Since its establishment in 2016, Jianying International, which is deeply involved in the field of sports nutrition, has completed leapfrog expansion from being based in Hong Kong to radiating mainland China and Malaysia in 10 years, which has also given it momentum to sprint into the capital market.
The Zhitong Finance App observed that on August 11, 2025, Jianying International submitted a public prospectus document (F-1) to the SEC for the first time, officially launching the company's listing process in the US. Since then, Jianying International has continued to update listing information. On September 22 of this year, this is the fifth time that the company has submitted an F-1/A document.
According to the prospectus, Jianying International will issue 7 million common shares at a price of 4-6 US dollars in this IPO, raising a maximum capital of 42 million US dollars. It is worth noting that in the initial public prospectus on August 11 last year, Jianying International only plans to issue 2 million shares of common stock at a price of 4-5 US dollars, raising up to 10 million US dollars.
This increase in the amount of capital raised already complies with NASDAQ's fund-raising requirements for IPOs of Chinese related companies, which means that Jianying International has taken another solid step forward on its path to listing.
In terms of performance, from 2023 to 2025, Jianying International's revenue was about US$11.894 million, US$19.4613 million, and US$21.411,100, respectively, and achieved continuous growth; net profit for the same period was approximately -765,000 US dollars, 1.0197 million US dollars, and 1,027,800 thousand US dollars, respectively, and the overall performance was steady and progressive.
B2B has become the core engine of revenue growth, and B2C business is under phased pressure
As a sports nutrition product distributor deeply involved in the Hong Kong, Macao and Southeast Asian markets, Jianying International does not have its own brand. The core of its business model is to procure products from European and American brands and then distribute and sell through an omni-channel network to obtain price differences and service revenue.
According to the prospectus, on the product side, by the end of 2025, Jianying International had distributed and sold more than 30 brands of sports nutrition products supplied by 12 brands and more than 10 distributors, and had more than 300 SKUs. Notably, Jianying International has exclusive distribution rights for over 160 SKUs in Hong Kong, while other SKUs distributed in Hong Kong and all SKUs in mainland China are distributed in a non-exclusive manner.
In terms of product categories, the products sold and distributed by Jianying International are divided into three categories, namely protein powder, ready-to-eat snacks and packaged drinks, and other products including health products and special diets. Among them, protein powder contributes more than 60% of revenue as a basic market, while sports nutrition products account for 94.6% of overall revenue in 2025.
In addition to selling sports nutrition products, Jianying International also uses an omni-channel sales and distribution network to provide supplementary customized marketing services for sports nutrition brand owners and other distributors. In 2025, the company's marketing services accounted for about 5.4% of revenue, accounting for a relatively small share of revenue.
In terms of channel and customer structure, Jianying International follows an all-channel route with B2B and B2C tracks in parallel, and has shown a clear B2B trend in recent years. Specifically, the B2B business is mainly aimed at wholesalers, membership-based warehouses, gym chains and retailers. By the end of 2025, Jianying International had over 130 B2B customers, penetrating more than 1,300 points of sale (POS).
The B2C business directly reached consumers through its own official website, Youzan Mall, third-party platforms (such as Tmall, HKTV Mall), and vending machines installed in gyms. By the end of 2025, the number of vending machines had exceeded 360.
In terms of regional distribution, Hong Kong is still the company's basic market, contributing 64.8% of revenue in 2025; as the second-largest market, the company avoided head-on confrontation with low-priced local brands, and instead relied on the US membership warehousing chain and Tmall platform to focus on importing high-end protein powder; the Malaysian market only started in May 2024 and currently accounts for only 1% of revenue, more as a testing ground for Southeast Asian expansion.
In terms of employment performance, the continued rapid growth of Jianying's international revenue side is mainly due to the acceleration of B2B business. According to the prospectus, from 2023 to 2025, the company's B2B business revenue was US$6.032 million, US$11.4.53 million, and US$14.1573 million respectively, with a compound annual growth rate of 53.19%. The share of total revenue rose from about 50.70% in 2023 to about 66.1% in 2025, becoming the core engine driving revenue growth. The share of B2C revenue fell to 28.5% from 49.30% in 2023.
While revenue continues to grow, Jianying International's gross margin increased from 26.7% to 31.7% in 2024, an increase of 5 percentage points. This is mainly due to the fact that the two major businesses, B2B and B2C, are improving in volume and price. Among them, B2B starts with diluted fulfillment+centralized procurement premiums, and B2C is backed by high-margin categories and direct management scenarios, thus achieving simultaneous restoration of gross margins on both sides. Driven by revenue growth and increased gross margin, Jianying International turned a loss into a profit in 2024, and recorded a profit of US$1.0197 million.
