WUXI, China, Oct. 1, 2025 /PRNewswire/ -- Mingteng International Corporation Inc. (the "Company" or "Mingteng International") (Nasdaq: MTEN), an automotive mold developer and supplier in China, today announced its unaudited financial results for the first half of fiscal year 2025 ended June 30, 2025.
Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, "In the first half of fiscal year 2025, we adopted a balanced and agile strategy to navigate market volatility and emerging trends. This included expanding our operations of machining services to diversify our revenue streams, while maintaining relationships with our long-term customers and expanding further in the mold market. Revenue from mold production grew steadily by 9.7%, while our machining services segment maintained the momentum with a 39.1% increase in revenue and a 19.0% rise in gross profit. This reinforced the machining service's position as our second-largest revenue contributor and helped drive total revenue growth of 13.2%, despite challenging industry conditions."
With greater production capacity and a stronger workforce, we are now better positioned to pursue complex, customized, and longer-cycle products that command premium pricing and open new opportunities for value-added services. We expect this enhanced productivity to further strengthen our competitive edge in an increasingly competitive environment.
At the same time, we have continued to invest in advancing our technologies. Our research and development (R&D) spending rose 42.1%, underscoring our long-term commitment to innovation as a core pillar of our business.
Looking ahead, we believe our current strategy, combined with our focus on innovation, will continue to provide a solid foundation for sustainable growth and value creation, even in a macro environment shaped by both headwinds and tailwinds."
First Half of Fiscal Year 2025 Financial Summary
Total revenue was $5.26 million for the first half of fiscal year 2025, an increase of 13.2% from $4.65 million for the same period of last year.
Gross profit was $1.47 million for the first half of fiscal year 2025, compared to $1.65 million for the same period of last year.
Gross margin was 27.9% for the first half of fiscal year 2025, compared to 35.5% for the same period of last year.
Net loss was $1.36 million for the first half of fiscal year 2025, compared to $0.27 million for the same period of last year.
Basic and diluted losses per share were $0.20 for the first half of fiscal year 2025, compared to $0.05 for the same period of last year.
First Half of Fiscal Year 2025 Financial Results
Revenues
Total revenue was $5.26 million for the first half of fiscal year 2025, an increase of 13.2% from $4.65 million for the same period of last year. After consideration of the impact of rising exchange rates, total revenue increased by 14.5% or $4.8 million in RMB base currency.
For the Six Months Ended June 30,
-------------------------------------------------------------
2025 2024
----------------------------- ------------------------------
Cost of Gross Cost of Gross
($ millions) Revenue Revenue Margin Revenue Revenue Margin
------- --------- --------- ------- --------- ----------
Mold
production 3.63 2.70 25.6 % 3.31 2.19 33.8 %
Mold repair 0.49 0.22 56.2 % 0.52 0.21 59.9 %
Machining
services 1.14 0.87 23.1 % 0.82 0.60 27.0 %
Total 5.26 3.79 27.9 % 4.65 3.00 35.5 %
------- --------- --------- ------- --------- ----------
Revenue from mold production was $3.63 million for the first half of fiscal year 2025, an increase of 9.7% from $3.31 million for the same period of last year. This indicates that Wuxi Mingteng Mould Technology Co., Ltd. ("Wuxi Mingteng Mould") maintains long-term relationships with major customers and continues to open up the mold market in fiscal year 2025.
Revenue from mold repair was $0.49 million for the first half of fiscal year 2025, a decrease of 5.2% from $0.52 million for the same period of last year. The decrease is attributable to an economic downturn in the market, compelling the Company to maintain its business by reducing prices.
Revenue from machining services was $1.14 million for the first half of fiscal year 2025, an increase of 39.1% from $0.82 million for the same period of last year. The increase was mainly attributed to the Company's commencement of a new machining business operation, which requires the supply of raw materials. The complexity of this operation contributed to an increase in revenue.
Cost of Revenues
Cost of revenues was $3.79 million for the first half of fiscal year 2025, an increase of 26.7% from $3.00 million for the same period of last year. The increase was mainly due to the increase in outside processing services, labor cost and manufacturing costs.
The reasons for the cost increase much more than revenue are as follows:
Firstly, the increase in material costs. Due to the change in the sales model for machining services for the first half of fiscal year 2025, the Company now provides the processing materials, which has resulted in an additional material cost of $163,642 compared for the same period of last year.
Secondly, the headcount of production workers increased from 124 to 136 for the first half of fiscal year 2025, with the average monthly wage also rising by $124 per person. Labor costs have increased overall $112,089 compared for the same period of last year.
Lastly, the customized nature of the products led to more complex manufacturing techniques, which extended the processing time and consequently increased direct processing costs by $493,423 for the first half of fiscal year 2025.
