou WFOE” or the “WFOE”), a wholly-owned foreign enterprise (“WFOE”) incorporated in\nthe People’s Republic of China (“PRC”), as part of a restructure of the Company.\n\n \n\nPomdoctor,\nPom (HK) and Guangzhou WFOE are currently not engaging in any active business operations and merely acting as holding companies.\n\n \n\nPrior\nto the incorporation of the Company and the completion of the Corporate Reorganization (as defined below), the main operating activities\nof the Group were carried out by Guangzhou Qilekang Digital Health Medical Technology Co., Ltd. (“Qilekang Digital Health”\nor the “VIE”) and its subsidiaries, which were all established in the PRC. Qilekang Digital Health are principally engaged\nin online hospital service and pharmaceutical supply chain in PRC.\n\n \n\nAs\nof December 31, 2025, the details of the Company’s major subsidiaries, consolidated VIE and the subsidiaries of the VIE are\nas follows:\n\n \n\n** **** ** **Date of**** ** **Place of**** ** **Percentage of ownership by the Company**** ** ** **\n\nEntity  incorporation  incorporation  Direct  Indirect  Principal activities\n\nSubsidiaries:               \n\nPom (HK)  March 12, 2021  Hong Kong  100% owned by the Company  —  Investment holding\n\nGuangzhou WFOE  April 6, 2021  PRC  100% owned by Pom (HK)  —  WFOE, Investment holding\n\n                \n\nVIE:               \n\nQilekang Digital Health  January 12, 2010  PRC  —  94.86%  Online hospital service and pharmaceutical supply chain\n\n                \n\nVIE’s subsidiaries:               \n\nGuangzhou Qilekang Modern Pharmaceutical Logistics Co., Ltd. (“Modern Logistics”)  October 24, 2002  PRC  —  100% owned by Qilekang Digital Health  Drugs wholesale\n\nHangzhou Qilekang Pharmaceutical Co., Ltd. (“Hangzhou Qilekang”)  July 27, 2016  PRC  —  100% owned by Qilekang Digital Health  Offline retail pharmacy and drugs wholesale\n\nNanjing Qilekang Pharmaceutical Co., Ltd. (“Nanjing Qilekang”)  November 13, 2018  PRC  —  80% owned by Qilekang Digital Health  Drugs sales\n\nSuzhou Qilekang Pharmaceutical Co., Ltd. (“Suzhou Qilekang”)  September 2, 2024  PRC  —  100% owned by Qilekang Digital Health  Drugs sales\n\nGuangzhou Qilekang Cloud Technology Co., Ltd. (“Guangzhou Cloud Tech”)  November 5, 2024  PRC  —  100% owned by Qilekang Digital Health  Online service and pharmaceutical supply chain\n\nGuangzhou Pomegranate Cloud Pharma Health Industry Technology Co., Ltd.  February 20, 2025  PRC  —  100% owned by Qilekang Cloud Technology  Drugs sales\n\nGuangzhou Wanggang International Medical Management Co., Ltd.  September 26, 2017  PRC  —  100% owned by Qilekang Cloud Technology  Drugs sales\n\n \n\nF-12\n\n \n\nIn\nAugust 2021, the Company obtained 97.13% equity interest in Qilekang Digital Health which controlled by the founder and the nominee\nshareholders.\n\n \n\nIn\nOctober 2023, the Company terminated the contractual agreements with General Technology Group Investment Management Co., Ltd., or\nGeneral Technology, who holds 2.27% of the equity interest of the VIE. Since October 2023, the Company’s equity interest\nin Qilekang Digital Health was changed to 94.86%.\n\n \n\nOn\nAugust 8, 2024, the Company issued 2,268,156 Class A ordinary shares to HEALTHYSEVEN LIMITED, which is wholly owned by the\nfounder.\n\n \n\nThe\ntransactions undertaken by the Company and the founder and the nominee shareholders to restructure the Group (the “Corporate Reorganization”)\nwas accounted for as a legal reorganization of entities under common control in a manner similar to a pooling of interest using historical\ncost. The accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence\nthroughout the periods presented. The number of outstanding shares in the consolidated balance sheets, the consolidated statements of\nchanges in shareholders’ deficit, and per share information including the loss per share have been presented retrospectively in\nall periods presented on the consolidated financial statements to reflect the nominal share issuance for the Reorganization.\n\n \n\nThe\nPRC laws and regulations currently place certain restrictions on foreign ownership of companies that engage in internet content and other\nrestricted businesses. To comply with PRC laws and regulations, the Group conducts all of its business in China through the VIE and subsidiaries\nof the VIE. Despite the lack of technical majority ownership, the Company has effective control of the VIE through a series of contractual\narrangements (the “Contractual Agreements”) and a parent-subsidiary relationship exists between the Company and the VIE. The\nequity interests of the VIE are legally held by PRC individuals and PRC entities (the “Nominee Shareholders”). Through the\nContractual Agreements, the Nominee Shareholders of the VIE effectively assigned all of their voting rights underlying their equity interests\nin the VIE to the Company, via the WFOE, and therefore, the Company has the power to direct the activities of the VIE that most significantly\nimpact its economic performance. The Company also has the right to receive economic benefits and obligations to absorb losses from the\nVIE, via the WFOE, that potentially could be significant to the VIE. Based on the above and in accordance with SEC Regulation SX-3A-02\nand ASC810-10, the Company is deemed to be the primary beneficiary of Qilekang Digital Health and the financial positions, the operating\nresults and cash flows of Qilekang Digital Health and its subsidiaries are consolidated in the Company’s consolidated financial\nstatements for financial reporting purposes. The described contractual arrangements are as follows:\n\n \n\n*Exclusive\nBusiness Cooperation Agreement.*Pursuant to an Exclusive Business Cooperation Agreement dated August 10, 2021 by and between\nGuangzhou WFOE and Qilekang Digital Health, Guangzhou WFOE has the exclusive right to provide or designate any third party to provide\ncomprehensive technical support, consulting services and other related services to Qilekang Digital Health. In exchange, Qilekang Digital\nHealth agrees to pay an agreed service fees to Guangzhou WFOE on annual basis or at any other agreed time. Without the prior written\nconsent of Guangzhou WFOE, Qilekang Digital Health cannot accept same or similar services provided by, or establish same or similar cooperation\nrelationship with, any third party. This Exclusive Business Cooperation Agreement will remain effective for 30 years unless earlier\nterminated in accordance with provisions of this agreement or other agreements separately executed between Guangzhou WFOE and Qilekang\nDigital Health, and will automatically be extended for another 30 years unless agreed by Guangzhou WFOE on this agreement’s\ntermination upon expiration of its term. Unless otherwise required by the applicable laws, Qilekang Digital Health has no right to terminate\nthis agreement unilaterally.\n\n \n\n*Power\nof Attorney.*Pursuant to each of the Power of Attorneys dated August 10, 2021 and October 24, 2023 by and among Guangzhou\nWFOE, Qilekang Digital Health, and each of the shareholders of Qilekang Digital Health (except for Zhongke Baiyun and General Technology),\nthe shareholders of Qilekang Digital Health (except for Zhongke Baiyun and General Technology) irrevocably authorized Guangzhou WFOE\nto act on their respective behalf as proxy attorney, to exercise the voting and management rights of shareholders concerning all the\nequity interests held by each of them in Qilekang Digital Health, including but not limited to right to convene and attend shareholders’\nmeetings, the right to vote and all other rights as shareholders under the articles of association of Qilekang Digital Health and under\nthe laws of China. Without the prior written consent of Guangzhou WFOE, the shareholders of Qilekang Digital Health (except for Zhongke\nBaiyun and General Technology) have no right to increase, decrease, transfer, pledge, or by any other manner to dispose of or change\nall or a portion of the equity interest held by such shareholders. The Power of Attorneys shall be irrevocable and remain effective as\nlong as such shareholders remain as Qilekang Digital Health’s shareholders.\n\n \n\nF-13\n\n \n\n*Spousal\nConsent Letters.*Spouses of two shareholders of Qilekang Digital Health, Mr. Zhenyang Shi and Ms. Li Xu, who collectively hold\n13.97% of equity interests in Qilekang Digital Health, have each signed a spousal consent letter. Each signing spouse of the relevant\nshareholder unconditionally and irrevocably agreed that the equity interest in Qilekang Digital Health held by and registered in the\nname of such shareholder be disposed of in accordance with the Equity Interest Pledge Agreement, the Exclusive Option Agreement, and\nthe Power of Attorney, and that such shareholder may perform, amend or terminate such agreements without any additional consent of his\nspouse. Additionally, the signing spouses agreed not to assert any rights over the equity interest in Qilekang Digital Health held by\nthe shareholders. In addition, in the event that the signing spouses obtain any equity interest in Qilekang Digital Health held by the\nshareholders for any reason, they agree to be bound by and sign a series of written documents in substantially the same format and content\nas the Contractual Arrangements described above and the Exclusive Business Cooperation Agreement, as may be amended from time to time.\n\n \n\n*Equity\nInterest Pledge Agreement.*Pursuant to each of the Equity Interest Pledge Agreements dated August 10, 2021 and October 24,\n2023 by and between Guangzhou WFOE, Qilekang Digital Health and each of the shareholders of Qilekang Digital Health (except for Zhongke\nBaiyun and General Technology), the shareholders of Qilekang Digital Health (except for Zhongke Baiyun and General Technology) have agreed\nto pledge 94.86% of equity interests in Qilekang Digital Health to Guangzhou WFOE to guarantee the performance by such shareholders of\ntheir obligations under the Exclusive Option Agreements, the Power of Attorneys, and the Exclusive Business Cooperation Agreement, as\nwell as the performance by Qilekang Digital Health of its obligations under the Exclusive Option Agreements, the Power of Attorneys,\nand the Exclusive Business Cooperation Agreement. In the event of a breach by Qilekang Digital Health or any shareholder of contractual\nobligations under the Equity Interest Pledge Agreements, Guangzhou WFOE, as pledgee, will have the right to dispose of the pledged equity\ninterests in Qilekang Digital Health and will have priority in receiving the proceeds from such disposal. The shareholders of Qilekang\nDigital Health (except for Zhongke Baiyun and General Technology) also have undertaken that, without prior written consent of Guangzhou\nWFOE, they will not dispose of, place, or permit any encumbrance on the pledged equity interests.\n\n \n\n*Exclusive\nOption Agreement.*Pursuant to each of the Exclusive Option Agreements dated August 10, 2021 and October 24, 2023 by and\nbetween Guangzhou WFOE, Qilekang Digital Health, and each of the shareholders of Qilekang Digital Health (except for Zhongke Baiyun and\nGeneral Technology), such shareholders of Qilekang Digital Health (except for Zhongke Baiyun and General Technology) have irrevocably\ngranted Guangzhou WFOE or its designated person, to the extent permitted by PRC laws, an exclusive option to purchase all or part of\ntheir equity interests in Qilekang Digital Health. Guangzhou WFOE or its designated person may exercise such option to purchase all of\nequity interests at the price based on registered capital contributed by the shareholders (except for Zhongke Baiyun and General Technology)\nor the price as agreed in a separate equity transfer agreement. Qilekang Digital Health has undertaken that, without Guangzhou WFOE’s\nprior written consent, it will not, among other things, (i) change its registered capital, (ii) merge with any other entity,\n(iii) sell, transfer, mortgage, or dispose of its material assets, or (iv) amend its articles of association. The shareholders\nof Qilekang Digital Health (except for Zhongke Baiyun and General Technology) have undertaken that, without Guangzhou WFOE’s prior\nwritten consent, they will not sell, transfer, mortgage or dispose of equity interest in Qilekang Digital Health. The Exclusive Option\nAgreements will remain effective until all equity interest held by the shareholders of Qilekang Digital Health in Qilekang Digital Health\n(except for Zhongke Baiyun and General Technology) have been transferred or assigned to Guangzhou WFOE or any other person designated\nby Guangzhou WFOE.\n\n \n\nIn\nAugust 2021, Guangdong Zhongke Baiyun Emerging Industry Venture Capital Fund Co., Ltd., or Zhongke Baiyun, which holds 2.87% of\nthe equity interest of the VIE, has irrevocably confirmed and undertaken that it would not enter into contractual arrangements with Guangzhou\nWFOE and the VIE, authorize Guangzhou WFOE to act on its behalf as proxy attorney, or pledge its equity interest of the VIE, and it has\ngiven up its right of first refusal or any other preferential rights in respect of Guangzhou WFOE’s exclusive option under the\nExclusive Option Agreements.\n\n \n\nIn\nOctober 2023, the Company terminated the contractual arrangements with General Technology Group Investment Management Co. Ltd.,\nor General Technology. General Technology, which holds 2.27% of the equity interest of the VIE, has irrevocably confirmed and undertaken\nthat it would not re-enter into contractual arrangements with Guangzhou WFOE and the VIE, authorize Guangzhou WFOE to act on its behalf\nas proxy attorney, or pledge its equity interest of the VIE, and it has given up its right of first refusal or any other preferential\nrights in respect of Guangzhou WFOE’s exclusive option under the Exclusive Option Agreements. The preferred shares of General Technology\nwere reclassified as redeemable non-controlling interest. Please see Note 15.\n\n \n\nF-14\n\n \n\nIn\nthe same month, the Company terminated the relevant agreements with Mr. Shi and Ms. Xu, with Guangzhou WFOE entering into a new\nseries of agreements with Qilekang Digital Health and each of Mr. Shi and Ms. Xu, Guangzhou Jinpin Management Consulting Partnership\n(Limited Partnership), or Guangzhou Jin Pin, Guangzhou Jinshang Management Consulting Partnership (Limited Partnership), or Guangzhou\nJin Shang, Guangzhou Jinyue Management Consulting Partnership (Limited Partnership). or Guangzhou Jin Yue. and Guangzhou Jinqiu Management\nConsulting Partnership (Limited Partnership), or Guangzhou Jin Qiu. In January 2024, the Company completed the ODI procedures and\nregistration of adding four domestic limited partnerships as the new shareholders of Qilekang Digital Health. Since January 2024,\n34 nominators indirectly hold the equity of Qilekang Digital Health through four domestic limited partnerships in China. The owners of\nthe three domestic limited partnerships, namely Guangzhou Jin Pin, Guangzhou Jin Shang and Guangzhou Jin Yue indirectly hold the shares\nof the Company. The owners of Guangzhou Jin Qiu indirectly holds the shares of the Company through an qualified overseas related entities.\n\n \n\nIn\nthe opinion of the Company’s management and PRC counsel, (i) the ownership structure of the Group, including its subsidiary,\nthe VIE and the subsidiaries of the VIE, is not in violation with any applicable PRC laws, (ii) each of the VIE agreements is legal,\nvalid, binding and enforceable to each party of such agreements in accordance with its terms and applicable PRC Laws; and (iii) each\nof the Group’s PRC subsidiaries, the VIE and the subsidiaries of the VIE have the necessary corporate power and authority to conduct\nits business as described in its business scope under its business license, which is in full force and effect, and the Group’s\nbusiness operation in PRC are in compliance with existing PRC laws and regulations.\n\n \n\n*Risks\nin relation to the VIE structure*\n\n \n\nThe\nCompany believes that the contractual arrangements with its VIE and their respective shareholders are in compliance with PRC laws and\nregulations and are legally enforceable. However, uncertainties in the PRC legal system could cause the relevant regulatory authorities\nto find the current Contractual Agreements and businesses to be in violation of any existing or future PRC laws or regulations. If the\nCompany, the WFOE or any of its current or future VIE are found in violation of any existing or future laws or regulations, or fail to\nobtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing\nwith such violations, which may include, but not limited to, revocation of business and operating licenses, being required to discontinue\nor restrict its business operations, restriction of the Group’s right to collect revenues, being required to restructure its operations,\nimposition of additional conditions or requirements with which the Group may not be able to comply, or other regulatory or enforcement\nactions against the Group that could be harmful to its business. The imposition of any of these or other penalties may result in a material\nand adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these penalties causes\nthe Company to lose the rights to direct the activities of the VIE or the right to receive their economic benefits, the Company would\nno longer be able to consolidate the VIE.\n\n \n\nIn\naddition, if the VIE or the Nominee Shareholders fail to perform their obligations under the Contractual Agreements, the Group may have\nto incur substantial costs and expend resources to enforce the primary beneficiary’ rights under the contracts. The Group may have\nto rely on legal remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages, which may\nnot be effective. All of the Contractual Agreements are governed by PRC laws and provide for the resolution of disputes through arbitration\nin the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in\naccordance with PRC legal procedures. The legal system in PRC is not as developed as in other jurisdictions, such as the United States.\nAs a result, uncertainties in the PRC legal system could limit the Group’s ability to enforce these contractual arrangements. Under\nPRC laws, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only\nenforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses\nand delay. In the event the Group is unable to enforce the Contractual Agreements, the primary beneficiary may not be able to exert effective\ncontrol over its VIE, and the Group’s ability to conduct its business may be negatively affected.\n\n \n\nF-15\n\n \n\nThe\nfollowing tables represent the selected financial information for the VIE as of December 31, 2024 and 2025 and for the years\nended December 31, 2023, 2024 and 2025.\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025  \nDecember 31,\n\n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nCurrent\nassets \n 37,880,384  \n 46,138,392  \n 6,597,704 \n\nNon-current\nassets \n 8,730,173  \n 2,590,800  \n 370,480 \n\nTotal\nassets \n 46,610,557  \n 48,729,192  \n 6,968,184 \n\nCurrent\nliabilities \n 179,145,271  \n 264,182,042  \n 37,777,533 \n\nNon-current\nliabilities \n 366,763,077  \n 370,685,951  \n 53,007,385 \n\nTotal\nliabilities \n 545,908,348  \n 634,867,993  \n 90,784,918 \n\nNet\ndeficit \n (499,297,791) \n (586,138,801) \n (83,816,734)\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nNet\nrevenues \n 304,852,971  \n 342,557,920  \n 399,914,964  \n 57,187,079 \n\nNet\nloss \n (36,949,421) \n (37,365,434) \n (130,931,921) \n (18,723,015)\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nNet cash used in operating activities \n (45,831,182) \n (16,155,582) \n (11,414,010) \n (1,632,182)\n\nNet cash used in investing activities \n (111,891) \n (33,373) \n (1,607,753) \n (229,906)\n\nNet cash provided by financing activities \n 50,067,178  \n 17,016,080  \n 13,870,644  \n 1,983,476 \n\n \n\nThere\nare no pledge or collateralization of the VIE and VIE’s subsidiaries’ assets that can only be used to settled obligations\nof the VIE and VIE’s subsidiaries, except for the restricted net assets. Relevant PRC laws and regulations restrict the VIE from\ntransferring a portion of its net assets to the Company in the form of loans and advances or cash dividends. As the VIE is incorporated\nas limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company\nfor any of the liabilities of the VIE in normal course of business.