# EDGAR Filing Document

**Accession Number:** 0001787803
**File Stem:** 0001493152-25-020879
**Filing Date:** 2025-11
**Character Count:** 126557
**Document Hash:** 648eee95517dbb532826c0abc3aaecc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020879.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001493152-25-020879

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Meiwu Technology Co Ltd
- **CENTRAL INDEX KEY:** 0001787803
- **STANDARD INDUSTRIAL CLASSIFICATION:** SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39803
- **FILM NUMBER:** 251454261

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 304-3, NO. 19, WANGHAI ROAD
- **STREET 2:** SIMING DISTRICT,
- **CITY:** XIAMEN
- **NON US STATE TERRITORY:** FUJIAN
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 86 755 85250400

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 304-3, NO. 19, WANGHAI ROAD
- **STREET 2:** SIMING DISTRICT,
- **CITY:** XIAMEN
- **NON US STATE TERRITORY:** FUJIAN
- **PROVINCE COUNTRY:** F4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wunong Net Technology Co Ltd
- **DATE OF NAME CHANGE:** 20190911

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of November 2025

Commission File Number: 001-39803

**<u>Meiwu Technology Company Limited</u>**

(Translation of registrant's name into English)

Unit 304-3, No. 19, Wanghai Road, Siming District

Xiamen, Fujian, People's Republic of China, 361000

Telephone: +86-755-85250400

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**Explanatory Note**

Meiwu Technology Company Limited (the "Company") hereby furnishes the following documents as exhibits to this report: "Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2025 and 2024" and "Management's Discussion and Analysis of Financial Condition and Results of Operations".

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2025 and 2024](ex99-1.htm) |
| 99.2 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](ex99-2.htm) |
| 101 | Interactive Data Files (formatted as Inline XBRL) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **Meiwu Technology Company Limited** | **Meiwu Technology Company Limited** |
| By: | */s/ Zhichao Yang* |
|  | Zhichao Yang |
|  | Chief Executive Officer |

---

Date: November 5, 2025

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

**MEIWU TECHNOLOGY COMPANY LIMITED AND SUBSIDIARIES**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| **Consolidated financial statements** |  |
| [Unaudited Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024](#a_001) | F-2 |
| [Unaudited Consolidated Statements of Operations and Comprehensive Loss for the Six Months Ended June 30, 2025 and 2024](#a_002) | F-3 |
| [Unaudited Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended June 30, 2025 and 2024](#a_003) | F-4 |
| [Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024](#a_004) | F-5 |
| [Notes to Consolidated Financial Statements](#a_005) | F-6 - F-25 |

---

**MEIWU TECHNOLOGY COMPANY LIMITED**

**UNAUDITED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | June 30, 2025<br>(Unaudited) | December 31, 2024<br>(Audited) |
| **ASSETS** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $33341081 | $43396977 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 684139 |  |
| &nbsp;&nbsp;&nbsp;Advances to suppliers, net | 9643135 | 16546521 |
| &nbsp;&nbsp;&nbsp;Inventories | 46692 |  |
| &nbsp;&nbsp;&nbsp;Other current assets | 1047536 | 1001637 |
| **Total Current Assets** | **44762583** | **60945135** |
| Non-Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 194945 |  |
| &nbsp;&nbsp;&nbsp;Intangible Assets | 15189808 |  |
| **Total Non-Current Assets** | **15384753** | **-** |
| **TOTAL ASSETS** | **60147336** | **60945135** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 750332 | 17532 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 444351 | 425833 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 70552 |  |
| &nbsp;&nbsp;&nbsp;Tax Payable | 26594 | 795 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 307918 | 232004 |
| **Total Current Liabilities** | **1599747** | **676164** |
| Non-Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Due to related parties |  | 1291608 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 125259 | - |
| **Total Non-Current Liabilities** | **125259** | **1291608** |
| **TOTAL LIABILITIES** | **1725006** | **1967772** |
| **Commitment and Contingencies** |  |  |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Shares, no par value, unlimited shares authorized; 3,168,133 and 63,361,823 shares issued and outstanding as of June 30, 2025 and December 31, 2024 respectively\* |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 92707344 | 92707344 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (29394048) | (28033030) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4890966) | (5298505) |
| **Equity attributable to owners of the Company** | **58422330** | **59375809** |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | - | (398446) |
| **TOTAL STOCKHOLDERS' EQUITY** | **58422330** | **58977363** |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**60147336** | $**60945135** |

---

\* The shares and per share data are presented on a retroactive basis to reflect the Company's Share Consolidation. (Note 11)

See accompanying notes to consolidated financial statements.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER**

**COMPREHENSIVE LOSS (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| **NET REVENUE** | $2477852 | $86159 |
| **COST OF REVENUE** | 2160129 | 42089 |
| **GROSS PROFIT** | 317723 | 44070 |
| **OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Sales and Marketing Expenses | 802380 | 63992 |
| &nbsp;&nbsp;&nbsp;General and Administrative Expenses | 890685 | 707883 |
| &nbsp;&nbsp;&nbsp;Research and Development Expenses |  | 688 |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | **1693065** | **772563** |
| **LOSS FROM OPERATIONS** | (1375342) | (728493) |
| Bad debt written off | (2240) |  |
| Loss on disposal of subsidiary | (8241) |  |
| Other Incomes, net | 24306 | 11314 |
| **LOSS BEFORE INCOME TAX** | (1361517) | (717179) |
| Income tax benefits | 499 | 371568 |
| **NET LOSS** | (1361018) | (345611) |
| **Less: net loss attributable to non-controlling interest** |  | (9710) |
| **OTHER COMPREHENSIVE LOSS** |  |  |
| Foreign Currency Translation Adjustment | 407538 | 43111 |
| **TOTAL COMPREHENSIVE LOSS** | $(953480) | $(302500) |
| **LOSS PER SHARE – BASIC AND DILUTED** | (0.03) | (0.10) |
| **WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED\*** | 33431259 | 3152212 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the Company's Share Consolidation. (Note 11)

See accompanying notes to consolidated financial statements.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | | | | | |
|  | **Number of<br> Shares\*** | **Amount** |<br>**Additional**<br>**Paid-in Capital** |<br>**Accumulated Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive Loss** |<br>**Non-**<br>**controlling interests** |<br>***Total***<br>**Stockholders' <br> Equity** |
| **Balance as of December 31, 2024** | **63361823** |  | **92707344** | **(28033030)** | **(5298505)** | **(398446)** | **58977363** |
| Reverse capitalization | (60193690) |  |  |  |  |  |  |
| Disposal of subsidiaries |  |  |  |  |  | 398446 | 398446 |
| Net Loss |  |  |  | (1361018) |  |  | (1361018) |
| Foreign Currency Translation Adjustment |  |  |  |  | 407538 |  | 407538 |
| **Balance as of June 30, 2025** | **3168133** |  | **92707344** | **(29394048)** | **(4890966)** | **-** | **58422330** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | ***Accumulated*** | | |
|  | ***Ordinary Shares*** | ***Ordinary Shares*** | | | | | |
|  | ***Number of<br> Shares\**** | ***Amount*** |<br>***Additional***<br>***Paid-in Capital*** |<br>***Accumulated Deficit*** | ***Other***<br>***Comprehensive Loss*** |<br>***Non-***<br>***controlling interests*** |<br>***Total***<br>***Stockholders' <br> Equity*** |
| **Balance as of December 31, 2023** | **2923325** |  | **44515833** | **(33147713)** | **(1953766)** | **(398447)** | **9015907** |
| Shares based compensation granted to employees | 438498 |  |  |  |  |  |  |
| Capital Contributions |  |  |  |  |  |  |  |
| Net Loss |  |  |  | (335901) |  | (9710) | (345611) |
| Foreign Currency Translation Adjustment |  |  |  |  | 43111 |  | 43111 |
| **Balance as of June 30, 2024** | **3361823** |  | **44515833** | **(33483614)** | **(1910655)** | **(408157)** | **8713407** |

---

\* The shares and per share data are presented on a retroactive basis to reflect the Company's Share Consolidation. (Note 11)

See accompanying notes to consolidated financial statements.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | For the six months ended | For the six months ended |
|  | June 30, | June 30, |
|  | 2025 | 2024 |
| Cash flows from operating activities: |  |  |
| Net Loss | $(1361018) | $(345611) |
| Adjustments to reconcile net income (loss) to net cash from operating activities: |  |  |
| Depreciation and amortization | 709959 | 58774 |
| Amortization of right-of-use assets | 14730 |  |
| Provision for credit losses | 29334 |  |
| Loss on disposal of subsidiaries | 8241 |  |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (713473) | 886150 |
| &nbsp;&nbsp;&nbsp;Inventories, net | (46692) | 2190 |
| &nbsp;&nbsp;&nbsp;Other current assets | 344306 | (291199) |
| &nbsp;&nbsp;&nbsp;Advances to suppliers, net | 6903386 | (13067059) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 732800 | (754939) |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 18518 | 88874 |
| &nbsp;&nbsp;&nbsp;Tax payable | 25799 | (377474) |
| &nbsp;&nbsp;&nbsp;Lease liabilities | (13864) | (60419) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 75914 | 1006851 |
| **Net cash provided by (used in) operating activities** | **6727940** | **(12853862)** |
| Cash flows from investing activity: |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of intangible assets | (15899767) |  |
| **Net cash used in investing activity** | **(15899767)** | **-** |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from related parties loans |  | 204475 |
| &nbsp;&nbsp;&nbsp;Repayment of related party loans | (1291608) | (167180) |
| &nbsp;&nbsp;&nbsp;Repayment of Bank loans |  | (9630) |
| **Net cash provided by (used in) financing activities** | **(1291608)** | **27665** |
| Effect of changes of foreign exchange rate on cash | 407539 | (141762) |
| &nbsp;&nbsp;&nbsp;**Net decrease in cash** | (10055896) | (12967959) |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalents at the Beginning of the period** | 43396977 | 16062047 |
| Cash and cash equivalents at the end of the period | $33341081 | $3094088 |
| **Supplemental disclosures of non-cash flows information:** |  |  |
| Lease liabilities arising from obtaining right-of-use assets | 209858 |  |

---

See accompanying notes to consolidated financial statements.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND BUSINESS BACKGROUND**

Meiwu Technology Company Limited ("Meiwu" or the "Company"), formerly known as Wunong Net Technology Co., Ltd is a holding company incorporated under the laws of British Virgin Islands on December 4, 2018. The Company, its subsidiaries and the former consolidated variable interest entity (the "former VIE") are principally engaged in the provision of skin care products selling, skin care training services to customers in the People's Republic of China (the "PRC").

On February 15, 2019, the Company acquired all shares of Shenzhen Vande Technology Co., Limited ("Vande") pursuant to the Instrument of Transfer, Sold Note and Bought Note recorded with Registrar of Companies in Hong Kong Special Administration Region (SAR).

