Financial Performance - Total revenue for the year ended December 31, 2024, was $128.93 million, a decrease of 13.5% from $149.00 million in 2023[41] - Net loss for the year ended December 31, 2024, was $7.42 million, compared to a net income of $9.75 million in 2023[41] - Total current assets decreased to $40.27 million as of December 31, 2024, from $48.54 million in 2023, reflecting a decline of 16.5%[42] - Total liabilities decreased to $40.54 million as of December 31, 2024, from $43.49 million in 2023, a reduction of 6.7%[42] - Net cash used in operating activities for the year ended December 31, 2024, was $(2.24) million, compared to $23.57 million provided in 2023[43] - Cash and cash equivalents at the end of the year increased to $15.33 million in 2024, up from $13.33 million in 2023, representing a growth of 15.0%[43] - The company experienced a net loss of approximately $7.4 million for the twelve months ended December 31, 2024[79] Revenue Sources and Market Dynamics - In 2024, the top three brand partners contributed approximately 71%, 14%, and 4% of the total net revenues, with Clarins alone accounting for 71%[53] - Total net revenues increased from $0.14 million in 2016 to $128.9 million in 2024, representing a compound annual growth rate of 134%[72] - A significant portion of GMV in 2022, 2023, and 2024 was derived from Tmall and JD.com, comprising 20% and 32%, 22% and 19%, and 29% and 8% respectively[60] - The company relies on e-commerce channels for substantial revenue generation, and any disruption in these channels could materially affect operations[65] - The e-commerce market growth in China remains critical for the company's revenue generation, with potential risks if growth does not meet expectations[47][48] Regulatory and Compliance Risks - The company is closely monitoring regulatory developments in China regarding cybersecurity and overseas listing requirements, which may impact future operations[39][38] - The company faces uncertainties regarding the interpretation and implementation of new regulations, which could affect its ability to conduct business and maintain its listing in the U.S.[39][37] - Compliance with PRC laws and regulations is essential; failure to obtain necessary licenses could disrupt operations and result in penalties[105][106][108] - The company is subject to various laws and regulations in China that could materially affect its business operations and financial results[131] - Recent regulations in China could require the company to seek permission from authorities to continue operations, potentially hindering growth strategies[151] Competition and Market Challenges - The company faces intense competition in the brand management market, which may lead to reduced pricing and market share[63] - The company must manage its growth effectively to maintain profitability, as past growth has placed significant strain on management and resources[73] - The company may experience challenges in maintaining relationships with e-commerce channels, which are critical for its revenue generation[58] - The company faces intense competition for talent in China, leading to potential increases in compensation and benefits to attract and retain qualified personnel[113] Operational and Financial Management - The company has entered into new partnerships and is expanding its offerings, but the success of these initiatives is uncertain and may incur higher costs[57] - The company may face challenges in managing its inventory effectively, which could lead to increased risks of obsolescence and significant write-downs[90] - The company anticipates that seasonal fluctuations will continue to impact its operating results, particularly during promotional activities like Singles Day[76] - The company relies on marketing arrangements to drive traffic to its online stores, and failure to maintain these relationships could adversely affect revenue generation[92] Legal and Taxation Issues - The company may face significant legal risks related to intellectual property rights, which could lead to substantial financial and management resource expenditures[130] - The company may face penalties if beneficial owners who are PRC residents fail to comply with SAFE Circular 37 registration requirements[186] - The company may be treated as a PRC tax resident enterprise, subjecting it to a 25% income tax on global income[191] - Dividends payable to foreign investors may be subject to a 10% PRC withholding tax if the company is deemed a PRC resident enterprise[192] Insurance and Risk Management - The company does not carry business interruption insurance, which may adversely affect its financial condition if fulfillment operations are disrupted[97] - The company has not obtained sufficient insurance coverage, exposing it to potential claims and losses that could materially affect its financial condition[136] International Trade and Economic Factors - Heightened international tensions, particularly between China and the U.S., may lead to adverse effects on the company's operations and financial position[141] - The United States imposed a 20% duty on Chinese imports in early 2025, escalating to a total tariff rate of 54% on goods imported from China due to additional tariffs announced by President Trump[148] - The current tariff on Chinese goods has reached 145%, with potential for further increases, indicating a strategic recalibration of U.S. trade policy[149] - Changes in international trade policies due to heightened tensions may result in additional barriers to trade, impacting the company's operations[147]

Financial Performance - For the six months ended June 30, 2024, the company provided inventory write-downs of $4,875,506 for slow-moving cosmetics products, compared to $0 for the same period in 2023[209]. - As of June 30, 2024, the company reported net operating losses carryforwards of approximately $14.5 million, which will expire from calendar years 2026 through 2029[211]. - The company has provided allowances for deferred tax assets of $28,342 and $30,410 for certain subsidiaries with continuous losses as of June 30, 2024, and December 31, 2023, respectively[211]. Risk Management - The company has not been exposed to material risks due to changes in interest rates and has not used any derivative financial instruments to manage interest risk exposure[200]. - The company considers its business in mainland China to have no significant foreign exchange risk due to transactions being settled in RMB[199]. - The allowance for credit losses is based on management's best estimates and may fluctuate based on historical trends and management's assessments[207]. Accounting Practices - The company prepares its financial statements in accordance with U.S. GAAP, which requires management to make significant judgments and estimates[203]. - The company maintains an estimated allowance for credit losses for accounts receivable, with no allowances deemed necessary as of June 30, 2024, and December 31, 2023[206]. Business Operations - The company has not engaged in any research and development activities since inception[201]. - The company is not aware of any trends or uncertainties that are likely to have a material effect on its revenues, net income, profitability, liquidity, or capital resources[202].

