$POM

POMDOCTOR Ltd

CIK:0001877971|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss

12 Months Ended

Dec. 31, 2025

CNY (¥)

¥ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

CNY (¥)

¥ / shares

Dec. 31, 2023

CNY (¥)

¥ / shares

Net revenues

¥ 399,914,964

$ 57,187,079

¥ 342,557,920

¥ 304,852,971

Cost of revenues

347,632,853

49,710,837

294,863,867

266,131,202

Gross profit

52,282,111

7,476,242

47,694,053

38,721,769

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)

96,214,406

13,758,477

56,366,433

43,678,681

General and administrative expenses

59,729,352

8,541,184

11,878,335

12,314,018

Research and development expenses

12,864,656

1,839,621

3,002,040

3,370,945

Impairment loss on long-lived assets

2,108,517

301,514

2,238,525

1,107,027

Impairment loss on long-term investment

500,000

Total operating expenses

170,916,931

24,440,796

73,485,333

60,970,671

Loss from operations

(118,634,820)

(16,964,554)

(25,791,280)

(22,248,902)

Other expense, net:

Other income

496,122

70,945

1,238,538

163,622

Other expense

(60,325)

(8,625)

(37,608)

(1,336,595)

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)

(12,885,122)

(1,842,548)

(12,964,584)

(13,849,119)

Government grants

152,599

21,821

189,500

321,573

Total other expense, net

(12,296,726)

(1,758,407)

(11,574,154)

(14,700,519)

Loss before income tax

(130,931,546)

(18,722,961)

(37,365,434)

(36,949,421)

Income tax expense

(375)

(54)

Net loss

(130,931,921)

(18,723,015)

(37,365,434)

(36,949,421)

Accretion to redemption value of mezzanine equity

(81,648,716)

(11,675,611)

(105,969,614)

(108,440,354)

Less: Net income (loss) attributable to noncontrolling interests

(1,520)

(217)

25,878

1,057

Net loss attributable to the Pomdoctor Limited’s ordinary shareholders

(212,579,117)

(30,398,409)

(143,360,926)

(145,390,832)

Net loss

(130,931,921)

(18,723,015)

(37,365,434)

(36,949,421)

Other comprehensive loss:

Foreign currency translation adjustments, net of nil income taxes

(1,747,229)

(249,850)

(5,231)

Total comprehensive loss

(132,679,150)

(18,972,865)

(37,370,665)

(36,949,421)

Less: comprehensive income (loss) attributable to noncontrolling interests

(1,520)

(217)

25,878

1,057

Comprehensive loss attributable to the Pomdoctor Limited’s ordinary shareholders

¥ (214,326,346)

$ (30,648,259)

¥ (143,366,157)

¥ (145,390,832)

Loss per share

Basic (in Dollars per share and Yuan Renminbi per share) | (per share)

¥ (21.96)

$ (3.14)

¥ (22.72)

¥ (23.04)

Diluted (in Dollars per share and Yuan Renminbi per share) | (per share)

¥ (21.96)

$ (3.14)

¥ (22.72)

¥ (23.04)

Weighted average number of ordinary shares outstanding*

Basic (in Shares)

^[1]

9,680,622

6,310,198

Diluted (in Shares)

^[1]

9,680,622

6,310,198

Third Parties

Net revenues

¥ 399,359,702

$ 57,107,678

¥ 341,328,781

¥ 304,729,898

Related Party

Net revenues

¥ 555,262

$ 79,401

¥ 1,229,139

¥ 123,073

[1]	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 (Note 1).

