As filed with the Securities and Exchange Commission on March 19, 2026 Registration No. 333-291803 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ Papa Medical Inc. (Exact name of Registrant as specified in its charter) ____________________ | Delaware | 2111 | 99-0986423 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | i ...

As filed with the Securities and Exchange Commission on November 26, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ Papa Medical Inc. (Exact name of Registrant as specified in its charter) ____________________ | Delaware | 2111 | 99-0986423 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organi ...

Financial Performance - Revenues for Q3 2025 were $7,368,220, a decrease of 26.3% compared to $9,972,437 in Q3 2024[20] - Operating income for Q3 2025 was a loss of $1,284,934, compared to a profit of $441,686 in Q3 2024[20] - Net income attributable to shareholders for Q3 2025 was a loss of $819,923, compared to a profit of $304,471 in Q3 2024[20] - For the nine months ended September 30, 2025, net income decreased to $590,354 from $1,048,355 in the same period of 2024, representing a decline of approximately 43.7%[26] - For the three months ended September 30, 2025, net profit attributable to ordinary shareholders was $(819,923), compared to a profit of $304,471 for the same period in 2024[109] - Net income decreased significantly to a loss of $0.8 million for the three months ended September 30, 2025, from a profit of $0.3 million for the same period in 2024[139] Revenue and Profitability - Gross profit for the nine months ended September 30, 2025, was $9,051,575, up 33.8% from $6,762,898 in the same period of 2024[20] - Gross profit for the three months ended September 30, 2025, plummeted by 41.8% to $1.4 million, with a gross profit margin of 19.3%, down from 24.5% in 2024[129] - The gross profit for the nine months ended September 30, 2025, increased by approximately 33.8% to $9.1 million, with a gross profit margin of 22.7%, down from 24.8% in 2024[130] - Hemp Cannabis E-vapors generated $5,919,252 in revenue, accounting for 80.3% of total revenues for the three months ended September 30, 2025, compared to 85.7% in 2024[53] - The Group's revenues from Consuming E-vapors were $185,302 for the three months ended September 30, 2025, down from $564,076 in 2024[53] Expenses - Operating expenses for Q3 2025 were $2,704,589, up 35.4% from $1,997,480 in Q3 2024[20] - Selling and marketing expenses for the three months ended September 30, 2025, were $1,625,511, representing 22.0% of total revenues, compared to 12.1% in 2024[131] - General and administrative expenses increased by approximately 64.3% from US$0.6 million for the three months ended September 30, 2024, to US$1.0 million for the same period in 2025, primarily due to higher labor costs and legal fees[160] - Research and development expenses increased by approximately 68.3% from US$0.2 million for the three months ended September 30, 2024, to US$0.3 million for the same period in 2025, driven by increased personnel for new product development[161] Cash Flow and Assets - Cash and cash equivalents decreased significantly to $857,529 as of September 30, 2025, from $4,749,842 as of December 31, 2024, a decline of 81.9%[17] - Cash flows from operating activities showed a net cash outflow of $3,337,162 for the nine months ended September 30, 2025, compared to an outflow of $686,321 in 2024, indicating a significant increase in cash used[26] - Cash and cash equivalents at the end of the period were $857,529, down from $2,667,998 at the end of September 2024, marking a decrease of approximately 67.8%[26] - The Group's property, plant, and equipment, net, decreased to $1,233,082 as of September 30, 2025, from $1,551,063 as of December 31, 2024[91] Liabilities and Equity - Total current assets decreased to $11,219,118 as of September 30, 2025, from $14,681,265 as of December 31, 2024, a decline of 23.8%[17] - Total liabilities decreased to $10,722,643 as of September 30, 2025, from $16,436,429 as of December 31, 2024, a reduction of 34.8%[17] - The Group's accrued expenses and other current liabilities decreased to $580,793 as of September 30, 2025, from $1,348,941 as of December 31, 2024, reflecting a reduction of approximately 57.0%[99] Ownership and Subsidiaries - The company has a 100% ownership in its subsidiary PAPA Health Inc., which is engaged in the research and development of branded e-cigarettes and Hemp cannabinoid E-vapors[27] - The company completed the acquisition of PAPA Health for $190,000 in April 2024, consolidating its position in the market[29] Taxation - The effective income tax rate for the three months ended September 30, 2025, was 36.13%, compared to 27.58% for the same period in 2024[110] - Current income tax expense for the three months ended September 30, 2025, was $(395,774), compared to $160,610 for the same period in 2024[110] - Total deferred tax assets as of September 30, 2025, were $754,027, down from $1,003,961 as of December 31, 2024[111] Market and Regulatory Environment - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from various reporting requirements[34] - Total revenues decreased by approximately 26.1% from US$10.0 million for the three months ended September 30, 2024, to US$7.4 million for the same period in 2025, primarily due to new regulations on product packaging[156] Internal Controls and Compliance - Management concluded that disclosure controls and procedures were effective as of September 30, 2025[204] - There were no changes in internal control over financial reporting that materially affected the Group during the period from January 1, 2025, through September 30, 2025[207] - The Group is not party to any material legal proceedings, but may be involved in ordinary course claims that could have an adverse impact[210]