\n\n \n\n**Note 2 — GOING\nCONCERN**\n\n \n\nThe\nGroup’s consolidated financial statements have been prepared assuming the Group will continue as a going concern, which contemplates\nthe realization of assets and liquidation of liabilities in the normal course of business. However, as reflected in the Group’s\nfinancial statements, the Group incurred net losses of RMB36.9 million, RMB37.4 million and RMB130.9 million (US$18.7 million)\nfor the years ended December 31, 2023, 2024 and 2025, respectively. Net cash used in operating activities was RMB45.8 million,\nRMB16.1 million and RMB148.5 million (US$21.2 million) for the years ended December 31, 2023, 2024 and 2025, respectively.\nAccumulated deficit was RMB2,120.1 million, RMB2,263.4 million and RMB2,476.0 million (US$354.1 million) as of December 31,\n2023, 2024 and 2025, respectively. The working capital deficit was RMB112.6 million, RMB141.6 million and RMB113.2 million (US$16.2 million)\nas of December 31, 2023, 2024 and 2025, respectively. Its cash balance and revenues generated are not currently sufficient and cannot\nbe projected to cover operating expenses and meet the Group’s obligations as they become due for the next twelve months after\nthe date that the consolidated financial statements were available to be issued. These factors raise substantial doubt about the Group’s\nability to continue as a going concern.\n\n \n\nF-16\n\n \n\nManagement’s\nplan to alleviate the substantial doubt about the Group’s ability to continue as a going concern include as follows: (i) on February 6,\n2026, the Group obtained a loan in amount of RMB4.0 million from Bank of Communications, which was required to be repaid on September 1,\n2026 and guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics. The interest rate is 3.2% per annum; (ii) on March 13, 2026,\nthe Group obtained a loan in amount of RMB2.4 million from Bank of Jiujiang which was required to be repaid on March 13, 2029 and guaranteed\nby Zhenyang Shi and Qilekang Digital Health. The interest rate is 4.2% per annum; (iii) on February 5, 2026, the Group obtained a loan\nin amount of RMB20.0 million from Industrial Bank which was required to be repaid on February 4, 2027 and guaranteed by Zhenyang Shi,\nLi Xu, Wanmei Shi, Qilekang Digital Health and Qilekang Modern Logistics. The interest rate is 3.3% per annum; (iv) the Group obtained\nloans from third parties in amount of RMB0.5 million which was required to be repaid on December 31, 2026 and interest rate of 18%\nper annum; (v) the Group obtained loans from a related party in amount of RMB7.2 million due on demand without interest bearing;\nand (vi) The Group are attempting to improve its business profitability, its ability to generate sufficient cash flow from our operations\nto meet its operating needs on a timely basis, obtain additional working capital funds through debt and equity financings in order to\nmeet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund\nthe Group’s ongoing capital expenditures, working capital, and other requirements.\n\n \n\nThe\naccompanying consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying\namount or the amounts and classification of liabilities that may result should the Group be unable to continue as a going concern.\n\n \n\n**Note 3 — SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\nBasis\nof presentation and consolidation\n\n \n\nThe\naccompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States\nof America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (“SEC”).\nThe consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, VIE and VIE’s\nsubsidiaries in which the Company is the primary beneficiary. The results of the subsidiaries are consolidated from the date on which\nthe Group obtained control and continues to be consolidated until the date that such control ceases. A controlling financial interest\nis typically determined when a company holds a majority of the voting equity interest in an entity. However, if the Company demonstrates\nits ability to control the VIE through power to govern the activities which most significantly impact VIE’s economic performance\nand is obligated to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the\nVIE that could potentially be significant to the VIE, then the entity is consolidated. All significant inter-company transactions and\nbalances between the Company, its subsidiaries, VIE and VIE’s subsidiaries are eliminated upon consolidation.\n\n \n\nNoncontrolling\ninterests\n\n \n\nFor\nthe Group’s subsidiaries majority-owned by the Company’s VIE and VIE’s subsidiaries, noncontrolling interests are recognized\nto reflect the portion of the equity which is not attributable, directly or indirectly, to the Group as the controlling shareholder.\nAs of December 31, 2024 and 2025, noncontrolling interest on the consolidated balance sheets was resulted from the consolidating\n94.86% equity interest in Qilekang Digital Health, the VIE and 80.00% equity interest in Nanjing Qilekang Pharmaceutical Co., Ltd. (“Nanjing\nQilekang”), a subsidiary of Qilekang Digital Health; The 5.14% of Qilekang Digital Health were held by two third-party institute\nshareholders and 20.00% of Nanjing Qilekang is held by an individual.\n\n \n\nUse\nof estimates\n\n \n\nThe\npreparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions\nthat affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial\nstatements, and the reported amounts of revenues and expenses during the reporting period. The major accounting estimates made in the\npreparation of the accompanying consolidated financial statements relate to the assessment of the valuation of accounts receivable, advances\nto suppliers, other receivables and related allowance for credit losses, useful lives of property and equipment, inventory reserve, recoverability\nand useful lives of long-lived assets, and valuation allowance on deferred tax assets. The Group bases its estimates and judgments on\nhistorical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Actual\nresults could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected\nin the financial statements in the period they are determined to be necessary.\n\n \n\nF-17\n\n \n\nFunctional\ncurrency and foreign currency translation\n\n \n\nThe\nGroup uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Group and its overseas subsidiaries\nwhich incorporated in the Cayman Islands and Hong Kong is US$. The functional currency of the Group’s PRC entities is RMB.\n\n \n\nIn\nthe consolidated financial statements, the financial information of the Group and other entities located outside of the PRC have been\ntranslated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated\nat historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the periods. Translation\nadjustments are reported as foreign currency translation adjustments, and are shown as a component of other comprehensive loss in the\nconsolidated statements of operations and comprehensive loss. For the years ended December 31, 2023, 2024 and 2025, the Group\nhas foreign currency translation adjustment of nil, RMB5,231 and RMB1,747,229 (US$249,850), respectively.\n\n \n\nTransactions\ndenominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates.\nFinancial assets and liabilities denominated in foreign currencies are re-measured into the functional currency at the exchange rates\nprevailing at the balance sheet date.\n\n \n\nConvenience\ntranslation\n\n \n\nTranslations\nof amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of US$1 per RMB6.9931 on December\n31, 2025, as published on the prevailing foreign exchange website. No representation is made that the RMB amounts could have been, or\ncould be, converted into U.S. dollars at such rate.\n\n \n\nFair\nvalue measurements\n\n \n\nThe\nGroup applies ASC 820, Fair Value Measurements and Disclosures, (“ASC 820”). ASC 820 defines fair value, establishes\na framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided\non fair value measurement.\n\n \n\nASC 820\nestablishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:\n\n \n\n \nLevel 1 —\nApplies to assets or liabilities\nfor which there are quoted prices in active markets for identical assets or liabilities;\n\n \n \n \n\n \nLevel 2 —\nApplies to assets or liabilities\nfor which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as\nquoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with\ninsufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are\nobservable or can be derived principally from, or corroborated by, observable market data;\n\n \n \n \n\n \nLevel 3 —\nApplies to assets or liabilities\nfor which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of\nthe assets or liabilities.\n\n \n\nClassification\nwithin the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement.\n\n \n\nThe\ncarrying amounts of cash and cash equivalents, restricted cash, accounts receivable, other receivables, advance to suppliers, other current\nassets, accounts payable, other payable, salary and welfare payable, value added tax (“VAT”) and other tax payable, advance\nfrom customers and accrued liabilities are a reasonable approximation of fair value due to the short maturities of these instruments.\n\n \n\nCash\nand cash equivalents\n\n \n\nCash\nand cash equivalents primarily consist of cash and investments in interest bearing demand deposit accounts.\n\n \n\nF-18\n\n \n\nRestricted cash\n\n \n\nRestricted cash mainly represents\nthe bank deposits judicially frozen by the court. As of December 31, 2023, 2024 and 2025, the Group has restricted cash balance of\nRMB88,068, nil and nil, respectively.\n\n \n\nAccounts\nreceivable\n\n \n\nAccounts\nreceivable is stated at the historical carrying amount net of allowance for expected credit loss. The Group uses the aging schedule method\nto calculate the credit loss and considered the relevant factors of the historical and future conditions of the Company to make reasonable\nestimation of the risk rate. Additionally, the Group provides specific provision for credit losses based on any specific knowledge the\nGroup has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the\nGroup to use substantial judgment in assessing its collectability. When facts subsequently become available to indicate that the allowance\nprovided requires an adjustment, a corresponding adjustment is made to the allowance account as a change in estimate.\n\n \n\nAllowance\nfor credit losses\n\n \n\nCommencing\nJanuary 1, 2023, the Group adopted ASC326, Financial Instruments-Credit Losses (“ASC326”), using modified-retrospective\ntransition approach. Pursuant to ASC 326, an allowance for credit losses for financial assets is carried at amortized cost to present\nthe net amount expected to be collected as of the balance sheet date.\n\n \n\nSuch\nallowance is based on credit losses expected to arise over the life of the asset’s contractual term, which includes consideration\nof prepayments. Assets are written off when the Group determines that such financial assets are deemed uncollectible and are recognized\nas a deduction from the allowance for credit losses. Expected recoveries of amounts previously written off, not to exceed the aggregate\nof the amount previously written off, are included in determining the necessary reserve at the balance sheet date.\n\n \n\nFollowing\nthe adoption of this guidance, a cumulative-effect adjustment in accumulated deficit of nil was recognized as of January 1, 2023.\nThe adoption of ASC 326 did not have a material impact on the Company’s financial statements. The Group pools financial assets\nbased on similar risk characteristics to estimate expected credit losses. The Group estimates expected credit losses on financial assets\nindividually when those assets do not share similar risk characteristics. The Group has adopted aging schedule method to calculate the\ncredit loss and considered the relevant factors of the historical and future conditions of the Company to make reasonable estimation\nof the risk rate.\n\n \n\nAdvances\nto suppliers\n\n \n\nAdvances\nto suppliers consist of prepayments to its suppliers, such as pharmaceutical manufacturers and other distributors. The Group continuously\nmonitor delivery from, and payments to, its vendors while an allowance for estimated credit losses based upon historical experience and\nany specific supplier issues, such as discontinuing of inventory supply, that have been identified. The balance is refundable and bears\nno interest. No allowance was provided for the balances of advances to suppliers as of December 31, 2024 and 2025.\n\n \n\nInventories\n\n \n\nInventories\nare stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. The Group periodically\nreviews its inventory and records write-downs to inventories for losses and damages that are identified. The Group provides a reserve\nfor estimated inventory obsolescence or excess quantities on hand equal to the difference, if any, between the cost of the inventory\nand its estimated realizable value. For the years ended December 31, 2023, 2024 and 2025, the write-down of inventories was RMB503,079,\nRMB494,459 and RMB1,883,635 (US$269,355), respectively.\n\n \n\nDeferred\noffering costs\n\n \n\nThe\nCompany complies with the requirements of FASB ASC Topic 340-10-S99-1, “Other Assets and Deferred Costs — SEC\nMaterials” (“ASC 340-10-S99”) and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”.\nDeferred offering costs consist of underwriting, legal, accounting and other professional expenses incurred through the balance sheet\ndate that are directly related to the Initial Public Offering and that will be charged to shareholders’ equity upon the completion\nof the Proposed Public Offering. As of December 31, 2024 and 2025, the deferred offering cost was RMB7,437,679 and nil,\nrespectively.\n\n \n\nTotal\noffering costs directly related to initial public offering (“IPO”) incurred through the balance sheet date of approximately\nRMB29,129,441 (US$4,165,455) were charged to additional-paid-in capital upon completion of the IPO.\n\n \n\nF-19\n\n \n\nProperty\nand equipment, net\n\n \n\nProperty\nand equipment are stated at cost, net of accumulated depreciation or amortization, and impairment, if any. Depreciation is calculated\non the straight-line method over the estimated useful lives of the assets, taking into consideration the assets’ estimated residual\nvalue. Leasehold improvements are amortized over the shorter of lease term or remaining lease period of the underlying assets. Following\nare the estimated useful lives of the Group’s property and equipment:\n\n \n\n  \nEstimated\n\nUseful Life \nNet\nResidual\n\nValue Rate \n\nLeasehold improvements \n3 years \n 5%\n\nOffice equipment & furniture \n3 – 5 years \n 5%\n\nMotor vehicles \n3 – 5 years \n 5%\n\n \n\nMaintenance,\nrepairs and minor renewals are charged to expenses as incurred.\n\n \n\nImpairment\nof long-lived assets with definite lives\n\n \n\nThe\nGroup evaluates long-lived assets, including property and equipment and operating lease right-of-use assets for impairment, whenever\nevents or changes in circumstances indicate that the carrying value may not be recoverable from its estimated future cash flows.\nRecoverability is measured by comparing the carrying amount of the asset or asset group to the related projected undiscounted cash\nflows expected to result from the use of the assets or asset group and their eventual disposition, considering a number of factors\nincluding past operating results, budgets, economic projections, market trends and product development cycles. If the carrying\namount of the assets or assets group exceeds the expected undiscounted cash flows, the Group would recognize an impairment loss\nbased on the fair value of the assets or assets group.\n\n \n\nThe\nGroup recorded impairment loss on property and equipment and operating lease right-of-use assets of RMB43,923 and RMB1,063,104 for\nthe year ended December 31, 2023. The Group recorded impairment loss on property and equipment and operating lease right-of-use\nassets of RMB37,773 and RMB2,200,752 for the year ended December 31, 2024. The Group recorded impairment loss on property and\nequipment and operating lease right-of-use assets of RMB73,240\n(US$10,473) and RMB2,035,277 (US$291,041) for the year ended December 31, 2025.\n\n \n\nImpairment\nof long-term investment\n\n \n\nThe\nGroup assesses impairment of equity investments without readily determinable fair values by assessment for impairment qualitatively at\neach reporting period. That impairment assessment is similar to the qualitative assessment for long lived assets, goodwill, and\nindefinite-lived tangible assets. Upon determining that impairment exists, the Group should calculate the fair value of that investment\nand recognize as an impairment in net income any amount by which the carrying value exceeds the fair value of the investment. For the years\nended December 31, 2023, 2024 and 2025, the Group recorded impairment loss on long-term investment was RMB500,000, nil and nil,\nrespectively.\n\n \n\nF-20\n\n \n\nRevenue\nrecognition\n\n \n\nUnder\nASC 606, Revenue from Contracts with Customers, the core principle requires an entity to recognize revenue to depict the transfer\nof goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange\nfor those goods or services recognized as performance obligations are satisfied. ASC 606 establishes principles for reporting information\nabout the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods\nor services to customers. This new guidance provides a five-step analysis in determining when and how revenue is recognized. Under the\nnew guidance, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that\nreflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the new guidance\nrequires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.\n\n \n\nThe\nGroup identifies its contracts with customers and all performance obligations within those contracts. The Group then determines the transaction\nprice and allocates the transaction price to the performance obligations within the Group’s contracts with customers, recognizing\nrevenue when, or as, the Group satisfies its performance obligations.\n\n \n\nThe\nfollowing is a discussion of the Group’s revenue recognition policies by segment under the new revenue recognition accounting standard:\n\n** **\n\n**Internet\nhospital**\n\n \n\nThe\nInternet hospital is a comprehensive remote medical service platform, especially for certain chronic disease, that connects doctors with\ncustomers through the Group’s WeChat official account and mobile apps to facilitate the doctors to provide online follow-up consultations\nand online prescription renewal service to the customers and also the Group sells pharmaceuticals to the customers through the Internet\nhospital platform.\n\n* *\n\n*Online\nconsultation and prescription renewal service*\n\n \n\nPatients\ncan consult doctors on medical issues or renew their prescriptions through Internet hospital platform. Patients could first describe\ntheir symptoms via text or picture, choose doctors based on the description of symptoms and their medical records. Based on a patient’s\nresponses during the consultation, the doctor provides medical recommendations or advises the patient to conduct detailed examinations\nat hospitals and upload the results to our system for follow-up consultations. Each medical consultation lasts up to 24 hours by\nsystem default and can be terminated by the doctor upon its conclusion. The Group charges service fee to the patients at a fixed price\nset case-by-case based on the doctor’s rank. The Group’s performance obligation is to provide consultation services to customers.