Huadi International Group Co., Ltd. Ordinary Shares - HUDI STOCK NEWS

Huadi International Group Co., Ltd. (HUDI) held its 2022 Annual General Meeting, where shareholders elected five directors and ratified TPS Thayer, LLC as the independent accounting firm for the fiscal year ending September 30, 2022. The company, a notable player in the industrial stainless steel seamless pipes and tubes market in China, exports its products to over twenty countries, catering to diverse industries including oil and gas, food processing, and medical devices.

Huadi International Group Co., Ltd. (HUDI) reported its fiscal year 2021 financial results, showing an 18.79% revenue increase to $70.25 million, driven by heightened market demand and client growth. Gross profit rose 6.15% to $11.32 million, although gross margin declined to 16.11% due to rising raw material costs. Operating income fell 44.02% to $2.58 million, and net income dropped 23.8% to $2.53 million, or $0.21 per share. Current assets improved, with cash equivalents rising to $15.35 million, but net cash used in operations reached $5.65 million.

Huadi International Group Co. Ltd. (NASDAQ: HUDI) announced a strategic partnership with Zhejiang Lanneng Gas Equipment Limited on October 28, 2021. The collaboration focuses on developing and producing high-pressure hydrogen storage tank stainless steel pipes, leveraging both companies' resources. Huadi will manufacture liner pipes, while Lanneng will integrate them into their tank production. Chairman Di Wang emphasized the shift toward new energy vehicles and the company's commitment to R&D and diversifying its product offerings in this growing sector.

Huadi International Group Co., Ltd. (NASDAQ: HUDI) has secured stainless steel seamless pipe contracts valued at $3.26 million from a major U.S. manufacturer. The contracts involve supplying square-cut and beveled seamless or electric-fusion-welded austenitic stainless steel pipes. Mr. Di Wang, Chairman of HUDI, expressed optimism regarding these contracts, indicating the potential for enhanced relationships with existing and prospective clients. The company is recognized for its extensive distribution of products across twenty countries and its commitment to quality in industrial pipes manufacturing.

Huadi International Group Co., Ltd. (NASDAQ: HUDI) reported its interim financial results for the six months ended March 31, 2021. Revenue rose 16.94% to $29.89 million, driven by an increase in domestic clients. However, gross profit fell 15.08% to $5.35 million, attributed to reduced product pricing to attract new customers. Operating income dropped 80.63% to $0.68 million, while net income decreased by 75.85% to $0.64 million, resulting in diluted earnings per share of $0.06. Total current assets improved, and the company secured contracts worth approximately $3.2 million from recent bids.

Huadi International Group Co., Ltd. (HUDI) has secured contracts worth RMB 20.65 million (approximately US $3.2 million) for the supply of stainless steel seamless pipes for a mining project in Gansu province, China. This order, awarded by a prominent state-owned energy construction firm, involves pipes vital for fluid transfer and ventilation. Chairman Di Wang emphasized the company’s commitment to high standards and innovation, fostering stronger relationships with clients.

Huadi International Group Co., Ltd. (NASDAQ: HUDI) reported a 9.7% revenue decline to $59.14 million for the fiscal year ending September 30, 2020, largely due to the COVID-19 pandemic. Gross profit fell by 27.1% to $10.66 million, with gross margins decreasing from 22.3% to 18%. Net income also decreased by 38.4% to $3.32 million, or $0.34 per share. Despite these declines, the company is optimistic about future growth in both domestic and international markets.

Huadi International Group Co., Ltd. (HUDI) has secured contracts valued at RMB 10.2 million (approximately $1.6 million) to supply stainless steel seamless pipes for a mining project in Gansu, China. The order was awarded by a leading state-owned energy construction firm, marking a significant achievement for HUDI. Chairman Di Wang expressed confidence in the company's product quality and innovation, highlighting this partnership as a step towards expanding their client base in the chemical and industrial sectors.

Huadi International Group Co., Ltd. (HUDI) has secured RMB 12.45 million (approx. $1.95 million) in contracts for stainless pipe orders linked to two chemical projects. The largest contract, valued at RMB 9.74 million, involves supplying pipes for a significant pyrolysis project at Yulin Chemical Co., Ltd. The second contract, worth RMB 2.71 million, is for Jiangsu Zhongneng Silicon Industry Technology Development Co., Ltd. Chairman Di Wang noted that these contracts highlight the company’s quality and reputation in the industry, positioning HUDI for further growth.