Core Insights - Deswell Industries, Inc. reported a net income of $7.5 million for the first half of fiscal 2026, an increase from $6.2 million in the same period last year, driven by improved gross margins and non-operating income [4][6] - The company declared a cash dividend of $0.10 per share for the first half of fiscal 2026, payable on December 23, 2025 [7] Financial Performance - Net sales for the first half of fiscal 2026 were $33.2 million, a decrease of 5.5% from $35.2 million in the same period of fiscal 2025 [2] - The plastic segment saw a 13.8% decline in sales to $5.0 million, while the electronic segment experienced a 3.9% decrease to $28.2 million [2] - Total gross margin improved to 23.4% of net sales, up from 19.5% in the previous year, with the electronic segment's gross margin increasing to 24.3% [3] Operating Income - Operating income for the first half of fiscal 2026 was $2.5 million, compared to $1.8 million for the same period in fiscal 2025 [3] - The increase in operating income was attributed to higher-margin offerings and effective cost control measures [3][6] Earnings Per Share - Basic and diluted income per share for the first half of fiscal 2026 was $0.47, an increase from $0.39 in the same period of fiscal 2025 [4] Financial Position - As of September 30, 2025, the company had $23.4 million in cash and cash equivalents, with total working capital of $85.1 million [5] - Deswell reported no long-term or short-term borrowings, indicating a strong financial position [5] Strategic Outlook - The CEO highlighted the company's resilience in a challenging economic environment, emphasizing the importance of innovation and strategic priorities such as cost control and supplier partnerships [6]

Core Viewpoint - Deswell Industries (DSWL) has shown a mixed financial performance with a slight decline in revenue but a significant increase in net profit, indicating potential operational efficiency improvements [1][2]. Financial Performance - As of March 31, 2025, Deswell Industries reported total revenue of $67.61 million, a year-over-year decrease of 2.53% [1]. - The company achieved a net profit attributable to shareholders of $11.14 million, reflecting a year-over-year increase of 44.48% [1]. Stock Performance - On August 25, Deswell Industries' stock price increased by 2.89%, reaching $3.56 per share, with a trading volume of $15,300 and a total market capitalization of $56.73 million [1]. Upcoming Events - Deswell Industries is scheduled to release its Q1 financial report for the fiscal year 2025 on September 17, with the actual disclosure date subject to company announcement [2]. Company Overview - Established in 1987, Deswell Industries operates as an independent manufacturer of injection-molded plastic parts, electronic products, and metal molds, serving as both an original equipment manufacturer and a contract manufacturer [2]. - The company produces a variety of plastic components used in consumer and industrial products, including telephones, answering machines, high-quality recording equipment, and computer peripherals [2].

Core Viewpoint - Deswell Industries (DSWL) has shown a mixed financial performance with a slight decline in revenue but a significant increase in net profit, indicating potential operational efficiency improvements [1][2]. Financial Performance - As of March 31, 2025, Deswell Industries reported total revenue of $67.61 million, a year-over-year decrease of 2.53% [1]. - The net profit attributable to shareholders was $11.14 million, reflecting a year-over-year increase of 44.48% [1]. Stock Performance - On August 18, Deswell Industries' stock opened at $3.55 per share, marking a 2.31% increase, with a total trading volume of $46,000 and a market capitalization of $56.57 million [1]. Company Overview - Deswell Industries, established in 1987, operates as an independent manufacturer of injection-molded plastic parts, electronic products, and metal molds, serving as both an original equipment manufacturer (OEM) and a contract manufacturer [2]. - The company produces a variety of plastic components used in consumer and industrial products, including telephones, answering machines, high-quality recording equipment, and computer peripherals [2]. Upcoming Events - Deswell Industries is scheduled to release its Q1 financial report for the fiscal year 2025 on September 17, with the actual disclosure date subject to company announcements [2].

