On November 25, 2025, the Company acquired a 51% equity interest in iTonic Corporation, which was established under the laws of the U.S. state of Delaware on February 11, 2025. | Subsidiaries | | Date of
incorporation | | Place of
incorporation | | Ownership | | Principal activities | | Pheton (BVI) Ltd | | November 22, 2022 | | British Virgin Islands | | 100% owned by iTonic | | Investment holding | | Pheton (HK) Limited | | December 14, 2022 | | Hong Kong | | 100% owned by Pheton BVI | | Investment holding | | Beijing Jinruixi Medical Technology Co., Ltd. | | March 15, 2023 | | Mainland China | | 100% owned by Pheton HK | | Investment holding | | Beijing Feitian Zhaoye Technology Co., Ltd. | | December 17, 1998 | | Mainland China | | 100% owned by Jinruixi | | Healthcare solution | | Mili (Jiangsu) Medical Technology Co., Ltd. | | May 28, 2025 | | Mainland China | | 60% owned by Beijing Feitian | | Healthcare solution | | iTonic Corporation | | February 11, 2025 | | U.S. Delaware | | 51% owned by iTonic | | Healthcare solution |
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