Gross Profit and Gross Margin
Gross profit was $1.47 million for the first half of fiscal year 2025, a decrease of 11.1% from $1.65 million for the same period of last year. Gross margin was 27.9% for the first half of fiscal year 2025, compared to 35.5% for the same period of last year.
Gross margins for mold production, mold repair and machining services were 25.6%, 56.2%, and 23.1%, respectively, for the first half of fiscal year 2025, compared to 33.8%, 59.9%, and 27.0%, respectively, for the same period of last year.
Operating Expenses
Operating expenses were $1.47 million for the first half of fiscal year 2025, a decrease of 23.9% from $1.93 million for the same period of last year.
Selling expenses were $53,764 for the first half of fiscal year 2025, a decrease of 57.2% from $125,535 for the same period of last year. The decrease was primarily due to lower promotion and publicity expenses.
General and administrative expenses were $1.00 million for the first half of fiscal year 2025, a decrease of 33.7% from $1.51 million for the same period of last year. The decrease was mainly due to the decrease of consulting and professional fee for the first half of fiscal year 2025 by $0.63 million compared with the same period of last year. The Company paid large amount of consulting and professional fees for the Initial Public Offering("IPO") in April 2024, while such decrease was partially offset by the increase in the staff costs by $0.09 million due to the increased number of employees.
Research and development expenses were $409,623 for the first half of fiscal year 2025, an increase of 42.1% from $288,182 for the same period of last year. The increase is mainly attributable to, a) increase in labor expenses by $118,914 for the first half of fiscal year 2025 due to the increased number of employees involved in R&D work and the increase in average salary; b) increase in the depreciation expense increased by $1,365 for the first half of fiscal year 2025 compared with the same period of last year.
Net Loss
Net loss was $1.36 million for the first half of fiscal year 2025, compared to $0.27 million for the same period of last year.
Basic and Diluted Losses per Share
Basic and diluted losses per share were $0.20 for the first half of fiscal year 2025, compared to $0.05 for the same period of last year.
Financial Condition
As of June 30, 2025, the Company had cash and cash equivalents of $1.76 million, compared to $2.08 million as of December 31, 2024.
Net cash used in operating activities was $0.23 million for the first half of fiscal year 2025, compared to $0.66 million for the same period of last year.
Net cash used in investing activities was $0.30 million for the first half of fiscal year 2025, compared to $3.16 million for the same period of last year.
Net cash provided by financing activities was $0.19 million for the first half of fiscal year 2025, compared to $4.15 million for the same period of last year.
About Mingteng International Corporation Inc.
Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated "Turnkey Project" for customers. The Company's main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company's website: https://ir.wxmtmj.cn/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company's final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company's securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Mingteng International Corporation Inc.
Investor Relations Department
Email: ir@wxmtmj.cn
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
MINGTENG INTERNATIONAL CORPORATION INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2025 2024
----------- --------------
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 1,755,205 $ 2,080,715
Accounts receivable, net 3,939,213 4,171,809
Other receivables-bank acceptance notes 1,703,662 971,044
Advances to suppliers 81,794 122,456
Other receivables 15,692 15,690
Inventories, net 1,485,361 1,183,572
Contract costs, net 38,923 96,656
---------- ----------
Total current assets 9,019,850 8,641,942
---------- ----------
Non-current Assets
Property and equipment, net 3,708,784 3,857,200
Intangible assets 55,630 67,710
Operating lease right-of-use assets,
net 32,016 38,133
Long-term investments, net - 1,356,618
---------- ----------
Total non-current assets 3,796,430 5,319,661
---------- ----------
Total Assets $12,816,280 $ 13,961,603
========== ==========
LIABILITIES AND EQUITY
Current Liabilities
Short-term loans $ 1,396,921 $ 1,391,130
Accounts payable 1,214,284 1,276,419
Other payables and other current
liabilities 2,269,998 1,829,642
Advances from customers 302,507 515,650
Amounts due to related parties 249,338 240,166
Current portion of lease liabilities 13,297 13,006
---------- ----------
Total current liabilities 5,446,345 5,266,013
---------- ----------
Non-current Liabilities
Deferred tax liabilities 228,989 221,551
Non-current portion of lease
liabilities 13,784 20,408
---------- ----------
Total non-current liabilities 242,773 241,959