Financial Reporting - Deswell Industries, Inc. filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2025, with the SEC[3] - The Annual Report includes audited financial statements, which are available on the SEC's website[3] - Shareholders can request a free paper copy of the fiscal 2025 Annual Report[4] Business Operations - Deswell manufactures injection-molded plastic parts, electronic products, and subassemblies for OEMs and contract manufacturers in China[5] - The company produces a variety of plastic parts for consumer and industrial products, including IoT products[5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 20-F ______________________________ (Mark one) OR Commission File Number: 001-33900 DESWELL INDUSTRIES, INC. (Exact name of registrant as specified in its charter) _______________________ | British Virgin Islands | Herman Wong, Chief Financial Officer, | | --- | --- | | (Jurisdiction of incorporation or organization) | Telephone: 853-28-322096; Fax: 853-28-323265 | | | E-mail: hermanwong@jetcrown.net ...

[Form 6-K Filing Information](index=1&type=section&id=Form%206-K%20Filing%20Information) [Filing Details](index=1&type=section&id=Filing%20Details) Deswell Industries, Inc. filed Form 6-K on September 30, 2024, as a foreign private issuer submitting annual reports under Form 20-F - Type: **Form 6-K**, Report of Foreign Private Issuer[1](index=1&type=chunk) - Filing Date: **September 30, 2024**[1](index=1&type=chunk) - Annual Report Type: **Form 20-F**[2](index=2&type=chunk) - Registrant: **DESWELL INDUSTRIES, INC.**[1](index=1&type=chunk) - Principal Executive Office: Macao, Special Administrative Region, PRC[1](index=1&type=chunk) [Annual Meeting of Shareholders](index=2&type=section&id=Annual%20Meeting%20of%20Shareholders) [Meeting Logistics](index=2&type=section&id=Meeting%20Logistics) Deswell will hold its annual shareholders' meeting on November 12, 2024, in Dongguan, China, to elect directors and ratify auditors - Meeting Date & Time: **Tuesday, November 12, 2024, at 10:00 a.m. local time**[3](index=3&type=chunk) - Meeting Location: No.5, Shichangxiang, Chang'an Town, Dongguan City, Guangdong Province, CHINA[3](index=3&type=chunk) - Record Date: **September 16, 2024**[3](index=3&type=chunk) - Purposes: Elect five members of the Board of Directors; Ratify BDO China Shu Lun Pan Certified Public Accountants LLP as independent registered public accountants for the year ending March 31, 2025[4](index=4&type=chunk) [Voting Information](index=5&type=section&id=Voting%20Information) [Shareholder and Proxy Definitions](index=5&type=section&id=Shareholder%20and%20Proxy%20Definitions) Key terms for shareholders are defined, including 'proxy', 'shareholder of record', and 'street name' holders - Proxy Definition: Legal designation of another person to vote on your behalf[14](index=14&type=chunk) - Shareholder of Record: Shares registered directly in your name with Computershare Investor Services, the Company's transfer agent[18](index=18&type=chunk) - Street Name Holder: Shares held in the name of a brokerage, bank, trust, or other nominee as a custodian[18](index=18&type=chunk) - Multiple Voting Materials: May be received if shares are held in more than one brokerage account, registered in more than one name, or held in different ways (e.g., joint tenancy, trusts, custodial accounts)[16](index=16&type=chunk) [Quorum and Voting Eligibility](index=6&type=section&id=Quorum%20and%20Voting%20Eligibility) A quorum requires 33⅓% of outstanding shares; only shareholders of record on September 16, 2024, can vote - Quorum Requirement: The presence of holders of not less than **thirty-three and one-third percent (33⅓%)** of the aggregate number of the Company's common shares outstanding on the Record Date[19](index=19&type=chunk) Quorum and Voting Eligibility Data | Metric | Value | | :--- | :--- | | Shares Outstanding (Record Date) | 15,935,239 | | Required Shares for Quorum | 5,311,747 | | Votes per Common Share | 1 | - Voting Eligibility: Only shareholders of record at the close of business on **September 16, 2024**, are entitled to vote[21](index=21&type=chunk) [Voting Procedures](index=7&type=section&id=Voting%20Procedures) Shareholders can vote in person, by mail, or electronically, with options to change or revoke votes before exercise - Voting Methods: In person at the annual meeting; By mail, completing and returning the proxy card; By telephone or electronically through the Internet (for shareholders of record, or if allowed by broker for street name holders)[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - Changing Votes: A vote can be revoked or changed at any time before the proxy is exercised by delivering a notice of revocation, signing a