WOK.NASDAQWork Medical Technology Group LTD
20-F: WORK Medical Technology Group Faces Revenue Decline Amid Strategic Shifts
Sentiment:
Annual Report
WORK Medical Technology Group reported a net loss of $1.2 million for fiscal year 2025, with revenue decreasing by 14.4% to $9.8 million, while pursuing new medical device approvals and strategic partnerships.
Capital raiseReceived aggregate net proceeds of approximately $14,274,751 from registered offerings, including IPO, Follow-on Offering, and Registered Direct Offering.Completed an underwritten follow-on offering in May 2025, selling 10,000,000 ordinary units for gross proceeds of $5,000,000 (net proceeds of $4,389,958.10).Completed a registered direct offering in September 2025, issuing 22,055,096 Class A Ordinary Shares and 16,944,238 pre-funded warrants for approximately $2.9 million in gross proceeds.Entered into a sales agreement in November 2025 with AC Sunshine Securities, LLC for an At-The-Market (ATM) offering of up to $200,000,000 in Class A Ordinary Shares, from which approximately $14,790,000 in net proceeds have been received.Entered into a Securities Purchase Agreement in December 2025 with LWY GROUP LTD (wholly owned by COO Baiming Yu) to sell 100,000 Class B Ordinary Shares for $500,000, expected to close around January 13, 2026.
Worse than expectedNet revenue decreased by 14.4% in 2025, continuing a two-year decline from 2023.The company reported a net loss of $1,201,023 in 2025, following a larger loss in 2024, indicating a sustained period of unprofitability after a net income in 2023.Gross profit and gross profit margin both decreased in 2025, suggesting pressure on profitability from sales mix or pricing.
Summary
- Net revenue decreased by 14.4% to $9,848,715 for the fiscal year ended September 30, 2025, down from $11,506,440 in 2024.
- The company incurred a net loss of $1,201,023 in fiscal year 2025, an improvement from the $3,540,409 net loss in 2024, but a decline from the $63,383 net income in 2023.
- Sales of masks significantly decreased by 58.9% to $640,428 in 2025, from $1,559,750 in 2024, reflecting reduced demand and unit prices.
- Sales of medical devices other than masks remained relatively stable, decreasing by 3.0% to $9,134,381 in 2025 from $9,414,751 in 2024.
- Research and development expenses increased by 43.9% to $435,311 in 2025, from $302,511 in 2024, indicating increased investment in innovation.
- Gross profit decreased by 18.3% to $2,344,854 in 2025, with the gross profit margin slightly decreasing to 23.8% from 24.9% in 2024.
- Net cash provided by operating activities was $6,244,285 in 2025, a significant improvement from net cash used in operating activities of $2,228,087 in 2024.
- The company completed two 100:1 reverse stock consolidations in September and November 2025 to maintain Nasdaq listing compliance.
- Hunan Saitumofei received manufacturing approval for its AI-Automated Human Blood Cell Morphology Analyzer in November 2025, with manufacturing scheduled for the first half of 2026 and a targeted annual sales objective of RMB10 million (approximately US$1.4 million) in 2026 for East China.
- A material weakness in internal control over financial reporting identified in 2024 was remediated in 2025 through recruitment of qualified accounting personnel and implementation of new policies.
Sentiment
Score: 4
Explanation: StockSavvy.ai views this filing with cautious optimism. While financial performance shows a continued decline in revenue and sustained net losses, the company is actively pursuing strategic initiatives, new product development, and capital raises, which could position it for future growth. However, significant regulatory and listing risks, coupled with ongoing unprofitability, temper the positive developments.
Positives
- Net loss significantly narrowed to $1,201,023 in 2025 from $3,540,409 in 2024.
- Net cash provided by operating activities improved substantially to $6,244,285 in 2025 from a net cash outflow in 2024.
- Hunan Saitumofei received manufacturing approval for its AI-Automated Human Blood Cell Morphology Analyzer in November 2025, a strategic advancement in its product portfolio.
- An exclusive distribution agreement for the AI-Automated Human Blood Cell Morphology Analyzer was signed with Shanghai Benke Medical Technology Co., Ltd. for East China, targeting RMB10 million (approximately US$1.4 million) in sales for 2026.
- Strategic partnerships were formed with Shanghai Chartwell Medical Device Co., Ltd. to drive industrial synergy and with Hong Kong Web3.0 Standardization Association Limited for blockchain solutions and asset tokenization.
- Investment of $1 million was made in Neologics Bioscience Inc., a Delaware-based medical technology company, acquiring a 10% equity interest and corporate governance rights.
- Neologics Bioscience Inc. secured a service agreement with GemPharmatech Corporation for $114,000 to provide testing services for recombinant antibodies.
- Research and development expenses increased by 43.9% to $435,311 in 2025, indicating continued investment in innovation.
- The company successfully regained compliance with Nasdaq's minimum bid price requirement by November 4, 2025.
- Remedial measures were undertaken to address a material weakness in internal control over financial reporting, including recruiting qualified accounting personnel and formalizing internal control policies.
