The decrease was mainly due to the supply chain optimization and cost control. Personnel Costs Our personnel costs increased slightly from RMB0.9 million for the year ended December 31, 2024 to RMB1.4 million (US$0.2 million) for the year ended December 31, 2025.

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We proactively manage and look for opportunities to reduce our operating expenses as a percentage (%) of revenues by negotiating preferred or renegotiating existing purchasing agreements with one or more vendors/service providers.

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As of the date of this annual report, we have leased office space and warehouses in our key markets. We lease our premises under operating lease agreements from independent third parties.

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adverse impact on our operating results if our efforts to expand internationally are not successful. These factors include changes in

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expense on our debt, dividend obligations on our preferred stock, tax liabilities, office leases and certain personnel costs, are relatively

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Norma Ka Yin Chu | 44 | Director, Chief Executive Officer and Chairwoman

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Kyu Ho Kok | 51 | Chief of staff

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Ethan Yong Kang Yu | 32 | Principal Financial Officer

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George Lai | 49 | Independent Director

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Matthew Gene Mouw | 64 | Independent Director

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Samuel Chun Kong Shih | 59 | Independent Director

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