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MaxsMaking Inc. Reports First Half of Fiscal Year 2025 Financial Results

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October 31, 2025 10:15 PM EDT

SHANGHAI, Oct. 31, 2025 /PRNewswire/ -- MaxsMaking Inc. (Nasdaq: MAMK) ("MaxsMaking" or the "Company"), a manufacturer of customized consumer goods with a focus on advanced technology and innovation, today announced its unaudited financial results for the first half of the fiscal year ended April 30, 2025.

First Half of Fiscal Year 2025 Financial Summary

  • Revenue was $12.40 million for the first half of fiscal year 2025, representing an increase of 27.43% from $9.73 million for the same period of last year.

  • Gross profit was $1.34 million for the first half of fiscal year 2025, compared to $1.98 million for the same period of last year.

  • Gross profit margin was 10.82% for the first half of fiscal year 2025, compared to 20.36% for the same period of last year.

  • Net income was $0.18 million for the first half of fiscal year 2025, compared to net income of $0.98 million for the same period of last year.

  • Basic and diluted earnings per A share were $0.02 for the first half of fiscal year 2025, compared to $0.13 for the same period of last year.

Mr. Xiaozhong Lin, Chairman and Chief Executive Officer of MaxsMaking, remarked: "In the first half of fiscal year 2025, we navigated a shifting business environment by scaling our domestic sales to secure stable revenue growth and strengthened market position, through various proactive initiatives such as trade-fair participation, targeted promotional events, expanded direct marketing and key-customer negotiations, and competitive pricing strategies. At the same time, we continued to diversify into Oceania, South America, and Africa to offset market headwinds in Asia, North America, and Europe. During this period, our total revenue increased by 27.43%, driven by a 51.89% surge in domestic sales and new customer acquisitions from the emerging markets. As global disruptions and uncertainties gradually subside, we believe our solid sales base will support a strong rebound, providing a renewed springboard for future growth.

"During this period, we increased research and development spending by 53.50% to advance production process technologies, customization capabilities. To address rising material, labor and bad-debt costs, we adopted a volume-first strategy to expand market share and better absorb fixed costs. While this temporarily compressed our margins, we view it as a strategic short-term trade-off that does not diminish our underlying profitability potential."

"Furthermore, our successful Nasdaq IPO in July 2025 has strengthened our balance sheet and enhanced our capital resources to pursue additional strategic initiatives and market opportunities. As personalization and customization evolve from niche segments into mainstream consumer trends, we believe that our business is well positioned to leverage flexible pricing, expand value-added services, and enter a virtuous growth cycle, supported by our diversified market reach, growing product suite, accumulated technological expertise, and enhanced capital base."

"Looking ahead, our current strategy, anchored in continuous product and technology innovation, will remain as the foundation for sustainable growth and global expansion, particularly in the North America market. We will continue to invest in R&D while maintaining strict cost-efficiency measures to execute this strategy efficiently, supporting long-term shareholder value, even amid a macroeconomic environment of both headwinds and tailwinds."

First Half of Fiscal Year 2025 Financial Results

Revenue

Revenue was $12.40 million for the first half of fiscal year 2025, representing an increase of 27.43% from $9.73 million for the same period of last year. The increase was primarily attributable to an approximately $3.91 million increase in sales in mainland China, and partially offset by the decrease of approximately $1.18 million in sales in Asia (excluding mainland China). The increase in revenue in mainland China and the decrease in other Asian markets were mainly due to uncertainties in overseas markets, where customers' demand and consumption prospects remained relatively weak, leading the Company to strengthen its domestic sales initiatives, such as increasing participation in trade fairs and promotional events, expanding direct marketing and business negotiations with key customers, and adopting more competitive pricing to strengthen its market position in mainland China.

For the Six Months Ended


For the Six Months Ended

Change

April 30, 2025

April 30, 2024

Country/Region

Sales

As % of


Sales 

As % of

Amount

%

Amount

Sales

Amount

Sales

Mainland China

$

11,459,301

92.38

%


$

7,544,314

77.50

%

$

3,914,987

51.89

%

Asia (excluding mainland China)


371,784

3.00

%



1,556,241

15.99

%


(1,184,457)

(76.11)

%

North America


59,069

0.48

%


 `

123,884

1.27

%


(64,815)

(52.32)

%

Europe


427,115

3.44

%



499,126

5.13

%


(72,011)

(14.43)

%

Oceania


39,715

0.32

%



7,970

0.08

%


31,745

398.31

%

South America


11,634

0.09

%



2,468

0.03

%


9,166

371.39

%

Africa


35,616

0.29

%



-

-

%


35,616

100.00

%

Total

$

12,404,234

100

%


$

9,734,003

100

%

$

2,670,231

27.43

%

 

Cost of Revenue

Cost of revenue was $11.06 million for the first half of fiscal year 2025, representing an increase of 42.70% from $7.75 million for the same period of last year. The increase was primarily due to the increase in raw material cost and labor cost, as well as the effect of the Company's strategic shift to a volume-driven model, which resulted in higher sales volume and corresponding higher production expenses.