\nSpecifically, other than consultation services there are no other commitments, quantitatively or qualitatively, related to provision\nof service via the online platform. Therefore, there is only one performance obligation in this type of contract. The Group recognizes\nthe revenue on a gross basis as the Group is acting as a principal because the Group controls the services provided to the patients.\nThe Group is able to direct registered doctors to provide service on the behalf of the Group. If the directed doctor is not able to complete\nthe service in limited circumstances, the Group will assign another registered doctor to provide the service. In addition, the Group\nhas the discretion in setting the prices for the services. The registered doctors are obligated to comply with the rules set by the Group\nwhen providing the service. The service revenue is recognized at the point in time when the service is rendered.\n\n* *\n\n*Online\npharmacy sales*\n\n \n\nThe\nGroup generates revenue from online pharmacy sales through its Internet hospital. Upon the completion of a doctor’s service to\na customer and the prescription drug is also applicable to the customer, a prescription drugs list will be generated automatically in\nthe customer’s account. The patient may directly confirm the prescription drugs list and make payment, then the Group delivers\nthe prescription drugs to the customer by third party courier companies. The performance obligation is to deliver the prescription drugs\nordered by customers. Specifically, other than products delivery there are no other commitments, quantitatively or qualitatively, related\nto sales of products via the online platform. Therefore, there is only one performance obligation in this type of contract. The Group\nrecognizes the revenue on a gross basis as it obtains control of the drugs upon purchase from its vendors, before transferring them to\nthe customers. Revenue from online drug sales is recognized when prescription drugs are accepted by customers.\n\n** **\n\nF-21\n\n** **\n\n**Pharmaceuticals\nsupply chain**\n\n* *\n\n*Pharmacy\nretail sales*\n\n \n\nThe\nGroup generates revenue from the sale of prescription drugs, over-the-counter (“OTC”) drugs, traditional Chinese medicine\n(“TCM”) and others in physical pharmacies. The sales price is fixed based on each transaction. No financial component, variable\nconsideration and redeemed membership rewards. The performance obligation under the contract is to deliver the prescription drugs ordered\nby customers. Specifically, other than products delivery there are no other commitments, quantitatively or qualitatively, related to\nsales of products via pharmacy retail sales. Therefore, there is only one performance obligation in this type of contract. Revenue from\nsales of drugs and others at drugstores is recognized when the customer picks up and pays for the drugs and others. Usually the majority\nmerchandise, such as prescription and OTC drugs, are not refundable after the customers leave the counter. The revenue is recognized\non a gross basis as the Group obtains control of the drugs before transferring them to the customers.\n\n* *\n\n*Pharmacy\nwholesale*\n\n \n\nThe\nGroup generates revenue from selling pharmaceuticals to businesses, primarily to pharmacies and medical products dealers. The terms of\npricing and payment stipulated in the contract are fixed. The performance obligation under the contract is to deliver the prescription\ndrugs ordered by customers. Specifically, other than products delivery there are no other commitments, quantitatively or qualitatively,\nrelated to sales of products via the Company’s pharmacy wholesale business. Therefore, there is only one performance obligation\nin this type of contract. Revenue from sales of pharmacies to non-retail customers is recognized when the pharmaceuticals are transferred\nto and accepted by customers. The revenue is recognized on a gross basis as the Group obtains control of the pharmaceuticals before transferring\nthem to the customers.\n\n \n\nThe\nGroup’s revenue is net of value added tax (“VAT”) collected on behalf of the PRC tax authorities. VAT collected from\ncustomers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets until it is paid\nto the relevant PRC tax authorities.\n\n* *\n\n*Disaggregation\nof Revenue*\n\n \n\nThe\nfollowing table summarizes disaggregated revenue from contracts with customers by service type:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nRevenue from Internet hospital \n   \n   \n   \n  \n\n– Online\npharmacy sales and other sales revenue \n 69,644,697  \n 87,849,203  \n 149,235,145  \n 21,340,342 \n\n– Online\nconsultation service and other service revenue \n 1,364,274  \n 1,190,397  \n 1,477,013  \n 211,210 \n\nSubtotal \n 71,008,971  \n 89,039,600  \n 150,712,158  \n 21,551,552 \n\n  \n    \n    \n    \n   \n\nRevenue\nfrom pharmaceuticals supply chain \n    \n    \n    \n   \n\n– Pharmacy\nretail sales \n 6,282,249  \n 6,639,199  \n 5,963,663  \n 852,792 \n\n– Pharmacy\nwholesale \n 227,561,751  \n 246,879,121  \n 243,239,143  \n 34,782,735 \n\nSubtotal \n 233,844,000  \n 253,518,320  \n 249,202,806  \n 35,635,527 \n\nTotal \n 304,852,971  \n 342,557,920  \n 399,914,964  \n 57,187,079 \n\n \n\nAll\nthe Group’s revenue is recognized at a point in time. See Note 18 for more information regarding revenue disaggregation by\nmajor source in each segment.\n\n \n\nF-22\n\n \n\nSales\nreturns\n\n \n\nThe\nGroup provides a refund policy to accept returns from customers, which varies and depends on the different products and customers. The\nestimated sales returns are determined based upon an analysis of historical sales returns. Return allowances are recorded as a reduction\nin revenues with corresponding sales return liabilities which are included in “Refund liabilities”. The estimated cost of\nreturned inventory is recorded as a reduction to cost of revenues and an increase of right of return assets which is included in “Inventories”.\nAs of December 31, 2024 and 2025, RMB2,080,556 and nil of refund liability associated with estimated product returns were recorded\nin the consolidated balance sheet, respectively.\n\n \n\nContract\nBalances\n\n \n\nContract\nliabilities are presented as advance from customers in the consolidated balance sheets, which primarily represent the Group’s obligation\nto transfer goods or services to a customer for which the Group has received consideration in advance. The consideration received remains\na contract liability until goods or services have been provided to the customers. Due to the generally short-term duration of the relevant\ncontracts, the obligations are satisfied within one year. The amount of revenue recognized that was included in advance from customers\nat the beginning of the period were RMB2,215,981, RMB614,609 and RMB1,490,445 (US$213,131) for the years ended December 31,\n2023, 2024 and 2025, respectively. The balances of advance from customers as of December 31, 2024 and 2025 was RMB1,756,046 and\nRMB1,591,131 (US$227,529), respectively.\n\n \n\nIn\naccordance with ASC340-40-25-1, an entity shall recognize as an asset the incremental costs of obtaining a contract with a customer if\nthe entity expects to recover those costs. As of December 31, 2024 and 2025, the Group does not have any contract costs.\n\n \n\nSegment\nreporting\n\n \n\nIn\nNovember 2023, the FASB issued Accounting Standards Update, or ASU 2023-07 — Improvements to Reportable Segment\nDisclosures, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements,\nincluding additional, more detailed information about a reportable segment’s expenses. The standard is effective for fiscal years\nbeginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Group\nadopted ASU 2023-07 for the year ended December 31, 2024, retrospectively to all periods presented in the consolidated financial\nstatement. The adoption of this ASU had no material impact on reportable segments identified and had no effect on the Group’s consolidated\nfinancial position, results of operations, or cash flows.\n\n \n\nASC 280,\nSegment Reporting, (“ASC 280”), establishes standards for companies to report in their financial statement information\nabout operating segments, products, services, geographic areas, and major customers. Based on the criteria established by ASC 280,\nour chief operating decision maker (“CODM”) has been identified as our Chief Executive Officer, who reviews operating income\n(loss) for each segment when making decisions about allocating resources and assessing performance of the Group. The Group operates within\ntwo main reportable segments: Internet hospital and pharmaceuticals supply chain. The Internet hospital segment includes providing online\nfollow-up consultations and online prescription renewal service to customers and also sells prescription to customers through the Group’s\nwebsite and apps. The pharmaceutical supply chain segment includes pharmacy retail sales and wholesale. The pharmacy retail sales sell\nprescription and over-the-counter (“OTC”) medicines, TCM and others to retail customers. The wholesale includes supplying\nthe Group’s own retail drugstores with prescription and OTC medicines, TCM and others (which sales have been eliminated as intercompany\ntransactions), and also selling them to other drug vendors and hospitals. The segments’ accounting policies are the same as those\ndescribed in the summary of significant accounting policies. The Group’s reportable business segments are strategic business units\nthat offer different products and services. Each segment is managed separately because they require different operations and markets\nto distinct classes of customers. As our long-lived assets are substantially located in the PRC, no geographical segments are presented.\n\n \n\nF-23\n\n \n\nCost\nof revenues\n\n \n\nCosts\nof revenues consist primarily of cost of goods sold. These costs are charged to the consolidated statements of operation and comprehensive\nloss as incurred.\n\n \n\nShipping\nand handling expense\n\n \n\nShipping\nand handling fees associated with outbound freight are expensed as incurred and included in sales and marketing expenses. Shipping and\nhandling expense were RMB1,255,401, RMB2,237,411 and RMB1,897,818 (US$217,384) for the years ended December 31, 2023, 2024\nand 2025, respectively.\n\n \n\nIncome\ntaxes\n\n \n\nCurrent\nincome taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are\nnot assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. The Group\nfollows FASB ASC Topic 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for\nthe expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method,\ndeferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and\nliabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to\nthe periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to\nreduce deferred tax assets to the amount expected to be realized.\n\n \n\nThe\naccounting standards clarify the accounting and disclosure requirements for uncertain tax positions and prescribe a recognition threshold\nand measurement attribute for recognition and measurement of a tax position taken or expected to be taken in a tax return. The accounting\nstandards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures,\nand transition. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period\nincurred. No significant penalties, uncertain tax provisions or interest relating to income taxes were incurred for the years ended\nDecember 31, 2024 and 2025.\n\n \n\nValue\nadded tax\n\n \n\nSales\nrevenue represents the invoiced value of goods, net of VAT. All of the Group’s products are sold in the PRC and are subject\nto a VAT on the gross sales price. The VAT rates range up to 13%, depending on the type of products sold. The VAT may be offset by VAT\npaid by the Group on raw materials and other materials included in the cost of producing or acquiring its finished products. The Group\nrecorded a VAT payable net of payments in the accompanying consolidated financial statements.\n\n \n\nAdvertising\nand promotion costs\n\n \n\nAdvertising\nexpenditures are expensed when incurred and are included in sales and marketing expenses, which amounted to RMB3,431,992, RMB11,102,956\nandRMB19,539,893 (US$2,794,167) for the years ended December 31, 2023, 2024 and 2025, respectively.\n\n \n\nResearch\nand development expenses\n\n \n\nResearch\nand development expenses consist primarily of personnel-related expenses incurred for the enhancement and maintenance of the Group’s\nwebsites and internal use software. Depreciation expenses and other operating costs that are directly related to research and development,\nif any, are also included in research and development expenses. The Group recognizes research and development expenses when incurred.\n\n \n\nF-24\n\n \n\nGovernment\ngrants\n\n \n\nGovernment\ngrants include cash subsidies received from various government agencies by the VIE and VIE’s subsidiaries of the Group. Such subsidies\nare generally provided as incentives from the local government to encourage the expansion of local business. The government grant is\nrecognized in the consolidated statements of operations and comprehensive loss when the relevant performance criteria specified in the\ngrant are met. The government grants with certain operating conditions are recorded as “other payable” when received, if\nany, and will be recorded as other income when the conditions are met.\n\n \n\nShare-based\ncompensation\n\n \n\nThe\nCompany grants American depositary shares, or ADS to the service suppliers in exchange for consultancy and professional service and accounted\nfor share-based compensation in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”).\n\n \n\nAwards\ngranted to service suppliers with service conditions are measured at fair value on the grant date and are recognized as compensation\nexpenses over the period when the specified service were received. The Group has elected to recognize the effect of forfeitures as compensation\ncost when they occur. To the extent the required vesting conditions are not met which leads to the forfeiture of the share-based awards,\npreviously recognized compensation expenses relating to such awards will be reversed. The Group has elected to recognize compensation\nexpense using the straight-line method for all awards granted with graded vesting based on service conditions. The Group determined the\nfair value of the awards granted based on the closing market price of the Company’s Class A ordinary shares on the grant date.\n\n \n\nLoss\nper share\n\n \n\nNet\nlosses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses.\nBasic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary\nequivalent shares outstanding during the year. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders,\nas adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary\nequivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of share\noptions using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share\ncalculation when inclusion of such share would be anti-dilutive.\n\n \n\nRelated\nparty transactions\n\n \n\nA\nrelated party is generally defined as (i) any person and or their immediate family hold 5% or more of the Group’s securities\n(ii) the Group’s management and or their immediate family, (iii) someone that directly or indirectly controls, is controlled\nby or is under common control with the Group, or (iv) anyone who can significantly influence the financial and operating decisions\nof the Group. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between\nrelated parties. Related parties may be individuals or corporate entities.\n\n \n\nTransactions\ninvolving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,\nfree market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related\nparty transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations\ncan be substantiated.\n\n \n\nCommitments\nand contingencies\n\n \n\nIn\nthe normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business,\nwhich cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred\nand the amount of the assessment can be reasonably estimated. If the assessment of a contingency indicates that it is probable that a\nloss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Group’s consolidated\nfinancial statements. If the assessment indicates that a potential loss contingency is not probable, but is reasonably possible, or is\nprobable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss,\nif determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve\nguarantees, in which case the nature of the guarantee would be disclosed.\n\n \n\nF-25\n\n \n\nMezzanine\nEquity\n\n* *\n\n*Convertible\nRedeemable preferred shares*\n\n \n\nMezzanine\nequity represents the Series Pre-A, Series A, Series B-1, Series B-2, Series B-3 and Series B-4 convertible\nredeemable preferred shares (collectively, the “Preferred Shares”) issued by the Company. Preferred Shares are redeemable\nat the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain events outside\nof the Company’s control. Therefore, the Group classifies the Preferred Shares as mezzanine equity.\n\n \n\nThe\nSeries Pre-A and A Preferred Share will be recorded at the higher of (i) 100% of the issue price plus a simple interest rate\nof 12% per annum, (ii) the amount of the issue price plus all declared but unpaid dividends; and (iii) the amount of the net\nassets of the Company multiply by a fraction, with the numerator shall be the aggregate number of all Shares held by such Series Pre-A\nand A Preferred Shareholder on the date of the redemption, and the denominator shall be the aggregate number of all Shares then outstanding\non such date.\n\n \n\nThe\nSeries B-1, B-2, B-3 and B-4 Preferred Share will be recorded at the higher of (i) 100% of the issue price plus a simple interest\nrate of 10% per annum, (ii) the amount of the issue price plus all declared but unpaid dividends; and (iii) the amount of the\nnet assets of the Company multiply by a fraction, with the numerator shall be the aggregate number of all Shares held by such Preferred\nShareholder on the date of the redemption, and the denominator shall be the aggregate number of all Shares then outstanding on such date.\n\n \n\nUpon\nconversion of the Preferred Shares into ordinary shares, the carrying amount of the Preferred Shares as of the conversion date is reclassified\nto ordinary shares and additional paid-in capital.\n\n* *\n\n*Redeemable\nnon-controlling interests*\n\n \n\nRedeemable\nnon-controlling interests represent preferred shares financing by subsidiaries of the Group from non-controlling shareholders. As the\npreferred shares could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control\nof the Group, these preferred shares are accounted for as redeemable non-controlling interests. The Group accounts for the changes in\naccretion to the redemption value in accordance with ASC topic 480, Distinguishing Liabilities from Equity. The noncontrolling interest\nwill be recorded at the higher of (1) the cumulative amount that would result from applying the measurement guidance in ASC 810-10\n(i.e., initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss, other comprehensive\nincome or loss, and dividends) or (2) the redemption price.\n\n \n\nUpon\nconversion of the preferred shares into ordinary shares of the Company’s subsidiary, the carrying amount of the preferred shares\nas of the conversion date is reclassified to non-controlling interests.