Our revenue from sales through e-commerce marketplaces amounted to approximately RMB159.6 million, RMB168.1 million and RMB183.3 million in FY2023, FY2024, and FY2025, respectively, accounting for approximately 84.0%, 81.7% and 74.0% of our revenue from branded business for the corresponding periods.
Financial Information · p. 208
Our business, results of operations, and financial condition therefore rely substantially on, among other things, the strong and stable business relationships between us and such e-commerce marketplaces.
Financial Information · p. 208
During the Track Record Period, over 60% of our revenue from e-commerce marketplaces was derived from our online stores on Amazon.
The revenue generated from sales through our flagship stores and sales to e-commerce platforms accounted for 82.8%, 76.4% and 69.6% in 2023, 2024 and 2025, respectively.
Financial Information · p. 209
In 2023, 2024 and 2025, the revenue from our online flagship stores amounted to RMB573.8 million, RMB1,029.1 million and RMB1,472.2 million, respectively, representing the majority of our total revenue in each respective year during the Track Record Period.
Business · p. 142
Our platform service fees primarily included commissions and marketing fees paid to ecommerce and content platforms, amounting to RMB42.4 million, RMB74.5 million, RMB114.3 million in 2023, 2024 and 2025, respectively.
Notably, revenue from Apexelsin and Reminton, which accounted for substantially all of our revenue from in-licensed products, represents 3.7%, 9.8% and 19.2% of total revenue relating to pharmaceutical products, showing significant growth trend.
Business · p. 109
Pursuant to the Haichang Agreement, we were granted the exclusive right to commercialize paclitaxel for injection (albumin-bound) in global markets other than the United States, subject to the commercialization rights previously granted by Haichang Biotech to a certain third party in the relevant territories.
Business · p. 146
Pursuant to BioDlink Agreement, we agreed to pay BioDlink an initial payment of RMB10 million and subsequent milestone payments based on milestones such as registration applications, approvals and achievement of sales targets in major overseas markets.
We shall not, and shall not cause our affiliates to, directly or indirectly engage in, authorize, or permit any third party to engage in, the promotion of senaparib within China, nor shall we engage in, or in any way restrict, Zhongmei Huadong’s contract sales services for senaparib in China as authorized under the Huadong Agreement.
Business · p. 207
We have a veto right over certain material matters, including the determination of (i) matters relating to pricing, tendering and price negotiation, (ii) commercial channels and (iii) the adjustment of nationwide annual sales forecast, which ensures our effective control over the commercialization and sales of senaparib, our Core Product.
Business · p. 207
The Huadong Agreement shall remain in force and effective for 15 years from the date of the first commercial sales of senaparib in China, unless earlier terminated by the parties.
Our revenue generated from online sales channel was RMB8,274.4 million, RMB10,233.7 million and RMB10,117.5 million, in 2023, 2024 and 2025, respectively, accounting for 93.1%, 95.1% and 95.6% of our revenue generated from sales of goods in the same years.
Financial Information · p. 169
As of the Latest Practicable Date, we operated 136 online stores.
Business · p. 124
There had been no material disagreement between such e-commerce platforms and us during the Track Record Period and up to the Latest Practicable Date.
Both our content marketing solutions and content management services rely on our cooperation with major social media platforms in China.
Financial Information · p. 197
Our ability to maintain and manage relationships with these platforms on commercially reasonable terms has been an important factor affecting our business operations and overall profitability during the Track Record Period.
Financial Information · p. 197
In return, the platforms provide us with access to data and collaboration tools for the use of our core offerings.
We rely on the success of and the continued relationships with a limited number of e-commerce channels.
Summary · p. 14
Our profitability is also affected by the mix of platforms we manage for brand owners as operating on different e-commerce platforms often involves different investment and operational strategies.
Financial Information · p. 207
We are committed to diversifying our channel coverage, adapting our strategy in view of the changing policies of each channel, and actively pursuing collaborations with emerging channels, including social media and live streaming platforms, to take advantage of market trends and capture growth opportunities therein.
