Huadi International Files 2024 Annual Report

TL;DR

Huadi Intl (HDII) filed its 2024 20-F. Check financials.

AI Summary

Huadi International Group Co., Ltd. filed its annual report on Form 20-F for the fiscal year ended September 30, 2024. The company, incorporated in the Cayman Islands and operating in the steel pipe and tubes industry, is headquartered at No. 68, Yaqian Village, Yongzhong Street, Wenzhou, China. The filing confirms its status as an annual report under the 1934 Securities Exchange Act.

Why It Matters

This filing provides investors with the company's official financial performance and operational overview for the fiscal year 2024, crucial for assessing its current standing and future prospects.

Risk Assessment

Risk Level: medium — As a foreign private issuer filing a 20-F, the company's financial reporting and disclosure standards may differ from US domestic issuers, requiring careful investor due diligence.

Key Players & Entities

• Huadi International Group Co., Ltd. (company) — Filer of the 20-F
• 0001213900-25-008430 (accession_number) — SEC filing accession number
• 20240930 (date) — Fiscal year end date
• 20250130 (date) — Filing date
• 001-39904 (commission_file_number) — SEC commission file number
• Cayman Islands (jurisdiction) — Jurisdiction of incorporation
• STEEL PIPE & TUBES [3317] (industry) — Standard Industrial Classification
• No. 68, Yaqian Village, Yongzhong Street, Wenzhou, F4, 325025 (address) — Business and mailing address

FAQ

Key Financial Figures

• $1.00 — tember 30, 2024, 2023, and 2022 were US $1.00 for RMB 7.0176, RMB 7.2960, and RMB 7.1
• $100 billion — addressed by China are (i) a mandatory $100 billion reduction in the China/United States tr
• $300 billion — e deficit and (ii) limiting the planned $300 billion Chinese government support for advanced
• $34 billion — States initially imposed 25% tariffs on $34 billion worth of Chinese goods, including agric
• $250 billion — 8, the United States imposed tariffs on $250 billion worth of Chinese products and has threa
• $325 billion — products and has threatened tariffs on $325 billion more. In response, China imposed tariff
• $110 billion — . In response, China imposed tariffs on $110 billion worth of U.S. goods, and threatened qua
• $1,832 — 2024 and 2023, we purchased a total of $1,832 and $679,210 raw materials from Taizhou
• $679,210 — 023, we purchased a total of $1,832 and $679,210 raw materials from Taizhou Huadi Indust
• $666,114 — spectively; and we purchased a total of $666,114 and $nil raw materials from Taizhou Hua
• $239,640 — , and 2023, we sold a total of $nil and $239,640 of piping products to Taizhou Huadi Ind
• $7,343 — ndustrial Ltd, respectively; a total of $7,343 and $nil of piping products to Taizhou
• $1,661 — y Co, Ltd, respectively; and a total of $1,661 and $nil of piping products to Shanghai

Filing Documents

• ea0228415-20f_huadiinter.htm (20-F) — 1843KB
• ea022841501ex2-1_huadiinter.htm (EX-2.1) — 56KB
• ea022841501ex12-1_huadiinter.htm (EX-12.1) — 9KB
• ea022841501ex12-2_huadiinter.htm (EX-12.2) — 9KB
• ea022841501ex13-1_huadiinter.htm (EX-13.1) — 3KB
• ea022841501ex13-2_huadiinter.htm (EX-13.2) — 3KB
• ea022841501ex15-1_huadiinter.htm (EX-15.1) — 2KB
• ea022841501ex15-2_huadiinter.htm (EX-15.2) — 3KB
• image_001.jpg (GRAPHIC) — 18KB
• image_002.jpg (GRAPHIC) — 8KB
• image_003.jpg (GRAPHIC) — 3KB
• image_004.jpg (GRAPHIC) — 2KB
• image_005.jpg (GRAPHIC) — 3KB
• image_006.jpg (GRAPHIC) — 2KB
• image_007.jpg (GRAPHIC) — 3KB
• image_008.jpg (GRAPHIC) — 2KB
• image_009.jpg (GRAPHIC) — 3KB
• image_010.jpg (GRAPHIC) — 2KB
• image_011.jpg (GRAPHIC) — 3KB
• image_012.jpg (GRAPHIC) — 41KB
• ex15-1_001.jpg (GRAPHIC) — 30KB
• 0001213900-25-008430.txt ( ) — 8917KB
• hudi-20240930.xsd (EX-101.SCH) — 77KB
• hudi-20240930_cal.xml (EX-101.CAL) — 63KB
• hudi-20240930_def.xml (EX-101.DEF) — 380KB
• hudi-20240930_lab.xml (EX-101.LAB) — 612KB
• hudi-20240930_pre.xml (EX-101.PRE) — 396KB
• ea0228415-20f_huadiinter_htm.xml (XML) — 926KB

Item 18

Item 17 Item 18 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents Page PART I Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Item 4. Information on the Company 28 Item 4A. Unresolved Staff Comments 50 Item 5. Operating and Financial Review and Prospects 50 Item 6. Directors, Senior Management and Employees 60 Item 7. Major Shareholders and Related Party Transactions 69 Item 8. Financial Information 71 Item 9. The Offer and Listing 72 Item 10. Additional Information 73 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 89 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 90 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 91 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 91 Item 15.

