CIMG Inc., a specialty coffee company, engages in the manufacture, packing, and sale of single serve coffee and tea bag-style coffee for coffee roasters and suppliers in North America and South Korea. The company provides its products under Coffee Blenders, Twin Peaks, and Pine Ranch brands. It serves retail and grocery customers, office, and hospitality sectors. NuZee, Inc. was incorporated in 2011 and is headquartered in Plano, Texas.
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- PowerVR GPU IP: Designs and licenses graphics processing unit (GPU) architectures for integration into System-on-Chips (SoCs) used in various devices.
- MIPS CPU IP: Provides licenses for central processing unit (CPU) architectures widely adopted in embedded systems and networking products.
- Ensigma RPU IP: Develops and licenses radio processing unit (RPU) and connectivity IP for Wi-Fi, Bluetooth, and other wireless communication standards.
- Neural Network Accelerator IP: Offers intellectual property (IP) for dedicated hardware accelerators designed to efficiently process artificial intelligence and machine learning workloads on edge devices.
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The company CIMG, trading under the symbol IMG, was ImmunoGen, Inc., a biotechnology company focused on developing and commercializing antibody-drug conjugates (ADCs) for cancer treatment. ImmunoGen was acquired by AbbVie in February 2024. The information below identifies its major customers primarily during its time as an independent public company, reflecting its B2B sales model.
Major Customers of ImmunoGen, Inc. (IMG)
ImmunoGen primarily sold to other companies, operating through two main types of customer relationships:
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Pharmaceutical Companies (Collaboration & Licensing Partners): These companies partnered with ImmunoGen to license its proprietary ADC technology platform or specific drug candidates for further development and commercialization. These strategic collaborations were significant revenue drivers for ImmunoGen through upfront payments, milestone achievements, and royalties.
- Eli Lilly and Company (NYSE: LLY)
- Roche / Genentech (SWX: ROG / OTC: RHHBY) - ImmunoGen's technology was foundational in the development of Kadcyla.
- Sanofi (NASDAQ: SNY)
- Takeda Pharmaceutical Company Limited (NYSE: TAK)
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Specialty Drug Distributors: For its commercial product, ELAHERE (mirvetuximab soravtansine-gynx), ImmunoGen sold directly to a limited number of specialty drug distributors within the United States. While ImmunoGen's SEC filings did not publicly disclose the specific names of these customers, they are typically the largest pharmaceutical wholesalers responsible for distributing medications to hospitals, pharmacies, and clinics across the country. Common major distributors in this sector include:
- McKesson Corporation (NYSE: MCK)
- Cencora (formerly AmerisourceBergen Corporation) (NYSE: COR)
- Cardinal Health, Inc. (NYSE: CAH)
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Jianshuang Wang, Chief Executive Officer & Chairperson
Ms. Jianshuang Wang began serving as Co-Chief Executive Officer of CIMG Inc. on June 6, 2024, and was appointed Chief Executive Officer on August 31, 2024. She also holds the position of Chairperson of the Board.
Feng Tian, Chief Financial Officer
Ms. Feng Tian was appointed Chief Financial Officer of CIMG Inc. on August 6, 2025. She joined the company in 2024 as the head of finance and has prior experience from roles at Daren International and Henan Aishan Education Corp.
Wenlong Tong, President
Mr. Wenlong Tong was appointed President of CIMG Inc. on October 9, 2025. He is described as a seasoned sales professional with years of entrepreneurial experience.
Shana Bowman, Controller
Shana Bowman serves as the Controller for CIMG Inc.
Xiaocheng Hao, Chief Operating Officer
Xiaocheng Hao holds the title of Chief Operating Officer at CIMG Inc.
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Key Risks to CIMG (IMG)
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High Risk of Bankruptcy and Significant Financial Challenges: CIMG Inc. faces severe financial distress, indicated by an Altman Z-Score of -4.97, which places the company in the "distress zone" with a high risk of bankruptcy within the next two years. The company has reported deeply negative earnings per share of -19.59, and substantial losses are evident from its operating margin of -2220.91% and net margin of -1801.88%. Furthermore, CIMG's revenue growth has declined by 40.3% over the past three years.
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Nasdaq Listing Non-Compliance and Delisting Risk: CIMG has received multiple delinquency notifications from the Nasdaq Stock Market LLC due to its failure to timely file required periodic financial reports, including Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. To address listing compliance, the company undertook a 20-for-1 reverse stock split. Continued non-compliance with Nasdaq's listing rules poses a significant risk of delisting.
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Customer Concentration Risk: Despite a recent $106.5 million sales contract with a major Chinese bank for computing power equipment, this agreement introduces a potential customer concentration risk. Relying heavily on a single large buyer could make CIMG vulnerable to changes in that relationship or if the purchaser's inspection and acceptance requirements for delivery are not met.
