Regulatory Environment - The PRC government has significant oversight over operations, and recent regulatory actions may impact the ability to offer securities, potentially causing a decline in their value [22]. - The China Securities Regulatory Commission (CSRC) introduced the Overseas Listing Trial Measures effective March 31, 2023, requiring domestic companies to complete filing procedures for overseas offerings [24]. - Companies listed overseas before March 31, 2023, are considered Existing Issuers and are not required to complete immediate filing procedures, but must file for subsequent offerings [29]. - The Data Security Law, effective September 1, 2021, imposes strict data security and privacy obligations, with penalties for violations including fines up to RMB 10 million [25]. - The Cybersecurity Review Measures, effective February 15, 2022, require companies with personal data of over one million users to undergo cybersecurity reviews before foreign listings [27]. - The Personal Information Protection Law, effective November 1, 2021, outlines rules for personal information processing and the responsibilities of data processors [28]. - The Chinese government has strengthened anti-monopoly supervision, but as of the report date, these actions have not impacted the company's ability to conduct business or accept foreign investments [22]. - The company is not currently required to obtain approval from Chinese authorities for U.S. listings, but future requirements could significantly affect operations [24]. - The approval from the China Securities Regulatory Commission (CSRC) may be required for offerings, creating uncertainty about future actions by the PRC government that could impact the company's operations [47]. - Changes in PRC government policies could significantly affect the company's ability to operate profitably in China [48]. - The company must comply with new regulations for online pharmaceutical sales, including maintaining e-prescription records for at least five years [95]. - The evolving regulatory environment poses uncertainties regarding the company's compliance with laws and regulations, which could materially affect its business [99]. - The PRC Cybersecurity Law requires personal information to be stored in China, and any violations could lead to administrative penalties [171]. - The PRC Data Security Law mandates that data processing activities must comply with a classification and protection system, with potential penalties for noncompliance [174]. - The company believes that CSRC approval is not required for its ADS listing on Nasdaq, but there is no assurance that regulatory agencies will agree with this interpretation [178]. - The CSRC's Trial Administrative Measures for Overseas Securities Offerings took effect on March 31, 2023, emphasizing compliance for issuers with significant PRC operations [180]. - The PRC government continues to exert significant control over economic growth, impacting the company's ability to operate profitably [191]. - The Chinese government has proposed improvements to the regulatory system for overseas listings, effective March 31, 2023 [217]. - Supervision of overseas listings of Chinese stocks may tighten, leading to increased compliance costs and regulatory risks [218]. - Uncertainty exists regarding the need for PRC government permission for future listings on U.S. exchanges, which could adversely affect operations [219]. Financial Performance - As of March 31, 2025, the company had approximately USD 176.2 million in cash in bank, an increase from USD 85.2 million as of March 31, 2024 [33]. - Loans from the company to its offshore subsidiaries amounted to USD 195.3 million for the year ended March 31, 2025, while loans to PRC subsidiaries were USD 93.8 million [36]. - The company has an annual dividend policy set at approximately 15-25% of anticipated net income after tax, with a total dividend of USD 0.40 per ordinary share declared in the fiscal year ended March 31, 2019 [39]. - The company intends to retain all available funds and future earnings for business operations and expansion, with no anticipated dividends in the foreseeable future [37]. - The trading price of the company's American Depositary Shares (ADSs) may be volatile, potentially resulting in substantial losses for investors [50]. - The company cannot assure that its existing dividend policy will not change, which may affect returns on investment for shareholders [51]. - The company may need additional sources of liquidity for capital and financing needs, which could lead to dilution of shareholder equity if new securities are issued [139]. - The company has identified material weaknesses in its internal controls over financial reporting, which could lead to misstatements in financial results if not addressed [140]. Operational Risks - The company faces risks related to potential PRC government interventions that could restrict cash transfers and affect its financial operations [34]. - The company is dependent on suppliers for reaching potential car insurance purchasers, and failure to maintain these relationships could adversely affect business operations [41]. - The concentration of the client base poses significant business risks, potentially impacting financial stability [41]. - The digital healthcare market is described as immature and volatile, which could hinder the company's growth if it does not develop as expected [42]. - The company faces risks associated with governmental regulations regarding data protection, which could adversely affect its financial condition and operations [42]. - The company may encounter difficulties in introducing new services in a timely and cost-effective manner, impacting overall business performance [43]. - The company relies on a core senior management team, and any changes in key executives could