Financial Performance - Total revenues for 2023 reached $148,999,819, a 2% increase from $145,256,256 in 2022[33] - Gross margin improved to 25% in 2023, up from 22% in both 2022 and 2021[33] - Net income for 2023 was $9,750,046, representing a 23.4% increase compared to $7,903,611 in 2022[33] - Operating expenses increased to $23,688,244 in 2023, compared to $22,394,659 in 2022, driven by higher general and administrative expenses[33] - Total net revenues increased from $0.14 million in 2016 to $149.0 million in 2023, representing a compound annual growth rate of 170%[71] Assets and Liabilities - Total current assets decreased to $48,535,125 in 2023 from $52,131,395 in 2022, primarily due to a reduction in accounts receivable[35] - Total liabilities decreased to $43,491,116 in 2023 from $49,089,960 in 2022, reflecting a significant reduction in short-term loans[35] - Cash and cash equivalents increased to $13,328,156 in 2023 from $5,773,380 in 2022, indicating improved liquidity[35] - As of December 31, 2023, total short-term indebtedness was approximately $9.76 million and total long-term indebtedness was approximately $26.41 million, relative to a twelve-month net income of approximately $9.75 million[79] Cash Flow - Net cash provided by operating activities for 2023 was $23,573,330, a significant improvement from $(12,849,693) in 2022[36] - Net cash used in financing activities was $(16,216,022) in 2023, compared to $12,944,067 in 2022[36] - The company ended 2023 with cash and cash equivalents of $13,328,156, up from $5,773,380 at the end of 2022[36] Brand Partnerships - The top three brand partners contributed approximately 50%, 14%, and 11% of total net revenues in 2023, with Clarins alone contributing 50%[46] - The company established partnerships with four new brands in 2023, expanding its brand partner base[46] - Contracts with brand partners typically range from 12 to 36 months, and all contracts were renewed for 2023[45] Market and Competition - The company faces intense competition in the brand management market, which may impact its ability to retain and attract brand partners[60] - The company faces competition from established companies and new entrants, which could adversely affect business and financial results[62] - The company is experiencing intense competition for talent in China, which may lead to increased compensation costs and challenges in retaining qualified personnel[125] Operational Challenges - The company anticipates significant strain on management and resources due to rapid growth, necessitating upgrades to operational and financial systems[72] - Seasonal fluctuations in revenues are expected, particularly during promotional events like Singles Day, which may impact operating results[76] - The company has experienced system failures and interruptions in the past, which could materially affect business operations and reputation[67] - The company faces challenges in managing working capital effectively due to potential increases in accounts receivable and inventory turnover days[85][90] Regulatory Environment - The company must comply with various PRC laws and regulations, which may require adjustments to business practices and incur increased costs[176] - Future changes in regulations could materially affect the company's operations and market strategies, leading to potential reputational harm and financial penalties[178] - The company may face significant regulatory approval and review requirements for mergers and acquisitions, complicating growth strategies[192] Risk Management - The company does not carry business interruption insurance, which could expose it to significant risks from natural disasters affecting fulfillment operations[101] - The company does not maintain product liability insurance, exposing it to potential costly claims related to defective products sold[122] - The company has not obtained any insurance coverage, exposing it to potential claims and losses, which could materially affect its financial condition and operations[151] Data Security and Compliance - The company generates and processes a large amount of data, facing risks related to data protection and compliance with privacy regulations[128] - Compliance with evolving data security laws may lead to increased costs and operational risks for the company[139] - The company may incur additional costs to ensure compliance with cybersecurity requirements for equipment and software procurement[140] Economic and Political Factors - The company’s business is sensitive to changes in overall economic and political conditions in China, which could adversely affect consumer spending and its financial results[160] - The company may be impacted by rising political tensions between China and other countries, potentially affecting trade and investment levels[158] - The Chinese government exercises substantial control over the economy, which may impact the company's operations and compliance costs[173]

