Core Points - Meihua International Medical Technologies Co., Ltd. is scheduled to present at the Emerging Growth Conference on May 9, 2024, providing an opportunity for interaction with the CEO, Steven Xin Wang [1][2] - The company specializes in manufacturing and providing Class I, II, and III disposable medical devices, with over 1,000 types of products for domestic sales and more than 120 products exported to over 30 countries [4] Company Overview - Meihua International Medical Technologies is a reputable manufacturer of disposable medical devices, including HDPE and LDPE bottles, surgical kits, medical catheters, and more [4] - The company has received international "CE" certification and ISO 13485 system certification, and is registered with the FDA for over 20 Class I products [4] - With over 30 years of experience, the company serves hospitals, pharmacies, and medical institutions, showcasing a strong presence in both domestic and international markets [4] Conference Details - The Emerging Growth Conference allows public companies to present their products and services to a wide audience of individual and institutional investors [3] - Meihua's presentation is set for 10:15 AM Eastern time and will last for 30 minutes, with a Q&A session to follow [2] - Archived webcasts of the event will be available for those unable to attend live [2]

IPO and Financial Overview - Meihua International completed its IPO on February 18, 2022, selling 3,940,000 Ordinary Shares at a price of $10.00 per share, raising approximately $35 million[284]. - The total net proceeds from the IPO were approximately $34,576,000 after deductions[285]. - The Company believes it was defrauded by Tai He, which never invested the promised $35 million in the IPO[288]. - The Company has written off approximately $4.8 million in deposits and fully expensed $2.3 million in service fees related to the Tai He Agreements for the year ended December 31, 2022[289]. - For the fiscal year ended December 31, 2023, the Company recognized revenues of $97,098,915, with own brand sales accounting for 49.64%[295]. - Domestic direct end users and distributor customers accounted for 99.50% of revenues in the fiscal year ended December 31, 2023[296]. Capital and Dividend Policies - For the year ended December 31, 2022, Meihua transferred $26,010,150 to Kang Fu International Medical as a working capital loan[275]. - Kang Fu International Medical contributed $20,389,970 to its PRC subsidiaries as a capital contribution during the same period[276]. - No dividends or distributions have been made to the Company for the years ended December 31, 2021, 2022, and 2023, with earnings intended for R&D and production capacity expansion[279]. - Meihua's subsidiaries are required to set aside at least 10% of after-tax profits to fund a statutory reserve until it reaches 50% of registered capital, which is not distributable as cash dividends[280]. - The PRC government may impose stricter capital controls affecting the ability of subsidiaries to distribute dividends in the future[281]. Product Portfolio and Sales - The Company has a total of 2,558 products in its portfolio, including 2,406 for domestic sales and 152 for overseas sales[300]. - The top product, Disposable ID bracelet, accounted for 11.72% of sales in 2023[302]. - The sales through distributors accounted for 91.68% of revenues in the fiscal year ended December 31, 2023[297]. - For the fiscal year ended December 31, 2023, total revenues from direct end user customers and domestic distributor customers amounted to $96,618,077, constituting approximately 91.18% of total revenues[321]. - The company has secured approximately 6,799 customers through its distributors, both domestically and internationally, and aims to expand its customer base further[336]. Production Capacity and Facilities - The company completed the construction of a new factory in 2022 with a total cost of approximately $1.2 million, expanding production capacity for medical and civil non-woven products[314]. - The new production lines installed in the factory have an annual production capacity of approximately 45 million masks and 90 million testing papers[314]. - The company has installed 10 production lines in the new factory by 2023, with a total cost of approximately $2.8 million[314]. - The company operates a massive distribution network with 3,424 domestic distributors and 339 exporting distributors[351]. - The company has 12 purification plants covering a total area of approximately 110,352 square feet (10,252 square meters) to enhance production efficiency[354]. Research and Development - The company invested approximately $2.8 million, $3.0 million, and $2.7 million in R&D expenses for the years ended December 31, 2023, 2022, and 2021, respectively[337]. - The company has a total of 69 employees in the R&D department and expects R&D expenses to increase in absolute dollars as new products are developed[337]. - The R&D team consists of 69 