Financial Performance - Revenues for Q2 2025 reached $14.71 million, a 69.5% increase from $8.69 million in Q2 2024[20] - Gross profit for the six months ended June 30, 2025, was $7.63 million, up 76.5% from $4.32 million in the same period of 2024[20] - Net income attributable to shareholders for Q2 2025 was $621,223, compared to $431,419 in Q2 2024, reflecting a 43.9% increase[20] - Operating income for the six months ended June 30, 2025, was $1.90 million, an increase of 82.2% from $1.04 million in the same period of 2024[20] - The Group's total revenues for the six months ended June 30, 2025, were $32,580,522, up from $17,309,868 in the same period of 2024, reflecting an increase of 88.2%[52] - For the six months ended June 30, 2025, net profit attributable to the Company's ordinary shareholders was $1,410,277, an increase of 89% compared to $743,884 for the same period in 2024[105] - Basic and diluted earnings per share for the six months ended June 30, 2025, were $0.07, compared to $0.04 for the same period in 2024, reflecting a 75% increase[105] - The net income for the six months ended June 30, 2025, was $1,410,277, compared to $743,884 for the same period in 2024, reflecting an increase of 89.3%[116] Assets and Liabilities - Total current assets decreased to $11.60 million as of June 30, 2025, from $14.68 million at the end of 2024, a decline of 20.5%[17] - Total liabilities decreased to $10.53 million as of June 30, 2025, from $16.44 million at the end of 2024, a reduction of 36%[17] - Cash and cash equivalents dropped to $1.18 million as of June 30, 2025, down 75.2% from $4.75 million at the end of 2024[17] - Total shareholders' equity increased to $4.39 million as of June 30, 2025, compared to $2.98 million at the end of 2024, a growth of 47.3%[17] - As of June 30, 2025, accrued expenses and other current liabilities totaled $608,375, a decrease of 55% from $1,348,941 as of December 31, 2024[94] Revenue Sources - Hemp Cannabis E-vapors accounted for 91.3% of total revenues in Q2 2025, generating $13,431,184, compared to 84.3% and $7,325,501 in Q2 2024[52] - North America generated 96.3% of total revenues in Q2 2025, amounting to $14,170,404, compared to 91.0% and $7,906,225 in Q2 2024[54] - The Group's revenues from Hemp cannabinoid E-vapors accounted for 92.3% of total revenues for the six months ended June 30, 2025[119] - Revenues from Hemp and consuming E-vapors accounted for 93.1% of total revenues for Q2 2025, up from 92.1% in Q2 2024[124] Expenses - Total operating expenses for Q2 2025 were US$2.7 million, representing 18.2% of total revenues[128] - Research and development expenses for Q2 2025 were US$329,096, accounting for 2.2% of total revenues[128] - Selling and marketing expenses increased by approximately 65.8% to US$1.7 million for the three months ended June 30, 2025, mainly due to increased sales personnel costs and Amazon platform fees[156] - General and administrative expenses increased by approximately 64.9% to US$1.5 million for the six months ended June 30, 2025, primarily due to increased labor costs and other operational expenses[168] Cash Flow - The company reported a net cash used in operating activities of $3.26 million for the six months ended June 30, 2025, compared to $1.58 million in the same period of 2024[26] - Cash and cash equivalents decreased from US$4.7 million as of December 31, 2024, to US$2.4 million as of June 30, 2025[175] - Net cash used in operating activities was US$3.2 million for the six months ended June 30, 2025, compared to US$1.6 million for the same period in 2024[181] Company Operations - PAPA Medical Inc. was incorporated on January 11, 2024, with authorized capital stock of 160,000,000 shares, including 150,000,000 shares of common stock and 10,000,000 shares of preferred stock[27] - The company operates through its wholly owned subsidiary, PAPA Health, which is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and Hemp cannabinoid E-vapors[27] - The company has adopted ASC 820 for fair value measurements, which establishes a fair value hierarchy for classifying inputs used in measuring fair value[38] Taxation - The effective income tax rate for the three months ended June 30, 2025, was 33.96%, significantly higher than 9.19% in 2024[13] - The Group's current income tax expense for the six months ended June 30, 2025, was $660,710, compared to $348,722 in 2024, an increase of 89.3%[13] - Income tax expense increased by approximately 133.3% to US$560,596 for the six months ended June 30, 2025, due to higher taxable income from operations[172] Customer and Supplier Concentration - For the six months ended June 30, 2025, revenues from two customers accounted for 39.2% of total revenues, compared to 29.5% from two customers in the same period of 2024[76] - Major customers accounted for approximately 68.4% of total revenues for the six months ended June 30, 2025, compared to 56.0% in 2024[191] - Major suppliers accounted for approximately 30.2% of total purchases for the six months ended June 30, 2025, down from 51.8% in 2024[194] Future Outlook - The company does not anticipate requiring additional financing to meet liquidity needs within the next twelve months[175] - The company plans to expand business operations, which may necessitate additional equity financing to scale production capacity[175] - The company expects to incur additional expenses related to operating as a public company post-offering[131] - The company anticipates continued growth in sales and marketing expenses as it expands its sales force[129]

