WF International Ltd
What Do They Do?
Provides equipment and installation for heating, ventilation and air-conditioning systems, floor heating and water purification to commercial property developers and industrial project customers.
20-F for FY2025, filed Jan 30, 2026
How Do They Make Money?
For installation projects, customers pay in stages tied to contract milestones, from signing and equipment arrival through installation and completion. Stand-alone equipment sales are paid when delivered and accepted; other services are paid when completed and accepted.
20-F for FY2025, filed Jan 30, 2026Payment termsView ↗
The Company’s contract with the customer has payment terms specified based upon completion of certain conditions. The payment terms usually…View ↗
Revenue from sales of products requires the Company to deliver equipment on a one-time basis or based upon customers’ delivery notice…View ↗
Revenue from other services mainly include installation, maintenance and repair services which are outside of the contract of system…View ↗
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20-F for FY2025, filed Jan 30, 2026
FY2025 revenue by product or service ↗
$13.4M
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20-F for FY2025, filed Jan 30, 2026
$13.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Projects
Recurring
20-F for FY2025, filed Jan 30, 2026 |
92%
FY2022: 61%
|
Projects, FY2025
$12.3M Sources
|
Recurring |
|
Products
Sold outright
|
6.1%
FY2022: 37%
|
Products, FY2025
$811.8K Sources
|
Sold outright |
|
Services
Sold outright
|
1.8%
FY2022: 2.3%
|
Services, FY2025
$246.6K Sources
|
Sold outright |
Who Are Their Customers?
Property developers and other construction-project companies buy through individual project tenders or joint procurement tenders; customers include state-owned, publicly listed and private businesses.
20-F for FY2025, filed Jan 30, 2026Given our focus on servicing the real estate industry, our customer base is primarily composed of reputable state-owned enterprises…View ↗
We acquire most of our business through the tender process. We participate in tendering through two methods: individual project tendering…View ↗
For individual project tendering, we participate in the customer’s tendering process and provide sale of the equipment and/or installation…View ↗
For joint procurement project tendering, the customer releases procurement orders for the next 2-3 years. We will obtain the brand-name…View ↗
20-F for FY2025, filed Jan 30, 2026
For the fiscal year ended September 30, 2025, three customers accounted for 29.2%, 25.1% and 11.0% of the Company’s total revenues. For the…View ↗
Do Revenues Turn Into Profits?
No. It lost $3.3M in FY2025.
How Are They Changing?
Growing. Revenue grew 18% in 3 years, from $11.3M in FY2022 to $13.4M in FY2025, about 6% a year.
Who Do They Compete With?
Competes with Sichuan Zhicheng Electromechanical Engineering
20-F for FY2025, filed Jan 30, 2026Our competitors mainly consist of local players in Sichuan Province, China, such as Sichuan Zhicheng Electromechanical Engineering Co.…View ↗
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