Cordyceps Sunshine Biotech Holdings Co., Ltd. (OTC: RAJAF)

Cordyceps Sunshine Biotech Holdings Co., Ltd. cultivates and sells Cattle camphor mushroom products, a medicinal fungus also known as Antrodia cinnamomea or Taiwanofungus. The company operates in the health supplement and traditional Chinese medicine industry, focusing on proprietary cultivation techniques to produce raw material and finished goods. Its core activities include growing the fungus using a patented porous carrier technology and manufacturing a range of products such as oral pills, liquid shots, drinks, and chocolate snacks. In addition, the firm has secured exclusive rights to six cultivation patents through an licensing agreement with its founder, enabling it to scale production while lowering costs.

Revenue is generated primarily from the sale of these Cattle camphor mushroom based products to distributors, retail chains, pharmacies, and individual consumers. The product portfolio consists of the Taiwanofungus Oral Pill, Taiwanofungus Double A Oral Shot, Taiwanofungus x Salvia miltiorrhiza Oral Shot, Collagen Max Drink, and Barbie Coco chocolate. For the fiscal year ended December 31, 2024, the company recorded total product sales of $1,253,484, representing an increase from $728,426 in the prior year. Sales to the related party Gasar Biotechnology Co., Ltd. accounted for $52,943 in 2024, $126,856 in 2023, and $53,304 in 2022, representing 4.22%, 14.37%, and 100.0% of total revenue in those years respectively. Additional third party sales reached $373,715 in 2024 and $61,154 in 2023.

Within the niche market of Cattle camphor mushroom, Cordyceps Sunshine Biotech Holdings holds a competitive advantage through its patented cultivation process that reduces reliance on the endangered Cinnamomum kanehirae tree and lowers production costs. The company’s proprietary porous carrier, fungal cultivation box, and related technologies are protected by patents in Taiwan, China and Japan, granting it exclusive rights to scale production. Industry data indicate that the Chinese market demand for Cattle camphor mushroom was 2,812.13 tons in 2023 and is projected to reach 4,341.34 tons by 2027, reflecting an annual growth rate of 9% to 12%. Despite this expansion, the limited availability of wild specimens and regulatory constraints on host trees create a persistent supply demand gap, positioning the firm as a specialized supplier with potential to capture additional market share both domestically and abroad.

The company serves a mixed customer base that includes retail pharmacy chains, ecommerce platforms, health food stores, and individual consumers. Specific customers named in the filing are the related party Gasar Biotechnology Co., Ltd., which purchased products worth $52,943 in 2024, and the company’s own physical stores: Taipei Zhongxiao Store, Taipei Dihua Store, and Kaohsiung Sanfeng Store. Additionally, Cordyceps Sunshine Biotech Holdings reports collaborations with major retail brands in Hong Kong, large retail channels in China, and online sales through various ecommerce platforms. The firm distributes its products through these channels and also supplies raw material to third party manufacturers under OEM arrangements with partners such as Sin Ding TW Co., Ltd.