v3.26.1
Related Parties Balance and Transactions
 12 Months Ended
Dec. 31, 2025
Related Parties Balance and Transactions [Abstract]  
RELATED PARTIES BALANCE AND TRANSACTIONS

Note 13 — RELATED PARTIES BALANCE AND TRANSACTIONS

 

Name of related parties   Relationship with the Group
Nanjing Benyu Investments Management Limited   A company controlled by the management of a shareholder of the Group
Guangzhou Shennong Xuanpin Products Sales Co., Ltd.   A company controlled by the management of the Group
Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)   A company controlled by the management of the Group
Guangzhou Aopolikang Biotechnology Co., Ltd.   A company controlled by the management of the Group
Guangzhou Liwan Linghai Medical Outpatients Department   A company invested by the Group
Guangzhou Aixiangbao Investment Limited Liability Partnership   A company controlled by the management of the Group
Chunong Diet Therapy (Guangzhou) Sales Co., Ltd.   A company controlled by the management of the Group
Zhenyang Shi   Chief Executive Officer (“CEO”) of the Group
Li Xu   CEO’s spouse
Wanmei Shi   CEO’s sister
Aihua Peng   Close relative of the management of a shareholder
Guoji Luo   Management of the Group
Yongan Zhong   Management of the Group
Dexiang Wei   Management of the Group
Yi Zhi   Management of the Group
Tibet Huijian Management Consulting Partnership (Limited Partnership) (previously known as Dazi Jinnuo Huijian Investment Management Partnership Enterprise (Limited Partnership))   A shareholder’s related party
Jiangsu Gaotou Bangsheng Venture Capital Partnership (Limited Partnership)   A shareholder of the Group
Nanjing Bangsheng Juyuan Venture Capital Partnership (Limited Partnership) (formerly known as Nanjing Bangsheng Juyuan Investment Management Partnership (Limited Partnership))   A shareholder of the Group
Guangdong Qicheng Youth Venture Capital Partnership (L.P.)   A shareholder of the Group
Guangzhou Golden Pomegranate Digital Media Co., Ltd. (before June 11, 2024)   A company controlled by the management of the Group
Name of related parties   Relationship with the Group
Shanghai Guohong Kaiyuan Investment Center (Limited Partnership)   A shareholder of the Group
Shanghai Chuangye Jieli Taili Venture Capital Center (L.P.)   A shareholder of the Group
Dan Hong (H.K.) Technology Limited   A shareholder of the Group
Shanghai Zhongwei Anjian Venture Capital Investment LLP (Limited Partnership)   A shareholder of the Group
Beijing 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
Guangdong Ginkgo Guangbo Venture Capital Partnership (L.P.)   A shareholder of the Group
Shanghai Jinglin Jinghui Equity Investment Center (L.P.)   A shareholder of the Group
Shenzhen Sharing Precision Medical Investment Partnership (Limited Partnership)   A shareholder of the Group
Zhuhai Huajin Chuangying No.1 Equity Investment Fund Partnership (Limited Partnership)   A shareholder of the Group
Alps Innovation Limited   A shareholder of the Group
Neijiang Yunrui Investment Partnership (Limited Partnership)   A shareholder of the Group
Beijing Gaotejia Technology Partnership (Limited Partnership)   A shareholder of the Group
General technology Group Investment Management Co., Ltd.   A shareholder of the Group
Nova Compass Investment Limited   A shareholder of the Group
Guangzhou Hikvision Enterprise Management Consulting Service Partnership Enterprise (Limited Partnership)   A company controlled by the management of the Group
Guangzhou Qingbai Operation Management Co., Ltd.   A company controlled by the management of the Group
Guangzhou 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

 

a) Accounts receivable — a related party

 

As of December 31, 2024 and 2025, the amount of accounts receivable — a related party consisted of the followings:

 

   As of December 31, 
   2024   2025   2025 
   RMB   RMB   US$ 
Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)   424,259    831,436    118,894 

b) Accounts payable — a related party

 

As of December 31, 2024 and 2025, the amount of accounts payable — a related party consisted of the followings:

 

   As of December 31, 
   2024   2025   2025 
   RMB   RMB   US$ 
Guangzhou Aopolikang Biotechnology Co., Ltd.   25,891    7,296    1,043 

