Jin Medical International Ltd. (NASDAQ: ZJYL)

Jin Medical International Ltd. designs and manufactures wheelchairs and living aids products for people with disabilities, the elderly, and individuals recovering from injury. The company's core business centers on manual and electric wheelchairs and related components, conducted through its China based variable interest entity Changzhou Zhongjin and its subsidiaries. It also produces living aids such as oxygen concentrators, bathing machines, oxygen chambers, beauty instruments and nano therapy products. The firm operates three manufacturing facilities in Jiangsu and Anhui provinces, China, and distributes its products through a network of dealers in Japan, China and other international markets.

The company generates revenue primarily from the sale of its wheelchair and living aids products to dealers who then distribute to end users. Wheelchair sales, including components, accounted for approximately 78.4% of revenue in fiscal 2025, 63.3% in 2024 and 82.5% in 2023. Living aids products contributed the remainder, with oxygen chambers, beauty instruments and nano products representing 11.6%, 9.8% and 3.0% of revenue in 2025, respectively. A substantial portion of sales are original equipment manufacturer (OEM) products made to customer specifications, while the balance are sold under the company's own brand. The largest single customer is Nissin Medical Industries Co., Ltd., which accounted for about 58.6% of total revenue in fiscal 2025, 47.6% in 2024 and 69.8% in 2023, and its wholly owned subsidiaries contributed an additional 12.4%, 9.7% and 8.4% in the same periods. Revenue is also derived from dealers in Mainland China, the United States, Canada, Australia, Korea, Israel, Singapore and other regions.

Jin Medical International Ltd. occupies a niche in the wheelchair and living aids markets of Japan and China where it competes with firms such as Sangui Wheelchair Rehabilitation Equipment Shanghai Co., Ltd., Shanghai Jiekaiyang Medical Equipment Co., Ltd., Matsunaga Welfare Appliance Manufacturing Shanghai Co., Ltd. and Jiangsu Yuyue Medical Equipment Co., Ltd. The company differentiates itself through stringent quality control, a vertically integrated production model that enables rapid design changes and cost control, and a strong research and development team led by its CEO Dr. Erqi Wang, which has produced numerous award winning wheelchair designs and over 117 patents. Its long standing relationship with Nissin, the sole distributor in Japan, provides a stable high volume sales channel, while its extensive dealer network in China and abroad supports market diversification. These strengths give the company a competitive advantage in both price sensitive and premium segments of the industry.

The company's customer base consists primarily of distributors and dealers who resell its products to end users. Its most significant customer is Nissin Medical Industries Co., Ltd., which serves as the exclusive distributor in Japan, and whose subsidiaries Colours n Motion Inc., Nissin Co., Ltd. and Nissin Medical Vietnam Co., Ltd. also purchase substantial volumes. In Mainland China, Jin Medical International Ltd. works with over forty qualified dealers, while in other regions it maintains relationships with more than twenty dealers across the United States, Canada, Australia, Korea, Israel, Singapore and additional markets such as Hungary and Brazil. These dealers distribute the company's wheelchairs, wheelchair components and living aids products to hospitals, rehabilitation centers, elderly care facilities and individual consumers.