Risks and Uncertainties

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

RISKS AND UNCERTAINTIES

23. RISKS AND UNCERTAINTIES

PRC Regulations

There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations, including, but not limited to, the laws and regulations governing the Company’s business and the enforcement and performance of the Company’s arrangements with customers in certain circumstances. The Company is considered foreign persons or foreign funded enterprises under PRC laws and, as a result, the Company is required to comply with PRC laws and regulations related to foreign persons and foreign funded enterprises. These laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness of newly enacted laws, regulations or amendments may be delayed, resulting in detrimental reliance. New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. The Company cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on the Company’s business.

Customer concentration risk

For the year ended December 31, 2025, two customers accounted for 16.42% and 10.59% of the Company’s total revenue, respectively. For the year ended December 31, 2024, two customers accounted for 36.60% and 13.85% of the Company’s total revenues, respectively.

Vendor concentration risk

For the year ended December 31, 2025, two vendors accounted for 60.70% and 33.52% of the Company’s total purchases, respectively. For the year ended December 31, 2024, one vendor accounted for 88.87% of the Company’s total purchases.