Director 指揮 ： KEITH YUNXI ZHU 朱耘希 | OLIVER NILES WHITE 懷特 尼爾斯 奧立佛

Supervisor 監視 ： Oliver Thomas Dalmi 達爾米 托馬斯 奧立佛, Even Xia Ni 倪夏, Alice Jia Bai 白佳, David Zhaowei Chang 常昭偉 (SLEEPON 思立普)

Co-Authors 作者 ： Eric Meindl, Shae McKenna, Yuening Wang, Xin Huan, Peng Chen, Peiyao Yu (SLEEPON),

EXECUTIVE SUMMARY
行政摘要

SLEEPON is a digital health company in the field of sleep health. Founded in 2017 in China, whose vision is to help people with sleep disorders regain healthy sleep, aims to become a big player in the telemedicine industry.
思立普是一家數字睡眠健康領域的公司，2017年在中國成立，願景是幫助睡眠障礙患者重獲健康睡眠，目標是成為遠程醫療產業裡的一個重磅玩家。

Please note: this is a simplified document for demonstration purposes, more information to be disclosed upon declassification. If you are a prospective investor, please contact the External Affair Bureau of THE KEITH & EVEN GROUP (US) INC.
請注意：這是一個為了演示而成的簡化版文件，更多信息會在解密期過後釋出。若閣下是預期投資者，請聯繫奕資（美國）股份有限公司之對外事務省。

1.

SLEEPON Business Model
思立普之商業模式

1. Company Overview
   公司概要
   
   We design our business according to the American Academy of Sleep Medicine Guidelines, combining electronics, mathematics, data science, programming, and retail health model to create accessible, affordable, and high-quality sleep health products and services for users.
   我們按照美國睡眠醫學會的指南來設計業務，整合應用了電子科技、數學算法、數據科學和編程等技術，以及零售健康管理的模式，為用戶創造方便易到的，經濟實惠和高質量的睡眠健康產品和服務。
   
   

2. Business Introduction and Mission:
   業務介紹與目标
   
   We are a Chinese-based user-central sleep healthcare provider that aims to produce an integrated digital sleep healthcare solution by developing medical devices and software that utilizes modern technology to screen, diagnose, monitor, and treat a variety of medical conditions pertinent to a user's sleep. Through modern technology, we believe that we can provide life-changing sleep solutions to the millions affected by poor sleep.
   我們是一家總部位於中國的以用戶為中心的睡眠保健提供商，旨在通過開發利用現代技術的醫療設備和軟件來提供集成的數字睡眠保健解決方案，用以篩查、診斷和治療與用戶睡眠相關的各種醫療狀況。通過利用現代技術，我們相信可以為數百萬受睡眠不良影響的人提供改變生活的睡眠解決方案。
   

3. Target Market:
   目標市場
   
   SLEEPON has focused on catering almost exclusively to the US market (despite being operated out of China) with over 70 million Americans that suffer from chronic sleep problems, making the US one of the largest sleep healthcare markets. The target customers of SLEEPON are adults who suffer from sleep apnea and chronic insomnia. SLEEPON also produces diagnostic and treatment devices to sleep clinics.
   思立普聚焦满足美国市场（儘管在中國運營），因為有超過 7000 萬患有慢性睡眠問題的美國人，美國成為最大的睡眠保健市場之一。 思立普的目標客戶是受到慢性失眠和睡眠呼吸暫停（OSA）困擾的成年人。同時，思立普也面向睡眠診所和睡眠醫生提供診斷和治療設備。
   
   

4. Value Creation and Competitive Advantage:
   企业价值和竞争优势
   
   Unlike many other companies within the industry, SLEEPON is attempting to be a one-stop shop for all sleep health care management with synchronous developments in both software and hardware, which allow Sleepon to control the production costs and to achieve business expansion without strong reliance on a specific supplier. Based on these relative advantages, they are constantly expanding the functionality of their products and prioritizing user experience leading to efficient and thorough improvements to patient sleep health. Moreover, SLEEPON is incredibly user-focused with non-invasive products and a friendly user interface that ensures clients can easily understand, monitor and correct problems with their sleep.
   與業內許多其他公司只做一種類型的產品不同，思立普試圖成為同時發展軟硬件的睡眠保健管理的一站式商店，而這也使得思立普得以實現成本控制，同時在業務拓展時也不會對某一個供應商有過強的依賴。基於這個優勢，思立普一直在擴展產品線並把用戶體驗作為最優先考慮的因素，通過非入侵性產品、友好的用戶界面和多數人能承擔的價格確保客戶能夠輕鬆管理自身的睡眠問題。
   
   

5. The Future for SLEEPON:
   思立普的未来发展
   
   Moving forwards, SLEEPON is working towards artificial intelligence and machine learning technologies that attempt to perform preliminary diagnosis of sleep conditions given the monitoring data from SLEEPONs products. This element is representative of SLEEPONs vision, being the increased utilization of technology in developing products and services, which further increases the user-friendly nature of SLEEPONs products while allowing SLEEPON to cater to more sleep conditions, thereby growing their consumer base.
   思立普正致力於人工智能和機器學習技術，這些技術試圖根據思立普產品的監測數據對睡眠狀況進行初步診斷。這一元素也代表了思立普的願景，即更多地利用技術開發產品和服務，从而進一步提高思立普產品的人性化程度，同時讓思立普能夠覆盖更多的睡眠情况，從而擴大其消費者群。
   