Pursuant to the agreement, we received a US$185 million upfront payment in November 2023, and are eligible for up to US$1.825 billion in development, regulatory, and commercial milestone payments (of which US$60 million were paid to us in October 2024 for successfully achieving milestones related to the development of ECC5004 including the first patient dosed in the Phase IIb program), as well as tiered royalties of high-single to mid-teen percentage of annual net sales outside of Greater China.
Summary · p. 7
We believe this collaboration enables us to leverage AstraZeneca's global resources, expertise and infrastructure to accelerate the development and commercialization of ECC5004, while effectively managing associated costs and risks.
Business · p. 198
AstraZeneca may terminate the AstraZeneca Agreement in its entirety or on a Licensed Product-by-Licensed Product or country-by-country basis, for any or no reason, upon 90 days' prior written notice to us, or 180 days' prior written notice if such termination occurs after the first commercial sale of any Licensed Product in the AstraZeneca Territory or Licensor Territory.
(ii) service fees: the e-commerce platforms generally charge us with a service fee both in fixed amount and as a percentage of sales amount; (iii) termination: the service agreements can generally be terminated upon prior written notice or in the event of a material breach.
Business · p. 122
As of the Latest Practicable Date, we had established online stores on all major e-commerce platforms, including Tmall, JD.com, Douyin, Rednote, Pinduoduo and YSB.
Our revenue growth and overall business success depend significantly on our ability to maintain stable relationships with existing brand partners and attract new brand partners.
Financial Information · p. 188
During the Track Record Period, we derived a substantial portion of our revenue from providing brand management and e-commerce operation solutions to our brand partners.
Financial Information · p. 188
As of the Latest Practicable Date, we were in collaboration with 37 brand partners, five of which had worked with us for over five years.
During the Track Record Period, we generated a majority of our revenue through online stores operated by us on e-commerce platforms, and a significant portion was contributed by distributor sales.
During the Track Record Period, we collaborated with 1,810, 3,962, and 5,702 KOLs and KOCs for our LYCOCELLE brand, with GMV attributable to sales through them contributing 15.9%, 15.2%, and 25.1% of LYCOCELLE’s total GMV, respectively.
Business · p. 149
In 2024 and 2025, we collaborated with 426 and 2,548 KOLs and KOCs for our FineNutri brand, with GMV attributable to sales through them contributing 19.6% and 15.0% of FineNutri’s total GMV, respectively.
Business · p. 149
To effectively manage the large number of KOLs/KOCs engaged, we leverage an integrated influencer management platform, which enables end-to-end management of KOL/KOC collaborations.
In particular, our revenue generated through Amazon was RMB211.1 million, RMB309.8 million and RMB404.1 million in 2023, 2024 and 2025, respectively, accounting for 55.9%, 57.0% and 49.7% of our total revenue in the same periods, respectively.
Summary · p. 3
We sell branded products under two brands, WYBOT and Winny Pool Cleaner, to end consumers primarily in North America, Europe, Asia and Oceania primarily through online E-commerce marketplaces, such as Amazon, our E-commerce independent websites on Shopify, Woot, Walmart, Best Buy, Lowe's, Target, and Home Depot.
In May 2024, in anticipation of the launch of ZT001 for T2D, we entered into a collaboration agreement with Tonghua Dongbao Pharmaceutical Co., Ltd. (“Tonghua Dongbao”) (as amended from time to time, the “Dongbao Collaboration Agreement”) for the development and commercialization of ZT001 for T2D in China.
Business · p. 165
In November 2022, in anticipation of the launch of ZT001 for obesity, we entered into a collaboration agreement with Beijing Nobot Biotechnology Co., Ltd., a wholly owned subsidiary of IMEIK Technology Development Co., Ltd. (“IMEIK”) (as amended from time to time, the “IMEIK Collaboration Agreement”) for the development and commercialization of ZT001 for obesity in China.