Controls and Procedures

Controls and Procedures 91 Item 16. [Reserved] 92 Item 16A. Audit Committee Financial Expert 92 Item 16B. Code of Ethics 92 Item 16C. Principal Accountant Fees and Services 92 Item 16D. Exemptions from the Listing Standards for Audit Committees 93 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 93 Item 16F. Change in Registrant's Certifying Accountant 93 Item 16G. Corporate Governance 94 Item 16H. Mine Safety Disclosure 94 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 94 Item 16J. Insider trading policies 94 Item 16K. Cyber Security 94 PART III Item 17.

Financial Statements

Financial Statements 95 Item 18.

Financial Statements

Financial Statements 95 Item 19. Exhibits 95 i Conventions Used in this Annual Report Except where the context otherwise requires and for purposes of this annual report on Form 20-F only: "China" or "PRC" refers to the People's Republic of China, and only in the context of describing PRC rules, laws, regulations, regulatory authority, and any PRC entities or citizens under such rules, laws and regulations, and other legal or tax matters in this report, excludes Hong Kong, Macau and Taiwan; "Huadi International" refers to Huadi International Group Co., Ltd. (also referred to as ), a Cayman Islands exempted company; "HK Beach" refers to Hong Kong Beach Limited (also referred to as ), a Hong Kong company and a wholly owned subsidiary of Yongqiang Tuoxing; "Huadi Steel" refers to Huadi Steel Group Limited (also referred to as ), a PRC company and a 99% owned subsidiary of Wenzhou Hongshun; "Huadi Songyang" refers to Huadi (Songyang) Co., Ltd. (also referred to as ), a PRC company and a wholly owned subsidiary of HK Beach; "PRC operating entities" refers to Huadi Steel and Huadi Songyang; "RMB" or "Renminbi" refers to the legal currency of China; "SEC" refers to the Securities and Exchange Commission of the United States; "Wenzhou Hongshun" refers to Hongshun Stainless Steel Limited (also referred to as ), a PRC company and a wholly owned subsidiary of HK Beach; "We," "us," "our company," "Company," and "our" refer to Huadi International Group Co., Ltd. and its subsidiaries; and "Yongqiang Tuoxing" refers to Yongqiang Tuoxing Limited (also referred to as ), a British Virgin Islands company and a wholly owned subsidiary of Huadi International. This annual report contains translations of certain RMB amounts into U.S. dollar amounts at a specified rate solely for the convenience of the reader. All reference to "U.S. dollars," "USD," "US$" or "$" are to United States dollars. The exchange rates in effect as of September 30, 2024, 2023, and 20

Identity of Directors,

Item 1. Identity of Directors, Senior Management and Advisers Not applicable for annual reports on Form 20-F.

Offer Statistics

Item 2. Offer Statistics and Expected Timetable Not applicable for annual reports on Form 20-F.

Key Information

Item 3. Key Information A. [RESERVED] B. CAPITALIZATION AND INDEBTEDNESS Not applicable for annual reports on Form 20-F. C. REASONS FOR THE OFFER AND USE OF PROCEEDS Not applicable for annual reports on Form 20-F. D. RISK FACTORS An investment in our ordinary shares involves a high degree of risk. You should consider carefully the following risk factors, as well as the other information contained in this annual report, before making an investment in our ordinary shares. Any of the risk factors described below could significantly and negatively affect our financial position, results of operations or cash flows. In addition, these risks represent important factors that can cause our actual results to differ materially from those anticipated in our forward-looking statements. Risks Related to Our Business and Industry Tariffs could materially have a negative impact on the demand for our products. Import tariffs, other trade barriers, and protectionist policies could negatively affect steel prices and our exports to international markets, particularly the United in foreign steel markets. For example, our PRC operating entities might anticipate a significant increase in the cost of goods to be sold to the United States as a result of tariffs on steel and steel products imports imposed by the US government. The US government imposed a 25% tariff on steel imports and a 10% tariff on aluminum imports in March 2018 under "Section 232" from nearly all foreign countries. In addition to the Section 232 tariff, the US government has imposed hefty anti-dumping and subsidy countervailing duties on a wide range of steel imports from China. With regard to our company in particular, the Section 232 tariff had a limited effect on our U.S. sales, because the tariffs on our exports to the United States had already reached 25% before 2018. Ther

View Full Filing

View this 20-F filing on SEC EDGAR