\n\n \n\nEmployee\nbenefits\n\n \n\nThe\nfull-time employees of the Group’s PRC subsidiaries are entitled to staff welfare benefits including medical care, housing fund,\npension benefits and unemployment insurance, which are governmental mandated defined contribution plans. These entities are required\nto accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in\naccordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued.\n\n \n\nRisks\nand uncertainties\n\n \n\nThe\noperations of the Group are located in the PRC. Accordingly, the Group’s business, financial condition, and results of operations\nmay be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The\nGroup’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies\nin North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment\nand foreign currency exchange. The Group’s results may be adversely affected by changes in the political, regulatory and social\nconditions in the PRC.\n\n \n\nF-26\n\n \n\nSubstantially\nall of the Group’s operating activities are settled in RMB, which is not freely convertible into foreign currencies. All foreign\nexchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies\nat the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of\nChina or other regulatory institutions requires submitting a payment application form together with supporting documents.\n\n \n\nConcentrations\nand credit risk\n\n \n\nCertain\nfinancial instruments, which subject the Group to concentration of credit risk, consist of cash and restricted cash. The Group has cash\nbalances at financial institutions located in PRC. Since March 31, 2015, balances at financial institutions and state-owned banks within\nthe PRC are covered by insurance up to RMB500,000 (US$71,499) per bank. As of December 31, 2023, December 31, 2024 and December 31,2025,\nthe Group had deposits totaling RMB6,681,531, RMB7,596,724 and RMB9,445,239 (US$1,350,651) that were covered by such limited insurance,\nrespectively. Any balance over RMB500,000 (US$71,499) per bank in PRC will not be covered. To date, the Group has not experienced any\nlosses in such accounts.\n\n \n\nFor\nthe year ended December 31, 2025, there was one customer collectively accounted for 45.8% of the Group’s total revenue; as of December\n31, 2025, there was two customers accounted for 64.9% of the Group’s gross accounts receivable. For the year ended December 31,\n2024, there was one customer collectively accounted for 44.6% of the Group’s total revenue; as of December 31, 2024, there was\none customer accounted for 13.6% of the Group’s gross accounts receivable. For the year ended December 31, 2023, there was\none customer accounted for 56.3% of the Group’s total revenue; as of December 31, 2023, there were two customers collectively\naccounted for 66.1% of the Group’s gross accounts receivable. No other customers account for 10% or more of total revenue or gross\naccount receivable of the Group except as disclosed above.\n\n \n\nFor\nthe year ended December 31, 2025, there was two suppliers accounted for 60.6% of the Group’s total purchases; as of December 31,\n2025, there four suppliers accounted for 65.8% of the Group’s accounts payable. For the year ended December 31, 2024, there was\none supplier accounted for 39.1% of the Group’s total purchases; as of December 31, 2024, there one supplier accounted for 22.5%\nof the Group’s accounts payable. For the year ended December 31, 2023, there were two suppliers collectively accounted for\n44.0% of the Group’s total purchases; as of December 31, 2023, there were two suppliers collectively accounted for 48.3% of\nthe Group’s accounts payable. No other suppliers account for 10% or more of total purchase or account payable of the Group except\nas disclosed above.\n\n \n\nLeases\n\n \n\nIn\nFebruary 2016, the FASB issued ASU 2016-02, *Leases*(Topic 842). Lessees are required to recognize a right-of-use\nasset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The\nliability is equal to the present value of lease payments. The asset is based on the liability, subject to certain adjustments, such\nas for initial direct costs. For income statement purposes, a dual model was retained, requiring leases to be classified as either operating\nor finance leases. Operating leases result in straight-line expense (similar to operating leases under the prior accounting standard)\nwhile finance leases result in a front-loaded expense pattern (similar to capital leases under the prior accounting standard). Lessor\naccounting is similar to the prior model, but updated to align with certain changes to the lessee model (e.g., certain definitions, such\nas initial direct costs, have been updated) and the new revenue standard, ASU 2014-9.\n\n \n\nThe\nfollowing is a discussion of the Group’s lease policy under the new lease accounting standard:\n\n \n\nThe\nGroup determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Group’s right\nto use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising\nfrom the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining\nfuture minimum lease payments. As the interest rate implicit in the Group’s leases is not readily determinable, the Group utilizes\nits incremental borrowing rate for a similar term as the underlying lease, determined by class of underlying asset, to discount the lease\npayments. The operating lease right-of-use assets also include lease payments made before commencement and exclude lease incentives.\n\n \n\nF-27\n\n \n\nThe\nGroup leases premises for retail drugstores, warehouse and offices under non-cancellable operating leases. Operating lease payments are\nexpensed over the term of lease using straight line method. A majority of the Group’s retail drugstore leases have a 3 to 5 years\nterm. Usually within one to three months prior to the expiration date of a lease, the Group is required to notify the lessor and\nhas a priority to continue renting the lease property if a lessor intends to lease property. The lease itself does not have restriction\nor covenants. If both parties agree to continue, a new lease contract with new lease terms has to been signed by both parties. Usually\nthe rent may increase year by year based on the lease contract. Sublease is typically not allowed. Any damage, if made by the lessee,\nto the property and equipment within the property has to been fixed or reimbursed by the lessee. The Group does not have any leases entered\ninto but which have not yet commenced. The Group has historically been able to renew a majority of its drug stores leases. As of December 31,\n2025, the weighted average remaining lease term is 1.97 years and the weighted average discount rate is 3.68% per annum. Under the\nterms of the lease agreements, the Group has no legal or contractual asset retirement obligations at the end of the leases. See Note 8\n“LEASE” for additional information.\n\n \n\nUnder\nthe terms of the lease agreements, the Group has no legal or contractual asset retirement obligations at the end of the leases. See Note 8\n“LEASE” for additional information.\n\n \n\nThe\nGroup elected the short-term lease exemption for all contracts with lease term of 12 months or less.\n\n \n\nThe\nGroup evaluates right-of-use assets for impairment whenever events or changes in circumstances indicate that the assets might be impaired.\nImpairment charges for right-of-use assets were recognized of RMB1,063,104, RMB2,200,752 and RMB2,035,277 (US$291,041) for the years\nended December 31, 2023, 2024 and 2025, respectively.\n\n \n\nRecently Adopted Accounting Pronouncements\n\n \n\nIn December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics\n740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency of income tax disclosures by\nrequiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid\ndisaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The Group\nadopted ASU 2023-09 for its annual period beginning January 1, 2025, on a prospectively basis. See Note 9 Income taxes, for further information.\n\n \n\nRecent\nAccounting Pronouncements\n\n \n\nThe\nCompany is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012\n(the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequently to the\nenactment of the JOBS Act until such time as those standards apply to private companies.\n\n \n\nIn\naccordance with the recent updates to the accounting standards, the FASB has issued several new ASUs to enhance the clarity and consistency\nin financial reporting. Below is a summary of the key amendments and their effective dates:\n\n \n\nIn\nMarch 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and\nSimilar Awards. The amended guidance added an illustrative example that includes four fact patterns to demonstrate how an entity should\napply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance\nwith Topic 718. The amendments guidance is effective for annual periods beginning after December 15, 2025, and interim periods within\nthose annual periods. The guidance can be applied either prospectively or retrospectively. The Group is\ncurrently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.\n\n \n\nIn\nNovember 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures\n(Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance improves the disclosures about a public business\nentity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases\nof inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost\nof sales, SG&A, and research and development). The amended guidance is effective for annual reporting periods beginning after December\n15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option\nfor retrospective application. The Group is currently in the process of evaluating the impact this amended guidance may have on the footnotes\nto its consolidated financial statements.\n\n \n\nIn\nNovember 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions\nof Convertible Debt Instruments. This guidance clarifies the assessment of whether a transaction should be accounted for as an induced\nconversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument.\nThe amended guidance is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting\nperiods within those annual reporting periods. The guidance can be applied either prospectively or retrospectively. The Group is currently\nin the process of evaluating the impact this amended guidance may have on its consolidated financial statements.\n\n \n\nF-28\n\n \n\nIn\nJanuary 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures\n(Subtopic 220-40): Clarifying the Effective Date. This guidance amends the effective date of Update 2024-03 to clarify that all public\nbusiness entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods\nwithin annual reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted. The Group is currently\nin the process of evaluating the impact this amended guidance may have on the footnotes to its consolidated financial statements.\n\n \n\nn\nApril 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers\n(Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. This Update is issued to reduce diversity in practice\nand improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction\nwith selling goods or services. The amendments in this Update are effective for all entities for annual reporting periods (including\ninterim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Group\nis currently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.\n\n \n\nIn\nJuly 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts\nReceivable and Contract Assets. This Update is issued to address challenges encountered when applying the guidance in Topic 326, Financial\nInstruments—Credit Losses, to current accounts receivable and current contract assets arising from transactions accounted for under\nTopic 606, Revenue from Contracts with Customers. The amendments will be effective for annual reporting periods beginning after December\n15, 2025, and interim reporting periods within those annual reporting periods. The Group is currently in the process of evaluating the\nimpact this amended guidance may have on its consolidated financial statements.\n\n \n\nIn\nDecember 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities,\nwhich provides updated guidance on how to recognize, measure, and present government grants. The new standard is effective for interim\nand annual periods beginning after December 15, 2028. Early adoption is permitted. The Group is currently in the process of evaluating\nthe impact this amended guidance may have on its consolidated financial statements.\n\n \n\nOther\naccounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material\nimpact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to\nhave an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.\n\n \n\n**Note 4\n— ACCOUNTS RECEIVABLE, NET**\n\n \n\nTrade\naccounts receivable consisted of the following:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nAccounts\nreceivable \n 9,180,956  \n 19,102,831  \n 2,731,669 \n\nAllowance\nfor expected credit losses \n (806,348) \n (662,349) \n (94,715)\n\nTotal \n 8,374,608  \n 18,440,482  \n 2,636,954 \n\n \n\nThe\nfollowing table presents movement of allowance for expected credit losses against accounts receivable:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nBalance\nat the beginning of the year \n —  \n 846,683  \n 806,348  \n 115,306 \n\nAccrual/(reversal) \n 903,326  \n (40,335) \n 33,513  \n 4,792 \n\nWrite\noff \n (56,643) \n —  \n (177,512) \n (25,383)\n\nBalance\nat the end of the year \n 846,683  \n 806,348  \n 662,349  \n 94,715 \n\n** **\n\nF-29\n\n** **\n\n**Note 5\n— INVENTORIES**\n\n \n\nInventory\nmainly consists finished goods, such as prescription drugs and over-the-counter (“OTC”) drugs, traditional Chinese medicine\n(“TCM”) and others, valued at RMB9,165,973 and RMB8,280,145 (US$1,184,045) as of December 31, 2024 and December 31,\n2025, respectively. The Group recorded accrual of allowance for inventory valuation of RMB503,079, RMB494,459 and RMB1,883,635 (US$269,355)\nfor the years ended December 31, 2023, 2024 and 2025, respectively.\n\n** **\n\n**Note 6 — OTHER\nRECEIVABLES, NET**\n\n \n\nOther\nreceivables consisted of the following:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nOther\ndeposits* \n —  \n 57,693,075  \n 8,250,000 \n\nOther\ncurrent assets** \n 2,681,583  \n 3,560,759  \n 509,182 \n\nAdvance\nto employees*** \n 2,206,766  \n 1,303,893  \n 186,454 \n\nDeposits \n 1,732,173  \n 1,300,673  \n 185,994 \n\nPrepaid\nexpenses \n 837,893  \n 1,308,166  \n 187,065 \n\nOthers \n 538,137  \n 622,002  \n 88,945 \n\nSubtotal \n 7,996,552  \n 65,788,568  \n 9,407,640 \n\nAllowance\nfor expected credit losses \n (2,677,828) \n (2,270,607) \n (324,692)\n\nTotal \n 5,318,724  \n 63,517,961  \n 9,082,948 \n\n \n\n \n\n  * Other deposits represent pre-paid amounts for public relation and marketing advisory agreements, which are  refundable due to their cancellation or termination. As of the issuance of this financial statements, the total balance as of December 31, 2025 was fully received.\n\n \n\n**Other current assets represent the balance of input of value added tax (“VAT”) which will be deductible from output VAT incurred in the next twelve months.\n\n \n\n***Advance to employees represent cash paid in advance to employees for the business expenses that are anticipated to be incurred by the employee on behalf of the Group and loan to employees that borrowers will repay over time.\n\n \n\nThe\nfollowing table presents movement of allowance for expected credit losses against other receivables:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nBalance\nat the beginning of the year \n 1,446,767  \n 1,978,995  \n 2,677,828  \n 382,924 \n\nAccrual \n 624,980  \n 1,036,603  \n 377,263  \n 53,948 \n\nReversal \n (39,847) \n (154,585) \n (651,758) \n (93,200)\n\nWrite\noff \n (52,905) \n (183,185) \n (132,726) \n (18,980)\n\nBalance\nat the end of the year \n 1,978,995  \n 2,677,828  \n 2,270,607  \n 324,692 \n\n** **\n\nF-30\n\n** **\n\n**Note 7\n— PROPERTY AND EQUIPMENT, NET**\n\n \n\nProperty\nand equipment consisted of the following:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nLeasehold\nimprovements \n 4,758,936  \n 4,758,936  \n 680,519 \n\nOffice\nequipment and furniture \n 5,707,482  \n 5,709,799  \n 816,491 \n\nMotor\nvehicles \n 813,577  \n 1,661,721  \n 237,623 \n\nTotal\nproperty and equipment \n 11,279,995  \n 12,130,456  \n 1,734,633 \n\nLess:\nAccumulated depreciation and amortization \n 10,733,082  \n 10,732,962  \n 1,534,794 \n\nLess:\nImpairment \n 85,551  \n 150,926  \n 21,582 \n\nProperty\nand equipment, net \n 461,362  \n 1,246,568  \n 178,257 \n\n \n\nTotal\ndepreciation expense for property and equipment was RMB112,092, RMB134,510 and RMB149,307 (US$21,351) for the years ended December 31,\n2023, 2024 and 2025, respectively.\n\n \n\nThe\nfollowing table presents movement of impairment of property and equipment:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nBalance\nat the beginning of the year \n 40,163  \n 49,987  \n 85,551  \n 12,234 \n\nAccrual \n 43,923  \n 37,773  \n 73,240  \n 10,473 \n\nWrite\noff \n (34,099) \n (2,209) \n (7,865) \n (1,125)\n\nBalance\nat the end of the year \n 49,987  \n 85,551  \n 150,926  \n 21,582 \n\n \n\n**Note 8\n— LEASE**\n\n \n\nThe\nGroup leases office space, warehouse and pharmacy from third parties.\n\n \n\nThe\nGroup does not have any finance lease for the years ended December 31, 2023, 2024 and 2025. As of December 31, 2024 and\n2025, the Group recognized the following items related to operating leases in its consolidated balance sheet.\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nASSETS \n   \n   \n  \n\nRight-of-use\nassets \n 3,818,363  \n 4,236,029  \n 605,744 \n\nLess:\nimpairment \n 3,818,363  \n 4,236,029  \n 605,744 \n\nRight-of-use\nassets, net \n —  \n —  \n — \n\n  \n    \n    \n   \n\nLIABILITIES \n    \n    \n   \n\nOperating\nlease liabilities – current \n 1,388,863  \n 1,545,002  \n 220,932 \n\nOperating\nlease liabilities – non-current \n 1,672,218  \n 1,294,510  \n 185,112 \n\n** **\n\nF-31\n\n \n\nAs\nof December 31, 2024 and 2025, the operating lease’s weighted average remaining lease term was 2.24 years and 1.97 years,\nrespectively. As of December 31, 2024 and 2025, and weighted average discount rate was 5.02% and 3.68% per annum, respectively.\n\n \n\nThe\nfollowing table presents movement of impairment of operating lease right-of-use assets:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nBalance\nat the beginning of the year \n 5,197,770  \n 3,877,501  \n 3,818,363  \n 546,018 \n\nAccrual \n 1,063,104  \n 2,200,752  \n 2,035,277  \n 291,041 \n\nWrite\noff \n (2,383,373) \n (2,259,890) \n (1,617,611) \n (231,315)\n\nBalance\nat the end of the year \n 3,877,501  \n 3,818,363  \n 4,236,029  \n 605,744 \n\n \n\nCash\nflow information related to leases consists of the following:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nOperating\ncash payments for operating leases \n 1,360,684  \n 1,181,260  \n 1,603,603  \n 229,312 \n\n \n\nThe\nminimum future lease payments as of December 31, 2025 are as follows:\n\n \n\n  \nOperating\nleases \n\n  \nRMB  \nUS$ \n\nFor the years ending December 31, \n   \n  \n\n2026 \n 1,625,117  \n 232,389 \n\n2027 \n 1,175,328  \n 168,070 \n\n2028 \n 148,114  \n 21,180 \n\nTotal\nfuture lease payments \n 2,948,559  \n 421,639 \n\nLess:\nImputed interest \n 109,047  \n 15,595 \n\nTotal\nlease liability balance \n 2,839,512  \n 406,044 \n\n \n\n**Note 9\n— TAXES**\n\n \n\n*Composition\nof income tax*\n\n* *\n\n*Cayman\nIslands*\n\n \n\nUnder\nthe current laws of the Cayman Islands, the Group and its intermediate holding companies in the Cayman Islands are not subject to tax\non income or capital gain. Additionally, upon payments of dividends by the Group or its subsidiaries in the Cayman Islands to their shareholders,\nno withholding tax will be imposed.