later-dated proxy card, or attending the annual meeting and voting in person[29](index=29&type=chunk)[30](index=30&type=chunk) - Meeting Chairman: Mr. Edward So Kin Chung, Deswell's Chief Executive Officer, will serve as Chairman at the 2024 annual meeting[25](index=25&type=chunk) [Vote Counting and Board Recommendations](index=7&type=section&id=Vote%20Counting%20and%20Board%20Recommendations) Herman Wong will count votes; the Board recommends FOR all director nominees and FOR auditor ratification - Vote Counter: **Herman Wong**, Chief Financial Officer and Inspector of Election[32](index=32&type=chunk) - Board Recommendation (Proposal 1): **FOR** the election of directors named in the proxy statement[33](index=33&type=chunk)[34](index=34&type=chunk) - Board Recommendation (Proposal 2): **FOR** the ratification of the selection of BDO China Shu Lun Pan Certified Public Accountants LLP as Deswell's independent registered public accountants for the year ending March 31, 2025[34](index=34&type=chunk) [Voting Requirements and Broker Non-Votes](index=8&type=section&id=Voting%20Requirements%20and%20Broker%20Non-Votes) Majority vote required for proposals; abstentions count for quorum but not votes; broker non-votes count for quorum but not proposals - Vote Required (Proposal 1 & 2): Affirmative vote of a **majority of the votes cast** in person or represented by proxy at the annual meeting, if a quorum is present[36](index=36&type=chunk)[40](index=40&type=chunk) - Abstentions: For Proposal 2, abstentions will not be treated as votes cast but will be considered present for quorum purposes[36](index=36&type=chunk)[38](index=38&type=chunk) - Broker Non-Votes: Counted for quorum determination but are not considered present and entitled to vote on the specific proposal (e.g., Proposal 1, election of directors, where brokers cannot vote without instructions)[39](index=39&type=chunk)[42](index=42&type=chunk) - Broker Voting Restrictions: Brokers may not vote on Proposal 1 (election of directors) without receiving instructions from the beneficial owners[41](index=41&type=chunk) [Proposal 1: Election of Directors](index=9&type=section&id=Proposal%201%3A%20Election%20of%20Directors) [Director Nominees](index=9&type=section&id=Director%20Nominees) Five directors are elected annually; proxy holders vote for named nominees unless directed otherwise; all nominees are available - Number of Directors to be Elected: **Five**[44](index=44&type=chunk) - Term: Directors are elected annually to serve until the next annual general meeting[44](index=44&type=chunk) - Proxy Voting: Proxy holders will vote all shares represented by proxies for the election of the named nominees unless otherwise directed[45](index=45&type=chunk) - Nominee Availability: All nominees have indicated their availability and willingness to serve if elected[45](index=45&type=chunk) [Director Biographies](index=9&type=section&id=Director%20Biographies) Biographies of five director nominees, including Chairman Vivian Wai-Ming Lau and Audit Committee Chairman Allen Yau-Nam Cham - Vivian Wai-Ming Lau (45): **Chairman**, CPA, former Executive Director at PAG Consulting and Goldman Sachs, previously at Deloitte Touche Tohmatsu; Daughter of late Chairman Mr. Pui Hon Lau[48](index=48&type=chunk)[53](index=53&type=chunk) - Chin Pang Li (79): **Executive Director of Manufacturing and Administration for Plastic Operations**, served the Company since 1987, former Chief Financial Officer (1995-2006)[49](index=49&type=chunk) - Hung-Hum Leung (78): Non-executive director and Audit Committee member since December 1999, over 25 years of experience in electronic products manufacturing[50](index=50&type=chunk) - Allen Yau-Nam Cham (77): Non-executive director and Audit Committee member since August 2003, over 20 years of experience in the securities industry; Currently **Chairman of the Audit Committee** and an **"audit committee financial expert"**[51](index=51&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - Wing-Ki Hui (80): Non-executive director and Audit Committee member since October 2004, over 20 years of experience in the electronic manufacturing industry[52](index=52&type=chunk) [Director and Executive Officer Compensation](index=10&type=section&id=Director%20and%20Executive%20Officer%20Compensation) Total compensation for directors and executive officers in FY2024 was approximately **$1,688,000** (cash benefits), with no stock options granted, and a recovery policy adopted on October 2, 2023 - Total Compensation (FY2024): Approximately **$1,688,000** paid to all directors and executive officers as a group (cash benefits)[54](index=54&type=chunk) - Stock Options Granted (FY2024): **No options** were granted to directors and