Vande, incorporated on April 6, 2017 in Hong Kong, incorporated Guo Gang Tong ("WFOE") in the People's Republic of China with a registered capital of RMB 5,000,000 on December 28, 2018.

On March 2, 2019, WFOE entered into a series of contractual agreements with Meiwu Shenzhen, a company incorporated in the People's Republic of China on June 16, 2015 with a registered capital of RMB 5,000,000. These agreements included an Exclusive Technology Consulting Services Agreement, an Equity Interest Pledge Agreement, an Exclusive Purchase Rights Agreement, and a Proxy Agreement, and allowed us to:

● exercise effective control over Meiwu Shenzhen;

● receive substantially all of the economic benefits of Meiwu Shenzhen; and

● have an exclusive option to purchase all or part of the equity interests in Meiwu Shenzhen when and to the extent permitted by PRC law.

As a result of these contractual arrangements, we had become the primary beneficiary of Meiwu Shenzhen, and we treated Meiwu Shenzhen as a Variable Interest Entity ("VIE") in accordance with the Statement of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810 "Consolidation", because the equity investments in Meiwu Shenzhen no longer have the characteristics of a controlling financial interest, and the Company, through WFOE, is the primary beneficiary of Meiwu Shenzhen. Accordingly, Meiwu Shenzhen has been consolidated.

Since Meiwu Technology Company Limited and its subsidiaries are effectively controlled by the same controlling shareholders before and after the Reorganization, they are considered to be under common control. The above-mentioned transactions were accounted for as a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)**

On September 29, 2020, Meiwu Shenzhen, together with two individuals, Guoming Huang ("Huang") and Yafang Liu ("Liu"), established a new Shanghai subsidiary, Wude Agricultural Technology (Shanghai) Co., Ltd ("Wude Shanghai"). Wude's registered capital is RMB 20 million (approximately, $3.1 million) and its equity interests are divided among Meiwu Shenzhen (51%), Liu (25%) and Huang (24%). Meiwu Shenzhen transferred the 51% ownership interest to Huang and Liu on December 15, 2020 and repurchased the 51% ownership interest on January 28, 2021.

On October 20, 2020, Meiwu Shenzhen entered into an Equity Transfer Agreement to acquire 51% equity interests in a newly-incorporated company, Baode Supply Chain (Shenzhen) Co., Ltd ("Baode"). Baode's registered capital is RMB 5 million (approximately $781,466) and its equity interest is divided among Meiwu Shenzhen (51%), Shiliang Ma (30%) and Yongqiang He (19%). Meiwu Shenzhen transferred the 100% ownership interest to Yafang Liu on December 15, 2020 and repurchased the ownership interest on January 19, 2021. Baode's registered capital was increased to RMB 30 million (approximately $4.6 million) on April 29, 2021.

On November 4, 2020, Meiwu Shenzhen incorporated a wholly-owned subsidiary, Wunong Technology (Liaoning) Co., Ltd ("Wunong Liaoning"). Wunong Liaoning's registered capital is RMB 8.88 million (approximately US$1.4 million). Meiwu Shenzhen transferred the 100% ownership interest to Ze Yu on December 11, 2020 and repurchased the ownership interest on January 27, 2021. Wunong Liaoning was stopped business on December 26, 2022.

On December 10, 2020, Meiwu Shenzhen incorporated a wholly-owned subsidiary, Wunong Technology (Shaanxi) Co., Ltd ("Wunong Shaanxi"). Wunong Shaanxi's registered capital is RMB 8.8 million (approximately $1.3 million). Meiwu Shenzhen transferred the 100% ownership interest to Haiyan Qin on December 14, 2020 and repurchased the ownership interest on January 26, 2021.

On December 17, 2020, the Company completed the initial public offering ("IPO") of 5,000,000 Ordinary Shares at a price of $5.00 per share to the public for a total of US$25,000,000 of gross proceeds. In addition, the underwriters purchased 999,910 ordinary shares from a selling shareholder for $4,999,550 for a total of US$29,999,550 in total gross proceeds from the offering. The Company's ordinary shares began trading on the Nasdaq Capital Market on December 15, 2020 under the symbol "WNW".

On November 23, 2021, the Company entered into a Stock Purchase Agreement ("SPA") with Boxinrui International Holdings Limited (the "Anxin BVI") to acquire Beijing Anxin Jieda Logistics Co., Ltd. ("Anxin"). As of March 11, 2022, Anxin BVI failed to deliver the audited financial statements of Anxin for the year ended December 31, 2020 and 2019. The parties entered into a termination agreement, (the "Termination Agreement") pursuant to terminate the transaction.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)**

On December 28, 2021, Meiwu Shenzhen sold the 51% equity interests of Baode Supply Chain (Shenzhen) Co., Ltd to Mr. Shiliang Ma, who held 30% ownership of Baode with the amount of RMB 200,000 (approximately $31,405). Upon the consummation of the sale of 51% equity shares in Baode, Meiwu Shenzhen ceased to hold shares in Baode and Baode was no longer a majority controlled subsidiary of Meiwu Shenzhen.

On March 31, 2022, the Company entered into a Stock Purchase Agreement ("SPA") with Magnum International Holdings Limited (the "Yundian BVI") to acquire Dalian Yundian Zhiteng Technology Company Limited ("Yundian"). Upon the closing, the Company shall deliver to the Yundian BVI total consideration of US$8.1 million to be paid in ordinary shares, no par value ("Ordinary Shares"), of the Company, at a price of US$0.9 per share, for a total of 9,000,000 Ordinary Shares ("Share Consideration") provided. The closing of the Yundian SPA occurred on April 19, 2022.

On May 12, 2022, Meiwu Shenzhen, together with Shenzhen Heme Enterprise Consulting Partnership (limited partnership) ("Heme Consulting"), established a new Shenzhen subsidiary, Heme Brand Chain Management (Shenzhen) Co., Ltd. ("Heme Shenzhen"). Heme Shenzhen's registered capital is RMB 10 million (approximately, $1.5 million) and its equity interests are divided among Meiwu Shenzhen (51%) and Heme Consulting (49%).

On June 23, 2022, the Company entered into a Stock Purchase Agreement ("SPA") with Mahaotiaodong Information Technology Company Limited (the "Mahao BVI") to acquire Code Beating (Xiamen) Technology Company Limited ("Code Beating"). Upon the closing, the Company shall deliver to the Mahao BVI total consideration of US$6 million to be paid in ordinary shares, no par value ("Ordinary Shares"), of the Company, at a price of US$0.6 per share, for a total of 10,000,000 Ordinary Shares ("Share Consideration") provided. The closing of the Mahao SPA occurred on June 23, 2022.

On July 22, 2022, Heme Shenzhen established a new Shenzhen subsidiary, Heme Catering Management (Shenzhen) Co., Ltd ("Heme Catering"). Heme Catering's registered capital is RMB 10 million (approximately, $1.5 million) and its equity interests are wholly-owned by Heme Shenzhen.

On October 31, 2022, the Company changed the name from "Wunong Technology (Shenzhen) Co,. Ltd" to Meiwu Zhishi Technology (Shenzhen) Co,. Ltd.

On December 12, 2022, the Company entered into a Stock Purchase Agreement ("SPA") with Xinfuxin International Holdings Limited (the "Yuanxing BVI") to acquire Hunan Yuanxing Chanrong Technology Co., Ltd ("Yuanxing"). Upon the closing, the Company shall deliver to the Yuanxing BVI total consideration of US$9.6 million to be paid in ordinary shares, no par value ("Ordinary Shares"), of the Company, at a price of US$0.8 per share, for a total of 12,000,000 Ordinary Shares ("Share Consideration"). The closing of the Yuanxing SPA occurred on December 23, 2022.

On May 4, 2023, the VIE, Meiwu Shenzhen, together with an individual, Kun Xu ("Kun") and an entity, Xi 'an Senli Huinong Agricultural Technology Co. LTD ("Senli Huinong"), established a new subsidiary in Shenzhen, China, Shenzhen Jiayuan Liquor Sales Co., Ltd ("Jiayuan Liquor"). Jiayuan Liquor's registered capital is RMB 1.8 million (approximately, $252,180) and its equity interests are divided among Meiwu Shenzhen (70%), Kun (21%) and Senli Huinon (9%). Jiayuan Liquor's domiciled address is 1603, Building C, Shenye Century Industrial Center, No. 743, Zhoushi Road, Hezhou Community, Hangcheng Street, Baoan District, Shenzhen.

On February 21, 2024 under the incentive plan registered of the Company issuance of 438,498 Ordinary Shares with a cost basis of $1.01 per share.

On September 3, 2024, Shenzhen Vande Technology Co., Limited ("Vande") a limited company organized under the laws of Hong Kong and a wholly owned subsidiary of Meiwu Technology Company Limited, a British Virgin Islands company (the "Company"), incorporated a limited liability company under the laws of People's Republic of China with the name of Xiamen Chunshang Health Technology Co., Ltd. (the "Chunshang Xiamen"). As previously disclosed, the Company was planning to implement a strategic transition in its business to expand into the sales of functional skincare products.

On December 10, 2024, Guogangtong Trading (Shenzhen) Co., Ltd. ("WFOE"), the wholly owned subsidiary of Vande entered into an agreement (the "Termination Agreement") with Meiwu Zhishi Technology (Shenzhen) Co., Ltd. ("Meiwu Zhishi", "Meiwu Shenzhen" or "former VIE"), former VIE's shareholders to terminate of a series of contractual arrangements ("former VIE Agreements") by and among the former VIE, the WFOE, and shareholders of the former VIE ("Termination").

On December 24, 2024, the Company, Magnum International Holdings Limited, a British Virgin Islands company with limited liabilities and a wholly owned subsidiary of the Company ("Magnum") and an individual that is not affiliated with the Company or any of its directors or officers (the "Purchaser") entered into a certain share transfer agreement ("Magnum Disposition Agreement"). Pursuant to the Magnum Disposition Agreement, the Purchaser agreed to purchase all the equity interests of Magnum for $10. On December 31, 2024, the transaction contemplated therein (the "Magnum Disposition") was closed, and the Purchaser became the sole shareholder of Magnum and as a result, assume all assets and liabilities of Magnum and subsidiaries owned or controlled by Magnum.

On December 24, 2024, the Company, Xinfuxin International Holdings Limited, a British Virgin Islands company with limited liabilities and a wholly owned subsidiary of the Company ("Xinfuxin") and the same Purchaser entered into a certain share transfer agreement ("Xinfuxin Disposition Agreement", collectively with the Termination Agreement and Magnum Disposition Agreement, the "Agreements"). Pursuant to the Xinfuxin Disposition Agreement, the Purchaser agreed to purchase all the equity interests of Xinfuxin for $10. On December 31, 2024, the transaction contemplated therein (the "Xinfuxin Disposition") was closed, and the Purchaser became the sole shareholder of Xinfuxin and as a result, assume all assets and liabilities of Xinfuxin and subsidiaries owned or controlled by Xinfuxin.

