As filed with the Securities and Exchange Commission on September 30, 2025 Registration No. 333-290595 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WF International Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 1711 Not Applicable (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organiza ...

As filed with the Securities and Exchange Commission on September 29, 2025 Registration No. 333-[ ] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WF International Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 1711 Not Applicable (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or or ...

Core Viewpoint - The HVAC industry is significantly influenced by the real estate market, with a shift towards renovation and upgrades expected to drive over 60% of demand by 2025, necessitating HVAC manufacturers to adapt to older housing scenarios and focus on high-end residential and green buildings [1][7] Company Performance - ShanYou HVAC reported revenues of $11.318 million and $15.309 million for the fiscal years 2022 and 2023, respectively, marking a year-on-year growth of 35.3% [3][4] - The company achieved a net profit of $150.93 thousand in 2023, a turnaround from a loss of $0.42 thousand in 2022 [3][4] - The gross profit margin improved from 12.5% in 2022 to 20.2% in 2023, primarily due to a significant increase in project gross margin from 9.9% to 24.5% [4][6] Revenue Breakdown - Revenue from projects increased by 27.5% from $6.895 million in 2022 to $8.793 million in 2023 [5] - Product sales grew by 47.6%, from $4.166 million to $6.151 million, while service revenue rose by 42.3%, from $0.257 million to $0.366 million [5] - The increase in project gross margin is attributed to a higher number of smaller contracts and improved payment arrangements with clients [6] Market Outlook - The HVAC industry is expected to face challenges due to its close ties with the real estate sector, with a projected 6% decline in new residential sales area in 2025 [7] - The recovery of the real estate market is contingent on the implementation of policies aimed at revitalizing the sector, including the monetization of urban village renovations [7] - ShanYou HVAC is focusing on high-end residential projects and expanding into commercial real estate and industrial sectors to mitigate risks associated with the real estate downturn [7][8] Client Dependency - The company relies heavily on a few major clients, with the top three clients accounting for 49.2% of total revenue in 2023, down from 74.7% in 2022, indicating a significant risk if these clients were to be lost [8]

Revenue Performance - Revenue from the real estate sector decreased by approximately $0.4 million, or 4.3%, from approximately $8.9 million for fiscal year 2023 to approximately $8.5 million for fiscal year 2024[369] - Revenue generated from non-real estate sectors increased by 3.2%, from 42.0% for fiscal year 2023 to 45.2% for fiscal year 2024[373] - Total revenues for the fiscal year ended September 30, 2024, increased by approximately $0.2 million, or 1.4%, to approximately $15.5 million compared to $15.3 million for the fiscal year ended September 30, 2023[388] - Revenue from projects decreased by approximately $1.3 million, or 15.1%, to $7.5 million, primarily due to reduced revenue from clients in the real estate sector[390] - Revenue from products increased by approximately $1.6 million, or 26.0%, to $7.7 million, driven by collaborations with clients outside the real estate industry[391] - Revenue from services decreased by approximately $57,000, or 15.7%, to $308,469, attributed to a slight decrease in service contracts[392] Profitability - Net profit decreased by approximately $0.5 million, from approximately $1.5 million for fiscal year 2023 to approximately $1.0 million for fiscal year 2024[371] - Gross profit decreased by approximately $0.2 million, or 6.6%, to approximately $2.9 million, with a gross margin of 18.6% compared to 20.2% in the previous year[397] - Impairment losses for the fiscal year ended September 30, 2024, were approximately $0.7 million, related to a HVAC system installation project for a customer facing liquidity issues[402] - Net income decreased by approximately $0.5 million, from approximately $1.5 million for the fiscal year 2023 to approximately $1.0 million for the fiscal year 2024[405] - Gross profit margin for products decreased from 14.7% for the fiscal year ended September 30, 2023, to 14.1% for the fiscal year ended September 30, 2024[399] - Gross profit increased by approximately $1.7 million, or 117.9%, to approximately $3.1 million for the fiscal year ended September 30, 2023, with a gross margin of 20.2%[417] Cost Management - Total cost of revenues increased by approximately $0.4 million, or 3.4%, to approximately $12.6 million for the fiscal year ended September 30, 2024[393] - Total cost of revenues increased by approximately $2.3 million, or 23.4%, to approximately $12.2 million for the fiscal year ended September 30, 2023[413] - Subcontracting fees constituted 13.4% of total cost of sales for fiscal year 2024, down from 15.8% in fiscal year 2023[384] - Selling expenses decreased by approximately $0.1 million, or 75.1%, due to strict expenditure control and no demo house construction costs incurred[401] - General and administrative expenses decreased by approximately $0.3 million, or 30.0%, to approximately $0.7 million for the fiscal year ended September 30, 2023[422] Market and Strategic Developments - Project awards during fiscal year 2024 increased by approximately $3.1 million, or 52.3%, to $9.0 million, compared to approximately $5.9 million during fiscal year 2023[370] - Backlog as of September 30, 2024, totaled approximately $18.3 million, with $14.96 million from the real estate sector and $3.34 million from sectors beyond real estate[376] - The company incorporated WF Nevada as a wholly-owned subsidiary in December 2023 to explore overseas market opportunities[375] - The company anticipates a gradual recovery in construction activities in the real estate sector, particularly for high-end, fully furnished homes equipped with HVAC systems[370] Risks - The company is exposed to inflation risk, which could impair operating results if revenues do not keep pace with rising costs[633] - Interest rate risk exists due to outstanding short-term and long-term loans, with potential changes upon renewal[634]

FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WF International Limited As filed with the U.S. Securities and Exchange Commission on December 20, 2024 Registration No. 333-275382 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 6 TO (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 1711 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primar ...

As filed with the U.S. Securities and Exchange Commission on September 13, 2024 Registration No. 333-275382 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 5 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WF International Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 1711 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Prima ...

As filed with the U.S. Securities and Exchange Commission on August 28, 2024 Registration No. 333-275382 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 4 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WF International Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 1711 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary ...

As filed with the U.S. Securities and Exchange Commission on June 25, 2024 Registration No. 333-275382 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WF International Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 1711 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary St ...

As filed with the U.S. Securities and Exchange Commission on May 16, 2024 Registration No. 333-275382 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 | Cayman Islands | 1711 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classification Code Number) | Identification number) | No. 1110, 11th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO As filed with the U.S. Securities and Exchange Commission on April 11, 2024 Registration No. 333-275382 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WF International Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 1711 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary S ...