尚高生命科学 2023年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIESEXCHANGE ACT OF 1934 For the fiscal year endedJune 30, 2024or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number:001-37776 SHINECO, INC. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of theSecurities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during thepreceding 12 months (or for such shorter period that the registrant was required to submit and post suchfiles). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “largeaccelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule 12b-2 of the Exchange Act. Large accelerated filer☐ Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuantto Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’sassessment of the effectiveness of its internal control over financial reporting under Section 404(b) of theSarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether thefinancial statements of the registrant included in the filing reflect the correction of an error to previouslyissued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recoveryanalysis of incentive-based compensation received by any of the registrant’s executive officers during therelevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity stock held by non-affiliatesof the registrant was approximately $46,782,541 as of December 30, 2022, the last business day of theregistrant’s most recently completed second fiscal quarter, based on the closing price of the registrant’scommon stock on such date of $2.38 per share, as reported on the Nasdaq Capital Market. As of September 30, 2024, the registrant had 33,817,606 shares of common stock issued and outstanding. FOR YEAR ENDED JUNE 30, 2023 Part I4Item 1.Business4Item 1A.Risk Factors17Item 1B.Unresolved Staff Comments19Item 2.Properties20Item 3.Legal Proceedings21Item 4.Mine Safety Disclosures21Part II22Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchase of Equity Securities22Item 6.Selected Financial Data28Item 7.Management’s Discussion and Analysis of Financial Conditions and Results ofOperations28Item 7A.Quantitative and Qualitative Disclosures About Market Risk45Item 8.Financial Statements and Supplementary Data45Item 9.Changes in and Disagreements With Accountants on Accounting and FinancialDisclosure46Item 9A.Controls and Procedures46Item 9B.Other Information48Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.48Part III49Item 10.Directors, Executive Officers and Corporate Governance49Item 11.Executive Compensation53Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters54Item 13.Certain Relationships and Related Transactions, and Director Independence55Item 14.Principal Accounting Fees and Services57Part IV58Item 15.Exhibits and Financial Statement Schedules58Item 16.Form 10-K Summary64 All references to “we,” “us,” “our,” “SISI,” “Company,” “registrant” or similar terms used in this reportrefer to Shineco, Inc., a Delaware corporation (“SISI”), including the variable interest entities (“VIEs”)and its consolidated subsidiaries, unless the context otherwise indicates. In the context of describing ourbusiness,“we,”“us,”“our,”“SISI,”“Company,”or“registrant”refers to the VIEs and theirsubsidiaries,