Maitong Sunshine Cultural Development Co Ltd (OTC: MGSD) is a China-based cultural services company that operates through its subsidiary Tongzhilian to sell cultural tourism packages, host arts expositions, and distribute culturally themed consumer products. Revenue is generated through transactional sales of tours, products such as tea, alcohol, and gift cards, and sales-agent commissions on third-party cultural and creative product lines. Tongzhilian started its products sales business in the last quarter of fiscal year 2024 (ended September 30, 2024). The company operates primarily in the PRC, receives substantially all revenues in RMB, and is structured as an offshore holding company subject to CSRC reporting requirements since March 2023. Cash and restricted cash totaled $73,368 as of September 30, 2025, down from $698,307 as of September 30, 2024. Net cash used in operating activities was $674,758 for the fiscal year ended September 30, 2025. CEO Huang Fang founded and leads the company; none of the board directors meet independence standards as defined by NYSE American rules.

Revenue model

Transactional sales of culturally themed consumer goods (tea, alcohol, gift cards); tour package sales designed by Tongzhilian and fulfilled through cooperating third-party tour operators; sales-agent commissions shared with sub-agents on third-party cultural and creative product distribution. The company plans to offer prepaid cards and paid memberships to offset seasonal tourism gaps, but these had not generated material disclosed revenue as of the 10-K filed January 9, 2026.

Products and services

Cultural tourism packages (designed by Tongzhilian, fulfilled by partner tour operators); arts expositions; consumer products including tea, alcohol, and gift cards redeemable for goods such as crab and meat; sales-agent distribution of third-party Chinese cultural and creative products; planned proprietary lines of cultural and creative products to be designed and contract-manufactured.

Customers and end markets

Chinese consumers purchasing cultural tourism experiences, gift boxes, and culturally themed consumer goods. Demand is tied to Chinese public holidays, with peak sales during summer (July to August) and winter (January to February) holiday periods. The Chinese New Year gift-box tradition is cited as a key end-market driver. No customer concentration figures are disclosed in the filing.

Value-chain role

Tongzhilian acts as tour designer and marketing supervisor, outsourcing accommodations and logistics to partner tour operators and travel agents. For consumer products, the company procures goods from suppliers and arranges drop-ship delivery, functioning as both a principal seller and a sales agent earning commissions from distributors.

Geographic exposure

Operations based entirely in the PRC. Revenues received substantially in RMB. Incorporated as an offshore holding company; subject to PRC foreign exchange controls administered by SAFE and securities regulations administered by CSRC.

Competitors

M&G Group (stationery and home goods, China-listed), Regional history museums in China (holders of classical cultural elements), Third-party tour operators and travel agents

Source: SEC 10-K, filed 2026-01-09

Industry: Transportation Services