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CDT Environmental Technology Investment Holdings Ltd

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Business Summary

CDT Environmental Technology Investment Holdings Limited (CDT Cayman) operates as a holding company, with its primary operations conducted through subsidiaries in China, focusing on waste treatment services . The company's business model revolves around the design, development, manufacture, sales, installation, operation, and maintenance of sewage treatment systems, alongside providing sewage treatment services in both urban and rural areas of the PRC . Revenue generation is primarily from the establishment and setup of sewage treatment systems installations through government and non-government contracts, and from providing sewage treatment services . The company has also initiated a strategic transformation into the green hydrogen sector, aiming to convert urban and rural organic solid waste into syngas for hydrogen and thermal energy production .

The company's core competitive strengths include established capabilities in rural and urban wastewater treatment solutions, leveraging rapid separation technology for cost-effective and efficient decentralized applications, and offering mobile and fixed on-site septic tank cleaning systems . It maintains a regional operational and service network across eight provinces in China, supported by ten subsidiaries and one branch office, which facilitates efficient client response and reduced logistics costs . The management and technical team possesses extensive environmental engineering experience, and the company provides end-to-end services from solution design to long-term operation and maintenance, fostering stable client relationships . Furthermore, CDT Cayman has laid a preliminary foundation for organic waste resource recovery and clean energy initiatives, including participation in drafting a technical standard for waste-to-hydrogen via high-temperature pyrolysis gasification .

For the fiscal year ended December 31, 2025, total revenues decreased by $11,539,386 , or 38.8% , to $18,225,819 from $29,765,205 in 2024 . This decline was primarily due to reduced demand for services amid an economic downturn in the PRC and fewer projects in progress or completed . Cost of revenues decreased by $7,851,866 , or 42.4% , to $10,666,862 in 2025 from $18,518,728 in 2024, directly correlating with the revenue decline . Gross profit decreased by $3,687,520 , or 32.8% , to $7,558,957 in 2025 from $11,246,477 in 2024 . The overall gross profit margin increased from 37.8% in 2024 to 41.5% in 2025, driven by a higher proportion of more profitable sewage treatment systems projects, partially offset by increased labor costs in sewage treatment services .

Operating expenses increased by $10,000,000 , or 107.7% , to $19,200,000 in 2025 from $9,200,000 in 2024 . This increase was mainly due to a $54,000 rise in selling expenses, a $1,700,000 increase in stock-based compensation, and a $14,694,723 provision for credit losses, net, in 2025, compared to a net recovery of $6,459,240 in 2024 . Other income, net, was $19,296 in 2025, a change from net other expenses of $129,782 in 2024, primarily due to a $100,000 increase in gain from disposal of business . The company reported a net loss of $10,366,087 in 2025, a decrease of $11,772,369 , or 837.1% , from a net income of $1,406,282 in 2024 .

Revenues from sewage treatment systems decreased by $11,138,119 , or 39.2% , to $17,279,031 in 2025 from $28,417,150 in 2024, attributed to project delays and fewer new projects . Sewage treatment services revenues decreased by $401,267 , or 29.8% , to $946,788 in 2025 from $1,348,055 in 2024, due to reduced demand . The gross profit percentage for sewage treatment systems increased from 37.4% in 2024 to 41.7% in 2025, while for sewage treatment services, it decreased from 45.1% to 37.4% .

Net cash used in operating activities was $1,490,957 in 2025, primarily due to the net loss and an increase in accounts receivable of $12,100,000 , partially offset by non-cash items and increases in accounts payable and taxes payable . Net cash provided by investing activities was $1,067 in 2025, mainly from $600,000 released from escrow accounts . Net cash provided by financing activities was $1,398,302 in 2025, driven by $2,600,000 in proceeds from various loans and $600,000 in net proceeds from the IPO, offset by $2,600,000 in loan repayments . The company had a cash on-hand balance of $66,686 as of December 31, 2025 .

The company's accounts receivable, net, was approximately $44,130,000 and contract assets – current were approximately $39,310,000 as of December 31, 2025 . The days sales outstanding (DSO) increased to 894 days at December 31, 2025, from 455 days at December 31, 2024, primarily due to prolonged delays in government payment approval processes amid the economic downturn in the PRC . The allowance for credit loss accounts for total accounts receivable increased to 35.5% as of December 31, 2025, from 17.0% in 2024, due to a change in methodology to the expected credit loss model under ASC 326 (CECL) and the migration of progress billings into longer aging buckets .