Business · p. 166
Under the IMEIK Collaboration Agreement, IMEIK obtains the exclusive commercialization rights for ZT001 for obesity in Greater China (including Chinese Mainland, Hong Kong, Macau and Taiwan), including responsibility for market development, pricing, and sales and marketing.
As of March 31, 2026, we cooperated with 171 financial institutions that enabled us to operate across multiple jurisdictions to support our cross-border payment services.
Financial Information · p. 185
Our ability to strengthen these partnerships directly affects customer satisfaction, retention and engagement, and consequently our TPV growth, revenue expansion and overall financial performance.
Financial Information · p. 185
In jurisdictions where we do not hold a payments license, our B2B cross-border trade payment activities are conducted in partnership with locally licensed institutions, operating under relevant regulatory clearances and supported by local legal counsel to ensure full compliance with applicable laws and regulations.
Pursuant to the terms of the BII Agreement, BII assigned to iPharma HK all designated patents and inventions related to ifebemtinib owned by BII (collectively, the “Assigned Patents”).
Summary · p. 9
In addition, BII granted iPharma HK an exclusive, royalty-bearing, non-transferable, and sublicensable license to develop, manufacture, and commercialize all know-how owned or controlled by BII necessary for, or specifically related to, the discovery, development, manufacture or use of ifebemtinib (the “Licensed Know-How”) and products related to a FAK inhibitor program (the “Licensed Products”) worldwide.
Summary · p. 9
Under the BII Agreement, BII retained a non-exclusive, cost-free, perpetual, worldwide right for its internal non-clinical research purposes.
Under the 2025 Supplemental Agreement, Junshi shall be responsible for the production of Junmaikang and is entitled to 40% of the net revenue from sales shipments, while we shall be responsible for the promotion of Junmaikang and is entitled to 60% of the net revenue from sales shipment; the R&D expenses of Junmaikang in China shall be borne 50%:50% between Junshi and us; the rights and interests of the international sales of Junmaikang shall be shared 50%:50% between Junshi and us.
Business · p. 187
During the transfer period and after we become the new MAH, the commissioned manufacturer of Junmaikang will remain Junshi’s affiliate.
Business · p. 187
In July 2025, the MAH transfer was completed, and we have become the sole MAH of Junmaikang.
Our revenue generated through Weiyi Zhenxuan increased significantly during the Track Record Period, primarily due to the increased revenue from our FSMPs amid the continued expansion of China’s FSMPs market, the retail sales value of which increased from RMB10.0 billion in 2020 to RMB23.0 billion in 2024, together with our “offline store referral + cross-border e-commerce platform ordering” model and the expansion of our FSMP product matrix.
Business · p. 143
Revenue from such sales amounted to RMB127.7 million, RMB178.6 million, and RMB250.4 million for the years ended December 31, 2023, 2024, and 2025, respectively, representing approximately 7.9%, 10.1%, and 13.4% of our total revenue for the respective periods.
We rely on official data sources to facilitate the operation of our AI recognition platform. Our third-party data sources include government authorities, licensed bank card clearing institution, and telecommunication service providers.
Business · p. 154
Prior to entering into business relationships with such data sources, we typically review their relevant business licenses and other credentials to ensure that they are legitimate professional data sources, that they have the authority to collect, maintain and share such data, and we require them to certify to us that they have obtained informed consent from the individuals whose images or videos were collected by them and shared with us.
In August 2024, we have entered into two collaborative framework agreements with two majority-owned subsidiaries of Lepu Biopharma to jointly evaluate the combination therapy of BS001 and Lepu Biopharma's pucotenlimab (formerly HX008, a PD-1 inhibitor and LP002 (a PD-L1 inhibitor), respectively, in Mainland China.
Business · p. 203
We are responsible for the supply of BS001, and Lepu Biopharma is responsible for the supply of pucotenlimab or LP002, both subject to the protocol and free of charge.
Business · p. 203
The agreements were negotiated and approved on an arm's length basis and determined based on normal and fair commercial terms considering the therapeutic potential of this combination therapy and potential economic gain for each party.