Gross Profit  and Gross Profit Margin

Gross profit was $1.34 million for the first half of fiscal year 2025, compared to $1.98 million for the same period of last year.

Gross profit margin was 10.82% for the first half of fiscal year 2025, compared to 20.36% for the same period of last year. The decrease in gross profit margin was primarily due (i) an increase in raw material cost and labor cost, and (ii) the Company's strategic shift toward a volume-driven model, which prioritizes market share growth over near-term margins.

Operating Expenses

Operating expenses were $1.17 million for the first half of fiscal year 2025, representing an increase of 27.01% from $0.92 million for the same period of last year.

  • Selling expenses were $0.29 million for the first half of fiscal year 2025, representing a decrease of 4.3% from $0.31 million for the same period of last year. The decrease is mainly due to the reduction in employee salaries.

  • General and administrative expenses were $0.42 million for the first half of fiscal year 2025, representing an increase of 32.37% from $0.31 million for the same period of last year. The increase was mainly due to an increase in the bad debt expense of approximately $95,000, as a result of the slow collection of accounts receivables.

  • Research and development expenses were $0.46 million for the first half of fiscal year 2025, representing an increase of 53.50% from $0.30 million for the same period of last year. The increase was primarily attributable to the research and development of five projects related to technologies for production processes.

Net Income

Net income was $0.18 million for the first half of fiscal year 2025, compared to $0.98 million for the same period of last year.

Basic and Diluted Earnings per Share

Basic and diluted earnings per A share were $0.02 for the first half of fiscal year 2025, compared to $0.13 for the same period of last year. Basic and diluted earnings per B share were $0.02 for the first half of fiscal year 2025, compared to $0.14 for the same period of last year.

Financial Condition

As of April 30, 2025, the Company had cash of $0.19 million, compared to $0.18 million as of October 31, 2024.

Net cash provided by operating activities was $0.85 million for the first half of fiscal year 2025, compared to net cash used in operating activities of $1.73 million for the same period of last year.

Net cash used in investing activities was $53,810 for the first half of fiscal year 2025, compared to $9,027 for the same period of last year.

Net cash used in financing activities was $0.78 million for the first half of fiscal year 2025, compared to net cash provided by financing activities of $1.83 million for the same period of last year.

Recent Development

On July 8, 2025, the Company completed its initial public offering (the "Offering") of 1,625,000 A shares at a public price of US$4.00 per share. The gross proceeds were US$6.5 million from the Offering, before deducting underwriting discounts and commissions, and other expenses. The Company's A shares began trading on the Nasdaq Capital Market on July 7, 2025, under the ticker symbol "MAMK."

About MaxsMaking Inc.

Founded in 2007 and headquartered in Shanghai, MaxsMaking Inc. specializes in customized consumer goods with a focus on advanced technology and innovation. With production facilities in China's Zhejiang and Henan provinces, the Company integrates digital production, software development, product design, brand management, online sales and international trade to deliver small-batch textile customization services. Its products include backpacks, shopping bags, aprons, and other promotional items. Using sustainable materials and proprietary order management technologies, MaxsMaking delivers high-quality, cost-effective products while emphasizing environmental protection and social responsibility. For more information, please visit the Company's website: https://ir.maxsmaking.com.

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 in this announcement. 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. 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, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

MaxsMaking Inc.
Investor Relations
Email: [email protected]

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]

 

 

MAXSMAKING INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF APRIL 30, 2025 (UNAUDITED) AND OCTOBER 31, 2024

IN U.S. DOLLARS, EXCEPT SHARE DATA




April 30,
2025



October 31,
2024




(Unaudited)





   ASSETS







   Current Assets







 Cash


$

186,007



$

176,236


Accounts receivable, net



6,011,750




6,188,992


Due from related parties



5,554




-


Inventories



3,528,337




2,633,615


Prepayments and other current assets



6,825,994




7,452,317


Total current assets



16,557,642




16,451,160











Non-Current Assets









Property and equipment, net



120,785




119,125


Intangible assets, net



6,850




7,433


Right-of-use assets, net



117,526




86,441


Deferred tax assets



44,407




24,538


Deferred offering cost



1,058,003




986,206


Total non-current assets



1,347,571




1,223,743











Total Assets


$

17,905,213



$

17,674,903











   LIABILITIES AND EQUITY









Current Liabilities









Short-term loans


$

2,173,189



$

2,785,965


Accounts payable



2,433,012




2,127,623


Contract liability



459,408




512,859


Income tax payable



892,739




859,194


Other payables and accrued liabilities



932,469




867,249


Due to related parties



737,188




149,757


Lease liabilities-current



97,190




47,895


Total current liabilities



7,725,195




7,350,542











Non-Current Liabilities









Lease liabilities-non current



6,776




-


Long-term loans



1,840,642




2,058,651


Total non-current liabilities



1,847,418




2,058,651











Total liabilities



9,572,613




9,409,193











   COMMITMENTS AND CONTINGENCIES (NOTE 17)