Business Outlook

The company anticipates that its current cash resources, including approximately $6.3 million in net proceeds from an offering completed in April 2026, will be sufficient to execute its current business plan for at least twelve months from the date the financial statements were issued . However, additional debt or equity financing will be required to fund future capital expenditures, particularly for planned new energy projects . The company believes securing additional financing is possible, but there is no assurance of obtaining it on acceptable terms or at all .

The company is actively pursuing growth areas, including the green hydrogen sector, which was formally initiated in 2025 . This involves a high-temperature gasification process developed in collaboration with the Guangzhou Institute of Energy Conversion, Chinese Academy of Sciences (GIEC), to convert urban and rural organic solid waste into syngas for green hydrogen and thermal energy production . This diversified business model integrates waste-to-hydrogen, clean energy supply, and environmental services . The company's subsidiary also participated in drafting the technical standard "Technical Requirements for Waste-to-Hydrogen via High-Temperature Pyrolysis Gasification," published in January 2025 .

Another growth area involves two clean energy-related projects initiated as of April 30, 2026 . These include establishing a project company in Shaowu City, Nanping, Fujian Province, for a biomass-to-steam project currently undergoing filing and regulatory approval , and conducting feasibility studies and preparing regulatory submissions for an integrated organic waste gasification, hydrogen production, and refueling station project in Jiangyin Town, Fuzhou, Fujian Province . Neither project has commenced construction, and no binding agreements for feedstock supply or energy product offtake have been entered into . The company plans to evaluate the commercial feasibility of these initiatives, with final implementation dependent on regulatory approvals, funding, feedstock security, and customer commitments .

Operationally, the company intends to maintain and optimize its core environmental engineering business by leveraging existing technology, regional networks, and client base to reinforce service capabilities in rural wastewater and septic tank treatment . The legacy septic tank treatment service, historically a secondary line, is being phased out due to limited market potential and strategic prioritization of green hydrogen and rural wastewater treatment . Research and development efforts are strategically focused on optimizing proprietary rapid-separation wastewater technology and advancing the high-temperature gasification process for hydrogen production . The company's R&D expense was $47,602 in 2025, and it plans to continue investing in R&D to support existing products and develop future offerings .

The company's planned capital allocation includes continued investment in research and development . Capital expenditures for equipment purchases were approximately $2,000 in 2025, mainly for septic tank treatment operations . The company does not have any other material commitments for capital expenditures as of December 31, 2025 .

Management explicitly flagged structural headwinds and execution risks, including conditions that raise substantial doubt about the company's ability to continue as a going concern, given a net loss of $10,366,087 and negative cash flows from operating activities of $1,490,957 as of December 31, 2025 . The business is capital intensive, and while working capital was approximately $26.41 million as of December 31, 2025, cash on-hand was approximately $66,686 . The company's ability to repay current obligations depends on the future realization of current assets, particularly accounts receivable of approximately $44.13 million and contract assets of approximately $39.31 million , which are short-term in nature . As of the filing date, approximately $1.90 million 115 of accounts receivable had been collected .

Geographic, regulatory, and macro factors identified as constraints include the ongoing economic downturn in the PRC, which has led to reduced demand for services and prolonged local government review and approval processes, impacting project timelines and increasing days sales outstanding (DSO) to 894 days at December 31, 2025 . The company's current sewage treatment system customers are primarily state-owned companies and local governments in China, where the payment approval process is complex and time-consuming .

