Meihua International Medical Technologies Co., Ltd. is a holding company incorporated under the laws of the Cayman Islands that operates its business through indirect subsidiaries located in mainland China. The company specializes in the research, development, manufacturing and sales of Class I, II and III disposable medical devices, as well as the resale of such devices sourced from other manufacturers. It also provides a one-stop service to customers by combining its own branded products with qualified products sourced from other manufacturers in Touqiao Town, Yangzhou City, Jiangsu Province, which is recognized as the "Hometown of Medical Device & Consumables in China." Meihua Future, a subsidiary incorporated in New York in July 2025, focuses on software-as-a-service (SaaS) development services.
Meihua generates revenue through three primary channels: manufacturing and sales of Class I, II, and III disposable medical devices under its own brands, resale of Class I, II, and III disposable medical devices sourced from other manufacturers, and SaaS development services. For the fiscal year ended December 31, 2025, sales of self-manufactured disposable medical devices accounted for 44.15% of total revenue, while resale of sourced devices contributed 53.23%, and SaaS service and development revenues accounted for 2.62%. The company sells its disposable medical devices through direct sales channels and distributor networks, with domestic distributor sales representing the majority of revenue. Meihua's products reach end users both domestically and internationally, with over 97% of disposable medical device revenue derived from domestic direct end users and domestic distributor customers in 2025.
The company operates through the following segments: Yangzhou Huada, Jiangsu Yada, Jiangsu Huadong, and Meihua Future.
- Yangzhou Huada: This segment mainly manufactures and sells Class I disposable medical devices such as disposable pharmaceutical packaging materials and containers using LDPE for eye drops and HDPE bottles for tablets, as well as disposable plastic baby bottles, NB/PSN rubber covers and 8.2mL folded spoons for tools and containers. Additionally, Yangzhou Huada is engaged in the resales of Class I and II disposable medical devices sourced from other manufacturers to provide a one-stop shopping experience to customers. As of the date of this Annual Report, Yangzhou Huada has no manufacturing activities for Class II and III disposable medical devices and its sales are limited to domestic customers.
- Jiangsu Yada: This segment mainly manufactures and sells both domestically and internationally Class I disposable medical devices such as medical dry imaging films, and Class II disposable medical devices such as disposable woman's examination kits, suction connecting tubes, and Class II 6866 medical polymer materials and products including but not limited to transfusion equipment and pipelines, endotracheal intubation for respiratory anesthesia or ventilation. In addition to above, Jiangsu Yada is also engaged in the domestic and international resales of Class I and Class II disposable medical devices sourced from other manufacturers when providing a one-stop shopping experience to customers. As of the date of this Annual Report, Jiangsu Yada has no manufacturing and sales activities for Class III disposable medical devices.
- Jiangsu Huadong: This segment mainly manufactures and sells both domestically and internationally Class I medical devices such as medical x-ray films, multi-functional self-extracting X-ray film machines, dry films for medical use, gauze bandages, examination gloves, etc.; Class II medical devices such as disposable full anesthesia kits, urethral catheterization kits, gynecological examination kits, endotracheal intubation, medical masks, and various tubes, etc.; and Class III medical devices such as disposable infusion pumps, anesthesia puncture kits, electronic pumps, etc. In addition to above, Jiangsu Huadong is also engaged in the domestic and international resales of Class I, II and III medical devices sourced from other manufacturers when providing a one-stop shopping experience to customers.
- Meihua Future: This segment mainly provides SaaS development services, including developing customized SaaS systems covering the entire project lifecycle from demand analysis, design, R&D, testing, launch, and maintenance support. Meihua Future commenced a SaaS-related business on a trial basis in July 2025, and revenue from this business accounted for approximately 2.6% of total revenue for the fiscal year 2025. The company is currently evaluating the commercial viability of this business and may expand operations depending on future performance.
Meihua holds a leading competitive position in Touqiao Town, Yangzhou City, Jiangsu Province, one of the four medical device centers in China, where its revenues accounted for approximately 12% of the total revenues generated from all medical device manufacturers in the town and its output value in 2025 was RMB710 million, representing about 23.6% of the total output value of the top 20 companies in the area. The company competes with large, well-capitalized manufacturers such as Shandong Weigao Group Medical Polymer Co., Limited, Jiangxi Hongda Medical Equipment Group Ltd., Henan Tuoren Medical Device Co., Ltd., and Allmed Medical Products Co., Ltd., which have greater market share, broader distribution networks, and more established relationships with healthcare professionals. However, Meihua believes it competes favorably due to its cost-effective one-stop service, massive distribution network of 4,409 domestic distributors and 403 exporting distributors, geographical advantages in Touqiao Town, economies of scale and automation in production, leading quality standard systems including ISO 13485 and CE certifications, market-driven R&D with 69 employees in the R&D department, and a visionary management team led by founder Yongjun Liu, who has over 40 years of experience in the medical device industry.
Meihua serves three types of customers: direct end user customers including hospitals, pharmacies and medical institutions; domestic distributor customers that distribute products to end-user customers in China; and export distributor customers that distribute products to end users in North America, Asia, South America, Africa and Oceania. As of December 31, 2025, the company had approximately 5,392 customers, comprising 573 direct end user customers, 4,409 domestic distributor customers, 403 export distributor customers, and 7 SaaS customers. The company does not have long-term written sales agreements with its customers, and each sale is typically governed by a brief purchase-order based agreement. For the fiscal year ended December 31, 2025, no single customer accounted for approximately 10% of total revenues.