HANOI, VIETNAM – Media OutReach Newswire – 15 May 2026 – As part of the VinFast Global Business Conference held from May 4 to May 10, 2026, VinFast announced the signing of Memoranda of Understanding (MOUs) with 29 aftersales partners at the 2026 Global Business Conference. Organized by VinFast, the event marked the first time more than 200 investors and partners who have accompanied and will accompany VinFast across North America, Europe, the Middle East, India, Indonesia, the Philippines, and Kazakhstan have gathered together, representing another milestone in the company’s strategy to expand its global service network.
VinFast leaders and 29 after-sales partners at the Memorandum of Understanding signing ceremony held as part of the VinFast Global Business Conference.
Under the MOUs, international partners are expected to establish EV service workshops that meet VinFast’s global standards in their respective markets. VinFast will ensure uniform, high-quality service through globally-standardized technician training and certification programs, consistent operating procedures and quality control systems, as well as a parts supply network targeting delivery of common spare parts within 24 hours in key markets.
The new agreements are part of VinFast’s long-term strategy to develop a comprehensive EV ecosystem aligned with its international standards, covering aftersales services, charging infrastructure, and customer support. This expansion is expected to further accelerate the transition to electric mobility while ensuring VinFast customers receive support throughout the entire product lifecycle.
VinFast’s international strategy is built on the operational foundation and aftersales capabilities it has already proven in Vietnam. By the end of 2025, VinFast had developed nearly 400 service workshops nationwide, bringing its total global network to nearly 800 facilities.
Building on this foundation, VinFast aims to expand to more than 1,100 service workshops globally in 2026, spanning North America, Europe, the Middle East, and Asia. The network will be deployed through multiple models, including dealerships serving retail customers, fleet and transportation business clients, and third-party local service workshop partners.
At the same time, VinFast is implementing a range of customer support policies, including repair time commitments in Vietnam, replacement vehicle support in international markets, as well as battery inspection, software updates, and technical support throughout the ownership experience.
As part of the conference, international partners also visited VinFast’s manufacturing complex and the broader Vingroup ecosystem to gain deeper insights into VinFast’s production capabilities, operational scale, and global growth strategy.
Mr. Bui Viet Hung, Deputy CEO of Global Aftersales of VinFast, said: “Our goal is not simply to expand the network, but to build a customer-centric aftersales ecosystem that delivers an outstanding experience on a global scale. Through partnerships with experienced local operators and the application of VinFast’s global standards, we aim to provide aftersales services that are exceptional, responsive, and reliable. We also aspire to bring Vietnam’s five-star service culture and spirit of dedication to the world, creating a unique experience for international customers. That is VinFast’s long-term commitment to the transition to electric mobility.”
In addition to expanding its aftersales operations, VinFast continues to develop an integrated EV ecosystem that includes products, services, and charging infrastructure through partnerships with strategic partners such as V-Green and local charging infrastructure operators. Through this partner network, VinFast aims to develop a system of more than 1.5 million charging ports globally, helping expand access to charging infrastructure and deliver a seamless, convenient EV ownership experience for customers in international markets.
Hashtag: #VinFast
The issuer is solely responsible for the content of this announcement.
About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle manufacturer with the mission of making electric mobility more accessible to everyone. VinFast’s current product portfolio includes a wide range of electric SUVs, electric motorcycles, electric bicycles, and electric buses.
VinFast is entering its next phase of growth by rapidly expanding its global distribution and dealer network while strengthening manufacturing capabilities, with a focus on key markets in North America, Europe, the Middle East, and Asia.
The New Laos National Stadium (also known as Lao National Stadium KM16) is a multi-use stadium in Vientiane, Laos that was built in 2009. (Photo by Football Stadium Gallery)
Laos has requested Vietnam’s support in sports development and athlete training as the country prepares to host the 36th Southeast Asian (SEA) Games in 2031 as this is the country’s second time staging the regional multi-sport event after first hosting the 25th SEA Games in Vientiane in 2009.
The request came during a bilateral meeting on 13 May in Vientiane between Lao Education and Sports Minister Thongsalith Mangnomek and Vietnamese Culture, Sports and Tourism Minister Lam Thi Phuong Thanh, where both sides reviewed existing cooperation in sports and education and discussed the road ahead for the regional event.
Among the key requests, Laos asked Vietnam to help renovate the National Sports Training Center, a facility originally constructed with Vietnamese assistance in 2009 that has since fallen into disrepair, as well as support the development of a new Sports Science Center to boost athlete performance ahead of 2031.
Laos also called on Vietnam to maintain long-term sports scholarships and short- to medium-term training programs, along with equipment, coaching, and technical support for Lao athletes, coaches, and officials. Support for para-athletes competing in athletics and weightlifting was also raised.
On the practical side, the proposal envisions Vietnamese experts being deployed to conduct training in Laos, while 35 to 60 Lao athletes would attend training camps in Vietnam each year, a figure set to rise to between 70 and 100 annually in 2029–2030 as final preparations for the Games intensify.
Both sides also explored broader collaboration covering student football competitions, sports management training, and initiatives to promote public participation in physical activity and traditional sports.
Lao officials described the cooperation as a core part of the country’s wider effort to strengthen its sports sector and ensure it is ready to stage one of Southeast Asia’s most prominent sporting events.
SINGAPORE, May 15, 2026 /PRNewswire/ — On May 13, 2026, Vincent YANG, Co-founder and Chief Business Officer of Obita, attended Future Economy Conference 2026, hosted by the Singapore Business Federation (SBF), and joined the Leaders’ Lens: Future-Ready Growth Through Strategic Enterprise Partnerships session. The conversation was moderated by Mr Roy Tan, Head of Enterprise Banking International, Global Commercial Banking, OCBC, with speakers exchanging views on key topics including enterprise internationalisation, the value of strategic partnerships, and cross-border business development.
Future Economy Conference is an important annual platform hosted by SBF for the business community, bringing together business executives, industry representatives, and policy stakeholders to discuss business growth, cross-border collaboration, and pathways for sustainable development. Leaders’ Lens is a high-level dialogue segment designed for business decision-makers, focusing on practical topics such as market shifts, business transformation, and internationalisation strategies, while sharing frontline business judgement and practical thinking.
During the session, Obita shared its observations on enterprise internationalisation. In Obita’s view, different markets come with different business value, operating conditions, and investment requirements. Companies need to assess the right operating depth and investment pace for each market. In the early stage, they can take a light-touch approach to test market demand quickly. As business opportunities become more concrete, they may move into a medium-depth model by working with local partners to integrate into the ecosystem, build market trust, and advance business execution. For core strategic markets, companies may enter a heavy-lift stage, with deeper localisation across compliance, operations, team structures, and long-term investment.
When expanding partner networks, companies should also place different emphasis at different stages. At the market-testing stage, they need precise market entry points and feedback. Once the business moves toward execution, local resources and implementation capabilities become more important. At the deep operating stage, companies need stable governance structures and long-term ecosystem collaboration. Well-structured strategic partnerships can help companies better manage the pace of international expansion, reduce trial-and-error costs, and strengthen the stability of cross-market operations.
When Mr Roy Tan asked about Singapore’s value as a hub, Obita noted that Singapore not only has a mature financial system and regulatory environment, but also helps internationalising companies build business credibility and connect efficiently with regional resources and global opportunities. This makes Singapore a strong base for companies building cross-market operations and a global ecosystem.
Flexibly adjusting market expansion strategies and the pace of resource investment is key to steady global growth. For Obita, participating in Future Economy Conference 2026 was an opportunity to share experience and further connect with Singapore’s business ecosystem.