Risk Factors

The company faces material risks, including substantial doubt about its ability to continue as a going concern, evidenced by a net loss of $10,366,087 and negative cash flows from operating activities of $1,490,957 as of December 31, 2025 . A significant amount of accounts receivable, approximately $44.13 million as of December 31, 2025, poses collectability risk, with only approximately $1.9 million collected as of April 30, 2026, representing 2.8% of the balance or 4.3% excluding the allowance for credit losses . The days sales outstanding (DSO) increased to 894 days at December 31, 2025, primarily due to delays in government billing approval processes amid the PRC's economic downturn . The company relies on a limited number of customers, with three customers accounting for 46.6% , 20.3% , and 12.1% of total revenues in 2025, and five customers accounting for 17.4% , 15.3% , 14.6% 135, 11.9% and 10.9% of accounts receivable . Dependence on a limited number of vendors also presents risk, as three vendors accounted for 26.0% , 25.2% , and 16.6% of total purchases in 2025 . Operational risks include potential inventory obsolescence, supply chain disruptions, and product liability claims . The company operates in highly competitive markets, facing pricing pressures and potential loss of market share . Regulatory risks in China include potential changes in laws related to taxation, environmental regulation, and foreign investment, as well as uncertainties in the legal system and foreign exchange controls . Failure to make adequate contributions to employee benefit plans, such as social insurance and housing provident funds, for 64 and 53 employees respectively as of December 31, 2025, could result in penalties . The company lacks business insurance coverage, which could lead to substantial costs from business disruptions or litigation . Intellectual property risks include the inability to adequately protect patents, trade secrets, and know-how, and potential claims of infringement by third parties . Geopolitical risks, such as U.S.-China trade tensions, could slow China's economic growth and impact government spending on environmental projects .

