DSwiss Expands Global Footprint in Health & Beauty ODM/OEM Market

TL;DR

**DSwiss is aggressively expanding its health and beauty OEM/ODM business globally, making it a compelling growth play in the nutraceutical sector.**

AI Summary

DSwiss Inc. (DQWS) reported for the fiscal year ended December 31, 2025, operating primarily in the supply of high-quality health and beauty products, including weight management beverages, anti-aging solutions, and immune system enhancers. The company, incorporated on May 28, 2015, in Nevada, conducts its operations through its wholly-owned subsidiary DSwiss Holding Limited in Seychelles, which in turn owns DSwiss (HK) Limited, a Hong Kong entity. DSwiss (HK) Limited holds 100% equity in DSwiss Sdn Bhd and, as of January 18, 2023, acquired the remaining 60% equity in DSwiss Biotech Sdn Bhd for RM1, making it a wholly-owned subsidiary. DSwiss has expanded its premium lifestyle solutions across Malaysia, Singapore, Indonesia, Hong Kong, Australia, Taiwan, Macau, and China under CEO Vincent Leong's leadership. The company emphasizes its role as a premier biotech nutraceutical firm and turnkey Private Label ODM/OEM provider, focusing on natural ingredients and adherence to standards like GMP, HACCP, JAKIM Halal, ISO, and MESTI. DSwiss is actively expanding its OEM/ODM client base and re-entering international markets such as China and the United States, driven by a commitment to innovation and quality. The company reported 206,904,585 shares of common stock outstanding as of December 31, 2025.

Why It Matters

DSwiss's strategic expansion into key international markets like China and the United States, coupled with its robust OEM/ODM services, signals potential for significant revenue growth and market share gains in the competitive health and beauty sector. For investors, this indicates a company actively pursuing growth opportunities beyond its established Asia-Pacific presence, potentially increasing shareholder value. Employees and customers benefit from DSwiss's commitment to quality, innovation, and adherence to international standards like GMP and Halal, ensuring high-quality products and a strong corporate reputation. The company's focus on natural ingredients and advanced R&D positions it as a formidable competitor against established players in the nutraceutical and skincare industries.

Risk Assessment

Risk Level: medium — The filing indicates a 'medium' risk level due to DSwiss's aggressive international expansion into new markets like China and the United States, which inherently carries execution risks related to market acceptance, regulatory compliance, and competitive pressures. While the company highlights its commitment to quality and adherence to standards like GMP and JAKIM Halal, the 'Cautionary Note Regarding Forward-Looking Statements' explicitly lists 'Competition in our industry' and 'The loss of or failure to obtain any license or permit necessary or desirable' as key risks, suggesting potential hurdles in its ambitious growth strategy.

Analyst Insight

Investors should monitor DSwiss's progress in its international market re-entry, particularly in China and the United States, and assess the company's ability to secure new OEM/ODM contracts. Evaluate future earnings reports for specific revenue contributions from these new markets and any updates on regulatory approvals or competitive challenges to gauge the success of its expansion strategy.

Key Numbers

• 2025-12-31 — Fiscal Year End Date (The period covered by this 10-K filing.)
• 206,904,585 — Common Stock Outstanding (Number of shares outstanding as of December 31, 2025.)
• 2015-05-28 — Incorporation Date (Date DSwiss, Inc. was incorporated in Nevada.)
• 2023-01-18 — Acquisition Date (Date DSwiss (HK) Limited acquired remaining 60% of DSwiss Biotech Sdn Bhd.)
• RM1 — Acquisition Consideration (The price paid for the remaining 60% equity interest in DSwiss Biotech Sdn Bhd.)

Key Players & Entities

• DSwiss Inc. (company) — Registrant issuer, Nevada corporation
• DQWS (company) — Ticker symbol
• DSwiss Holding Limited (company) — Wholly-owned subsidiary in Seychelles
• DSwiss (HK) Limited (company) — Hong Kong entity, owns DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd
• DSwiss Sdn Bhd (company) — Malaysian operating subsidiary
• DSwiss Biotech Sdn Bhd (company) — Malaysian R&D subsidiary, became wholly-owned on January 18, 2023
• Vincent Leong (person) — CEO of DSwiss
• SEC (regulator) — Securities and Exchange Commission
• Ministry of Health (MOH) Malaysia (regulator) — Regulatory body for health products in Malaysia
• JAKIM Halal (regulator) — Halal certification body in Malaysia