About Obita
Obita is a global payment service provider for enterprises, focused on delivering controllable, trustworthy, and efficient financial solutions that help businesses manage global collections, cross-border payouts, and fund operations with greater ease.
Powered by financial technology, Obita is committed to providing enterprises with more efficient settlement experiences, more stable payment workflows, clearer fund management, and broader capabilities across global collections, payouts, and fund operations — supporting sustained business growth in an increasingly connected world.
West Vancouver, British Columbia – Newsfile Corp. – May 14, 2026 – Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the “Company” or “Surge“) is pleased to announce that Nevada North Lithium, LLC (“NNL”), the joint venture formed by Surge and Evolution Mining Limited (“Evolution”), has reported an updated Mineral Resource Estimate (“MRE”) for the Nevada North Lithium Project (“NNLP”) containing 10.5 Mt of Lithium Carbonate Equivalent (LCE) grading 3,007 ppm Li Measured and Indicated which includes 6.7Mt LCE @ 3,820 ppm Li highlighting significant scalability potential from the Preliminary Economic Assessment (PEA) mine plan that consumes only 3.6Mt @ 4016 ppm Li.
Following a targeted infill and step-out drilling campaign comprising nine drill holes, the updated MRE demonstrates an 87% conversion of the PEA mine pit into higher-confidence Measured and Indicated (M&I) resource categories. This ratio of boreholes to resource highlights the clear continuity of the deposit and firmly establishes NNLP as one of the leading lithium clay deposits in North America.
Highlights of the Updated Mineral Resource Estimate:
Initial High-Grade M&I Resource Established: The Project now hosts a Measured and Indicated Resource of 657.5 million tonnes grading 3,007 ppm Li, containing 10.5 million tonnes of Lithium Carbonate Equivalent (LCE).
High Conversion: The recent drilling successfully converted approximately 87% of the original PEA mine pit into the M&I category, securing the foundation of the deposit.
High-Grade Expansion: The drill program successfully defined significant new volumes of higher-grade M&I resource outside the boundaries of the original PEA mine pit, providing optimization and scalability opportunities for the in-process Pre-Feasibility Study (PFS) as the PEA mine plan consumes only 3.6Mt @ 4016 ppm Li.
Significant Inferred Expansion: Excluding the totals attributed to Measured and Indicated classifications, the Inferred Resource still hosts 271.3 million tonnes grading 2,160 ppm Li, containing 3.1 million tonnes of LCE, pushing the mineralized footprint well beyond the boundaries of the 2025 Preliminary Economic Assessment (PEA).
Near-Surface Mine Plan Upside: Opportunities exist to further optimize early-year mine sequencing, particularly where the high-grade upper clay horizon sits near the surface.
Specific Gravity (SG) Sampling: The SG dataset includes 512 measurements across the tuff and mineralized units. Statistical evaluation indicates that the upper clays have a median bulk density of 1.65 t/m3, while non-mineralized materials (tuffs) have a low bulk density of 1.39 t/m3. These values have been incorporated into the updated block model, and these revisions will influence future mine-planning scenarios once completed.
Mr. Greg Reimer, President, Chief Executive Officer and Director of Surge, commented, “This resource update is a watershed moment for Surge and our joint venture partners at Evolution Mining. Delivering over 10.5 million tonnes of LCE into the Measured and Indicated category at grades exceeding 3,000 ppm Li underscores the significance of the NNLP deposit. This MRE highlights the sheer scalability of the NNLP with the PEA mine plan only using 3.6Mt of the M&I resource. The primary objective of this MRE update was to de-risk the resource for the Pre-Feasibility Study, and the geological data has emphatically delivered.”
Updated Mineral Resource Estimate Statement
The MRE was prepared by RESPEC Company, LLC (“RESPEC”), an independent mining and engineering consulting firm, in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM“) Definition Standards – For Mineral Resources and Mineral Reserves adopted by the CIM May 19, 2014, and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“). The resource is constrained within an optimized pit shell based on a $20,000/t LCE price, utilizing a cut-off grade of 1,250 ppm Li.
Table 1. 2026 NNLP Measured Resource in bold and sensitivity to different cutoff grades.
Category
Tonnes (Mt)
Grade (Li ppm)
Lithium (Mt)
LCE (Mt)
Measured
210.8
3,150
0.66
3.53
Indicated
446.7
2,940
1.31
6.98
Total M&I
657.4
3,007
1.97
10.51
Inferred
271.3
2,160
0.59
3.11
Table 2. 2026 NNLP Measured Resource in bold and sensitivity to different cutoff grades.
Cutoff (Li ppm)
Tonnes (Mt)
Grade (Li ppm)
Lithium (Mt)
LCE (Mt)
1,000
214.8
3,100
0.67
3.55
1,250
210.8
3,150
0.66
3.53
1,500
199.3
3,240
0.65
3.43
1,750
187.2
3,340
0.63
3.33
2,000
174.4
3,450
0.60
3.20
3,000
119.5
3,890
0.47
2.48
4,000
44.6
4,510
0.20
1.07
Table 3. 2026 NNLP Indicated Resource in bold and sensitivity to different cutoff grades.
Cutoff (Li ppm)
Tonnes (Mt)
Grade (Li ppm)
Lithium (Mt)
LCE (Mt)
1,000
456.9
2,890
1.32
7.03
1,250
446.7
2,940
1.31
6.98
1,500
419.1
3,030
1.27
6.77
1,750
389.6
3,140
1.22
6.51
2,000
357.5
3,250
1.16
6.19
3,000
209.3
3,780
0.79
4.21
4,000
64.0
4,390
0.28
1.50
Table 4. 2026 NNLP Inferred Resource in bold and sensitivity to different cutoff grades.
Cutoff (Li ppm)
Tonnes (Mt)
Grade (Li ppm)
Lithium (Mt)
LCE (Mt)
1,000
294.4
2,080
0.61
3.26
1,250
271.3
2,160
0.59
3.12
1,500
221.7
2,330
0.52
2.75
1,750
171.1
2,540
0.44
2.32
2,000
129.6
2,760
0.36
1.90
3,000
38.6
3,560
0.14
0.74
4,000
6.0
4,420
0.03
0.14
All Table Notes:
The effective date of the NNLP mineral resource estimate is May 1, 2026.
The mineral resource estimate was prepared by RESPEC in metric tonnes under the supervision of Mr. Jeff Bickel in accordance with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and reported in compliance with NI 43-101.
Resources are constrained by an optimized pit shell. Block grades were interpolated using the ID2 method in Hexagon MinePlan™ 3D software.
The NNLP mineral resource cut-off grade of 1,250 ppm Li was selected based on input provided by Surge and reviewed by the QP. Operating assumptions used to establish reasonable prospects for eventual economic extraction include a US$82.43/t operating cost, an average recovery of 84.9% Li, and a US$20,000/t LCE price. Blocks outside the optimized pit shell do not meet criteria for reasonable prospects for eventual economic extraction.
A Li to Li2CO3 factor of 5.323 was used.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. An inferred mineral resource has lower confidence than a measured or indicated mineral resource and must not be converted to a mineral reserve. Additional drilling is required to improve the confidence level of inferred mineral resources.
The new drilling combines for an aggregate total of 5451.5 meters across 37 drillholes, underpinning the entire MRE. RESPEC was supplied with three-dimensional geological shapes generated by NNL which included mineralized clay lithologies hosting lithium. Mineral resources were estimated by RESPEC as follows:
Evaluated the drill data statistically within relevant clay lithologies, using them as domains;
Coded a block model with the domains using the provided geological wireframe solids;
Analyzed the mineralization geostatistically by domain to aid in the establishment of estimation and classification parameters; and
Interpolated lithium grades into a block model comprised of 50(east-west) x 50(north-south) x 5(vertical)-meter blocks using the clay lithology domains to explicitly constrain the grade estimation.
