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MaxsMaking Inc.

For the period ended Oct 31, 2025. Filed Mar 4, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Mar 4, 2026

MAMK$13.000.0%Stored close · as of Jul 8, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended October 31,2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _____________.

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report:

Commission file number:001-42735

MaxsMaking Inc.

(Exact name of Registrant as Specified in its Charter)

Not Applicable

(Translation of Registrant’s name into English)

**British Virgin Islands **

(Jurisdiction of Incorporation or Organization)

**Room 903, Building 2, Kangjian Business Plaza No. 1288 Zhennan Road **

Putuo District, Shanghai, China,200331

(Address of Principal Executive Offices)

Xiaozhong Lin

Chief Executive Officer

Tel:+86 (21) 62990223

**Room 903, Building 2, Kangjian Business Plaza No. 1288 Zhennan Road **

Putuo District, Shanghai, China,200331

Email: mamk@maxsmaking.com

(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
A shares, par value $0.01 per shareMAMKThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

The number of outstanding shares of the issuer’s capital stock as of October 31, 2025 was:9,200,000 A shares, par value $0.01 per share (the “A Shares”) and 7,425,000 B shares, $0.01 per share (the “B Shares”).

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Emerging growth company☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

☒ U.S. GAAP☐International Financial Reporting Standards as issued☐Other
by the International Accounting Standards Board

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒

MAXSMAKING INC.

ANNUAL REPORT ON FORM 20-F

TABLE OF CONTENTS

Page
CERTAIN TERMS AND CONVENTIONSii
FORWARD LOOKING STATEMENTSiii
PART I
Item 1.Identity of Directors, Senior Management and Advisers1
Item 2.Offer Statistics and Expected Timetable1
Item 3.Key Information1
Item 3A.[Reserved]7
Item 4.Information on the Company44
Item 4A.Unresolved Staff Comments70
Item 5.Operating and Financial Review and Prospects70
Item 6.Directors, Senior Management and Employees81
Item 7.Major Shareholders and Related Party Transactions91
Item 8.Financial Information92
Item 9.The Offer and Listing93
Item 10.Additional Information94
Item 11.Quantitative and Qualitative Disclosures About Market Risk109
Item 12.Description of Securities Other Than Equity Securities109
PART II110
Item 13.Defaults, Dividend Arrearages and Delinquencies110
Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds110
Item 15.Controls and Procedures110
Item 16.[Reserved]111
Item 16A.Audit Committee Financial Expert111
Item 16B.Code of Ethics111
Item 16C.Principal Accountant Fees and Services112
Item 16D.Exemptions From the Listing Standards for Audit Committees112
Item 16E.Purchases of Equity Securities By the Issuer and Affiliated Purchasers112
Item 16F.Change In Registrant’s Certifying Accountant112
Item 16G.Corporate Governance113
Item 16H.Mine Safety Disclosure113
Item 16I.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections114
Item 16J.Insider Trading Policies114
Item 16K.Cybersecurity114
PART III115
Item 17.Financial Statements114
Item 18.Financial Statements114
Item 19.Exhibits115

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.