   

6. SWOT Analysis:
   四維分析
   
   To Be Disclosed Upon Declassification
   在解密期過後公布
   
   

7. The financial condition for the past three years is as follows (Currency: USD):
   过去三年的财务状况如下 (貨幣：美元)：
   
   To Be Disclosed Upon Declassification
   在解密期過後公布

2

The Problem
問題

1. Executive Summary
   匯總
   
   The most common sleep disorders are Obstructive Sleep Apnea (OSA) and chronic insomnia. In the US, the prevalence of OSA is estimated to be 12% of the adult population totaling 29.4 million people. Among those 29.4 million people, approximately 80% of the patients are undiagnosed totaling 23.5million. Among the OSA diagnosed patients, 85% of patients are treated with nasal continuous positive airway pressure (CPAP) [2,3]. Similar situations apply to patients who have chronic insomnia. The diagnosis and treatment for sleep disorders could be effective in many ways, such as increasing quality of life, reducing cost burden, etc. [3]. Nowadays, new technology and tools for self-assessment make diagnosis and treatment more accessible and more convenient. The sleep health industry is a growing industry and is expected to grow at more than 8% a year.
   最常見的睡眠障礙疾病是阻塞性睡眠呼吸暫停（OSA）和慢性失眠。在美國，阻塞性睡眠呼吸暫停（OSA）的患病率估計為成年人人口的 12%，大概總共有 2940 萬人。在這 2940萬人中，約有 80% 的患者未確診，總計約有 2350 萬人。在阻塞性睡眠呼吸暫停 （OSA）診患者中，85% 的患者接受經呼吸機（CPAP）治療。患有慢性失眠症的患者面臨相似的情況。睡眠障礙的診斷和治療可以在提高生活質量和降低成本負擔等許多方面發揮作用。如今，有了新的自我評估技術和工具，診斷和治療變得更加容易和方便。睡眠健康行業是一個不斷增長的行業，預計每年以 8% 以上的速度增長。
   
   

2. Obstructive Sleep Apnea (OSA)
   阻塞性睡眠呼吸暫停
   
   Obstructive sleep apnea is the most common type of sleep apnea. It is a condition characterized by episodic upper airway narrowing during sleep. During sleep, the activity of the upper airway dilator muscles decreases in a sleep-state-dependent manner [4]. As a result, the patients will suffer from upper airway narrowing, loud snoring, and airflow reduction. Reduced airflow can be either partial (a hypopnea) or complete (an apnea). The apnea-hypopnea index (AHI) counts the total number of apneas and hypopnea per hour of sleep, used to describe the severity of OSA.
   阻塞性睡眠呼吸暫停是最常見的睡眠呼吸暫停類型疾病。這是一種以睡眠期間上呼吸道偶發性變窄為特徵的病症。在睡眠期間，上呼吸道擴張器肌肉的活動減少，而這種減少與睡眠狀態有關。因此，患者將遭受上呼吸道變窄、負荷打鼾和氣流減少所帶來的影響。氣流減少可以是部分的（呼吸不足）或完全的（呼吸暫停）。呼吸暫停低通氣指數（AHI）用於計算每小時睡眠中呼吸暫停和呼吸不足的總數，我們用呼吸暫停低通氣指數來描述阻塞性睡眠呼吸暫停（OSA）的嚴重程度。
   
   Among US adults, approximately 29.4 million people are suffering from OSA, and nearly 80% of people are undiagnosed. The significant barriers for people getting diagnosed with OSA are lack of public awareness of the symptoms and severity of the conditions, high cost for treatment, and lack of primary care physician education on the urgency of diagnosis and treatment [3].
   在美國成年人中，大約有 2940 萬人患有阻塞性睡眠呼吸暫停（OSA），將近有 80%的人未被確診。如此大量未被診斷為阻塞性睡眠呼吸暫停（OSA）的主要障礙是公眾缺乏對症狀和病情嚴重程度的認識，高昂的費用以及缺乏對診斷和治療緊迫性的教育。
   
   Continuous positive airway pressure (CPAP) is the standard treatment for moderate to severe OSA. However, adherence to CPAP is limited, and non-CPAP therapies are frequently explored. Oral appliance (OA) is currently widely used to treat snoring, mild, moderate, and severe OSA [6]. Positional therapy, which requires patients to keep sleeping on their side, is also an OSA treatment. Positional therapy is less invasive and has better adherence than CPAP [7].
   持續氣道正壓通氣呼吸機（CPAP）是中度至重度睡眠呼吸暫停（OSA）的標準治療方法。然而，患者對呼吸機的依從性有限，所以醫療系統經常探索非呼吸機療法。口腔矯治器（OA）目前廣泛用於治療打鼾、輕度、中度和重度阻塞性睡眠呼吸暫停（OSA）。要求患者側睡的體位療法也是阻塞性睡眠呼吸暫停（OSA）的一種治療方法。體位療法的侵入性較小，因此比呼吸機具有更好的依從性。
   
   

3. Chronic Insomnia
   慢性失眠
   
   More than one-third of adults experience transient insomnia at some point in their lives. In about 40% of cases, insomnia can develop into a more chronic and persistent condition [1,8]. Chronic insomnia is associated with several adverse health outcomes and a severely reduced quality of life [11].
   超過三分之一的成年人在他們生命中的某個階段都經歷過短暫的失眠。在約 40%的病例中，失眠可發展為更慢性和持久的病症。慢性失眠與多種負面健康結果及生活質量嚴重下降都有關聯。
   