officers[54](index=54&type=chunk) - Compensation Recovery Policy: Adopted on **October 2, 2023**, to recover erroneously awarded incentive-based compensation in the event of an accounting restatement due to material noncompliance with financial reporting requirements[55](index=55&type=chunk) - Outside Director Compensation: **$2,000 per month** for services, plus reimbursement for all reasonable expenses[56](index=56&type=chunk) [Board Structure and Independence](index=10&type=section&id=Board%20Structure%20and%20Independence) Three directors are independent; Audit Committee is independent; Deswell is exempt from some NASDAQ governance rules - Independent Directors: Messrs. Hung-Hum Leung, Allen Yau-Nam Cham, and Wing-Ki Hui are each **"independent"** within the meaning of NASDAQ Stock Market Rules[57](index=57&type=chunk) - Audit Committee Composition: Consists of Messrs. Hung-Hum Leung, Allen Yau-Nam Cham, and Wing-Ki Hui, all independent directors[58](index=58&type=chunk) - Audit Committee Chairman & Financial Expert: Mr. Allen Yau-Nam Cham serves as **Chairman** and is an **"audit committee financial expert"** as defined by the SEC[58](index=58&type=chunk)[59](index=59&type=chunk) - NASDAQ Compliance Exemption: As a **"controlled company,"** Deswell does not have a compensation committee or a nominating committee consisting of independent directors, nor does it have a formal written charter for nominations or independent director determination of CEO/executive compensation[60](index=60&type=chunk) [Board Diversity](index=11&type=section&id=Board%20Diversity) Deswell's Board has 5 directors (1 female, 4 male), meeting NASDAQ's diversity requirement with Vivian Wai-Ming Lau Board Diversity Matrix (As of September 30, 2024) | Category | Count | | :--- | :--- | | Total Number of Directors | 5 | | Female Directors | 1 | | Male Directors | 4 | | Non-Binary Directors | 0 | | Underrepresented Individual in Home Country Jurisdiction | 0 | | LGBTQ+ | 0 | - Diverse Director: As of March 31, 2024, **Vivian Wai-Ming Lau** was identified as one diverse director, meeting NASDAQ's requirement by December 31, 2024[63](index=63&type=chunk) - Country of Principal Executive Offices: **PRC**[63](index=63&type=chunk) [Share Ownership and Related Party Transactions](index=11&type=section&id=Share%20Ownership%20and%20Related%20Party%20Transactions) [Beneficial Ownership](index=11&type=section&id=Beneficial%20Ownership) As of June 30, 2024, **Vivian Wai-Ming Lau** holds **61.8%** of Deswell's common shares, making her the largest beneficial owner, followed by Chin Pang Li with **10.1%** Beneficial Ownership (As of June 30, 2024) | Name of beneficial owner | Shares beneficially owned | Percent | | :--- | :--- | :--- | | Wai Ming Lau | 9,841,851 | 61.8% | | Chin Pang Li | 1,625,750 | 10.1% | | Herman Wong Chi Wah | 30,000 | <1% | | Edward So Kin Chung | 50,000 | <1% | | Hung-Hum Leung | - | - | | Allen Yau-Nam Cham | - | - | | Wing-Ki Hui | - | - | - Total Shares Outstanding (June 30, 2024): **15,935,239 shares**[73](index=73&type=chunk) [Related Party Transactions](index=11&type=section&id=Related%20Party%20Transactions) Deswell had no related party transactions as specified in Form 20-F from April 1, 2019, through the Record Date - No Related Party Transactions: The Company had **no transactions** of the kind specified in Item 7.B. of Form 20-F from April 1, 2019, through the Record Date[64](index=64&type=chunk) [Proposal 2: Ratification of Independent Registered Public Accountants](index=12&type=section&id=Proposal%202%3A%20Ratification%20of%20Independent%20Registered%20Public%20Accountants) [Auditor Selection and Fees](index=12&type=section&id=Auditor%20Selection%20and%20Fees) The Board selected BDO China Shu Lun Pan Certified Public Accountants LLP as independent auditors for FY2025, recommending ratification, with audit fees increasing from **$206,000** in FY2023 to **$420,000** in FY2024 - Selected Auditor: **BDO China Shu Lun Pan Certified Public Accountants LLP** for the fiscal year ending March 31, 2025[70](index=70&type=chunk) - Prior Engagements: BDO China acted as Deswell's principal accountants for the audits of financial statements for the years ended March 31, 2023, and 2024[71](index=71&type=chunk) Aggregate Fees for Professional Services by BDO China | Category | Year ended March 31, 2023 (In thousands) | Year ended March 31, 2024 (In thousands) | | :--- | :--- | :--- | | Audit fees | $206 | $420 | | Audit-related fees | - | - | | Tax fees | - | - | | All other fees | - | - | | **Total** | **$206** | **$420** | - Audit Fee Change: Audit fees increased from **$206,000** in FY2023 to **$420,000** in FY2024[72](index=72&type=chunk) [Audit Committee Pre-approval