On March 6, 2025, Xiamen Chunshang Health Technology Co., Ltd. (the "Chunshang Xiamen") a limited company organized under the laws of People's Republic of China and a wholly owned subsidiary of Shenzhen Vande Technology Co., Limited ("Vande") a limited company organized under the laws of Hong Kong, incorporated a limited liability company under the laws of People's Republic of China with the name of Guangzhou Tianhe District Chunran Health Consulting Co., Ltd. (the "Chunran Guangzhou").

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND BUSINESS BACKGROUND (CONTINUED)**

As of June 30, 2025, details of the subsidiaries of the Company are set out below:

SCHEDULE OF SUBSIDIARIES AND ASSOCIATES

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Entity** | **Date of Incorporation** | **Place of Incorporation** | **% of Ownership** | **Principal Activities** |
| Meiwu Technology Company Limited ("Meiwu" or the "Company", formerly known as Wunong Net Technology Company Limited) | December 4, 2018 | British Virgin Islands | Parent | Holding Company |
| Shenzhen Vande Technology Co., Limited ("Vande") | April 6, 2017 | Hong Kong | 100 | Holding Company |
| Mahaotiaodong Information Technology Company Limited ("Mahao BVI") | December 29, 2021 | British Virgin Islands | 100 | Holding Company |
| Xiamen Chunshang Health Technology Co., Ltd ("Xiamen Chunshang") | September 3, 2024 | Xiamen, China | 100% owned by Vande | Skin care products selling and skin care training services |
| Guangzhou Tianhe District Chunran Health Consulting Co., Ltd ("Chunran Guangzhou") | March 6, 2025 | Guangzhou,China | 100% owned by Xiamen Chunshang | Skin care products selling and skin care training services |
| Guo Gang Tong Trade (Shenzhen) Co., Ltd ("WFOE") | December 28, 2018 | Shenzhen, China | 100% owned by Vande | Holding Company |
| DELIMOND Limited ("DELIMOND") | January 3, 2019 | Hong Kong | 100% owned by Mahao BVI | Holding Company |
| Code Beating (Xiamen) Technology Company Limited ("Code Beating") | May 21, 2020 | Xiamen, China | 100% owned by DELIMOND | Short messages service |

---

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. LIQUIDITY**

The Company had cash of $33,341,081 and $43,396,977 as of June 30, 2025 and December 31, 2024, respectively. Net loss was $1.36 million and $0.35 million for six months ended June 30, 2025 and 2024. The Company had working capital of $43.16 million and $60.27 million as of June 30, 2025 and December 31, 2024, respectively. The Company has funded working capital and other capital requirements primarily by equity contributions from shareholders. Cash is required to pay purchase costs for inventory, salaries, selling expenses, rental expenses, income taxes, and other operating expenses.

In assessing liquidity, management monitors and analyses cash on hand, ability to generate sufficient revenue sources in the future, and operating and capital expenditure commitments.

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

● *Basis of presentation and principles of consolidation*

These accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and have been consistently applied. The consolidated financial statements include the accounts of the Company, its subsidiaries, and the former VIE. All intercompany balances and transactions between the Company, its subsidiaries and the former VIE are eliminated upon consolidation.

● *Consolidation of former Variable Interest Entity*

A VIE is an entity that either has a total equity investment that is insufficient to finance its activities without additional subordinated financial support, or whose equity investments lack the characteristics of a controlling financial interest, such as through voting rights, and the right to receive the expected residual returns of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE.

Guo Gang Tong Trade (Shenzhen) Co., Ltd was deemed to have a controlling financial interest in and be the primary beneficiary of Meiwu Shenzhen, the former VIE, because it had both of the following characteristics prior to the Termination:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 power to direct activities at Meiwu Shenzhen that most significantly impact such entity's economic performance, and

(2) The
 right to receive benefits from Meiwu Shenzhen that could potentially be significant to such entity.

Prior to the Termination, pursuant to the contractual arrangements with Meiwu Shenzhen, Meiwu Shenzhen paid service fees equal to all of its net profit after tax payments to WFOE. Such contractual arrangements were designed so that Meiwu Shenzhen operated for the benefit of Guo Gang Tong Trade (Shenzhen) Co. Ltd and ultimately, the Company.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

● *Consolidation of Former Variable Interest Entity (continued)*

The accounts of Meiwu Shenzhen and its subsidiaries were consolidated in our financial statements pursuant to ASC 810-10, Consolidation, as the Company was deemed as primary beneficiary of Meiwu Shenzhen due to the VIE agreements. As the VIE agreements were terminated at December 10, 2024, the accounts of the Meiwu Shenzhen and its subsidiaries are no longer consolidated in our financial statements for the six months ended June 30, 2025. The carrying amount of this former VIE's assets and liabilities are as follows:

SCHEDULE OF CONSOLIDATION OF VARIABLE INTEREST ENTITY

---

| | | |
|:---|:---|:---|
|  | **As of <br> June 30, 2025** | **As of <br> December 31, 2024** |
| Current assets | $– $| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Right-of-use assets | – |  |
| Total assets | – |  |
| Total current liabilities | – |  |
| Total non-current liabilities | – |  |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** |
| Revenue | $- | $86159 |
| Cost of revenue |  | 42089 |
| Operating expenses |  | 402932 |
| Net loss |  | (358349) |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** |
| Net cash used in operating activities | $- | $(231248) |
| Net cash provided by financing activities |  | 27665 |
| Effect of changes of foreign exchange rate on cash |  | 270340 |
| Net increase in cash and cash equivalents |  | 66757 |

---

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

● *Use of estimates*

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, valuation of inventory, and recoverability of carrying amount and the estimated useful lives of fixed assets, and implicit interest rate of operating leases.

*● Business combinations*

The Company accounted for its business combination using the acquisition method of accounting in accordance with ASC 805 "Business Combinations". The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the acquisition date amounts of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the consolidated income statements.

In a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income statements.

When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.

● *Cash and cash equivalents*

Cash and cash equivalents consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal or use, and which have remaining maturities of three months or less when initially purchased.

*● Accounts receivable, net*

Accounts receivable, net mainly represent amounts due from clients and are recorded net of allowance for doubtful accounts.

The Company mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is established and recorded based on management's assessment of historical bad debts, creditworthiness and financial conditions of the clients, current economic trends and changes in client payment patterns. Past due accounts are generally written off against the allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote. The allowance was $1,455,871 and $1,428,805 as of June 30, 2025 and December 31, 2024, respectively.

● *Inventories, net*

The Company values its inventories at the lower of cost or net realizable value. The cost of inventories is calculated using the first in first out basis.

Where there is evidence that the utility of inventories, in their disposal in the ordinary course of business, will be less than cost, whether due to physical deterioration, obsolescence, changes in price levels, or other causes, the inventories are written down to net realizable value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products. Any idle facility costs or excessive spoilage are recorded as current period charges. There was no inventory impairment for the six months ended June 30, 2025 and 2024.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

● *Advances to suppliers*

Advances to suppliers represent prepayments made to certain suppliers of Clean Food. To ensure continuous high-quality supplies and favorable purchase prices of Clean Food, the Company is required from time to time to make cash advances when placing its purchase orders. The Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide supplies to the Company or refund the advance. As of June 30, 2025 and December 31, 2024, the allowances was nil.

● *Intangible Assets*

Indefinite-lived intangible assets are tested for impairment at least annually and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values.

Finite-lived intangible assets are carried at cost less accumulated amortization and impairment if any. The finite-lived intangible assets are amortized over their estimated useful lives, which are the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts.

The Company may rely on a qualitative assessment when performing impairment test for its intangible asset. Otherwise, the impairment evaluation is performed at the lowest level of identifiable cash flows independent of other assets.

The Company's intangible assets mainly represent trademark acquired by the Company. Trademark is classified as finite-lived intangible assets and amortized over its useful life of approximately 10 years.

● *Leases*

From January 1, 2022, the Group adopted Accounting Standards Update ("ASU") 2016-02, Lease (FASB ASC Topic 842). The adoption of Topic 842 resulted in the presentation of operating lease right-of-use ("ROU") assets and operating lease liabilities on the consolidated balance sheet. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less.

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The right-of-use assets and related lease liabilities are recognized at the lease commencement date. The Company recognizes operating lease expenses on a straight-line basis over the lease term.

*Right-of-use of assets*

The Company recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets for the six months ended June 30, 2025 and 2024.

 

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

*Lease liabilities*

Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee and any exercise price under a purchase option that the Group is reasonably certain to exercise. Lease liability is measured at amortized cost using the effective interest rate method. It is re-measured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Group assessment of option purchases, contract extensions or termination options.

● *Impairment of long-lived assets*

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no indicators of impairments of these assets as of June 30, 2025 and December 31, 2024.

● *Revenue recognition*

ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. This new guidance provides a five-step analysis in determining when and how revenue is recognized. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the new guidance requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

The Company currently generates its revenue from the following main sources:

**Sales on** **website**

Before December 10, 2024, the Company operated an online platform to sell Clean Food to retail customers and recognized revenue on a gross basis. The Company was a principal because it controlled the promised goods or service before transferring it to a customer. Once purchase orders were received from customers, the Company purchased desired products from suppliers, took control of purchased products in its warehouses, and then organized the shipping and delivery of products to customers.

The Company accounted for revenue from sales of Clean Food on a gross basis. It was responsible for fulfilling the promise to provide the desired Clean Food to customers, was subject to inventory risk prior to transfer control, and had discretion in establishing prices.

The Company's revenue is recognized in accordance with Accounting Standards Codification Topic 606, Revenue from Contract with Customers ("ASC 606"). ASC 606 requires the use of a five-step model, which requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when the Company satisfies the performance obligation.

The Company's contracts with customers were fixed price contracts and had one single performance obligation, which was the promise to transfer the specified goods. The entire transaction price was allocated to this obligation. Revenue was recognized at a point in time when control of the goods was transferred to the customer, which was determined to occur upon the customer's acceptance of the goods at delivery, as evidenced by signed proof of delivery. Revenue was reported net of all valued added taxes ("VAT")

Revenues were recorded net of return allowances, sales incentives, value-added taxes and related surcharges. For sales on website, the Company offered an unconditional right of return for a period of seven days upon receipt of products. The Company based its estimates of sales return on historical results. For the six months ended June 30, 2024, the amount of sales return was insignificant. The Company may have provided sales incentives in the form of discounts to customers, which could be determined before the customer placed the order. Revenue, recognized on a net basis after such sales incentives, was allocated based on the relative standalone selling prices for respective products.

