Lucide Ledger

A filing-first public record from Lucide House.

Issue 005 | U.S. Pilot | US

HUDI

Huadi International Group Co., Ltd.

Screen state: Needs Review Source state: Stale Filing 20-F | 2026-01-30 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 71.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
70,287,237USD
Total Liabilities
33,711,230USD
NCAV
36,576,007USD
Cash
6,483,489USD
NCAV per share
3.36USD/share
Evidence
6 annual | 9 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
5
Unavailable
0
Requires inspection High NCAV Burn since the previous filing 36,576,007
Latest
36,576,0072025-09-30
Comparison
52,195,1172024-09-30
Change
-29.9%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-010177; REPORTED_FILING 20-F 2024-09-30

Requires inspection Negative OCF -8,480,674
Latest
-8,480,6742025-09-30
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-010177

Supporting observation No Material 1Y Share Increase 14,299,182
Latest
14,299,1822025-09-30
Comparison
14,279,1822024-09-30
Change
+0.1%

Basis: 1Y share change > -2% and <= +1% using the same share-count source

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-010177; REPORTED_FILING 20-F 2024-09-30

Supporting observation Low Debt 0.11
Latest
0.112025-09-30
Comparison
0.2
Change
n/a

Basis: (short-term debt + long-term debt) / ordinary equity < 20%

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-010177

Supporting observation Current Ratio > 1.5 2.89
Latest
2.892025-09-30
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-09-30 · 0001213900-26-010177

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 9 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Medium | Filing

Some rows are based on older filing data and require manual freshness review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-09-30
20-F
USD
2024-09-30
20-F
USD
2023-09-30
20-F
USD
2022-09-30
20-F
USD
2021-09-30
20-F
USD
2020-09-30
20-F
USD
Revenue 62,895,611 74,270,429 1,219,041 76,366,148 3,239,956 1,370,197
Operating Income -2,884,006 -1,608,481 3,110,625 2,352,541 2,577,979 4,460,585
Net Income -1,395,927 137,422 3,257,722 1,924,202 2,557,045 3,356,299
Cash From Operations -8,480,674 12,993,841 -2,447,726 8,027,856 -5,648,806 3,204,290
Capex -1,457,008 -308,631 -157,571 -206,175 -917,539 -664,996
Free Cash Flow -9,937,682 12,685,210 -2,605,297 7,821,681 -6,566,345 2,539,294
Cash And Equivalents 6,483,489 18,118,456 20,192,460 13,195,999 15,350,197 796,794
Accounts Receivable 24,773,841 18,713,342 22,630,275 19,658,188 25,278,958 15,533,077
Inventory 24,084,711 23,312,978 26,706,629 24,867,708 22,721,265 20,837,594
Total Current Assets 70,287,237 77,472,209 80,236,716 64,401,855 77,080,673 47,347,153
Total Assets 109,523,537 103,594,531 103,010,786 84,636,527 100,245,863 69,123,370
Total Current Liabilities 24,307,129 23,828,193 22,610,447 25,701,961 48,767,449 n/a
Total Liabilities 33,711,230 25,277,092 28,326,976 35,002,586 48,767,449 43,334,670
Shareholders Equity 75,514,305 78,003,226 74,408,992 49,383,508 51,213,908 25,564,287
Shares Outstanding 14,299,182 14,279,182 14,259,182 13,239,182 13,127,000 10,000,000
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 14,277,484 14,268,333 14,138,525 13,228,682 12,116,079 10,000,000
Weighted Avg Shares Basic 14,277,484 14,268,333 14,138,525 13,228,682 12,116,079 10,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 9 quarterly periods available from Data Vault for this company.

Metric
2025-03-31
6-K
USD
2024-09-30
6-K
USD
2024-03-31
6-K
USD
2023-09-30
6-K
USD
2023-03-31
6-K
USD
2022-09-30
6-K
USD
2022-03-31
6-K
USD
2021-09-30
6-K
USD
2021-03-31
6-K
USD
Revenue 29,378,727 74,270,429 37,082,786 84,332,300 618,897 76,366,148 912,205 3,239,956 n/a
Operating Income -414,093 -1,608,481 194,840 3,110,625 1,451,959 2,352,541 653,973 2,577,979 681,576
Net Income 145,906 137,422 804,512 3,257,722 1,436,585 1,948,054 -9,058 2,557,045 642,331
Cash From Operations -10,899,394 12,993,841 -5,463,293 -2,447,726 -565,337 8,027,856 10,133,664 -5,648,806 2,000
Capex -75,244 -308,631 -81,163 -157,571 -53,908 -206,175 -71,552 -917,539 -578,739
Free Cash Flow -10,974,638 12,685,210 -5,544,456 -2,605,297 -619,245 7,821,681 10,062,112 -6,566,345 -576,739
Cash And Equivalents 9,205,552 18,118,456 7,803,550 20,192,460 19,754,552 13,195,999 16,848,069 15,350,197 n/a
Total Current Assets 71,124,370 77,472,209 70,257,086 80,236,716 77,371,976 64,401,855 67,993,486 77,080,673 n/a
Total Liabilities 23,208,575 25,277,092 16,913,837 28,326,976 21,672,426 35,002,586 39,168,489 48,767,449 n/a
Shares Outstanding 14,279,182 14,279,182 14,259,182 14,259,182 14,239,182 13,239,182 13,192,232 13,127,000 n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 14,279,182 14,268,333 14,259,182 14,138,525 14,028,071 13,228,682 13,192,232 12,116,079 11,041,667
Weighted Avg Shares Basic 14,279,182 14,268,333 14,259,182 14,138,525 14,028,071 13,228,682 13,192,232 12,116,079 11,041,667
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 71,124,370USD us-gaap:AssetsCurrent 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Total Liabilities 23,208,575USD us-gaap:Liabilities 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Cash 9,205,552USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Shares Outstanding 14,279,182 us-gaap:CommonStockSharesOutstanding 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
NCAV 47,915,795USD derived 2025-03-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 3.36USD derived 2025-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 71.7% derived 2025-03-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001791725
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001791725/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
9
Imported At
2026-08-15T12:52:11+00:00
Rendered At
2026-08-16T03:30:00+00:00

Run Audit

Mary Run
062cd84c6cec4533b9bb580392e1f3bf
Mary As Of
2026-08-07
Accession
0001213900-26-010177
CIK
0001791725
Mary Filing Date
2026-01-30
Filing Currency
USD
Internal Discount
71.7%
Source State
Stale Filing
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-01-30; mary_accession=0001213900-26-010177; mary_cik=0001791725; gnni_supporting_filing_date=2026-01-30; internal_discount=0.717347; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.; source requires review

Back to Register Report a correction Archive