adversely affect business operations [43]. - The company is subject to limitations in promoting healthcare-related services and products, which could restrict growth opportunities [42]. - The company may face challenges related to the deterioration of relations between China and the United States, potentially affecting its business performance [43]. - The company faces intense competition for skilled employees, and failure to attract and retain them may hinder growth and operational success [134]. - The company is reliant on its core senior management team, and any loss of key executives could adversely affect business performance and strategic objectives [133]. - The company may face challenges in completing necessary government registrations or obtaining approvals for future loans or capital contributions to its PRC subsidiary, which could adversely affect liquidity and business expansion [147]. Cybersecurity and Data Protection - The company has not been subject to cybersecurity reviews as it does not possess personal information of over one million users [27]. - The company processes a large amount of personal and transaction data, facing risks related to data security and potential unauthorized release, which could harm its reputation and business prospects [74]. - The company has completed a cybersecurity review for its overseas listing, as it possesses personal information of more than one million users, in compliance with the amended Cybersecurity Review Measures [76]. - The PRC Cybersecurity Law imposes strict requirements on data collection and protection, and any non-compliance could result in severe penalties, including fines and business suspension [59]. - The company has not experienced any material cybersecurity breaches to date, but the evolving nature of cyber threats poses ongoing risks to its operations [60]. - The company has implemented level three information security protection standards for its internet hospital and pharmaceutical supply chain information systems to comply with regulatory requirements [81]. - The company must ensure data protection compliance, as failures could lead to significant legal and financial repercussions [102]. - Security breaches and cyber-attacks could result in significant legal and financial liabilities, harming the company's reputation and revenue [112]. Market and Competitive Landscape - The digital healthcare market is immature and volatile, and the company's success depends on user engagement and the perceived value of its services [87]. - Increased competition in the PRC Internet healthcare market could materially affect the company's revenue and profitability, as competitors may have greater resources and market presence [71]. - The company operates in a rapidly evolving "Internet + healthcare" industry, which presents both opportunities and uncertainties regarding consumer acceptance and market demand [68]. - The company relies heavily on third-party suppliers for internet traffic and digital marketing services, which is critical for reaching potential car insurance purchasers [54]. - A significant portion of the company's revenues comes from a limited number of clients, exposing it to risks associated with potential loss or reduction of business from any single client [55]. Legal and Compliance Risks - The company may face legal risks related to its previous online microlending business, which ceased operations in May 2019 [115]. - The company is subject to various governmental regulations, and failure to comply could result in operational disruptions and penalties [98]. - The company may face regulatory penalties if doctors on its platform fail to manage their licenses properly, with fines up to RMB5,000 for non-compliance [93]. - The company is exposed to risks if doctors practice outside their licensed scope, potentially leading to legal liabilities and affecting its online consultation services [94]. - The revised Drug Administration Law allows online sales of prescription drugs, but certain drugs remain restricted, impacting the company's operations [95]. - Noncompliance with applicable laws and regulations could result in fines, penalties, and loss of customers, adversely affecting business operations [165]. - The company faces challenges in protecting its intellectual property, which is critical for maintaining its competitive position in the market [107]. Future Growth and Expansion - The company plans to establish and operate cancer therapy and radiation oncology centers, which are subject to significant risks and may not achieve timely profitability [43]. - New cancer therapy and radiation oncology centers may experience lower income and higher operating costs initially, with substantial expenses incurred before opening, including labor, construction, and equipment costs [127]. - The company has limited experience in operating its own centers and clinics, which may affect the quality of service provided compared to existing treatments [124]. - Recruiting qualified medical professionals for the new centers may pose challenges, impacting patient acceptance and attraction [125]. - The timing of new center openings could significantly impact future profitability, leading to fluctuations in short-term financial performance [127]. - The company plans to construct cancer therapy and radiation oncology centers on the east coast of the United States, facing complexities and uncertainties in the implementation process [129]. - There are significant regulatory hurdles involved in opening new cancer centers, including obtaining necessary approvals and permits, which may delay revenue generation [131]. - The company is assessing suitable regions for new centers based on market size, competition, and potential partners, but faces uncertainties in timely government approvals and investment control [130].