Policies](index=13&type=section&id=Audit%20Committee%20Pre-approval%20Policies) The Audit Committee pre-approves all audit and non-audit services from independent auditors, generally for one year, with management reporting - Policy: The Audit Committee's policy is to **pre-approve all audit and permissible non-audit related services** provided by the independent auditors[77](index=77&type=chunk) - Approval Period: Pre-approval is generally provided for **up to one year** and is detailed as to the particular service or category of services[77](index=77&type=chunk) - Reporting: Management periodically reports to the Audit Committee regarding the extent of services provided and fees[77](index=77&type=chunk) - Case-by-case Approval: The Audit Committee may also pre-approve particular services on a case-by-case basis[77](index=77&type=chunk) [Other Business and Signatures](index=13&type=section&id=Other%20Business%20and%20Signatures) [Other Business](index=13&type=section&id=Other%20Business) The Board is unaware of other business; proxy holders have discretionary authority for any properly arising matters - No Other Known Business: The Board of Directors knows of **no other business** to be acted upon at the annual meeting[78](index=78&type=chunk) - Discretionary Authority: If any other matter properly comes before the annual meeting, the proxy holder will have **discretionary authority** to vote all proxies in accordance with his best judgment[78](index=78&type=chunk) [Report Signatures](index=16&type=section&id=Report%20Signatures) Edward So Kin Chung, Chief Executive Officer, signed the report on September 30, 2024, confirming compliance with the Securities Exchange Act of 1934 - Signatory: **Edward So Kin Chung**[86](index=86&type=chunk) - Title: **Chief Executive Officer**[86](index=86&type=chunk) - Date: **September 30, 2024**[86](index=86&type=chunk)

Company Overview - Deswell Industries, Inc. filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2024, with the SEC[2] - The Company manufactures injection-molded plastic parts, electronic products, and subassemblies for OEMs and contract manufacturers in China[3] - Deswell produces a variety of products including printed circuit board assemblies and finished goods such as telephones and IoT products[3]

Financial Performance and Dividends - Deswell paid dividends of $3.19 million for each of the three years ended March 31, 2022, 2023, and 2024, with future dividends dependent on the company's growth and earnings[26]. - Current PRC regulations allow subsidiaries to pay dividends only from accumulated profits, requiring a minimum of 10% of after-tax profits to be set aside for statutory reserves until reaching 50% of registered capital[28]. - Restrictions on dividend distributions from PRC subsidiaries may force the company to reduce or eliminate dividends to shareholders[97]. Regulatory and Compliance Risks - Deswell was conclusively listed as a "Commission-Identified Issuer" under the Holding Foreign Companies Accountable Act (HFCAA) due to its auditor being unable to be inspected by the PCAOB[23]. - The PCAOB has secured complete access to inspect registered public accounting firms in Mainland China and Hong Kong, temporarily lifting the risk of mandatory trading prohibition on Deswell's securities[24]. - The PRC legal system presents uncertainties that could adversely affect the company's ability to enforce contracts and protect its rights[102]. - The company is subject to PRC regulations on loans and capital contributions, which could affect liquidity and expansion efforts[98]. - The PRC government has significant oversight over business operations, which could impede the company's ability to offer securities and affect their value[104]. Operational and Market Risks - Deswell's operations are subject to significant legal and operational risks due to the majority of its operations being based in China, particularly in light of recent regulatory actions by the PRC government[22]. - The company faces risks related to competitive pricing dynamics and potential shortages of components and materials used in production[32]. - Heightened tensions in international relations, including trade relations between the U.S. and China, may adversely impact Deswell's business and financial condition[34]. - The company faces intense competition in the injection-molded plastic parts and components market, which could affect its market share and pricing strategies[58]. - The EMS industry is facing excess manufacturing capacity and increased competition, which may adversely affect operating results[59]. Financial Reporting and Internal Controls - The company has identified material weaknesses in its control over financial reporting and is taking steps to remediate these weaknesses[34]. - The company has identified material weaknesses in internal controls over financial reporting, which could result in material misstatements in financial statements[83][84]. - The company is committed to remediating material weaknesses in internal controls, engaging a third party for assistance[86]. - The company plans to design and implement controls over segregation of duties and information technology general controls[87]. Economic and Geopolitical Factors - Uncertainty in the economy and financial markets has had and may continue to have an adverse impact on business results[147]. - Heightened geopolitical tensions, including the Russia-Ukraine war and U.S.