v3.26.3
Related Parties Balance and Transactions
 6 Months Ended
Jun. 30, 2026
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
Foshan Nanhai Zhongyi Qifa Clinic Co., Ltd.   A company controlled by the management of the Group
Dazinuojin Enterprise Management Consulting Co., Ltd.   A shareholder of the Group

 

a) Accounts receivable — a related party

 

As of December 31, 2025 and June 30, 2026, the amount of accounts receivable — a related party consisted of the followings:

 

    As of
December 31,
2025		     As of
June 30,
2026		     As of
June 30,
2026		  
    RMB     RMB     US$  
Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)     831,436       987,580       145,551  

 

b) Accounts payable — a related party

 

As of December 31, 2025 and June 30, 2026, the amount of accounts payable — a related party consisted of the followings:

 

    As of
December 31,
2025		     As of
June 30,
2026		     As of
June 30,
2026		  
    RMB     RMB     US$  
Guangzhou Aopolikang Biotechnology Co., Ltd.     7,296       20,588       3,034  

 

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, 2025 and June 30, 2026, amount due from related parties consisted of the followings:

 

    As of
December 31,
2025		     As of
June 30,
2026		     As of
June 30,
2026		  
    RMB     RMB     US$  
Yi Zhi     185,676       185,676       27,365  
Dazinuojin Enterprise Management Consulting Co., Ltd.     —       1,663,978       245,240  
Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)     256,258       56,095       8,267  
Guangzhou Liwan Linghai Medical Outpatients Department     3,040,772       3,152,633       464,641  
Wanmei Shi     154,333       230,000       33,898  
Total amount due from related parties     3,637,039       5,288,382       779,411  

 

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.) 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, 2025 and June 30, 2026, amount due to related parties consisted of the followings:

 

    As of
December 31,
2025		     As of
June 30,
2026		     As of
June 30,
2026		  
    RMB     RMB     US$  
Zhenyang Shi*     32,376,056       35,654,059       5,254,758  
Aihua Peng*     7,674,638       8,069,638       1,189,317  
Nanjing Benyu Investments Management Limited*     4,675,397       4,763,726       702,086  
Guangzhou Pet Vision Information Technology Co., Ltd. (formerly known as Guangzhou Brother Youyi Business Internet Co. Ltd.)
(after August 22, 2025)		     1,108,451       988,450       145,681  
Dexiang Wei*     56,533       56,533       8,332  
Guoji Luo*     44,089       44,090       6,498  
Li Xu     30,500       30,421       4,483  
Yongan Zhong     1,200       1,200       177  
Total amount due to related parties     45,966,864       49,608,117       7,311,332  

 

* 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 June 30, 2026   Balance     Maturity
Date		   Effective
Interest
Rate		     Collateral/
Guarantee
    RMB     US$                
Loans from related parties, current                          
Nanjing Benyu Investments Management Limited****     1,400,000       206,334     June 30, 2027     10.00 %   N/A
Aihua Peng     3,950,000       582,158     Due on demand     20.00 %   N/A
Wanmei Shi     96,667       14,247     Due on demand     N/A     N/A
Li Xu     6,802,262       1,002,529     Due on demand     N/A     N/A
Yongan Zhong     2,685       396     Due on demand     N/A     N/A
Dexiang Wei***     242,107       35,682     Due on demand     N/A     N/A
Guoji Luo***     66,126       9,746     Due on demand     N/A     N/A
Total     12,559,847       1,851,092                  
Loans from related parties, noncurrent                                
Guangzhou Aixiangbao Investment Limited Liability Partnership*     221,040,859       32,577,391     August 10, 2030     N/A      N/A
Zhenyang Shi**     135,000,000       19,896,538     December 31, 2030     4.90 %   N/A
Total     356,040,859       52,473,929                  

 

* 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, 2025 with Dexiang Wei, Guoji Luo were partially repaid during six months ended June 30, 2026.