Negatives
- Net revenue decreased by 14.4% to $9,848,715 in 2025, continuing a downward trend from $13,565,951 in 2023.
- The company reported a net loss of $1,201,023 in 2025, following a larger net loss of $3,540,409 in 2024, contrasting with a net income in 2023.
- Sales of masks, a significant product category, decreased by 58.9% in 2025 due to reduced demand and unit prices.
- Gross profit decreased by 18.3% in 2025, and the gross profit margin declined to 23.8% from 30.5% in 2023.
- The company's Class A Ordinary Shares were subject to Nasdaq's minimum bid price deficiency notice, requiring two reverse stock consolidations to regain compliance.
- A legal proceeding was filed against subsidiary Hangzhou Shanyou for alleged failure to fulfill sales agreement obligations, seeking RMB1,824,757.94, though claims were dismissed pending appeals.
- Some PRC subsidiaries have not completed social insurance and housing fund registrations and have underpaid contributions for employees, potentially leading to penalties.
Risks
- Uncertainties regarding the interpretation and enforcement of PRC laws, rules, and regulations, which can change quickly with little advance notice, potentially affecting operations and securities offerings.
- Substantial influence exerted by the PRC government over business activities, with potential for intervention or influence at any time, which could significantly decline the value of Class A Ordinary Shares.
- Additional compliance procedures may be required for subsequent securities offerings due to new filing-based administrative rules for overseas listings by domestic Chinese companies, potentially limiting capital raising.
- Risk of delisting from Nasdaq under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect the company's auditors for two consecutive years.
- The proposed new Nasdaq $5 million minimum market value continued listing requirement could result in immediate suspension and delisting without a cure period if the market value falls below this threshold.
- The dual-class share structure with different voting rights may adversely affect the value and liquidity of Class A Ordinary Shares and limit the ability of Class A shareholders to influence corporate matters.
- Dependence on dividends and other distributions from PRC subsidiaries, which are subject to PRC regulations on profit distribution and foreign exchange controls.
- Potential treatment as a resident enterprise for PRC tax purposes, subjecting global income to PRC income tax and dividends/gains for foreign investors to PRC tax.
- Uncertainties with respect to indirect transfers of equity interests in PRC resident enterprises by non-PRC holding companies, potentially leading to PRC tax liabilities.
- Fluctuations in exchange rates between RMB and U.S. dollar could result in foreign currency exchange losses and reduce the value of dividends.
- Failure to maintain the quality and safety of products could have a material adverse effect on reputation, financial condition, and results of operations, including liability claims and recalls.
- Decreased demand and unit price for masks could continue to reduce revenue.
- Fluctuations in the cost, availability, and quality of raw materials could adversely affect results of operations.
- Dependence on third-party suppliers without long-term contracts, posing risks of supply interruptions or termination.
- Intense competition in the medical device industry from companies with greater resources.
- Failure to maintain strong working relationships with customers, distributors, and sales agents could hinder product development and marketing.
- Technological changes may render products obsolete.
- Consolidation in the medical device industry could lead to price concessions and reduced revenue.
- Lack of product liability, business interruption, or property insurance could expose the company to significant costs and business disruption.
- Potential liabilities and disruptions due to non-compliance with environmental, fire protection, and construction laws in China.
- Risk of not timely renewing medical device licenses or registration certificates.
- Potential conflicts of interest and adverse effects from related party transactions.
- Inability to collect timely payments from customers could materially and adversely affect financial condition.
- Reliance on third-party distributors, with limited control over their actions and potential for adverse effects on brand and sales.
- Dependence on existing suppliers and ability to create relationships with new ones, with supply chain disruptions posing risks.
Future Outlook
The company plans to increase R&D investment to 6% to 10% of total revenue in the next three years, expand its sales and distribution network into new geographic markets, and strengthen its quality control system. Manufacturing of the AI-Automated Human Blood Cell Morphology Analyzer is scheduled to begin in the first half of 2026, with a targeted annual sales objective of RMB10 million (approximately US$1.4 million) in East China for 2026. The company expects to fund future capital expenditures with existing cash and additional financing if needed. It does not expect the decreased demand for masks to continue in future financial periods, estimating demand and unit price to remain relatively consistent at lower levels.
Management Comments
- Management believes the measures implemented (strictly controlling expenses, seeking additional credit, and equity financing) will be adequate to meet operational requirements for the next 12 months.
- Management believes the PRC subsidiaries maintain a good working relationship with their employees and have not experienced any material labor disputes.
- Management believes the PRC subsidiaries can compete successfully with other medical device companies by offering products of better quality at comparable prices.
- Management believes the PRC subsidiaries have developed a sophisticated quality control management system in accordance with Chinese laws and regulations.
- Management believes the PRC subsidiaries have been in full compliance with tender process laws in all material respects and have not received notifications of non-compliance.
- Management believes the company does not meet the conditions to be considered a PRC resident enterprise for tax purposes, but will continue to monitor its tax status.
