Charming Medical Limited

What they do

The company operates through four Hong Kong subsidiaries — Pilate, My Beauty Technology, Dream International Trading and Choliya — which are referred to as the Operating Subsidiaries. Its business centers on traditional Chinese medicine, or TCM, and TCM-inspired therapies and products delivered through Hong Kong-based operations. Corporate headquarters are in Causeway Bay, Hong Kong, and the company reports as a foreign private issuer on Form 20-F.

Revenue drivers

• TCM-inspired therapies and services — The core revenue source is TCM and TCM-inspired therapies and products, delivered through the Hong Kong Operating Subsidiaries.
• Beauty and health-related products — Product sales run alongside services through subsidiaries including My Beauty Technology and Dream International Trading.
• Hong Kong retail and trading operations — Pilate, My Beauty Technology, Dream International Trading and Choliya are the entities through which the group books revenue.

Recent performance

Revenue fell to $4.8M in FY2026 from $6.2M in FY2025 and $6.0M in FY2024. Net income swung to a loss of $22,648 in FY2026 from income of $1.2M in FY2025 and $777,811 in FY2024, with diluted EPS at $0.00 versus $0.08 a year earlier. Operating cash flow turned negative at -$1.2M in FY2026, compared with positive $425,888 in FY2025 and $295,429 in FY2024. At March 31, 2026, total assets were $9.9M, total liabilities $4.7M and shareholder equity $5.2M, including $4.7M of cash and equivalents and $185,799 of long-term debt.

Strategy

The filing describes the group as operating through its Hong Kong subsidiaries focused on TCM and TCM-inspired therapies and products. No specific new investment, expansion or capital allocation program is supported by the filing excerpts provided. The company maintains a dual-class structure with 15,178,000 Class A ordinary shares and 2,000,000 Class B ordinary shares outstanding as of March 31, 2026, and Ms. Kit Wong is identified as Controlling Shareholder.

Risks

• Revenue decline — Revenue dropped to $4.8M in FY2026 from $6.2M in FY2025 and $6.0M in FY2024.
• Loss and negative operating cash flow — FY2026 produced a net loss of $22,648 and operating cash outflow of $1.2M, reversing prior-year profitability and cash generation.
• Concentration of operations — The group's operations are conducted through Hong Kong subsidiaries, concentrating exposure in a single market and regulatory environment.
• Controlling shareholder influence — Ms. Kit Wong is identified as Controlling Shareholder and the Class B shares carry 20 votes each, limiting minority shareholder influence.

Outlook

The provided excerpts do not include management's forward guidance or specific stated targets for the coming fiscal year. Reported FY2026 results show declining revenue, a small net loss and negative operating cash flow, against a balance sheet with $4.7M of cash at March 31, 2026. No outlook figures beyond the historical results are supported by the source material.