From 2023 to 2025, Zhongchao Inc. experienced a substantial revenue decline of approximately 41%, driven by sharp decreases in product sales and service revenues, alongside persistent operating losses. The company operates through a Cayman Islands holding structure consolidating PRC entities via VIE agreements, with its core offering centered on the MDMOOC online and onsite medical education platform. Regulatory complexities associated with the VIE model and competitive pressures in China’s healthcare education market continue to challenge growth prospects. Executive departures in early 2026 signal ongoing strategic recalibration, while improved operating cash flow and strong liquidity provide operational resilience amid negative returns.