Industry Context
StockSavvy.ai notes that the medical device industry is intensely competitive and characterized by rapid technological changes. The company's strategic shift from masks to other medical devices and its investment in AI-powered diagnostics, such as the AI-Automated Human Blood Cell Morphology Analyzer, align with broader industry trends focusing on advanced technology and diversified product portfolios. The partnerships with Chartwell Medical and Hong Kong Web3.0 indicate an effort to leverage industrial synergies and explore emerging digital asset finance, which could be a forward-thinking move in a traditional sector. However, the declining revenue and net losses suggest challenges in adapting to market shifts, particularly the post-pandemic drop in mask demand, which has impacted many manufacturers in this segment.
Comparison to Industry Standards
- The filing does not provide specific comparable company data or global benchmarks to assess the results against industry standards. Therefore, a direct comparison is not possible based on the provided information.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chairman of the Board of Directors | NA | Shuang Wu | 2025-01-09 | Appointment |
| Director | NA | Baiming Yu | 2024-08-01 | Appointment |
| Independent Director | NA | Xiaoyang Li | 2024-08-01 | Appointment |
| Independent Director | NA | Zhenguo Wu | 2025-01-01 | Appointment |
| Independent Director | NA | Robert Johnson | 2024-08-01 | Appointment |
| Independent Registered Public Accounting Firm | WWC, P.C. | HTL International, LLC | 2025-07-30 | Change of auditor upon recommendation of the audit committee |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Share Capital Reorganization | Authorized share capital increased and re-designated from US$50,000 into 100,000,000 ordinary shares of par value US$0.0005 each, to US$250,000 divided into 400,000,000 Class A Ordinary Shares (1 vote each) and 100,000,000 Class B Ordinary Shares (20 votes each). | 2025-02-05 | Introduces a dual-class share structure concentrating voting power with Class B shareholders, potentially limiting influence of Class A shareholders. |
| Share Issuance and Repurchase | Issued 7,592,500 Class B Ordinary Shares to three shareholders (LWY GROUP LTD, JPY GROUP LTD, ZLW GROUP LTD) and repurchased a corresponding number of Class A Ordinary Shares. | 2025-04-08 | Further concentrated voting power, particularly with COO Baiming Yu through LWY GROUP LTD. |
| Share Consolidation and Capital Increase (September) | A 100:1 share consolidation of all authorized, issued, and outstanding shares, reducing Class A shares from 95,998,776 to 960,012 and Class B shares from 7,592,500 to 75,925. Authorized share capital increased from US$250,000 to US$10,000,000. | 2025-10-21 | Aimed to meet Nasdaq's minimum bid price requirement, but reduces the number of outstanding shares and can increase price volatility. |
| Share Consolidation and Capital Increase (November) | A further 100:1 share consolidation, reducing outstanding shares to approximately 1,219,255 Class A and 760 Class B shares. Authorized share capital increased from US$10,000,000 to US$100,000,000. | 2025-12-29 | Further reduced outstanding shares to maintain Nasdaq listing, potentially increasing volatility and making shares more susceptible to penny stock rules if delisted. |
| Controlled Company Status | COO Baiming Yu, through LWY GROUP, beneficially owns approximately 55.30% of the aggregate voting power, making the company a controlled company under Nasdaq rules. | NA | Allows the company to elect exemptions from certain Nasdaq corporate governance requirements (e.g., majority independent board, independent compensation/nominating committees), potentially affording less protection to minority shareholders. |
| Insider Trading Policies | Adopted insider trading policies governing the purchase, sale, and other dispositions of securities by directors, senior management, and employees. | NA | Enhances internal controls and compliance with securities regulations, promoting fair trading practices. |
| Cybersecurity Risk Management | Established cybersecurity risk management to identify, assess, and mitigate cybersecurity risks. | NA | Aims to enhance resilience and strengthen defenses against cybersecurity incidents, protecting business strategy, operations, and financial condition. |
Legal Proceedings
- A legal proceeding was filed against subsidiary Hangzhou Shanyou by Honghe Capital Co., Ltd. for alleged failure to fulfill obligations under a sales agreement, seeking RMB1,824,757.94. The case was heard on July 23, 2025, and the judgment on November 29, 2025, dismissed all claims, pending appeals.
Related Party Transactions
- Loans to Hangzhou Shuige (55% owned by COO Baiming Yu) of $812,478 in 2025, with repayments of $1,222,192.
- Loans to Liwei Zhang (spouse of COO Baiming Yu) of $0 in 2025, with repayments of $0.
- Advances to Baiming Yu (COO, Director) of $0 in 2025, with reimbursements of $0.
- Loans to Baiming Yu of $139,407 in 2025, with repayments of $139,407.
- Loans from Baiming Yu of $130,984 in 2025, with repayments of $124,040.
- Consideration of equity transaction of Hangzhou Hanshi of $83,189 in 2025.
- Repayment to Xiaoshan Ance (owned by Liwei Zhang) of $138,648 in 2025.
- Selling to Hangzhou Qingniu (owned by immediate family member of Baiming Yu) generated $34,895 in revenue in 2025.
