POMDOCTOR Ltd

Listed Company

POMCIK 0001877971NasdaqNon-AcceleratedEmerging GrowthRetail-Miscellaneous RetailE9KYFY ends Dec 31

Business

POMDOCTOR Ltd is a foreign private issuer in Miscellaneous Retail, headquartered in the Cayman Islands. Shares trade on Nasdaq under the ticker POM.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Net revenues	400	343	305
Cost of revenues	348	295	266
Gross profit	52	48	39
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	56	44
General and administrative expenses	60	12	12
Research and development expenses	13	3	3
Impairment loss on long-lived assets	2	2	1
Impairment loss on long-term investment	—	—	500,000
Total operating expenses	171	73	61
Loss from operations	−119	−26	−22
Other expense, net:	—	—	—
Other income	496,122	1	163,622
Other expense	60,325	37,608	1
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	13	14
Government grants	152,599	189,500	321,573
Total other expense, net	−12	−12	−15
Loss before income tax	−131	−37	−37
Income tax expense	375	—	—
Net loss	−131	−37	−37
Accretion to redemption value of mezzanine equity	82	106	108
Less: comprehensive income (loss) attributable to noncontrolling interests	−1,520	25,878	1,057
Net loss attributable to the Pomdoctor Limited’s ordinary shareholders	−213	−143	−145
Net loss	−131	−37	−37
Other comprehensive loss:	—	—	—
Foreign currency translation adjustments, net of nil income taxes	−2	−5,231	—
Total comprehensive loss	−133	−37	−37
Less: comprehensive income (loss) attributable to noncontrolling interests	−1,520	25,878	1,057
Comprehensive loss attributable to the Pomdoctor Limited’s ordinary shareholders	−214	−143	−145
Loss per share	—	—	—
Basic (in Dollars per share and Yuan Renminbi per share)	−21.96	−22.72	−23.04
Diluted (in Dollars per share and Yuan Renminbi per share)	−21.96	−22.72	−23.04
Weighted average number of ordinary shares outstanding*	—	—	—
Basic (in Shares)	10	6	6
Diluted (in Shares)	10	6	6

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
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)	10	8
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	8
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	424,259
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)	4	6
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	9
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)	64	5
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	929,167
Total current assets	105	37
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	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	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
Total non-current assets	3	9
Total assets	108	46
Accounts payable	45	25
Short-term bank loans	53	35
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	14
Amount due to related parties	—	2
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)	2	1
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)	4	300,000
Long-term loans, current	10	10
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	15
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)	2	2
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	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)	12	13
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)	15	10
Total current liabilities	218	179
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	8
Long-term loans from third parties	358	357
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	2
Total non-current liabilities	371	367
Total liabilities	589	546
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
Redeemable non-controlling interests	—	169
Total mezzanine equity	—	1,764
Deficit	—	—
Ordinary shares, value	16,405	4,396
Subscription receivable	2,186	1,608
Additional paid-in capital	2,024	—
Accumulated deficit	−2,476	−2,263
Accumulated other comprehensive (loss)	−2	−5,231
Total Pomdoctor Limited’s shareholders’ deficit	−454	−2,263
Noncontrolling interests	−27	18,166
Total deficit	−481	−2,263
Total liabilities, mezzanine equity and deficit	108	46

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Cash flows from operating activities:	—	—	—
Net loss	−131	−37	−37
Adjustments to reconcile net loss to net cash used in operating activities:	—	—	—
Depreciation of property and equipment	149,307	134,510	112,092
Change in expected credit losses	−240,982	841,683	1
Allowance for inventory	2	494,459	503,079
Share base payment	16	—	—
Impairment loss on long-lived assets	2	2	1
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	−20	1
Accounts receivable – a related party	407,177	424,259	—
Amount due from related parties	−2	3	−831,665
Inventories	997,807	−3	5
Other receivables	58	210,043	4
Advances to suppliers	−249,971	−2	53,696
Other non-current assets	−86,900	281,632	171,874
Accounts payable	19	−16	−2
Accounts payable – a related party	−18,595	−88,034	−30,908
Salary and welfare payable	−897,562	149,452	−3
Advance from customers	−164,915	512,618	−1
Value added tax (“VAT”) and other tax payable	−156,479	601,150	−115,371
Other payables	1	3	−3
Accrued liabilities	5	−82,393	−96,449
Amount due to related parties	9	7	9
Operating lease liabilities	−2	−1	−2
Refund liability	−2	2	—
Net cash used in operating activities	−148	−16	−46
Cash flows from investing activities:	—	—	—
Payment for purchase of property and equipment	1	37,773	111,891
Payment for other noncurrent assets	600,000	—	—
Proceeds from disposal of property and equipment	—	4,400	—
Net cash used in investing activities	−2	−33,373	−111,891
Cash flows from financing activities:	—	—	—
Loans from related parties	25	15	104
Repayment to related parties	24	25	64
Proceeds from short-term bank loans	56	44	28
Repayment of short-term bank loans	38	31	16
Proceeds from long-term bank loans	7	6	3
Repayment of long-term bank loans	1	847,295	—
Repayment of long-term loans	119,500	391,667	470,272
Loans from third parties	3	20	1
Repayment to third parties	14	11	4
Proceeds from IPO	164	—	—
Payment for deferred offering cost	24	—	2
Net cash provided by financing activities	154	17	50
Effect of exchange rate changes	−2	−5,231	—
Net increase in cash and cash equivalents and restricted cash	2	846,596	4
Cash and cash equivalents and restricted cash at end of the year	—	—	—
Cash and cash equivalents and restricted cash at end of the year	—	—	—
Including:	—	—	—
Cash and cash equivalents at end of the year	—	—	—
Restricted cash at end of the year	—	—	—
Including:	—	—	—
Cash and cash equivalents at end of the year	—	—	—
Restricted cash at end of the year	—	—	—
Supplemental disclosures of cash flows information:	—	—	—
Cash paid for income tax	—	—	—
Cash paid for interest expense	3	3	2
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	2	1
Conversion of convertible redeemable preferred shares into Class A ordinary shares upon IPO	1,669	—	—
Conversion of convertible redeemable non-controlling interest into non-controlling interest upon IPO	176	—	—
Reclassification of deferred offering costs to additional paid-in capital	29	—	—
Expensed of deferred offering costs before IPO	2	—	—
Net off deferred offering costs to other payable	747,087	—	—

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