WF International Ltd.
WXM · Construction - Special Trade Contractors · EDGAR filings ↗
Grade
D47Small Chinese HVAC installer hit by the property downturn, swinging to a net loss on falling revenue and client defaults.
Strengths
- Maintains adequate near-term liquidity (current ratio 1.11, quick ratio 1.09)
- Diversifying toward consumer/after-market HVAC service for premium brands (Toshiba, Carrier)
Risks
- Swung to a $3.3M net loss (net margin -25%, ROE -69%, ROA -24%) with gross margin halving to 8.8% and revenue down 13.7%
- Heavy exposure to distressed PRC real-estate developers, $1.0M credit/impairment losses, and PRC governance/currency risks
Notable findings
- Net lossNet loss (net margin -24.5%)
- Revenue declineRevenue -13.7% YoY
Key metrics
Gross margin
8.8%
Operating margin
-21.4%
Net margin
-24.5%
Return on equity
-69.1%
Return on assets
-24.0%
Revenue growth (QoQ)
-13.7%
Net-income growth
-441.5%
Current ratio
1.1×
Tangible book value
$5M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-01-30 | 2025-09-30 | 0001731122-26-000158 ↗ |
| 20-F | 2025-02-18 | 2024-09-30 | 0001731122-25-000239 ↗ |