v3.26.1
Segments
 12 Months Ended
Dec. 31, 2025
Segments [Abstract]  
SEGMENTS

Note 18 — SEGMENTS

 

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Group’s CODM are Mr. Shi, the CEO and the Chairman of the Board of Directors. The CODM does not review balance sheet information to measure the performance of the reportable segments, nor is this part of the segment information regularly provided to the CODM.

 

The following table presents summarized information by segment of the operations for the year ended December 31, 2025:

 

   Internet
hospital		   Pharmaceutical
supply chain		   Total 
   RMB   RMB   RMB 
Net revenue   150,712,158    249,202,806    399,914,964 
Less:               
Cost of revenues   (101,429,782)   (246,203,071)   (347,632,853)
Salaries and welfare   (22,158,776)   (2,694,321)   (24,853,097)
Commissions to doctors   (29,816,464)   —    (29,816,464)
Consultancy and professional service fees   (21,758,632)   —    (21,758,632)
Advertising and promotion costs   (17,461,881)   (2,078,012)   (19,539,893)
Contracted development and research service fees   (9,919,840)   —    (9,919,840)
Other segment items*   (14,157,525)   (2,039,392)   (16,196,917)
Segment loss   (65,990,742)   (3,811,990)   (69,802,732)
                
Reconciliation of segment loss:               
Impairment on long-lived assets and long-term assets             (2,108,517)
Other professional service fees             (46,723,571)
Other income             496,122 
Other expense             (60,325)
Interest expense             (12,885,122)
Government grants             152,599 
Loss before income tax             (130,931,546)

 

   Internet
hospital		   Pharmaceutical
supply chain		   Total 
   US$   US$   US$ 
Net revenue   21,551,552    35,635,527    57,187,079 
Less:               
Cost of revenues   (14,504,266)   (35,206,571)   (49,710,837)
Salaries and welfare   (3,168,663)   (385,283)   (3,553,946)
Commissions to doctors   (4,263,698)   —    (4,263,698)
Consultancy and professional service fees   (3,111,443)   —    (3,111,443)
Advertising and promotion costs   (2,497,016)   (297,152)   (2,794,168)
Contracted development and research service fees   (1,418,518)   —    (1,418,518)
Other segment items*   (2,024,498)   (291,629)   (2,316,127)
Segment loss   (9,436,550)   (545,108)   (9,981,658)
                
Reconciliation of segment loss:               
Impairment on long-lived assets and long-term assets             (301,514)
Other professional service fees             (6,681,382)
Other income             70,945 
Other expense             (8,625)
Interest expense             (1,842,548)
Government grants             21,821 
Loss before income tax             (18,722,961)
*For each reportable segment, the other segment item category primarily includes shipping expenses, rental costs, entertainment expense, office expense and expected credit losses.

The following table presents summarized information by segment of the operations for the year ended December 31, 2024:

 

   Internet
hospital		   Pharmaceutical
supply chain		   Total 
   RMB   RMB   RMB 
Net revenue   89,039,600    253,518,320    342,557,920 
Less:               
Cost of revenues   (50,986,600)   (243,877,267)   (294,863,867)
Salaries and welfare   (19,590,201)   (2,185,872)   (21,776,073)
Commissions to doctors   (22,685,703)   —    (22,685,703)
Consultancy and professional service fees   (3,660,677)   —    (3,660,677)
Advertising and promotion costs   (5,278,798)   (5,824,158)   (11,102,956)
Other segment items*   (9,874,409)   (2,146,990)   (12,021,399)
Segment loss   (23,036,788)   (515,967)   (23,552,755)
                
Reconciliation of segment loss:               
Impairment on long-lived assets and long-term assets             (2,238,525)
Other income             1,238,538 
Other expense             (37,608)
Interest expense             (12,964,584)
Government grants             189,500 
Loss before income tax             (37,365,434)
*For each reportable segment, the other segment item category primarily includes shipping expenses, rental costs, entertainment expense, office expense and expected credit losses.

 

The following table presents summarized information by segment of the operations for the year ended December 31, 2023:

 

   Internet
hospital		   Pharmaceutical
supply chain		   Total 
   RMB   RMB   RMB 
Net revenue   71,008,971    233,844,000    304,852,971 
Less:               
Cost of revenues   (35,453,130)   (230,678,072)   (266,131,202)
Salaries and welfare   (18,773,633)   (1,827,887)   (20,601,520)
Commissions to doctors   (20,318,748)   —    (20,318,748)
Consultancy and professional service fees   (4,845,206)   (10,891)   (4,856,097)
Advertising and promotion costs   (1,882,755)   (1,549,237)   (3,431,992)
Other segment items*   (6,722,909)   (3,432,378)   (10,155,287)
Segment loss   (16,987,410)   (3,654,465)   (20,641,875)
                
Reconciliation of segment loss:               
Impairment on long-lived assets and long-term assets             (1,607,027)
Other income             163,622 
Other expense             (1,336,595)
Interest expense             (13,849,119)
Government grants             321,573 
Loss before income tax             (36,949,421)
*For each reportable segment, the other segment item category primarily includes shipping expenses, rental costs, entertainment expense, office expense and expected credit losses.

In accordance with the enterprise-wide disclosure requirements, the Group’s net revenue from external customers through Internet hospital by main product category is as follows:

 

   For the Years Ended December 31, 
   2023   2024   2025   2025 
   RMB   RMB   RMB   US$ 
Prescription drugs   67,301,663    86,286,745    147,487,107    21,090,376 
Over-the-counter (“OTC”) medicines   2,048,701    1,339,001    1,360,785    194,590 
Traditional Chinese medicine (“TCM”)   23,574    51,208    284,980    40,752 
Medical apparatus and instruments (“MAAI”)   130,333    75,821    28,691    4,103 
Online consultation   1,364,274    1,190,397    1,477,013    211,210 
Others   140,426    96,428    73,582    10,521 
Total   71,008,971    89,039,600    150,712,158    21,551,552 

 

The Group’s net revenue from external customers through pharmaceutical supply chain by main product category is as follows:

 

   For the Years Ended December 31, 
   2023   2024   2025   2025 
   RMB   RMB   RMB   US$ 
Prescription drugs   73,858,618    172,819,516    174,091,475    24,894,750 
Over-the-counter (“OTC”) medicines   152,775,949    70,314,728    68,792,125    9,837,143 
Traditional Chinese medicine (“TCM”)   3,618,690    5,991,329    201,676    28,839 
Medical apparatus and instruments (“MAAI”)   143,199    112,228    2,994,468    428,203 
Others   3,447,544    4,280,519    3,123,062    446,592 
Total   233,844,000    253,518,320    249,202,806    35,635,527 

 

Total segment assets exclude corporate assets, such as cash and cash equivalents, amounts due from related parties, other non-current assets and deferred offering costs. Total segment assets reconciled to combined amounts are as follows:

 

   As of December 31, 
   2024   2025   2025 
   RMB   RMB   US$ 
Assets            
Total assets for reportable segments   24,674,093    92,995,788    13,298,222 
Unallocated assets   21,553,493    14,561,638    2,082,287 
Total combined assets   46,227,586    107,557,426    15,380,509 

 

The asset information is not regularly provided to the CODM as it is not utilized in the assessment of performance and allocation of resources. Consequently, the disclosure of asset information is not mandated for reportable segments.