-China relations, may adversely impact the company's business and financial condition[118]. - The global economy is projected to grow at 2.7% in 2024 and 2.8% in 2025, down from 3.1% in 2022 and 2.7% in 2023[148]. - The United States economy grew at a slow annual rate of 1.3% in Q1 2024, the weakest quarterly growth since spring 2022[149]. Customer Dependency and Sales - The company had three major customers, each accounting for over 10% of net sales, collectively representing 45.4% of total net sales for the year ended March 31, 2024[38]. - The company’s major customers accounted for 10% or more of its net sales during fiscal years 2022, 2023, and 2024, indicating reliance on a small number of key clients[201]. - Net sales to customers in China accounted for 31.9% of total net sales for the fiscal year ended March 31, 2024, down from 40.1% in 2022[199]. Manufacturing and Production - The company conducts manufacturing on a "turnkey" basis, which involves greater inventory risk management and could lead to increased costs if inventory is not managed effectively[66]. - The company has approximately 132 injection molding machines, capable of servicing a variety of applications and product configurations[176]. - The company produced an average of approximately 6 to 8 molds each month, with an average weight of 1,300 pounds costing about $8,800 per set[174]. - The company has maintained a low scrap rate and high productivity in its injection molding operations due to continuous quality control measures[185]. Environmental and Compliance Challenges - Environmental regulations in China are tightening, which may increase compliance costs and disrupt operations[75][76]. - The company faces risks related to product defects, which could lead to liability claims and negatively impact market acceptance[69]. - The company lacks sufficient bargaining power with suppliers for critical components, which could lead to production delays and increased costs[65]. Workforce and Labor Issues - The company reduced its workforce by 20 employees in the fiscal year ended March 31, 2024, following reductions of 47 and 140 in the previous two fiscal years[131]. - The company is subject to the strict Labor Contract Law in China, which complicates future workforce reductions[130]. - The minimum wage in Guangdong Province, where the company's manufacturing facilities are located, was raised to RMB 1,900 per month effective December 2021[123]. Future Outlook and Strategic Initiatives - The company is exploring the feasibility of reallocating part of its production to Southeast Asian countries to mitigate uncertainties from U.S.-China trade issues[125]. - The company believes its existing manufacturing space will be adequate for operations for at least the next two years[214]. - The company continues to evaluate the impact of potential future COVID-19 variants on its operations[204].

Group 1: Company Leadership - Deswell Industries, Inc. has elected Ms. Lau Wai Ming as Chairman of the Board, effective February 19, 2024 [1] - Ms. Lau was previously an Executive Director at PAG Consulting, overseeing Global Human Capital operations [1] - She has over 13 years of experience at Goldman Sachs, including serving as an Executive Director in the Finance Division [1] Group 2: Company Overview - Deswell manufactures injection-molded plastic parts, electronic products, and metallic molds for OEMs and contract manufacturers in China [2] - The company produces a variety of plastic components for consumer and industrial products, including printed circuit board assemblies and finished products like telephones and audio equipment [2]

Company Overview - Deswell Industries, Inc. filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2023, with the SEC[2]. - The Company manufactures injection-molded plastic parts, electronic products, and subassemblies for OEMs and contract manufacturers in China[3]. - Deswell produces a variety of products including printed circuit board assemblies and finished goods such as telephones and IoT products[3].