Payment for online retail customers was due at the point of sale.

**Sales offline**

In the second half of 2024, the Company started offline sales which mainly focused on the non-retail customers. For the offline sales, the customer's order goods from the Company according to their own needs, then the company will order the corresponding products from the suppliers. The Company's offline sales have the following categories: functional skincare products and health products. The Company was a principal because it controlled the promised good or service before transferring it to a customer. Once purchase orders are received from customers, the Company purchases desired products from suppliers, takes control of purchased products in its warehouses, and then organizes the shipping and delivery of products to customers. New customers are typically required to make certain prepayment to the Company before the Company purchases products from suppliers.

The Company accounts for revenue from sales of functional skincare products and health products on a gross basis. It is responsible for fulfilling the promise to provide the desired electronic component products to customers, is subject to inventory risk prior to transfer control, and has the discretion in establishing prices.

The Company's revenue is recognized in accordance with Accounting Standards Codification Topic 606, Revenue from Contract with Customers ("ASC 606"). ASC 606 requires the use of a five-step model, which requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when the Company satisfies the performance obligation

The Company's contracts with customers are fixed price contracts and have one single performance obligation, which is the promise to transfer the specified goods. The entire transaction price is allocated to this obligation. Revenue is recognized at a point in time when control of the goods is transferred to the customer, which is determined to occur upon the customer's acceptance of the goods at delivery, as evidenced by signed proof of delivery. Revenue is reported net of all valued added taxes ("VAT")

Revenues are recorded net of return allowances, sales incentives, value-added taxes and related surcharges. For sales through offline channels, the Company's sales terms do not provide a right of return beyond a standard quality policy. The Company bases its estimates of sales return on historical results. For the six months ended June 30, 2025, the amount of sales return was insignificant. The Company may provide sales incentives in the form of discounts to customers, which can be determined before the customer placed the order. Revenue, recognized on a net basis after such sales incentives, are allocated based on the relative standalone selling prices for respective products.

Payment terms for distributing customers are generally set 30 days after the consideration becomes due and payable.

Advance payments from customers are recorded as contract liabilities and are recognized as revenue when the products are delivered and the performance obligation is satisfied. The Company does not routinely allow product returns, and historically, returns have been immaterial. There are no separate rebates, discounts, or volume incentives offered.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**Service revenue**

The Company generates revenue from providing training services under separate contracts to customers as a principal. The terms of pricing stipulated in the contracts are fixed. One performance obligation is identified in the contracts with customers.

The Company's revenue from training services is recognized in accordance with ASC 606. ASC 606 requires the use of a five-step model, which requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when the Company satisfies the performance obligation.

Revenue is recognized upon the transfer of control of promised services provided to the Company's customers, in the amount of consideration the Company expect to receive for those services (excluding sales taxes collected on behalf of government authorities). The Company's revenue contracts generally do not include a right of return in relation to the delivered products or services.

The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year which need to be recognized as assets.

● *Cost of revenues*

The shipping and handling costs as well as the cost of purchased Functional skincare products and Clean Food products listed for sale on the Company's platform are included as part of cost of goods sold. The Company expenses shipping and handling costs in conjunction with sale of its products as incurred.

● *Sales and marketing expense*

Advertising, sales and marketing costs consist primarily of costs for the promotion of business brand and product marketing. The Company expensed all marketing and advertising costs as incurred.

● *Research and development expense*

Research and development expenditures include salaries, wages and other costs of personnel engaged in research and development. Costs of services performed by others for research and development on the Company's behalf are expensed when incurred. The Company's research and development expense primarily includes software development and the development of new products.

● *Income taxes*

The Company is subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the six months ended June 30, 2025 and 2024. The Company accounts for income taxes in accordance with ASC740, "Income Taxes". The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted.

Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward period, including from tax planning strategies, and the Company's experience with similar operations. Existing favorable contracts and the ability to sell products into established markets are additional positive evidence. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded may not be realized upon changes in facts and circumstances, resulting in a future charge to establish a valuation allowance.

Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitation has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. There were no material uncertain tax positions as of June 30, 2025 and December 31, 2024. All tax returns since the Company's inception are subject to examination by tax authorities.

● *Value added taxes ("VAT")*

Sales represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates, depending on the type of products sold. The VAT may be offset by VAT paid by the Company on inventory acquired. The Company recorded a VAT payable net of payments in the accompanying financial statements. All of the VAT returns of the Company have been and remain subject to examination by the tax authorities for five years from the date of filing.

As of June 30, 2025, "Chunshang Xiamen" 's product sales and services revenues were subject to VAT at a reduced rate of 1% and subject to surcharges at a reduced surcharge rate of 6% of the VAT payable.

As of June 30, 2025, "Chunran Guangzhou" 's product sales and services revenues were subject to VAT at a reduced rate of 1% and subject to surcharges at a reduced surcharge rate of 6% of the VAT payable.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

● *Foreign currency transactions and translations*

An entity's functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management's judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. The functional currency of the Company is the Renminbi ("RMB'), and PRC is the primary economic environment in which the Company operates. The reporting currency of these combined financial statements is the United States dollar ("US Dollars" or "$").

For financial reporting purposes, the financial statements of the Company, which are prepared using the RMB, are translated into the Company's reporting currency, the United States Dollar. Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders' equity is translated at historical exchange rates when capital transaction occurred. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income (loss) in stockholders' equity. Cash flows from the Company's operations are calculated based upon the local currencies using the average translation rate. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange differences are included in the determination of net loss of the consolidated financial statements for the respective periods.

The exchange rates used for foreign currency translation were as follows (US Dollars $1 = RMB):

SCHEDULE OF FOREIGN CURRENCY TRANSLATION EXCHANGE RATES

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period/Year End** | **Period/Year End** | **Average** | **Average** |
| 06/30/2025 |  | 7.1636 |  | 7.2526 |
| 12/31/2024 |  | 7.2993 |  | 7.1957 |
| 06/30/2024 |  | 7.2672 |  | 7.2150 |

---

No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

● *Comprehensive loss*

Comprehensive loss is defined as the change in equity of the Company during a period from transactions and other events and circumstances excluding those resulting from investments by and distributions to shareholders. Accumulated other comprehensive loss, as presented on the accompanying consolidated balance sheets, only consists of cumulative foreign currency translation adjustment.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

● *Fair value of financial instruments*

The Company also follows the guidance of the ASC Topic 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

● *Level 1*: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

● *Level 2:* Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g., Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

● *Level 3*: Inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability.

Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, inventories, and other current assets, accounts payable, due to related parties, accrued expenses, and other current liabilities approximate the fair value of the respective assets and liabilities as of June 30, 2025 and December 31, 2024 based upon the short-term nature of the assets and liabilities. For operating lease liabilities, fair value approximates their carrying value at the year-end as the fair value is estimated by used discounted cash flow, in which incremental borrowing rates used to discount the host contracts approximate market rates. For the six months ended June 30, 2025 and 2024, there were no transfers between different levels of inputs used to measure fair value.

● *Concentration risk*

A majority of the Company's transactions are denominated in RMB and a significant portion of the Company and its subsidiaries' assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People's Bank of China ("PBOC"). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. Under PRC regulations, each bank account is insured by People's bank of China with the maximum amount of RMB 500,000 (approximately US$69,797). The cash balance held in the PRC bank accounts and other third party payment platform was $33,341,081 and $43,396,977 as of June 30, 2025 and December 31, 2024, respectively.

For the six months ended June 30, 2025 and 2024, most of the Company's assets were located in the PRC and all of the Company's revenues were derived from the PRC.

For the six months ended June 30, 2025, three major suppliers accounted for approximately 50.6%, 27.7% and 15.9% of total purchase. For the six months ended June 30, 2024, three major suppliers accounted for approximately 20.3%, 16.8% and 14.6% of total purchase. As of June 30, 2025,three major suppliers accounted for approximately 50.7%, 23.5% and 10.3% of the advance to suppliers balance. As of December 31, 2024,three major suppliers accounted for approximately 64.6%, 17.8% and 12.0% of the advance to suppliers balance.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

● *Recent accounting pronouncements*

In November 2024, the FASB released ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The purpose of this update is to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling expenses, general and administrative expenses, and research and development expenses). ASU 2024-04 is effective for all public business entities, for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Any entity qualified as public business entity shall apply ASU 2024-04 prospectively to financial statements issued for current period and all comparative periods. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial statements.

In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted. The Company is currently evaluating the impact of this ASU on its financial statements.

In July 2025, the FASB issued ASU 2025-05 - Financial Instruments—Credit Losses (Topic 326). The amendments in this Update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity that elects the practical expedient and the accounting policy election, if applicable, should apply the amendments in this Update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is evaluating the impact of the adoption of this guidance. The Company believes the future adoption of this ASU is not expected to have a material impact on its financial statements.

On September 18, 2025, the FASB issued Accounting Standards Update (ASU) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software (the existing internal-use software guidance does not contemplate more current methods of software development). The amendments in ASU 2025-06 are limited and focused on the key challenge that entities face in applying FASB Accounting Standards Codification (FASB ASC) 350-40—applying that guidance to software that is developed using modern, iterative approaches such as Agile, DevOps, and continuous-deployment models that do not fit neatly into the legacy "preliminary-project / application-development / post-implementation" stages described in today's Subtopic 350-40.The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company expects the adoption on this ASU will not have a material effect on the Company's consolidated financial statements.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss in these notes to its financial statements recent standards that are not anticipated to have an impact on, or are unrelated to, its consolidated financial condition, results of operations, or cash flows or disclosures.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**4. ACCOUNTS RECEIVABLE, NET**

SCHEDULE OF ACCOUNTS RECEIVABLE

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Accounts receivable | $2140010 | 1428805 |
| Less: allowance for credit losses | (1455871) | (1428805) |
| Accounts receivable, net | $684139 | - |

---

The movement of the allowance for credit losses was as follows:

SCHEDULE OF ALLOWANCE FOR ACCOUNTS RECEIVABLE

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Balance as of the beginning of period | $1428805 | 407480 |
| Additions charged to bad debt expense |  | 1428805 |
| Effect of disposal subsidiaries |  | (407480) |
| Translation adjustments | 27066 | - |
| Balance as of the end of period | $1455871 | 1428805 |

---

As of June 30, 2025 and December 31, 2024, the Company has accounts receivable, net of $684,139 and nil. The allowance for doubtful accounts was $1,455,871 and $1,428,805 as of June 30, 2025 and December 31, 2024.