employees, representing 11.18% of the total workforce, with a total investment of $2.75 million in product and technology R&D for the fiscal year ended December 31, 2023[356]. - The company holds 27 registered patents and is actively acquiring new patents to meet fast-changing market demands[342]. Quality Control and Compliance - The company has implemented strict quality control policies and inspection protocols to maintain product safety and high standards[377]. - More than 60 categories of products have passed quality system inspections by the China Food and Drug Administration and local authorities, ensuring adherence to quality control standards[360]. - The company has set annual quality targets, with monthly follow-ups and quarterly evaluations to ensure compliance and effectiveness in meeting these targets[361]. - The company is compliant with the registration and filing requirements for all its medical devices as of the report date[440]. - The company has passed several on-site inspections regarding its production and quality management standards, with recommendations of "Passed" or "Rectification within the prescribed period"[445]. Regulatory Environment - The PRC Enterprise Income Tax Law imposes a uniform 25% tax rate on both foreign-invested and domestic enterprises, with certain exceptions for special industries[431]. - The maximum withholding tax rate on dividends from PRC foreign invested companies to overseas investors is 20%, reduced to 10% under certain conditions[413]. - The approval process for Class II and III medical devices involves rigorous inspections and clinical testing, ensuring high safety and efficacy standards for products[368]. - The company is required to have a computerized information management system for traceability of products in its operations of Class III medical devices[451]. - The validity period for advertisement approval numbers for medical products is aligned with the shortest validity period of the product registration certificate, with a maximum of two years if no period is specified[456]. Challenges and Risks - The company faces competitive challenges from major medical device companies with greater resources, making it difficult to compete in high-end product markets[374]. - Limited access to capital has slowed the company's ability to gain additional market share, impacting production capacity expansion and R&D efforts[373]. - The company's production capacity for certain pandemic prevention products is limited, unable to meet current market demand due to funding and equipment constraints[373]. - A legal proceeding has been initiated against the company, claiming joint and several liability for payment of $2.3 million, with potential additional losses from June 2022[396].

Financial Performance - Revenues for the fiscal year 2023 decreased by 6% to approximately $97.1 million, down from $103.3 million in 2022, primarily due to the depreciation of the RMB exchange rate [2]. - Gross profit was approximately $33.2 million, a decrease of 13% from $38.1 million in 2022, resulting in a gross margin decline from 37% to 34% [2][9]. - Income from operations increased by 36% to approximately $14.7 million, compared to $10.8 million in 2022 [2][15]. - Net income attributable to shareholders rose by 86% to approximately $11.6 million, up from $6.2 million in 2022, with net income per share increasing to $0.49 from $0.27 [2][16]. - Operating expenses decreased by 32.1% year over year, contributing to the significant growth in net income [5]. Market Expansion and Partnerships - The company established partnerships with 339 distributors globally and 3,424 distributors domestically, enhancing its market presence [5]. - In 2024, the company acquired equity interests in two companies to integrate resources across the medical industry and is constructing an integrated medical industrial park in Hainan, expected to be completed by early 2025 [4][17]. - The company plans to introduce new technologies and products, including a minimally invasive surgical robot system and a home hyperbaric oxygen chamber, leveraging national-level preferential policies in Hainan [4]. Investments and Offerings - A conditional pre-investment of $9.03 million was made in Jiangsu Guomai Medical Technology Co., Ltd., expected to enhance logistics and distribution capabilities [17]. - The company closed a registered direct offering for gross proceeds of approximately $5.58 million, part of a larger offering of up to $50.5 million [19]. Forward-Looking Statements and Risks - The company emphasizes that forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from expectations [22]. - Investors are cautioned not to place undue reliance on forward-looking statements due to various risks including competition, technology changes, and economic conditions in China [22]. - The company is focused on developing robotic-assisted surgery systems and obtaining necessary licensure and certification for these systems [22].