Resource Expansion Opportunities
While this MRE update successfully locked in the core of the PFS mine plan, the geological model highlights several immediate avenues for future resource expansion and grade optimization:
Tighter Drill Spacing Upside: Geostatistical modeling indicates that in areas with lower drill density, the grade estimates are conservatively constrained by larger search radiuses. We anticipate that future infill drilling in these peripheral zones will naturally pull up the average grade, mirroring the success of our recent infill campaign.
High-Grade Footprint Expansion: Future targeted drilling will aim to fill localized gaps within the deposit, specifically targeting the expansion of the >3,000ppm Li footprint to the north.
Volumetric Increases: The integration of recent, high-resolution topographic surveys has identified shallow areas of increased volumetric potential, particularly to the northeast, providing further tonnage upside beyond the current block model.
Next Steps
With the MRE complete, the block model has been formally handed over to Independent Mining Consultants (IMC) to finalize the PFS mine plan and production schedule. Engineering deliverables from Fluor, including the Heat and Material Balance (HMB) and Process Flow Diagrams (PFDs), have successfully defined a highly efficient and robust flowsheet. The Metallurgical Testing Program with Kemetco is advancing rapidly, keeping the Company on track to deliver the comprehensive Pre-Feasibility Study in Q4 2026.
Technical Report
Under NI 43-101, Section 4.2(1)(j), Surge must file a technical report regarding the updated MRE within forty-five (45) days of the date of this news release.
Qualified Person as Defined Under National Instrument 43-101
The MRE was prepared for Nevada North Lithium, LLC by independent Qualified Persons (“QPs”) as defined under NI 43-101. The independent QPs were Mr. Jeff Bickel, C.P.G., and Mr. Nathan Forsythe, C.P.G., of RESPEC in Reno, Nevada. Both QPs have reviewed and approved the technical information in this news release that is derived from the upcoming Technical Report.
Mr. Bickel and Mr. Forsythe have reviewed the sampling, assaying, and security procedures used by Surge at Nevada North, and it is their opinion that they follow industry standard procedures and are adequate for the estimation of the current MRE and for use in preparing the Technical Report.
Mr. Bickel and Mr. Forsythe completed an audit of the database and verified data underpinning the MRE. Mr. Forsythe visited the project site on November 4 and 5, 2025.
Nevada North Lithium exploration activities are supervised by Mr. Alan J. Morris, C.P.G., Geological Advisor to the Company. Mr. Morris is a qualified person as defined under NI 43-101. Mr. Morris has reviewed and approved the technical contents of this news release.
About Surge Battery Metals Inc.
Surge Battery Metals Inc., a Canadian-based mineral exploration company, is at the forefront of securing the supply of domestic lithium through its active engagement in the Nevada North Lithium Project. The project focuses on development of high-grade lithium energy metals in Nevada, USA, a crucial element for powering battery electric storage and electric vehicles. With a primary listing on the TSX Venture Exchange in Canada and a listing on the OTCQX Market in the USA, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration.
About Evolution Mining Limited
Evolution Mining is a leading, globally relevant gold miner. Evolution operates six mines, comprising five wholly-owned mines – Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada, and an 80% share in Northparkes in New South Wales.
About Nevada North Lithium, LLC
Nevada North Lithium, LLC, jointly owned by Surge Battery Metals Inc (70.54%) and Evolution Mining Limited (29.46%), owns the Nevada North Lithium Project southeast of Jackpot, Nevada about 73 km north-northeast of Wells, Elko County. The first three rounds of drilling at the project identified a strongly mineralized zone of lithium bearing clays occupying a strike length of more than 4,300 meters and a known width of greater than 1,500 meters. Highly anomalous soil values and geophysical surveys suggest there is potential for the clay horizons to be much greater in extent. As disclosed in the Company’s Preliminary Economic Assessment dated May 19, 2025 (PEA), completed jointly by M3 Engineering & Technology Corp. and Independent Mining Consultants (see the Company’s news release dated July 24, 2025 for further information regarding the PEA), the Nevada North Lithium Project reported an after-tax NPV8% US $9.17 Billion and after-tax IRR of 22.8% at $24,000/t LCE and an OPEX of US $5,243/t LCE. The Project now has a pit-constrained Measured & Indicated Resource containing an estimated 10.51 Mt of Lithium Carbonate Equivalent (LCE) grading 3007 ppm Li at a 1,250-ppm cutoff.
On behalf of the Board of Directors “Greg Reimer” Greg Reimer, Director, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan” or “planned”, “possible”, “potential”, “forecast”, “intend”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities including lithium and nickel, the accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental, local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure or water, changes in laws, rules and regulations including in the United States, Nevada or California or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or other currencies, fluctuations in the market for lithium related products, changes in exploration costs and government royalties, export policies or taxes in the United States or any other jurisdiction and other factors or information. The Company’s current plans, expectations, and intentions with respect to development of its business and of its Nevada properties may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions (including US government subsidies or incentives) on its ability to secure further financing or funding of its Nevada properties. Such statements represent the Company’s current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental (including endangered species, habitat preservation and water-related risks) and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
Figure 1: Plan view showing the Upgraded MRE at the NNLP with a 1,250ppm Li cutoff. The $20,000 LCE pit area is shown in dark gray. Four section lines indicate the location of the cross sections below.
Figure 2: Section 1 cross section looking ENE at pit-constrained blocks of the Upgraded block model. The blue dashed line indicates the historical PEA mine plan pit boundary.
Figure 3: Section 2 cross section looking E at pit-constrained blocks of the Upgraded block model. Note the significant expansion of high-grade mineralization on the southern half of this section, well outside the boundaries of the historical PEA Mine Plan Pit.
Figure 4: Section 3 cross section looking NNE at pit-constrained blocks of the Upgraded block model. Note the continuous high-grade blocks located immediately below the historical PEA Mine Plan Pit boundary, highlighting high-grade vertical expansion opportunities.
Figure 5: Section 4 cross section looking NW at pit-constrained blocks of the Upgraded block model. Note the high-grade mineralization extending beneath the historical PEA Mine Plan Pit in the center of the section, plus the high-grade blocks in the topographic low to the southwest, demonstrating significant expansion opportunities both near surface and at depth.
Figure 6: Plan view showing Measured & Indicated Blocks above 1,250ppm Li Cutoff. The $20,000 LCE pit area is shown in dark gray, and the PEA Mine Plan Pit outlined in black. In addition to converting approximately 87% of the PEA Mine Plan Pit to M&I, there is a significant lateral expansion of M&I blocks outside the historical pit boundary both laterally and at depth below the pit shell (as detailed in the cross sections of Figures 2-5).
Figure 7: Plan view showing Measured & Indicated Classifications generated from the Upgraded MRE at the NNLP with a 3,000ppm Li cutoff. The $20,000 LCE pit area is shown in dark gray, and the PEA Mine Plan Pit outlined in black. This high-grade view clearly illustrates the robust lateral continuity of the >3000ppm M&I resource extending well beyond the historical PEA limits, alongside the significant depth potential demonstrated in the previous cross sections (Figures 2-5).
Today’s biggest stars express individuality and confidence with natural diamonds
NEW YORK, US – Media OutReach Newswire – 15 May 2026 – The 2026 Met Gala celebrating “Costume Art” took place May 4th at the Metropolitan Museum of Art in New York City, bringing together leading figures from across the globe for an unforgettable evening. These tastemakers showcased the most classic, refined and distinctive diamond jewelry looks of the season. Below, A Diamond is Forever highlights the standout trends from the event.