**5. ADVANCE TO SUPPLIERS, NET**

SCHEDULE OF ADVANCE TO SUPPLIERS

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Advances to Suppliers | $9643135 | 16546521 |
| Less: allowance for credit losses | - | - |
| Advances to Suppliers, net | $9643135 | 16546521 |

---

The movement of the allowance for credit losses was as follows:

SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Balance as of the beginning of year | $- | 269740 |
| Additions charged to credit losses |  |  |
| Effect of disposal subsidiaries | - | (269740) |
| Balance as of the end of year | $- | - |

---

As of June 30, 2025 and December 31, 2024, the Company has advances to suppliers, net of $9,643,135 and $16,546,521. The allowance for credit loss was nil and nil as of June 30, 2025 and December 31, 2024.

**6. INVENTORIES** 

Inventories consist of the following:

SCHEDULE OF INVENTORIES

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Finished goods | $46692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Inventories** | $**46692** | $**-** |

---

The Company recorded inventory write-downs of nil and nil for the six months ended June 30, 2025 and 2024, respectively.

**7. OTHER CURRENT ASSETS**

The other current assets as of June 30, 2025 and December 31, 2024 consist of the following:

SCHEDULE OF OTHER CURRENT ASSETS

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Staff advance | $61241 | 55512 |
| Deposit | 22010 |  |
| VAT recoverable |  |  |
| Loan to the third party | 963773 | 943376 |
| Others | 2780 | 2749 |
| Subtotal | 1049804 | 1001637 |
| Less: bad debt | (2268) | - |
| Total of other current assets | $1047536 | 1001637 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Balance as of the beginning of period/year | $- | 126875 |
| Additions charged to bad debt expense | 2268 |  |
| Effect of disposal subsidiaries | - | (126875) |
| Balance as of the end of period/year | $2268 | - |

---

On August 10, 2025, the amount of $967,337 loan to the third party has been fully recovered.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**8. INTANGIBLE ASSETS** 

Intangible assets consist of the following:

SCHEDULE OF INTANGIBLE ASSETS

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Trademarks | $15908588 | $- |
| Less: accumulated amortization | (718780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| **Intangible assets, net** | $**15189808** | $**-** |

---

Amortization expense for the six months ended June 30, 2025 and 2024 was $709,959 and nil, respectively.

**9. RIGHT-OF-USE ASSETS**

The Company leases office and restaurant premises under non-cancelable operating lease agreements, with an option to renew the leases. Per the new lease standard ASC 842-10-55, these leases are treated as operating leases. Management determined the loan interest rate of 3.50% is the weighted average discount rate for the lease that began in 2025. The rental expense for the six months ended June 30, 2025 and 2024 was $15,315 and $52,864, respectively. All leases are on a fixed payment basis. None of the leases include contingent rentals.

Rights-of-use assets, net consisted of the following:

SCHEDULE OF RIGHTS-TO-USE LEASE ASSETS

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Leased properties under operating lease, cost | $209858 |  |
| Less: accumulated amortization | (14913) |  |
| Right-of-use assets, net | $194945 |  |

---

The Company does not have any variable lease costs. Cash payment made under the lease agreements is $20,466 and $60,262 for the six months ended June 30, 2025 and 2024, respectively. The weighted-average remaining lease term is 2.58 and 0 years as of June 30, 2025 and December 31, 2024. Interest expense was $1,442 and $2,653 for the six months ended June 30, 2025 and 2024 respectively.

The following table presents maturity of lease liabilities as of June 30, 2025:

SCHEDULE OF MATURITY OF LEASE LIABILITIES

---

| | |
|:---|:---|
| 2025 | $38141 |
| 2026 | 76281 |
| 2027 | 79110 |
| 2028 | 11883 |
| **Total Lease Payments** | $**205415** |
| Less: imputed interest | $(9604) |
| **Present value of lease liabilities** | $195811 |
| Lease liabilities - Current | $70552 |
| Lease liabilities – Non current | 125259 |

---

Amortization expense was recognized as lease expense in general and administrative expense. Non-cash portion of amortization expense was $14,730 and $42,056 for the six months ended June 30, 2025 and 2024, respectively.

The estimated amortization expenses for each of the five succeeding years is as follows:

SCHEDULE OF ESTIMATED AMORTIZATION EXPENSES

---

| | |
|:---|:---|
| **Year ending** | **Amortization expense** |
| 2025 | 36349 |
| 2026 | 72697 |
| 2027 | 72697 |
| 2028 | 10809 |
| **Total** | $**192552** |

---

On January 1, 2025, Xiamen Xinbaihui Digital Technology Co., LTD("Xiamen Xinbaihui") entered a lease with Chunshang Xiamen to lease our executive offices to us for a lease term from January 1, 2025 to December 31, 2027, at a monthly net rent of RMB5,000.00 (approximately, $689).

On May 1, 2025, Guangzhou Jingyao Real Estate Co., Ltd. ("Guangzhou Jingyao") entered a lease with Chunran Guangzhou to lease our executive offices to us for a lease term from May 1, 2025 to February 29, 2028, at a monthly net rent of RMB40,537.35 (approximately, $5,589) from May 1, 2025 to February 28, 2027, a monthly net rent of RMB 42,563.85 (approximately, $5,869) from March 1, 2027 to February 29, 2028.

**10. ACCOUNTS PAYABLE**

The accounts payable as of June 30, 2025 and December 31, 2024 consist of the following:

SCHEDULE OF ACCOUNTS PAYABLE

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Accounts payable to suppliers | $734976 | 2462 |
| Accounts payable for SMS service | 15356 | 15070 |
| Total of Accounts payable | $750332 | 17532 |

---

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**11. EQUITY**

**Ordinary shares**

Meiwu Technology Company Limited is established under the laws of British Virgin Islands on December 4, 2018 with 50,000 authorized and issued ordinary shares of par value USD$1.00 each in class. Subsequently on November 15, 2019, the Company issued 16,666 new shares for $16,666, with a par value of USD$1.00, and issued ordinary shares became 66,666 in total. On November 27, 2019, the board of directors of the Company approved written resolutions that the authorized and issued shares in the Company change from a par value of USD$1.00 each of a single class to no par value each of a single class, and that the 66,666 shares of no par value each of a single class in issue be divided pro-rata into 20,000,000 shares of no par value each of a single class. As a part of the company's recapitalization prior to completion of its initial public offering, the Company has retroactively restated all shares and per share data.

The Company completed IPO of 5,000,000 shares of ordinary shares and 999,910 ordinary shares offered by the selling shareholder, Eternal Horizon International Company Limited at a price of US$5.00 per share to the public for a total of $29,999,550 of gross proceeds. Net proceeds were $26.5 million after deducting $3.5 million in underwriter's fee and expenses.

On November 23, 2021, the Company entered into a Share Purchase Agreement ("SPA") with Boxinrui International Holdings Limited, a British Virgin Islands business company (the "Anxin BVI"), and all the shareholders of Anxin BVI, who collectively hold 100% issued and outstanding shares of Anxin BVI (the "Sellers"). Anxin BVI indirectly owns 100% of Beijing Anxin Jieda Logistics Co., Ltd. ("Anxin"), a company organized under the laws of the PRC, via Anxin BVI's wholly-owned subsidiary in Hong Kong, Hong Kong Anxin Jieda Co., Limited. Anxin is a company engaging in the business of transportation and logistics based in Beijing, China. Pursuant to the SPA, at the closing, we shall deliver to the Sellers a total of 7,968,755 ordinary shares, no par value ("Ordinary Shares"), however, if the audit of the Anxin's financial statements for the years ended December 31, 2020 and 2019 is not completed by the sixty-fifth (65th) day following the date of the SPA, the 50% of the Share Consideration paid to each Seller shall be forfeited and returned to the Company for cancellation. As of March 11, 2022, Anxin BVI failed to deliver the audited financial statements of Anxin for the year ended December 31, 2020 and 2019. Therefore, we entered into a termination agreement, (the "Termination Agreement") pursuant to which, the parties agreed to terminate the transaction as contemplated by the SPA and the Sellers agreed to return 7,968,755 Ordinary Shares to the Company immediately and such Ordinary Shares were forfeited and reserved as the treasury shares of the Company on June 14, 2022.

In March 2022, the Company adopted a share incentive plan, which is referred to as the <u>2022 Equity Incentive Plan</u> ("the 2022 Plan"). The purpose of the plan is to attract and retain the best available personnel for positions of substantial responsibility, provide additional incentive to employees, directors and consultants and promote the success of the Company's business. Under the 2022 Plan, the maximum aggregate number of Shares that may be issued under the Plan is 4,945,313 Shares.

On March 31, 2022, the Company entered into a Share Purchase Agreement ("SPA") with Magnum International Holdings Limited, a British Virgin Islands business company (the "Yundian BVI"), and all the shareholders of Yundian BVI, who collectively hold 100% issued and outstanding shares of Yundian BVI (the "Sellers"). Yundian BVI indirectly owns 100% of Dalian Yundian Zhiteng Technology Company Limited ("Yundian"), a company organized under the laws of the PRC, via Yundian BVI's wholly-owned subsidiary in Hong Kong, Yun Tent Technology Company Limited. Yundian is a company engaging in the information technology and communication engineering based in Dalian, China. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Yundian BVI. Upon the closing, the Company shall deliver to the Sellers total consideration of US$8.1 million to be paid in ordinary shares, no par value ("Ordinary Shares"), of the Company, at a price of US$0.9 per share, for a total of 9,000,000 Ordinary Shares ("Share Consideration") provided, however, if the audit of the Yundian's financial statements for the years ended December 31, 2021 and 2020 is not completed by the sixty-fifth (65th) day following the closing date of the transaction contemplated in the SPA, all the Share Consideration paid to each Seller shall be forfeited and returned to the Company for cancellation. The closing of the Yundian SPA occurred on April 19, 2022.

