KPEAOTCServices-Educational ServicesUS GAAP · USD

Kun Peng International Ltd.

Kun Peng International Ltd. is a U.S.-listed holding company whose operating businesses are centered in China and Hong Kong, where it runs online health-care commerce and equipment-based service activities. Its platform business sells preventive health-care products through King Eagle Mall and the Kun Zhi Jian Mini Program, while also offering medical-consultation-related card services, vendor promotion services, commission sales, and training programs.

Revenue1.4m USD
−30.8 %y/y
Operating profit (EBIT)-1.8m USD
+11.0 %y/y
EBIT margin-123.8%
−27.5 ppy/y
Net income-1.3m USD
+35.9 %y/y
Free cash flow-0.2m USD
+31.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-4-202468m USD2020: 0.82 m USD2020: EBIT -0.21 m USD20202021: 5.6 m USD2021: EBIT -1.8 m USD20212022: 7.5 m USD2022: EBIT -2.0 m USD20222023: 3.9 m USD2023: EBIT -2.2 m USD20232024: 2.1 m USD2024: EBIT -2.0 m USD20242025: 1.4 m USD2025: EBIT -1.8 m USD20251.4-1.8
RevenueOperating profit (EBIT)

Business

Share of revenue
Online health-care retail70 %

Self-operated and selected preventive health-care products sold through King Eagle Mall and the Mini Program.

Equipment-based services20 %

Card-based access to online medical consultation and health screening equipment services.

Platform and technical services5 %

Promoting vendors' products or businesses on the company's online platform.

Commission sales3 %

Third-party health-care instrument sales handled on a commission basis.

Training services2 %

Health-care training programs delivered with local service teams.

Products

Reported · share of revenue
65.2%34.8%FY2025100 %
  • Equipment Services Revenue65.2 %
  • Retail Product Sales34.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves members and paying subscribers who buy preventive health-care products, household wellness items, and related services through its online channels. It also sells to customers seeking health screening and consultation access, and to third-party vendors that use its platform for promotion or commission-based distribution. Demand is tied to consumer interest in health and wellness, convenience, and the perceived value of the company's curated product selection and service bundle.

Members and paying subscribers

Buy health-related products and services through King Eagle Mall and the Mini Program for convenience and curated selection.

Health screening and consultation users

Purchase prepaid cards and equipment-based services for access to medical consultation and screening equipment.

Third-party vendors and merchants

Use the platform for promotion, distribution, and commission-based sales of health-care products.

Training customers

Attend health-care training programs delivered by the local service team.

Strategy

Management is focused on preserving liquidity, growing online sales, and reducing operating costs while the business remains a going concern. The company is also trying to expand revenue streams through the Kun Zhi Jian Mini Program, preventive health-care products, and equipment-based services, while relying on support from directors, stockholders, and potential financing.

Increase online revenueShort term

Higher platform sales are needed to improve liquidity and support going-concern viability.

Expand equipment-based servicesMedium term

Management believes health-care equipment usage has growth potential and can diversify revenue.

Reduce operating costsShort term

Cost control is necessary given negative working capital and recurring losses.

Secure external fundingShort term

The company may need insider loans, equity issuance, or bank financing to continue operations.

Geography

The company is headquartered in the United States but its operating footprint is concentrated in the PRC and Hong Kong, where the functional currencies are RMB and HKD. Its revenue and operating risks are therefore driven mainly by China-based consumer demand, PRC regulation, and foreign-exchange translation into U.S. dollars. The company also relies on a VIE structure in China, which adds legal and regulatory complexity to its geographic profile.

Risks

The company faces substantial going-concern risk because it has negative working capital, recurring losses, and limited liquidity, making outside funding or a turnaround in sales essential. It also faces PRC regulatory and VIE-structure risk, since its China operations depend on contractual arrangements that may not be fully recognized or enforced by regulators. As an online consumer platform, it is additionally exposed to competition, data-security compliance, and demand volatility in health and wellness spending.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern and liquidity shortfall1PRC VIE and foreign ownership uncertainty2Cybersecurity and data protection compliance3Competitive pressure4Consumer demand volatility5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern and liquidity shortfallImpact: CriticalLikelihood: High

    Negative working capital and recurring losses mean the company needs new funding or higher sales to meet obligations.

    ExposureCash needsVendor payablesRelated-party payablesOperating continuity
  2. PRC VIE and foreign ownership uncertaintyImpact: HighLikelihood: Medium

    Core China operations rely on contractual arrangements that may not be fully enforceable under PRC law.

    Exposure: Operational control and economic benefit from China businesses

  3. Cybersecurity and data protection complianceImpact: HighLikelihood: Low

    The platform handles user and customer information, making it subject to PRC cybersecurity and privacy laws.

    ExposureFinesSuspensionLicense riskReputational damage
  4. Competitive pressureImpact: MediumLikelihood: High

    Larger e-commerce and specialty health platforms can outspend the company on marketing, product development, and pricing.

    ExposureMember growthSubscriber retentionMarket share
  5. Consumer demand volatilityImpact: MediumLikelihood: High

    Retail sales depend on discretionary spending and acceptance of health-care products and services.

    Exposure: Retail revenue and platform traffic

Accounting

Judgemental items
Revenue recognition by stream

Retail, equipment-based services, technical services, commission sales, and training are recognized at different completion points.

Impact: Affects quarterly revenue timing and comparability

Gross versus net revenue presentation

Revenue is reported gross of certain deductions but net of sub-charges and VAT.

Impact: Can affect reported top line and margin interpretation

Foreign currency translation

PRC and Hong Kong functional currencies are translated into USD for reporting.

Impact: Creates non-cash gains or losses in comprehensive income

Deferred tax asset valuation allowance

Management recorded a full valuation allowance against deferred tax assets due to expected non-realization.

Impact: Limits recognition of tax benefits from net operating losses

Customer advances and refund risk

The company has received customer advances that may be challenged as refundable under commercial law.

Impact: Can affect current liabilities and liquidity assessment

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026