Luda Technology Group Ltd

Listed Company

LUDCIK 0001984124NYSENon-AcceleratedEmerging GrowthSteel Pipe & Tubes

Period

FY 2024

Revenue

$44.86M

Net Income

$-361.0K

Total Assets

$39.31M

Equity

$12.66M

Shares Out

20.00M

Op. Cash Flow

$5.46M

Business

Luda Technology Group Ltd is a manufacturer and trader of stainless steel and carbon steel flanges and fittings products. It manufactures and sells a broad range of flanges (blind, slip-on, plate, thread, welding neck) and fittings (elbows, reducers, caps, tees) and trades related steel piping products such as valves and pipes, supported by in-house production, sourcing from external suppliers and R&D. Its operations are organized into manufacturing (Luda PRC) and trading/distribution (Luda HK) activities with quality and certification programs. The company sells to customers across the People’s Republic of China, South America, Australia, Europe, Asia (excluding China) and North America through a sales team, representatives and external agents.

Summary from filing dated 2025-04-30

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Revenues	34	45	51
Cost of sales	28	33	41
Gross profit	6	11	11
Operating expenses:	—	—	—
Selling expenses	2	6	3
General and administrative expenses	4	3	3
Research and development expenses	1	1	1
Total operating expenses	7	11	7
(Loss) income from operations	−1	455,908	4
Other income (expenses)	—	—	—
Interest expenses	520,916	556,156	406,692
Other income, net	3	3,453	15,228
Total other income (expenses), net	2	−552,703	−391,464
Income (loss) before income taxes	991,224	−96,795	3
Income taxes	434,395	264,221	446,899
Net income (loss)	556,829	−361,016	3
Other comprehensive income (loss):	—	—	—
Foreign currency translation adjustment	605,921	−344,879	−566,358
Comprehensive income (loss)	1	−705,895	2
Weighted average number of ordinary shares*:	—	—	—
Basic (in Shares)	22	20	20
Diluted (in Shares)	22	20	20
Earnings (loss) per share*:	—	—	—
Basic (in Dollars per share)	0.03	−0.02	0.15
Diluted (in Dollars per share)	0.03	−0.02	0.15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Current assets	—	—
Cash and cash equivalents	5	8
Restricted cash	78,959	200,517
Accounts receivable, net	13	13
Notes receivable, net	966,447	381,878
Redemption receivable, net	8	—
Prepayments, deposits and other receivables, net	437,971	479,613
Advance to suppliers	148,959	33,043
Inventories, net	5	5
Inventories to be returned	262,291	939,404
Deferred costs	—	671,321
Contract assets - current, net	1	2
Short-term investments	6	1
Other current assets	217,949	—
Total current assets	40	32
Non-current assets	—	—
Restricted cash – non-current	176,296	—
Property, plant and equipment, net	5	5
Intangible assets, net	711,156	701,154
Operating lease right-of-use assets, net	483,431	—
Deferred tax assets	622,879	552,966
Contract assets - non-current, net	2	667,456
Other receivables - non-current, net	325,809	406,630
Total non-current assets	9	7
Total assets	49	39
Current liabilities	—	—
Short-term loans	11	12
Accounts payable	11	9
Contract liabilities	128,192	221,770
Other payables and accruals	2	4
Operating lease liabilities, current	293,803	—
Income taxes payable	1,652	1,652
Refundable liabilities	331,737	1
Total current liabilities	25	26
Non-current liabilities	—	—
Long-term loans	2	614,476
Operating lease liabilities - non-current	234,843	—
Deferred tax liabilities	372,942	176,430
Total non-current liabilities	2	790,906
Total liabilities	27	27
Commitments and contingencies	—	—
Shareholders’ equity	—	—
Ordinary shares, $0.03 (equivalent to HK$0.25) par value, 4,000,000,000 shares authorized, 22,690,000 and 20,000,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively	727,244	641,026
Additional paid-in capital	8	—
Statutory reserve	2	2
Retained earnings	12	11
Accumulated other comprehensive loss	−997,219	−2
Total equity	22	13
Total liabilities and shareholders’ equity	49	39

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Cash flows from operating activities:	—	—	—
Net income (loss)	556,829	−361,016	3
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:	—	—	—
Amortization expenses	20,139	20,116	20,442
Depreciation expenses	581,723	460,494	449,678
Allowance for inventory valuation	303,834	210,377	231,715
(Reversal of) provision for allowance for expected credit losses	−117,438	−27,137	714,384
Fair value changes of short-term investments	2	−398,654	—
Expensed deferred initial public offering cost	—	−137,596	—
(Gain) loss on disposal of property, plant and equipment	38,286	9,962	−13,926
Gain on extinguishment of consulting expenses payable	564,918	—	—
Deferred tax expenses	145,937	−265,469	−186,300
Changes in operating assets and liabilities:	—	—	—
Inventories	−803,486	−1	2
Contract assets	616,700	−2	596,041
Accounts receivable	−306,867	−3	1
Notes receivable	557,927	−2	−301,548
Prepayments and other receivables	−65,717	78,716	−350,977
Advance to suppliers	115,566	24,753	−83,048
Refundable liabilities	1	923,120	−2
Accounts, other payables, accruals and income taxes payable	314,319	−2	−44,503
Notes payable	—	−138,971	141,225
Contract liabilities	−95,371	−2,147	2,005
Operating lease liabilities	45,215	—	—
Other current assets	217,949	—	—
Other long-term assets	−104,417	137,651	152,523
Net cash (used in) provided by operating activities	−2	5	3
Cash flows from investing activities:	—	—	—
Purchase of short-term investments	21	2	1,360
Proceeds from disposal of short-term investments	−10	—	—
Purchase of property, plant and equipment	458,221	1	2
Proceeds from disposal of property, plant and equipment	108,868	26,446	661
Net cash used in investing activities	−11	−3	−2
Cash flows from financing activities:	—	—	—
Net proceeds from initial public offering	9	—	—
Net proceeds from share over-allotment	696,792	—	—
Payment of deferred offering cost	565,937	20,026	633,891
Dividends paid	—	3	630,785
Advance from related parties	—	215,995	25,486
Repayments to related parties	—	25,487	17,192
Proceeds from bank loans	15	15	13
Repayments on bank loans	15	14	9
Net cash provided by (used in) financing activities	9	−3	3
Effect of exchange rate changes on cash, cash equivalents and restricted cash	359,102	−113,839	−165,164
Net (decrease) increase in cash and cash equivalents, and restricted cash	−4	−62,754	4
Cash and cash equivalents, and restricted cash at end of the year	—	—	—
Cash and cash equivalents, and restricted cash at end of the year	—	—	—
Reconciliation to amounts on consolidated balance sheet	—	—	—
Cash and cash equivalents	—	—	—
Restricted cash	—	—	—
Supplemental disclosure of cash flow information	—	—	—
Cash received for interest	9,100	23,461	48,765
Cash paid for interests	473,435	530,185	455,457
Cash paid for income tax	204,455	557,354	954,109
Supplemental disclosures of non-cash financing and investing activities	—	—	—
Right-of-use assets obtained in exchange for new operating lease liabilities	535,901	—	—
Capitalization of deferred offering cost	671,321	—	—

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