Going concern warnings

Our recurring operating losses raise substantial doubt about our ability to continue as a going concern.

As discussed in Note 1.3 to the consolidated financial statements, the Company has suffered recurring losses and negative cash flows from operations since its inception that raise substantial doubt about its ability to continue as a going concern.

We have identified conditions and events that raise substantial doubt about our ability to continue as a going concern.

…report relating thereto contains an explanatory paragraph that states that certain circumstances raise substantial doubt about our ability to continue as a going concern and draws attention to notes 2c., 10 and 20 of the Consolidated and Combined Financial Statements.

As a result, there is substantial doubt regarding our ability to remain as a going concern from a long-term perspective.

Our operating cash outflow, net current liabilities, and preferred shareholder redemption rights raise substantial doubt about our ability to continue as a going concern.

As discussed in Note 2 to the consolidated financial statements, the Company's recurring operating losses and net operating cash outflows raise substantial doubt about its ability to continue as a going concern.

These factors raise substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubts about the Company's ability to continue as a going concern.

We concluded that there is substantial doubt about our ability to continue as a going concern for a period of one year from the date that these audited consolidated financial statements are issued.

These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued.

These conditions raise substantial doubt about our ability to continue as a going concern for at least twelve months from the date of issuance of these financial statements.

There is substantial doubt about our ability to continue as a going concern.

There is substantial doubt about our ability to continue as a going concern.

As such, we concluded that there is substantial doubt about our ability to continue as a going concern within one year after the issuance date of the consolidated financial statements.

The following factors among others raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

As discussed in Note 2 to the consolidated financial statements, the Company has incurred recurring losses and negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern.

There is substantial doubt about our ability to continue as a going concern, which could materially and adversely affect our business, results of operations, financial condition, and share price.

Given the Company's financial position, there is substantial doubt about the Company's ability to continue as a going concern.

These conditions raise substantial doubt about our ability to continue as a going concern.

…the Company has concluded that there is substantial doubt about its ability to continue as a going concern for a period of one year from the date that the condensed consolidated financial statements included in this Quarterly Report on Form…

These facts and conditions raise substantial doubt about our ability to continue as a going concern.

…raise substantial doubt about the Company's ability to continue as a going concern within one year after the date these financial statements are issued.

Therefore, the Company has concluded that there is substantial doubt about its ability to continue as a going concern for a period of one year from the date that these condensed financial statements are issued.

The Company has an accumulated deficit of $8,344,015 and a working capital deficit of $5,465,810 as of March 31, 2026, which raises substantial doubt about its ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

…raise substantial doubt about its ability to continue as a going concern.

…2025 include an explanatory paragraph in our independent registered public accounting firm's audit report stating that there are conditions that raise substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubt about our ability to continue as a going concern.

Management has determined that the liquidity condition and mandatory liquidation should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company's ability to continue as a going concern.

These conditions raise substantial doubt about our ability to continue as a going concern for at least one year from the date these financial statements are issued.

As a result, there is substantial doubt about our ability to continue as a going concern after such time.

The Company has determined that its cash, cash equivalents, and marketable securities as of March 31, 2026 would be insufficient to fund its operations which raises substantial doubt regarding the Company's ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Accordingly, there is substantial doubt about our ability to continue as a going concern within one year after the date the financial statements are issued.

…deficit, and the requirement to complete a Business Combination within the prescribed timeframe raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these unaudited condensed financial statements are issued.

These and other factors raise substantial doubt about the Company's ability to continue as a going concern.

However, substantial doubt about the Company's ability to continue as a going concern exists.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

The aforementioned conditions raise substantial doubt about the Company's ability to continue as a going concern for at least one year from the issuance date of these financial statements.

As of December 31, 2025, the Group had an accumulated deficit of RMB391,851,008, which raises substantial doubt about its ability to continue as a going concern.

These conditions and events raise substantial doubt about the Company's ability to continue as a going concern.

As discussed in Note 2.1 to the financial statements, the Company has suffered recurring losses from operations, has a working capital deficiency, and has stated that substantial doubt exists about the Company's ability to continue as a going concern.

…that raise substantial doubt about its ability to continue as a going concern.

These matters raise substantial doubt about our ability to continue as a going concern.

Accordingly, we concluded that substantial doubt about our ability to continue as a going concern continues to exist within one year after the date our financial statements are available to be issued.

These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

The Company's mandatory liquidation date, if the Business Combination is not consummated, raises substantial doubt about the Company's ability to continue as a going concern.

