Decent Holding Inc. (NASDAQ: DXST)

Decent Holding Inc. is a holding company that conducts operations in China through its subsidiary Shandong Dingxin Ecology Environmental Co., Ltd. The company specializes in wastewater treatment, river water quality management, and microbial products for water quality enhancement and pollutant cleansing. It focuses on protein-rich wastewater treatment, ecological river restoration using microbial bacteria remediation technology, and the development of microbial agents for various water treatment applications. Decent Holding Inc. emphasizes research and development, holding 15 patents, 6 registered trademarks, and 9 software copyrights as of the date of the annual report.

The company generates revenue through three primary service lines: wastewater treatment, river water quality management, and sale of microbial products. For the fiscal year ended October 31, 2025, revenue breakdown was approximately 32.16% from wastewater treatment services, 51.12% from river water quality management services, and 16.15% from microbial product sales. Revenue is derived from providing engineering services such as treatment process design, installation, and maintenance, as well as selling standalone microbial products and black odor water treatment agents to industrial and municipal clients.

The company operates through the following segments:

• Wastewater Treatment: This segment focuses on treating protein-rich wastewater from agri-food processing, particularly soybean product manufacturing. It uses centrifugal separation, ultrafiltration, nanofiltration, reverse osmosis, sterilization, and spray drying to extract and reuse soluble proteins and polysaccharides. The process reduces raw material and water costs for customers while enabling water reuse.

• River Water Quality Management: This segment provides ecological river restoration and black odor water treatment using microbial bacteria remediation technology. Services include substrate dredging, in-situ restoration, artificial aeration, bacteria culture cultivation, and emergency chemical management for black odor water. The technology increases dissolved oxygen, eliminates odors, and improves water transparency and self-purification capacity.

• Microbial Products: This segment develops and sells microbial agents such as COD-decreasing bacteria, algae removal bacteria, ammonia nitrogen decreasing bacteria, and river conditioner. These products are used for wastewater treatment, landscape water bodies, lakes, rivers, and emergency treatment of polluted water. They degrade organic matter, reduce pollutants, inhibit harmful bacteria and algae, and improve water quality and transparency.

Decent Holding Inc. positions itself as a pioneer in water pollution treatment in China, competing with both large foreign corporations like Pall Corporation, Rochem Group, General Electric, and Koch Industries, Inc., and domestic firms such as Beijing Tiandiren Environmental Protection Co., Ltd and Shanghai Taihe Water Technology Development Co., Ltd. The company differentiates itself through integrated solutions, proprietary protein-rich wastewater treatment technology, nanofiltration membrane separation, and in-house R&D that enables tailored, cost-effective, and innovative water treatment offerings.

The company serves a diverse customer base across construction, agri-food processing, and automotive manufacturing industries. Major customers include Shandong Zhiqiong Construction Engineering Co., Ltd., Shandong Rensheng Construction Group Co., Ltd., Bilang Municipal Engineering (Shandong) Co., Ltd., and Yantai Shuangta Food Co., Ltd., which collectively accounted for significant portions of revenue in recent fiscal years.