   Systematic sleep history is mainly used to assess and diagnose insomnia. The insomnia assessment involves understanding the patent’s typical sleep pattern at night and the effects of poor sleep on the patients. Expected daytime consequences include depressed mood, irritability, lack of energy, etc. [9,10]. Behavior therapy and pharmacotherapies are the most common two treatments for chronic insomnia.
   系統的睡眠史主要用於評估和診斷失眠。失眠評估包括瞭解患者夜間的典型睡眠模式以及睡眠不佳對患者的影響。常見的白天後果包括情緒低落、易怒和缺乏活力等 。行為療法和藥物療法是目前治療慢性失眠最常見的兩種療法。
   
   

4. Impact of Treating Sleep Disorders
   治療睡眠障礙的療效
   
   The impact of treating sleep disorders like OSA and chronic insomnia includes increasing patients’ quality of sleep, increasing patients’ quality of life, decreasing the patient’s comorbidities such as diabetes and cardiovascular diseases, improving patient’s mental health, reducing substance abuse, increasing patient’s occupational productivity and decreasing the accidents and distractions that happen to the patients [3].
   治療阻塞性睡眠呼吸暫停（OSA）和慢性失眠等睡眠障礙會提高患者的睡眠質量，提高患者的生活質量，減少患者的糖尿病和心血管疾病等併發症，改善患者的心理健康，減少患者藥物濫用的概率，提高患者的職業生產力和減少發生在患者身上的事故和干擾。
   
   If the United States address more about the treatment of sleeping disorder, it will result in a truly transformational impact on society. Patients could expect a significant drop in life-threatening conditions such as stroke and heart disease and more enjoyable life and relationships. Employers would also see a jump in productivity and performance [3].
   如果美國更多地關注睡眠障礙的治療，它將對社會產生真正的變革性影響。患者發生中風和心臟病等危及生命的疾病將大幅減少，生活和人際關係也會更加愉快。雇主也將看到員工生產力和績效產生質的飛躍。
   
   

5. The prevalence of sleep disorders
   睡眠障礙之流行
   
   More than 50 million Americans already suffer from over 80 different sleep disorders, and another 20 to 30 million suffer intermittent sleep problems each year. At least 25 million Americans (one in five adults) suffer from sleep apnea, severe sleep, and breathing condition linked to hypertension, cognitive impairment, heart disease, and stroke. Chronic insomnia affects at least 10 percent of Americans. About 70% of adults report that they obtain insufficient sleep at least one night a month, and 11% say inadequate sleep every night. Restless legs syndrome, a neurological disorder, affects about 5 percent of the population over age 65. Sleep disorders affect every race, socioeconomic class, and age group [1].
   每年有超過 5000 萬的美國人患有八十多種不同的睡眠障礙，另外還有 2000～3000 萬人患有間歇性睡眠問題。至少有 2500萬美國人（五分之一的成年人）患有睡眠呼吸暫停症，這是一種與高血壓，認知障礙、心臟病和中風有關的嚴重睡眠呼吸問題；至少 10% 的美國人患有慢性失眠症；大約有 70% 的成年人每個月至少有一次睡眠不足，成年人有 11% 的人群每晚都睡眠不足；65 歲以上的老人有 5% 患有一種不安腿綜合徵的神經系統疾病。睡眠障礙影響每個人種，社會階層和各年齡段的人口 [1]。
   
   
   Obstructive Sleep Apnoea (OSA) is defined by the number of obstructive apnea and hypopnea episodes per hour, reflecting the degree of departure from normal breathing during sleep. Between 1988 and 1994, the prevalence of moderate-severe OSA was estimated as 8.8% in males aged 30-70, whereas between 2007 and 2010, prevalence had risen to 13% in males and 6% in females[2].
   阻塞性睡眠呼吸暫停（OSA）是每小時睡眠中阻塞性呼吸暫停和呼吸不足的次數來定義，這個指標反映睡眠期間偏離正常呼吸的程度。1988 年至 1994 年期間，30-70 歲男性中重度睡眠呼吸暫停（OSA）的患病率估計為 8.8%，而 2007 年至 2010 年期間，男性患病率上升至 13%，女性為 6% [2]。
   
   Despite the high prevalence of sleep disorders, the overwhelming majority of sufferers remain undiagnosed and untreated, creating unnecessary public health and safety problems, as well as increased healthcare expenses. National surveys show that more than 60% of adults have never been asked about the quality of their sleep by a physician, and fewer than 20% have ever initiated such a discussion [1].
   儘管睡眠障礙的患病率很高，但絕大多數患者仍未得到診斷和治療，造成了不必要的公共健康和安全問題，並增加了醫療保健費用。全國調查顯示，超過 60% 的成年人從未被醫生詢問過他們的睡眠質量，只有不到 20% 的成年人曾經發起過這樣的討論 [1]。
   

6. The risk factors of sleep disorders
   患有睡眠障礙的風險之因素
   
   Sleep issues can predispose individuals to many unhealthy behaviors, chronic conditions, and diseases related to lifestyle.
   睡眠問題會使個人容易有許多與生活方式相關的不健康行為，慢性病和疾病。

