Meiwu Technology Company Limited

What they do

Meiwu Technology operates through a group of PRC- and Hong Kong-incorporated subsidiaries. The filing lists entities including Meiwu Shenzhen (formerly Wunong Technology (Shenzhen) Co., Ltd, a former VIE), Guo Gangtong Trade (Shenzhen) Co., Ltd (the WFOE), Meiwu Catering Chain Management (Shenzhen) Co., Ltd, Heme Brand Chain Management (Shenzhen) Co., Ltd (51% owned), Code Beating (Xiamen) Technology Company Limited, Baode Supply Chain (Shenzhen) Co., Ltd, Wude Agricultural Technology (Shanghai) Co., Ltd, Dalian Yundian Zhiteng Technology Company Limited, Antai Medical Limited, and Hunan Yuanxing Chanrong Technology Co., Ltd. The company's ordinary shares trade on NASDAQ under the symbol WNW. No single operating segment or product line is identified in the provided excerpt.

Revenue drivers

• Not disaggregated in source — The provided excerpt lists subsidiary entities but does not disclose revenue by segment or product line, so no revenue driver can be attributed with figures.
• PRC-based operations — The filing states 'Our business is conducted by our subsidiaries in PRC, using RMB,' with consolidated results presented in U.S. dollars.
• Catering and brand chain management — Named subsidiaries include Meiwu Catering Chain Management (Shenzhen) Co., Ltd and Heme Brand Chain Management (Shenzhen) Co., Ltd (51% owned), but the excerpt provides no revenue contribution for either.

Recent performance

Revenue was $7.1 million in 2025, up from $158,485 in 2024 and roughly in line with the $11.0 million reported in both 2022 and 2023. Net income swung to a loss of $18.6 million in 2025 from positive net income of $5.1 million in 2024. Diluted EPS was negative $0.82 in 2025 versus positive $0.45 in 2024, after negative $0.97, negative $10.04 and negative $6.28 in 2021, 2022 and 2023. Operating cash flow was positive $9.0 million in 2025, a reversal from negative $13.6 million in 2024. At December 31, 2025, total assets were $50.7 million, total liabilities $1.3 million, shareholder equity $49.4 million and cash and equivalents $17.9 million.

Strategy

The provided annual report excerpt does not contain a stated strategy section; it consists primarily of the cover page, definitions of subsidiaries and a note that the company conducts business through PRC subsidiaries. The filing states the company is not a shell company as defined in Rule 12b-2 of the Exchange Act. It also references a '2026 Reverse Split' and states the number of outstanding ordinary shares was 15,643,353 as of December 31, 2025 on a pre-2026 Reverse Split basis. No specific investments, capital allocation plans or priorities are described in the excerpt. Consequently, no strategic direction can be summarized from the source material provided.

Risks

• Significant net loss — Net loss was $18.6 million in 2025, a swing from $5.1 million of net income in 2024, on revenue of $7.1 million.
• Volatile revenue — Revenue fell to $158,485 in 2024 from $11.0 million in 2023, then rose to $7.1 million in 2025, showing wide year-to-year swings.
• Prior years of losses — The company reported net losses in 2021 ($1.1 million), 2022 ($11.1 million) and 2023 ($16.1 million) before the 2024 profit.
• Historical VIE and subsidiary complexity — Meiwu Shenzhen is described as a former variable interest entity contractually controlled by the WFOE, and the filing lists multiple BVI, Hong Kong and PRC entities, adding structural complexity.

Outlook

The provided filing excerpt does not include forward-looking guidance or management commentary on future periods. It discloses only the fiscal year end (December 31, 2025), the pre-2026 Reverse Split share count and the company's status as not a shell company. No outlook statement from management is available in the source material.