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Decent Holding Inc

ir.dxshengtai.com

What Do They Do?

Provides river water quality management services, wastewater treatment, and microbial water-treatment products to construction, agri-food processing, and automotive businesses.

How Do They Make Money?

Customers buy river-management projects, wastewater projects and microbial products, with payment timing set by each contract. River-project revenue builds as work progresses; wastewater fees are tied to completion and acceptance, and product sales to delivery and acceptance.

revenue
SegmentShareRevenue
Wastewater treatment revenue
Sold outright

32%
FY2022: 18%
River water quality management revenue
Recurring

51%
FY2022: 53%
Product sales revenue
Sold outright

16%
FY2022: 28%
Others
0.6%
FY2022: 0.7%

Who Are Their Customers?

Serves private-sector customers in construction, agri-food processing and automotive manufacturing, tailoring water-treatment services and products to their needs.

Customers above 10% of revenue, FY2025
of revenue from three customers (47%, 29%, 13%)
FY2024: 82% from three customers

Do Revenues Turn Into Profits?

No. It lost $322.2K in FY2025.

Operating income, FY2025
−1% of revenue
▼ Now a loss vs FY2024 ($2.5M, 21%)
Net income, FY2025
−2% of revenue
▼ Now a loss vs FY2024 ($2.1M, 18%)
Free cash flow, FY2025
−27% of revenue
▲ +685% (Loss) vs FY2024 (−$440.5K, −4%)

How Are They Changing?

Growing. Revenue grew 3.6x in 3 years, from $3.6M in FY2022 to $12.9M in FY2025, about 53% a year.

Revenue over time
Wastewater treatment revenue River water quality management revenue Product sales revenue Others
$20M$10M$0

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