 

c) Amount due from related parties

 

The balance of due from related parties represents advances to the related parties. The balances advanced to the related parties are unsecured, non-interest bearing and due on demand. As of December 31, 2024 and 2025, amount due from related parties consisted of the followings:

 

   As of December 31, 
   2024   2025   2025 
   RMB   RMB   US$ 
Li Xu   99,610    —    — 
Yi Zhi   25,676    185,676    26,551 
Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)   819,977    256,259    36,645 
Guangzhou Liwan Linghai Medical Outpatients Department   4,687,724    3,040,772    434,825 
Wanmei Shi   —    154,332    22,069 
Total amount due from related parties   5,632,987    3,637,039    520,090 

 

As of the filing of this report, partial collection has been made in respect of the amount due from Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.), the amount due from Guangzhou Liwan Linghai Medical Outpatients Department has been collected in full, and no collection has been made for the remaining amounts due from other relevant parties.

d) Amount due to related parties

 

As of December 31, 2024 and 2025, amount due to related parties consisted of the followings:

 

   As of December 31, 
   2024   2025   2025 
   RMB   RMB   US$ 
Zhenyang Shi*   25,739,395    32,376,056    4,629,714 
Wanmei Shi   75,667    —    — 
Aihua Peng*   6,881,778    7,674,638    1,097,459 
Yongan Zhong   1,200    1,200    172 
Nanjing Benyu Investments Management Limited*   4,017,178    4,675,397    668,573 
Li Xu   —    30,500    4,361 
Dexiang Wei*   66,533    56,533    8,084 
Guoji Luo*   44,089    44,089    6,305 
Guangzhou Shennong Xuanpin Products Sales Co., Ltd.   3,170    —    — 
Guangzhou Pet Vision Information Technology Co., Ltd. (formerly known as Guangzhou Brother Youyi Business Internet Co. Ltd.) (after August 22, 2025)   —    1,108,451    158,506 
Total amount due to related parties   36,829,010    45,966,864    6,573,174 
*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.

 

The above balances are without interest-bearing. Except interest payable, other balances due to related parties are due on demand.

 

e) Loans from related parties

 

As of December 31, 2025  Balance   Maturity
Date		  Effective
Interest
Rate		   Collateral/
Guarantee		 
   RMB    US$            
Loans from related parties, current                   
Nanjing Benyu Investments Management Limited****   3,000,000    428,994   June 30, 2026   10.00%   N/A 
Aihua Peng   3,950,000    564,842   Due on demand   20.00%     
Wanmei Shi   21,000    3,003   Due on demand   N/A      
Li Xu   7,984,182    1,141,723   Due on demand   N/A    N/A 
Yongan Zhong   2,685    384   Due on demand   N/A    N/A 
Dexiang Wei***   184,087    26,324   Due on demand   N/A    N/A 
Guoji Luo***   56,355    8,059   Due on demand   N/A    N/A 
Total   15,198,309    2,173,329              
Loans from related parties, noncurrent                       
Guangzhou Aixiangbao Investment Limited Liability Partnership*   221,040,859    31,608,422   August 10, 2030   N/A     N/A 
Zhenyang Shi**   135,350,000    19,354,793   December 31, 2030   4.90%   N/A 
Total   356,390,859    50,963,215              
*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.
**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.
***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.
****In 2025, the loan was renewed with maturity date of June 30, 2026.
As of December 31, 2024  Balance   Maturity
Date		  Effective
Interest
Rate		   Collateral/
Guarantee
   RMB           
Loans from related parties, current              
Nanjing Benyu Investments Management Limited   7,100,000   June 30, 2025   10.00%  N/A
Aihua Peng   4,040,000   Due on demand   20.00%  N/A
Wanmei Shi   21,000   Due on demand   N/A   N/A
Li Xu   1,537,872   October 18, 2025   8.88%  N/A
Yongan Zhong   2,685   Due on demand   N/A   N/A
Dexiang Wei***   339,450   Due on demand   N/A   N/A
Guoji Luo***   780,868   Due on demand   N/A   N/A
Total   13,821,875            
Loans from related parties, noncurrent                
Guangzhou Aixiangbao Investment Limited Liability Partnership*   221,040,859   August 10, 2026   N/A   N/A
Zhenyang Shi**   135,650,000   December 31, 2026   4.90%  N/A
Total   356,690,859            
*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.
**The purpose of obtaining loans from Zhenyang Shi is to maintain the daily operation of the Group.
***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.