As filed with the U.S. Securities and Exchange Commission on February 23, 2024 Registration No. 333-276882 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Meihua International Medical Technologies Co., Ltd. 美华国际医疗科技有限公司 (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 5047 Not Applicable (State or other jurisdiction of ...

As filed with the U.S. Securities and Exchange Commission on February 21, 2024 Registration No. 333-276882 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Meihua International Medical Technologies Co., Ltd. 美华国际医疗科技有限公司 (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of (Primary Standard Industrial (I.R. ...

As filed with the U.S. Securities and Exchange Commission on February 6, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Meihua International Medical Technologies Co., Ltd. 美华国际医疗科技有限公司 (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation ...

Financial Performance - Total revenues for the six months ended June 30, 2023, were $48,190,076, a decrease of 12.5% compared to $54,832,847 for the same period in 2022[9] - Gross profit for the first half of 2023 was $17,170,729, down 17.0% from $20,891,732 in the prior year[9] - Net income attributable to shareholders increased to $7,062,007 for the six months ended June 30, 2023, compared to $6,554,887 in the same period of 2022, representing an increase of 7.7%[9] - The company reported a comprehensive income of $711,672 for the six months ended June 30, 2023, compared to $421,794 in the prior year, indicating an increase of 68.7%[9] - Net income for June 2023 was $7,031,529, an increase of 7.25% from $6,554,887 in June 2022[15] - Income before income tax provision for the six months ended June 30, 2023, was $9,097,681, compared to $8,988,658 for the same period in 2022, reflecting an increase of about 1.2%[112] Assets and Liabilities - Total current assets decreased to $132,264,679 as of June 30, 2023, from $135,319,155 as of December 31, 2022, a decline of 2.3%[6] - Total liabilities decreased to $23,221,700 as of June 30, 2023, from $24,898,499 as of December 31, 2022, a reduction of 6.7%[6] - Cash and cash equivalents decreased to $17,861,214 as of June 30, 2023, from $26,736,700 as of December 31, 2022, a decline of 33.3%[6] - Total bank borrowings as of June 30, 2023, were $7,171,128, an increase from $6,089,428 as of December 31, 2022[100][101] - Taxes payable increased to $1,452,318 as of June 30, 2023, from $1,131,276 as of December 31, 2022, with income tax payable rising significantly to $1,012,775[107] Revenue Breakdown - Revenue from self-manufactured products was $23,435,544 for the six months ended June 30, 2023, down from $27,046,663 in 2022, representing a decline of 13.5%[64] - Revenue from resales of sourced disposable medical devices was $24,754,532 for the six months ended June 30, 2023, compared to $27,786,184 in 2022, a decrease of 10.9%[64] - Direct sales revenue decreased to $4,305,506 from $4,582,321, while distributor sales revenue decreased to $43,884,570 from $50,250,526[65] - Class II medical devices generated $35,075,347 in revenue for the six months ended June 30, 2023, a decrease of 12.5% from $39,897,058 in 2022[79] - Class I medical devices revenue was $8,023,860, up from $7,657,297, indicating an increase of 4.8%[79] - Class III medical devices revenue decreased to $1,398,377 from $1,584,816, a decline of 11.7%[79] Operating Expenses - Operating expenses for the first half of 2023 were $8,074,056, significantly lower than $12,223,030 in the same period of 2022, a decrease of 33.5%[9] - Research and development expenses for the six months ended June 30, 2023, were $1,460,376, down 11.1% from $1,642,204 in 2022[69] - Advertising expenses increased to $8,275 for the six months ended June 30, 2023, compared to $7,603 in the same period of 2022, reflecting an increase of 8.8%[68] Cash Flow - Net cash used in operating activities decreased to $(5,424,569) in June 2023 from $(7,798,816) in June 2022, representing a 30.43% improvement[15] - Net cash used in investing activities increased significantly to $(3,866,151) in June 2023 compared to $(459,163) in June 2022[15] - Cash paid for income tax decreased to $2,313,417 in June 2023 from $2,956,643 in June 2022, a reduction of 21.67%[15] - Cash at the end of June 2023 was $17,861,214, down from $34,665,528 at the end of June 2022, reflecting a decrease of 48.54%[15] Customer Concentration - Two customers accounted for approximately 18.18% and 10.01% of total revenues for the six months ended June 30, 2023, compared to 32.53% and 11.25% in the same period of 2022[31] - As of June 30, 2023, two customers represented approximately 