Zhongchao Inc.
Zhongchao Inc. is a Cayman Islands holding company that consolidates operating businesses in mainland China through contractual arrangements. Its PRC operating entities provide online healthcare information, professional training and educational services for healthcare professionals, patient management services for oncology and rare-disease patients, internet hospital services, and an online health information platform.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOnline professional training and educational content for healthcare professionals under the MDMOOC platform.
Support services for patients with oncology and rare diseases, including care coordination.
Remote healthcare services delivered through Zhixun Internet Hospital.
Online information and community platforms for medical and general-public users.
Products
Reported · share of revenue- Medical Training and Education Services60.3 %
- Patient Management Services In Patientaid Projects33.6 %
- Products6.1 %
Source: 20-F 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 healthcare professionals who use its MDMOOC platform for training, professional education, and access to medical information. It also serves patients and families seeking support for oncology and rare-disease care, plus general-public users of its health information platforms. In addition, internet hospital services connect the business to users seeking remote clinical access and digitally delivered healthcare services.
Buy training, educational content, and professional information through MDMOOC to support clinical learning and continuing education.
Use patient management services for care navigation, support, and disease-specific assistance.
Access online healthcare services through Zhixun Internet Hospital for remote consultation and service delivery.
Consume online health information and forum content for medical awareness and health education.
Strategy
The company’s strategy centers on building a multi-service digital healthcare platform around education, patient support, and online care delivery. Its model links professional training with disease-specific patient services, which can strengthen user engagement across healthcare stakeholders and create cross-platform traffic. The offshore holding structure and China operating footprint also reflect a business designed to serve the PRC market while accessing international capital markets.
More users across education, care coordination, and online services can improve the platform's ecosystem value.
Oncology and rare-disease specialization can differentiate the company and support repeat usage.
Digital delivery broadens reach and supports scalable service provision across China.
Geography
Zhongchao is incorporated in the Cayman Islands but its operating businesses are in mainland China, with principal executive offices in Shanghai. The company’s services are therefore concentrated in the PRC healthcare market, which shapes its regulatory, data, and consumer-access exposure. Its reported platform brands and service delivery are China-based, while the listed holding-company structure is offshore.
Risks
The company is exposed to PRC healthcare regulation, internet-content oversight, and data/privacy requirements because its operating businesses are in China and are delivered online. Its service mix also depends on user adoption and trust in digital healthcare platforms, while patient-management and medical-information businesses face execution and quality risks. The offshore holding-company/VIE structure adds legal and governance complexity that investors typically monitor closely.
- PRC regulatory riskImpact: HighLikelihood: High
Healthcare information, internet hospital activity, and online education are all subject to evolving mainland China rules.
Exposure: Operating entities in China
- Data privacy and cybersecurityImpact: HighLikelihood: High
The platforms handle health-related information and patient data, which increases breach and compliance exposure.
Exposure: Online healthcare services and patient management
- VIE structure and legal enforceabilityImpact: HighLikelihood: Medium
The Cayman holding company depends on contractual arrangements with PRC operating entities.
Exposure: Offshore holding company structure
- Competition for users and contentImpact: MediumLikelihood: High
Digital healthcare and education platforms compete for healthcare professionals and patient attention.
Exposure
Accounting
Judgemental itemsThe Cayman holding company consolidates PRC operating entities through contractual arrangements, requiring control judgments.
Impact: Determines which operating results and assets are included
Education, patient-management, and internet-service offerings may have different performance obligations and timing.
Impact: Can shift reported revenue between periods
Platform-related intangible assets or other long-lived assets may require periodic recoverability testing.
Impact: Could create non-cash charges if assumptions weaken
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Last updated: 28/09/2026