Overview
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- TickerHUDI on Nasdaq1
- IndustrySteel Pipe & Tubes1
- HeadquartersWenzhou, China1
- Incorporated inCayman Islands3
- Business addressNo. 68, Yaqian Village, Yongzhong Street, Wenzhou, F4 3250253
- Filer categoryNon-accelerated filer, Emerging growth company3
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Street, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands. Our registered agent in the United States is Cogency Global Inc.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
10.8%Gross margin2
-4.6%Operating margin2
-2.2%Net margin2
-15.3%Revenue growth, 20252
-1.8%Return on equity2
0.11×Debt to equity2
-$9.9MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Sale brought in 99% of the revenue Huadi International Group Co., Ltd. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Sale | $83.1M | $73.6M | $62.5M |
| Production Service Revenue | $1.2M | $635.4K | $408.0K |
Regions
China brought in 85% of the revenue Huadi International Group Co., Ltd. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| China | $73.7M | $60.1M | $53.6M |
| United States | $7.1M | $7.8M | $6.3M |
| India | $1.6M | $748.2K | $1.4M |
| Other Foreign Countries | $882.4K | $1.1M | $876.6K |
| SGMember | $3.8M | $400.6K | |
| Australia | $385.1K | $370.2K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue84¢$56.1M
- Research and development3¢$2.2M
- Selling, general and admin12¢$7.8M
- Income tax1¢$494.8K
Out of $62.9M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Cost of sales | -$56.1M | -$67.0M | -$72.0M |
| Gross profit | $6.8M | $7.3M | $12.4M |
| Selling, general and administrative | $7.8M | $6.8M | $7.3M |
| Research and development | $2.2M | $2.2M | $2.6M |
| Foreign currency transaction gains | -$266.0K | -$98.4K | -$644.1K |
| Total operating expenses | $9.7M | $8.9M | $9.2M |
| Operating (loss) income | -$2.9M | -$1.6M | $3.1M |
| Interest income (expenses), net | $220.6K | $206.3K | -$296.3K |
| Other income (expenses), net | $767.8K | $1.2M | $701.8K |
| Total other income (expenses), net | $988.4K | $1.5M | $405.5K |
| (Loss) Income before income taxes | -$1.9M | -$156.2K | $3.5M |
| Income tax benefits (expenses) | $494.8K | $298.6K | -$220.9K |
| Net (loss) income | -$1.4M | $142.4K | $3.3M |
| Net (loss) income attributable to non-controlling interests | -$4.9K | $5.0K | $37.5K |
| Net (loss) income attributable to Huadi International Group Co., Ltd. | -$1.4M | $137.4K | $3.3M |
| Foreign currency translation adjustment | -$1.1M | $2.5M | -$1.3M |
| Total comprehensive (loss) income | -$2.5M | $2.6M | $2.0M |
| Comprehensive (loss) income attributable to non-controlling interests | -$16.2K | $30.0K | $24.4K |
| Comprehensive (loss) income attributable to Huadi International Group Co., Ltd. | -$2.5M | $2.6M | $2.0M |
| Basic (in Dollars per share) | -$0.10 | $0.01 | $0.23 |
| Diluted (in Dollars per share) | -$0.10 | $0.01 | $0.23 |
| Basic (in Shares) | 14.3M shares | 14.3M shares | 14.1M shares |
| Diluted (in Shares) | 14.3M shares | 14.3M shares | 14.1M shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 |
|---|---|---|---|---|
| Cash and cash equivalents | $6.5M | $18.1M | $20.2M | |
| Restricted cash | $3.1M | $4.4M | ||
| Time deposits | $100.2K | |||
| Accounts receivable, net of allowance for credit losses of $1,183,298 and $1,003,514, respectively | $24.8M | $18.7M | ||
| Notes receivable, net | $8.4M | $7.9M | ||
| Inventories | $24.1M | $23.3M | ||
| Advances to suppliers, net | $2.3M | $3.6M | ||
| Advances to suppliers, net related parties | $692.5K | |||
| Other receivables, net | $1.1M | $700.5K | ||
| Total current assets | $70.3M | $77.5M | ||
| Property, plant and equipment, net | $15.3M | $8.0M | ||