   1. Insomnia is a crucial cause of poor mental and physical health. Research has found that insomnia has been independently associated with the new-onset of stroke, hypertension, diabetes, depression, and perhaps even early mortality.
      失眠是導致身心健康狀況欠佳的一個關鍵原因。研究發現，失眠與新發中風，高血壓，糖尿病，抑鬱症，甚至早期死亡獨立相關。

   2. OSA is associated with hypertension, cardiovascular morbidity (notably elevated odds of stroke;) and mortality, sleepiness, impaired cognitive function, increased likelihood of motor vehicle crashes and occupational accidents, and reduced health-related quality of life.
      睡眠呼吸暫停（OSA）與高血壓，心血管發病率（特別是中風幾率升高）和死亡率，嗜睡，認知功能受損，機動車事故和職業事故的增加以及與健康相關的生活質量下降有關。

   3. Insufficient sleep prevents patients from getting the recommended 7-9 hours of sleep, which keeps the patients from feeling alert and well-rested during the day.
      睡眠不足讓患者無法獲得7-9小時的睡眠，它會讓患者在白天感覺不到警覺和充分休息。

3

Overview and Analysis of sleep health industry
睡眠健康行業的概況與分析

1. Potential Investors for Sleep Health
   潛在投資者

   1. Treating Sleep disorders could substantially save cost by reducing workplace absences, better managing comorbidities, and increasing productivity. According to Frost & Sullivan, there is a reported 40% decline in workplace absences and 17.3 increase in productivity after sleep disorder treatment initiation. The potential investors for sleep health treatment are
      治療睡眠障礙可以幫助企業透過減少工作場所缺勤、更好地管理合併症和提高生產力來大幅節省成本。根據 「Frost & Sullivan」 的數據顯示，在開始睡眠障礙治療後，工作場所缺勤率下降了 40%，工作效率提高了 17.3%。關於睡眠健康治療的潛在投資者有
      
      AAA Foundation, Aetna, Alphabet (Google), Concerta, Humana, Hufffington Post, Kaiser Permanente, Scheneider, and UPREHS.
      

      Large medical device companies could also be potential investors for the sleep health industry. For example, ResMed, the largest CPAP vendor, could invest in a sleep tracking system and detectors that could help them target the potential patients for using CPAP as a treatment for OSA. From this perspective, large potential investors include
      大型醫療器械公司也可能成為睡眠健康行業的潛在投資者。例如，最大的 持續氣道正壓通氣系統（CPAP）生產商瑞思邁（ResMed）可以投資以及收購睡眠跟蹤系統和檢測器，以幫助他們搜尋用持續氣道正壓通氣系統（CPAP）作為阻塞性睡眠呼吸暫停（OSA）治療的潛在患者。從這個角度來看，潛在投資者包括
      
      ResMed (瑞思邁), Koninklijke Philips N.V (飛利浦), Natus Medical Incorporated, Nihon Kohden Corporation, Fisher & Paykel Healthcare, Compumedics Limited，Itamer Medical Ltd, Merck & CO, Sleep Number Corporation
      

   2. Other potential investors in the sleep health industry include:
      睡眠健康行業的其他潛在投資者包括
      
      BMC Medical Co., Curative Medial, Apex Medical Corporation, Cadwell Industries Inc, SOMNOMedics, GMBH, Advanced Brain Monitoring Inc., Braebon Medical Corporation, Cleveland Medical Devices Inc., Eight Sleep, SIMBA, Sleepace, Solace Lifesciences, Somnox, Sleep Cycle, Withings, Polar Electro, Pzizz Ltd, Fitbit Inc., Garmin Ltd, ReST, Sunovion Pharmaceuticals Inc., Eisai Inc., Sanofi, Mallinckrodt Pharmaceuticals, Teva Pharmaceuticals Industries, Pfizer Inc.
      

   3. Industry overview
      行業概況
      
      The sleep health industry is a growing industry, especially in recent years. At least three significant acquisitions happened in 2021 regarding the sleep tracking device. The sleep-health industry is collectively estimated to be worth between $30 billion to $40 billion and has historically grown by more than 8 percent per year [12]. The emergence of COVID-19 has also contributed to the increasing incidence of sleep disorders.
      睡眠健康行業是一個不斷發展的行業，尤其是近年。 2021 年至少發生了三次關於睡眠跟蹤設備的重大收購。據估計，睡眠健康行業的總價值在 300 億至 400 億美元之間，而且歷史上每年增長超過 8%。新型冠狀病毒的出現也導致了睡眠障礙發病率的增加。
      
      China and the US have the highest prevalence of sleep apnea. With the increased prevalence of apnea and chronic respiratory disorders, the demand for sleep devices is expected to increase during the forecast period. The apnea device segment is growing at a CAGR of 8.34% by 2026. Almost 50% of Americans use prescription-based sleeping aids or OTC products, thereby booming the growth in the global sleep industry [13].
      中國和美國的睡眠呼吸暫停患病率最高。隨著呼吸暫停和慢性呼吸系統疾病患病率的增加，在預測期內對睡眠設備的需求將增加。直到 2026 年之前，呼吸暫停設備市場的復合年增長率將為 8.34%。近 50% 的美國人使用處方助眠劑或非處方藥產品，從而推動全球睡眠行業的蓬勃發展。
      