As filed with the Securities and Exchange Commission on August 7, 2025 Registration No. 333-283405 (Name, address, including zip code, and telephone number, including area code, of agent for service) ____________________ copies to: Henry Yin, Esq. Benjamin Yao, Esq. Loeb & Loeb LLP 2206-19 Jardine House 1 Connaught Place Central, Hong Kong SAR (852) 3923-1111 Erik Mengwall, Esq. James A. Prestiano, Esq. Loeb & Loeb LLP 345 Park Avenue New York, New York 10154 (212) 407-4050 UNITED STATES SECURITIES AND EXCH ...

As filed with the Securities and Exchange Commission on July 14, 2025 Registration No. 333-283405 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ Papa Medical Inc. (Exact name of Registrant as specified in its charter) ____________________ | Delaware | 2111 | 99-0986423 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | in ...

As filed with the Securities and Exchange Commission on June 27, 2025 Registration No. 333-283405 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ Papa Medical Inc. (Exact name of Registrant as specified in its charter) ____________________ | Delaware | 2111 | 99-0986423 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | in ...

As filed with the Securities and Exchange Commission on November 22, 2024 Registration No. 333-[ ] UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ Papa Medical Inc. (Exact name of Registrant as specified in its charter) ____________________ | Delaware 2111 | 99-0986423 | | --- | --- | | (State or other jurisdiction of (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) ...