---------- ----------
Total liabilities 5,689,118 5,507,972
---------- ----------
Shareholders' Equity:
Ordinary shares (Par value US$0.00001
per share, 5,000,000,000 shares
authorized, 6,839,600 shares issued
and outstanding as of June 30, 2025
and December 31, 2024) 68 68
Additional paid-in capital 7,620,339 7,620,339
Statutory reserves 465,572 465,572
(Accumulated deficit) retained earnings (569,562) 787,211
Accumulated other comprehensive loss (389,255) (419,559)
---------- ----------
Total shareholders' equity 7,127,162 8,453,631
---------- ----------
Total Liabilities and Shareholders'
Equity $12,816,280 $ 13,961,603
========== ==========
MINGTENG INTERNATIONAL CORPORATION INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(UNAUDITED)
For the Six Months Ended
June 30,
--------------------------
2025 2024
------------ ------------
Revenues $ 5,261,469 $ 4,646,389
Cost of revenues (3,793,049) (2,994,601)
----------- -----------
Gross profit 1,468,420 1,651,788
----------- -----------
Operating expenses:
Selling expenses (53,764) (125,535)
General and administrative expenses (1,003,686) (1,512,909)
Research and development expenses (409,623) (288,182)
----------- -----------
Total operating expenses (1,467,073) (1,926,626)
----------- -----------
Income (loss) from operations 1,347 (274,838)
----------- -----------
Other income (expenses):
Government subsidies 64,728 -
Interest income 688 579
Interest expense (22,518) (15,749)
Other-than-temporary impairment (1,356,618) -
Other income, net 16,812 16,618
----------- -----------
Total other (expenses) income, net (1,296,908) 1,448
----------- -----------
Loss before income taxes (1,295,561) (273,390)
Income tax (expenses) benefit (61,212) 7,548
----------- -----------
Net loss $(1,356,773) $ (265,842)
=========== ===========
Comprehensive loss
Net loss $(1,356,773) $ (265,842)
Foreign currency translation loss 30,304 (12,400)
----------- -----------
Total comprehensive loss $(1,326,469) $ (278,242)
=========== ===========
Loss per share
- Basic and diluted $ (0.20) $ (0.05)
=========== ===========
Weighted average number of ordinary
shares outstanding
- Basic and diluted 6,839,600 5,448,846
=========== ===========
MINGTENG INTERNATIONAL CORPORATION INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Six Months Ended
June 30,
--------------------------
2025 2024
------------ ------------
Cash flows from operating activities
Net loss $(1,356,773) $ (265,842)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation of property and equipment 282,373 250,604
Amortization of intangible assets 12,319 -
Amortization of right-of-use assets 5,548 -
Impairment loss on long-term
investments 1,356,618 -
Provision of (recovery of) credit
losses 3,907 (8,463)
Deferred income tax 6,493 (20,846)
Loss on disposal of property and
equipment - 7,087
Provision for contract costs
impairment 13,165 -
Changes in operating assets and
liabilities:
Accounts receivable 245,175 (248,980)
Other receivables-bank acceptance
notes (726,008) (448,281)
Advances to suppliers 47,880 122,765
Other receivables 63 30,050
Inventories (295,816) (122,625)
Contract costs 44,766 -
Accounts payable 102,825 229,881
Advances from customers (214,530) (110,497)
Payroll payable 192,941 39,160
Taxes payable 420 (115,684)
Other payables 49,182 -
Amounts due to related parties 8,143 (1,527)
Change in operating lease liabilities (5,744) -
----------- -----------
Net cash used in operating activities (227,053) (663,198)
----------- -----------
Cash flows from investing activities
Purchase of property and equipment (295,389) (625,053)
Purchase of long-term investment - (2,478,000)
Prepayments for non-current assets - (56,227)
----------- -----------
Net cash used in investing activities (295,389) (3,159,280)
----------- -----------
Cash flows from financing activities
Proceeds from short-term loans 1,391,999 1,407,441
Repayment of short-term loans (1,391,999) (281,488)
Proceeds from third party loans 190,000 -
Proceeds from initial public offering,
net - 3,293,096
Payments of deferred offering costs - (264,949)
----------- -----------
Net cash provided by financing
activities 190,000 4,154,100
----------- -----------
Effect of foreign exchange rate change
on cash and cash equivalents 6,932 (6,452)
----------- -----------
Net (decrease) increase in cash and
cash equivalents (325,510) 325,170
Cash and cash equivalents at the
beginning of the period 2,080,715 1,056,236
----------- -----------
Cash and cash equivalents at the end
of the period $ 1,755,205 $ 1,381,406
=========== ===========
Supplemental disclosures of cash flow
information:
Interest paid $ 22,425 $ 15,749
Income taxes paid $ 112,129 $ 82,703
Non-cash investing activities:
Liabilities incurred for purchasing of
property and equipment 2,279
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SOURCE Mingteng International Corporation Inc.
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October 01, 2025 07:00 ET (11:00 GMT)