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Risks and Uncertainties
 3 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]  
RISKS AND UNCERTAINTIES

20. 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 our business and the enforcement and performance of our arrangements with customers in certain circumstances. We are considered foreign persons or foreign funded enterprises under PRC laws and, as a result, we are 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. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

 

Customer concentration risk

 

For three months ended March 31, 2025, one customer accounted for 84.2% of the Company’s total revenues. For three months ended March 31, 2024, two customers accounted for 59.07% and 12.05% of the Company’s total revenues.

 

Vendor concentration risk

 

For three months ended March 31, 2025, one vendor accounted for 98.32% of the Company’s total purchases. For three months ended March 31, 2024, one vendor accounted for 96.64% of the Company’s total purchases.