Zhongchao Inc. (NASDAQ: ZCMD)

Zhongchao Inc. is a holding company that consolidates the financial results of Zhongchao Shanghai and its subsidiaries through contractual arrangements. The company operates a platform based internet technology business that offers online healthcare information, professional training and educational services to healthcare professionals, patient management services, internet healthcare services, and pharmaceutical services in China. It also maintains an online information platform that serves the general public with health related content and sells patented drugs through its Xinjiang Pharmaceutical unit. The core MDMOOC offering includes a mobile app, a WeChat subscription account, and a website that deliver video courses, live lectures, case libraries, and interactive practice modules. Through its Zhongxin Health mini program the company provides medication reminder tools and self management guidance to patients undergoing treatment for cancer, rare diseases, and other major illnesses. Additionally, Zhongchao Inc. runs patient aid projects that attach educational columns to specific drug treatments and help patients obtain free medication from nonprofit sponsors.

Zhongchao Inc. generates revenue from several streams. Its MDMOOC platform provides subscription based training, continuing professional development courses, and original video content to healthcare professionals, earning fees from enterprises, nonprofit organizations, and medical journals. The Zhongxin Health patient management service supplies medication reminder and self management tools to patients with cancer, rare diseases, and other major diseases, contributing approximately 22.6% of total revenue for the fiscal year ended December 31 2025, 32.0% for 2024, and 19.3% for 2023. Pharmaceutical enterprise customers accounted for about 26.3% of revenue in 2025, 21.8% in 2024, and 13.1% in 2023, while nonprofit organization customers represented roughly 67.2% in 2025, 61.5% in 2024, and 39.2% in 2023. Before ceasing operations on June 30 2025, Xinjiang Pharmaceutical sold patented drugs and generated $0.70 million in revenue for the fiscal year 2025, $2.15 million for 2024, and $9.03 million for 2023. Additionally, the company earns advertising income of roughly $1 for each view of its articles embedded across its platform and social media channels.

Zhongchao Inc. holds a leading position in China’s healthcare training and education sector, as highlighted by a Securities Research Report that identifies its MDMOOC brand as one of the top consumer brands in the field. The company benefits from certifications such as the European Wound Management Association endorsement for its wound care training programs and from ongoing collaborations with medical associations, universities, and research institutes. Its competitive advantages include a large proprietary library of more than 28,000 clinical cases, extensive original content created by nationally renowned medical experts, and a technology stack built on Alibaba Cloud that supports big data analytics and artificial intelligence driven user experience enhancements. Zhongchao Inc. has registered 18 trademarks and holds 37 approved copyrights, together with 20 URL designations that reinforce its brand and protect its intellectual property. The firm maintains a dedicated security team and employs encryption, daily backups, and strict access controls to safeguard user data and platform integrity. These factors differentiate Zhongchao Inc. from other online medical education providers in the domestic market.

The company’s customer base consists mainly of pharmaceutical enterprises, nonprofit organizations, charity foundations, national public foundations, and medical journals that commission training content, patient management services, or advertising placements. End users are healthcare professionals such as doctors, nurses, and other health workers, as well as patients undergoing treatment for cancer, rare diseases, and other major illnesses in China. Zhongchao Inc. serves a relatively small number of customers, reporting 60 service customers for the fiscal year ended December 31 2025, 64 for 2024, and 73 for 2023. No specific customer names are disclosed in the filing.