MHUAF 20-F SEC Filing Analysis

Latest settled — T+20d

MHUAF ▼ -5.41% at T+20d

SHORT call ✓ call won +5.41% · α vs SPY +10.87% · entry $8.88 → $8.40

Next anchor: T+60d in 6w

Last close $8.30 (close Jun 12) · +6.53% from $8.88 entry (call sign-flipped)

Entry anchored
Apr 29, 2026
via day open

T+1d

-1.35%

call +1.35% · α +2.37%

$8.76

settled 7w ago

T+5d

-5.63%

call +5.63% · α +8.74%

$8.38

settled 6w ago

T+20d

-5.41%

call +5.41% · α +10.87%

$8.40

settled 18d ago

T+60d

—

call — · α —

—

in 6w

Price Chart

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Executive Summary

Meihua International's FY2025 annual report reveals a 36% revenue decline to $61.79M and a 37% net income drop to $6.78M, with gross margin contracting from 34% to 31%. The company remains delisted from Nasdaq and trades OTC, with a pending appeal that was denied by the Panel and further appealed. The deteriorating fundamentals and continued OTC status signal significant distress.

Actionable Insight

The revenue and earnings decline, combined with permanent delisting risk, are strongly negative. Monitor the outcome of the appeal to the Listing Council and any further dilution from the private placement shares. The OTC listing will likely continue to limit liquidity and institutional interest.

Key Facts

Revenue decreased 36% YoY to $61.79 million in FY2025 from $96.91 million in FY2024.
Net income fell 37% to $6.78 million from $10.84 million.
Gross margin declined to 31% from 34%.
Shares were delisted from Nasdaq in December 2025 and now trade OTC; appeal of delisting was denied by Nasdaq Panel in February 2026.
Internal control over financial reporting was ineffective due to lack of U.S. GAAP and SEC reporting expertise.
The company raised $16.52 million via private placement in October 2025 and issued a leak-out agreement allowing selling of shares.

Financial Impact

Revenue down $35.1M, net income down $4.06M, gross profit down $14.1M.

revenuenet incomegross profit margin

Risk Factors

Nasdaq delisting appeal may fail, keeping shares on OTC with limited liquidity.
Further revenue erosion due to competition and reduced market demand.
Potential shareholder litigation or SEC action from the Tai He fraud incident.

Market Snapshot

Exchange

OTC

Sector

Surgical & Medical Instruments & Apparatus

Documents Analyzed

This report is based on 14 SEC documents filed with EDGAR.

Document	Accession Number
20-F Filing (Primary)	0001213900-26-049081
Document: ea028714301ex1-4.htm	0001213900-26-049081
Document: ea028714301ex4-19.htm	0001213900-26-049081
Document: ea028714301ex12-2.htm	0001213900-26-049081
Document: ea028714301ex12-1.htm	0001213900-26-049081
Document: ea028714301ex99-4.htm	0001213900-26-049081
Document: ea028714301ex13-2.htm	0001213900-26-049081
Document: ea028714301ex13-1.htm	0001213900-26-049081
Document: ea028714301ex8-1.htm	0001213900-26-049081
Document: ea028714301ex23-1.htm	0001213900-26-049081
Document: ea028714301ex23-2.htm	0001213900-26-049081
Document: 0001213900-26-049081-index-headers.html	0001213900-26-049081
Document: 0001213900-26-049081-index.html	0001213900-26-049081
Document: 0001213900-26-049081.txt	0001213900-26-049081

2 reports for MHUAF

T+1T+5T+20T+60

Filters

Reports for MHUAF — sortable, filterable
	Type				Now
Apr 29, 2026 6w ago	20-F BEARISH ★ 8/10	$8.88 $8.40	▲ +5.41%	▲ +10.87%	$8.30 (+6.53%)
Feb 27, 2026 15w ago	EFFECT NEUTRAL ★ 4/10	$9.00 $8.36	▼ −7.11%	▲ +0.45%	$8.30 (−7.78%)

US Market Status

Market Closed — Opens in 4h 10m

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