Entering 2025, although the B2B business drove the company's total revenue to continue to grow, as the share of the business naturally suppressed comprehensive gross profit, this led to a 1.5 percentage point drop in gross margin during the reporting period to 30.2%, which in turn suppressed the flexible release of the profit side. Net profit of US$1,027,800 was recorded during the period, which was basically the same as in 2024.
From this perspective, Jianying International's steady performance since 2023 is a phased result achieved by the company actively adjusting resources and shifting the focus of expansion towards B2B channels with more stable payouts and faster turnaround times. Although this will put pressure on B2C in the short term, the overall performance is more steady. This is probably also preparing for a sprint to an IPO.
Three growth paths outline future development blueprints, and overseas expansion opens up room for long-term imagination
After analyzing the growth logic of Wanjianying International, the company's future development path is very clear, and the three growth curves at different rhythms have jointly outlined a blueprint for future growth. Among them, deep encryption of B2B channels is still the core driving force for the release of performance in the short to medium term.
In 2025, Jianying's share of international B2B revenue had climbed to 66.1%. Subsequent increases did not rely on price increases, but instead achieved network penetration through the encryption of urban stores in membership-based supermarkets (such as two US wholesale warehouses in the mainland), continued binding of the gym chain system (Hong Kong has cooperated with one of the largest chains in the world, and Malaysia is rapidly expanding), and expanding the wholesale network to convenience stores and specialty stores. At the same time, if the amplification effect of more than 160 exclusive SKUs in the Hong Kong market can be further expanded through renewals from the largest suppliers, there is still room for improvement in B2B pricing rights and order density.
Compared with B2B businesses, where growth potential is expected to continue, B2C direct sales play the role of “boosting profits” rather than “impulses.” In 2025, the share of B2C revenue had shrunk to 28.5%, but the business's gross margin bucked the trend and rose to 48%. The key reason was that the company took the initiative to lean resources towards high-premium direct management scenarios.
More than 360 vending machines in the B2C business are embedded in gyms to reach core fitness groups, and direct sales of imported supplements are achieved through the Ningbo Free Trade Zone cross-border route (Youzan Mall), maintaining a considerable sales price difference under the policy dividends exempt from VAT and consumption tax. The strategic significance of the B2C sector in the short term is not to reverse the downward trend in revenue share, but to use a gross margin of nearly 50% to hold comprehensive gross profit from continuing to stall and provide a profit buffer for B2B volume.
In addition to the price difference in product distribution, the asset-light curve of monetizing marketing services as a channel network is also worth paying attention to. Although this business segment accounted for only 5.4% of revenue in 2025, the gross margin was as high as 68.5%. The reason behind the high gross profit was that the business extended from “earning the distribution difference” to “earning the brand's marketing budget”. As the total number of points of sale (POS) breaks through and continues to replicate to emerging markets such as Malaysia, channel exposure value will gradually accumulate.
However, due to the current limited budget of the brand and the scale of the company's own outlets, the short-term contribution to overall revenue elasticity is relatively limited, and whether it is possible to accelerate the diversification of this business is critical to the diversified monetization of healthy international operations.
And the new growth curve that really opens up room for long-term market imagination is Malaysia and the wider Southeast Asian market. Jianying International only entered Malaysia in May 2024. Currently, it accounts for only about 1% of revenue, but the expansion path has been clearly laid out: the number of vending machines will exceed 100 by the end of 2026 from the target of more than 70 in 2025, and plans to use existing gym chain partnerships to expand to B2B wholesale and B2C business on third-party platforms.
Malaysia's positioning is not only a testing ground, but also a springboard for entering Southeast Asian markets such as Singapore, Thailand, and Indonesia. The replicability of gym chains provides a standardized template for this expansion. If Jianying International can quickly open up the market in Malaysia to verify the effectiveness of this model, it will undoubtedly prove to the market the viability of the company to explore the Southeast Asian market. Therefore, whether the Malaysian market can actually achieve a new growth curve requires observing whether it can break away from a single gym scenario and establish a localized wholesale distribution network after 2027.
Overall, driven by B2B business, Jianying International still has growth potential in the short term, but the key factor that determines the company's long-term value is whether the three major increases of B2C, marketing services, and overseas market expansion can truly “break the game”. This is not only an extension of the business, but also a necessary test for the company to move from “single-core drive” to “multi-dimensional growth”. The market is waiting to see.