WF International

What WF International does

WF International Limited (Nasdaq: WXM) is a Cayman Islands-incorporated holding company headquartered in Chengdu, China, that provides integrated electromechanical solutions — specifically HVAC (heating, ventilation, and air conditioning), floor heating, and water purification systems — for large-scale commercial developments, critical infrastructure, luxury hospitality, and high-end residential projects across China. Founded in 2009, the company operates a three-pillar service platform covering supply, installation, fitting-out, and long-term maintenance, and serves as an exclusive or core distributor for at least eight global HVAC and water purification brands including Toshiba, Gree, AO Smith, Daikin, York, Mitsubishi Electric, Johnson Controls, and HITACHI (distributorship secured November 2025).

The company's revenue model combines project-based construction revenue (57.4% of FY2023), branded product distribution (40.2%), and recurring maintenance services (2.4%). Customer concentration sits heavily in real estate development — including Wanhua Group, Keppel, Vanke, Wharf Group, COFCO, and Shoukai — supplemented by institutional clients such as Wuhan 2nd People's Hospital and industrial projects including FAW Toyota and Chengdu Metro Line 10. The go-to-market is direct enterprise sales for large projects, complemented by channel/distributor relationships with brand manufacturers.

The company completed its Nasdaq IPO in April 2025 at $4.00 per share (raising $5.6M gross) under joint book-runners Benchmark Company and Axiom Capital Management, followed by a $3.44M follow-on offering in November 2025. FY2023 revenue was $15.52M with 35% YoY growth and $962,740 net income. Headcount is 11-50 employees. The company faces material headwinds: a Nasdaq minimum bid price deficiency notice in December 2025 (stock at $0.53), a subsequent 10-for-1 reverse stock split approved for June 2026, and a swing to net loss in the most recent disclosed fiscal period — factors that significantly color the investment thesis.

Name

WF International

Legal name

WF International Limited

Website

https://wf.international

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

WF International Limited (Nasdaq: WXM), founded in 2009 and headquartered in Chengdu, China, provides integrated HVAC, floor heating, and water purification solutions for large-scale commercial and high-end residential projects, distributing top global brands including Toshiba, Gree, HITACHI, Daikin, and York.

Ownership category

akta.pro rank

Product category

HVAC and Building Mechanical Services

NAICS

Plumbing, Heating, and Air-Conditioning Contractors (238220)

SIC

Steam & Air-Conditioning Supply (4961), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

HVAC & Refrigeration Contracting (IMAFALAB)

akta.pro secondary industries

HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB), HVAC Installation, Service & Repair (IMAIABAA), HVAC Service, Maintenance & Repair (BPABACAA)

Keywords

• HVAC systems installation
• Floor heating solutions
• Water purification systems
• Commercial electromechanical services
• HVAC equipment distribution

Headquarters

HQ city

Chengdu

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales

Revenue model

1. Construction Projects: Supplying and installing HVAC systems for high-profile commercial projects. Revenue from project-based contracts for large-scale infrastructure and commercial developments.
2. Product Sales: Exclusive distributor of top brands including Toshiba, Gree, AO Smith, and HITACHI. Sales of HVAC equipment, water purification systems, and related products.
3. Maintenance and Repair Services: Long-term service agreements ensuring recurring revenue and client retention. Ongoing maintenance services for installed HVAC systems.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

WF International supplies, installs, fits out, and maintains HVAC, floor heating, and water purification systems for large-scale commercial projects and high-end residential developments in China. The company also serves as an exclusive or core distributor for global HVAC brands including HITACHI, Toshiba, Gree, Daikin, York, AO Smith, and Mitsubishi Electric, integrating their equipment into electromechanical solutions for developers and infrastructure projects.

Product overview

WF International Limited is a single integrated platform offering electromechanical solutions for commercial and industrial projects. The core platform consists of three interconnected service lines: HVAC Systems Installation, Floor Heating Systems, and Water Purification Systems. The company expanded in 2017 from HVAC-only to include heating and water purification solutions. Complementing the services, the company distributes branded HVAC equipment from manufacturers including HITACHI, York, Daikin, Toshiba, Gree, Mitsubishi Electric, Johnson Controls, and AO Smith. A long-term maintenance and repair service provides recurring revenue from the installed base. The business model combines construction/installation project revenue (57.4% of FY2023), product sales of distributed brands (40.2%), and maintenance services (2.4%).

Differentiator

Problem solved

Functional benefit

Products and services

• HVAC Systems Installation Supply, installation, fitting-out, and maintenance services for heating, ventilation, and air conditioning systems for large-scale commercial and high-end residential projects in China.
• Floor Heating Systems Supply, installation, fitting-out, and maintenance of floor heating systems, providing energy-efficient heating solutions for commercial and residential buildings.
• Water Purification Systems Supply, installation, fitting-out, and maintenance services for water purification systems for commercial and residential buildings.
• Maintenance and Repair Services Long-term service agreements providing recurring revenue and client retention through ongoing maintenance for installed HVAC, floor heating, and water purification systems.

