LinkedInIntroduction
Mingteng International Corporation Inc. (NASDAQ: MTEN) is an automotive mold developer and supplier based in Wuxi, China. The company provides casting molds for turbocharger systems, braking, steering, and differential components, as well as parts for new energy vehicles. MTEN shares began trading on April 18, 2024, following an initial public offering priced at US$4.00 per share. As of September 30, 2025, the stock closed at US$4.27, reflecting a decline of 31.13% on the day, with a trading volume of 111,442 shares.
Corporate Structure
• Public float and share classes: As of June 30, 2025, there were 6,839,600 ordinary shares outstanding. On August 12, 2025, shareholders approved a dual-class structure converting all ordinary shares into Class A (one vote per share) and Class B (20 votes per share) to concentrate voting power.
• Board and management: Yingkai Xu serves as Chairman and Chief Executive Officer. On August 22, 2025, Ms. Ronghua Xu resigned as an independent director and chair of the Audit Committee. Mr. Yang Xiao, with over 15 years of experience in finance and consulting, was appointed in her place, effective the same day, with an annual director fee of US$30,000.
Automotive molds by Prateek Katyal
Developments and News
• April 22, 2024 – Closed an initial public offering of 1,050,000 ordinary shares, raising gross proceeds of US$4.2 million. Net proceeds were allocated for the development of new production facilities, high-end equipment, and research and development in turbocharger and NEV mold casting.
• April 30, 2025 – Reported fiscal year 2024 results: revenue of US$10.12 million (up 23.0% year-over-year), gross margin of 30.3% (down from 40.4% in 2023), and a net loss of US$5.68 million (EPS –0.97). Revenue from machining services increased by 327.6%, influenced by investments in production capacity.
• July 22, 2025 – Entered into a technology development agreement with Jilin University to develop new hot-work die steel for die-casting molds, aiming for an 80,000-cycle lifespan and a 40% reduction in mold costs.
• August 12, 2025 – The annual meeting saw 86.69% of shares participating. All proposals passed, including the dual-class share structure and related amendments to the company’s constitutional documents.
• August 26, 2025 – Filed Form 6-K documenting the board changes and providing updated governance disclosures under SEC Rules 13a-16 and 15d-16.
Financial and Strategic Analysis
For the trailing twelve months ended June 30, 2025:
• Market capitalization was approximately US$59.4 million (intraday).
• Price/Sales ratio: 5.81; Price/Book ratio: 8.09; Enterprise Value/Revenue: 6.69.
• Profit margin: –56.1%; Return on Assets (ttm): –25.9%; Return on Equity (ttm): –71.4%.
• Total cash (mrq): US$2.08 million; Total debt/Equity (mrq): 16.85%; Levered free cash flow (ttm): US$0.94 million.
These metrics highlight ongoing investments in capacity expansion and research and development, while reflecting substantial negative margins as the company continues to seek improvements in scale and efficiency.
Market Position and Industry Context
Mingteng International operates in China’s automotive mold and tooling sector, serving established original equipment manufacturers (OEMs) as well as new energy vehicle manufacturers. The company competes against both domestic and international mold makers, differentiating itself through in-house research and development and partnerships (e.g., with Jilin University). The shift towards components for new energy vehicles presents a potential growth avenue; however, current profitability remains under pressure until production efficiencies improve and yields from new materials are fully realized.
tl;dr
On August 12, 2025, shareholders approved a dual-class share structure to focus voting control. On August 22, 2025, Mr. Yang Xiao joined the board as Audit Committee chair. The July 22, 2025 agreement with Jilin University aims to enhance mold lifecycles and reduce costs. Fiscal 2024 results (reported April 30, 2025) indicated a 23% growth in revenue but a net loss of US$5.68 million. With US$2.08 million in cash and ongoing investments in research and development, Mingteng International is currently focused on scaling its machining services and advancing new materials to improve future profitability.
