| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Revenue | $21.5M | +156.2% |
| Cost of Revenue | $10.0M | +836.5% |
| Gross Profit | $11.5M | +57.3% |
| SG&A Expense | $2.4M | +67.2% |
| Operating Income | $9.1M | +54.9% |
| Pre-tax Income | $9.3M | +56.7% |
| Income Tax | $1.7M | +59.1% |
| Net Income | $7.5M | +56.2% |
| EPS (Basic) | $0.88 |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Cash & Equivalents | $10.3M | +20.7% |
| Accounts Receivable | $2.9M | +70.2% |
| Current Assets | $17.3M | +66.1% |
| Total Assets | $17.4M | +62.9% |
| Current Liabilities | $1.0M | -42.2% |
| Total Liabilities | $1.1M | -42.8% |
| Stockholders' Equity | $15.6M | +76.0% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Operating Cash Flow | $1.8M | -56.6% |
| Financing Cash Flow | -$683K | +0.0% |
Business Overview
QDM International Inc. is a holding company conducting insurance brokerage operations primarily through its Hong Kong-based subsidiary YeeTah, which sells life, medical, and general insurance products, as well as provides Mandatory Provident Fund (MPF) intermediary services. During fiscal year 2026, YeeTah expanded its customer base significantly with 880 life and medical insurance customers and increased its insurance company partnerships to 24 companies offering approximately 629 products. The company focuses on serving Hong Kong residents and mainland China visitors while maintaining plans to grow through recruitment, expanding distribution networks with wealth management and immigration agencies, and building partnerships in Hong Kong and mainland China.
Segment Performance
YeeTah, the company's only operating segment, demonstrated growth in fiscal year 2026 with 880 life and medical insurance customers (up from 263 in 2025), 9 general insurance customers (down from 36 in 2025), and 1 MPF customer (down from 5 in 2025). Commission revenue concentration shifted, with the top three insurance company partners accounting for 31.3%, 26.1%, and 11.6% respectively in 2026, compared to top two partners at 68.1% and 12.4% in 2025, indicating improved diversification. YeeTah maintained agreements with 24 insurance companies and expanded product offerings to approximately 629 insurance products.
Forward Guidance
The company states: "we intend to grow our business by offering premium services and recruiting talent to join our professional team and sales force, expanding our distribution network through building more connections with business partners in Hong Kong and mainland China." Additionally: "We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate paying cash dividends in the near future." However, the company emphasizes: "We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws."
| +4300.0% |
| EPS (Diluted) | $0.88 | +4300.0% |
Key Risk Factors
Primary risks include political uncertainty and regulatory changes in Hong Kong and mainland China that could materially impact operations, dividends, and the ability to maintain the current holding company structure; dependence on dividends from Hong Kong subsidiaries to fund U.S. operations with potential restrictions on cash transfers imposed by PRC authorities; concentration in commission revenue from major insurance company partners (top three companies represented 68.9% of 2026 commissions); the HFCA Act and PCAOB inspection requirements creating potential trading prohibitions if auditor access to mainland China and Hong Kong is restricted; and inability to directly control Hong Kong operations as a U.S. holding company with dependence on subsidiary performance and compliance with evolving Hong Kong and Chinese regulations.