Quantifiable outcome

• 35% YoY revenue growth to $15.52M in FY 2023
• +1 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and major.

• Qingdao Hi-Sense Hitachi Air-Conditioning Systems Co. (HITACHI, LTD.)coreChannel Partner/ Reseller/ Distributor · 5 November 2025WF International gained official one-year distributor qualification from Qingdao Hi-Sense Hitachi Air-Conditioning Systems Co., a joint venture of HITACHI, LTD. (TSE: 6501), to distribute HITACHI's inverter-driven multi-split central air conditioning systems in China. This partnership enhances WF International's portfolio with energy-efficient HVAC solutions and supports delivery of high-efficiency, low-carbon climate control systems for smart and sustainable building technologies.
• Wanhua GroupcoreStrategic or Co-development Partner · 28 October 2025WF International completed a RMB 6.14 million (~$850,000) HVAC system installation for Luyuejiang City, a landmark eco-luxury development by Wanhua Group in Chongqing's Liangjiang New Area. The 500-day project encompassed full supply and installation of high-performance HVAC systems designed to meet ambitious environmental and sustainability standards.
• ToshibacoreChannel Partner/ Reseller/ DistributorStrategic partnership for air conditioning distribution. Established strategic collection agreement with Wanhua Real Estate since 2017. WF International is exclusive distributor of Toshiba HVAC products.
• GreemajorChannel Partner/ Reseller/ DistributorEstablished cooperative relationship for air conditioning products. WF International distributes Gree HVAC equipment as part of product portfolio.
• AO SmithmajorChannel Partner/ Reseller/ DistributorExclusive distributor of AO Smith water purification products as part of integrated electromechanical solutions offering.
• DaikinmajorChannel Partner/ Reseller/ DistributorEstablished cooperative relationship for air conditioning products since 2010. WF International distributes Daikin HVAC equipment.
• YorkmajorChannel Partner/ Reseller/ DistributorCore distributor for York air conditioning products since 2011. Equipment supplier for multiple projects including IFS, COFCO JoyCity, and various hotel projects.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• A.O. Smith Corporation: Global water heating, treatment and purification manufacturer (US) and an exclusive WF distribution partner for water purification products. Comparable as both a brand WF represents and a global incumbent whose direct sales channels can bypass WF on water-related developer specifications.
• Midea Group: Global HVAC, white goods and building technologies manufacturer with major commercial air-conditioning operations. Operates in the same product category WF distributes and competes for commercial HVAC specifications on large Chinese projects.
• Gree Electric Appliances: China's largest residential and commercial air-conditioning manufacturer. WF is a Gree distributor; comparable as a major HVAC brand that competes for the same end-customer project specifications and indirectly competes with WF's distributor-driven model.
• Carrier Global: Global HVAC and refrigeration manufacturer (US) with major commercial and applied HVAC operations. Broad incumbent competing for the same commercial real estate and infrastructure HVAC specifications that WF wins in China.
• Daikin Industries: Global HVAC manufacturer (Japan) and one of WF's established distribution partners since 2010. Comparable both as a brand WF represents and as a global incumbent whose direct contractor/subsidiary networks compete for the same Chinese project specifications.
• Hisense Home Appliances: Chinese HVAC and appliance manufacturer whose Hi-Sense Hitachi joint venture just granted WF its HITACHI distributorship. Comparable as both an HVAC brand competitor and a strategic channel partner, illustrating WF's position at the intersection of manufacturer-direct and distributor-led models.
• Haier Smart Home: Diversified Chinese home appliance and HVAC manufacturer with a sizable commercial air-conditioning business. Relevant broad incumbent because it manufactures and increasingly sells direct-to-developer, partially overlapping with WF's distribution-and-installation role.

Direct peers

• EMCOR Group: US-listed provider of mechanical and electrical construction, including HVAC, plumbing and building services for commercial, industrial and institutional customers. Closely mirrors WF's integrated MEP offering across HVAC, heating, and water-related systems for large projects.
• Comfort Systems USA: US-listed mechanical and HVAC installation/services contractor performing design, installation and maintenance for commercial and industrial customers. Directly comparable to WF's business model of distributing and installing HVAC equipment for large commercial and developer customers.
• API Group: US-listed specialty services platform with significant HVAC, mechanical and building services exposure serving commercial and industrial end markets. Comparable to WF as a project-based HVAC/mechanical services provider where installation and recurring maintenance both contribute to revenue.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/WFIntlLtd
• YouTubeyoutube.com/@WFInternational
• Facebookfacebook.com/WFIntlLtd
• LinkedInlinkedin.com/company/wfinternational

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WF International