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Risks and Uncertainties
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
RISKS AND UNCERTAINTIES

22. 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 six months ended June 30, 2025, no customer accounted for more than 10% of the Company’s total revenue. For the six months ended June 30, 2024, one customer accounted for 53.37% of the Company’s total revenues.

 

Vendor concentration risk

 

For the six months ended June 30, 2025, two vendors accounted for 89.21% and 10.79% of the Company’s total purchases. For the six months ended June 30, 2024, one vendor accounted for 97.38% of the Company’s total purchases.