 

**** For the six months ended June 30, 2026, the loan was renewed with maturity date of June 30, 2027.

 

 

As of December 31, 2025   Balance     Maturity
Date		   Effective
Interest
Rate		     Collateral/
Guarantee
    RMB                
Loans from related parties, current                    
Nanjing Benyu Investments Management Limited****     3,000,000     June 30, 2026     10.00 %   N/A
Aihua Peng     3,950,000     Due on demand     20.00 %   N/A
Wanmei Shi     21,000     Due on demand     N/A     N/A
Li Xu     7,984,182     Due on demand     N/A     N/A
Yongan Zhong     2,685     Due on demand     N/A     N/A
Dexiang Wei***     184,087     Due on demand     N/A     N/A
Guoji Luo***     56,355     Due on demand     N/A     N/A
Total     15,198,309                  
Loans from related parties, noncurrent                        
Guangzhou Aixiangbao Investment Limited Liability Partnership*     221,040,859     August 10, 2030     N/A      N/A
Zhenyang Shi**     135,350,000     December 31, 2030     4.90 %   N/A
Total     356,390,859                  

 

* 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 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.

 

Interest expenses of loans from related parties for the six months ended June 30, 2025 and 2026 amounted to RMB4,089,072 and RMB3,761,333(US$554,352), respectively.

 

As of June 30, 2026, the Group’s future obligations for loans from related parties according to the terms of the loans are as follows:

 

For the years ending June 30,   RMB     US$  
2027     20,104,846       2,963,088  
2028     6,615,000       974,930  
2029     6,615,000       974,930  
2030     6,615,000       974,930  
2031     359,375,544       52,965,401  
Total future loan payments     399,325,390       58,853,279  
Less: Imputed interest     30,724,684       4,528,258  
Total loans from related parties     368,600,706       54,325,021  

 

f) Sales to a related party

 

        For the Six Months Ended June 30,  
    Nature   2025     2026     2026  
        RMB     RMB     US$  
Guangzhou Zhiyao Cloud Technology Co., Ltd. (previously known as Guangzhou Guozhi Pharmaceutical Co., Ltd.)   Drug sales     186,556       1,704,810       251,258  

 

 

g) Purchase from a related party

 

        For the Six Months Ended June 30,  
    Nature   2025     2026     2026  
        RMB     RMB     US$  
Guangzhou Aopolikang Biotechnology Co., Ltd.   Drug purchase     9,041       13,292       1,959  

 

h) Service provided from a related party

 

        For the Six Months Ended June 30,  
    Nature   2025     2026     2026  
        RMB     RMB     US$  
Guangzhou Pet Vision Information Technology Co., Ltd. (formerly kown as Guangzhou Brother
Youyi Business Internet Co. Ltd.)		   Advertising service   626,646     —     —  
Guangzhou Zhiyao Cloud Technology Co., Ltd.   Market development and maintenance     256,140       557,426       82,154  
Total         882,786       557,426       82,154  

 

i)  Guarantee provided from related parties

 

As of June 30, 2026, the loans from Industrial Bank Co., Ltd. were of total amount of RMB25.0 million, with interest rates are 3.30% and 3.40% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu, Wanmei Shi, Qilekang Modern Logistics and Qilekang Digital Health.

 

As of June 30, 2026, 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 June 30, 2026, the loan from Bank of Communications were of total amount of RMB10.0 million, with interest rate is 3.20% per annum. The loan was guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics.

 

As of June 30, 2026, 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 June 30, 2026, the loans from Agricultural Bank of China Co., Ltd. Guangzhou International Pharmaceutical Port Sub-branch; were of total amount of RMB1.8 million, with interest rate is 3.35% per annum. The loans were guaranteed by Zhenyang Shi and Li Xu.

 

As of June 30, 2026, the loans from Bank of Jiujiang were of total amount of RMB7.2 million, with interest rates are 4.20% and 5.00% per annum. The loans were guaranteed by Zhenyang Shi and Qilekang Modern Logistics.

 

As of June 30, 2026, the loans from Zhuhai China Resources Bank Co., Ltd. were of total amount of RMB5.1 million, with interest rate is 3.85% per annum. The loans were guaranteed by Zhenyang Shi, Li Xu and Qilekang Modern Logistics. 

 

j)  Interest expense to related parties

 

    For the Six Months Ended June 30,  
    2025     2026     2026  
    RMB     RMB     US$  
Zhenyang Shi     3,320,504       3,278,004       483,118  
Li Xu     30,420       —       —  
Nanjing Benyu Investments Management Limited     343,534       88,329       13,018  
Aihua Peng     394,614       395,000       58,216  
Total     4,089,072       3,761,333       554,352