      The sleep health industry is continuously growing and advancing. Artificial Intelligence is penetrating almost every market as it is a handy and assistive tool that can be customized quickly based on the need. AI, along with machine learning and deep learning systems, can help automate processes while optimizing and increasing their efficiency and reducing errors. It can help improve the pace of diagnosis, thus increasing the rate of treatment. It can minimize or irradicate unnecessary tasks in healthcare, such as administrative documentation work, which surprisingly takes a significant time from the physician's schedule. Researchers use polysomnography, actigraphy, and electroencephalography to diagnose sleep disorders to analyze brain activity during sleep. All these technologies create a massive amount of data that includes patient sleep patterns and brain activity during sleep, which helps diagnose sleep disorders. AI can optimize these processes and help researchers and physicians to perform better [13].
      睡眠健康產業正在不斷地發展和壯大。人工智能正在滲透幾乎所有市場，因為它是一種非常有用的輔助工具，可以根據需要輕鬆定制。人工智能以及機器學習和深度學習系統可以幫助實現流程自動化，同時最優化和提高效率並減少錯誤。它可以幫助加快診斷速度，從而加快治療速度。它可以最大限度地減少或消除醫療保健中不必要的任務，例如文檔、行政工作，這些從醫生的日程安排中花費了大量時間的任務。為了診斷睡眠障礙，研究人員使用多導睡眠圖、活動描記術和腦電圖來分析睡眠期間的大腦活動。所有這些技術都會產生大量數據，其中包括患者睡眠模式和睡眠期間的大腦活動，這有助於診斷睡眠障礙。人工智能可以優化這些過程，幫助研究人員和醫生表現得更好。
      
      North America acquired a market share of 33.26% in the global sleep market in 2020. The US and Canada are the major markets in the region. The US sleep market held a dominating market share of 90.20% in 2020. This is also expected to continue during the forecast period. The leading position in the global sleep market is attributable to factors such as high incidence and prevalence rate of chronic sleep disorders, urban and fast-paced lifestyle, a high percentage of obese population, and increasing geriatric population. The growing prevalence rate of sleeping disorders is also attributed to the increasing prevalence of underlying conditions such as Parkinson's disease, type 2 diabetes, and COPD. The US and Canada rely on medications (complex solutions) rather than sleep aid devices (soft keys). The medications market in North America was valued at $ 2.19 billion in 2020 [13].
      在 2020 年，北美在全球睡眠市場的佔有率為 33.26%，美國和加拿大是該地區的主要市場。美國睡眠市場在 2020 年佔據了 90.20% 的主導市場份額。在預測期內這種情況也將持續。全球睡眠市場的領先地位歸因於慢性睡眠障礙的高發病率和患病率，城市和快節奏的生活方式，肥胖人口比例高以及老年人口增加等因素。睡眠障礙患病率不斷上升也歸因於基礎疾病例如帕金森病、二型糖尿病和慢性阻塞性肺疾病（COPD）等的不斷增加患病率。美國和加拿大主要依賴藥物（硬解決方案）而不是助眠設備（軟解決方案）的使用。2020 年北美藥物市場價值 21.9 億美元。
      

   4. The shortage of sleep medicine care
      睡眠醫療服務的短缺
      
      The United States Census Bureau estimates the current population of the United States to be approximately 330 million people, and presently there are about 7,500 board-certified sleep specialists. This means that the ratio of people to sleep specialists in the United States is more than 44,000:1. In comparison, an area with a balance of people to psychiatrists greater than or equal to 30,000:1 could be eligible for designation by the United States Health Resources and Services Administration as a mental health shortage area. In addition, there are geographic barriers to high-quality sleep care, with board-certified sleep physicians and accredited sleep centers clustering in more urban, highly populated areas [4].
      美國人口普查局估計美國目前的人口約為 3.3 億，全美約有 7,500 名美國睡眠醫學協會認證的睡眠專家，兩者比例超過 44,000:1。相比而言，如果人口與精神病學家的比例大於或等於 30,000:1，則會被美國衛生資源和服務管理局指定為心理健康短缺地區。此外，高質量的睡眠護理服務也存在地理差異，協會認證的睡眠醫生和認證的睡眠中心聚集在城市和人口稠密的地區 [4]。
      
      After the 2011 examination, the board began to require a physician to complete at least twelve months of an ACGME-approved sleep medicine fellowship to become board-eligible, which resulted in fewer physicians sitting for the sleep medicine board examination beyond 2011 [4].
      在 2011 年考試之後，美國睡眠醫學協會開始要求醫生完成至少十二個月的睡眠醫學研究學習，才能獲得認證考試資格，這一新政導致 2011 年後參加考試的醫生減少 [4]。
      
      Conducted by Frost and Sullivan, 30% of patients reported their risk of sleep apnea was first identified by a primary care physician, with 10% receiving their diagnosis from these providers[4]. However, a recent study found that only 43 percent of primary care physicians routinely inquire about sleep, sleep disorders are rarely discussed during a typical primary care visit, most primary providers do not have formal sleep medicine training[4].
      在弗羅斯特沙利文公司最近進行的一項患者調查中，30% 的患者稱他們的睡眠呼吸暫停風險首先由家庭醫生識別，10% 的人從這些家庭醫生那裡得到確診 [4]。然而，最近的一項研究發現，只有 43% 的家庭醫生會定期詢問睡眠問題，在典型的初級保健就診期間很少討論睡眠障礙，大多數初級保健提供者沒有接受過正規睡眠醫學培訓 [4]。

Reference
參考

1. Milena et al. Sleep Disorders. The American Journal of Medicine. 2018.09.021

2. Peppard et al. Increased Prevalence of Sleep-disordered Breathing in Adults. American Journal of Epidemiology (2013): National Center for Biotechnology Information. U.S. National Library of Medicine

3. Frost & Sullivan. In an Age of Constant Activity, the Solution to Improving the Nation’s Health May Lie in Helping it Sleep Better.