On June 23, 2022, the Company entered into a Share Purchase Agreement ("SPA") with Mahaotiaodong Information Technology Company Limited, a British Virgin Islands business company (the "Mahao BVI"), and all the shareholders of Mahao BVI, who collectively hold 100% issued and outstanding shares of Mahao BVI (the "Sellers"). Mahao BVI indirectly owns 100% of Code Beating (Xiamen) Technology Company Limited ("Code Beating"), a company organized under the laws of the PRC, via Mahao BVI's wholly-owned subsidiary in Hong Kong, DELIMOND Limited. Code Beating is a company engaging in providing Internet access and related services based in Xiamen, China. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Mahao BVI. Upon the closing, the Company shall deliver to the Sellers total consideration of US$6 million to be paid in ordinary shares, no par value ("Ordinary Shares"), of the Company, at a price of US$0.6 per share, for a total of 10,000,000 Ordinary Shares ("Share Consideration") provided, however, if the audit of the Code Beating's financial statements for the years ended December 31, 2021 and 2020 is not completed by the sixty-fifth (65th) day following the closing date of the transaction contemplated in the SPA, all the Share Consideration paid to each Seller shall be forfeited and returned to the Company for cancellation. The closing of the Code Beating SPA occurred on June 23, 2022.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**11. EQUITY (CONTINUED)**

On December 12, 2022, the Company entered into a Share Purchase Agreement ("SPA") with Xinfuxin International Holdings Limited, a British Virgin Islands business company (the "Yuanxing BVI"), and all the shareholders of Yuanxing BVI, who collectively hold 100% issued and outstanding shares of Yuanxing BVI (the "Sellers"). Yuanxing BVI indirectly owns 100% of Hunan Yuanxing Chanrong Technology Co., Ltd ("Yuanxing"), a company organized under the laws of the PRC, via Yuanxing BVI's wholly-owned subsidiary in Hong Kong, Antai Medical Limited. Pursuant to the SPA, the Company agreed to acquire 100% of the issued and outstanding shares of Yuanxing BVI. Upon the closing, the Company shall deliver to the Sellers total consideration of US$9.6 million to be paid in ordinary shares, no par value ("Ordinary Shares"), of the Company, at a price of US$0.8 per share, for a total of 12,000,000 Ordinary Shares ("Share Consideration"). The closing of the Yuanxing SPA occurred on December 23, 2022.

On February 21, 2024 under the incentive plan registered of the Company issuance of 438,498 Ordinary Shares with a cost basis of $1.01 per share.

On December 2, 2024, the Company closed a best-efforts offering (the "Primary Offering") of 30,000,000 Ordinary Shares (the "Primary Offering Shares") of the Company, to certain investors pursuant to that certain securities purchase agreement (the "Primary Offering SPA"), dated as of November 27, 2024, at an offering price of $0.80 per share.

In addition, as previously disclosed, the Company sold 30,000,000 Ordinary Shares (the "Resale Shares") to Mr. Changbin Xia, the chairman of the board of directors of the Company, at an offering price of $0.80 per share, pursuant to a certain securities purchase agreement dated October 22, 2024 ("Private SPA"). The Resale Shares were also registered in the Registration Statement. The Company did not receive any proceeds from the sale of such Resale Shares.

As of June 30, 2025 and December 31, 2024, 3,168,133 and 63,361,823 ordinary shares were issued and outstanding with no par value, respectively.

**Share Consolidation**

On November 27, 2023, the shareholders of the Company held an extraordinary general meeting (the "Meeting") and approved by an ordinary resolution of a share consolidation (the "Share Consolidation") that every thirty-five (35) issued and unissued ordinary shares of the Company be consolidated into one (1) ordinary shares issued. As a consequence of the Share Consolidation, the par value of each issued and authorized but unissued ordinary share of the Company will remain as no par value. The Company believes it is appropriate to reflect the Share Consolidation of its Ordinary Shares on a retroactive basis pursuant to ASC 260. All shares and per share data for all the periods presented have been retroactively restated.

On March 5, 2025, the shareholders of the Company held an extraordinary general meeting (the "Meeting") and approved by an ordinary resolution of a share consolidation (the "Share Consolidation") that every twenty (20) issued and unissued ordinary shares of the Company be consolidated into one (1) ordinary shares issued. As a consequence of the Share Consolidation, the par value of each issued and authorized but unissued ordinary share of the Company will remain as no par value. The Company believes it is appropriate to reflect the Share Consolidation of its Ordinary Shares on a retroactive basis pursuant to ASC 260. All shares and per share data for all the periods presented have been retroactively restated.

**Additional Paid-in Capital**

The additional paid-in capital at June 30, 2025 and December 31, 2024 was $92,707,344 and $92,707,344, respectively. During the six months ended June 30, 2025 and 2024, zero and zero was contributed to the Company.

**12. RELATED PARTY BALANCES AND TRANSACTIONS**

**(1) Related parties with transactions and related party relationships**

SCHEDULE OF RELATED PARTY TRANSACTIONS

---

| | |
|:---|:---|
| **Name of Related Party** | **Relationship to the Company** |
| Zhichao Yang | Chief Executive Officer of the company |
| Changbin Xia | Shareholder of the Company |
| Hanwu Yang | Director of the Company |
| Eternal Horizon International Company Limited | As a shareholder of the Company before December 15, 2020 |
| Sen Jin | Legal representative of Vande |

---

**(2) Due to related parties**

SCHEDULE OF DUE TO RELATED PARTIES

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2025** | **December 31,**<br> **2024** |
| Changbin Xia<sup>(1)</sup> | $- | 1287629 |
| Other | - | 3979 |
| Total | $- | $1291608 |

---

<sup>(1)</sup> The Company borrowed loans as working capital from one shareholder Changbin Xia as well as the legal representative of Vande. The balance due to related parties is interest-free and due on demand.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**13. TAXATION**

***Income Tax***

Meiwu Technology Company Limited was incorporated in the British Virgin Islands ("BVI") as an offshore holding company. Under the current law of the BVI, Meiwu Technology Company Limited is not subject to tax on income or capital gains. Additionally, upon payments of dividends by Meiwu Technology Company Limited to its shareholders, no BVI withholding tax will be imposed.

Meiwu Technology Company Limited's subsidiary Shenzhen Vande Technology Co., Limited was incorporated in Hong Kong and does not conduct any substantial operations on its own. No provision for Hong Kong profits tax has been made in the financial statements as Shenzhen Vande Technology Co., Limited has no assessable profits. Additionally, upon payments of dividends by Shenzhen Vande Technology Co., Limited to its shareholders, no Hong Kong withholding tax will be imposed.

Xiamen Chunshang Health Technology Co., Ltd, the Company's PRC operating subsidiaries, being incorporated in the PRC, are governed by the income tax law of the PRC and is subject to PRC enterprise income tax ("EIT"). The EIT rate of PRC is 25%, which applies to both domestic and foreign invested enterprises.

Guangzhou Tianhe District Chunran Health Consulting Co., Ltd., the Company's PRC operating subsidiaries, being incorporated in the PRC, are governed by the income tax law of the PRC and is subject to PRC enterprise income tax ("EIT"). The EIT rate of PRC is 25%, which applies to both domestic and foreign invested enterprises.

During the six months ended June 30, 2025 and 2024, the Company and its subsidiaries incurred a net loss approximately of $1.4 million and $0.3 million As a result, the Company and its subsidiaries did not incur any EIT during the six months ended June 30, 2025 and 2024.

In accordance with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to assess underpaid tax plus penalties and interest for PRC entities' tax filings. In the case of tax evasion, which is not clearly defined in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities remain subject to examination by the tax authorities based on the above.

For the six months ended June 30, 2025 and 2024, the Company was subject to a 25% statutory income tax rate.

Reconciliation between the statutory rate and the effective tax rate is as follows for the six months ended June 30, 2025 and 2024.

SCHEDULE OF RECONCILIATION OF EFFECTIVE TAX RATE

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| PRC statutory tax rate | 25% | 25% |
| Foreign loss not recognized in PRC | (20)% | (12)% |
| Permanent difference and others | (5)% |  |
| Change in valuation allowance | (0)% | (65)% |
| Effective tax rate | (0)% | (52)% |

---

***Deferred Tax***

Realization of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing deductible temporary differences and tax loss or credit carry forwards. The Company evaluates the potential realization of deferred tax assets on an entity-by-entity basis. As of June 30, 2025 and December 31, 2024, valuation allowance was provided against deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred tax assets will not be realized. The Company had deferred tax assets as of June 30, 2025 and December 31, 2024, which can be carried forward to offset future taxable income. The management determines it is more likely than not that deferred tax assets could not be recognized, so full allowances were provided as of June 30, 2025 and December 31, 2024. The operating loss generated from tax year ending December 31, 2019 carry forward incurred by the Company and subsidiary will expire in year 2025. The Company maintains a full valuation allowance against its deferred tax assets, since due to uncertainties surrounding future utilization, the Company estimates there will not be sufficient future earnings to utilize its deferred tax assets.

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**13. TAXATION (CONTINUED)**

The Company's deferred tax assets were as follows:

SCHEDULE OF DEFERRED TAX ASSETS

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2025** | **December 31,**<br> **2024** |
| Tax effect of net operating losses carried forward | 296587 | 45327 |
| Valuation allowance | (296587) | (45327) |
| **Deferred tax assets, net** | $**-** | $**-** |

---

There were no uncertain tax positions as of June 30, 2025 and December 31, 2024, and the Company does not believe that this will change over the next twelve months.

**14. SEGMENT REPORTING**

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's business segments. The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products or services. Based on management's assessment, the Company has determined that it has three operating segments as defined by ASC 280, including Clean Food platform, restaurant, and others.

Adjustments and eliminations of inter-company transactions were not included in determining segment (loss) profit, as they are not used by the chief operating decision maker. The following table presents summary information by segment for the six months ended June 30, 2025 and 2024, respectively:

SCHEDULE OF SEGMENT REPORTING

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** |
|  | **Skincare Products & Service** | **Technical**<br> **Service** | **Total** |
| Revenues | $2477852 | $- | $2477852 |
| Cost of goods sold | 2160129 |  | 2160129 |
| Gross profit | 317723 |  | 317723 |
| Depreciation and amortization | 733693 |  | 733693 |
| Capital expenditures |  |  |  |
| Loss from operations | (1375342) |  | (1375342) |
| Income tax benefits | 499 |  | 499 |
| Segment (loss) profit | (1361018) |  | (1361018) |
| Segment assets | $58153803 | $1993533 | $60147336 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** |
|  | **Clean Food**<br> **Platform** | **Technical**<br> **Service** | **Total** |
| Revenues | $86159 | $- | $86159 |
| Cost of goods sold | 42089 |  | 42089 |
| Gross profit | 44070 |  | 44070 |
| Depreciation and amortization | 43122 |  | 43122 |
| Capital expenditures |  |  |  |
| Loss from operations | (715437) | (13056) | (728493) |
| Income tax benefits |  | 371568 | 371568 |
| Segment (loss) profit | (704124) | 358513 | (345611) |
| Segment assets | $17783610 | $2271195 | $20054805 |

---

**MEIWU TECHNOLOGY COMPANY LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**15. COMMITMENTS AND CONTINGENCIES**

As of June 30, 2025, there was no pending legal proceeding to which the Company is a party that will have a material effect on the Company's business, results of operations or cash flows.

**16. SUBSEQUENT EVENTS**

On August 11, 2025 under the incentive plan registered of the Company issuance of 475,220 Ordinary Shares with a cost basis of $1.72 per share.

On September 5, 2025, the chairman of the Company (the "Selling Shareholder"), Changbin Xia, purchased 12,000,000 Ordinary Shares at a per share price of $0.80, pursuant to a certain securities purchase agreement (the "SPA"), entered into between the Company and the Selling Shareholder.