FAQ

Risk Factors

• Reliance on Key Personnel [medium — operational]: The company's success is significantly dependent on the continued service and expertise of its key management personnel, particularly CEO Vincent Leong. The loss of such personnel could adversely affect operations and strategic direction.
• Intense Competition [high — market]: The health and beauty and nutraceutical markets are highly competitive, with numerous established and emerging players. DSwiss faces competition from companies offering similar products and services, which could impact market share and pricing power.
• Adherence to Health and Safety Standards [high — regulatory]: DSwiss operates in a highly regulated industry and must comply with standards such as GMP, HACCP, JAKIM Halal, ISO, and MESTI. Failure to maintain compliance or changes in regulations could lead to product recalls, fines, or reputational damage.
• Expansion into New Markets [medium — market]: The company's strategy involves expanding into new international markets, including China and the United States. These markets present unique challenges, including different regulatory environments, consumer preferences, and competitive landscapes, which could hinder successful market penetration.
• Supply Chain and Ingredient Sourcing [medium — operational]: DSwiss relies on the sourcing of premium natural active ingredients. Disruptions in the supply chain, availability of specific ingredients, or quality control issues with suppliers could impact production and product quality.
• Dependence on OEM/ODM Clients [medium — financial]: A significant portion of DSwiss's business is derived from its OEM/ODM services. A loss of key clients or a downturn in demand for private label manufacturing could materially affect revenue and profitability.

Industry Context

DSwiss operates within the competitive health and beauty and nutraceutical sectors, characterized by a growing consumer demand for natural ingredients and science-backed wellness solutions. The company leverages its expertise as a biotech firm and ODM/OEM provider to cater to this demand. Key industry trends include personalized nutrition, anti-aging solutions, and immune system support, areas where DSwiss appears to be focusing its product development.

Regulatory Implications

DSwiss's operations are subject to stringent health, safety, and quality regulations across its target markets, including GMP, HACCP, ISO, and MESTI. Compliance with these standards is critical for market access and maintaining consumer trust. Expansion into new international markets like China and the US will require navigating diverse and potentially evolving regulatory landscapes.

What Investors Should Do

1. Monitor revenue growth and profitability from international market expansion, particularly in China and the US.
2. Assess the impact of competition and DSwiss's ability to maintain market share and pricing power.
3. Evaluate the company's adherence to quality standards (GMP, HACCP, ISO, etc.) and any potential regulatory challenges.
4. Analyze the company's reliance on key personnel and its succession planning.

Key Dates

• 2015-05-28: Incorporation of DSwiss, Inc. — Marks the official establishment of the parent company in Nevada.
• 2023-01-18: Acquisition of DSwiss Biotech Sdn Bhd — DSwiss (HK) Limited acquired the remaining 60% equity for RM1, making DSwiss Biotech Sdn Bhd a wholly-owned subsidiary, consolidating biotech capabilities.
• 2025-12-31: Fiscal Year End — The reporting period for the 10-K filing, providing the latest financial and operational overview.

Glossary

ODM/OEM

ODM (Original Design Manufacturer) and OEM (Original Equipment Manufacturer) refer to companies that design and manufacture products for other brands to sell under their own names. (DSwiss positions itself as a turnkey provider of these services in the health and beauty sector, indicating a significant part of its business model.)

Biotech Nutraceutical

A combination of biotechnology and nutraceuticals, referring to products derived from biological sources or processes that provide health benefits beyond basic nutrition. (This term highlights DSwiss's focus on science-backed health and wellness products, differentiating it in the market.)

GMP

Good Manufacturing Practices are a system for ensuring that products are consistently produced and controlled according to quality standards. (Adherence to GMP signifies DSwiss's commitment to product quality and safety in its manufacturing processes.)

HACCP

Hazard Analysis and Critical Control Points is a systematic preventive approach to food and pharmaceutical safety that addresses physical, chemical, and biological hazards as a means of planning for probable food activities and their control. (Indicates DSwiss's focus on safety protocols within its production, particularly relevant for health and beauty products.)

JAKIM Halal

Certification from the Department of Islamic Development Malaysia, ensuring products comply with Islamic dietary laws. (Crucial for market access in Muslim-majority regions like Malaysia and Indonesia, demonstrating DSwiss's market-specific compliance.)

ISO

International Organization for Standardization, which develops and publishes international standards for various industries. (Holding ISO certifications implies DSwiss meets internationally recognized standards for quality management and operational efficiency.)

