Here are the 10-K annual reports from Maitong Sunshine Cultural (MGSD) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow MGSD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MGSD filings page.
Maitong Sunshine Cultural Development Co., Limited (MGSD) files its annual report describing a young Nevada holding company whose entire operating business is in China. Through its Beijing subsidiary Tongzhilian, MGSD focuses on cultural tourism services, including education and family tours, and the distribution of Chinese cultural and creative products, with plans to add arts expositions.
MGSD completed a share exchange in 2023 and now has a layered structure spanning Samoa, Hong Kong and Beijing. As of September 30, 2025, it reports 12 employees and, as of the filing date, 60,500,000 common shares outstanding. Tongzhilian is subject to a 25% PRC enterprise income tax, while the Hong Kong and Samoa entities currently bear little or no income tax burden.
The report highlights intense competition in China’s cultural tourism and creative products markets, the need for additional capital to fund expansion, heavy dependence on CEO Huang Fang’s industry relationships, and significant governance weaknesses, including a one-person board, no independent audit or compensation committees, and evolving internal controls. Extensive risk disclosures emphasize PRC regulatory and political oversight, potential government intervention, cybersecurity and data-security regulation, HFCAA-related audit inspection risks, foreign-exchange controls and the likelihood MGSD’s thinly traded shares will be treated as penny stock.