These unconsolidated financial statements were approved by management and available for issuance on November 5, 2025. The Company has evaluated subsequent events through this date and concluded that there are no additional reportable subsequent events other than that disclosed in above.

## Exhibit 99.2

**Exhibit 99.2**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

*The following discussion and analysis of our results of operations and financial condition should be read together with our unaudited condensed consolidated financial statements and the notes thereto and other financial information, which are included elsewhere in this prospectus. Our financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In addition, our financial statements and the financial information included in this prospectus reflect our organizational transactions and have been prepared as if our current corporate structure had been in place throughout the relevant periods.*

*This section contains forward-looking statements. These forward-looking statements are subject to various factors, risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Further, as a result of these factors, risks and uncertainties, the forward-looking events may not occur. Relevant factors, risks and uncertainties include, but are not limited to, those discussed in the section entitled "Business," "Risk Factors" and elsewhere in this prospectus. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's beliefs and opinions as of the date of this prospectus, as amended. We are not obligated to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. See "Cautionary Note Regarding Forward-Looking Statements."*

We are a British Virgin Islands company incorporated on December 4, 2018. We do not have material operation and we and conduct our business in China through our subsidiaries. We currently have two business lines, one is the functional skincare, operated by Chunshang Xiamen and its subsidiary; another is the Training services, operated by Chunshang Xiamen and its subsidiary. For the six months ended June 30, 2024, the online and mobile commerce business generated 100.00% of our total revenue. For the six months ended June 30, 2025, the functional skincare business generated 94.6% of our total revenue, and the training service income generated 5.4% of our total revenue.

**How to Assess the Company's Performance**

In assessing performance, we consider a variety of performance and financial measures, including principal growth in net revenue, gross profit, distribution, general and administrative expenses, net income from operations. The key measures that we use to evaluate the performance of our business are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)***  ***Net Revenue*** 

 ****

Net revenue is equal to gross sales minus sales returns and sales incentives that the Company offers to its customers, such as discounts that are offset to gross sales. Our net sales are driven by changes in the number of customers, product varieties, selling price, and mix of products sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(ii)***  ***Gross Profit*** 

 ****

Gross profit is equal to net sales minus cost of goods sold. Cost of goods sold primarily includes inventory costs (net of supplier consideration), inbound freight and other miscellaneous expenses. Cost of goods sold generally changes as we incur higher or lower costs from suppliers and as the customer and product mix changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(iii)***  ***Selling, Marketing, General and Administrative Expenses*** 

 ****

Selling, marketing, general and administrative expenses primarily consist of salaries and benefits for employees, shipping expense, utilities, maintenance and repairs expenses, insurance expense, depreciation and amortization expenses, selling and marketing expenses, professional fees, and other operating expenses.

**Key Factors Affecting Our Results of Operation**

Our business and results of operations are affected by a number of general factors that impact our industry including, among others, economic, political and social conditions in the PRC, and the competitive environment. Unfavorable changes in any of these general factors could adversely affect demand for our products and materially and adversely affect our results of operations.

While our business is influenced by these general factors, our results of operations are more directly affected by the following company-specific factors.

***Our ability to grow our brand***

Our brand is integral to the growth of our business and essential to our ability to engage and stay connected with our consumer base. We believe our brand and the reputation it carries distinguish us from our competitors. Therefore, our ability to maintain and enhance our brand reputation is essential to our financial performance. Our brand value also affords us the ability to attract new consumers, and to promote our company value, commitment to quality products.

***Our ability to manage our operating expenses and control costs***

Our results of operations depend in part on our ability to manage our operating expenses, including fulfillment expenses, sales and marketing expenses, general and administrative expenses and research and development expenses. We expect our operating expenses to increase in absolute amounts in the foreseeable future as we keep growing our business and hire more personnel. We will continue our initiatives to optimize our operating expenses. As our business scale grows, we believe we will have more operating leverage on our operating expenses.

**Operating Results**

***For The Six Months Ended June 30, 2025, and 2024***

The following table summarizes the results of our operations for the six months ended June 30, 2025 and 2024, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For The Six Months ended** | **For The Six Months ended** | **For The Six Months ended** | **For The Six Months ended** | | |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **Variance** | **Variance** |
|  | **2025** | **% of revenue** | **2024** | **% of revenue** | **Amount** | **%** |
| **NET REVENUES** |  |  |  |  |  |  |
| Net Product Revenue | $2344583 | 94.6% | $86159 | 100% | $2258424 | 2621% |
| Net Service Revenue | 133269 | 5.4% | - | - | 133269 | 100% |
| Total Net Revenues | 2477852 | 100% | 86159 | 100% | 2391693 | 2776% |
| COST OF REVENUES | 2160129 | 87% | 42089 | 49% | 2118040 | 5032% |
| **GROSS PROFIT** | **317723** | **13%** | **44070** | **51%** | **273653** | **621%** |
| **OPERATING EXPENSES** |  |  |  |  |  |  |
| Sales and Marketing Expenses | 802380 | 32% | 63992 | 74% | 738388 | 1154% |
| General and Administrative Expenses | 890685 | 36% | 707883 | 822% | 182802 | 26% |
| Research and Development Expenses | - | -% | 688 | 1% | (688) | (100)% |
| Total Operating Expenses | 1693065 | 68% | 772563 | 897% | 920502 | 119% |
| **LOSS FROM OPERATIONS** | **(1375342)** | **(56)%** | **(728493)** | **(846)%** | **(646849)** | **89%** |
| Assets impairment loss | (2240) | (0.1)% |  |  | (2240) | 100% |
| Loss on disposal of subsidiary | (8241) | (0.3)% |  |  | (8241) | 100% |
| Other income (expense), net | 24306 | 1% | 11314 | 13% | 12992 | 115% |
| **LOSS BEFORE INCOME TAX** | (1361517) | (55)% | (717179) | (832)% | (644338) | 90% |
| Income tax benefits (expenses) | 499 | 0% | 371568 | 431% | 371069 | (100)% |
| **NET LOSS** | **(1361018)** | **(55)%** | **(345611)** | **(401)%** | **(1015407)** | **294%** |
| Less: net loss attributable to non-controlling interest |  | -% | (9710) | (11)% | 9710 | (100)% |
| **NET LOSS ATTRIBUTABLE TO THE OWNERS' COMPANY** | **(1361018)** | **(55)%** | **(335901)** | **(390)%** | **(1025117)** | **305%** |
| **OTHER COMPREHENSIVE LOSS** |  |  |  |  |  |  |
| Foreign Currency Translation Adjustment | 407539 | 16% | 43111 | 50% | 364428 | 845% |
| **COMPREHENSIVE LOSS** | $**(953479)** | **(38)%** | $**(302500)** | **(351)%** | $**(650979)** | **215%** |

---

***Net Revenue***

Net revenue is equal to gross sales minus sales returns and sales incentives that we offer to our customers, such as discounts that are offsets to gross sales and certain other adjustments. Our net revenue consists of product revenue and service revenue. Product revenue was derived mainly from sales of our products to customers in China via our Website.

Net revenue increased by US$2.39 million from US$0.09 million in the first half fiscal year of 2024 to US$2.48 million in the first half fiscal year of 2025, which was mainly due to the sales of functional skincare product by Xiamen Chunshang Health Technology Co., Ltd. ("Chunshang Xiamen").

The following table sets forth the breakdown of our net revenue for the six months ended June 30, 2025 and 2024.

<u>For the six months ended June 30, 2025</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Product and Service category** | **Net**<br>**revenue** | **% of Total**<br>**revenue** | **Sales**<br>**quantities** | **Average**<br>**selling price** |
| Functional skincare products | $2344583 | 94.6% | 2102547 | $1.12 |
| Training services | $133269 | 5.4% | n/a | $n/a |
| **Total** | $**2477852** | **100%** | **9062** |  |

---

<u>For the six months ended June 30, 2024</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Product category** | **Net**<br>**revenue** | **% of Total**<br>**revenue** | **Sales**<br>**quantities** | **Average**<br>**selling price** |
| Grains, oil, and spices | $13036 | 15.1% | 3436 | $3.79 |
| Beverages, alcohol and tea | $23245 | 27.0% | 1346 | $17.27 |
| Meat, poultry and eggs | $6343 | 7.3% | 1409 | $4.50 |
| Other food | $35607 | 41.3% | 703 | $50.65 |
| Fresh fruits and vegetables | $6864 | 8.0% | 1975 | $3.48 |
| Groceries | $824 | 1.0% | 103 | $8.00 |
| Dried seafood | $240 | 0.3% | 90 | $2.67 |
| **Total** | $**86159** | **100%** | **9062** |  |

---

We had seven major product categories in online sales: (1) grains, oil, and spices (2) fresh fruits and vegetables (3) meat, poultry and eggs, (4) dried seafood, (5) beverages, alcohol and tea, (6) other food, (7) groceries. Beverages, alcohol and tea in 2024. And one major product category functional skincare products in 2025.In connection with the Company's business strategy the transition to focus on the functional skincare business, in the first half of 2025, the main sales products are functional skincare products, accounting for 94.6% of the total revenue.

***Cost of Revenue and Gross Profit***

Cost of revenue and gross profit increased in the six months ended June 30, 2025. Cost of revenue, including tax surcharges, was $2.16 million for the six months ended June 30, 2025, an increase of $2.12 million, or 5032% from $0.04 million for the six months ended June 30, 2024. Gross profit was $0.32 million for the six months ended June 30, 2025, an increase of $0.27 million, or 621%, from $0.04 million for the six months ended June 30, 2024. The increase was mainly due to that in the six months ended June 30, 2025, the Company's new business of functional skincare was vigorously developed, and in the six months ended June 30, 2024, the original businesses had already come to a standstill. This led to a significant increase in the Company's performance in the six months ended June 30, 2025 compared to the six months ended June 30, 2024

***Sales and Marketing Expenses***

Sales and marketing expenses were $0.8 million for six months ended June 30, 2025, representing an increase of $0.74 million, or 1154%, from $0.06 million for six months ended June 30, 2024. The main reason for the increase is the Company's transition and entry into the business of the sales of functional skincare products in the first half of 2025, resulting in increased promotion and sales personnel expenses.

***General and Administrative Expenses***

General and administrative expenses were $0.89 million for the six months ended June 30, 2025, an increase of $0.18 million, or 26%, from $0.71 million for the six months ended June 30, 2024. The main two reasons for the increase are i) the Company has reorganized its product and operations departments and recruited talents; 2) the amortization of newly acquired intangible assets by the company has increased.

***Research and Development Expenses***

Research and development expense was by $0 for the six months ended June 30, 2025. The main expenditure of research and development expenses has ceased in the first half of 2024, and we will have new research and development directions for the new product in the second half of 2025.