MESTI

Makanan Selamat Tanggungjawab Industri (Food Safety is the Responsibility of the Industry) is a Malaysian certification for food safety. (Similar to HACCP and GMP, MESTI certification underscores DSwiss's commitment to food safety standards in its product offerings.)

Year-Over-Year Comparison

Information comparing key metrics to the previous year, such as revenue growth, margin changes, and new risks, is not available in the provided text. The filing focuses on the current fiscal year and does not offer comparative data or analysis against prior periods.

Key Financial Figures

• $1 — 8, 2015 1 share of ordinary share of US$1 each Investment holding 100% 2. DS

Filing Documents

• form10-k.htm (10-K) — 1329KB
• ex31-1.htm (EX-31.1) — 14KB
• ex32-1.htm (EX-32.1) — 7KB
• form10-k_001.jpg (GRAPHIC) — 13KB
• 0001493152-26-013865.txt ( ) — 6713KB
• dqws-20251231.xsd (EX-101.SCH) — 46KB
• dqws-20251231_cal.xml (EX-101.CAL) — 74KB
• dqws-20251231_def.xml (EX-101.DEF) — 143KB
• dqws-20251231_lab.xml (EX-101.LAB) — 390KB
• dqws-20251231_pre.xml (EX-101.PRE) — 322KB
• form10-k_htm.xml (XML) — 1154KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 10 Item 1C. Cybersecurity 10 Item 2.

Properties

Properties 11 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 11 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item 6.

Selected Financial Data

Selected Financial Data 13 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 19 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 20 Item 9A.

Controls and Procedures

Controls and Procedures 20 Item 9B. Other Information 21 PART III Item 10. Directors, Executive Officers and Corporate Governance 22 Item 11.

Executive Compensation

Executive Compensation 24 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 27 Item 14. Principal Accounting Fees and Services 28 PART IV Item 15. Exhibits, Financial Statement Schedules 28

SIGNATURES

SIGNATURES 29 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as "anticipate," "expect," "intend," "plan," "believe," "foresee," "estimate" and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are actual results to differ materially from those expressed or forecasted. These risks and uncertainties include the following: The availability and adequacy of our cash flow to meet our requirements; Economic, competitive, demographic, business and other conditions in our local and regional markets; Changes or developments in laws, regulations or taxes in our industry; Actions taken or omitted to be taken by third parties including our suppliers and competitors, as well as legislative, regulatory, judicial and other governmental authorities; Competition in our industry; The loss of or failure to obtain any license or permit necessary or desirable in the operation of our business; Changes in our business strategy, capital improvements or development plans; The availability of additional capital to support capital improvements and development; and Other risks identified in this report and in our other filings with the Securities and Exchange Commission or the SEC. This report should be read completely and with the understanding that actual future results may be materially different from what we expect. The forward-looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report. W

Business

Business Overview DSwiss is a premier biotech nutraceutical firm and turnkey Private Label ODM/OEM provider, specializing in premium healthcare, skincare, and personal care solutions. We craft high-quality formulations using natural ingredients, ensuring excellence from raw material sourcing to manufacturing and packaging. Our diverse product portfolio includes functional foods, health supplements, skincare, personal care, and pet wellness products, designed to enhance well-being and lifestyle quality. Since our inception, DSwiss has experienced remarkable growth, fueled by over a decade of continuous innovation in the health and beauty industry. Under the visionary leadership of CEO Vincent Leong, our premium lifestyle solutions have expanded across Malaysia, Singapore, Indonesia, Hong Kong, Australia, Taiwan, Macau, and China. With a strong distributor network, we continue to strengthen our presence across the Asia-Pacific region while actively exploring new global markets. Driven by a team of industry experts, DSwiss remains dedicated to delivering superior products and customized solutions that cater to diverse client needs. Guided by our philosophy, "Creating Beauty, Health, and the Ecosystem," our cutting-edge R&D team pioneers new product lines and integrates the latest scientific advancements. This commitment to research and innovation empowers us to develop evidence-based, high-value formulations, ensuring our continued leadership in the industry. 2 Comprehensive OEM & ODM Solutions With extensive expertise in OEM and ODM services, DSwiss offers end-to-end solutions designed to meet the unique needs of our clients. Beyond product development, we provide strategic business consultancy, market trend analysis, and marketing support to drive success. Our unwavering commitment to quality and reliability is reflected in our meticulous selection of premium ingredients and materials, ensuring excellence at every stage from research and development to pr

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