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CIMG Inc. (IMG) has recently transitioned its core business focus from specialty coffee to maca-based health and wellness products, primarily targeting the Asian market. The company is also involved in digital health and sales development, offering advanced marketing solutions for consumer goods, mainly in the food and beverage sector in China and Southeast Asia. Additionally, recent developments indicate an expansion into the computing power industry and brand agency operations in China. The addressable markets for these main products and services are detailed below:
Maca-Based Health and Wellness Products (Asia)
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Maca Powder Market (Asia Pacific): The Asia Pacific maca powder market was valued at USD 1,010.76 million in 2024 and is anticipated to reach USD 1,727.07 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period. Asia Pacific holds a 34% share of the global market.
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Maca Supplements Market (Global, with significant growth in Asia Pacific): The global maca supplements market is estimated at USD 500 million in 2025 and is projected to grow at a CAGR of 7.5% from 2025 to 2033. Significant growth is anticipated in the Asia Pacific region.
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Dietary Supplements Market (Asia Pacific): The Asia Pacific dietary supplements market was estimated at USD 64.47 billion in 2024 and is projected to reach USD 151.24 billion by 2033, growing at a CAGR of 9.9% from 2025 to 2033. China dominated this market in 2024 with a 47.5% share. Another estimate for the Asia Pacific nutritional supplements market size was USD 192.44 billion in 2024, expected to reach USD 283.81 billion by 2030 with a CAGR of 6.71% from 2025 to 2030.
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Functional Food Market (Asia Pacific): The Asia Pacific functional food market was valued at USD 91.99 billion in 2024 and is projected to reach USD 184.37 billion by 2034, growing at a CAGR of 7.20%. China is projected to dominate this market.
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Beauty and Personal Care Products Market (Asia Pacific): This market is estimated to be USD 195.79 billion in 2025 and is expected to reach USD 281.65 billion by 2030, growing at a CAGR of 7.54%. China leads with 42.23% of the regional revenue.
Digital Health and Marketing Solutions (China/Asia)
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Digital Health Market (China): The China digital health market size reached USD 81.3 billion in 2024 and is expected to reach USD 328.8 billion by 2033, exhibiting a CAGR of 16.8% during 2025-2033. Another source estimated the Asia Pacific digital health market size at USD 72.28 billion in 2024, projected to reach USD 498.91 billion by 2033, growing at a CAGR of 24.20% from 2025 to 2033, with China dominating.
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Digital Marketing Software Market (China): The global digital marketing software market is expected to grow from USD 92.2 billion in 2025 to USD 305.9 billion by 2035, at a CAGR of 14.2%. China is expected to hold a dominant share of 59.2% in 2025 within this market. The China digital marketing software market accounted for a significant revenue share in Asia Pacific in 2024 and is projected to lead the regional market in terms of revenue by 2032.
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Digital Advertising Market (China): The China digital advertising market generated a revenue of USD 53,438.5 million (USD 53.43 billion) in 2024 and is expected to reach USD 145,389.8 million (USD 145.38 billion) by 2030, growing at a CAGR of 18% from 2025 to 2030.
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Here are the expected drivers of future revenue growth for CIMG (symbol: IMG) over the next 2-3 years:
- Expansion into Digital Health Initiatives: CIMG's strategic priorities include expanding its digital health initiatives, which are anticipated to contribute to future revenue growth.
- Leveraging Blockchain Technology for Equity Tokenization: The company is focused on utilizing blockchain technology for equity tokenization, with individual shareholder's equity tokenization authorized through FlowStocks. This is expected to open new revenue streams.
- Growth in Cryptocurrency-Related Financial Management and Investments: CIMG has engaged in significant cryptocurrency activities, including a $55 million stock sale in exchange for Bitcoin and a $20 million on-chain crypto fund collaboration with iZUMi Group. These initiatives indicate a strategic shift towards generating revenue from cryptocurrency assets and related services.
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Share Repurchases
- CIMG (IMG) has reported no share repurchases over the last 3-5 years.
Share Issuance
- CIMG increased its authorized common stock from 200,000,000 to 600,000,000 shares, effective October 28, 2025.
- The company completed a $55 million sale of 220 million shares of its common stock to non-U.S. investors in exchange for 500 Bitcoin, which settled in early September 2025.
- CIMG executed a private placement on June 2, 2025, issuing 6,000,000 shares of common stock for approximately $1.07 million.
Inbound Investments
- CIMG acquired 500 Bitcoin, valued at $55 million, by issuing common stock to non-U.S. investors in September 2025, as part of a strategy to build digital asset reserves.
- The company entered into a $4 million convertible note agreement with non-U.S. investors in 2025, with notes bearing a 7% annual interest rate and maturing in August 2026.
Outbound Investments
- CIMG's subsidiary, Zhongyan Shangyue Technology Co., Ltd., plans to acquire a 51% stake in Shenzhen Zhimeng Qiyang Technology, valued at RMB13,000,000 (approximately $1.8 million USD).
- In October 2025, CIMG's subsidiary, Beijing Xinmiao Times Technology Development Co., Ltd., became an authorized offline distributor for Inspur Information, aiming to expand into the high-growth computing power industry.
Capital Expenditures
- CIMG reported capital expenditures of -$9,501 over the last 12 months.
