v3.26.3
Segments
 6 Months Ended
Jun. 30, 2026
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 six months ended June 30, 2026:

 

    Internet
hospital		     Pharmaceutical
supply chain		     Total  
    RMB     RMB     RMB  
Net revenue     100,256,709       84,743,550       185,000,259  
Less:                        
Cost of revenues     (76,291,840 )     (83,434,892 )     (159,726,732 )
Salaries and welfare     (12,539,740 )     (1,568,527 )     (14,108,267 )
Commissions to doctors     (14,958,350 )     —       (14,958,350 )
Consultancy and professional service fees     (4,720,112 )     (2,970 )     (4,723,082 )
Advertising and promotion costs     (1,416,450 )     (307,006 )     (1,723,456 )
Contracted development and research service fees     (104,460,801 )     —       (104,460,801 )
Other segment items*     (5,482,449 )     (820,806 )     (6,303,255 )
Segment loss     (119,613,033 )     (1,390,651 )     (121,003,684 )
                         
Reconciliation of segment loss:                        
Impairment on long-lived assets and long-term assets                     (456,520 )
Other professional service fees                     (111,872,922 )
Other income                     1,333,963  
Other expense                     (59,121 )
Interest expense                     (6,121,392 )
Government grants                     76,619  
Loss before income tax                     (238,103,057 )

 

    Internet
hospital		     Pharmaceutical
supply chain		     Total  
    US$     US$     US$  
Net revenue     14,776,010       12,489,654       27,265,664  
Less:                        
Cost of revenues     (11,244,026 )     (12,296,781 )     (23,540,807 )
Salaries and welfare     (1,848,129 )     (231,172 )     (2,079,301 )
Commissions to doctors     (2,204,588 )     —       (2,204,588 )
Consultancy and professional service fees     (695,658 )     (438 )     (696,096 )
Advertising and promotion costs     (208,759 )     (45,247 )     (254,006 )
Contracted development and research service fees     (15,395,617 )     —       (15,395,617 )
Other segment items*     (808,012 )     (120,972 )     (928,984 )
Segment loss     (17,628,779 )     (204,956 )     (17,833,735 )
                         
Reconciliation of segment loss:                        
Impairment on long-lived assets and long-term assets                     (67,282 )
Other professional service fees                     (16,488,029 )
Other income                     196,601  
Other expense                     (8,713 )
Interest expense                     (902,182 )
Government grants                     11,292  
Loss before income tax                     (35,092,048 )

 

* 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 six months ended June 30, 2025:

 

    Internet
hospital		     Pharmaceutical
supply chain		     Total  
    RMB     RMB     RMB  
Net revenue     67,161,426       107,308,425       174,469,851  
Less:                        
Cost of revenues     (39,984,734 )     (106,167,716 )     (146,152,450 )
Salaries and welfare     (10,611,116 )     (1,261,093 )     (11,872,209 )
Commissions to doctors     (12,590,966 )     —       (12,590,966 )
Consultancy and professional service fees     (6,447,195 )     —       (6,447,195 )
Advertising and promotion costs     (2,406,666 )     (1,269,934 )     (3,676,600 )
Other segment items*     (4,344,401 )     (804,761 )     (5,149,162 )
Segment loss     (9,223,652 )     (2,195,079 )     (11,418,731 )
                         
Reconciliation of segment loss:                        
Impairment on long-lived assets and long-term assets                     (2,041,299 )
Other income                     28,027  
Other expense                     (130,291 )
Interest expense                     (6,471,198 )
Government grants                     148,000  
Loss before income tax                     (19,885,492 )

 

* 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 Six Months Ended June 30,  
    2025     2026     2026  
    RMB     RMB     US$  
Prescription drugs     65,961,298       98,081,651       14,455,447  
Over-the-counter (“OTC”) medicines     448,733       634,209       93,471  
Traditional Chinese medicine (“TCM”)     5,812       63,063       9,294  
Medical apparatus and instruments (“MAAI”)     9,735       20,444       3,013  
Online consultation     714,205       789,437       116,349  
Others     21,643       667,905       98,436  
Total     67,161,426       100,256,709       14,776,010  

 

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

 

    For the Six Months Ended June 30,  
    2025     2026     2026  
    RMB     RMB     US$  
Prescription drugs     81,105,612       12,482,803       1,839,738  
Over-the-counter (“OTC”) medicines     24,792,741       2,079,288       306,449  
Traditional Chinese medicine (“TCM”)     (1,676,538 )     25,527       3,762  
Medical apparatus and instruments (“MAAI”)     39,273       69,042,976       10,175,676  
Others     3,047,337       1,112,956       164,029  
Total     107,308,425       84,743,550       12,489,654  

 

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,
2025		     As of
June 30,
2026		     As of
June 30,
2026		  
    RMB     RMB     US$  
Assets                  
Total assets for reportable segments     92,995,788       56,726,548       8,360,458  
Unallocated assets     14,561,638       19,392,390       2,858,085  
Total combined assets     107,557,426       76,118,938       11,218,543  

 

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.