4. Carberry et al. Upper airway collapsibility (Pcrit) and pharyngeal dilator muscle activity are sleep stage dependent. Sleep. 2016; 39:511–21.

5. Sophie et al. Obstructive Sleep Apnea. The Royal College of Ophthalmologists. (2018) 32:889-903

6. Geraldo et al. Treating OSA: Current and emerging therapies beyond CPAP. Official Journal of the Asian Pacific Society of Respirology.

7. Srijithesh et al. Positional therapy for obstructive sleep apnea. Cochrane Database of Systematic Reviews 2019, Issue 5. Art No.: CD010990. DOI:10. 1002/14651858.CD010990.pub2.

8. American Academy of Sleep Medicine. International Classification of Sleep Disorders: Diagnostic and Coding Manual. 3rd Ed Darien, IL: American Academy of Sleep Medicine; 2014.

9. David et al. Insomnia: prevalence, consequences and effective treatment. MJA 2013; 199: S36–S40 doi: 10.5694/mja13.10718

10. Jack et al. Behavioral and psychological treatment for chronic insomnia disorders in adults. An American academy of sleep medicine systematic review, meta-analysis, and grade assessment. Journal of clinical sleep medicine. Vol 17. Issue 2.

11. Dieter et al. The neurobiology, investigation, and treatment of chronic insomnia. Vol 14. May 2015

12. McKinsey & Company. Investing in the growing sleep-health economy.

13. Arizton. Sleep Market Size to Reach Revenues of USD 137.16 billion by 2026.

14. [1] American Sleep Apnea Association. (2018, September 24). The State of in America. SleepHealth. https://www.sleephealth.org/sleep-health/the-state-of-sleephealth-in-america/

15. [2] Peppard, P. E., Young, T., Barnet, J. H., Palta, M., Hagen, E. W., & Hla, K. M. (2013). Increased prevalence of sleep-disordered breathing in adults. American journal of epidemiology, 177(9), 1006–1014. https://doi.org/10.1093/aje/kws342

16. [3] Goldman, D. (2021b, March 12). Investing in the growing sleep-health economy. McKinsey & Company. https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/investing-in-the-growing-sleep-health-economy

17. [4] Watson, N. F., Rosen, I. M., Chervin, R. D., & Board of Directors of the American Academy of Sleep Medicine (2017). The Past Is Prologue: The Future of Sleep Medicine. Journal of clinical sleep medicine : JCSM : official publication of the American Academy of Sleep Medicine, 13(1), 127–135. https://doi.org/10.5664/jcsm.6406

4

SLEEPON’s Product Family
思立普的產品家族

1. Overview
   總述
   
   While other telemedicine companies focus solely on either software or hardware, SLEEPON's solution is not an isolated product but a patient/consumer-centric retail health ecosystem with developments on both software and hardware. The synchronous developments in both software and hardware allow Sleepon to control the production costs and to achieve business expansion without strong reliance on specific suppliers. Besides, we adhere to personal data security acts and industry standards and guidelines, link occupational therapists and third-party cloud API services and provide affordable and accessible sleep healthcare outside clinical Settings.
   當其他其他的遠程醫療公司只專注於硬件或者軟件，思立普的解決方案不是孤立產品，而是一個同時發展軟件和硬件的以患者/用戶為中心的數字健康管理方案及遠程醫療平台。由於軟硬件同時發展，思立普得以實現成本控制，同時在業務拓展時也不會對某一個供應商有過強的依賴。此外，在這個系統里，我們遵守個人數據安全標準，依循美國睡眠醫學會的臨床指南標準和流程，鏈接認證睡眠醫學職業從業者，向患者提供的以日常生活睡眠健康服務。
   
   

2. SLEEPON’s Future Product Plan For Building A Telemedicine Business Structure
   思立普為構建遠程醫療系統的業務架構而制定的未來產品計畫：
   
   To Be Disclosed Upon Declassification
   在解密期過後公布
   
   

3. Product Statistic
   產品數據
   
   To Be Disclosed Upon Declassification
   在解密期過後公布
   

4. Endorsement
   認可
   
   Our products have been approved by industrial customers, including RESMED, the world's largest ventilator manufacturer. Through collaboration with Prosomnus, a US Minimal Residual Disease (MRD) supply brand, and FemTec, a women's health management brand, SLEEPON developed new hardware and software products for the latter two brands, we further strengthened our competitiveness.
   我們的產品得到了行業客戶的認可，這些客戶包括全球最大的呼吸機廠商瑞思邁，微小殘留病（MRD）供應品牌「Prosomnus」，女性健康管理品牌「FemTec」，後兩個品牌的新硬件和軟件產品由思立普來研發。通過這些合作，我們進一步加強了我們的競爭力。
   