- Loans to Hangzhou Qingniu of $823,570 in 2025, with repayments of $1,684,835.
- Purchase from Hangzhou Qingniu of $2,260 in 2025.
- Advances to Shuang Wu (CEO, Director, Chairman) of $0 in 2025, with reimbursements of $0.
- Loans to Shuang Wu of $881,669 in 2025, with repayments of $2,081,662.
- Loans from Shuang Wu of $729,796 in 2025, with repayments of $729,796.
- Refundable advance deposit of $9,110,000 in 2025 for a potential acquisition.
- Advances to Huiyu Chuanggu (Shuang Wu acted as executive director and owned 30% equity) of $0 in 2025, with reimbursements of $0.
- Repayment to Huiyu Chuanggu for IPO costs paid on behalf of the Group of $1,036,139 in 2025.
- Advances to Qijia Yu (immediate family member of Baiming Yu) of $0 in 2025, with repayments of $0.
- As of September 30, 2025, amounts due from related parties totaled $10,786,334, primarily from Shuang Wu ($9,310,000) and Huiyu Chuanggu ($1,474,926).
- As of September 30, 2025, amounts due to related parties totaled $12,772, primarily from Baiming Yu.
Stakeholder Impact
- Shareholders: Experience dilution from multiple securities offerings and reverse stock splits. Voting power is concentrated with Class B shareholders, limiting influence for Class A holders. The threat of delisting from Nasdaq poses a significant risk to investment value.
- Employees: The company has increased its R&D team and provides competitive compensation. However, some PRC subsidiaries have not fully complied with social insurance and housing fund contributions, potentially impacting employee benefits and leading to future penalties.
- Customers: The company aims to provide professional and reliable medical devices, with new product development (e.g., AI-Automated Human Blood Cell Morphology Analyzer) and strengthened quality control systems benefiting customers. However, product recalls in the past indicate potential quality issues.
- Suppliers: The company maintains stable relationships with significant suppliers, but the lack of long-term contracts and potential for raw material cost fluctuations could impact supply chain stability.
- Creditors: The company has significant short-term bank borrowings and related party loans. The ability to repay these debts relies on operating cash flows and future financing, with PRC regulations potentially restricting cash transfers from subsidiaries.
Next Steps
- Manufacturing of the AI-Automated Human Blood Cell Morphology Analyzer is scheduled to enter manufacturing in the first half of 2026.
- The company intends to deepen collaboration with medical institutions and invest additional capital in R&D on technology and new products.
- Plans to expand sales and distribution network to cover new geographic markets, especially emerging countries.
- Will continue to maintain and enhance quality control systems across operations.
- The Securities Purchase Agreement with LWY GROUP LTD for $500,000 is expected to close on or about January 13, 2026.
- The company intends to fully repay several working capital loans from Zhejiang Xiaoshan Rural Commercial Bank and Bank of Jiangsu by their respective maturity dates in 2026.
Key Dates
| Date | Description |
|---|---|
| 2002-01-01 | Baiming Yu became General Manager of Hangzhou Shanyou. |
| 2002-04-29 | Hangzhou Shanyou Medical Equipment Co., Ltd. formed. |
| 2003-08-15 | Registration date of domain name hzsy120.com. |
| 2004-09-21 | Trademark 'Work' registered by Hangzhou Shanyou. |
| 2006-09-08 | M&A Rules came into effect. |
| 2008-01-01 | PRC Enterprise Income Tax Law and its implementing rules came into effect. |
| 2010-11-16 | Hangzhou Shanyou recalled 20,000 disposable medical masks due to non-compliance. |
| 2011-01-01 | Start of lease term for warehouse and parking area with Louta Town Village Committee. |
| 2012-01-01 | Baiming Yu became General Manager of Hangzhou Yuanqi Biotech Co., Ltd. |
| 2014-07-04 | SAFE Circular 37 promulgated. |
| 2015-05-01 | Standards on Production and Quality Management of Medical Devices came into effect. |
| 2015-09-01 | Regulations on the Administration of Export Sales Certificates of Medical Devices came into effect. |
| 2016-12-22 | Hangzhou Shanyou entered a RMB15 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2017-11-17 | Administrative Measures of Production of Medical Devices (2017) amended and effective. |
| 2018-03-01 | Administration and Supervision Measures of Online Sales of Medical Devices came into effect. |
| 2018-09-01 | Two-tiered profits tax rates regime became effective in Hong Kong. |
| 2019-12-09 | Hangzhou Shanyou recalled a batch of disposable breathing circuits due to leakage test failure. |