Desert diamonds
Desert diamonds emerged as a striking throughline on the Met Gala carpet, with a range of hues in distinctive settings taking focus.
Rihanna led the trend in a pair of exceptionally rare old Moghul Golconda fancy brown-yellow diamond earrings by Glenn Spiro, featuring two pear-shaped natural diamonds totaling 51.9 carats. Doja Cat offset her all nude look with a pair of large Leviev Diamonds floral-shaped earrings while Paloma Elsesser made a statement in a 29.5-carat diamond necklace by Bernard James, centered around a 15-carat fancy light yellow pear-shaped natural diamond. Cara Delevingne wore a De Beers London Forces of Nature High Jewelry ring, featuring marquise yellow diamonds set as eyes, while Emma Chamberlain opted for yellow and white diamond earrings by Chopard, underscoring the continued allure of warm diamond hues.
Magnificent Diamond Earrings
A wide variety of captivating silhouettes defined the natural diamond earrings on the Met Gala carpet. Zoë Kravitz delivered a modern twist with oversized diamond flower earrings by Jessica McCormack. Chase Sui Wonders opted for Jean Schlumberger by Tiffany & Co. Sea Fan earrings, bringing an element of sculptural artistry to the look. Gracie Abrams selected gently dangling Chanel earrings, adding understated fluidity, while Connor Storrie selected simple hoop earrings from Tiffany & Co., reinforcing the clean and enduring appeal of natural diamonds.
Standout Diamond Moments
Natural diamonds appeared in personal, unconventional and eye-catching ways, offering moments of surprise and awe. Power couple Beyoncé and Jay-Z embodied this trend with Beyoncé wearing Chopard’s Queen of Kalahari necklace, named after the rare 342-carat diamond that provided 23 stones for Chopard’s Garden of Kalahari collection. Jay-Z contributed to the narrative with a vintage diamond brooch by Briony Raymond worn at the collar as an unexpected placement that underscored the piece’s versatility. Isha Ambani made the styling of diamonds an art form in itself, wearing her own diamond jewelry featuring approximately 150 carats of old mine-cut diamonds, including a three-strand necklace and chandelier earrings, while also incorporating diamonds sewn directly into the bodice of her sari to represent significant moments in her life.
Together, these looks highlighted a shift toward natural diamonds as vessels of personal expression, styled with intention, individuality, and a sense of the unexpected.
Air Corporate data reveals 9 in 10 founders incorporated in Hong Kong do so remotely, driven by a 20% surge in Middle Eastern entrepreneurs seeking cost-effective operational alternatives to Dubai.
HONG KONG SAR – Media OutReach Newswire – 15 May 2026 – Air Corporate registered a 40.5% increase in Hong Kong incorporations in 2025, with the first quarter of 2026 already up 48% year-over-year. This data indicates that Hong Kong is reasserting itself as the leading Asian jurisdiction for company formation, fueled by a new wave of remote founders from the Middle East, North Africa, and Europe.
The prevailing narrative over the past five years suggested that Singapore was eclipsing Hong Kong; however, recent incorporation volumes challenge this. According to city-wide official figures cited by Vivian, Founder of Air Corporate, approximately 195,000 companies were registered in Hong Kong in 2025, compared to around 77,000 in Singapore.
“There was a lot of fuss about Singapore taking over Hong Kong as preferred jurisdiction over the last few years, but for 2025 alone, around 195,000 companies were formed in HK, vs around 77,000 for Singapore,” said Vivian. While city-wide registrations rose roughly 35% in 2025, incorporations at Air Corporate specifically grew by 40.5%. Vivian added, “With a 35% increase in the number of companies registered in 2025, Hong Kong is definitely back in the game as the top jurisdiction to start a company.”
The reality of Hong Kong company formation is increasingly global, lean, and founder-led. Nine in ten founders incorporated in Hong Kong with Air Corporate do not live there.
Key demographic and operational insights from Air Corporate’s client base include:
Approximately 90% of founders operate remotely from abroad, while 10% or less are based in Hong Kong.
Entrepreneurs aged 35 to 44 represent the largest age cohort at 38%, demonstrating that Hong Kong attracts founders in their prime career years rather than just younger digital nomads.
Serial entrepreneurs make up 60% of Air Corporate’s client mix, utilizing Hong Kong as an operational base for multiple companies, while first-time founders account for the remaining 40%.
A total of 89% of new companies are launched by solo founders (58%) or small teams of two to five individuals (31%).
Mainland China, Hong Kong, Turkey, India, the UAE, Australia, France, and Morocco rank among the top source markets for these founders.
Furthermore, 73% of new Hong Kong incorporations are directly tied to physical goods trade with China. This consists of e-commerce and dropshipping businesses (38%) and the trading of goods (35%). The recovery of in-person trade flows, including events, such as the Canton Fair and various industrial fairs, is pulling foreign founders back into the Greater China orbit and establishing Hong Kong as the natural entry point and financial layer over the world’s largest manufacturing base.
Air Corporate’s data recorded a 20% year-over-year growth in founders originating from the Middle East. This shift highlights a reverse migration where founders previously incorporated in Dubai are now choosing Hong Kong. Based on Vivian’s observations, founders often arrive in Dubai expecting fast incorporation and low costs, but discover that incorporation and maintenance are significantly more expensive than in Hong Kong, and banking remains difficult. Consequently, many founders move to Hong Kong after 12 to 24 months in the UAE, a trend accelerated by the Hong Kong government’s strategic outreach to the region.
For lean, remote-first businesses, speed-to-market is a critical factor. A founder located anywhere in the world can incorporate in Hong Kong and open a working bank account in approximately 7 days using digital banking partners. Currently, 90% of Air Corporate’s clients utilize these digital banking partners.
“Hong Kong and Singapore are the only places in Asia where you can set up your company, get a corporate account, and be in business in less than a week,” concluded Vivian.
Air Corporate is a service provider facilitating company formation and incorporation in Hong Kong for serial entrepreneurs, first-time founders, and remote-first business owners operating globally.
Media Inquiries To learn more about Hong Kong company formation, visit Air Corporate’s website or contact their team directly.
Hashtag: #AirCorporate
The issuer is solely responsible for the content of this announcement.
Capturing a New Gold Era by Transforming Market Volatility into Potential Option Premium Income
HONG KONG, May 15, 2026 /PRNewswire/ — Mirae Asset Global Investments (Hong Kong) Limited (“Mirae Asset (Hong Kong)”), through its Global X ETFs brand, is pleased to announce the launch of the Global X Gold Covered Call Active ETF (the “Fund”, Stock Codes: 3533/41533).
As Hong Kong continues to develop into an international gold trading hub and global demand for gold as a safe-haven asset remains strong, gold is entering a new phase of structural growth. The Fund is a synthetic strategy exchange-traded fund (ETF) that, through total return swaps, invests in gold futures and/or ETFs tracking gold prices, combined with a covered call strategy to generate option premium income. It offers investors an innovative solution to enhance income potential beyond traditional physical gold allocation.
Key Features
First of its kind in Hong Kong[1]– the first ETF to implement a gold covered call strategy, providing a new tool for gold allocation
Target monthly distributions[2] – aims to generate potential income through covered call strategies, providing a source of regular cash flow (distributions are not guaranteed and may be paid out of capital)
Competitive fee structure – a single management fee of 0.75%[3] per annum, among the lowest in its category
The Global X Gold Covered Call Active ETF was listed today on the Hong Kong Exchanges and Clearing Limited (HKEX) with an initial listing price of USD 10 per unit, and a board lot size of 50 units.