5. Rewards:
   獎項

   1. The Best Sleep Tracker in 2021, Sleep Foundation
      2021年，Sleep Foundation, 最佳睡眠檢測器。

   2. The best Budget Sleep Tracker in 2021, verywell.com
      2021年，verywell.com, 最具性價比的睡眠檢測器。

6. Industry Clients:
   行业客户：

   1. GINZA Clinic, Japan
      日本銀座診所
      
      A high-end membership-based clinic located in Tokyo, Japan. It mainly provides medical services for diabetes, lifestyle diseases, endocrine, and sleep apnea treatment. It features digitization and visualizing daily information such as sleep/exercise/diet. Shunichi Tanaka, an international medical expert, serves as the director.
      一家位於日本東京的會員制的高端診所，主要針對糖尿病、生活習慣病、內分泌和睡眠呼吸暫停治療提供醫療服務，其特色是將睡眠/運動/飲食等日常信息數字化和可視化。此會所由國際醫學專家田中俊一擔任醫療法人。

   2. FemTec, USA
      美國 FemTec
      
      A revolutionizing women’s healthcare provider. They use state-of-the-art genomics, predictive intelligence, and digital technologies to create a unique experience for every woman, through all stages of her life journey.
      一家革命性的女性健康管理服務商，他們使用最先進的基因組學、預測智能和數字技術，為每位女性在生命旅程的各個階段創造獨特的體驗。

   3. Prosomnus, USA
      美國 Prosomnus
      
      A developer and manufacturer of oral appliances intended to treat Obstructive Sleep Apnea (OSA). They uses the latest Artificial Intelligence (AI) and Computer Aided Design and Manufacturing (CAD/CAM) to consider the patient’s unique anatomy, and serve patient by a certified ProSomnus sleep dentist.
      一家口腔器械的開發商和製造商，旨在治療阻塞性睡眠呼吸暫停(OSA)。他們使用最新的人工智能(AI)和計算機輔助設計與製造(CAD/CAM)來考慮患者獨特的解剖結構，並由經過認證的ProSomnus睡眠牙醫為患者服務。

7. Current Products
   現有產品
   
   SLEEPON has created a collection of products and services to improve sleep health management, aiming to piece together a telemedicine empire.
   思立普創造了一系列產品和服務來提高對睡眠健康的管理，目的是軿湊成一個遠程醫療帝國

5

Team Structure
團隊架構

1. Team Overview
   團隊概要
   
   There are 16 members at the end of 2021.iIn addition to the Chief Executive Officer (CEO), we have one Chief Technology Officer (CTO) in charge of hardware, one Chief Technology Officer (CTO) in charge of software, one Chief Operation Officer (COO), and one Chief Product Officer (CPO). Each of our C-lever managers holds several posts concurrently. We have five software engineers, two hardware engineers, two sales personnel, one administrative personnel, and one financial personnel.
   我們團隊總共 16 人，除了首席執行官外，還有一位主管硬件的首席技術官，一位主管軟件的首席技術官，一位首席運營官，一位首席產品官，每位高層管理人員都身兼數職，五名軟件開發工程師，兩名硬件工程師，兩名銷售人員，一名行政管理人員和一名財務人員。
   

2. Leadership Overview
   管理層概況

   1. David Chang Zhaowei
      常昭偉
      
      CEO of SLEEPON. He is responsible for observing the market dynamics, studying the market trend, formulating the company's strategy and target, communicating the plan with the senior managers, recruiting key personnel for the team, linking external resources needed by the company, and formulating the company's management system and process.
      思立普之首席執行官。責任時觀察市場動態，研究市場趨勢，制定公司的發展戰略和目標，並和高層管理人員溝通戰略，招聘團隊的關鍵人選，尋找企業所需的外部資源，及制定公司管理制度和流程。
      

   2. Claus He Yunqi
      何雲琦
      
      Co-founder & CTO of SLEEPON. He graduated from Zhejiang University with a master's degree and was engaged in technology entrepreneurship in Silicon Valley, focusing on applying wearable technology to solve medical and health needs. He has in-depth research on low power consumption heart rate, blood oxygen, blood gas analysis, mental stress, fatigue index, and perfusion index. He participated in the creation of the BASIS heart rate watch. And in 2014, it was acquired by Intel for US$140 million.
      思立普聯合創始人兼首席技術官。碩士畢業於浙江大學，曾在矽谷從事科技創業，主攻用穿戴技術解決醫療健康的需求。在低功耗心率血氧、血氣分析，精神壓力，疲勞指數和灌注指數等方面有深入研究。曾參與創立「BASIS」心率監測手錶品牌，在 2014 年被英特爾以1.4 億美元收購。
      

   3. Ken Chang
      常立坤
      
      SLEEPON ​​Chief Design Officer. Focusing on product design, from jewelry design, industrial design crossover to ergonomic design, with extraordinary performance in every field. His works have won the German Design Award.
      思立普的首席設計官。主抓產品設計，從珠寶設計、工業設計跨界到人體工學設計，在每一領域都有不凡表現，作品曾獲德國設計大獎。
      