| 2019-12-26 | Hangzhou Hanshi entered into a patent transfer agreement with Zhejiang University for a prostatic dilatation catheter. |
| 2020-12-11 | Copyright application date for 'White blood cell classification system based on convolutional neural network V1.0'. |
| 2021-04-01 | Hangzhou Shanyou entered into a patent transfer agreement with The Second Hospital of Jiaxing City. |
| 2021-08-26 | Administrative Measures for the Registration and Record-filing of Medical Devices promulgated. |
| 2021-10-01 | Administrative Measures for the Registration and Record-filing of Medical Devices became effective. |
| 2021-11-10 | Work (Hangzhou) Medical Treatment Technology Co., Ltd. (Work Hangzhou) formed. |
| 2022-03-01 | WORK Medical Technology Group LTD (Work Cayman) incorporated. |
| 2022-03-15 | Work Medical Technology Group Limited (Work BVI) incorporated. |
| 2022-04-19 | Work Medical Technology Group (China) Limited (Work Medical Technology) incorporated. |
| 2022-04-28 | Work Age (Hangzhou) Medical Treatment Technology Co., Ltd. (WFOE) established. |
| 2022-05-01 | Administrative Measures of Production of Medical Devices (2022) became effective. |
| 2022-05-06 | WFOE acquired 100% equity interest of Work Hangzhou, completing the Reorganization. |
| 2022-07-27 | Work Hangzhou acquired 51% of Shanghai Saitumofei shares. |
| 2022-07-29 | Hangzhou Woli Medical Treatment Technology Co., Ltd. formed. |
| 2022-08-23 | Class A Ordinary Shares began trading on Nasdaq Capital Market under symbol WOK. |
| 2022-08-26 | Company completed its IPO. |
| 2022-08-26 | CSRC, MOF, and PCAOB signed a Statement of Protocol for audit inspections. |
| 2022-09-01 | Hangzhou Shanyou entered a RMB10 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2022-09-02 | Hangzhou Shanyou entered a RMB8 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2022-09-07 | Hangzhou Shanyou entered a RMB5 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2022-09-07 | Hangzhou Shanyou entered a RMB19.5 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2022-12-15 | PCAOB Board determined complete access to inspect and investigate registered public accounting firms in mainland China and Hong Kong. |
| 2022-12-29 | Consolidated Appropriations Act signed into law, reducing HFCA Act non-inspection years to two. |
| 2023-02-17 | CSRC issued New Administrative Rules Regarding Overseas Listings. |
| 2023-02-27 | Hangzhou Youshunhe Technology Co., Ltd. formed. |
| 2023-03-31 | New Administrative Rules Regarding Overseas Listings and Confidentiality and Archives Administration Provisions came into force. |
| 2023-06-28 | Hangzhou Shanyou entered a RMB9 million loan contract with China CITIC Bank. |
| 2023-06-29 | Hangzhou Shanyou entered a RMB10 million loan contract with Bank of Beijing. |
| 2023-07-20 | NMPA Announcement on Issuing Catalog of Medical Devices Exempted from Clinical Evaluation amended. |
| 2023-07-23 | Legal proceeding against Hangzhou Shanyou by Honghe Capital Co., Ltd. heard in court. |
| 2023-08-29 | Maturity date of RMB8 million loan from Zhejiang Xiaoshan Rural Commercial Bank extended to August 28, 2024. |
| 2023-08-30 | Maturity date of RMB10 million loan from Zhejiang Xiaoshan Rural Commercial Bank extended to August 29, 2024. |
| 2023-08-30 | Maturity date of RMB19.5 million loan from Zhejiang Xiaoshan Rural Commercial Bank extended to August 29, 2024. |
| 2023-10-11 | Hangzhou Shanyou received Medical Device Registration Certificate for visualized prostatic dilatation catheter. |
| 2023-12-21 | Company completed all required filing procedures with the CSRC for its IPO. |
| 2023-12-20 | Hangzhou Woli entered a RMB42 million loan contract with China CITIC Bank. |
| 2024-03-04 | Hangzhou Shanyou fully repaid RMB3 million loan to Bank of Jiangsu. |
| 2024-03-04 | Hangzhou Shanyou entered a RMB3 million loan contract with Bank of Jiangsu. |
| 2024-04-30 | Huangshan Saitumofei Medical Treatment Technology Co., Ltd. formed. |
| 2024-06-27 | Hangzhou Shanyou fully repaid RMB9 million loan to China CITIC Bank. |
| 2024-06-28 | Hangzhou Shanyou fully repaid RMB10 million loan to Bank of Beijing. |
| 2024-07-11 | Hangzhou Shanyou entered a RMB5 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2024-07-26 | Hangzhou Shanyou entered a RMB6 million loan contract with China CITIC Bank (Hangzhou). |
| 2024-07-29 | Company appointed HTL International, LLC as its independent registered public accounting firm. |
| 2024-07-30 | Effective date of HTL International, LLC appointment as auditor. |
| 2024-08-26 | Maturity date of RMB10 million loan from Zhejiang Xiaoshan Rural Commercial Bank extended to August 25, 2025. |
| 2024-08-26 | Maturity date of RMB8 million loan from Zhejiang Xiaoshan Rural Commercial Bank extended to August 25, 2025. |