30.92% and 21.31% of accounts receivable, compared to 27.73% and 13.14% as of December 31, 2022[31] Taxation and Compliance - The company maintains a preferential tax rate of 15% under the High and New Technology Enterprise certificate, valid through December 31, 2025[113] - Total income tax expense for the six months ended June 30, 2023, was $2,064,697, a decrease from $2,433,772 in the same period of 2022, representing a reduction of approximately 15.1%[112] - The company has no significant unrecognized uncertain tax positions as of June 30, 2023[117] Other Financial Information - The company has not recorded any impairment charges for long-lived assets for the six months ended June 30, 2023, and 2022[50] - The allowance for doubtful accounts amounted to nil as of June 30, 2023, and December 31, 2022, indicating no bad debt expenses[41][44] - The company has pledged assets totaling $3,522,472 as of June 30, 2023, to secure short-term borrowings[103] - The company invested RMB 40 million into Zhongxiangxin, obtaining a 25% ownership interest, and recognized an investment loss of $1,632 for the six months ended June 30, 2023[96] - The company is currently involved in a lawsuit seeking damages of approximately $2.3 million, but has deemed the possibility of loss to be remote[122]

IPO and Financial Overview - The company completed its initial public offering (IPO) on February 18, 2022, selling 3,940,000 Ordinary Shares at a public offering price of $10.00 per share, raising approximately $34.58 million in net proceeds[209][210]. - The company intends to use earnings for research and development, new product development, and expanding production capacity, with no expectation of paying cash dividends in the foreseeable future[204]. - For the fiscal year ended December 31, 2022, the company recognized revenues of $103,346,341, with own brand sales accounting for 48.88% and resales for 51.12%[219]. - Domestic direct end users and distributor customers contributed 99.52% of total revenues in 2022, while overseas distributing customers accounted for only 0.48%[220]. - Revenues from direct end user and domestic distributor customers for the fiscal year ended December 31, 2022, amounted to $102,845,751, constituting approximately 99.52% of total revenues[243]. Corporate Structure and Shareholding - The company has a direct holding structure, with Meihua International controlling its subsidiaries, including Yangzhou Huada, Jiangsu Yada, Jiangsu Huadong, and Guanghui[202][216]. - The company’s controlling shareholder, Bright Accomplish Limited, holds approximately 66.56% of the Ordinary Shares as of the date of the report[193]. - The company’s corporate structure includes multiple subsidiaries focused on manufacturing and selling various classes of disposable medical devices[199][216]. Product Portfolio and Sales - The company has a total of 1,063 products in its portfolio, with 937 for domestic sales and 126 for overseas sales[223]. - The company’s top product, the disposable ID bracelet, accounted for 14.40% of sales in 2022, up from 13.07% in 2021[226]. - The company’s sales through direct channels accounted for 9.16% of revenues in 2022, while distributor sales accounted for 90.84%[221]. - The company has established sound relationships with customers, distributors, and suppliers, contributing to its sustainable growth[218]. Research and Development - The company’s R&D expenses totaled approximately $3.0 million for the fiscal year ended December 31, 2022, reflecting an increase from $2.7 million in 2021 and $2.5 million in 2020[260]. - The company expects R&D expenses to increase in absolute dollars as it continues to develop new products and enhance existing technologies[260]. - The company has a dedicated R&D team of 78 people, accounting for 12.46% of total employees, focusing on market-driven product development[278]. - The company holds 27 registered patents and continues to invest in acquiring new patents to meet changing market demands[265]. Production and Quality Control - The company completed the construction of a new factory for expanding production, with a total cost of approximately $1.2 million, and placed an order for 12 production lines costing an estimated $3.71 million[237]. - The company operates 12 purification plants covering approximately 110,352 square feet (10,252 square meters), enhancing production efficiency through automation[276]. - The company has implemented strict quality control policies and inspection protocols to maintain high product quality standards[312]. - The inspection team has conducted several on-site inspections, with recommended conclusions of "Passed" or "Rectification