These matters raise substantial doubt about the Company's ability to continue as a going concern.

As discussed in Note 2 to the financial statements, the Company has incurred recurring losses, has negative operating cash flows, and remains dependent on external financing, which raise substantial doubt about its ability to continue as a going concern.

Our recurring losses and negative operating cash flows continue to raise substantial doubt about our ability to continue as a going concern, and our expected improvement depends substantially on government-directed waste shipments and project activity that are outside our control.

…that raise substantial doubt about its ability to continue as a going concern.

…we have suffered significant losses from operations and has a significant decrease in working capital that raises substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubt about the Group's ability to continue as a going concern.

There is substantial doubt of our ability to continue as a going concern.

These conditions, along with other matters as set forth in Note 2, raises substantial doubt about the Company's ability to continue as a going concern.

These conditions, along with other matters as set forth in Note 2, raise substantial doubt about the Group's ability to continue as a going concern.

…from operations, negative working capital and negative cash flows from operating activities raise substantial doubt about our ability to continue as a going concern…

Given these conditions, we conclude that there is substantial doubt about our ability to continue as a going concern within one year after the issuance date.

These factors raise a substantial doubt about the Company's ability to continue as a going concern.

…the Company has suffered recurring losses from operations and current liabilities exceed current assets (or had a working capital deficiency of $1.4 million) that raise substantial doubt about its ability to continue as a going concern.

There is substantial doubt as to whether we can continue as a going concern.

As more fully described in Note 2(b) to our audited consolidated financial statements, these conditions raise substantial doubt about our ability to continue as a going concern.

There is substantial doubt about our ability to continue as a going concern.

These conditions, along with other matters set forth in Note 2, raises substantial doubt about the Company's ability to continue operating as a going concern.

Our recurring losses, anticipated future losses, negative cash flow, need for additional capital and the uncertainties surrounding our ability to raise such funding, raises substantial doubt about our ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

We have concluded that substantial doubt exists about our ability to continue as a going concern.

Management has concluded that there is substantial doubt about our ability to continue as a going concern…

As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern.

Substantial doubt exists regarding our ability to continue as a going concern, and YD Bio may need additional financing to implement its business plan.

Accordingly, the result of the Company's accounting standards analysis is that there is substantial doubt about the Company's ability to continue as a going concern through the next twelve months from the date of issuance of these consolidated financial statements.

These conditions raise substantial doubt about our ability to continue as a going concern.

Our accumulated deficit, recurring net losses and net capital deficit raise substantial doubt about our ability to continue as a going concern…

These factors raise substantial doubt about the Company's ability to continue as a going concern.

As such, there is substantial doubt about the Company's ability to continue as a going concern.

This raises substantial doubt about its ability to continue as a going concern.

These factors, among others, raise substantial doubt about our ability to continue as a going concern.

There is substantial doubt about our ability to continue as a going concern, which could prevent us from obtaining new financing on reasonable terms or at all.

These conditions raise substantial doubt about our ability to continue as a going concern…

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

These conditions raise substantial doubt about the Company's ability to continue as a going concern.

There is substantial doubt about whether the Company can continue as a going concern.

These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern.

These conditions indicate that a material uncertainty exists that raise substantial doubt on its ability to continue as a going concern.

As discussed in Note 2 to our consolidated financial statements, conditions exist that raise substantial doubt about our ability to continue as a going concern for the one-year period from the date these financial statements are issued.

These conditions raise substantial doubt about our ability to continue as a going concern.

As more fully described in Note 2 to the financial statements, the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern.

Based on our evaluation of conditions and events as of December 31, 2025, management has determined that substantial doubt exists about the Company's ability to continue as a going concern.

The Company has not yet established an ongoing source of revenue sufficient to cover operating costs, which raises substantial doubt about its ability to continue as a going concern.

This raises substantial doubt about its ability to continue as a going concern.

As of December 31, 2025, the Company had an accumulated deficit of RMB2.17 billion, which raises substantial doubt about its ability to continue as a going concern.

These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern.

These factors, raise substantial doubt about its ability to continue as going concern.

These conditions, along with other matters as set forth in Note 2.2, raise substantial doubt about the Group's ability to continue as a going concern.

These conditions, when considered in the aggregate, raise substantial doubt about the Company's ability to continue as a going concern within one year after the issuance date of these consolidated financial statements.

…2025 that raise substantial doubt about its ability to continue as a going concern.

Polestar has determined there is substantial doubt about its ability to continue as a going concern.

These factors raise substantial doubt about the Company's ability to continue as a going concern.