| Land use rights, net | $4.2M | $4.4M | ||
| Long-term time deposits | $166.0K | |||
| Long-term investments | $11.7M | $13.0M | ||
| Long-term prepayments | $6.6M | |||
| Deferred tax assets | $1.0M | $550.9K | ||
| Other noncurrent assets | $221.3K | $138.3K | ||
| TOTAL ASSETS | $109.5M | $103.6M | ||
| Accounts payable | $2.7M | $1.9M | ||
| Accounts payable - related parties | $462 | |||
| Accrued expenses and other current liabilities | $3.0M | $2.2M | ||
| Notes payable | $10.1M | $13.3M | ||
| Advance from customers | $1.3M | $1.5M | ||
| Advance from customers - related parties | $7.1K | $5.7K | ||
| Short-term borrowings | $4.1M | $1.2M | ||
| Long-term borrowings - current portion | $43.5K | |||
| Tax payable | $3.0M | $3.6M | ||
| Total current liabilities | $24.3M | $23.8M | ||
| Long-term borrowings | $8.0M | |||
| Deferred government grants - noncurrent portion | $1.1M | $1.1M | ||
| TOTAL LIABILITIES | $33.7M | $25.3M | ||
| Common stock, $0.0002 par value, 250,000,000 shares authorized, 14,299,182 and 14,279,182 shares issued and outstanding, respectively | $2.9K | $2.9K | ||
| Additional paid-in capital | $67.4M | $67.3M | ||
| Statutory surplus reserves | $920.0K | $920.0K | ||
| Retained earnings | $6.3M | $7.7M | ||
| Accumulated other comprehensive income | $923.8K | $2.0M | ||
| Total equity attributable to Huadi International Group Co., Ltd. | $75.5M | $78.0M | ||
| Equity attributable to non-controlling interests | $298.0K | $314.2K | ||
| Total shareholders equity | $75.8M | $78.3M | $74.7M | $49.6M |
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | $109.5M | $103.6M | ||
| Allowance for doubtful accounts, net | $1.2M | $1.0M | ||
| Common stock, par value (in Dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in Shares) | 250.0M shares | 250.0M shares | ||
| Common stock, shares issued (in Shares) | 14.3M shares | 14.3M shares | ||
| Common stock, shares outstanding (in Shares) | 14.3M shares | 14.3M shares |
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 |
|---|---|---|---|---|
| Cash and cash equivalents | $6.5M | $18.1M | $20.2M | |
| Restricted cash | $3.1M | $4.4M | ||
| Time deposits | $100.2K | |||
| Accounts receivable, net of allowance for credit losses of $1,183,298 and $1,003,514, respectively | $24.8M | $18.7M | ||
| Notes receivable, net | $8.4M | $7.9M | ||
| Inventories | $24.1M | $23.3M | ||
| Advances to suppliers, net | $2.3M | $3.6M | ||
| Advances to suppliers, net related parties | $692.5K | |||
| Other receivables, net | $1.1M | $700.5K | ||
| Total current assets | $70.3M | $77.5M | ||
| Property, plant and equipment, net | $15.3M | $8.0M | ||
| Land use rights, net | $4.2M | $4.4M | ||
| Long-term time deposits | $166.0K | |||
| Long-term investments | $11.7M | $13.0M | ||
| Long-term prepayments | $6.6M | |||
| Deferred tax assets | $1.0M | $550.9K | ||
| Other noncurrent assets | $221.3K | $138.3K | ||
| TOTAL ASSETS | $109.5M | $103.6M | ||
| Accounts payable | $2.7M | $1.9M | ||
| Accounts payable - related parties | $462 | |||
| Accrued expenses and other current liabilities | $3.0M | $2.2M | ||
| Notes payable | $10.1M | $13.3M | ||
| Advance from customers | $1.3M | $1.5M | ||
| Advance from customers - related parties | $7.1K | $5.7K | ||
| Short-term borrowings | $4.1M | $1.2M | ||
| Long-term borrowings - current portion | $43.5K | |||
| Tax payable | $3.0M | $3.6M | ||
| Total current liabilities | $24.3M | $23.8M | ||
| Long-term borrowings | $8.0M | |||
| Deferred government grants - noncurrent portion | $1.1M | $1.1M | ||
| TOTAL LIABILITIES | $33.7M | $25.3M | ||
| Common stock, $0.0002 par value, 250,000,000 shares authorized, 14,299,182 and 14,279,182 shares issued and outstanding, respectively | $2.9K | $2.9K | ||