\n\n* *\n\n*Hong Kong*\n\n \n\nPom\n(HK) is incorporated in Hong Kong and is subject to Hong Kong profits tax rate. Under the two-tiered profits tax rates regime,\nthe first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and the remaining profits will be taxed\nat 16.5%. Additionally, upon payments of dividends by the Company to its shareholders, no HK withholding tax will be imposed.\n\n \n\nF-32\n\n* *\n\n*PRC*\n\n \n\nUnder\nthe Enterprise Income Tax (“EIT”) Law in the PRC, the unified EIT rate for domestic enterprises and foreign invested enterprises\nis 25%, except for available preferential tax treatments, including tax concession for enterprise approved as “High and New Technology\nEnterprise” (“HNTE”). EIT grants preferential tax treatment to HNTEs at a rate of 15%, subject to a requirement that\nthey re-apply for HNTE status every three years. Qilekang Digital Health obtained the HNTE certificate in December 2021 and enjoyed a\npreferential income tax rate at 15% from calendar year 2021 to 2023. In November 2024, the company renewed the certificate and enjoyed\na preferential income tax rate at 15% from calendar year 2024 to 2026 together with its Beijing branch.\n\n \n\nFor\nqualified small and low-profit enterprises, from January 1, 2023 to December 31, 2027, 25% of the first RMB 3.0 million of the assessable\nprofit before tax is subject to the tax rate of 20%. For the year ended December 31, 2023, 2024 and 2025, some PRC subsidiaries are qualified\nsmall and low-profit enterprises, and thus are eligible for the above preferential tax rates for small and low-profit enterprises.\n\n \n\nIn accordance with the disaggregation requirements of ASU 2023-09 adopted\nby the Company, income (loss) before income tax expense for the year ended December 31, 2025, is attributable to the following geographic\nlocations:\n\n \n\n  \nFor the Years Ended\n\nDecember 31, \n\n  \n2025  \n2025 \n\n  \nRMB  \nUS$ \n\nPRC \n (81,588,226) \n (11,666,960)\n\nCayman \n (49,347,867) \n (7,056,651)\n\nHong Kong \n 4,547  \n 650 \n\nTotal loss before income tax expense \n (130,931,546) \n (18,722,961)\n\n \n\nFor the years ended December 31, 2023 and 2024, which represent periods\nprior to the adoption of ASU 2023-09, the current and deferred components of income tax expenses which were substantially attributable\nto the Company’s VIE and VIE’s subsidiaries, are as follows: \n\n \n\n  \nFor the Years Ended\n\nDecember 31, \n\n  \n2023  \n2024 \n\n  \nRMB  \nRMB \n\nCurrent income tax expense \n \n—\n  \n \n—\n \n\nDeferred income tax expense \n \n—\n  \n \n—\n \n\nTotal income tax expense \n \n—\n  \n \n—\n \n\n \n\nFor the year ended December 31, 2025, following the adoption of ASU\n2023-09 on a prospective basis, the current and deferred components of income tax expenses, disaggregated by jurisdiction, are as follows:\n\n \n\n  \nFor the Years Ended\n\nDecember 31, \n\n  \n2025  \n2025 \n\n  \nRMB  \nUS$ \n\nCurrent income tax expense \n   \n  \n\nPRC \n \n—\n  \n \n—\n \n\nCayman \n \n—\n  \n \n—\n \n\nHong Kong \n 375  \n 54 \n\nTotal current tax expense (benefit) \n 375  \n 54 \n\nDeferred income tax expense \n    \n   \n\nPRC \n \n—\n  \n \n—\n \n\nCayman \n \n—\n  \n \n—\n \n\nHong Kong \n \n—\n  \n \n—\n \n\nTotal deferred tax expense (benefit) \n \n—\n  \n \n—\n \n\nTotal income tax expense/(benefit) \n    \n   \n\nPRC \n \n—\n  \n \n—\n \n\nCayman \n \n—\n  \n \n—\n \n\nHong Kong \n 375  \n 54 \n\nTotal income tax expense \n 375  \n 54 \n\n \n\nF-33\n\n \n\nThe reconciliation of taxes at the PRC statutory rate to our provision\nfor income taxes for the years ended December 31, 2023 and 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 was\nas follows:\n\n \n\n  \nFor the Years Ended\nDecember 31, \n\n  \n2023  \n2024 \n\n  \n%  \n% \n\nPRC income tax statutory rate \n 25.00% \n 25.00%\n\nNon-deductible expenses \n (10.76)% \n (8.04)%\n\nNon-deductible interest expense \n (9.83)% \n (6.19)%\n\nNon-deductible entertainment expense \n (0.67)% \n (1.19)%\n\nOthers \n (0.26)% \n (0.66)%\n\nEffect of preferential tax rate \n (6.21)% \n (6.40)%\n\nPrior year true up of NOL \n (31.15)% \n (1.93)%\n\nExpiration of NOL \n (2.38)% \n (5.42)%\n\nChange in valuation allowance \n 25.50% \n (3.21)%\n\nIncome tax expense \n \n—\n  \n \n—\n \n\n \n\nUpon adoption of ASU 2023-09, Improvements to Income Tax Disclosures,\nas described in Note 3, Summary of Significant Accounting Policies, the reconciliation of taxes at the PRC statutory rate to our provision\nfor income taxes for the year ended December 31, 2025 was as follows (in RMB, except for percentages): \n\n \n\n  \nFor\nthe Years Ended December 31, 2025 \n\n  \nRMB  \nUS$  \n% \n\nLoss\nbefore income tax expense \n (130,931,546) \n (18,722,961) \n 100.00%\n\nPRC\nincome tax statutory rate \n 25.00% \n 25.00% \n 25.00%\n\nComputed\nincome tax benefit with PRC statutory income tax rate \n (32,732,887) \n (4,680,740) \n 25.00%\n\nDomestic\ntax effects \n    \n    \n   \n\nNon-deductible\nexpenses \n 3,698,281  \n 528,846  \n (2.82)%\n\nNon-deductible\ninterest expense \n 2,730,350  \n 390,435  \n (2.09)%\n\nNon-deductible\nentertainment expense \n 675,841  \n 96,644  \n (0.52)%\n\nOthers \n 292,090  \n 41,767  \n (0.22)%\n\nEffect\nof preferential tax rate \n 6,058,580  \n 866,365  \n (4.63)%\n\nPrior\nyear true up of NOL \n 1,073,852  \n 153,559  \n (0.82)%\n\nExpiration of NOL \n 7,824  \n 1,120  \n (0.01)%\n\nChanges\nin tax rates enacted in the current period \n —  \n —  \n — \n\nChange\nin valuation allowance \n 9,558,144  \n 1,366,796  \n (7.30)%\n\nForeign\ntax effects \n 12,336,581  \n 1,764,108  \n (9.42)%\n\nStatutory\ntax rate difference between Cayman and PRC \n 12,336,967  \n 1,764,163  \n (9.42)%\n\nStatutory\ntax rate difference between HK and PRC \n (386) \n (55) \n (0.00)%\n\nIncome\ntax expense \n 375  \n 54  \n (0.00)%\n\n \n\nF-34\n\n \n\nFor the year ended December 31, 2025, following the adoption of ASU\n2023-09 on a prospective basis, the income taxes paid by jurisdiction is as follows\n\n \n\n  \n For the Years Ended\n\nDecember 31, \n\n  \n 2025  \n 2025 \n\n  \n RMB  \n US$ \n\nPRC \n \n—\n  \n \n—\n \n\nCayman \n \n—\n  \n \n—\n \n\nHong Kong \n \n—\n  \n \n—\n \n\nTotal \n \n—\n  \n \n—\n \n\n \n\nThe\ntax effects of temporary differences and net operating losses that give rise to the deferred tax balances at December 31, 2024 and\n2025 are as follows:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nDeferred tax assets: \n   \n   \n  \n\nCredit\nloss provision \n 575,804  \n 474,037  \n 67,786 \n\nInventory\nreserve \n 121,492  \n 455,194  \n 65,092 \n\nImpairment\nof long-term investment \n 75,000  \n —  \n — \n\nImpairment\nof fixed asset \n —  \n 10,986  \n 1,571 \n\nLease\nliability \n 606,798  \n 561,916  \n 80,353 \n\nAccrued\npayroll payable \n 1,179,467  \n 1,204,540  \n 172,247 \n\nNet\noperating loss carry forwards \n 82,023,102  \n 91,433,134  \n 13,074,764 \n\nTotal\ndeferred tax assets \n 84,581,663  \n 94,139,807  \n 13,461,813 \n\nValuation\nallowance \n (84,581,663) \n (94,139,807) \n (13,461,813)\n\nDeferred\ntax assets, net \n —  \n —  \n — \n\n \n\nF-35\n\n \n\nChanges\nin valuation allowance are as follows:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nBalance\nat beginning of the year \n 83,381,457  \n 84,581,663  \n 12,095,017 \n\nExpiration of NOL \n (2,023,361) \n (7,824) \n (1,119)\n\nAddition \n 4,185,912  \n 10,639,820  \n 1,521,474 \n\nPrior\nyear true up of NOL \n (720,312) \n (1,073,852) \n (153,559)\n\nDeregistration \n (696) \n —  \n — \n\nChange\nof tax rates \n (241,337) \n —  \n — \n\nBalance\nat end of the year \n 84,581,663  \n 94,139,807  \n 13,461,813 \n\n \n\nAccording\nto PRC tax regulations, the PRC enterprise net operating loss can generally carry forward for no longer than five years, and HNTE’s\nnet operating losses can be carried forward for no more than ten years, starting from the year subsequent to the year in which the\nloss was incurred. Carryback of losses is not permitted. As of December 31, 2023 and December 31, 2024 and December 31,2025, tax-loss\ncarry-forwards amounted to RMB531,724,823, RMB543,607,595 and RMB653,688,798 (US$93,476,255) respectively. As of December 31, 2025,\nnet operating loss carryforwards from PRC will expire in calendar years 2026 through 2035 if not utilized.\n\n \n\nThe\nGroup considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than\nnot be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future\nprofitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and\ntax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold.\nUnder the applicable accounting standards, management has considered the Group’s history of losses and concluded that it is more\nlikely than not that the Group will not generate future taxable income prior to the expiration of the majority of net operating losses.\nAccordingly, as of December 31, 2024 and 2025, a RMB84,581,663 and RMB94,139,807 (US$13,461,813) valuation allowance has been established\nrespectively.\n\n \n\nUncertain\ntax positions\n\n \n\nThe\nGroup evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits,\nand measure the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Group did not have\nany unrecognized uncertain tax positions and the Group does not believe that its unrecognized tax benefits will change over the next\ntwelve months. For the years ended December 31, 2023, 2024 and 2025, the Company did not incur any interest and penalties\nrelated to potential underpaid income tax expenses.\n\n \n\nAs\nof December 31, 2025, the tax years ended December 31, 2020 through 2024 for the Group’s subsidiaries in the PRC\nand the VIEs are generally subject to examination by the PRC tax authorities.\n\n \n\nF-36\n\n** **\n\n**Note 10\n— SHARE-BASED COMPENSATION**\n\n \n\nIn February 2025, we adopted\nthe 2025 Share Incentive Plan, or the 2025 Plan, for the purpose of granting share-based compensation awards to selected directors, employees\nand other eligible persons to incentivize their performance and align their interests with the Group. The maximum aggregate number of\nClass A ordinary shares which may be issued pursuant to all awards under the 2025 Plan is 3,317,204.\n\n \n\nOn\nNovember 28, 2025, the Group entered service agreements with three suppliers to obtain specified consultancy and professional services\nto improve the Group’s marketing, administrative and research and development capabilities. In exchange for service acquired, the\nGroup granted American depositary shares, or ADS to the suppliers. The agreements only contain service conditions and the grantees are\ngenerally subject to a vesting schedule of one year, under which the grantee earns an entitlement to vest a certain percentage of ADSs\ngranted at the end of each phase of completed service. The share-based agreements signed with the suppliers contained forfeiture policy\nand the granted ADS becomes fully vested and nonforfeitable only after the suppliers provide the corresponding service.\n\n \n\nOn\nNovember 28, 2025, the grant date, the fair value of one ADS was US$4.32 (equivalently to US$25.92 per share) which was closing market\nprice of NASDAQ. As of December 31, 2024, no ADSs were granted. As of December 31, 2025, the Group granted a total of 15,000,000\nADSs (equivalently to 2,500,000 Class A ordinary shares). The total fair value of the ADSs granted was RMB453,152,880 (US$64,800,000)\nas of grant date.\n\n \n\nA\nsummary of the Group’s ADS activity under the plans for the years ended December 31, 2024 and 2025 is presented as follows:\n\n \n\n   Number of\nshares   Weighted\nAverage\nGrant-date\nfair value\nUS$   Weighted\nAverage\nRemaining\nterms\n(Years)   Grant-date fair value of\nADS \n\n               RMB   US$ \n\nOutstanding as of January 1, 2024, December 31, 2024 and January 1, 2025   —    —    —    —    — \n\nGranted   2,500,000    25.92         453,152,880    64,800,000 \n\nVested   —    —    —    —    — \n\nForfeited   —    —    —    —    — \n\nOutstanding as of December 31, 2025   2,500,000    25.92    0.96    453,152,880    64,800,000 \n\n \n\nThe\nunrecognized based-based compensation expense for ADSs granted to service suppliers, maybe adjusted for actual forfeitures occurring\nin the future, were nil which are expected to be recognized over a weighted-average period of nil and 0.96 years as of December 31, 2024\nand 2025, respectively. The unrecognized employee based-based compensation expense for ADSs granted, maybe adjusted for actual forfeitures\noccurring in the future, were nil and RMB437,081,058 (US$62,501,760) which are expected to be recognized over the period of service provided\nas of December 31, 2024 and 2025, respectively.\n\n \n\nThe\nallocation of total share base payments expenses for service suppliers was set forth as follows:\n\n \n\n  \nFor\nthe years ended December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nService suppliers: \n   \n   \n  \n\nSelling and marketing expenses \n —  \n 8,026,612  \n 1,147,790 \n\nGeneral and administrative\nexpenses \n —  \n 8,397,071  \n 1,200,765 \n\nTotal\nshare compensation for service suppliers: \n —  \n 16,423,683  \n 2,348,555 \n\n \n\nF-37\n\n \n\n**Note 11 — LOANS FROM THIRD\nPARTIES**\n\n** **\n\nAs of December 31, 2025    Balance   Maturity\nDate  Effective\nInterest\nRate  Collateral/\nGuarantee\n\n     RMB   US$          \n\nShort-term\nloans from third parties(a)     610,637    87,320   Due on demand  N/A  N/A\n\n** **\n\nAs of December 31, 2025  Balance   Maturity\nDate  Effective\nInterest\nRate  Collateral/\nGuarantee\n\n   RMB   US$          \n\nLong-term loans from third parties, noncurrent                 \n\nPing Fang(b)   2,000,582    286,079   December 31, 2027  RMB16,000 per month (approximately 9.6% per annum)  N/A\n\n** **\n\nAs of December 31, 2025  Balance   Maturity\nDate  Effective\nInterest\nRate  Collateral/\nGuarantee\n\n   RMB   US$          \n\nLong-term loans from third parties, current                 \n\nXueyi Xie(c)   200,000    28,600   December 31, 2026  N/A  N/A\n\n** **\n\nAs of December 31, 2024    Balance   Maturity\nDate  Effective\nInterest\nRate  Collateral/\nGuarantee\n\n     RMB          \n\nShort-term loans from third parties(a)     6,905,558   Due on demand \n\nN/A\n\n  Partially guaranteed by Zhenyang Shi and Li Xu\n\n      4,646,056   From January to August 2025  From 0% to 18%  Partially Guaranteed by Zhenyang Shi\n\nTotal     11,551,614          \n\n** **\n\nF-38\n\n \n\nAs of December 31, 2024  Balance   Maturity\nDate  Effective\nInterest\nRate  Collateral/\nGuarantee\n\n   RMB          \n\nLong-term loans from third parties, current             \n\nPing Fang   2,000,582   August 31, 2025  RMB16,000 per month (approximately 9.6% per annum)  Guaranteed by three related parties, including Dexiang Wei, Guoji Luo, Yongan Zhong and one management of the Group\n\nHaiming Luo   119,500   February 28, 2025, monthly pay RMB8,333  RMB6,000 per month  Guaranteed by three related parties, including Dexiang Wei, Guoji Luo, Yongan Zhong and one management of the Group\n\nXueyi Xie   200,000   December 31, 2025  N/A  N/A\n\nTotal   2,320,082          \n\n \n\n \n\n(a)For the years ended December 31, 2024 and 2025, the Group entered into various loans agreements with individuals for an aggregated amount of RMB19,856,630 and RMB 2,951,275 (US$422,027), respectively, to facilitate its business operations. During the years ended December 31, 2024 and 2025, the Group did not fully repay the loans which were due on demand, and these entity and individuals may request the Group to repay the loan at any time.\n\n  \n\n(b)The loan was renewed in 2025 with maturity date of December 31, 2027.\n\n  \n\n(c)The loan was renewed in 2025 with maturity date of December 31, 2026.\n\n \n\nInterest\nexpenses of the loans from third parties for the years ended December 31, 2023, 2024 and 2025 amounted to RMB946,461, RMB623,866\nand RMB799,239 (US$114,290) respectively.\n\n \n\nAs\nof December 31, 2025, the Group’s future obligations for the loans from third parties according to the terms of the loans\nare as follows:\n\n \n\nFor the\nYears ending December 31, \nRMB  \nUS$ \n\n2026 \n 1,002,637  \n 143,375 \n\n2027 \n 2,192,582  \n 313,535 \n\nTotal future loan payments \n 3,195,219  \n 456,910 \n\nLess: Imputed interest \n 384,000  \n 54,911 \n\nTotal loans from third\nparties \n 2,811,219  \n 401,999 \n\n** **\n\nF-39\n\n** **\n\n**Note 12\n— LOANS**\n\n \n\nOutstanding\nbalances of loan consist of the following:\n\n \n\nAs of December 31, 2025   **Balance**    Maturity\nDate  Effective\nInterest\nRate   Collateral/\nGuarantee\n\n   **RMB**    US$           \n\nShort-term bank loans                  \n\nIndustrial Bank Co., Ltd. (b)     25,000,000    3,574,952   From April 15, 2026 to November 20, 2026   3.4% & 3.5%   Guarantee: Zhenyang Shi, Li Xu, Wanmei Shi, Qilekang Modern Logistics, and Qilekang Digital Health\n\nAgricultural Bank of China(a)   3,000,000    428,994   January 21, 2026   \n3.15\n%  Co-borrower: Zhenyang Shi\n\nBank of Guangzhou   3,000,000    428,994   June 5, 2026   3.80%  Guarantee: Qilekang Modern Logistics, Zhenyang Shi and Li Xu\n\nChina Guangfa Bank   8,000,000    1,143,985   From   September 21, 2026 to October 15, 2026   3.20%  Guarantee: Zhenyang Shi, Li Xu, and Qilekang Modern Logistics\n\nBank of Communications   6,000,000    857,989   August 11, 2026   3.20%  Guarantee: Zhenyang Shi, Li Xu and Qilekang Digital Health\n\nIndustrial and Commercial Bank of China   3,000,000    428,994   November 30, 2026   3.11%  N/A\n\nChina CITIC Bank   5,000,000    714,991   December 22, 2026   4.00%  Guarantee: Qilekang Digital Health, Zhenyang Shi and Li Xu\n\n**Total**** ** ** ****53,000,000**** **** ** ** ****7,578,899**** **** ** ** **** ** ** **** **** **** ** ** **\n\n                      \n\nLong-term bank loans, current                     \n\nAgricultural Bank of China. (c)      200,000    28,600   December 21, 2026   \n3.35\n%  Guarantee: Zhenyang Shi and Li Xu\n\nBank of Jiujiang (e)   500,000    71,499   September 16, 2026   \n5.00\n%  Guarantee: Zhenyang Shi and Qilekang Modern Logistics\n\nChina Resource Bank of Zhuhai (d)   600,000    85,799   September 21, 2026   \n3.85\n%  Guarantee: Zhenyang Shi, Li Xu and Qilekang Modern Logistics\n\nBank of Jiujiang (a)     2,400,000    343,195   March 15, 2026   \n4.95\n%  Guarantee: Qilekang Digital Health and Zhenyang Shi\n\n**Total**** ** ** ****3,700,000**** **** ** ** ****529,093**** **** ** ** **** ** ** **** **** **** ** ** **\n\nLong-term bank loans, noncurrent                     \n\nAgricultural Bank of China   1,700,000    243,097   August 31, 2028   3.35%  Guarantee: Zhenyang Shi and Li Xu\n\nBank of Jiujiang   4,500,000    643,491   September 16, 2028   5.00%  Guarantee: Zhenyang Shi and Qilekang Modern Logistics\n\nChina Resource Bank of Zhuhai   4,800,000    686,391   October 18, 2027   3.85%  Guarantee: Zhenyang Shi, Li Xu and Qilekang Modern Logistics\n\n**Total**** ** ** ****11,000,000**** **** ** ** ****1,572,979**** **** ** ** **** ** ** **** **** **** ** ** **\n\n \n\nF-40\n\n** **\n\nAs of December 31, 2025  Balance   Maturity\nDate  Effective\nInterest\nRate   Collateral/\nGuarantee\n\n   RMB   US$           \n\nLong-term loans, current                  \n\nXi’an Changtao Network Small Loan Co., Ltd.(f)   10,000,000    1,429,981   December 31, 2026   20.04%  Guaranteed by five related parties, including Zhenyang Shi, Li Xu, Guoji Luo, Wanmei Shi, Yongan Zhong and five managements of the Group\n\n \n\n \n\n(a)The bank loans were fully repaid till the filing of this report.\n\n \n\n(b)The balance of RMB20 million as of December 31, 2025 was repaid till March 9 2026 and March 12, 2026.\n\n \n\n(c)The balance of RMB50 Thousand as of December 31, 2025 was repaid till March 23 2026.\n\n \n\n(d)The balance of RMB0.3 million as of December 31, 2025 was repaid till March 21 2026.\n\n \n\n(e)The balance of RMB0.25 million as of December 31, 2025 was repaid till March 16 2026.\n\n \n\n(f)\nThe loan was renewed in 2025 with maturity date of December 31, 2026.