within the prescribed period" for the company's production and quality management standards[383]. Regulatory Environment - The company operates under the Company Law of the People's Republic of China, which was amended in October 2018, and the Foreign Investment Law effective from January 1, 2020[334][335]. - The PRC does not impose expropriation on foreign investments, ensuring fair compensation under legal procedures if expropriation is necessary for public interest[338]. - The PRC Enterprise Income Tax Law applies a uniform 25% enterprise income tax rate to both foreign-invested and domestic enterprises[369]. - The company is in compliance with the requirements of the standards on production and quality management of medical devices as confirmed by competent authorities[383]. Market and Distribution - The company has established a massive distribution network with 3,004 domestic distributors and 324 exporting distributors, supported by 5,000 independent sales agents[273]. - The company’s products are sold in over 70 countries and regions, showcasing its international market reach[268]. - The company anticipates continued high demand for virus prevention products due to ongoing public awareness and international demand[237]. Legal and Compliance Issues - The company is subject to various legal claims and proceedings, with one ongoing case regarding past-due professional fees from a former accounting firm[332]. - No investigations or quality-related penalties have been reported for the fiscal year 2022, indicating a stable regulatory environment[288]. - The company has not purchased key-man life insurance, product liability, or professional liability insurance, considering its current insurance coverage sufficient for operations in China[329].

Financial Performance - Total revenues increased by 13% to approximately $54.8 million for the six months ended June 30, 2022, compared to approximately $48.4 million in the same period of fiscal year 2021[2]. - Gross profit rose by 14% to approximately $20.9 million, maintaining a gross margin of 38% for the six months ended June 30, 2022[2][3]. - Income from operations decreased by 24% to approximately $8.7 million, while net income fell by 28% to approximately $6.6 million for the same period[2][12]. - Total revenues for the six months ended June 30, 2022, were $54,832,847, an increase from $48,360,993 in the same period of 2021, representing a growth of approximately 13.8%[22]. - Gross profit for the same period was $20,891,732, compared to $18,300,645 in 2021, indicating a gross margin improvement[22]. - Net income for the six months ended June 30, 2022, was $6,554,887, down from $9,092,467 in 2021, reflecting a decrease of approximately 28%[22]. - The company reported a basic and diluted net income per ordinary share of $0.29, compared to $0.45 in the previous year[22]. Operating Expenses - Operating expenses surged by 79% to approximately $12.2 million, primarily due to a significant increase in general and administrative expenses[10][11]. - Operating expenses increased significantly to $12,223,030 from $6,821,332, primarily due to higher general and administrative expenses, which rose to $4,799,711 from $2,219,725[22]. - The company reported bad debt expenses of $2,469,466, which were not present in the previous year[22]. Cash and Assets - Cash increased to approximately $34.2 million as of June 30, 2022, reflecting a rise of approximately $26.0 million from December 31, 2021[13]. - Total current assets increased to $126,991,526 from $97,276,350, showing a growth of approximately 30.6%[20]. - Total liabilities decreased to $23,309,546 from $29,088,779, a reduction of about 20%[20]. - Shareholders' equity rose to $141,940,724 from $107,768,602, reflecting an increase of approximately 31.6%[20]. Strategic Initiatives - The company plans to expand its product offerings and services to the U.S. market by the end of 2023, including a high-end senior care project[4]. - Meihua is actively recruiting high-end overseas professionals to enhance R&D capabilities and team management[4]. - The company aims to explore application scenarios of medical devices using web3.0 and XR technology in the metaverse starting Q4 2022[4]. - The initial public offering in February 2022 raised aggregate gross proceeds of $39.4 million, significantly boosting the company's cash position[14]. Sales Performance - Sales from Class I medical devices increased by 25% year-over-year, contributing to overall revenue growth[5]. Share Dilution - The weighted average number of ordinary shares increased to 22,873,370 from 20,000,000, indicating a dilution effect on earnings per share[22].