Financial Performance - Total revenue for the six months ended June 30, 2023, was $81,663,901, representing an increase from $60,809,982 in the same period of 2022, a growth of approximately 34%[11] - Gross profit for the same period was $19,670,215, compared to $14,323,051 in 2022, indicating a gross margin improvement[11] - Net income for the six months ended June 30, 2023, was $5,648,757, up from $3,906,347 in 2022, reflecting a year-over-year increase of about 45%[11] - The company reported earnings per share of $5.44 for the six months ended June 30, 2023, compared to $3.65 in the prior year[11] - For the six months ended June 30, 2023, Able View Inc. reported net revenue of $81.7 million, a 34.3% increase from $60.8 million in the same period of 2022[129] - The company's net income from operations for the six months ended June 30, 2023, was $8.1 million, compared to $5.5 million for the same period in 2022, reflecting a 47.3% increase[129] - Net income increased by $1.7 million, or 45%, from $3.9 million for the six months ended June 30, 2022, to $5.6 million in 2023[156] Assets and Liabilities - Total current assets increased to $53,517,048 as of June 30, 2023, from $52,131,395 at the end of 2022[3] - Total liabilities decreased to $47,548,590 as of June 30, 2023, down from $49,089,960 at the end of 2022, indicating improved financial stability[7] - Cash and cash equivalents rose to $6,149,339 as of June 30, 2023, compared to $5,773,380 at the end of 2022[3] - The company’s retained earnings increased significantly to $5,536,297 as of June 30, 2023, from $7,540 at the end of 2022, showing strong profitability retention[8] - Total assets increased to $58.8 million as of June 30, 2023, from $54.6 million at the end of 2022[159] Cash Flow - Net cash provided by operating activities for June 2023 was $7,277,110, compared to a net cash used of $(12,453,162) in 2022, indicating a significant improvement[17] - Cash and cash equivalents at the end of the period were $6,149,339 in June 2023, compared to $4,750,968 in June 2022, reflecting an increase[17] - The company reported cash used in investing activities of $1.8 million for the six months ended June 30, 2023, primarily for loans to third parties and related parties[185] - Cash used in financing activities for the six months ended June 30, 2023, was $5.2 million, mainly for repayment of short-term borrowings and related party borrowings[186] Expenses - Operating expenses for the six months ended June 30, 2023, totaled $11,594,848, compared to $8,783,190 in 2022, reflecting increased investment in operations[11] - Selling and marketing expenses increased to $9.2 million for the six months ended June 30, 2023, up from $7.3 million in the same period of 2022, indicating increased investment in marketing efforts[142] - General and administrative expenses rose to $2.4 million for the six months ended June 30, 2023, compared to $1.5 million in the same period of 2022, reflecting higher operational costs[144] Taxation - For the six months ended June 30, 2023, the current income tax expenses amounted to $1,321,854, compared to $865,483 for the same period in 2022, reflecting a 52.7% increase[76] - The deferred income tax benefits for the same period were $(299,220), a significant change from $7,882 in 2022, indicating a shift in tax position[76] - The effective corporate income tax rate for PRC subsidiaries is 25%, while small and micro-sized enterprises are entitled to a reduced rate of 20%[74] Shareholder Information - The company has a total of 1,000,000 shares issued and outstanding as of June 30, 2023, consistent with the previous period[8] - The company did not declare dividends for the six months ended June 30, 2023, but had declared but unpaid dividends of $16,709,692[92] - Total dividends payable as of June 30, 2023, amounted to $28,629,568, compared to $18,350,020 as of December 31, 2022, reflecting an increase of approximately 56.5%[114] Related Party Transactions - Sales of products to related parties were $0 for the six months ended June 30, 2023, compared to $10,608 in 2022, showing a decline of 100%[103] - Rental expenses charged by related parties decreased to $13,218 in 2023 from $109,786 in 2022, a reduction of approximately 87.9%[103] - The company borrowed $5,835,307 from related parties during the six months ended June 30, 2023, compared to $8,681,171 in the same period of 2022, a decrease of approximately 32.5%[107] Market Position - Able View Inc. holds a 16.5% market share in beauty and personal care cross-border brand management in China, as of 2022[128] - The company completed a business combination with Hainan Manaslu Acquisition Corp. on August 2, 2023, which will enhance its market presence and operational capabilities[126] Operational Insights - The company is engaged in importing and selling cosmetics and beauty products to e-commerce platforms and distributor customers[25] - The company has not engaged in any research and development activities since inception[193] - The company has not experienced significant foreign exchange risk due to its operations primarily in RMB[189]