WF International is a small Chengdu-based contractor that installs and maintains HVAC systems for commercial real estate developers and industrial clients in China, operating primarily through its PRC subsidiary, Chengdu Shanyou HVAC Engineering. The company's core service is supplying and installing central air conditioning systems in large commercial and residential construction projects — offices, hotels, hospitals, shopping malls, and high-end residential developments. WF International does not manufacture equipment; it acts as an integrator, procuring branded equipment from suppliers like Toshiba, Gree, and Mitsubishi Electric, subcontracting installation labor, and providing project management and after-sales maintenance. Beyond HVAC, WF International also installs floor heating and water purification systems as add-ons to existing customer relationships, and holds an exclusive distributorship for A.O. Smith's heating and water purification engineering projects in the Sichuan region. Construction projects — equipment supply plus installation — dominate revenue, with air conditioning projects alone accounting for roughly 89% of FY25 revenue. WF International wins contracts primarily through competitive tenders, and customer concentration is high, with the top three customers representing roughly 65% of FY25 revenue. Profitability depends on contract win rates, equipment procurement costs, and subcontractor management. The company's primary customer base — Chinese real estate developers — faces significant financial stress, and WF International is diversifying toward hospitals, data centers, and factories, while also exploring consumer markets and, notably, a 49% stake in a Chengdu-based equestrian venue operator.