Core Viewpoint - Akso Health Group is integrating DeepSeek's advanced AI technology to enhance AI-powered medical consultation and optimize healthcare resource allocation, aiming for more precise and efficient medical services [1][4] Group 1: AI Integration and Technology - The integration of DeepSeek's multimodal large-scale models and deep learning frameworks will upgrade Akso Health's AI-powered diagnosis system, allowing for the incorporation of patient text descriptions, medical imaging, and laboratory test results [2] - The upgraded system will utilize natural language processing (NLP) and deep learning to provide more accurate diagnoses and personalized treatment recommendations, enhancing diagnostic accuracy and response speed [2] Group 2: AI-Powered Medical Assistant - Akso Health will develop an AI-powered medical assistant using DeepSeek to support doctors in retrieving patient records, analyzing similar cases, and recommending treatment plans, significantly improving diagnostic efficiency [3] - The company emphasizes human-centric AI interactions to ensure a natural and empathetic user experience, aiming to reduce patient anxiety and optimize the overall consultation experience [3] Group 3: Future Directions - The CEO of Akso Health stated that the utilization of DeepSeek marks a major milestone in AI-powered healthcare, with plans to explore further AI applications in research and development, health management, and telemedicine [4] - The company aims to drive the healthcare industry toward a smarter and more efficient future through these technological advancements [4] Group 4: Company Background - Akso Health Group, formerly known as Xiaobai Maimai Inc., has transitioned from e-commerce to healthcare, specializing in the sales of medical devices in China and the U.S. and operating radiotherapy oncology centers in the U.S. [5] - The company has also acquired equity interests in Tianjin Deyihui Internet Hospital Co., Ltd and Tianjin Deyihui Clinic Co., Ltd, which provide online medical consultations [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

Group 1 - Akso Health Group plans to make an equity investment in Deyihui, an online clinic based in China, aiming to enter the online clinic business and potentially expand to other regions if successful [1] - The management believes that the rapid growth of virtual consultations in mainland China presents a significant untapped market, allowing the company to leverage its capital resources and first-move advantage [1] - The investment in Deyihui is expected to help the company become familiar with the online clinic business [1] Group 2 - Yilin Wang, Chairwoman and CEO of Akso Health, stated the company's ambition to build a comprehensive medical technology service platform that provides reliable and efficient healthcare services, marking its active engagement in Internet smart healthcare services [2] - Akso Health Group, formerly known as Xiaobai Maimai Inc., operates a social e-commerce platform in China and has been exploring healthcare equipment and related services since the end of 2021 [3]

Exhibit 99.1 | --- | --- | --- | --- | --- | --- | |--------|-------|-------|-------|----------------------------------|--------------------------| | | | | Notes | As of September 30, 2023 | As of March 31, 2023 | | | | | | | | | ASSETS | | | | USD | USD | | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|-------|-------|-------|------------|-------|------------| | CURRENT ASSETS: | | | | | | | | Cash and cash equivalents | | | $ | 9,211,639 | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

Exhibit 99.1 | --- | --- | --- | --- | |----------------------------------------------------------|-------|------------|------------| | | | | | | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | CURRENT LIABILITIES: | | | | | Accrued expenses and other current liabilities | 11 | 1,182,378 | 1,069,049 | | Taxes payable | 14 | 108,711 | 125,153 | | Amount due to related parties | 12 | 9,686,151 | 37,200,000 | | TOTAL CURRENT LIABILITIES | | 10,977,240 | 38,394,202 | | TOTAL LIABILITIES | | 10,977,240 | 38,394,2 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2020. OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR o SHELL COMPANY REPORT PURSUANT TO SECT ...