| Additional paid-in capital | $67.4M | $67.3M | ||
| Statutory surplus reserves | $920.0K | $920.0K | ||
| Retained earnings | $6.3M | $7.7M | ||
| Accumulated other comprehensive income | $923.8K | $2.0M | ||
| Total equity attributable to Huadi International Group Co., Ltd. | $75.5M | $78.0M | ||
| Equity attributable to non-controlling interests | $298.0K | $314.2K | ||
| Total shareholders equity | $75.8M | $78.3M | $74.7M | $49.6M |
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | $109.5M | $103.6M | ||
| Allowance for doubtful accounts, net | $1.2M | $1.0M | ||
| Common stock, par value (in Dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in Shares) | 250.0M shares | 250.0M shares | ||
| Common stock, shares issued (in Shares) | 14.3M shares | 14.3M shares | ||
| Common stock, shares outstanding (in Shares) | 14.3M shares | 14.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Net (loss) income | -$1.4M | $142.4K | $3.3M |
| Depreciation | $614.6K | $685.7K | $657.1K |
| Amortization | $28.8K | $73.7K | $58.8K |
| Stock-based compensation | $29.4K | $49.0K | $59.6K |
| Credit loss expense (reversal) | $101.3K | -$41.7K | |
| Bad debt expenses | $276.2K | $89.4K | $430.7K |
| Impairment loss on long-term investment | $1.2M | ||
| Deferred tax expenses | -$494.8K | -$307.3K | -$64.6K |
| Gains on disposal of fixed assets | -$1.3K | -$2.6K | |
| Foreign currency transaction gains | -$266.0K | -$98.4K | -$644.1K |
| Accounts receivable | -$6.4M | $6.1M | -$3.8M |
| Notes receivable | -$484.1K | -$153.2K | -$6.5M |
| Inventories | -$1.1M | $4.3M | -$2.5M |
| Advances to suppliers, net | $1.4M | -$1.5M | $1.1M |
| Advances to suppliers, net related party | $673.8K | -$674.5K | |
| Other receivables | -$386.7K | -$523.1K | $380.3K |
| Other noncurrent assets | -$80.7K | $14.6K | -$261.8K |
| Accounts payable | $836.2K | -$5.4M | $4.0M |
| Accrued expenses and other current liabilities | $870.2K | $127.0K | $226.9K |
| Notes payable | -$3.0M | $11.3M | $1.1M |
| Advances from customers | -$211.1K | -$1.9M | -$913.0K |
| Tax payable | -$622.9K | -$511.2K | $994.4K |
| Deferred government grants | $1.1M | ||
| Net cash (used in) provided by operating activities | -$8.5M | $13.0M | -$2.4M |
| Placement of time deposits | -$262.7K | ||
| Purchases of property, plant and equipment | -$1.5M | -$308.6K | -$157.6K |
| Purchases of land-use-right | -$3.4M | ||
| Acquisition of CIP | -$6.4M | -$2.8M | |
| Prepayments for acquisition of CIP | -$6.9M | ||
| Proceeds from disposition of property, plant and equipment | $16.4K | $4.0K | |
| Net cash used in investing activities | -$15.0M | -$3.1M | -$3.6M |
| Proceeds from short-term borrowings | $4.1M | $1.2M | $5.6M |
| Repayments on short-term borrowings | -$1.2M | -$4.5M | -$13.0M |
| Proceeds from long-term borrowings | $10.2M | $2.8M | $5.6M |
| Repayments on long-term borrowings | -$2.2M | -$8.3M | -$9.4M |
| Proceeds from stock offering, net of offering costs | $23.0M | ||
| Proceeds from related parties | $6.9M | ||
| Repayments to related parties | -$48.5K | -$20.8K | -$7.1M |
| Net cash provided by(used in) financing activities | $10.8M | -$8.8M | $11.6M |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | -$218.7K | $456.2K | $878.2K |
| Net (decrease) increase in cash and cash equivalents and restricted cash | -$12.9M | $1.6M | $6.4M |
| Cash paid for income taxes | $3.2M | $328.4K | $25.8K |
| Cash paid for interest | $195.4K | $176.0K | $442.7K |
No quarter-by-quarter statement was filed.
Compare Huadi International Group Co., Ltd. with another company
Corporate structure
Huadi International Group Co., Ltd. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Huadi International Group Co., Ltd.
