China Pharma Holdings files NT 10-K for late annual report, estimates $3.19 million net loss

China Pharma Holdings, Inc. (NYSE American: CPHI) told the Securities and Exchange Commission on April 1, 2026 that it could not file its annual report on Form 10-K for the year ended December 31, 2025 by the March 31 due date. It filed a Form NT 10-K, a notice of late filing under Rule 12b-25, and said it endeavors to file within fifteen calendar days after March 31, 2026. The notice also gives management's estimates for 2025.

The reason given

The company says that compiling, distributing and reviewing the information required for the annual report imposed time constraints. It says those constraints made timely filing impracticable without undue hardship and expense. It checked the box saying the reasons could not be eliminated without unreasonable effort or expense, and the box saying it will file within the fifteen-day window.

The notice names no specific accounting problem, no auditor issue and no outside cause. Zhilin Li, the chief executive officer, signed it as principal executive officer and is the contact for the notice. The company also answered yes when asked whether all other periodic reports for the past twelve months had been filed.

Management's estimates

China Pharma says the estimates are subject to change until its financial statements are complete. Revenue was about $4.1 million for 2025, down from $4.5 million in 2024. Cost of revenue fell to approximately $4.3 million from approximately $6.5 million. The gross loss shrank to approximately $0.1 million from approximately $2.0 million, and the gross loss margin fell to approximately 3.2% from approximately 43.8%. The net loss is estimated at approximately $3.19 million, down from approximately $4.74 million.

The gross margin improved, but revenue fell and the company still reports a net loss for 2025. The notice says the narrative and detail on results will come later, in the annual report, so the figures cannot yet be checked against audited statements.

Going concern and internal controls

The 2025 notice comes after a difficult record. The company's annual report on Form 10-K for 2024, filed March 31, 2025, says its auditors' reports on the 2024 and 2023 financial statements indicated conditions that raise substantial doubt about its ability to continue as a going concern. The report says the company had recurring losses from operations and net current liabilities. Its risk factors also disclose material weaknesses in internal control over financial reporting.

The risk factors say these weaknesses affect reliable reporting and investor confidence.

What the company does

China Pharma is a Nevada holding company. Its operations sit in Hainan Helpson Medical and Biotechnology Co., Ltd., known as Helpson, and Helpson's subsidiaries in China. Helpson develops, manufactures and sells pharmaceutical products for human use, including dry powder injectables, liquid injectables, tablets, capsules and cephalosporin oral solutions.

As of December 31, 2024, Helpson made 19 pharmaceutical products. They fall into basic generic drugs, first-to-market generic drugs and modern traditional Chinese medicines. The company says each has been approved for at least one indication by the National Medical Products Administration. It operates two production facilities in Haikou, Hainan Province, and says it follows Good Manufacturing Practices.

What comes next

The company says it will file its annual report no later than fifteen calendar days after March 31, 2026. Until then, the 2025 numbers remain unaudited estimates. The notice does not explain why the schedule should hold.

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