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (130,931,921)	$ (18,723,015)	¥ (37,365,434)	¥ (36,949,421)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	149,307	21,351	134,510	112,092
Change in expected credit losses	(240,982)	(34,460)	841,683	1,488,459
Allowance for inventory	1,883,635	269,355	494,459	503,079
Share base payment	16,423,683	2,348,555
Impairment loss on long-lived assets	2,108,517	301,514	2,238,525	1,107,027
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	(10,099,387)	(1,444,193)	20,309,367	(1,273,526)
Accounts receivable – a related party	(407,177)	(58,226)	(424,259)
Amount due from related parties	1,995,948	285,417	(3,229,309)	831,665
Inventories	(997,807)	(142,684)	3,033,987	(5,001,966)
Other receivables	(57,924,742)	(8,283,128)	(210,043)	(4,011,854)
Advances to suppliers	249,971	35,745	1,950,808	(53,696)
Other non-current assets	86,900	12,427	(281,632)	(171,874)
Accounts payable	19,493,416	2,787,521	(16,254,687)	(1,627,218)
Accounts payable – a related party	(18,595)	(2,659)	(88,034)	(30,908)
Salary and welfare payable	(897,562)	(128,350)	149,452	(3,400,663)
Advance from customers	(164,915)	(23,583)	512,618	(1,489,222)
Value added tax (“VAT”) and other tax payable	(156,479)	(22,376)	601,150	(115,371)
Other payables	1,300,394	185,954	3,391,790	(3,001,148)
Accrued liabilities	4,867,692	696,071	(82,393)	(96,449)
Amount due to related parties	9,137,854	1,306,696	7,145,948	8,879,617
Operating lease liabilities	(2,256,846)	(322,725)	(1,076,049)	(1,994,305)
Refund liability	(2,080,556)	(297,516)	2,080,556
Net cash used in operating activities	(148,479,652)	(21,232,309)	(16,130,880)	(45,795,682)
Cash flows from investing activities:
Payment for purchase of property and equipment	(1,007,753)	(144,107)	(37,773)	(111,891)
Payment for other noncurrent assets	(600,000)	(85,799)
Proceeds from disposal of property and equipment			4,400
Net cash used in investing activities	(1,607,753)	(229,906)	(33,373)	(111,891)
Cash flows from financing activities:
Loans from related parties	24,778,594	3,543,292	15,301,351	104,430,113
Repayment to related parties	(23,702,159)	(3,389,364)	(25,047,012)	(64,460,091)
Proceeds from short-term bank loans	56,000,000	8,007,893	44,100,000	28,000,000
Repayment of short-term bank loans	(37,958,333)	(5,427,969)	(31,141,667)	(15,664,494)
Proceeds from long-term bank loans	7,000,000	1,000,987	6,000,000	3,000,000
Repayment of long-term bank loans	(1,000,000)	(142,998)	(847,295)
Repayment of long-term loans	(119,500)	(17,088)	(391,667)	(470,272)
Loans from third parties	2,951,275	422,027	19,856,630	1,124,048
Repayment to third parties	(13,892,252)	(1,986,566)	(10,814,260)	(3,615,200)
Proceeds from IPO	163,932,614	23,442,052
Payment for deferred offering cost	(24,063,528)	(3,441,039)		(2,276,926)
Net cash provided by financing activities	153,926,711	22,011,227	17,016,080	50,067,178
Effect of exchange rate changes	(1,910,634)	(273,217)	(5,231)
Net increase in cash and cash equivalents and restricted cash	1,928,672	275,796	846,596	4,159,605
Cash and cash equivalents and restricted cash at beginning of the year	7,651,695	1,094,178	6,805,099	2,645,494
Cash and cash equivalents and restricted cash at end of the year	9,580,367	1,369,974	7,651,695	6,805,099
Including:
Cash and cash equivalents at beginning of the year	7,651,695	1,094,178	6,717,031	2,485,598
Restricted cash at beginning of the year			88,068	159,896
Including:
Cash and cash equivalents at end of the year	9,580,367	1,369,974	7,651,695	6,717,031
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	2,703,601	386,610	2,744,793	2,388,025
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	2,035,277	291,041	2,200,752	1,063,104
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	29,129,441	4,165,455
Expensed of deferred offering costs before IPO	1,624,680	232,326
Net off deferred offering costs to other payable	¥ 747,087	$ 106,832

Consolidated Balance Sheets	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
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)	¥ 9,580,367	$ 1,369,974	¥ 7,651,695
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)	18,440,482	2,636,954	8,374,608
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)	831,436	118,894	424,259
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)	8,280,145	1,184,045	9,165,973
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)	63,517,961	9,082,948	5,318,724
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)	679,196	97,124	929,167
Total current assets	104,966,626	15,010,029	37,497,413
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)	1,246,568	178,257	461,362
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)	1,344,232	192,223	831,132
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	2,590,800	370,480	8,730,173
Total assets	107,557,426	15,380,509	46,227,586
Accounts payable	44,813,902	6,408,303	25,320,486
Short-term bank loans	53,000,000	7,578,899	34,958,333
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)	15,198,309	2,173,329	13,821,875
Amount due to related parties			2,080,556
Total current liabilities	218,168,136	31,197,632	179,145,471
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)	11,000,000	1,572,979	8,400,000
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)	1,294,510	185,112	1,672,218
Total non-current liabilities	370,685,951	53,007,385	366,763,077
Total liabilities	588,854,087	84,205,017	545,908,548
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
Subscription receivable	(2,186)	(313)	(1,608)
Additional paid-in capital	2,023,765,569	289,394,627
Accumulated deficit	(2,476,000,000)	(354,063,090)	(2,263,419,477)
Accumulated other comprehensive (loss)	(1,752,460)	(250,598)	(5,231)
Total Pomdoctor Limited’s shareholders’ deficit	(453,971,266)	(64,917,028)	(2,263,421,920)
Noncontrolling interests	(27,325,395)	(3,907,480)	18,166
Total deficit	(481,296,661)	(68,824,508)	(2,263,403,754)
Total liabilities, mezzanine equity and deficit	107,557,426	15,380,509	46,227,586
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)	1,545,002	220,932	1,388,863
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)	3,700,000	529,093	300,000
Long-term loans, current	10,000,000	1,429,981	10,000,000
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)	14,477,975	2,070,323	15,375,537
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)	1,591,131	227,529	1,756,046
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)	658,983	94,233	815,462
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)	11,817,379	1,689,865	12,888,750
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)	14,580,658	2,085,008	9,712,966
Class A Ordinary Shares
Deficit
Ordinary shares, value	14,997	2,145	2,988
Class B Ordinary Shares
Deficit
Ordinary shares, value	1,408	201	1,408
Related Party
Current assets:
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)	3,637,039	520,090	5,632,987
Accounts payable	7,296	1,043	25,891
Amount due to related parties	45,966,864	6,573,174	36,829,010
Long-term loans from third parties	356,390,859	50,963,215	356,690,859
Third Parties
Current assets:
Short-term bank loans	610,637	87,320	11,551,614
Long-term loans from third parties	2,000,582	286,079
Deficit
Long-term loans, current	¥ 200,000	$ 28,600	¥ 2,320,082