- Hudson Bay Capital Management LP Filed SCHEDULE 13G/A on Huadi International Group Co., Ltd., latest Aug 7, 2025 (2 filings since Feb 6, 2023)
- SABBY MANAGEMENT, LLC Filed SC 13G/A on Huadi International Group Co., Ltd., latest Jan 2, 2024 (2 filings since Jan 4, 2023)
- Di Wang Filed SC 13G on Huadi International Group Co., Ltd., latest Feb 28, 2022
- Jueqin Wang Filed SC 13G on Huadi International Group Co., Ltd., latest Feb 28, 2022
- Huadi International Group Co., Ltd. Wenzhou, China
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Huadi International Group Co., Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Buildings and improvements | $1.7M2 Sep 30, 2024 | ||
| Property and equipment, before depreciation | $25.0M2 Sep 30, 2025 | $17.8M2 Sep 30, 2024 | +40.0% |
| Accumulated depreciation | $9.7M2 Sep 30, 2025 | $9.8M2 Sep 30, 2024 | −1.4% |
| Property and equipment, net | $15.3M2 Sep 30, 2025 | $8.0M2 Sep 30, 2024 | +90.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $6.5M2 Sep 30, 2025 | $18.1M2 Sep 30, 2024 | −64.2% |
| Long-term investments | $11.7M2 Sep 30, 2025 | $13.0M2 Sep 30, 2024 | −10.4% |
| Deposits held (banks) | $70.0K2 Sep 30, 2025 |
Inventory
Leadership
Who has led Huadi International Group Co., Ltd., and when. Pick a name to see everywhere that person has worked.
- Chief executive officerHuisen Wang Apr 10, 2026 to now10
- Chief financial officerJianping Xiang Apr 10, 2026 to now11
Board members and other officers (4)
- Board memberDi Wang Apr 10, 2026 to now12
- Board memberJiancong Huang Apr 10, 2026 to now13
- Board memberJueqin Wang Apr 10, 2026 to now14
- Board memberSonglin Li Apr 10, 2026 to now15
Timeline
- Apr 10, 2026New chief executive Huisen Wang becomes CEO10
Filings
67 filings to the SEC since October 2021: 8 annual reports, 8 insider forms, 6 large holders, 45 other. The latest 20:
- Aug 19, 2026EFFECT EDGAR
- Aug 17, 2026CORRESP EDGAR
- Aug 14, 2026UPLOAD EDGAR
- Aug 12, 2026F-3 REGISTRATION STATEMENT EDGAR
- Jul 17, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Apr 29, 20264 EDGAR
- Apr 10, 20263 EDGAR
- Apr 10, 20263 EDGAR
- Apr 10, 20263 EDGAR
- Apr 10, 20263 EDGAR
- Apr 10, 20263 EDGAR
- Apr 10, 20263 EDGAR
- Apr 10, 20263 EDGAR
- Jan 30, 202620-F ANNUAL REPORT EDGAR
- Aug 7, 2025SCHEDULE 13G/A EDGAR
- Aug 6, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Apr 1, 2025UPLOAD EDGAR
- Mar 27, 2025CORRESP EDGAR
- Mar 27, 202520-F/A AMENDMENT NO. 1 TO FORM 20-F EDGAR
The 67 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Hudson Bay Capital Management LPSCHEDULE 13G/A, 2 filings Feb 6, 2023 to Aug 7, 202516
- SABBY MANAGEMENT, LLCSC 13G/A, 2 filings Jan 4, 2023 to Jan 2, 202417
- Di WangSC 13G, 1 filing Feb 28, 202218
- Jueqin WangSC 13G, 1 filing Feb 28, 202219
SEC filer profile
How Huadi International Group Co., Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARHuadi International Group Co., Ltd.1
- CIK0001791725
- Filer statusNon-accelerated filer an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Fiscal year endsSeptember 301
- Industry code (SIC)3317 Steel Pipe & Tubes1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business addressNo. 68, Yaqian Village, Yongzhong Street, Wenzhou, F4 3250251
- Phone860577865988881
- Shares outstanding14,299,182 shares as of Sep 30, 20254
- AuditorHTL International, LLC, Houston, Texas PCAOB ID 7000; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceNov 4, 20191
- Filings100 in all: 6-K (28), CORRESP (12), UPLOAD (12), 3 (7), 20-F (6), SC 13G (4), 20-F/A (3), EFFECT (3)1
All 25 form types
F-1/A (3), NT 20-F (3), 424B5 (2), DRS/A (2), DRSLTR (2), F-3 (2), 4 (1), 424B4 (1), 8-A12B (1), CERT (1), DEL AM (1), DRS (1), F-1 (1), F-3/A (1), FWP (1), SC 13G/A (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (20-F) Jan 30, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Ordinary shares, par value 0.0002 per share | HUDI | Nasdaq |
From the cover page of the 20-F filed Jan 30, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10SEC EDGARHuisen Wang, Chief executive officer
- 11
- 12SEC EDGARDi Wang, Board member
- 13SEC EDGARJiancong Huang, Board member
- 14SEC EDGARJueqin Wang, Board member
- 15SEC EDGARSonglin Li, Board member
- 16
- 17
- 18
- 19