Ms. Judy Chu, Chief Executive Officer of Mirae Asset Global Investments (Hong Kong), said:
“Amid persistent macroeconomic uncertainty, rising geopolitical risks, and increased market volatility, gold continues to demonstrate its long-term strategic value. At the same time, investor demand for gold-related instruments is evolving from pure price exposure to income generation and volatility management. The launch of the Global X Gold Covered Call Active ETF is a direct response to this trend, offering a more flexible tool for gold allocation.”
Covered Call Strategy Characteristics
Favorable in volatile markets – option premiums typically rise during periods of higher market volatility, supporting potential income generation
Downside cushioning – premium income may partially offset declines in underlying gold prices
Limited upside potential – selling call options may cap upside gains, while retaining the benefit of premium income
About Mirae Asset Global Investments Group
Mirae Asset Global Investments (“Mirae Asset”) manages assets exceeding USD 377 billion. The firm offers a wide range of investment products, including mutual funds, exchange-traded funds (ETFs), and alternative investments. Mirae Asset operates 25 offices worldwide and employs over 1,000 professionals, including more than 260 investment specialists.[4]
Mirae Asset’s global ETF platform comprises over 738 ETFs, providing high-quality, cost-efficient investment solutions designed to capture emerging global investment themes and disruptive technologies. The firm manages approximately USD 234 billion in ETF assets, with listings across Australia, Brazil, Canada, Colombia, Hong Kong, India, Japan, Korea, Vietnam, Europe, and the United States.[4]
About Global X ETFs
Founded in 2008, Global X ETFs has been committed to providing innovative and intelligent investment solutions for over a decade. The firm offers 475 ETF strategies, with assets under management exceeding USD 155 billion. Global X is widely recognized for its thematic growth, income, and international market ETFs and is a member of the Mirae Asset Financial Group.[4]
[2] Distributions and option premium income are not guaranteed, and such distributions or income do not represent a positive return. Investors should not make investment decisions solely based on the above information. Investors should refer to the Fund’s offering documents (including the Product Key Facts Statement) for further details, including risk factors. Investment involves risks, and past performance is not indicative of future performance.
[3] As the Fund is newly established, this figure is an estimate and represents the cumulative ongoing charges over a 12–month period, expressed as a percentage of the estimated average net asset value of the listed class of shares during the same period. This figure may differ from the actual charges incurred during the Fund’s operation and may vary from year to year.
Please note that the ongoing charges figure does not include costs associated with financial derivative instruments (including swaps) entered into by the Fund. As the Fund adopts a single management fee structure, the estimated ongoing charges will be equal to the management fee, capped at 0.75% of the average net asset value of the Fund’s listed class of shares. Any ongoing charges exceeding this cap will be borne by the Manager and will not be charged to the Fund. For further details, please refer to the Product Key Facts Statement and the Fund Prospectus.
GUANGZHOU, China, May 15, 2026 /PRNewswire/ — Pomdoctor Limited (“Pomdoctor” or the “Company”) (NASDAQ: POM), a leading online medical services platform for chronic diseases in China, today announced its financial results for the fiscal year ended December 31, 2025.
Mr. Zhenyang Shi, Chairman and Chief Executive Officer of Pomdoctor, commented: “Fiscal year 2025 marked a year of solid revenue expansion and continued execution of our growth strategy. Both our net revenues and gross profit recorded solid year-over-year increases, by 16.7% and 9.6% respectively, primarily driven by the strong growth of our Internet hospital business, particularly online pharmacy sales as we deepened collaboration with pharmaceutical manufacturers. At the same time, we achieved a steady gross margin over 13%, reflecting our capability in maintaining profit while continuing expansion of our business scale, executing sales promotions and obtaining new customers.
“During the year, we also increased our investments in research and development (“R&D”) by 328.5% to support our long-term strategic priorities. Our R&D efforts are focused on enhancing our technology-driven healthcare capabilities and strengthening our platform infrastructure, which we believe will enable us to deliver more efficient and accessible healthcare services while supporting sustainable growth over time.
“Despite the net loss for the year, which was primarily attributable to significant non-recurring expenses associated with our initial public offering, including professional service fees and investor relations initiatives, we view these costs as necessary and strategic investments. These investments enabled our transition to a publicly listed company, strengthened our corporate governance, enhanced our operational and financial capabilities, and unlocked broader growth opportunities for the future. Following our successful listing, we are now better positioned to access capital market resources to support business expansion and execute our long-term growth strategy more efficiently on a larger scale.
“Looking ahead, we remain confident in the long-term growth potential of China’s digital healthcare market. We will continue to deepen strategic partnerships with pharmaceutical companies to further drive Internet hospital growth, accelerate the integration of our platform with online medical insurance systems across major cities, and advance our strategic upgrade centered on ‘artificial intelligence (AI) + medical-grade smart wearables + full-cycle chronic disease management.’ We believe these initiatives will strengthen our ecosystem and position us for scalable growth and long-term value creation.”
Fiscal Year 2025 Financial Summary
Net revenues were RMB399.9 million (US$57.2 million) in fiscal year 2025, an increase of 16.7% from RMB342.6 million in fiscal year 2024.
Gross profit was RMB52.3 million (US$7.5 million) in fiscal year 2025, an increase of 9.6% from RMB47.7 million in fiscal year 2024.
Gross margin was 13.1% in fiscal year 2025, compared to 13.9% in fiscal year 2024.
Net loss was RMB130.9 million (US$18.7 million) in fiscal year 2025, compared to RMB37.4 million in fiscal year 2024.
Basic and diluted loss per share were RMB21.96 (US$3.14) in fiscal year 2025, compared to RMB22.72 in fiscal year 2024.
Fiscal Year 2025 Financial Results
Net Revenues
Net revenues were RMB399.9 million (US$57.2 million) in fiscal year 2025, an increase of 16.7% from RMB342.6 million in fiscal year 2024.
Net revenues from Internet hospital were RMB150.7 million (US$21.6 million) in fiscal year 2025, an increase of 69.3% from RMB89.0 million in fiscal year 2024. The increase was primarily due to the increase in revenues generated from online pharmacy sales. In fiscal year 2025, the Company deepened cooperation with pharmacy manufacturers to sell their products through its Internet hospital platform, which led to that revenue from the Company’s online pharmacy sales increased from RMB87.8 million in fiscal year 2024 to RMB149.2 million (US$21.3 million) in fiscal year 2025. Revenue from online consultation service slightly increased from RMB1.2 million in fiscal year 2024 to RMB1.5 million (US$0.2 million) in fiscal year 2025.
Net revenues from pharmaceutical supply chain were RMB249.2 million (US$35.6 million) in fiscal year 2025, a decrease of 1.7% from RMB253.5 million in fiscal year 2024, primarily driven by the decrease in the Company’s pharmacy wholesale business from RMB246.9 million in fiscal year 2024 to RMB243.2 million (US$34.8 million) in fiscal year 2025, as a result of the Company’s stable pharmaceutical supply chain business and reduction cooperation with the customers whose credit terms were relatively longer than others. Because of high competition of retail pharmacy store, two of the Company’s retail sales stores were closed in fiscal year 2025, which led to that the revenues from pharmacy retail sales also decreased from RMB6.6 million in fiscal year 2024 to RMB6.0 million (US$0.9 million) in fiscal year 2025.
Cost of Revenues
Cost of revenue was RMB347.6 million (US$49.7 million) in fiscal year 2025, an increase of 17.9% from RMB294.9 million in fiscal year 2024. The increase was primarily due to the increase in cost of revenues in online pharmacy sales from RMB51.0 million in fiscal year 2024 to RMB101.4 million (US$14.5 million) in fiscal year 2025, which was in line with the increase in the Company’s net revenues from Internet hospital. The cost of revenues in pharmaceutical supply chain increased from RMB243.9 million in fiscal year 2024 to RMB246.2 million (US$35.2 million) in fiscal year 2025.
