Big Tree Cloud Holdings (DSY) Registration filing summary

Company overview and business model

• Operates as a Cayman Islands holding company with business conducted through PRC subsidiaries, focusing on development, production, distribution, and sales of personal care products, especially feminine hygiene items, under a C2M (consumer-to-manufacturer) model.

• Product portfolio includes over 50 commercialized products, with flagship and sub-brands targeting different consumer segments; recently expanded into high value-added nonwoven materials via a majority-owned JV.

• Transitioned to an asset-light model in August 2024 by selling manufacturing facilities and outsourcing production to third parties, aiming for resource optimization and business development.

• Principal operations and revenue generation are through PRC subsidiaries, with a focus on expanding product coverage and sales channels across China.

Financial performance and metrics

• Net revenue for the six months ended December 31, 2024 was $1.0 million; full-year net revenues were $7.3 million (2024) and $6.3 million (2023).

• Revenue from sterilized feminine hygiene products increased as a share of total revenue: 23.5% (2022), 60.2% (2023), and 70.5% (2024).

• Company has not been profitable and had negative net cash flows from operating activities in the past.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as set forth in the applicable prospectus supplement; specific uses are not detailed in the base prospectus.