\n\n \n\nAs of December 31, 2024  Balance   Maturity\nDate  Effective\nInterest\nRate  Collateral/\nGuarantee\n\n   RMB          \n\nShort-term bank loans             \n\nIndustrial Bank Co., Ltd.   18,000,000   From April 22, 2025 to June 24, 2025  From 3.8% to 3.90%  Guarantee: Zhenyang Shi, Li Xu, Wanmei Shi, Qilekang Modern Medicine, and Qilekang Digital Health\n\nShanghai Pudong Development Bank   10,000,000   March 04, 2025  4.90%  Co-borrower: Zhenyang Shi\n\nZhejiang Wangshang Bank Co., Ltd.   1,958,333   November 23, 2025 to December 23, 2025  From 8.62% to 10.80%  Guarantee: Wanmei Shi\n\nChina CITIC Bank   5,000,000   December 27, 2025  4.10%  Guarantee: Zhenyang Shi, Li Xu, Dazi Nuojin Enterprise Management Consulting Co., Limited, Tibet Huijian Management Consulting Partnership (Limited Partnership) (previously known as Dazi Jinnuo Huijian Investment Management Partnership Enterprise (Limited Partnership)) Collateral: Zhenyang Shi’s real estate\n\nTotal   34,958,333   　      \n\n               \n\nLong-term bank loans, current   -          \n\nBank of Jiujiang   300,000   March 15, 2025  5.40%  Guarantee: Qilekang Digital Health and  Zhenyang Shi\n\n** **\n\nF-41\n\n** **\n\nAs of December 31, 2024  Balance   Maturity\nDate  Effective\nInterest\nRate   Collateral/\nGuarantee\n\n   RMB           \n\nLong-term bank loans              \n\nBank of Jiujiang   2,400,000   March 15, 2026   5.40%  Guarantee: Qilekang Digital Health and Zhenyang Shi\n\nChina Resource Bank of Zhuhai   6,000,000   October 18, 2027   3.85%  Guarantee: Zhenyang Shi, Li Xu and Qilekang Modern Mechine\n\nTotal   8,400,000            \n\n                 \n\nLong-term loans, current                \n\nXi’an Changtao Network Small Loan Co., Ltd.   10,000,000   December 31, 2025   20.04%  Guaranteed by five related parties, including Zhenyang Shi, Li Xu, Guoji Luo, Wanmei Shi, Yongan Zhong, and five managements of the Group\n\n \n\nInterest\nexpenses of the bank loans and loans from other financial institutions for the years ended December 31, 2023, 2024 and 2025, amounted\nto RMB3,002,241, RMB3,632,425 and RMB3,940,362 (US$563,464) respectively.\n\n \n\nAs\nof December 31, 2025, the Group’s future obligations for loans from banks and other financial institutions, according to the\nterms of the loans are as follows:\n\n \n\nFor the\nYears ending December 31, \nRMB  \nUS$ \n\n2026 \n 70,283,323  \n 10,050,382 \n\n2027 \n 5,865,377  \n 838,738 \n\n2028 \n 5,675,373  \n 811,567 \n\nTotal future loan payments \n 81,824,073  \n 11,700,687 \n\nLess: imputed interest \n 4,124,073  \n 589,735 \n\nTotal bank loans and loans\nfrom other financial institutions \n 77,700,000  \n 11,110,952 \n\n** **\n\nF-42\n\n** **\n\n**Note 13\n— RELATED PARTIES BALANCE AND TRANSACTIONS**\n\n** **\n\n**Name of related parties**   **Relationship with the Group**\n\nNanjing Benyu Investments Management Limited   A company controlled by the management of a shareholder of the Group\n\nGuangzhou Shennong Xuanpin Products Sales Co., Ltd.   A company controlled by the management of the Group\n\nGuangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)   A company controlled by the management of the Group\n\nGuangzhou Aopolikang Biotechnology Co., Ltd.   A company controlled by the management of the Group\n\nGuangzhou Liwan Linghai Medical Outpatients Department   A company invested by the Group\n\nGuangzhou Aixiangbao Investment Limited Liability Partnership   A company controlled by the management of the Group\n\nChunong Diet Therapy (Guangzhou) Sales Co., Ltd.   A company controlled by the management of the Group\n\nZhenyang Shi   Chief Executive Officer (“CEO”) of the Group\n\nLi Xu   CEO’s spouse\n\nWanmei Shi   CEO’s sister\n\nAihua Peng   Close relative of the management of a shareholder\n\nGuoji Luo   Management of the Group\n\nYongan Zhong   Management of the Group\n\nDexiang Wei   Management of the Group\n\nYi Zhi   Management of the Group\n\nTibet Huijian Management Consulting Partnership (Limited Partnership) (previously known as Dazi Jinnuo Huijian Investment Management Partnership Enterprise (Limited Partnership))   A shareholder’s related party\n\nJiangsu Gaotou Bangsheng Venture Capital Partnership (Limited Partnership)   A shareholder of the Group\n\nNanjing Bangsheng Juyuan Venture Capital Partnership (Limited Partnership) (formerly known as Nanjing Bangsheng Juyuan Investment Management Partnership (Limited Partnership))   A shareholder of the Group\n\nGuangdong Qicheng Youth Venture Capital Partnership (L.P.)   A shareholder of the Group\n\nGuangzhou Golden Pomegranate Digital Media Co., Ltd. (before June 11, 2024)   A company controlled by the management of the Group\n\n** **\n\n** **\n\nF-43\n\n** **\n\n**Name of related parties**   **Relationship with the Group**\n\nShanghai Guohong Kaiyuan Investment Center (Limited Partnership)   A shareholder of the Group\n\nShanghai Chuangye Jieli Taili Venture Capital Center (L.P.)   A shareholder of the Group\n\nDan Hong (H.K.) Technology Limited   A shareholder of the Group\n\nShanghai Zhongwei Anjian Venture Capital Investment LLP (Limited Partnership)   A shareholder of the Group\n\nBeijing HongShan Enterprise Information Management Consulting Center (Limited Partnership) (formerly known as Beijing Sequoia Enterprise Information Management Consulting Center (Limited Partnership))   A shareholder of the Group\n\nGuangdong Ginkgo Guangbo Venture Capital Partnership (L.P.)   A shareholder of the Group\n\nShanghai Jinglin Jinghui Equity Investment Center (L.P.)   A shareholder of the Group\n\nShenzhen Sharing Precision Medical Investment Partnership (Limited Partnership)   A shareholder of the Group\n\nZhuhai Huajin Chuangying No.1 Equity Investment Fund Partnership (Limited Partnership)   A shareholder of the Group\n\nAlps Innovation Limited   A shareholder of the Group\n\nNeijiang Yunrui Investment Partnership (Limited Partnership)   A shareholder of the Group\n\nBeijing Gaotejia Technology Partnership (Limited Partnership)   A shareholder of the Group\n\nGeneral technology Group Investment Management Co., Ltd.   A shareholder of the Group\n\nNova Compass Investment Limited   A shareholder of the Group\n\nGuangzhou Hikvision Enterprise Management Consulting Service Partnership Enterprise (Limited Partnership)   A company controlled by the management of the Group\n\nGuangzhou Qingbai Operation Management Co., Ltd.   A company controlled by the management of the Group\n\nGuangzhou Pet Vision Information Technology Co., Ltd. (formerly known as Guangzhou Brother Youyi Business Internet Co. Ltd.) (after August 22, 2025)   A company controlled by the management of the Group\n\n \n\na)\nAccounts receivable — a related party\n\n \n\nAs\nof December 31, 2024 and 2025, the amount of accounts receivable — a related party consisted of the followings:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nGuangzhou\nZhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.) \n 424,259  \n 831,436  \n 118,894 \n\n \n\nF-44\n\n \n\nb)\nAccounts payable — a related party\n\n \n\nAs\nof December 31, 2024 and 2025, the amount of accounts payable — a related party consisted of the followings:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nGuangzhou\nAopolikang Biotechnology Co., Ltd. \n 25,891  \n 7,296  \n 1,043 \n\n \n\nc)\nAmount due from related parties\n\n \n\nThe\nbalance of due from related parties represents advances to the related parties. The balances advanced to the related parties are unsecured,\nnon-interest bearing and due on demand. As of December 31, 2024 and 2025, amount due from related parties consisted of the followings:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nLi\nXu \n 99,610  \n —  \n — \n\nYi\nZhi \n 25,676  \n 185,676  \n 26,551 \n\nGuangzhou\nZhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.) \n 819,977  \n 256,259  \n 36,645 \n\nGuangzhou\nLiwan Linghai Medical Outpatients Department \n 4,687,724  \n 3,040,772  \n 434,825 \n\nWanmei\nShi \n —  \n 154,332  \n 22,069 \n\nTotal\namount due from related parties \n 5,632,987  \n 3,637,039  \n 520,090 \n\n \n\nAs\nof the filing of this report, partial collection has been made in respect of the amount due from Guangzhou Zhiyao Cloud Technology Co.,\nLtd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.), the amount due from Guangzhou Liwan Linghai Medical Outpatients\nDepartment has been collected in full, and no collection has been made for the remaining amounts due from other relevant parties.\n\n \n\nF-45\n\n \n\nd)\nAmount due to related parties\n\n \n\nAs\nof December 31, 2024 and 2025, amount due to related parties consisted of the followings:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nZhenyang Shi* \n 25,739,395  \n 32,376,056  \n 4,629,714 \n\nWanmei Shi \n 75,667  \n —  \n — \n\nAihua Peng* \n 6,881,778  \n 7,674,638  \n 1,097,459 \n\nYongan Zhong \n 1,200  \n 1,200  \n 172 \n\nNanjing Benyu Investments Management Limited* \n 4,017,178  \n 4,675,397  \n 668,573 \n\nLi Xu \n —  \n 30,500  \n 4,361 \n\nDexiang Wei* \n 66,533  \n 56,533  \n 8,084 \n\nGuoji Luo* \n 44,089  \n 44,089  \n 6,305 \n\nGuangzhou Shennong Xuanpin Products Sales Co.,\nLtd. \n 3,170  \n —  \n — \n\nGuangzhou\nPet Vision Information Technology Co., Ltd. (formerly known as Guangzhou Brother Youyi Business Internet Co. Ltd.) (after August 22, 2025) \n —  \n 1,108,451  \n 158,506 \n\nTotal\namount due to related parties \n 36,829,010  \n 45,966,864  \n 6,573,174 \n\n \n\n \n\n*The balances represent interest payable of the loans from the related parties. The balances are expected to be settled in accordance with the terms of the loans.\n\n \n\nThe\nabove balances are without interest-bearing. Except interest payable, other balances due to related parties are due on demand.\n\n \n\ne)\nLoans from related parties\n\n \n\n**As of December 31, 2025**  **Balance**   Maturity\nDate  **Effective Interest Rate**   **Collateral/ Guarantee** \n\n   **RMB**   US$            \n\nLoans from related parties, current                   \n\nNanjing Benyu Investments Management Limited****   3,000,000    428,994   June 30, 2026   10.00%   N/A \n\nAihua Peng   3,950,000    564,842   Due on demand   20.00%     \n\nWanmei Shi   21,000    3,003   Due on demand   N/A      \n\nLi Xu   7,984,182    1,141,723   Due on demand   N/A    N/A \n\nYongan Zhong   2,685    384   Due on demand   N/A    N/A \n\nDexiang Wei***   184,087    26,324   Due on demand   N/A    N/A \n\nGuoji Luo***   56,355    8,059   Due on demand   N/A    N/A \n\nTotal   15,198,309    2,173,329              \n\nLoans from related parties, noncurrent                       \n\nGuangzhou Aixiangbao Investment Limited Liability Partnership*   221,040,859    31,608,422   August 10, 2030   N/A     N/A \n\nZhenyang Shi**   135,350,000    19,354,793   December 31, 2030   4.90%   N/A \n\nTotal   356,390,859    50,963,215              \n\n \n\n \n\n*On August 10, 2021, the Group entered into tripartite agreements with Focus Media, Inc (“Focus Media”) and Guangzhou Aixiangbao Investment Limited Liability Partnership (“Aixiangbao”), 100% owned by Mr. Shi, pursuant to which the Group is released from being the obligor to Focus Media under the liability but the obligor to Aixiangbao as Aixiangbao assumed the obligation on behalf of the Group in the amount of RMB221.0 million, among which included payables ofRMB214.5 million for the year of 2020 and RMB6.5 million for the year of 2021. On September 10, 2021, the Group reached an agreement with Aixiangbao, pursuant to which the Group will not be required to repay the liability for five years and after then Aixiangbao can only require the Group to repay the liability in a non-cash method. In 2025, the agreement was renewed with maturity date of August 10, 2030.\n\n**The purpose of obtaining loans from Zhenyang Shi is to maintain the daily operation of the Group. In 2025, the loan was renewed with maturity date of December 31, 2030.\n\n***The related party loan balance as of December 31, 2024 with Dexiang Wei, Guoji Luo were partially repaid during twelve months ended December 31, 2025.\n\n****In 2025, the loan was renewed with maturity date of June 30, 2026.\n\n \n\nF-46\n\n \n\nAs of December 31, 2024  Balance   Maturity\nDate  Effective\nInterest\nRate   Collateral/\nGuarantee\n\n   RMB           \n\nLoans from related parties, current              \n\nNanjing Benyu Investments Management Limited   7,100,000   June 30, 2025   10.00%  N/A\n\nAihua Peng   4,040,000   Due on demand   20.00%  N/A\n\nWanmei Shi   21,000   Due on demand   N/A   N/A\n\nLi Xu   1,537,872   October 18, 2025   8.88%  N/A\n\nYongan Zhong   2,685   Due on demand   N/A   N/A\n\nDexiang Wei***   339,450   Due on demand   N/A   N/A\n\nGuoji Luo***   780,868   Due on demand   N/A   N/A\n\nTotal   13,821,875            \n\nLoans from related parties, noncurrent                \n\nGuangzhou Aixiangbao Investment Limited Liability Partnership*   221,040,859   August 10, 2026   N/A   N/A\n\nZhenyang Shi**   135,650,000   December 31, 2026   4.90%  N/A\n\nTotal   356,690,859            \n\n \n\n \n\n*On August 10, 2021, the Group entered into tripartite agreements with Focus Media, Inc (“Focus Media”) and Guangzhou Aixiangbao Investment Limited Liability Partnership (“Aixiangbao”), 100% owned by Mr. Shi, pursuant to which the Group is released from being the obligor to Focus Media under the liability but the obligor to Aixiangbao as Aixiangbao assumed the obligation on behalf of the Group in the amount of RMB221.0 million, among which included payables of RMB214.5 million for the year of 2020 and RMB6.5 million for the year of 2021. On September 10, 2021, the Group reached an agreement with Aixiangbao, pursuant to which the Group will not be required to repay the liability for five years and after then Aixiangbao can only require the Group to repay the liability in a non-cash method.\n\n**The purpose of obtaining loans from Zhenyang Shi is to maintain the daily operation of the Group.\n\n***The Company entered new related party loan agreements with these related parties during the year ended December 31, 2024 due on demand and no interest bearing. The related party loan balance as of December 31, 2023 with Dexiang Wei, Guoji Luo, Suna Yan and Guangzhou Golden Pomegranate Digital Media Co., Ltd. were fully repaid during twelve months ended December 31, 2024.\n\n \n\nInterest\nexpenses of loans from related parties for the years ended December 31, 2023, 2024 and 2025 amounted to RMB9,900,417, RMB8,621,249\nand RMB 8,118,160 (US$1,160,881), respectively.\n\n \n\nAs\nof December 31, 2025, the Group’s future obligations for loans from related parties according to the terms of the loans are\nas follows:\n\n \n\nFor the Year\nending December 31, \nRMB  \nUS$ \n\n2026 \n 22,770,459  \n 3,256,131 \n\n2027 \n 6,632,150  \n 948,385 \n\n2028 \n 6,632,150  \n 948,385 \n\n2029 \n 6,632,150  \n 948,385 \n\n2030 \n 363,023,009  \n 51,911,600 \n\nTotal\nfuture loan payments \n 405,689,918  \n 58,012,886 \n\nLess:\nImputed interest \n 34,100,750  \n 4,876,342 \n\nTotal\nloans from related parties \n 371,589,168  \n 53,136,544 \n\n \n\nf)\nSales to a related party\n\n \n\n      For the Years Ended December 31, \n\n   **Nature**  2023   2024   2025   2025 \n\n      RMB   RMB   RMB   US$ \n\nGuangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)  Drug sales   123,073    1,229,139    555,262    79,401 \n\n \n\nF-47\n\n \n\ng)\nPurchase from a related party\n\n \n\n      For the Years Ended December 31, \n\n   **Nature**  2023   2024   2025   2025 \n\n      RMB   RMB   RMB   US$ \n\nGuangzhou Aopolikang Biotechnology Co., Ltd.  Drug purchase   142,031    25,499    9,041    1,293 \n\n \n\nh)\nAdvertising service provided from a related party\n\n \n\n      For the Years Ended December 31, \n\n   Nature  2023   2024   2025   2025 \n\n      RMB   RMB   RMB   US$ \n\nGuangzhou Zhiyao Cloud Technology Co., Ltd.  Advertising service   \n—\n    \n—\n    546,060    78,086 \n\n \n\ni) Consulting service provided from a related party\n\n \n\n      For the Years Ended December 31, \n\n   Nature  2023   2024   2025   2025 \n\n      RMB   RMB   RMB   US$ \n\nGuangzhou Aopolikang Biotechnology Co., Ltd.  Consulting service   431,346    \n—\n    \n—\n    \n—\n \n\n \n\ni)\n Guarantee provided from related parties\n\n \n\nAs\nof December 31, 2025, the loans from Industrial Bank Co., Ltd. were of total amount of RMB25.0 million, with interest rates are 3.40%\nand 3.50% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu, Wanmei Shi, Qilekang Modern Logistics and Qilekang Digital Health.\n\n \n\nAs\nof December 31, 2025, the loans fromAgricultural Bank of China were of total amount of RMB3.0 million, with interest rate is 3.15% per\nannum. The loans were guaranteed by Zhenyang Shi.\n\n \n\nAs\nof December 31, 2025, the loans from Bank of Guangzhou Co., Ltd. were of total amount of RMB3.0 million, with interest rate is 3.80%\nper annum. The loans were guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.\n\n \n\nAs\nof December 31, 2025, the loans from China Guangfa Bank Co., Ltd. were of total amount of RMB8.0 million, with interest\nrate is 3.20% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.\n\n \n\nAs\nof December 31, 2025, the loan from Bank of Communications were of total amount of RMB6.0 million, with interest rate is 3.20% per annum.\nThe loan was guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.\n\n \n\nAs\nof December 31, 2025, the loans from China CITIC Bank were of total amount of RMB5.0 million, with interest rate is 4.00% per annum.\nThe loans were guaranteed by Qilekang Digital Health,Zhenyang Shi and Li Xu.\n\n \n\nAs\nof December 31, 2025, the loans from Agricultural Bank of China Co., Ltd. Guangzhou International Pharmaceutical Port Sub-branch; were\nof total amount of RMB1.9 million, with interest rate is 3.55% per annum. The loans were guaranteed by Zhenyang Shi and Li Xu.\n\n \n\nAs\nof December 31, 2025, the loans from Bank of Jiujiang were of total amount of RMB5.0 million, with interest rate is 5.00% per annum.\nThe loans were guaranteed by Zhenyang Shi and Qilekang Modern Logistics.\n\n \n\nAs\nof December 31, 2025, the loans from Zhuhai China Resources Bank Co., Ltd. were of total amount of RMB5.4 million, with interest rate\nis 3.85% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.\n\n \n\nAs\nof December 31, 2025, the loans from Bank of Jiujiang were of total amount of RMB2.4 million, with interest rate is 4.95% per annum.\nThe loans were guaranteed by Qilekang Digital Health and Zhenyang Shi.\n\n \n\nF-48\n\n \n\nj)\n Interest expense to related parties\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nZhenyang\nShi \n 7,361,275  \n 6,672,018  \n 6,636,661  \n 949,030 \n\nLi\nXu \n 288,000  \n 265,872  \n 30,420  \n 4,350 \n\nWanmei\nShi \n 66,000  \n —  \n —  \n — \n\nGuoji\nLuo \n 4,800  \n —  \n —  \n — \n\nNanjing\nBenyu Investments Management Limited \n 810,000  \n 766,789  \n 658,219  \n 94,124 \n\nAihua\nPeng \n 1,265,096  \n 916,570  \n 792,860  \n 113,377 \n\nGuangzhou\nZhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.) \n 105,246  \n —  \n —  \n — \n\nTotal \n 9,900,417  \n 8,621,249  \n 8,118,160  \n 1,160,881 \n\n** **\n\n**Note 14\n— CONVERTIBLE REDEEMABLE PREFERRED SHARES**\n\n** **\n\n**Series Pre-A\nPreferred Shares**\n\n \n\nOn\nDecember 19, 2014, Dazinuojin Enterprise Management Consulting Co., Ltd. (formerly known as Dazi Jinnuo Investment Management Consulting\nCo., Ltd.) (“Dazi Jinnuo”), Jiangsu Gaotou Bangsheng Venture Capital Partnership (Limited Partnership) (“Jiangsu Gaotou”),\nNanjing Bangsheng Juyuan Venture Capital Partnership (Limited Partnership) (formerly known as Nanjing Bangsheng Juyuan Investment Management\nPartnership (Limited Partnership)) (“Nanjing Bangsheng”), Guangdong Qicheng Youth Venture Capital Partnership (L.P.) (“Guangdong\nQicheng”), Shanghai Guohong Kaiyuan Investment Center (Limited Partnership) (“Shanghai Guohong”), Shanghai Chuangye\nJieli Taili Venture Capital Center (L.P.) (formerly known as Shanghai Venture Relay Taili Venture Capital Center) (“Chuangye Jieli”),\nand Grand Yangtze Hongtao Capital, L.P. (“Grand Yangtze”) respectively subscribed 817,460, 697,620, 16,666, 238,095, 595,238,\n119,048 and 238,095 Series Pre-A Convertible Redeemable Preferred Shares (in aggregate of 2,722,222 shares, “Series Pre-A\nPreferred Shares”), at RMB42.0 per share with total cash consideration of RMB114,333,273. Dazi Jinnuo is controlled by Mr. Shi.