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• Uber for senior companionship and practical support.
• Care.com for non-medical social support for older adults.

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• Venture Capital Fund Management: Manages investment funds that provide capital to innovative early-stage and growth-stage life science companies, supporting the development of new therapies and technologies.
• Strategic Investment & Portfolio Management: Identifies and invests in promising biotechnology, pharmaceutical, and medical device companies, actively supporting their development and growth through various funding rounds.
• Advisory Services: Offers strategic guidance, operational expertise, and extensive network access to its portfolio companies, aiding in their scientific, clinical, and commercial progression.

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There is no publicly traded company with the name "Papa Medical" and the stock symbol "PAPA" that is widely recognized in financial markets. It is highly probable that this is a hypothetical or fictional company.

However, assuming "Papa Medical" operates in the medical industry (e.g., manufacturing medical devices, pharmaceuticals, or providing specialized medical services) and sells primarily to other companies, its major customers would typically fall into the following categories:

• Hospital Systems and Networks: These are large organizations that own and operate multiple hospitals and other healthcare facilities. They are major purchasers of medical equipment, supplies, pharmaceuticals, and various medical technologies.
  • Illustrative Examples of Public Companies in this Category (these are not actual customers of the fictional Papa Medical):
    • HCA Healthcare (NYSE: HCA)
    • Universal Health Services (NYSE: UHS)
    • Tenet Healthcare (NYSE: THC)
• Ambulatory Surgical Centers (ASCs) and Large Clinic Chains: These are outpatient facilities and extensive networks of specialized clinics that perform procedures or offer medical services without requiring an overnight stay. They need a consistent supply of medical devices, diagnostic tools, and consumables.
  • Illustrative Examples of Public Companies (or subsidiaries of public companies) operating in this Category:
    • While many ASCs are privately owned or joint ventures, large networks often belong to public healthcare companies. For instance, Surgical Care Affiliates is a major operator of ASCs and is a subsidiary of Optum, which is part of UnitedHealth Group (NYSE: UNH).
• Medical Distributors and Group Purchasing Organizations (GPOs): Distributors act as intermediaries, purchasing medical products from manufacturers and supplying them to a wide array of healthcare providers. GPOs leverage the collective buying power of their members (hospitals, clinics) to negotiate favorable prices from manufacturers.
  • Illustrative Examples of Public Companies in this Category:
    • McKesson Corporation (NYSE: MCK)
    • Cardinal Health Inc. (NYSE: CAH)
    • Cencora (NYSE: ABC, formerly AmerisourceBergen)

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Jian Hua, Chief Executive Officer and Chairman of Board of Directors

Dr. Jian Hua has been the Chairman of Papa Medical Inc. since November 2024 and Chief Executive Officer since January 2024. He also serves as a Director since May 2024. Dr. Hua holds a significant ownership stake in Papa Medical Inc., with 95.3% of the outstanding voting power, and is expected to retain more than 50% upon completion of the company's offering.

Hua Yao, Chief Financial Officer

Ms. Hua Yao serves as the Chief Financial Officer of Papa Medical Inc.

Lina Song, Director and Chief Technology Officer

Ms. Lina Song holds the positions of Chief Technology Officer and Director at Papa Medical Inc.

Fei Xu, Director and General Manager

Ms. Fei Xu is a Director and the General Manager of Papa Medical Inc.

Johnathan Lin, Chief Operating Officer and Human Resource Manager

Mr. Johnathan Lin (also referred to as Johnathan Tsiho Lin) is the Chief Operating Officer and Human Resource Manager for Papa Medical Inc.

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The key risks to Papa Medical (PAPA) include:

1. High Customer Concentration Risk: Papa Medical faces a significant risk due to its high customer concentration. As of September 30, 2024, two customers accounted for 56.9% of the company's total revenue. The loss of one or both of these major customers could have a substantial negative impact on the company's financial performance.
2. Thin Net Margins and Intense Competition: Despite experiencing rapid revenue growth, Papa Medical operates with thin net margins. The company also faces intense competition from established players within the vaping market, which could further pressure profitability and market share.
3. Regulatory Risks in the Cannabis E-Vapor Market: Papa Medical is involved in the cannabis e-vapor industry, which is subject to evolving and potentially restrictive regulations. The FDA considers certain cannabinoids to be drugs, and the sale of cannabinoid-infused products without FDA approval may be unlawful. Future regulatory actions, such as stricter licensing requirements, additional compliance obligations, or outright bans, could materially and adversely affect Papa Medical's business, financial condition, and results of operations.

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Papa Medical (PAPA) primarily operates in the cannabis dosing solutions and hemp cannabinoid e-vapors market. The company provides end-to-end services including research and development, formulation design, e-liquid production, e-liquid filling, and e-liquid co-packing for cannabis and consuming e-vapors, and sells medical nebulizers.

The addressable markets for Papa Medical's main products and services are as follows:

• Global E-cigarettes and Vape Devices Market: This market was an estimated $28.2 billion in 2023 and is forecasted to exceed $182 billion by the end of 2030. This represents a projected compound annual growth rate (CAGR) of 30.6% worldwide.
• U.S. Hemp Cannabinoid E-vapors Market: This market saw growth from $14.2 billion in 2019 to $53.5 billion in 2023, reflecting a CAGR of 39.3%. It is projected to further increase from $58.3 billion in 2024 to $120.5 billion in 2028, with a projected CAGR of 19.9%. The market share of hemp within this sector is anticipated to grow from 23.4% in 2023 to 35.8% in 2028. Papa Medical specifically focuses its hemp dosing solutions business in the U.S.

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Papa Medical (PAPA) is positioned for future revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion within the Rapidly Growing E-cigarette and Vape Market: The global market for e-cigarettes and vape devices, where Papa Medical operates, was an estimated $28.2 billion in 2023 and is projected to exceed $182 billion by the end of 2030, exhibiting a high compound annual growth rate (CAGR) of 30.6%. This growth is fueled by increasing awareness of e-cigarettes as marginally safer alternatives to traditional cigarettes and growing usage among younger demographics.
2. Strategic Investment in Research & Development (R&D) and Facility Upgrades: The company's recent initial public offering (IPO) aimed to raise capital specifically to fund R&D initiatives and enhance its facilities. These investments are expected to lead to the development of new and improved cannabis dosing solutions and expanded production capabilities, thereby driving future sales.
3. Enhanced Marketing and Brand Building Efforts: A portion of the proceeds from the IPO is earmarked for increased marketing activities. By bolstering its marketing, Papa Medical intends to expand its customer base and strengthen the brand recognition of its cannabis e-vapor products, which include the Cannapresso, VLPUL, and HOOLOO brands.
4. Leveraging Full-Cycle Operations and Market Position: Papa Medical is identified as the first end-to-end innovative cannabis dosing solution provider in the US, possessing expertise in medical atomization and nebulizing. The company believes its comprehensive operations, encompassing R&D, formulation design, e-liquid production, filling, and co-packing services, along with its established market position, will enable it to capitalize further on the growth within the cannabis and consuming e-vapors industry.

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Share Issuance

• Papa Medical Inc. filed for an Initial Public Offering (IPO) around late 2024/early 2025, intending to raise approximately $28 million by offering 1,500,000 shares at $4.00 per share.
• The company subsequently filed to withdraw its IPO plans on December 15, 2025.
• As of September 25, 2025, Papa Medical Inc. reported 7,634,560 shares of Class A common stock and 12,365,440 shares of Class B common stock outstanding.

Capital Expenditures

• Proceeds from Papa Medical Inc.'s proposed IPO were intended to be used for facility upgrades, among other objectives.