| 2024-08-26 | Maturity date of RMB5 million loan from Zhejiang Xiaoshan Rural Commercial Bank extended to August 25, 2025. |
| 2024-08-26 | Maturity date of RMB14.5 million loan from Zhejiang Xiaoshan Rural Commercial Bank extended to August 25, 2025. |
| 2024-08-29 | Company filed a shelf registration statement on Form F-3. |
| 2024-09-01 | CFO Ningfang Liang's compensation increased to $12,500 per month. |
| 2024-09-02 | Maturity date of RMB3 million loan from Bank of Jiangsu extended to September 2, 2025. |
| 2024-11-28 | Hangzhou Woli repaid RMB22 million of its RMB42 million loan to China CITIC Bank. |
| 2024-11-28 | Hangzhou Woli entered a RMB22 million loan contract with China CITIC Bank. |
| 2024-12-04 | Hangzhou Woli repaid RMB20 million of its RMB42 million loan to China CITIC Bank. |
| 2024-12-04 | Hangzhou Woli entered a RMB20 million loan contract with China CITIC Bank. |
| 2025-02-05 | Shareholders passed resolutions for February Share Capital Increase and Share Capital Reorganization. |
| 2025-05-22 | Company closed an underwritten follow-on offering of 10,000,000 ordinary units. |
| 2025-05-30 | Hangzhou Woli entered a RMB14 million loan contract with China CITIC Bank. |
| 2025-06-04 | Hangzhou Woli entered a RMB14 million loan contract with China CITIC Bank. |
| 2025-06-05 | Hangzhou Woli entered a RMB14 million loan contract with China CITIC Bank. |
| 2025-07-09 | Hangzhou Shanyou entered a RMB5 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2025-07-23 | Legal proceeding against Hangzhou Shanyou by Honghe Capital Co., Ltd. heard in court. |
| 2025-08-05 | Hangzhou Woli fully repaid RMB14 million loan from China CITIC Bank (June 5, 2025 contract). |
| 2025-08-05 | Hangzhou Woli fully repaid RMB14 million loan from China CITIC Bank (June 4, 2025 contract). |
| 2025-08-05 | Hangzhou Woli fully repaid RMB14 million loan from China CITIC Bank (May 30, 2025 contract). |
| 2025-08-18 | Hangzhou Shanyou entered a RMB3 million loan contract with Bank of Jiangsu. |
| 2025-08-22 | Hangzhou Shanyou entered a RMB14.5 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2025-08-22 | Hangzhou Shanyou entered a RMB8 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2025-08-22 | Hangzhou Shanyou entered a RMB5 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2025-08-22 | Hangzhou Shanyou entered a RMB10 million loan contract with Zhejiang Xiaoshan Rural Commercial Bank. |
| 2025-09-02 | Work RWA TECH LIMITED formed in Hong Kong. |
| 2025-09-12 | Shareholders held an extraordinary general meeting (September EGM) to approve share consolidations and capital increase. |
| 2025-09-15 | Form F-3 shelf registration statement became effective. |
| 2025-09-22 | Strategic cooperation agreement with Wuxi Branch of Ruijin Hospital-Shanghai Jiao Tong University School of Medicine announced. |
| 2025-09-24 | Strategic cooperation agreement with Hong Kong Web3.0 Standardization Association Limited announced. |
| 2025-09-25 | Company entered into a securities purchase agreement for a registered direct offering. |
| 2025-09-25 | Pre-Funded Warrants from Registered Direct Offering were exercised in full. |
| 2025-09-26 | Registered Direct Offering closed. |
| 2025-09-29 | Board passed resolutions for a 100:1 share consolidation (September Share Consolidation) and capital increase. |
| 2025-10-06 | Company was provided an additional 180-day calendar days to regain Nasdaq compliance. |
| 2025-10-10 | Start of 10 consecutive business days where Class A Ordinary Shares maintained a closing bid price of $1.00 or greater. |
| 2025-10-21 | Class A Ordinary Shares began trading on a post-split basis after September Share Consolidation. |
| 2025-10-21 | Company held an extraordinary general meeting of shareholders (EGM) to approve further share consolidations. |
| 2025-10-29 | Neologics Bioscience Inc. completed shareholder registration, confirming the company's 10% equity interest. |
| 2025-11-03 | End of 10 consecutive business days where Class A Ordinary Shares maintained a closing bid price of $1.00 or greater. |
| 2025-11-04 | Company received letter from Nasdaq stating regained compliance with minimum bid price requirement. |
| 2025-11-04 | Neologics Bioscience Inc. entered into a key service agreement with GemPharmatech Corporation. |
| 2025-11-07 | Company held an extraordinary general meeting of shareholders (November EGM) to approve share capital increase and further share consolidations. |
| 2025-11-14 | Hunan Saitumofei received its production permit approval. |
| 2025-11-20 | Company entered into a sales agreement with AC Sunshine Securities, LLC for an ATM offering. |
| 2025-11-29 | Hangzhou Shanyou received judgment dismissing all claims in legal proceeding, pending appeals. |