Management Priorities

Management's message to shareholders conveys a strategic evolution, aiming to maintain its core environmental engineering business while cautiously exploring the commercial viability of organic waste resource recovery and clean energy solutions. The company explicitly states that it anticipates current cash resources and opportunities will be insufficient to execute its business plan for twelve months after the financial statements are issued, and that if future financing is not obtained, it may not be able to operate as a going concern . Management believes that securing additional sources of financing is possible, but there is no assurance of its ability to secure such financing . The three strategic priorities emphasized for the period ahead are: first, to maintain and optimize the core environmental engineering business by leveraging existing technology, regional networks, and client base to reinforce service capabilities in rural wastewater and septic tank treatment; second, to proceed cautiously with clean energy business exploration, evaluating the commercial feasibility of converting organic solid waste into syngas via high-temperature gasification; and third, to enhance technical capabilities through collaboration, specifically with the Guangzhou Institute of Energy Conversion, Chinese Academy of Sciences, to advance pilot-scale validation and engineering adaptation of key technologies .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 4, Information on the Company — A. History and Development of the Company
  2. [2] Item 5, Operating and Financial Review and Prospects — A. Operating results — Overview
  3. [3] Item 5, Operating and Financial Review and Prospects — A. Operating results — Overview
  4. [4] Item 4, Information on the Company — B. Business Overview
  5. [5] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  6. [6] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  7. [7] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  8. [8] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  9. [9] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues
  10. [10] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues
  11. [11] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues
  12. [12] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues
  13. [13] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues
  14. [14] Item 5, Operating and Financial Review and Prospects — A. Operating results — Overview
  15. [15] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Cost of Revenues
  16. [16] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Cost of Revenues
  17. [17] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Cost of Revenues
  18. [18] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Cost of Revenues
  19. [19] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Cost of Revenues
  20. [20] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  21. [21] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  22. [22] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  23. [23] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  24. [24] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  25. [25] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  26. [26] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  27. [27] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  28. [28] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  29. [29] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  30. [30] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  31. [31] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  32. [32] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  33. [33] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  34. [34] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  35. [35] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  36. [36] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  37. [37] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Operating Expenses
  38. [38] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Other (expense) income, net
  39. [39] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Other (expense) income, net
  40. [40] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Other (expense) income, net
  41. [41] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Other (expense) income, net
  42. [42] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Net income
  43. [43] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Net income
  44. [44] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Net income
  45. [45] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Net income
  46. [46] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Net income
  47. [47] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment systems revenues
  48. [48] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment systems revenues
  49. [49] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment systems revenues
  50. [50] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment systems revenues
  51. [51] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment systems revenues
  52. [52] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment services revenues
  53. [53] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment services revenues
  54. [54] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment services revenues
  55. [55] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment services revenues
  56. [56] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Revenues — Sewage treatment services revenues
  57. [57] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit — Sewage treatment systems
  58. [58] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit — Sewage treatment systems
  59. [59] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit — Sewage treatment services
  60. [60] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit — Sewage treatment services
  61. [61] Item 5, Operating and Financial Review and Prospects — A. Operating results — Comparison of the years ended December 31, 2025 and 2024 — Gross Profit
  62. [62] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Operating activities
  63. [63] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Operating activities
  64. [64] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Operating activities
  65. [65] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Investing activities
  66. [66] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Investing activities
  67. [67] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Investing activities
  68. [68] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Financing activities
  69. [69] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Financing activities
  70. [70] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Financing activities
  71. [71] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Financing activities
  72. [72] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Financing activities
  73. [73] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  74. [74] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  75. [75] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  76. [76] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  77. [77] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  78. [78] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Accounts receivable
  79. [79] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Accounts receivable
  80. [80] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Accounts receivable
  81. [81] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Accounts receivable
  82. [82] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Accounts receivable
  83. [83] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Accounts receivable
  84. [84] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  85. [85] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  86. [86] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  87. [87] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  88. [88] Item 4, Information on the Company — B. Business Overview
  89. [89] Item 4, Information on the Company — B. Business Overview
  90. [90] Item 4, Information on the Company — B. Business Overview
  91. [91] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  92. [92] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  93. [93] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  94. [94] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  95. [95] Item 4, Information on the Company — B. Business Overview — Core Competitive Strengths
  96. [96] Item 4, Information on the Company — B. Business Overview — Business Strategy
  97. [97] Item 4, Information on the Company — B. Business Overview — Business Strategy
  98. [98] Item 4, Information on the Company — B. Business Overview
  99. [99] Item 4, Information on the Company — B. Business Overview — Research and Development
  100. [100] Item 5, Operating and Financial Review and Prospects — C. Research and development, patents and licenses, etc. — Research and Development
  101. [101] Item 5, Operating and Financial Review and Prospects — C. Research and development, patents and licenses, etc. — Research and Development
  102. [102] Item 5, Operating and Financial Review and Prospects — C. Research and development, patents and licenses, etc. — Research and Development
  103. [103] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Capital Expenditures
  104. [104] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Capital Expenditures
  105. [105] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Capital Expenditures
  106. [106] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  107. [107] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  108. [108] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  109. [109] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  110. [110] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  111. [111] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  112. [112] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  113. [113] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  114. [114] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business 115] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  115. [116] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  116. [117] Item 3, Key Information — D. Risk Factors — Risks Related to Doing Business in China
  117. [118] Item 3, Key Information — D. Risk Factors — Risks Related to Doing Business in China
  118. [119] Item 3, Key Information — D. Risk Factors — Risks Related to Doing Business in China
  119. [120] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  120. [121] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  121. [122] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  122. [123] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  123. [124] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  124. [125] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  125. [126] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  126. [127] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  127. [128] Item 3, Key Information — D. Risk Factors — Risks Related to Doing Business in China
  128. [129] Item 3, Key Information — D. Risk Factors — Risks Related to Doing Business in China
  129. [130] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  130. [131] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  131. [132] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  132. [133] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  133. [134] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business 135] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  134. [136] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  135. [137] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  136. [138] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  137. [139] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  138. [140] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  139. [141] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  140. [142] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  141. [143] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  142. [144] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  143. [145] Item 3, Key Information — D. Risk Factors — Risks Related to Doing Business in China
  144. [146] Item 4, Information on the Company — B. Business Overview — Regulations — Legal Regulations on Labor Protection in the PRC
  145. [147] Item 4, Information on the Company — B. Business Overview — Regulations — Legal Regulations on Labor Protection in the PRC
  146. [148] Item 4, Information on the Company — B. Business Overview — Regulations — Legal Regulations on Labor Protection in the PRC
  147. [149] Item 3, Key Information — D. Risk Factors — Risks Related to Our Business
  148. [150] Item 3, Key Information — D. Risk Factors — Risks Related to Intellectual Property
  149. [151] Item 3, Key Information — D. Risk Factors — Risks Related to Doing Business in China
  150. [152] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources
  151. [153] Item 5, Operating and Financial Review and Prospects — B. Liquidity and Capital Resources
  152. [154] Item 4, Information on the Company — B. Business Overview — Business Strategy

Analysis on 5/22/2026