\n\n** **\n\n**Series A\nPreferred Shares**\n\n \n\nOn\nOctober 26, 2015, Dan Hong (H.K.) Technology Limited (“Dan Hong”) subscribed 2,957,613 Series A Convertible Redeemable\nPreferred Shares (“Series A Preferred Shares”), at RMB63.0 per share with cash consideration of RMB186,300,000.\n\n** **\n\n**Series B-1\nand B-2 Preferred Shares**\n\n \n\nOn\nSeptember 25, 2016, Shanghai Zhongwei Anjian Venture Capital Investment LLP (Limited Partnership) (“Shanghai Zhongwei”)\nsubscribed 911,178 Series B-1 Convertible Redeemable Preferred Shares (“Series B-1 Preferred Shares”), at RMB63.0\nper share with total cash consideration of RMB50,000,000.\n\n \n\nOn\nDecember 29, 2016, Beijing HongShan Enterprise Information Management Consulting Center (Limited Partnership) (“Beijing HongShan”),\nGuangdong Ginkgo Guangbo Venture Capital Partnership (L.P.) (“Guangdong Ginkgo”), Shanghai Jinglin Jinghui Equity Investment\nCenter (L.P.) (“Shanghai Jinglin”), Shenzhen Sharing Precision Medical Investment Partnership (Limited Partnership) (“Shenzhen\nSharing”), Zhuhai Huajin Chuangying No.1 Equity Investment Fund Partnership (Limited Partnership) (“Zhuhai Huajin”),\nand Alps Innovation Limited (“Alps Innovation”) respectively subscribed 571,630, 228,652, 228,652, 171,489, 114,326 and 457,304\nSeries B-2 Convertible Redeemable Preferred Shares (in aggregate of 1,772,053 shares, “Series B-2 Preferred Shares”).\nOn July 13, 2018, Zhenyang Shi transferred shares to Beijing HongShan, Guangdong Ginkgo, Shanghai Jinglin, Shenzhen Sharing, Zhuhai\nHuajin and Alps Innovation additional 222,020, 88,808, 88,808, 66,606, 44,404 and 177,616, respectively Series B-2 Preferred Shares\n(in aggregate of 688,262 shares). As of July 13, 2018, the cumulative Series B-2 Preferred Shares for Beijing HongShan, Guangdong\nGinkgo, Shanghai Jinglin, Shenzhen Sharing, Zhuhai Huajin and Alps Innovation were 793,650, 317,460, 317,460, 238,095, 158,730 and 634,920,\nrespectively (in aggregated of 2,460,315 shares), at RMB63.0 per share with total cash consideration of RMB155,000,000.\n\n** **\n\nF-49\n\n** **\n\n**Series B-3\nPreferred Shares**\n\n \n\nOn\nSeptember 1, 2017, Neijiang Yunrui Investment Partnership (Limited Partnership) (“Neijiang Yunrui”) subscribed 228,786\nSeries B-3 Convertible Redeemable Preferred Shares (“Series B-3 Preferred Shares”), at RMB87.4 per share with cash\nconsideration of RMB20,000,000.\n\n** **\n\n**Series B-4\nPreferred Shares**\n\n \n\nOn\nJune 8, 2018 and August 10, 2018, Beijing Gaotejia Technology Partnership (Limited Partnership) (“Beijing Gaotejia”),\nand General Technology Group Investment Management Co., Ltd. (“General Technology”) respectively subscribed 1,358,995 and\n452,998 Series B-4 Convertible Redeemable Preferred Shares (in aggregate of 1,811,993 shares, “Series B-4 Preferred Shares”),\nat RMB110.4 per share with total cash consideration of RMB200,000,000.\n\n \n\nOn\nAugust 10, 2021, Nova Compass Investment Limited (“Nova Compass”) subscribed 1,958,119 Series B-4 Convertible Redeemable\nPreferred Shares (“Series B-4 Preferred Shares”), at RMB112.9 per share with total consideration of RMB 221,040,859.\nNova Compass was an entity designated by Focus Media to subscribe shares mentioned above and the consideration was outstanding balance\nof the Group due to Focus Media. On August 10, 2021, the Group entered into tripartite agreements with Focus Media and Guangzhou\nAixiangbao Investment Limited Liability Partnership (“Aixiangbao”), 100% owned by Mr. Shi, pursuant to which the Group\nis released from being the obligor to Focus under the liability but the obligor to Aixiangbao as Aixiangbao assumed the obligation on\nbehalf of the Group in the amount of RMB221.0 million, among which included payables of RMB214.5 million for the year of 2020\nand RMB6.5 million for the year of 2021. In exchanged, Nova Compass was designated by Focused to subscribe the shares mention above.\n\n \n\nThe rights, preferences and\nprivileges of the Preferred Shares pursuant to the third amended and restated memorandum and articles of association of the Company in\nplace prior to the Company’s IPO (the “Pre-IPO Articles”) were as follows:\n\n \n\n●**Conversion\nright**\n\n \n\nThe Preferred Shares (exclusive\nof unpaid shares) would be automatically converted into ordinary shares 1) upon a qualified initial public offering (“IPO”);\nor 2) upon the approval of the Preferred Shareholders with respect to conversion of the preferred shares.\n\n \n\nThe initial conversion ratio\nof Preferred Shares to Class A ordinary shares was 1:1, subject to adjustments in the event of share splits, share dividends, combinations,\nrecapitalization and similar events.\n\n \n\n●**Redemption\nright**\n\n \n\nThe investors of Series Pre-A\nand A Preferred Shares had a right to require the Company to redeem their investments, at any time and from time to time on or after the\ndate of the earliest to occur of the following: (i) the Company’s failure to complete a qualified initial public offering (“IPO”)\nuntil December 31, 2022; (ii) at any time upon the occurrence of any fraudulent act; (iii) any of the Company or any Founder’s\nthe conviction of breaches or violation of criminal laws and/or applicable regulations which may have a material adverse effect on the\nconsummation of the IPO or Trade Sale; or (iv) the occurrence of the change of Control of the Company.\n\n \n\nThe\nredeemed price for each Series Pre-A and A Preferred Share should equal to the higher of (i) 100% of the issue price plus a\nsimple interest rate of 12% per annum, (ii) the amount of the issue price plus all declared but unpaid dividends; and (iii) the\namount of the net assets of the Company multiply by a fraction, with the numerator shall be the aggregate number of all Shares held by\nsuch Series Pre-A and A Preferred Shareholder on the date of the redemption, and the denominator shall be the aggregate number of\nall Shares then outstanding on such date.\n\n \n\nThe\ninvestors of Series B-1, B-2, B-3 and B-4 Preferred Shares have a right to require the Company to redeem their investments, at any\ntime and from time to time on or after the date of the earliest to occur of the following: (i) the Company fails to complete a qualified\ninitial public offering (“IPO”) until December 31, 2022; (ii) at any time upon the occurrence of a material breach\nof the transaction documents by the Company, which have a material adverse effect on the business, operations, properties or financial\nor other condition of the Company (iii) any failure to obtain or maintain any material permit or governmental approvals; (iv) any\nholder of any other class or series of shares has requested the Company to redeem its shares in the Company, and (v) the occurrence\nof the change of Control of the Company.\n\n \n\nF-50\n\n \n\nThe\nredeemed price for each Series B-1, B-2, B-3 and B-4 Preferred Share should equal to the higher of (i) 100% of the issue price\nplus a simple interest rate of 10% per annum, (ii) the amount of the issue price plus all appreciation on each Series preferred\nshares (including but without limitation to, all declared but unpaid dividends); and (iii) the amount of the net assets of the Company\nmultiply by a fraction, with the numerator shall be the aggregate number of all Shares held by such Preferred Shareholder on the date\nof the redemption, and the denominator shall be the aggregate number of all Shares then outstanding on such date.\n\n \n\n●**Liquidation**\n\n \n\n(i)Statutory\nliquidation event\n\n \n\nIn\na Statutory Liquidation Event, all assets and funds of the Company legally available for distribution to the Shareholders shall be distributed\nand the following circumstances shall be deemed a “Statutory Liquidation Event”: (a) the Company lose the rights on\nall or substantially all of any the Company’s Intellectual Properties, or there are material disputes or Liens on the rights of\nall or substantially all of any the Company’s Intellectual Properties, which will result in or have resulted in a material adverse\neffect on the business, operations of the Company; and (b) all or substantially all of the assets of the Company have been levied\nor commandeer, which will result in or have resulted in a material adverse effect on the business, operations of the Company.\n\n \n\nAll\nassets and funds of the Company legally available for distribution should be distributed for Series B-1, B-2, B-3 and B-4 Preferred\nShareholders. The liquidation amount for each SeriesB-1, B-2, B-3 and B-4 Preferred Share should equal to the applicable Issue Price\nplus an interest accrued at a compound interest rate of 8% per annum, but minus all declared and paid dividends.\n\n \n\nAfter\npayment for Series B-1, B-2, B-3 and B-4 Preferred Shareholders, Series A Preferred Shareholder shall be entitled to receive\nan amount equal to the Issue Price, plus all declared but unpaid dividends thereto on each Series Preferred Share.\n\n \n\nAfter\npayment for Series A Preferred Shareholders, each Series Pre-A Preferred Shareholders shall be entitled to receive for each\noutstanding Series Pre-A Preferred Share held by such Series Pre-A Preferred Shareholder, an amount equal to the Series Pre-A\nIssue Price.\n\n \n\n(ii)Deemed\nliquidation event\n\n \n\nIn\na Deemed Liquidation Event, all proceeds resulting to the Shareholders of the Company therefrom shall be distributed and the following\ncircumstance shall be deemed as a “Deemed Liquidation Event”: a Trade Sale shall be deemed a Liquidation Event.\n\n \n\nThe\npayment should be distributed in following order: Series B-1, B-2, B-3 and B-4 preferred shareholders shall receive the payment\nat first, Series A shall receive the payment secondly, Series Pre-A shall receive the payment at last. The amount equal to\nthe higher of (i) the Issue Price, plus an interest accrued at a compound interest rate of 25% per annum, but minus all declared\nand paid dividends, or (ii) the value of each Series Preferred Share in such Deemed Liquidation Event.\n\n \n\n●**Voting\nRight**\n\n \n\nThe\nholders of redeemable shares and Class A ordinary shares have the equivalent voting rights based on their proportionate holding of the\nCompany.\n\n \n\n●**Dividend**\n\n \n\nEach\nholder of redeemable shares shall be entitled to receive dividends and distributions on an as-converted basis together with the Class\nA and Class B ordinary shares on parity with each other, provided that such dividends and distributions shall be payable only when, as,\nand if declared by the Board.\n\n** **\n\nF-51\n\n** **\n\n**Accounting\nof convertible redeemable preferred shares**\n\n \n\nEach\nissuance of the convertible redeemable preferred shares is recognized at the respective issue price at the date of issuance net of issuance\ncosts. The Company has classified the convertible redeemable shares in the mezzanine equity of the consolidated balance sheets as of\nDecember 31, 2024, because they were contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s\ncontrol. The Company’s redeemable preferred shares was subject to SEC and its staff’s guidance on redeemable equity instruments,\nwhich has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has\nthe option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes\nprobable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes\nin the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the\nend of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement is treated\nas a deemed dividend. The change in redemption value is recorded against retained earnings, or in the absence of retained earnings, against\nadditional paid-in capital. Once additional paid-in capital has been exhausted, additional charges are recorded by increasing the accumulated\ndeficit.\n\n** **\n\n**Conversion\nupon IPO**\n\n \n\nAs\nthe Company completed its IPO in October 2025, all convertible redeemable preferred shares were automatically converted to Class A ordinary\nshares based on the aforementioned conversion ratio. No mezzanine equity was recognized as of December 31, 2025.\n\n \n\nThe\nCompany’s Preferred Shares activities for the year ended December 31, 2023, 2024 and 2025 are summarized below:\n\n \n\n  \nSeries Pre-A\n\nPreferred Shares  \nSeries A\n\nPreferred Shares  \nSeries B-1\n\nPreferred Shares  \nSeries B-2\n\nPreferred Shares  \nSeries B-3\n\nPreferred Shares  \nSeries B-4\n\nPreferred Shares  \nTotal \n\n  \nNumber of\n\nshares  \nAmount\n\nRMB  \nNumber of\n\nshares  \nAmount\n\nRMB  \nNumber of\n\nshares  \nAmount\n\nRMB  \nNumber of\n\nshares  \nAmount\n\nRMB  \nNumber of\n\nshares  \nAmount\n\nRMB  \nNumber of\n\nshares  \nAmount\n\nRMB  \nAmount\n\nRMB \n\nBalances\nas of January 1, 2023 \n 2,722,222  \n 224,619,462  \n 2,957,613  \n 346,956,953  \n 911,178  \n 80,027,397  \n 2,460,315  \n 248,084,932  \n 228,786  \n 30,668,493  \n 3,770,112  \n 542,284,354  \n 1,472,641,591 \n\nRe-designation \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n (452,998) \n (76,041,096) \n (76,041,096)\n\nAccretion\nto redemption value of mezzanine equity \n —  \n 14,377,527  \n —  \n 22,356,000  \n —  \n 6,315,068  \n —  \n 16,287,671  \n —  \n 2,000,000  \n —  \n 41,172,581  \n 102,508,847 \n\nBalances\nas of December 31, 2023 \n 2,722,222  \n 238,996,989  \n 2,957,613  \n 369,312,953  \n 911,178  \n 86,342,465  \n 2,460,315  \n 264,372,603  \n 228,786  \n 32,668,493  \n 3,317,114  \n 507,415,839  \n 1,499,109,342 \n\nAccretion\nto redemption value of mezzanine equity \n —  \n 13,757,582  \n —  \n 22,417,249  \n —  \n 5,013,699  \n —  \n 15,542,466  \n —  \n 2,005,479  \n —  \n 37,205,741  \n 95,942,216 \n\nBalances\nas of December 31, 2024 \n 2,722,222  \n 252,754,571  \n 2,957,613  \n 391,730,202  \n 911,178  \n 91,356,164  \n 2,460,315  \n 279,915,069  \n 228,786  \n 34,673,972  \n 3,317,114  \n 544,621,580  \n 1,595,051,558 \n\nAccretion\nto redemption value of mezzanine equity \n —  \n 10,600,104  \n —  \n 17,272,307  \n —  \n 3,863,014  \n —  \n 11,975,342  \n —  \n 1,545,205  \n —  \n 28,666,717  \n 73,922,689 \n\nConvertible\nredeemable preferred shares converted into Class A ordinary shares upon the completion of the IPO \n (2,722,222) \n (263,354,675) \n (2,957,613) \n (409,002,509) \n (911,178) \n (95,219,178) \n (2,460,315) \n (291,890,411) \n (228,786) \n (36,219,177) \n (3,317,114) \n (573,288,297) \n (1,668,974,247)\n\nBalances\nas of December 31, 2025 \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n — \n\n \n\n*The\nre-designation represents one Series B-4 preferred shareholder, General Technology,\nterminated the VIE agreement with the Company in 2023. So the preferred share owned by General\nTechnology was reclassified from convertible redeemable preferred shares to redeemable non-controlling\ninterest.\n\n** **\n\nF-52\n\n** **\n\n**Note 15\n— REDEEMABLE NON-CONTROLLING INTEREST**\n\n \n\nThe\nredeemable non-controlling interest as of December 31, 2024 represents the 2.87% and 2.27% of equity shareholding on VIE from two\npreferred shareholders that were not acquired by the Company during the reorganization.\n\n \n\nUpon\nthe completion of the Company’s IPO in October 2025, the non-controlling interests were automatically converted to ordinary shares\nof the VIE. The redeemable non-controlling interest as of December 31, 2025 was nil.\n\n \n\nThe\nchange in the balance of the redeemable non-controlling interests for the years ended December 31, 2023, 2024 and 2025 is as\nfollows:\n\n \n\nRedeemable\nnon-controlling interest \nAmount \n\n  \nRMB \n\nBalance as\nof December 31, 2022 \n 76,671,233 \n\nRe-designation \n 76,041,096 \n\nAccretion\nto redemption value of mezzanine equities \n 5,931,507 \n\nBalance as of December 31,\n2023 \n 158,643,836 \n\nAccretion\nto redemption value of mezzanine equities \n 10,027,398 \n\nBalance as of December 31,\n2024 \n 168,671,234 \n\nAccretion\nto redemption value of mezzanine equities \n 7,726,027 \n\nConverted\ninto ordinary shares of the VIE upon the completion of the IPO \n (176,397,261)\n\nBalance\nas of December 31, 2025 \n — \n\n** **\n\n**Note 16\n— SHAREHOLDERS’ EQUITY**\n\n \n\nCommon\nstock\n\n \n\nThe\nCompany was incorporated under the laws of the Cayman Islands on February 26, 2021. As of December 31, 2024, the authorized\nnumber of Class A ordinary Shares was 485,360,730 with par value of $0.0001 per share and the authorized number of Class B\nordinary shares was 2,042,042 with par value of $0.0001 per share. On August 18, 2021, the Company issued 4,042,042 Class B\nordinary shares to two shareholders in exchange for US$404 and the two shareholders totally transferred 2,000,000 Class B ordinary shares\nto four new shareholders. On January 8, 2024, the four shareholders converted their 2,000,000 Class B ordinary shares to 2,000,000 Class\nA ordinary shares. On August 8, 2024, the Company issued 2,268,156 Class A ordinary shares to one shareholder.\n\n \n\nHolders\nof Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A\nordinary share is entitled to one vote per share, while each Class B ordinary share is entitled to 20 votes per share. Holders of\nClass A and Class B ordinary shares will vote together as one class on all matters that require a shareholders’ vote.\nEach Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while each Class A\nordinary shares is not convertible into Class B ordinary shares under any circumstance.\n\n \n\nF-53\n\n \n\nInitial\nPublic Offering\n\n \n\nOn\nOctober 9, 2025, the Company closed its IPO on the Nasdaq Capital. In this offering, 5,000,004 American Depositary Shares (“ADSs”),\nrepresenting 833,334 Class A ordinary shares with a par value $0.0001 per share, were issued and sold to the public at a price of US$4.00\nper ADS. The ADSs commenced trading under the ticker symbol “POM” on October 9, 2025.\n\n \n\nOn\nOctober 10, 2025, upon the full exercise of the underwriter’s over-allotment option, the Company issued 750,000 ADSs, representing\n125,000 Class A ordinary shares with a par value $0.0001 per share, at a price of US$4.00 per ADS.\n\n \n\nThe\ngross proceeds of this offering were approximately RMB163.9 million (US$23.4 million) in aggregate prior to deducting the underwriting\ndiscounts, commissions and other offering expenses payable by the Company. Net proceeds received by the Company from its IPO were approximately\nRMB139.9 million (US$20.0 million).\n\n \n\nImmediately\nupon the completion of the IPO, all of the 12,597,228 convertible redeemable preferred shares were automatically converted into Class\nA Ordinary Shares on a one-for-one basis, and redeemable non-controlling interests were automatically converted\nto ordinary shares of the VIE. The redeemable non-controlling interests were converted to non-controlling interests in the Group upon\nthe completion of the IPO.\n\n \n\nStatutory\nreserves\n\n \n\nStatutory\nreserves represent restricted retained earnings. Based on their legal formation, the Group is required to set aside 10% of its net income\nas reported in their statutory accounts on an annual basis to the Statutory Surplus Reserve Fund (the “Reserve Fund”). Once\nthe total amount set aside in the Reserve Fund reaches 50% of the entity’s registered capital, further appropriations become discretionary.\nThe Reserve Fund can be used to increase the entity’s registered capital upon approval by relevant government authorities or eliminate\nits future losses under General Accepted Accounting Standards in PRC (“PRC GAAP”) upon a resolution by its board of directors.