| 2025-11-29 | Board passed resolutions for a 100:1 share consolidation (November Share Consolidation) effective December 19, 2025. |
| 2025-12-19 | Effective date of November Share Consolidation. |
| 2025-12-29 | Class A Ordinary Shares began trading on a post-consolidation basis after November Share Consolidation. |
| 2025-12-30 | Company entered into a Securities Purchase Agreement with LWY GROUP LTD to sell 100,000 Class B Ordinary Shares for $500,000. |
| 2026-01-13 | Expected closing date for the Securities Purchase Agreement with LWY GROUP LTD. |
| 2026-01-20 | Company entered into a service agreement with Zhejiang Jijian New Energy Technology Co., Ltd. for investment advisory services for real estate projects. |
| 2026-01-27 | Transaction for the acquisition of 30% equity interest in ELEFUN GROUP CO., LIMITED closed, with full consideration paid. |
| 2026-01-30 | Date of issuance of the consolidated financial statements. |
| 2026-02-17 | Maturity date for RMB3 million loan from Bank of Jiangsu (August 18, 2025 contract). |
| 2026-07-08 | Maturity date for RMB5 million loan from Zhejiang Xiaoshan Rural Commercial Bank (July 9, 2025 contract). |
| 2026-08-21 | Maturity date for RMB14.5 million loan from Zhejiang Xiaoshan Rural Commercial Bank (August 22, 2025 contract). |
| 2026-08-21 | Maturity date for RMB8 million loan from Zhejiang Xiaoshan Rural Commercial Bank (August 22, 2025 contract). |
| 2026-08-21 | Maturity date for RMB5 million loan from Zhejiang Xiaoshan Rural Commercial Bank (August 22, 2025 contract). |
| 2026-08-21 | Maturity date for RMB10 million loan from Zhejiang Xiaoshan Rural Commercial Bank (August 22, 2025 contract). |
| 2026-09-30 | Maturity date for RMB7 million loan from Hangzhou Weishi Trading Co., Ltd. (September 2025 agreement). |
| 2026-12-08 | Expiration date of High Technology Enterprise Certificate for Hangzhou Shanyou. |
| 2027-05-11 | Expiration date of Medical Device Operation Certificate for Hangzhou Shanyou. |
| 2027-11-22 | Expiration date of Medical Device Production Certificate for Hangzhou Shanyou. |
| 2027-12-14 | Expiration date of Medical Device Registration Certificate for Guedel Airways and Anesthesia Masks for Hangzhou Shanyou. |
| 2028-05-15 | Expiration date of Medical Device Registration Certificate for Disposable Breathing Circuits for Hangzhou Shanyou. |
| 2028-07-10 | Expiration date of Medical Device Registration Certificate for Disposable Prostate Expansion Catheter for Hangzhou Shanyou. |
| 2028-11-08 | Patent expiration date for 'A visual prostate expander' owned by Hangzhou Hanshi. |
| 2028-12-18 | Patent expiration date for 'A carbon dioxide absorption tank 1' owned by Hangzhou Shanyou. |
| 2029-01-15 | Expiration date of Sanitary Permit for Disinfectant Product Manufacturers for Health Commission of Zhejiang Province. |
| 2029-02-26 | Expiration date of Internet Medicine Information Service Qualification Certificate for Hangzhou Shanyou. |
| 2029-02-26 | Expiration date of Medical Device Registration Certificate for Automatic Blood Cell Morphology Analyzer for Hunan Saitumofei. |
| 2029-07-21 | Expiration date of Medical Device Registration Certificate for Artery Compression Tourniquets for Hangzhou Shanyou. |
| 2029-08-08 | Expiration date of Medical Device Registration Certificate for Endotracheal Tubes for Hangzhou Shanyou. |
| 2029-08-20 | Expiration date of Cosmetics production Certificate for Zhejiang Province Medical Products Administration. |
| 2029-08-26 | Expiration date of Medical Device Registration Certificate for General Anesthesia Tracheal Intubation Kit for Hangzhou Shanyou. |
| 2029-09-20 | Trademark 'Work' (Registration No. 3496763) expires. |
| 2029-11-27 | Trademark 'Botailong' expires. |
| 2029-12-26 | Patent expiration date for 'Prostate dilatation catheter (one balloon)' and 'A prostate dilatation catheter' owned by Hangzhou Hanshi. |
| 2029-12-26 | Expiration date of Medical Device Registration Certificate for Laryngeal Mask Airways for Hangzhou Shanyou. |
| 2030-06-08 | Expiration date of Medical Device Registration Certificate for Medical Face Masks and Medical Surgical Mask for Hangzhou Shanyou. |
| 2030-06-29 | Patent expiration date for 'A new-type vaginal dilator' owned by Hangzhou Shanyou. |
| 2030-10-09 | Patent expiration date for 'A new type of protective mask' owned by Hangzhou Shanyou. |
| 2030-10-19 | Patent expiration date for 'An umbilical cord ligation ring for newborn' owned by Hangzhou Shanyou. |
| 2030-10-22 | Patent expiration date for 'An umbilical cord ligature' and 'A new type of umbilical cord ligation ring for newborns' owned by Hangzhou Shanyou. |