 

Interest expenses of loans from related parties for the years ended December 31, 2023, 2024 and 2025 amounted to RMB9,900,417, RMB8,621,249 and RMB 8,118,160 (US$1,160,881), respectively.

 

As of December 31, 2025, the Group’s future obligations for loans from related parties according to the terms of the loans are as follows:

 

For the Year ending December 31,  RMB   US$ 
2026   22,770,459    3,256,131 
2027   6,632,150    948,385 
2028   6,632,150    948,385 
2029   6,632,150    948,385 
2030   363,023,009    51,911,600 
Total future loan payments   405,689,918    58,012,886 
Less: Imputed interest   34,100,750    4,876,342 
Total loans from related parties   371,589,168    53,136,544 

 

f) Sales to a related party

 

      For the Years Ended December 31, 
   Nature  2023   2024   2025   2025 
      RMB   RMB   RMB   US$ 
Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)  Drug sales   123,073    1,229,139    555,262    79,401 

g) Purchase from a related party

 

      For the Years Ended December 31, 
   Nature  2023   2024   2025   2025 
      RMB   RMB   RMB   US$ 
Guangzhou Aopolikang Biotechnology Co., Ltd.  Drug purchase   142,031    25,499    9,041    1,293 

 

h) Advertising service provided from a related party

 

      For the Years Ended December 31, 
   Nature  2023   2024   2025   2025 
      RMB   RMB   RMB   US$ 
Guangzhou Zhiyao Cloud Technology Co., Ltd.  Advertising service   
—
    
—
    546,060    78,086 

 

i) Consulting service provided from a related party

 

      For the Years Ended December 31, 
   Nature  2023   2024   2025   2025 
      RMB   RMB   RMB   US$ 
Guangzhou Aopolikang Biotechnology Co., Ltd.  Consulting service   431,346    
—
    
—
    
—
 

 

i)  Guarantee provided from related parties

 

As of December 31, 2025, the loans from Industrial Bank Co., Ltd. were of total amount of RMB25.0 million, with interest rates are 3.40% and 3.50% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu, Wanmei Shi, Qilekang Modern Logistics and Qilekang Digital Health.

 

As of December 31, 2025, the loans fromAgricultural Bank of China were of total amount of RMB3.0 million, with interest rate is 3.15% per annum. The loans were guaranteed by Zhenyang Shi.

 

As of 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% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.

 

As of December 31, 2025, the loans from China Guangfa Bank Co., Ltd. were of total amount of RMB8.0 million, with interest rate is 3.20% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.

 

As of 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. The loan was guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.

 

As of 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. The loans were guaranteed by Qilekang Digital Health,Zhenyang Shi and Li Xu.

 

As of December 31, 2025, the loans from Agricultural Bank of China Co., Ltd. Guangzhou International Pharmaceutical Port Sub-branch; were of total amount of RMB1.9 million, with interest rate is 3.55% per annum. The loans were guaranteed by Zhenyang Shi and Li Xu.

 

As of 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. The loans were guaranteed by Zhenyang Shi and Qilekang Modern Logistics.

 

As of December 31, 2025, the loans from Zhuhai China Resources Bank Co., Ltd. were of total amount of RMB5.4 million, with interest rate is 3.85% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.

 

As of 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. The loans were guaranteed by Qilekang Digital Health and Zhenyang Shi.

j)  Interest expense to related parties

 

   For the Years Ended December 31, 
   2023   2024   2025   2025 
   RMB   RMB   RMB   US$ 
Zhenyang Shi   7,361,275    6,672,018    6,636,661    949,030 
Li Xu   288,000    265,872    30,420    4,350 
Wanmei Shi   66,000    —    —    — 
Guoji Luo   4,800    —    —    — 
Nanjing Benyu Investments Management Limited   810,000    766,789    658,219    94,124 
Aihua Peng   1,265,096    916,570    792,860    113,377 
Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)   105,246    —    —    — 
Total   9,900,417    8,621,249    8,118,160    1,160,881