   4. Jia Hu
      胡佳
      
      SLEEPON's ​​COO. He once served as the technical director of the wearable division of Flextronics FLEX, a Fortune 500 company, and was responsible for developing innovative hardware for brands such as Fitbit, Intel-BASIS, Fossil, and TAGheuer. He has profound attainments in supply chain management, product technology, and R&D team management.
      思立普的首席運營官。曾在世界500強公司偉創力FLEX擔任穿戴事業部技術總監，負責 Fitbit、Intel-BASIS、Fossil、TAGheuer 等品牌的智能硬件開發工作，在供應鏈管理、產品工藝、研發團隊管理方面有深厚造詣。
      

   5. Dr. Neil Kline（USA）
      
      Neil will join us as Chief Medical Officer, and will assist in developing and marketing SLEEPON products.
      Neil Kline 博士將出任首席醫療官。在擔任思立普的首席醫療官後，將協助產品的開發和市場開拓。
      

   6. Peiyao Yu
      余沛瑤
      
      She is responsible for overseas marketing and business communication, docking with overseas customers, and reaching business cooperation. She is responsible for brand image establishment and operation management in overseas markets, social media, user feedback, website construction, copywriting translation, and other operations.
      主要負責海外市場營銷及商務溝通，對接海外客戶，達成業務合作。規劃品牌海外市場形象建立和運營管理，處理社交媒體、用戶反饋、網站建設、文案翻譯等運營工作。
      

3. Key Personal Background
   主要人員背景

6

Sections To Be Declassified
等待解密之部分

1. SLEEPON’S Solutions
   思利普的解決方案

2. AI sleep coach
   人工智慧睡眠教練

3. Self-engagement sleep health APP
   個人睡眠健康管理程式

4. FDA approved diagnostic device
   醫療級睡眠居家監測設備

5. Digital therapy products
   數字療法產品

   1. Online self-directed CBT for Insomnia
      在線自助式認知行為療法治療失眠

   2. Positional therapy device for OSA
      體位療法治療監測二合一設備

   3. MRD for OSA
      牙套治療監測二合一設備

6. Sleep telemedicine platform
   遠程睡眠健康管理平台

7. Target Market
   目標市場

   1. Target regions
      地區

   2. To Consumers
      個人用戶

   3. To Businesses
      機構客戶

8. Traction
   牽引

9. Marketing and Sales Strategy
   營銷和銷售策略

   1. Member
      會員核裂變式增長

10. Risk Management
    風險管理

11. Competitors
    競爭方

12. Financial Plan
    財務計劃

13. Investment and Financing
    投資與融資

Disclaimer
免責聲明

This document has been produced and monitored by THE KEITH & EVEN GROUP (US) INC (the "Advisor") for the interest of Hangzhou SiLiPu(SleepOn) Technology Co,.Ltd (the “Company”). It is general background information about the Company’s activities at the date of this document. THE KEITH & EVEN GROUP (US) Inc. has produced this document based on information available to it, including information derived from public sources that have not been independently verified. No re-document or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. These projections should not be considered a comprehensive re-document of the Company’s cash generation performance.
本文件由奕資（美國）股份有限公司（“顧問”）為杭州思立普科技有限公司（“公司”）的利益而製作和監督。 本文件提供截至文件發布日期為止的公司活動的基礎背景信息。奕資（美國）股份有限公司根據其可獲得的信息編制了本文件，包括來自未經獨立驗證的公共來源的信息。 對於此處表達的信息、意見或結論的公平性、準確性、正確性、完整性或可靠性，不提供任何明示或暗示的新文件或保證。 這些預測不應被視為對公司現金產生業績的全面更新。

This document is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the Company’s credit facilities or any of the Company’s securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, the facilities or any of the Company’s securities in any jurisdiction. Neither this document nor anything in it shall form the basis of any contract or commitment. This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate.
本文件不是，也不應被解釋為對本公司信貸融資或本公司任何證券的要約、邀請或建議，或對本公司的設備及在任何司法管轄區的證券的要約、出售邀請或建議，及購買要約的引導。 本文件及其中的任何內容均不構成任何合同或承諾的基礎。本文件無意作為對投資者或潛在投資者的建議，也不考慮任何投資者的投資目標、財務狀況或需求。在決定是否投資時，所有投資者都應在諮詢他們選擇的專業顧問時考慮到這些因素。

The financial information included in this document is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes. This financial information has not been adjusted to reflect the outcome of any reorganization of the company’s capital structure, the resolution or impairment of any pre‐petition obligations, and does not reflect fresh start accounting which the company may be required to adopt.
本文件中包含的財務信息是初步的、未經審計的，並會在公司的結算和審計流程完成後進行修訂。 該財務信息未能反映公司任何資本結構重組、任何申請前債務的解決或減值後的結果，並且不反映公司可能需要採用的新的會計方法。

All forward–looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document, and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document. The financial projections are preliminary and subject to change; the Company undertakes no obligation to update or revise these forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the forecasts, and the variations may be material.
所有歸屬於公司或代表其行事的人的前瞻性陳述僅在本文件發布之日適用，並且完全受限於本文件其他地方包含的警示性陳述。財務預測是初步的，可能會發生變化；公司無義務更新或修改這些前瞻性陳述以反映文件發布日期之後發生的事件或意外事件的發生。不可避免地，一些假設不會實現，並且意外事件和情況可能會影響最終的財務結果。預測本質上會受到大量不確定性的影響，並受到各種重大業務、經濟和競爭風險的影響，並且預測所依據的假設在任何重大方面都可能不准確。因此，所取得的實際結果可能與預測有很大差異，而且差異可能很大。