-











Equity









A Shares (US$ 0.01 par value; 7,575,000 A Shares authorized, 7,575,000
   A Shares issued and outstanding as of April 30, 2025 and October 31,
   2024)



75,750




75,750


B Shares (US$0.01 par value; 7,425,000 B Shares authorized, 7,425,000 B
   Shares issued and outstanding as of April 30, 2025 and October 31,
   2024)



74,250




74,250


Additional paid-in capital



1,712,492




1,712,492


Statutory surplus reserve



705,396




705,396


Retained earnings



5,972,806




5,806,881


Accumulated other comprehensive income



(529,822)




(421,542)


Total MaxsMaking Inc.'s Equity



8,010,872




7,953,227











Non-Controlling Interests



321,728




312,483











Total equity



8,332,600




8,265,710











Total Liabilities and Equity


$

17,905,213



$

17,674,903


 

 

MAXSMAKING INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED APRIL 30, 2025 AND 2024

IN U.S. DOLLARS, EXCEPT SHARE DATA




For The Six Months Ended




April 30,




2025



2024


Revenues


$

12,404,234




9,734,003


Cost of revenues



(11,061,783)




(7,751,700)


Gross profit


$

1,342,451




1,982,303











Operating expenses:









Sales and marketing expenses



(293,041)




(306,224)


General and administrative expenses



(416,039)




(314,290)


Research and development expenses



(458,025)




(298,381)


Total operating expenses


$

(1,167,105)




(918,895)











Income from operations


$

175,346




1,063,408











Other income (expense), net









Interest expenses



(84,275)




(69,615)


Interest income



135




326


Other income



42,771




14,848


Exchange gains



57,949




11,614


Other expenses



(17,126)




(11,713)


Income before income tax provision


$

174,800




1,008,868


Income tax benefit (expense)



370




(25,006)


Net income


$

175,170




983,862


Less: Net income attributable to non-controlling interest



9,245




41,455


Net income attributable to MaxsMaking Inc.



165,925




942,407











Other comprehensive income:









Foreign currency translation adjustment



108,280




13,554


Comprehensive income


$

283,450




997,416


Less: comprehensive income (loss) attributable to non-controlling interests



3,379




(9,286)


Comprehensive income attributable to MaxsMaking Inc.


$

280,071




1,006,702


Weighted Average Shares Outstanding- Diluted



15,000,000




15,000,000











Earnings per A share- basic and diluted


$

0.02




0.13


Earnings per B share- basic and diluted



0.02




0.14


 

 

MAXSMAKING INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED APRIL 30, 2025 AND 2024

IN U.S. DOLLARS, EXCEPT SHARE DATA




For The Six Months Ended




April 30,




2025



2024


  Cash Flows from Operating Activities:







Net income


$

175,170




983,862


     Depreciation of property and equipment



50,879




14,133


     Allowance for expected credit loss



119,131




8,529


     Reversal of expected credit loss



(15,579)




(145)


     Amortization of right-of-use assets



26,092




90,317


     Amortization of intangible assets



506




511


     Other current assets and other receivables



(402,681)




-


Changes in operating assets and liabilities:









     Accounts receivable



8,324




(1,709,906)


     Inventories



(5,247)




(91,692)


     Prepayments and other current assets



951,385




(245,798)


     Amount due from related party



(5,569)




422


     Deferred tax assets



(960,210)




597


     Operating lease-right of use assets



(58,178)




(45,183)


     Deferred financing cost



(938,993)




(646,615)


     Other current liabilities



75,276




-


     Other non-current assets



-




50,162


     Accounts payable



328,826




425,692


     Income tax payable



42,114




22,280


     Contract liability



(48,136)




(381,151)


     Other payables and accrued liabilities



-




106,249


     Lease liabilities



56,727




(161,742)


     Amount due to related party



1,447,089




(147,967)


Net cash provided by/ (used in) operating activities



846,926




(1,727,445)











Cash Flows from Investing Activities:









Purchases of property and equipment



(53,810)




(9,027)


Net cash used in investing activities



(53,810)




(9,027)











Cash Flows from Financing Activities:









Capital contributions



-




70,305


Proceeds from third parties loans



-




239,015


Proceeds from bank borrowings



124,609




2,671,579


Repayments of borrowings to third parties



(255,316)




(729,763)


Repayment of bank borrowings



(650,735)




(421,828)


Net cash (used in)/ provided by financing activities



(781,442)




1,829,308











Effect of Exchange Rate Changes on Cash



(492)




1,404











Net Increase in cash



11,182




94,240


Cash, Beginning of Period



174,825




132,150


Cash, End of Period


$

186,007




226,390











Supplemental disclosure of cash flow information:


$







Cash paid for income tax


$

10,959




2,345


Cash paid for interest


$

29,403




64,902


Supplemental disclosure of non-cash flow information:









Right-of-use assets obtained in exchange for operating lease obligation


$

56,398




125,552


 

 

 

Cision View original content:https://www.prnewswire.com/news-releases/maxsmaking-inc-reports-first-half-of-fiscal-year-2025-financial-results-302601549.html

SOURCE MaxsMaking Inc.


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