Financial Performance - Revenue increased by 16.82% to $104.04 million for the fiscal year ended December 31, 2021, compared to $89.06 million for the previous year[2] - Net income increased by 4.99% to $20.00 million for the fiscal year ended December 31, 2021, up from $19.05 million in the prior year[2][14] - Total revenues for 2021 reached $104,037,710, a 17% increase from $89,061,010 in 2020[23] - Net income for 2021 was $19,991,246, up from $19,045,255 in 2020, representing a 5% increase[23] - Comprehensive income for 2021 was $22,074,489, slightly down from $23,805,228 in 2020, due to foreign currency translation adjustments[23] - Net income for the year 2021 was $19,991,246, an increase of 4.98% from $19,045,255 in 2020[25] Profitability Metrics - Gross profit rose by 7.13% to $39.81 million, with a gross margin decrease to 38.26% from 41.72% in fiscal year 2020[2][9] - Gross profit for 2021 was $39,805,241, compared to $37,160,187 in 2020, reflecting a gross margin improvement[23] - The company reported a basic and diluted net income per ordinary share of $1.00 for 2021, compared to $0.95 in 2020[23] Cash and Liquidity - Cash reserves were over $8 million as of December 31, 2021, reflecting an increase from $7.19 million at the end of 2020[3][14] - Cash and cash equivalents increased to $8,149,276 in 2021, compared to $7,187,334 in 2020, showing improved liquidity[20] - Cash at the end of the year increased to $8,149,276 from $7,187,334, representing a 13.4% rise[25] Assets and Liabilities - Total current assets increased to $97,276,350 in 2021, up from $67,566,231 in 2020, marking a 44% growth[20] - Total assets grew to $136,857,381 in 2021, compared to $106,048,824 in 2020, indicating a 29% increase[20] - Total liabilities remained stable at $30,047,112 in 2021, consistent with the previous year[20] Operational Developments - A new production line for COVID-19 testing products has been established to meet increasing demand due to the pandemic[3][4] - The company plans to complete the construction of a new factory for coronavirus detection and prevention products within the year[4] - The company aims to maintain rapid growth post-pandemic and create long-term value for investors through strategic operational optimizations[4] Research and Development - Research and development expenses increased by approximately 9.64% to $2.73 million, reflecting a commitment to product innovation[13] - Research and development expenses rose to $2,725,014 in 2021, up from $2,492,059 in 2020, reflecting a focus on innovation[23] Operating Costs - Operating costs increased by 5.92% to $14.50 million, driven by higher general and administrative expenses[11] Cash Flow Activities - Net cash used in operating activities was $(54,663), a significant decrease from $5,325,996 in 2020[25] - Net cash used in investing activities totaled $(833,817), compared to $(16,094,404) in 2020, indicating a reduction in investment outflows[25] - Net cash provided by financing activities was $1,860,234, compared to $1,706,750 in 2020, showing a growth of 9%[25] Other Financial Metrics - Depreciation expenses rose to $595,522, up from $497,238 in the previous year, reflecting a 19.7% increase[25] - Interest paid during the period was $180,744, up from $137,160 in the previous year, reflecting a 31.7% increase[25] - Income taxes paid increased to $5,042,816 from $4,362,169, which is a 15.6% rise[25] - The effect of foreign exchange rate changes resulted in a loss of $(9,812), contrasting with a gain of $218,137 in the previous year[25]