Gross Profit and Gross Margin
Gross profit was RMB52.3 million (US$7.5 million) in fiscal year 2025, an increase of 9.6% from RMB47.7 million in fiscal year 2024.
Gross margin was 13.1% in fiscal year 2025, slightly decreased from 13.9% in fiscal year 2024.
Gross profit margin of Internet hospital was 32.7% in fiscal year 2025, decreased from 42.7% in fiscal year 2024. The decrease mainly attributable to the increase in the online pharmacy sales of products with lower gross profit margin.
Gross profit margin of pharmaceutical supply chain was 1.2% in fiscal year 2025, decreased from 3.8% in fiscal year 2024. The decrease was primarily because the gross profit margin of the Company’s pharmacy wholesale customers newly obtained in fiscal year 2025 was lower than that of customers in fiscal year 2024.
Operating Expenses
Total operating expenses were RMB170.9 million (US$24.4 million) in fiscal year 2025, compared to RMB73.5 million in fiscal year 2024.
Sales and marketing expenses were RMB96.2 million (US$13.8 million) in fiscal year 2025, increased by 70.7% from RMB56.4 million in fiscal year 2024. The increase primarily due to the increase in professional service fees paid to outsourced consultants for promoting the Company’s brand and internet medical platform of approximately RMB36.5 million (US$5.2 million) and service fees to doctors and staff costs which is in line of the increase in the revenues from Internet hospital business.
General and administrative expenses were RMB59.7 million (US$8.5 million) in fiscal year 2025, increased by 402.9% from RMB11.9 million in fiscal year 2024. The increase primarily due to (i) increase in professional service fee paid to outsourced consultants for consultancy for investor relationship management of approximately RMB38.0 million (US$5.4 million) incurred in fiscal year 2025; and (ii) the increase in consulting service fee and office fees of RMB6.5 million (US$0.9 million) paid during the process of initial public offering, primarily offset by the decrease in expected credit loss recognized resulting from the efforts for collection of accounts receivable.
Research and development expenses were RMB12.9 million (US$1.8 million) in fiscal year 2025, increased by 328.5% from RMB3.0 million in fiscal year 2024. The increase primarily due to a new research and development project, especially in AI and healthcare-related AI applications, launched in fiscal year 2025 and related consulting service fee paid.
Impairment loss on property and equipment and operating lease right-of-use assets with definite lives of RMB2.2 million and RMB2.1 million (US$0.3 million) in fiscal year 2024 and 2025, respectively.
Net Loss
Net loss was RMB130.9 million (US$18.7 million) in fiscal year 2025, compared to RMB37.4 million in fiscal year 2024.
Basic and Diluted Loss per Share
Basic and diluted loss per share were RMB21.96 (US$3.14) in fiscal year 2025, compared to RMB22.72 in fiscal year 2024.
Financial Condition
As of December 31, 2025, the Company had cash and cash equivalents of RMB9.6 million (US$1.4 million), compared to RMB7.7 million as of December 31, 2024.
Net cash used in operating activities in fiscal year 2025 was RMB148.5 million (US$21.2 million), compared to RMB16.1 million in fiscal year 2024.
Net cash used in investing activities in fiscal year 2025 was RMB1.6 million (US$0.2 million), compared to RMB0.03 million in fiscal year 2024.
Net cash provided by financing activities in fiscal year 2025 was RMB153.9 million ($22.0 million), compared to RMB17.0 million in fiscal year 2024.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2025.
Recent Development
On October 9, 2025, the Company completed its initial public offering (the “Offering”) of 5,000,004 American Depositary Shares (“ADSs”) at a public offering price of US$4.00 per ADS. On October 10, 2025, the underwriter of the Offering fully exercised its over-allotment option to purchase an additional 750,000 American Depositary Shares of the Company at the public offering price of US$4.00 per ADS. The gross proceeds were US$23,000,016 from the Offering, before deducting underwriting discounts and commissions, and other expenses. The Company’s ADSs began trading on the Nasdaq Global Market on October 8, 2025 under the ticker symbol “POM.”
About POMDOCTOR LIMITED
POMDOCTOR LIMITED is a leading online medical services platform for chronic diseases in China, ranking sixth on China’s Internet hospital market based on the number of contracted doctors in 2022, according to Frost & Sullivan. Focusing on chronic disease management and pharmaceutical services, the Company offers a one-stop platform for medical services, organically connecting patients with doctors and pharmaceutical products. The Company’s operations primarily include Internet hospital and pharmaceutical supply chain, connecting users, pharmacies, suppliers, medical professionals, and other healthcare participants. Through this model, POMDOCTOR aims to enhance the efficiency and transparency of the healthcare value chain. The Company’s mission is to provide effective prevention and treatment solutions to alleviate patients’ sufferings from illnesses. Its vision is to become the most trustworthy medical and healthcare services platform. For more information, please visit the Company’s website: http://ir.7shiliu.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC.
For more information, please contact:
POMDOCTOR LIMITED Investor Relations Department Email: ir@7lk.com
Ascent Investor Relations LLC Tina Xiao Phone: +1-646-932-7242 Email: investors@ascent-ir.com
POMDOCTOR LIMITED CONSOLIDATED BALANCE SHEETS
December 31, 2024
December 31, 2025
December 31, 2025
RMB
RMB
US$
Assets
Current assets:
Cash and cash equivalents (including amounts of the consolidated VIEs of RMB7,596,708 and RMB8,445,208 (US$1,207,649) as of December 31, 2024 and 2025, respectively)
7,651,695
9,580,367
1,369,974
Accounts receivable, net (including amounts of the consolidated VIEs of RMB8,374,608 and RMB18,440,482 (US$2,636,954) as of December 31, 2024 and 2025, respectively)
8,374,608
18,440,482
2,636,954
Accounts receivable – a related party (including amounts of the consolidated VIEs of RMB424,259 and RMB831,436 (US$118,894) as of December 31, 2024 and 2025, respectively)
424,259
831,436
118,894
Amount due from related parties (including amounts of the consolidated VIEs of RMB6,070,945 and RMB3,637,039 (US$520,090) as of December 31, 2024 and 2025, respectively)
5,632,987
3,637,039
520,090
Inventories (including amounts of the consolidated VIEs of RMB9,165,973 and RMB8,280,145 (US$1,184,045) as of December 31, 2024 and 2025, respectively)
