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6-K 1 ea0223536-6k_wingyip.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2024

 

Commission File Number: 001-42407

 

Wing Yip Food Holdings Group Limited

 

No.9, Guanxian North Rd

Huangpu Town, Zhongshan City

Guangdong, China 528429

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 


 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

Financial Condition and Results of Operations

 

On December 4, 2024, Wing Yip Food Holdings Group Limited, a company with limited liability incorporated in Hong Kong (the “Company”), released its interim report, including the related unaudited and unreviewed consolidated financial statements of the Company, for the nine months ended September 30, 2024 (the “Interim Report”).

 

The Interim Report and accompanying consolidated interim financial statements are unreviewed and unaudited and have been prepared solely by the Company’s management pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. Accordingly, these unaudited and unreviewed financial statements may not include all disclosures required by U.S. GAAP for interim financial statements.

 

EXHIBIT INDEX

 

Exhibit No   Description
99.1   Interim report of the Company for the nine months ended September 30, 2024

 

1


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  WING YIP FOOD HOLDINGS GROUP LIMITED
     
  By: /s/ Xiantao Wang
    Xiantao Wang
    Director and Chairman of the Board

 

Date: December 4, 2024

 

 

2

 

EX-99.1 2 ea022353601ex99-1_wingyip.htm INTERIM REPORT OF THE COMPANY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Exhibit 99.1

 

WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)

 

    As of
September 30,
2024
    As of
December 31,
2023
 
ASSETS            
CURRENT ASSETS:            
Cash and cash equivalents   $ 110,766,415     $ 90,963,594  
Restricted cash     915,698        
Accounts receivable, net     9,914,196       7,347,892  
Inventories     5,856,493       6,576,151  
Prepaid expenses and other current assets     3,628,036       3,922,368  
TOTAL CURRENT ASSETS   $ 131,080,838     $ 108,810,005  
                 
NON-CURRENT ASSETS:                
Property, plant and equipment, net   $ 67,700,083     $ 70,510,340  
Intangible assets, net     51,064       56,069  
Land-use rights, net     636,685       650,187  
Right-of-use assets     204,439       215,392  
Deferred offering costs     1,070,608       605,866  
Other non-current assets     173,206       174,317  
TOTAL NON-CURRENT ASSETS   $ 69,836,085     $ 72,212,171  
TOTAL ASSETS   $ 200,916,923     $ 181,022,176  
                 
LIABILITIES                
CURRENT LIABILITIES:                
Short-term loans   $ 5,557,456     $ 6,478,964  
Long-term loans     2,164,201       781,701  
Accounts payable     15,003,376       7,786,391  
Deferred income     53,132       65,495  
Accrued expenses and other payables     2,240,720       3,433,862  
Taxes payable     2,517,577       857,512  
Lease liabilities     23,326       41,985  
TOTAL CURRENT LIABILITIES   $ 27,559,788     $ 19,445,910  
                 
NON-CURRENT LIABILITIES:                
Long-term loans   $ 15,547,246     $ 16,726,570  
Lease liabilities     169,032       212,615  
Deferred tax liabilities     1,601,179       1,580,428  
TOTAL NON-CURRENT LIABILITIES   $ 17,317,457     $ 18,519,613  
TOTAL LIABILITIES   $ 44,877,245     $ 37,965,523  
                 
COMMITMENTS AND CONTINGENCIES            
                 
SHAREHOLDERS’ EQUITY                
Ordinary shares (47,973,428 shares issued and outstanding as of September 30, 2024 and December 31, 2023)   $ 37,370,297     $ 37,370,297  
Additional paid-in capital            
Statutory reserve     10,435,949       10,435,949  
Accumulated other comprehensive loss     (3,158,361 )     (5,119,036 )
Retained earnings     111,391,793       100,369,443  
TOTAL SHAREHOLDERS’ EQUITY   $ 156,039,678     $ 143,056,653  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 200,916,923     $ 181,022,176  

 

F-1


 

WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Expressed in U.S. Dollars, except for the number of shares)

 

    For the nine months ended
September 30,
 
    2024     2023  
Revenue   $ 105,679,367     $ 98,568,069  
Cost of revenue     (72,031,579 )     (63,703,428 )
Gross profit     33,647,788       34,864,641  
                 
Operating expenses:                
Selling expenses     (14,967,668 )     (12,647,124 )
General and administrative expenses     (2,755,130 )     (3,121,788 )
Research and development expenses     (3,029,250 )     (2,692,314 )
Total operating expenses     (20,752,048 )     (18,461,226 )
                 
Other income (expenses):                
Interest income     148,448       132,925  
Interest expenses     (808,795 )     (716,982 )
Other income, net     12,802       62,856  
Other expense, net     (350,005 )     (2,091,124 )
Exchange gain (loss)     9,844       (29,757 )
Total other expenses, net     (987,706 )     (2,642,082 )
                 
Income before income tax     11,908,034       13,761,333  
Income tax expenses     (885,684 )     (3,549,744 )
Net income   $ 11,022,350     $ 10,211,589  
                 
Other comprehensive income                
Foreign currency translation adjustments, net of tax     (1,960,675 )     7,629,392  
Comprehensive income   $ 9,061,675     $ 17,840,981  
                 
Earnings per share, basic and diluted   $ 0.23     $ 0.21  
                 
Weighted average number of shares     47,973,428       47,973,428  

 

F-2


 

WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars, except for the number of shares)

 

    For the nine months ended
September 30,
 
    2024     2023  
Cash flows from operating activities:            
Net income   $ 11,022,350     $ 10,211,589  
Adjustments to reconcile net income (loss) to net cash used in operating activities:                
Depreciation of property, plant and equipment     3,141,040       3,692,757  
Property, plant and equipment written off     268,313       2,020,780  
Allowance for doubtful accounts     3,691        
Amortization of intangible assets     6,751       4,717  
Amortization of land use right     20,598       21,076  
Amortization of right-of-use asset     19,314       173,316  
Deferred income taxes     20,751       1,820,936  
Changes in operating assets and liabilities:                
Accounts receivable     (2,569,995 )     (3,009,276 )
Inventories     719,658       2,581,270  
Prepaid expenses and other current assets     294,336       3,469,653  
Other non-current assets     1,111       35,423  
Accounts payable     7,216,985       (2,358,210 )
Deferred revenue     (12,363 )     (17,288 )
Taxes payable     1,660,065       (88,757 )
Lease liabilities     (62,242 )     (134,913 )
Accrued expenses and other payables     (1,193,142 )     (423,104 )
Net cash provided by operating activities     20,557,221       17,999,969  
                 
Cash flows from investing activities:                
Purchase of property, plant and equipment     (11,992 )     (4,649 )
Purchase of intangible assets     (570 )      
Net cash used in investing activities     (12,562 )     (4,649 )
                 
Cash flows from financing activities:                
Proceeds from short-term loans     5,842,453       6,304,825  
Proceeds from long-term loans     1,184,018       5,051,778  
Repayment of short-term loans     (1,118,405 )     (233,004 )
Repayment of long-term loans     (6,839,945 )     (3,700,658 )
Deferred offering costs     (464,742 )     (248,753 )
Net cash (used in) provided by financing activities     (1,396,621 )     7,174,188  
                 
Effect of exchange rate changes on cash held in foreign currencies     1,570,481       (4,960,479 )
Net increase in cash     20,718,519       20,209,029  
Cash at beginning of the year     90,963,594       67,393,694  
Cash at end of the year   $ 111,682,113     $ 87,602,723  
                 
Supplemental disclosures of cash flows information:                
Cash paid for income taxes     3,598,713       2,437,472  
Cash paid for interest expense     752,805       663,978  
                 
Supplemental non-cash financing activity:                
Lease liabilities arising from obtaining right-of-use assets           7,977  

 

 

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