***Other Income, net***

Other income, net consists primarily of non-operating income and interest income or expenses. Other income was $24,306 for the six months ended June 30, 2025, and was $11,314 for the six months ended June 30, 2024. The increase in other income was due to the decrease in interest expense of convertible notes.

***Income tax benefits (expenses)***

Our income tax benefits were $499 for the six months ended June 30, 2025 and the income tax expenses was $371,568 for the six months ended June 30, 2024. The decrease is primarily due to the company's tax refund amount for the six months ended June 30, 2025 has been reduced

***Other comprehensive income***

Foreign currency translation adjustments amounted to $407,539 and $43,111 for the six months ended June 30, 2025 and 2024, respectively. The balance sheet amounts, with the exception of equity, on June 30, 2025 were translated at 1.00 RMB to $0.1396 as compared to 1.00 RMB to $0.1376 on December 31, 2024. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the six months ended June 30, 2025 and 2024 were 1.00 RMB to $0.1379 and 1.00 RMB to $0.1386, respectively. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in U.S dollar terms without giving effect to any underlying change in our business or results of operation.

**Liquidity and Capital Resources**

We had cash of $33,341,081 and $43,396,977 as of June 30, 2025 and December 31, 2024, respectively. Net loss was $1.4 million and $0.3 million for six months ended June 30, 2025 and 2024. The Company had working capital of $43.2 million and $60.3 million as of June 30, 2025 and December 31, 2024, respectively. We have funded working capital and other capital requirements primarily by equity contributions from shareholders. Cash is required to pay purchase costs for inventory, salaries, selling expenses, rental expenses, income taxes, and other operating expenses.

In assessing our liquidity, management monitors and analyses our cash on hand, ability to generate sufficient revenue sources in the future, and operating and capital expenditure commitments. Our major shareholders have been providing and will continue to provide their personal funds, if necessary, to support us on an as-needed basis. For the six months ended June 30, 2025, major shareholders have contributed approximately $0 to us.

***Cash flows for the six months ended June 30, 2025 and 2024***

The following table sets forth cash flow data for the six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** |
| Net cash provided by (used in) operating activities | $6727940 | $(12853862) |
| Net cash used in investing activities | (15899767) |  |
| Net cash provided by (used in) financing activities | (1291608) | 27665 |
| Effect of changes of foreign exchange rate on cash | 407539 | (141762) |
| Net decrease in cash, cash equivalents and restricted cash | $(10055896) | $(12967959) |

---

***Operating Activities***

Net cash used in operating activities was approximately $6.7 million for the six months ended June 30, 2025. Net cash used in operating activities for the six months ended June 30, 2025 mainly consisted of net loss of $1.4 million, adjustments of $0.6 million non-cash items, an increase of $0.7 million in accounts receivable, a decrease of $0.3 million in other current assets, a decrease of $6.9 million in advances to suppliers, an increase of $0.7 million in accounts payable and an increase of $0.1 million in accrued expenses and other current liabilities.

Net cash used in operating activities was approximately $12.9 million for the six months ended June 30, 2024. Net cash used in operating activities for the six months ended June 30, 2024 mainly consisted of net loss of $0.3 million, adjustments of $0.06 million non-cash items, a decrease of $0.9 million in accounts receivable, an increase of $0.3 million in other current assets, an increase of $13.1 million in advances to suppliers, a decrease of $0.8 million in accounts payable and an increase of $1.0 million in accrued expenses and other current liabilities.

 **

***Investing Activities***

 **

Net cash used in investing activities was $15.9 million for the six months ended June 30, 2025, which was mainly investment in purchasing of intangible assets of $15.9 million.

Net cash used in investing activities was nil for the six months ended June 30, 2024.

***Financing Activities***

Net cash used in financing activities was $1.3 million for the six months ended June 30, 2025, which consisted of repayment of related party loans of $1.3 million.

Net cash provided by financing activities was $27,665 for the six months ended June 30, 2024, which consisted of repayment of bank loans of $0.2 million and proceed from related parties loans of $0.2 million.

***Capital Expenditures***

We had capital expenditures of nil and nil for the six months ended June 30, 2025 and 2024, respectively.

***Contractual Obligations and Commitments***

We have certain potential commitments that include future estimated payments. Changes in our business needs, cancellation provisions, changing interest rates, and other factors may result in actual payments differing from the estimates. We cannot provide certainty regarding the timing and amounts of payments.

The following table presents the Company's material contractual obligations as of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Less than <br> 1 year** | **1 – 2 <br> years** | **3 – 5 <br> years** | **More than <br> 5 years** |
| Lease liabilities | $195812 | $70552 | $68410 | $56849 |  |

---

**Trend Information.**

Other than as disclosed elsewhere in this 6-K, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

**Critical Accounting Estimates.**

We prepare our unaudited consolidated financial statements in conformity with accounting principles generally accepted by the United States of America ("U.S. GAAP"), which requires us to make judgments, estimates and assumptions that affect our reported amount of assets, liabilities, revenue, costs and expenses, and any related disclosures. Although there were no material changes made to the accounting estimates and assumptions in the past two years, we continually evaluate these estimates and assumptions based on the most recently available information, our own historical experience and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates.

We believe that the following accounting policies involve a higher degree of judgment and complexity in their application and require us to make significant accounting estimates. Accordingly, these are the policies we believe are the most critical to understanding and evaluating our consolidated financial condition and results of operations.

*<u>Consolidation of former variable interest entity</u>*

A VIE is an entity that either has a total equity investment that is insufficient to finance its activities without additional subordinated financial support, or whose equity investments lack the characteristics of a controlling financial interest, such as through voting rights, and the right to receive the expected residual returns of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE.

Guo Gang Tong was deemed to have a controlling financial interest in and be the primary beneficiary of Meiwu Shenzhen, the former VIE, because it had both of the following characteristics prior to the Termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 power to direct activities at Meiwu Shenzhen that most significantly impact such entity's economic performance, and

(2) The
 right to receive benefits from Meiwu Shenzhen that could potentially be significant to such entity.

Prior to the Termination, pursuant to the contractual arrangements with Meiwu Shenzhen, Meiwu Shenzhen paid service fees equal to all of its net profit after tax payments to Guo Gang Tong. Such contractual arrangements were designed so that Meiwu Shenzhen operated for the benefit of Guo Gang Tong and ultimately, the Company.

Accordingly, the accounts of the Meiwu Shenzhen are consolidated in our financial statements pursuant to ASC 810-10, Consolidation. In addition, their financial positions and results of operations are included in our financial statements.

*<u>Use of estimates</u>*

In preparing the unaudited consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the unaudited consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting years. Significant items subject to such estimates and assumptions include, but not limited to, the useful lives of property and equipment; allowance for doubtful accounts and advances to suppliers; assumptions related to the consolidation of entities in which the Company holds variable interests; the valuation of inventories; the useful lives and implicit interest rate of finance leases, and the realization of deferred tax assets. Actual results could differ from those estimates.

*<u>Revenue recognition</u>*

On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2014-09 Revenue from Contracts with Customers (FASB ASC Topic 606) using the modified retrospective approach. The results of applying Topic 606 using the modified retrospective approach were insignificant and did not have a material impact on the Company's consolidated financial condition, results of operations, cash flows, business process, controls or systems.

The core principle underlying the revenue recognition ASU is that the Company will recognize revenue to represent the transfer of goods to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The majority of the Company's contracts have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. The initial payments received from pre-ordering are recorded in the advance from customers on the balance sheets and will not be recognized as revenue until transfer of goods. Shipping and handling are activities to fulfill the Company's promise to transfer goods to customers, which are included in the sale price of the goods.

Revenue is recognized or realizable and earned when all five of the following criteria are met: (1) Identify the Contract with a Customer, (2) Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the Performance Obligations in the Contract, and (5) Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation. The Company recognizes revenue based upon gross sales minus sales returns and sales incentives that the Company offers to its customers, such as discounts. Revenue is reported net of all value added taxes. The Company generally does not permit customers to return products and historically, customer returns have been immaterial.

On January 1, 2017, the Company also adopted ASU 2016-08 Principle versus Agent Considerations (Reporting Revenue Gross versus Net), which amended the principal-versus-agent implementation guidance and illustrations in ASU 2014-09 to clarify how the principal-versus-agent indicators should be evaluated to support an entity's conclusion that it controls a specified good or service before it is transferred to a customer. Under the new revenue standards, when a third party is involved in providing goods or services to a customer, the entity must determine whether its performance obligation is to provide the good or service itself (i.e., the entity is a principal) or to arrange for another party to provide the good or service (i.e., the entity is an agent). An entity makes this determination by evaluating the nature of its promise to the customer. An entity is a principal (and, therefore, records revenue on a gross basis) if it controls the promised good or service before transferring it to the customer. An entity is an agent (and records as revenue the net amount it retains as a commission) if its only role is to arrange for another entity to provide the goods or services.

*Sales offline*

The Company started the offline sales which mainly focused on the non-retail customers. For the offline sales, the customers order goods from the Company according to their own needs, then the company will order the corresponding products from the suppliers. The Company's offline sales have the following categories: functional skincare products, health products and service. Revenue is confirmed upon receipt of the goods. Payment will be made by the customer after the invoice is issued. The Company is a principal because it controls the promised goods or services before transferring them to a customer. This control is determined by the following indicators 1) The Company is the primary obligor in the sales transaction and responsible for providing products and services. 2) The Company bears the inventory risk. The Company will first indemnify customers for product damage and then request reimbursement from suppliers if the suppliers are determined to be responsible for the damage. 3) The Company selects suppliers and runs the entire sales process. 4) The Company sets the product price and has control over the entire transaction.

 

*Service revenue*

The Company providing training services to customers: The Company generates revenue from providing training services under separate contracts to customers as a principal. The terms of pricing stipulated in the contracts are fixed. One performance obligation is identified in the contracts with customers. Revenue is recognized upon the transfer of control of promised services provided to the Company's customers, in the amount of consideration the Company expect to receive for those services (excluding sales taxes collected on behalf of government authorities). The Company's revenue contracts generally do not include a right of return in relation to the delivered products or services.

*<u>Inventory, net</u>*

Inventories consist of finished goods and are stated at the lower of cost or net realizable value. The cost of inventories is calculated using the weighted average basis. The Company reviews its inventories periodically to determine if any reserves are necessary for potential obsolescence or if the carrying value exceeds net realizable value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products.

*<u>Income taxes</u>*

The Company is subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the six months ended June 30, 2025and 2024 The Company accounts for income taxes in accordance with ASC 740, "Income Taxes". ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or future deductibility is uncertain.

ASC 740-10-25 "Accounting for Uncertainty in Income Taxes," prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures. There were no material uncertain tax positions as of June 30, 2025and December 31, 2024 All tax returns since the Company's inception are subject to examination by tax authorities.