Ridgetech (Nasdaq: RDGT) is a wholesale distributor of pharmaceutical and healthcare products in China, operating through two subsidiaries. Jiuxin Medicine handles offline wholesale distribution concentrated in Zhejiang Province, while Allright, acquired in early 2025, covers both online and offline wholesale through third-party platforms such as YSB and Medicine Help, as well as Ridgetech's own platform. Ridgetech distributes a broad range of products — prescription drugs, OTC drugs, TCM products, nutritional supplements, medical devices, and health foods — to retail pharmacies, clinics, and trading companies nationwide. The company buys products from manufacturers across roughly 526 suppliers and resells them at a markup, operating on thin distribution margins typical of pharmaceutical wholesaling. Ridgetech competes on price, product breadth, and service rather than proprietary products. In early 2025, Ridgetech completed a restructuring, divesting its retail pharmacy chain and herb farming business and renaming itself from China Jo-Jo Drugstores, shifting to a pure-play wholesale model. A key near-term risk from this restructuring is significant customer concentration: the divested retail chain, Jiuzhou Pharmacy — now owned by former management — accounts for over 60% of revenue under a three-year supply agreement, creating meaningful related-party counterparty risk. The top two customers together represent roughly 86% of revenue.