9,165,973
8,280,145
1,184,045
Other receivables, net (including amounts of the consolidated VIEs of RMB5,318,724 and RMB5,824,886 (US$832,948) as of December 31, 2024 and 2025, respectively)
5,318,724
63,517,961
9,082,948
Advances to suppliers (including amounts of the consolidated VIEs of RMB929,167 and RMB679,196 (US$97,124) as of December 31, 2024 and 2025, respectively)
929,167
679,196
97,124
Total current assets
37,497,413
104,966,626
15,010,029
Property and equipment, net (including amounts of the consolidated VIEs of RMB461,362 and RMB1,246,568 (US$178,257) as of December 31, 2024 and 2025, respectively)
461,362
1,246,568
178,257
Other non-current assets (including amounts of the consolidated VIEs of RMB831,132 and RMB1,344,232 (US$192,223) as of December 31, 2024 and 2025, respectively)
831,132
1,344,232
192,223
Deferred offering costs (including amounts of the consolidated VIEs of RMB7,437,679 and nil as of December 31, 2024 and 2025, respectively)
7,437,679
—
—
Total non-current assets
8,730,173
2,590,800
370,480
Total assets
46,227,586
107,557,426
15,380,509
Liabilities
Current liabilities:
Accounts payable (including amounts of the consolidated VIEs of RMB25,320,486 and RMB44,813,902 (US$6,408,303) as of December 31, 2024 and 2025, respectively)
25,320,486
44,813,902
6,408,303
Accounts payable – a related party (including amounts of the consolidated VIEs of RMB25,891 and RMB7,296 (US$1,043) as of December 31, 2024 and 2025, respectively)
25,891
7,296
1,043
Short-term bank loans (including amounts of the consolidated VIEs of RMB34,958,333 and RMB53,000,000 (US$7,578,899) as of December 31, 2024 and 2025, respectively)
34,958,333
53,000,000
7,578,899
Long-term bank loans, current (including amounts of the consolidated VIEs of RMB300,000 and RMB3,700,000 (US$529,093) as of December 31, 2024 and 2025, respectively)
300,000
3,700,000
529,093
Long-term loans, current (including amounts of the consolidated VIEs of RMB10,000,000 and RMB10,000,000 (US$1,429,981) as of December 31, 2024 and 2025, respectively)
10,000,000
10,000,000
1,429,981
Long-term loans from third parties, current (including amounts of the consolidated VIEs of RMB2,320,082 and RMB200,000 (US$28,600) as of December 31, 2024 and 2025, respectively)
2,320,082
200,000
28,600
Salary and welfare payable (including amounts of the consolidated VIEs of RMB15,375,537 and RMB14,477,975 (US$2,070,323) as of December 31, 2024 and 2025, respectively)
15,375,537
14,477,975
2,070,323
Advance from customers (including amounts of the consolidated VIEs of RMB1,756,046 and RMB1,591,131 (US$227,529) as of December 31, 2024 and 2025, respectively)
1,756,046
1,591,131
227,529
Value added tax (“VAT”) and other tax payable (including amounts of the consolidated VIEs of RMB815,462 and RMB658,492 (US$94,163) as of December 31, 2024 and 2025, respectively)
815,462
658,983
94,233
Other payables (including amounts of the consolidated VIEs of RMB12,888,550 and RMB11,817,179 (US$1,689,838) as of December 31, 2024 and 2025, respectively)
12,888,750
11,817,379
1,689,865
Accrued liabilities (including amounts of the consolidated VIEs of RMB9,712,966 and RMB14,231,003 (US$2,035,006) as of December 31, 2024 and 2025, respectively)
9,712,966
14,580,658
2,085,008
Short-term loans from third parties (including amounts of the consolidated VIEs of RMB11,551,614 and RMB610,637 (US$87,320) as of December 31, 2024 and 2025, respectively)
11,551,614
610,637
87,320
Loans from related parties, current (including amounts of the consolidated VIEs of RMB13,821,875 and RMB15,198,309 (US$2,173,329) as of December 31, 2024 and 2025, respectively)
13,821,875
15,198,309
2,173,329
Amount due to related parties (including amounts of the consolidated VIEs of RMB36,829,010 and RMB92,331,116 (US$13,203,174) as of December 31, 2024 and 2025, respectively)
36,829,010
45,966,864
6,573,174
Operating lease liabilities, current (including amounts of the consolidated VIEs of RMB1,388,863 and RMB1,545,002 (US$220,932) as of December 31, 2024 and 2025, respectively)
1,388,863
1,545,002
220,932
Other current liabilities (including amounts of the consolidated VIEs of RMB2,080,556 and nil as of December 31, 2024 and 2025, respectively)
2,080,556
—
—
Total current liabilities
179,145,471
218,168,136
31,197,632
Long-term bank loans, noncurrent (including amounts of the consolidated VIEs of RMB8,400,000 and RMB11,000,000 (US$1,572,979) as of December 31, 2024 and 2025, respectively)
8,400,000
11,000,000
1,572,979
Long-term loans from third parties, noncurrent (including amounts of the consolidated VIEs of nil and RMB2,000,582 (US$286,079) as of December 31, 2024 and 2025, respectively)
—
2,000,582
286,079
Loans from related parties, noncurrent (including amounts of the consolidated VIEs of RMB356,690,859 and RMB356,390,859 (US$50,963,215) as of December 31, 2024 and 2025, respectively)
356,690,859
356,390,859
50,963,215
Operating lease liabilities, noncurrent (including amounts of the consolidated VIEs of RMB1,672,218 and RMB1,294,510 (US$185,112) as of December 31, 2024 and 2025, respectively)
1,672,218
1,294,510
185,112
Total non-current liabilities
366,763,077
370,685,951
53,007,385
Total liabilities
545,908,548
588,854,087
84,205,017
Commitments and contingencies
—
—
—
Mezzanine equity
Convertible redeemable preferred shares (US$0.0001 par value; 12,597,228 shares authorized, 12,597,228 shares and nil issued and outstanding as of December 31, 2024 and 2025, respectively)
1,595,051,558
—
—
Redeemable non-controlling interests
168,671,234
—
—
Total mezzanine equity
1,763,722,792
—
—
Deficit
Class A Ordinary shares (US$0.0001 par value; 450,000,000 shares authorized, 4,268,156 and 21,140,922 shares issued and outstanding as of December 31, 2024 and 2025, respectively)
2,988
14,997
2,145
Class B Ordinary shares (US$0.0001 par value; 2,042,042 shares authorized and outstanding as of December 31, 2024 and 2025, respectively)
1,408
1,408
201
Subscription receivable
(1,608
)
(2,186
)
(313
)
Additional paid-in capital
—
2,023,765,569
289,394,627
Accumulated deficit
(2,263,419,477
)
(2,475,998,594
)
(354,063,090
)
Accumulated other comprehensive (loss)
(5,231
)
(1,752,460
)
(250,598
)
Total Pomdoctor Limited’s shareholders’ deficit
(2,263,421,920
)
(453,971,266
)
(64,917,028
)
Noncontrolling interests
18,166
(27,325,395
)
(3,907,480
)
Total deficit
(2,263,403,754
)
(481,296,661
)
(68,824,508
)
Total liabilities, mezzanine equity and deficit
46,227,586
107,557,426
15,380,509
*
Ordinary shares and share data have been retroactively restated to give effect to the nominal share issuance for the Reorganization completed on August 8, 2024.