\nThe Reserve Fund is not distributable to shareholders, as cash dividends or otherwise, except in the event of liquidation.\n\n \n\nAppropriations\nto the Reserve Fund are accounted for as a transfer from unrestricted earnings to statutory reserves. During the years ended December 31,\n2023, 2024 and 2025, the Group did not make appropriations to statutory reserves.\n\n \n\nThere\nare no legal requirements in the PRC to fund the Reserve Fund by transfer of cash to any restricted accounts, and the Group does not\ndo so.\n\n \n\nProfit\nappropriation and restricted net assets\n\n \n\nRelevant PRC laws and regulations\npermit the PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC GAAP and regulations.\nAdditionally, the Group’s PRC subsidiaries, VIE and VIE’s subsidiaries can only distribute dividends upon approval of the\nshareholders after they have met the PRC requirements for appropriation to the statutory reserves. As of December 31, 2025, the Group\nhad recurring loss with shareholders’ deficit in the amount of RMB2,476.0 million (US$354.1 million), no net assets that\ncan be transferred to the Company for working capital and other funding purposes either in the form of dividends, loans or advances.\n\n* *\n\nF-54\n\n* *\n\n*Subscription\nreceivable*\n\n \n\nThe balance as of December\n31, 2024 and 2025 represents the outstanding subscription consideration for the 2,268,156 and 3,085,360 Class A ordinary shares of\nthe Company, respectively, and is recognized as deduction of equity.\n\n** **\n\n**Note 17\n— LOSS PER SHARE**\n\n \n\nBasic\nand diluted loss per ordinary share is computed using the weighted average number of ordinary shares outstanding during the year. The\neffects of all outstanding convertible redeemable preferred shares were excluded from the computation of diluted loss per share in each\nof the applicable years as their effects would be anti-dilutive during the respective year.\n\n \n\nBasic\nand diluted loss per share for each of the years presented were calculated as follows:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nNumerator: \n   \n   \n   \n  \n\nNet loss \n (36,949,421) \n (37,365,434) \n (130,931,921) \n (18,723,015)\n\nAccretion to redemption value of mezzanine equity \n (108,440,354) \n (105,969,614) \n (81,648,716) \n (11,675,611)\n\nLess: Net income attributable to noncontrolling interests \n 1,057  \n 25,878  \n (1,520) \n (217)\n\nNet loss attributable to the Pomdoctor Limited’s ordinary shareholders \n (145,390,832) \n (143,360,926) \n (212,579,117) \n (30,398,409)\n\n  \n    \n    \n    \n   \n\nDenominator: \n    \n    \n 　  \n 　 \n\nWeighted average number of shares outstanding – basic \n 6,310,198  \n 6,310,198  \n 9,680,622  \n 9,680,622 \n\nWeighted average number of shares outstanding – diluted \n 6,310,198  \n 6,310,198  \n 9,680,622  \n 9,680,622 \n\n  \n    \n    \n    \n   \n\nLoss per share – Basic: \n (23.04) \n (22.72) \n (21.96) \n (3.14)\n\n  \n    \n    \n    \n   \n\nLoss per share – Diluted: \n (23.04) \n (22.72) \n (21.96) \n (3.14)\n\n** **\n\nF-55\n\n** **\n\n**Note 18\n— SEGMENTS**\n\n \n\nOperating\nsegments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly\nby the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing\nperformance. The Group’s CODM are Mr. Shi, the CEO and the Chairman of the Board of Directors. The CODM does not review balance\nsheet information to measure the performance of the reportable segments, nor is this part of the segment information regularly provided\nto the CODM.\n\n \n\nThe\nfollowing table presents summarized information by segment of the operations for the year ended December 31, 2025:\n\n \n\n  \nInternet\n\nhospital  \nPharmaceutical\n\nsupply chain  \nTotal \n\n  \nRMB  \nRMB  \nRMB \n\nNet revenue \n 150,712,158  \n 249,202,806  \n 399,914,964 \n\nLess: \n    \n    \n   \n\nCost of revenues \n (101,429,782) \n (246,203,071) \n (347,632,853)\n\nSalaries and welfare \n (22,158,776) \n (2,694,321) \n (24,853,097)\n\nCommissions to doctors \n (29,816,464) \n —  \n (29,816,464)\n\nConsultancy and professional service fees \n (21,758,632) \n —  \n (21,758,632)\n\nAdvertising and promotion costs \n (17,461,881) \n (2,078,012) \n (19,539,893)\n\nContracted development and research service\nfees \n (9,919,840) \n —  \n (9,919,840)\n\nOther segment items* \n (14,157,525) \n (2,039,392) \n (16,196,917)\n\nSegment loss \n (65,990,742) \n (3,811,990) \n (69,802,732)\n\n  \n    \n    \n   \n\nReconciliation of segment loss: \n    \n    \n   \n\nImpairment on long-lived assets and long-term\nassets \n    \n    \n (2,108,517)\n\nOther professional service fees \n    \n    \n (46,723,571)\n\nOther income \n    \n    \n 496,122 \n\nOther expense \n    \n    \n (60,325)\n\nInterest expense \n    \n    \n (12,885,122)\n\nGovernment grants \n    \n    \n 152,599 \n\nLoss\nbefore income tax \n    \n    \n (130,931,546)\n\n \n\n  \nInternet\n\nhospital  \nPharmaceutical\n\nsupply chain  \nTotal \n\n  \nUS$  \nUS$  \nUS$ \n\nNet revenue \n 21,551,552  \n 35,635,527  \n 57,187,079 \n\nLess: \n    \n    \n   \n\nCost of revenues \n (14,504,266) \n (35,206,571) \n (49,710,837)\n\nSalaries and welfare \n (3,168,663) \n (385,283) \n (3,553,946)\n\nCommissions to doctors \n (4,263,698) \n —  \n (4,263,698)\n\nConsultancy and professional service fees \n (3,111,443) \n —  \n (3,111,443)\n\nAdvertising and promotion costs \n (2,497,016) \n (297,152) \n (2,794,168)\n\nContracted development and research service\nfees \n (1,418,518) \n —  \n (1,418,518)\n\nOther segment items* \n (2,024,498) \n (291,629) \n (2,316,127)\n\nSegment loss \n (9,436,550) \n (545,108) \n (9,981,658)\n\n  \n    \n    \n   \n\nReconciliation of segment loss: \n    \n    \n   \n\nImpairment on long-lived assets and long-term\nassets \n    \n    \n (301,514)\n\nOther professional service fees \n    \n    \n (6,681,382)\n\nOther income \n    \n    \n 70,945 \n\nOther expense \n    \n    \n (8,625)\n\nInterest expense \n    \n    \n (1,842,548)\n\nGovernment grants \n    \n    \n 21,821 \n\nLoss\nbefore income tax \n    \n    \n (18,722,961)\n\n \n\n \n\n*For each reportable segment, the other segment item category primarily includes shipping expenses, rental costs, entertainment expense, office expense and expected credit losses.\n\n \n\nF-56\n\n \n\nThe\nfollowing table presents summarized information by segment of the operations for the year ended December 31, 2024:\n\n \n\n  \nInternet\n\nhospital  \nPharmaceutical\n\nsupply chain  \nTotal \n\n  \nRMB  \nRMB  \nRMB \n\nNet\nrevenue \n 89,039,600  \n 253,518,320  \n 342,557,920 \n\nLess: \n    \n    \n   \n\nCost of revenues \n (50,986,600) \n (243,877,267) \n (294,863,867)\n\nSalaries\nand welfare \n (19,590,201) \n (2,185,872) \n (21,776,073)\n\nCommissions\nto doctors \n (22,685,703) \n —  \n (22,685,703)\n\nConsultancy\nand professional service fees \n (3,660,677) \n —  \n (3,660,677)\n\nAdvertising\nand promotion costs \n (5,278,798) \n (5,824,158) \n (11,102,956)\n\nOther\nsegment items* \n (9,874,409) \n (2,146,990) \n (12,021,399)\n\nSegment\nloss \n (23,036,788) \n (515,967) \n (23,552,755)\n\n  \n    \n    \n   \n\nReconciliation\nof segment loss: \n    \n    \n   \n\nImpairment\non long-lived assets and long-term assets \n    \n    \n (2,238,525)\n\nOther\nincome \n    \n    \n 1,238,538 \n\nOther\nexpense \n    \n    \n (37,608)\n\nInterest\nexpense \n    \n    \n (12,964,584)\n\nGovernment\ngrants \n    \n    \n 189,500 \n\nLoss\nbefore income tax \n    \n    \n (37,365,434)\n\n \n\n \n\n*For\neach reportable segment, the other segment item category primarily includes shipping expenses,\nrental costs, entertainment expense, office expense and expected credit losses.\n\n \n\nThe\nfollowing table presents summarized information by segment of the operations for the year ended December 31, 2023:\n\n \n\n  \nInternet\n\nhospital  \nPharmaceutical\n\nsupply chain  \nTotal \n\n  \nRMB  \nRMB  \nRMB \n\nNet\nrevenue \n 71,008,971  \n 233,844,000  \n 304,852,971 \n\nLess: \n    \n    \n   \n\nCost of revenues \n (35,453,130) \n (230,678,072) \n (266,131,202)\n\nSalaries\nand welfare \n (18,773,633) \n (1,827,887) \n (20,601,520)\n\nCommissions\nto doctors \n (20,318,748) \n —  \n (20,318,748)\n\nConsultancy\nand professional service fees \n (4,845,206) \n (10,891) \n (4,856,097)\n\nAdvertising\nand promotion costs \n (1,882,755) \n (1,549,237) \n (3,431,992)\n\nOther\nsegment items* \n (6,722,909) \n (3,432,378) \n (10,155,287)\n\nSegment\nloss \n (16,987,410) \n (3,654,465) \n (20,641,875)\n\n  \n    \n    \n   \n\nReconciliation\nof segment loss: \n    \n    \n   \n\nImpairment\non long-lived assets and long-term assets \n    \n    \n (1,607,027)\n\nOther\nincome \n    \n    \n 163,622 \n\nOther\nexpense \n    \n    \n (1,336,595)\n\nInterest\nexpense \n    \n    \n (13,849,119)\n\nGovernment\ngrants \n    \n    \n 321,573 \n\nLoss\nbefore income tax \n    \n    \n (36,949,421)\n\n \n\n \n\n*For\neach reportable segment, the other segment item category primarily includes shipping expenses,\nrental costs, entertainment expense, office expense and expected credit losses.\n\n \n\nF-57\n\n \n\nIn\naccordance with the enterprise-wide disclosure requirements, the Group’s net revenue from external customers through Internet hospital\nby main product category is as follows:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nPrescription\ndrugs \n 67,301,663  \n 86,286,745  \n 147,487,107  \n 21,090,376 \n\nOver-the-counter\n(“OTC”) medicines \n 2,048,701  \n 1,339,001  \n 1,360,785  \n 194,590 \n\nTraditional\nChinese medicine (“TCM”) \n 23,574  \n 51,208  \n 284,980  \n 40,752 \n\nMedical\napparatus and instruments (“MAAI”) \n 130,333  \n 75,821  \n 28,691  \n 4,103 \n\nOnline\nconsultation \n 1,364,274  \n 1,190,397  \n 1,477,013  \n 211,210 \n\nOthers \n 140,426  \n 96,428  \n 73,582  \n 10,521 \n\nTotal \n 71,008,971  \n 89,039,600  \n 150,712,158  \n 21,551,552 \n\n \n\nThe\nGroup’s net revenue from external customers through pharmaceutical supply chain by main product category is as follows:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nPrescription drugs \n 73,858,618  \n 172,819,516  \n 174,091,475  \n 24,894,750 \n\nOver-the-counter (“OTC”) medicines \n 152,775,949  \n 70,314,728  \n 68,792,125  \n 9,837,143 \n\nTraditional Chinese medicine (“TCM”) \n 3,618,690  \n 5,991,329  \n 201,676  \n 28,839 \n\nMedical apparatus and instruments (“MAAI”) \n 143,199  \n 112,228  \n 2,994,468  \n 428,203 \n\nOthers \n 3,447,544  \n 4,280,519  \n 3,123,062  \n 446,592 \n\nTotal \n 233,844,000  \n 253,518,320  \n 249,202,806  \n 35,635,527 \n\n \n\nTotal\nsegment assets exclude corporate assets, such as cash and cash equivalents, amounts due from related parties, other non-current assets\nand deferred offering costs. Total segment assets reconciled to combined amounts are as follows:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nAssets \n   \n   \n  \n\nTotal assets for reportable segments \n 24,674,093  \n 92,995,788  \n 13,298,222 \n\nUnallocated assets \n 21,553,493  \n 14,561,638  \n 2,082,287 \n\nTotal\ncombined assets \n 46,227,586  \n 107,557,426  \n 15,380,509 \n\n \n\nThe\nasset information is not regularly provided to the CODM as it is not utilized in the assessment of performance and allocation of resources.\nConsequently, the disclosure of asset information is not mandated for reportable segments.\n\n** **\n\nF-58\n\n** **\n\n**Note 19\n— COMMITMENTS AND CONTINGENCIES**\n\n \n\nAs\nof December 31, 2025, the Group was not involved in any pending legal proceedings, claims and other disputes arising from the commercial\noperations, projects, employees and other matters. The Group believes there was no loss of the legal case that will have a material adverse\nimpact on its financial position, results of operations or liquidity.\n\n** **\n\n**Note 20\n— SUBSEQUENT EVENTS**\n\n \n\nOn\nJanuary 19, 2026, the Group obtained a loan of RMB0.5 million (US$0.1 million) from a third party. The loan shall be repaid on December\n31, 2026 and with an annual interest rate of 18.0%.\n\n \n\nFrom\nJanuary 5, 2026 to February 28, 2026, the Group obtained loans of RMB7.2 million (US$1.0 million) in aggregate from Li Xu, which are\nnon-interest bearing and due on demand.\n\n \n\nOn\nFebruary 5, 2026, the Group obtained a loan of RMB20.0 million (US$2.9 million) from Industrial Bank. The loan shall be repaid on February\n4, 2027 and with an annual interest rate of 3.3%. The loan was guaranteed by Zhenyang Shi, Li Xu, Wanmei Shi, Qilekang Digital Health\nand Qilekang Modern Logistics.\n\n \n\nOn\nFebruary 6, 2026, the Group obtained a loan of RMB4.0 million (US$0.6 million) from Bank of Communications. The loan shall be repaid\non September 1, 2026 and with an annual interest rate of 3.2%. The loan was guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.\n\n \n\nOn March 13, 2026, the Group obtained a loan of RMB2.4 million (US$0.3\nmillion) from Bank of Jiujiang. The loan shall be repaid on March 13, 2029 and with an annual interest rate of 4.2%. The loan was guaranteed\nby Zhenyang Shi and Qilekang Digital Health.\n\n \n\nThe\nGroup evaluated all events and transactions that occurred after December 31, 2025 and up through the date of issuance of consolidated\nfinancial statements. Other than the event disclosed above and elsewhere in these consolidated financial statements, there is no other\nsubsequent event occurred that would require recognition or disclosure in the Group’s consolidated financial statements.\n\n** **\n\n**Note 21\n— CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY**\n\n \n\nRegulation S-X\nrequires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries\nexceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test,\nrestricted net assets of consolidated subsidiaries shall mean that amount of the registrant’s proportionate share of net assets\nof consolidated subsidiaries (after intercompany eliminations) of which as of the end of the most recent fiscal year may not be transferred\nto the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party. The condensed\nparent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as\nthe restricted net assets of the Company’s PRC VIE and VIE’s subsidiaries exceed 25% of the consolidated net assets of the\nCompany.\n\n \n\nF-59\n\n \n\nCertain\ninformation and footnote disclosures normally included in financial statements prepared in conformity with U.S. GAAP have been condensed\nor omitted. The Company’s investment in subsidiary is stated at cost plus equity in undistributed earnings of subsidiaries.\n\n \n\nLoss\nin excess of Investment in subsidiaries, VIE and VIE’s subsidiaries, on the Condensed Balance Sheets, is comprised of the Parent\nCompany’s net investment in its subsidiaries, VIE and VIE’s subsidiaries under the equity method of accounting.\n\n** **\n\n**Condensed\nBalance Sheets**\n\n** **\n\n  \nAs\nof December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nASSETS \n   \n   \n  \n\nCash\nand cash equivalents \n 54,971  \n 128,663  \n 18,399 \n\nOther\nreceivables, net \n —  \n 57,693,075  \n 8,250,000 \n\nAmount\ndue from related parties \n —  \n 46,364,252  \n 6,630,000 \n\nAdvances\nto suppliers \n —  \n —　  \n —　 \n\nLong-term\nInvestment \n —  \n 993,020  \n 142,000 \n\nTotal\nassets \n 54,971  \n 105,179,010  \n 15,040,399 \n\n  \n    \n    \n   \n\nLIABILITIES\nAND SHAREHOLDERS’ EQUITY \n    \n    \n   \n\nAccrued\nliabilities \n —  \n 349,655  \n 50,000 \n\nAmount\ndue to a related party \n 437,958  \n —  \n — \n\nTotal\ncurrent liabilities \n 437,958  \n 349,655  \n 50,000 \n\nNon-current\nliabilities \n    \n    \n   \n\nLoss\nin excess of investment in subsidiaries, VIE and VIE’s subsidiaries \n 667,987,375  \n 558,809,528  \n 79,908,701 \n\nTotal\nnon-current liabilities \n 667,987,375  \n 558,809,528  \n 79,908,701 \n\nTotal\nliabilities \n 668,425,333  \n 559,159,183  \n 79,958,701 \n\n  \n    \n    \n   \n\nCommitments\nand contingencies \n —  \n —  \n — \n\nMezzanine\nequity \n    \n    \n   \n\nConvertible\nredeemable preferred shares \n 1,595,051,558  \n —  \n — \n\nShareholders’ deficit: \n    \n    \n   \n\nClass A Ordinary shares (US$0.0001 par value; 450,000,000 shares authorized, 4,268,156 and 21,140,922 shares issued and outstanding as of December 31, 2024 and 2025, respectively)\n\n \n 2,988  \n 14,997  \n 2,145 \n\nClass B Ordinary shares (US$0.0001 par value; 2,042,042 shares authorized and outstanding as of December 31, 2024 and 2025, respectively)\n\n \n 1,408  \n 1,408  \n 201 \n\nSubscription\nreceivable \n (1,608) \n (2,186) \n (313)\n\nAdditional\npaid-in capital \n —  \n 2,023,765,569  \n 289,394,627 \n\nAccumulated\ndeficit \n (2,263,419,477) \n (2,475,998,594) \n (354,063,090)\n\nAccumulated\nother comprehensive loss \n (5,231) \n (1,761,367) \n (251,872)\n\nTotal\ndeficit \n (2,263,421,920) \n (453,980,173) \n (64,918,302)\n\nTotal\nliabilities, mezzanine equity and deficit \n 54,971  \n 105,179,010  \n 15,040,399 \n\n \n\n \n\n*Ordinary\nshares and share data have been retroactively restated to give effect to the nominal share\nissuance for the Reorganization completed on August 8, 2024 (Note 1).\n\n** **\n\nF-60\n\n** **\n\n**Condensed\nStatements of Operations and Comprehensive Loss**\n\n** **\n\n  \nYears\nended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nOperating\ncosts and expenses: \n   \n   \n   \n  \n\nSelling,\ngeneral and administrative \n —  \n (377,756) \n (49,347,867) \n (7,056,651)\n\n  \n    \n    \n 　  \n 　 \n\nOperating\nloss \n    \n    \n    \n   \n\nEquity\nloss in subsidiaries, VIEs and VIEs’ subsidiaries \n (36,950,478) \n (37,013,556) \n (81,582,534) \n (11,666,147)\n\nNet\nloss \n (36,950,478) \n (37,391,312) \n (130,930,401) \n (18,722,798)\n\nAccretion\nto redemption value of mezzanine equities \n (108,440,354) \n (105,969,614) \n (81,648,716) \n (11,675,611)\n\nNet\nloss attributable to ordinary shareholders \n (145,390,832) \n (143,360,926) \n (212,579,117) \n (30,398,409)\n\n  \n    \n    \n 　  \n 　 \n\nOther\ncomprehensive income \n    \n    \n    \n   \n\nForeign\ncurrency translation adjustments \n —  \n (5,231) \n (1,747,229) \n (249,850)\n\nTotal\nother comprehensive loss \n —  \n (5,231) \n (1,747,229) \n (249,850)\n\nTotal\nComprehensive loss \n (145,390,832) \n (143,366,157) \n (214,326,346) \n (30,648,259)\n\n** **\n\n**Condensed\nStatements of Cash Flows**\n\n** **\n\n  \nYear\nended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nCash\nflows from operating activities: \n   \n   \n   \n  \n\nNet\nloss \n (36,950,478) \n (37,391,312) \n (130,930,401) \n (18,722,798)\n\nAdjustments\nto reconcile net loss to net cash used in operating activities: \n    \n    \n 　  \n 　 \n\nEquity\nloss in subsidiaries, VIEs and VIEs’ subsidiaries \n 36,950,478  \n 37,013,556  \n 81,582,534  \n 11,666,147 \n\nShare base payment \n —  \n —  \n 16,423,683  \n 2,348,555 \n\nChanges\nin operating liabilities: \n    \n    \n 　  \n 　 \n\nOther\nreceivables \n —  \n —  \n (57,693,075) \n (8,250,000)\n\nAmount\ndue from a related party \n 35,500  \n 402,458  \n (46,364,252) \n (6,630,000)\n\nAccrued liabilities \n    \n    \n 349,655  \n 50,000 \n\nAmount\ndue to a related party \n —  \n —  \n (437,958) \n (62,626)\n\nNet\ncash provided by operating activities \n 35,500  \n 24,702  \n (137,069,814) \n (19,600,722)\n\n  \n    \n    \n    \n   \n\nCash\nflows from investing activities: \n    \n    \n    \n   \n\nPayment\nfor investment in a subsidiary \n —  \n —  \n (993,020) \n (142,000)\n\nNet\ncash used in investing activities \n —  \n —  \n (993,020) \n (142,000)\n\n  \n    \n    \n    \n   \n\nCash\nflows from financing activities: \n    \n    \n    \n   \n\nNet\nproceeds from IPO \n —  \n —  \n 163,932,614  \n 23,442,051 \n\nPayment\nfor deferred offering cost \n —  \n —  \n (23,876,547) \n (3,414,300)\n\nNet\ncash provided by financing activities \n —  \n —  \n 140,056,067  \n 20,027,751 \n\n  \n    \n    \n    \n   \n\nEffect\nof exchange rate 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