Meiwu Technology Co Ltd restructured its business in 2024–2025, exiting its SMS segment to focus solely on the functional skincare products market. This pivot led to a sharp increase in revenues—up over 4,300% year-over-year—but margins remain thin at 10.1%. Operating expenses surged primarily due to business reorganization and intangible asset amortization, resulting in a net loss of $18.6 million in 2025 despite robust operating cash flow and strong liquidity. Material weaknesses in internal controls pose risks to financial reporting fidelity, while recent leadership changes and a $14 million equity raise underscore efforts to stabilize operations and support growth.