POMDOCTOR LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Years Ended December 31,
2023
2024
2025
2025
RMB
RMB
RMB
US$
Net revenues – third parties
304,729,898
341,328,781
399,359,702
57,107,678
Net revenues – a related party
123,073
1,229,139
555,262
79,401
Net revenues
304,852,971
342,557,920
399,914,964
57,187,079
Cost of revenues
266,131,202
294,863,867
347,632,853
49,710,837
Gross profit
38,721,769
47,694,053
52,282,111
7,476,242
Operating expenses:
Sales and marketing expenses (including related party amounts of nil, nil and RMB1,172,706 (US$167,695) for the years ended December 31, 2023, 2024 and 2025, respectively)
43,678,681
56,366,433
96,214,406
13,758,477
General and administrative expenses
12,314,018
11,878,335
59,729,352
8,541,184
Research and development expenses
3,370,945
3,002,040
12,864,656
1,839,621
Impairment loss on long-lived assets
1,107,027
2,238,525
2,108,517
301,514
Impairment loss on long-term investment
500,000
—
—
—
Total operating expenses
60,970,671
73,485,333
170,916,931
24,440,796
Loss from operations
(22,248,902
)
(25,791,280
)
(118,634,820
)
(16,964,554
)
Other expense, net:
Other income
163,622
1,238,538
496,122
70,945
Other expense
(1,336,595
)
(37,608
)
(60,325
)
(8,625
)
Interest expense (including related party amounts of RMB9,900,417, RMB8,621,249 and RMB8,118,160 (US$1,160,881) for the year ended December 31, 2023, 2024 and 2025, respectively)
(13,849,119
)
(12,964,584
)
(12,885,122
)
(1,842,548
)
Government grants
321,573
189,500
152,599
21,821
Total other expense, net
(14,700,519
)
(11,574,154
)
(12,296,726
)
(1,758,407
)
Loss before income tax
(36,949,421
)
(37,365,434
)
(130,931,546
)
(18,722,961
)
Income tax expense
—
—
(375
)
(54
)
Net loss
(36,949,421
)
(37,365,434
)
(130,931,921
)
(18,723,015
)
Accretion to redemption value of mezzanine equity
(108,440,354
)
(105,969,614
)
(81,648,716
)
(11,675,611
)
Less: Net income (loss) attributable to noncontrolling interests
1,057
25,878
(1,520
)
(217
)
Net loss attributable to the Pomdoctor Limited’s ordinary shareholders
(145,390,832
)
(143,360,926
)
(212,579,117
)
(30,398,409
)
Net loss
(36,949,421
)
(37,365,434
)
(130,931,921
)
(18,723,015
)
Other comprehensive loss:
Foreign currency translation adjustments, net of nil income taxes
—
(5,231
)
(1,747,229
)
(249,850
)
Total comprehensive loss
(36,949,421
)
(37,370,665
)
(132,679,150
)
(18,972,865
)
Accretion to redemption value of mezzanine equity
(108,440,354
)
(105,969,614
)
(81,648,716
)
(11,675,611
)
Less: comprehensive income (loss) attributable to noncontrolling interests
1,057
25,878
(1,520
)
(217
)
Comprehensive loss attributable to the Pomdoctor Limited’s ordinary shareholders
(145,390,832
)
(143,366,157
)
(214,326,346
)
(30,648,259
)
Loss per share
Basic and diluted
(23.04
)
(22.72
)
(21.96
)
(3.14
)
Weighted average number of ordinary shares outstanding*
Basic and diluted
6,310,198
6,310,198
9,680,622
9,680,622
*
Ordinary shares and share data have been retroactively restated to give effect to the nominal share issuance for the Reorganization completed on August 8, 2024.
POMDOCTOR LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
2023
2024
2025
2025
RMB
RMB
RMB
US$
Cash flows from operating activities:
Net loss
(36,949,421
)
(37,365,434
)
(130,931,921
)
(18,723,015
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment
112,092
134,510
149,307
21,351
Change in expected credit losses
1,488,459
841,683
(240,982
)
(34,460
)
Allowance for inventory
503,079
494,459
1,883,635
269,355
Share base payment
—
—
16,423,683
2,348,555
Impairment loss on long-lived assets
1,107,027
2,238,525
2,108,517
301,514
Impairment loss on long-term investment
500,000
—
—
—
Gain/(Loss) on disposal of property and equipment
—
(3,893
)
—
—
Changes in operating assets and liabilities:
Accounts receivable
(1,273,526
)
20,309,367
(10,099,387
)
(1,444,193
)
Accounts receivable – a related party
—
(424,259
)
(407,177
)
(58,226
)
Amount due from related parties
831,665
(3,229,309
)
1,995,948
285,417
Inventories
(5,001,966
)
3,033,987
(997,807
)
(142,684
)
Other receivables
(4,011,854
)
(210,043
)
(57,924,742
)
(8,283,128
)
Advances to suppliers
(53,696
)
1,950,808
249,971
35,745
Other non-current assets
(171,874
)
(281,632
)
86,900
12,427
Accounts payable
(1,627,218
)
(16,254,687
)
19,493,416
2,787,521
Accounts payable – a related party
(30,908
)
(88,034
)
(18,595
)
(2,659
)
Salary and welfare payable
(3,400,663
)
149,452
(897,562
)
(128,350
)
Advance from customers
(1,489,222
)
512,618
(164,915
)
(23,583
)
Value added tax (“VAT”) and other tax payable
(115,371
)
601,150
(156,479
)
(22,376
)
Other payables
(3,001,148
)
3,391,790
1,300,394
185,954
Accrued liabilities
(96,449
)
(82,393
)
4,867,692
696,071
Amount due to related parties
8,879,617
7,145,948
9,137,854
1,306,696
Operating lease liabilities
(1,994,305
)
(1,076,049
)
(2,256,846
)
(322,725
)
Refund liability
—
2,080,556
(2,080,556
)
(297,516
)
Net cash used in operating activities
(45,795,682
)
(16,130,880
)
(148,479,652
)
(21,232,309
)
Cash flows from investing activities:
Payment for purchase of property and equipment
(111,891
)
(37,773
)
(1,007,753
)
(144,107
)
Payment for other noncurrent assets
—
—
(600,000
)
(85,799
)
Proceeds from disposal of property and equipment
—
4,400
—
—
Net cash used in investing activities
(111,891
)
(33,373
)
(1,607,753
)
(229,906
)
Cash flows from financing activities:
Loans from related parties
104,430,113
15,301,351
24,778,594
3,543,292
Repayment to related parties
(64,460,091
)
(25,047,012
)
(23,702,159
)
(3,389,364
)
Proceeds from short-term bank loans
28,000,000
44,100,000
56,000,000
8,007,893
Repayment of short-term bank loans
(15,664,494
)
(31,141,667
)
(37,958,333
)
(5,427,969
)
Proceeds from long-term bank loans
3,000,000
6,000,000
7,000,000
1,000,987
Repayment of long-term bank loans
—
(847,295
)
(1,000,000
)
(142,998
)
Repayment of long-term loans
(470,272
)
(391,667
)
(119,500
)
(17,088
)
Loans from third parties
1,124,048
19,856,630
2,951,275
422,027
Repayment to third parties
(3,615,200
)
(10,814,260
)
(13,892,252
)
(1,986,566
)
Proceeds from IPO
—
—
163,932,614
23,442,052
Payment for deferred offering cost
(2,276,926
)
—
(24,063,528
)
(3,441,039
)
Net cash provided by financing activities
50,067,178
17,016,080
153,926,711
22,011,227
Effect of exchange rate changes
—
(5,231
)
(1,910,634
)
(273,217
)
Net increase in cash and cash equivalents and restricted cash
4,159,605
846,596
1,928,672
275,796
Cash and cash equivalents and restricted cash at beginning of the year
2,645,494
6,805,099
7,651,695
1,094,178
Cash and cash equivalents and restricted cash at end of the year
6,805,099
7,651,695
9,580,367
1,369,974
Including:
Cash and cash equivalents at beginning of the year
2,485,598
6,717,031
7,651,695
1,094,178
Restricted cash at beginning of the year
159,896
88,068
—
—
Cash and cash equivalents and restricted cash at end of the year
6,805,099
7,651,695
9,580,367
1,369,974
Including:
Cash and cash equivalents at end of the year
6,717,031
7,651,695
9,580,367
1,369,974
Restricted cash at end of the year
88,068
—
—
—
Supplemental disclosures of cash flows information:
Cash paid for income tax
—
—
—
—
Cash paid for interest expense
2,388,025
2,744,793
2,703,601
386,610
Supplemental disclosure of noncash investing and financing activities:
Property and equipment acquired by assuming a long-term loan
640,000
—
—
—
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities
1,063,104
2,200,752
2,035,277
291,041
Conversion of convertible redeemable preferred shares into Class A ordinary shares upon IPO
—
—
1,668,974,247
238,660,143
Conversion of convertible redeemable non-controlling interest into non-controlling interest upon IPO
—
—
176,397,261
25,224,473
Reclassification of deferred offering costs to additional paid-in capital