| 2030-12-28 | Expiration date of Medical Device Registration Certificate for Endotracheal Tube Holders for Hangzhou Shanyou. |
| 2031-01-04 | Expiration date of Medical Device Registration Certificate for Medical Protective Mask for Hangzhou Shanyou. |
| 2031-04-06 | Trademark 'Work' (Registration No. 45207397) expires. |
| 2031-08-15 | Expiration date of domain name hzsy120.com. |
| 2031-12-27 | Patent expiration date for 'A fast clamping operating room cuff anti compression device' owned by Hangzhou Shanyou. |
| 2032-07-17 | Patent expiration date for 'Filtration mechanism and a new type of mask containing the said filtration mechanism' and 'Filter and novel mask containing the filter' and 'A new type of filter mask' owned by Hangzhou Shanyou. |
| 2032-07-21 | Patent expiration date for 'A clamping and connecting device for umbilical cords' owned by Hangzhou Shanyou and Hangzhou Obstetrics and Gynecology Hospital. |
| 2033-05-31 | Patent expiration date for 'A replaceable airbag endotracheal tube' owned by Hangzhou Shanyou. |
| 2033-10-27 | Trademark 'WORK, sanyou' (Classes 3, 24, 42, 41, 9, 16, 21) expires. |
| 2033-10-28 | Trademark 'WORK, sanyou' (Classes 3, 24, 41, 21) registered. |
| 2033-11-06 | Trademark 'WORK, sanyou' (Classes 5, 10, 11) expires. |
| 2033-11-07 | Trademark 'WORK, sanyou' (Classes 5, 10, 11) registered. |
| 2033-12-28 | Patent expiration date for 'A breathing circuit' owned by Hangzhou Shanyou. |
| 2034-03-25 | Patent expiration date for 'An oropharyngeal airway' owned by Zhejiang Provincial Hospital of Traditional Chinese Medicine, Affiliated First Hospital of Zhejiang Chinese Medical University (Zhejiang Oriental Hospital); Hangzhou Shanyou. |
| 2038-01-17 | Patent expiration date for 'A polyethylene glycol polylysine isothiocyanate bond and its application as a drug carrier' owned by Hangzhou Shanyou. |
| 2038-03-22 | Patent expiration date for 'Umbilical cord clamp' owned by Hangzhou Shanyou and Hangzhou Obstetrics and Gynecology Hospital. |
| 2038-09-26 | Patent publication date for 'Umbilical cord clamp' owned by Hangzhou Shanyou and Hangzhou Obstetrics and Gynecology Hospital. |
| 2038-12-17 | Patent expiration date for 'A kind of carbon dioxide absorption tank' owned by Hangzhou Shanyou. |
| 2039-08-13 | Patent expiration date for 'An umbilical cord cutting device' and 'A kind of umbilical cord clamp and its processing process' owned by Hangzhou Shanyou and Hangzhou Obstetrics and Gynecology Hospital. |
| 2040-06-28 | Patent expiration date for 'A umbilical cord clamping device' and 'A novel umbilical cord clamping device' owned by Hangzhou Shanyou and Hangzhou Obstetrics and Gynecology Hospital. |
| 2040-12-28 | Patent expiration date for 'Data labeling processing method, device, and system' owned by Shanghai Saitumofei. |
| 2041-12-27 | Patent expiration date for 'A clamping device for umbilical cord clamps' owned by Hangzhou Shanyou and Hangzhou Obstetrics and Gynecology Hospital. |
| 2042-07-12 | Patent expiration date for 'A clamping sleeve device for umbilical cord' owned by Hangzhou Shanyou and Hangzhou Obstetrics and Gynecology Hospital. |
| 2042-07-18 | Patent expiration date for 'Filter and new type of mask containing the filter' owned by Hangzhou Shanyou. |
| 2052-04-27 | Business License validity for Work Age. |
| 2052-12-31 | Copyright protection term for 'White blood cell classification system based on convolutional neural network V1.0' expires. |
Recommendation
holdThe company faces significant headwinds, including declining revenue, sustained net losses, and substantial regulatory risks associated with its PRC operations and Nasdaq listing. While strategic initiatives like new product development (AI-Automated Human Blood Cell Morphology Analyzer) and partnerships offer long-term potential, and the company has taken steps to improve internal controls and regain Nasdaq compliance, these positives are currently outweighed by the financial performance and inherent risks. The multiple capital raises and reverse stock splits indicate ongoing financial needs and efforts to maintain market presence. A 'hold' recommendation is appropriate as investors should monitor the execution of new strategies, the impact of regulatory changes, and the company's ability to achieve sustained profitability and maintain its listing status before considering further investment.
Keywords
Medical Devices, SEC Filing, 20-F, Financial Results, China, Nasdaq, Medical Technology, AI-Automated Blood Cell Morphology Analyzer, Strategic Partnerships, Capital Raise, Corporate Governance, Risk Factors, Medical Consumables, Masks, R&D, Share Consolidation, Regulatory Compliance, Foreign Private Issuer
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.