US IPO Analysis | TIWD.US: A "Small but Beautiful" Ground Handling Service Provider, Continuously Deepening Its Presence at Hong Kong International Airport

As the world's largest air cargo hub and a top-ten global international passenger hub, the efficient operation of Hong Kong International Airport depends on teams of professional personnel dispatched to the front lines. From cargo terminal loading and unloading to apron support, from check-in guidance to baggage sorting, this "invisible infrastructure" underpins the daily operations of this 24-hour, never-dark airport. TIWD is one of the ground handling service providers that supplies such professional manpower to Hong Kong International Airport. Leveraging the rigid-demand scenario of this super-hub, TIWD has grown from a regional outsourcing contractor to a significant juncture on the verge of listing on the capital markets. It has been observed that after confidentially submitting to the SEC on November 5, 2025, TIWD filed a public version of its prospectus (Form F-1) on July 10 of this year, and on August 20 made a second update to its listing materials (Form F-1/A). According to the latest version of the prospectus, TIWD plans to list on Nasdaq under the ticker "TIWD," offering 6.25 million shares at a price of $4-6, raising up to $37.5 million. In terms of performance, the fast-growing TIWD can be described as "small but beautiful." For fiscal years 2024 and 2025 (the 12 months ended June 30), TIWD's revenue was $5.8267 million and $7.2184 million, respectively, with net profit of $216,400 and $890,100 in the same periods. Entering the first half of fiscal year 2026, TIWD's revenue was $4.2880 million, up 8.38% year-over-year, and net profit was $593,800, up slightly by 1.21% year-over-year. Cargo handling services are the foundation and the core engine of revenue growth Founded in 2018, TIWD initially focused on providing manpower support for the ground service needs of Hong Kong International Airport. After nearly eight years of development and accumulation, the company has now formed three major business segments: cargo handling services, apron ground handling services, and terminal passenger services. Among them, cargo handling services refer to TIWD dispatching warehouse and operational personnel within the Hong Kong airport cargo terminal facilities to undertake import and export cargo loading and unloading, sorting, palletizing, forklift operation and ULD transfer, and 24/7 all-weather cargo handling support. Benefiting from Hong Kong's throughput dividend as the world's largest air cargo hub, cargo handling services have developed into TIWD's largest business, accounting for approximately 54% of total revenue in fiscal year 2025, serving as TIWD's foundation. Apron ground handling services refer to TIWD dispatching personnel to assist with passenger and cargo loading and unloading connections, coordination of transport vehicles between aircraft and cargo holds, apron equipment operation, and on-site scheduling within the apron area. Apron operations are subject to aviation safety regulatory constraints, with extremely high requirements for personnel qualifications, training, and attendance disciplinewhich is also evidence of TIWD moving from cargo handling services toward "high-threshold scenarios." In fiscal year 2025, this business, as TIWD's second-largest, accounted for approximately 26% of the company's total revenue. Terminal passenger services represent an extension from back-end to front-end, directly facing passengers as frontline services, with TIWD dispatching personnel for check-in assistance, identity verification, inquiry guidance, special passenger assistance, boarding gate and self-service baggage drop support, etc. As this business leans toward service experience, it has higher requirements for personnel appearance and communication skills; therefore, this business is also an important direction for TIWD to increase average revenue per customer and broaden its service boundaries. In fiscal year 2025, terminal passenger services accounted for approximately 20% of the company's total revenue. In fiscal year 2025, TIWD's revenue grew 23.88% to $7.2184 million, mainly driven by rapid increases in revenue from cargo handling services and terminal passenger services. During the reporting period, due to the expansion of service volume and deeper operational integration with customers, cargo handling service revenue grew 19.77%; meanwhile, terminal passenger services achieved revenue growth of 62.52%, driven by multiple factors including increased flight activity, expansion of apron service contracts, and expanded scale of airport logistics function operations. Alongside total revenue growth, thanks to stable volume growth at the cargo terminal, an increased revenue share from apron ground handling, and improvements in scheduling density and position reuse, TIWD's gross margin for fiscal year 2025 surged directly from 9.5% to 20%which is also the key reason why TIWD's net profit during the reporting period quadrupled from $216,400 to $890,100. Entering the first half of fiscal year 2026 (the six months ended December 31, 2025), TIWD's growth engine further concentrated toward cargo terminal handling. Driven by increased cargo and mail throughput at Hong Kong Airport, the company's cargo handling service revenue surged approximately 44% year-over-year to $3.0719 million, with its share of total revenue jumping from 54% in the same period last year to 71%. The volume expansion of this core segment drove total revenue growth of 8.38% year-over-year to $4.2880 million during the reporting period. More noteworthy is the profit resilience: despite a slight year-over-year decline in gross margin of approximately 1 percentage point due to changes in business structure, the company successfully offset gross profit pressure through refined cost-side management and control, with net profit continuing to grow compared to the same period last year. Future growth logic is clear and focused, with apron ground handling services offering considerable elasticity After reviewing TIWD's performance, its future growth path is gradually becoming clear. What is certain is that TIWD's future is not built on a grand narrative of opening new airports or diversifying into logistics, but rather on deepening and thickening its existing manpower service network around the single super-scenario of Hong Kong International Airport. For now, cargo handling services remain TIWD's most core foundation. It should be noted that Hong Kong Airport has ranked as the world's largest air cargo hub for many consecutive years, and the steady growth of cargo and mail throughput directly translates into incremental demand for on-site positions such as cargo terminal loading and unloading, sorting, and palletizingthis business remains the core engine driving TIWD's revenue growth at present. Beyond the cargo terminal business, apron ground handling services are the segment with the greatest elasticity. As apron ground handling services are subject to aviation safety regulatory constraints, personnel must hold access permits and professional qualifications, creating barriers far higher than ordinary manpower outsourcing. Although this business experienced short-term fluctuations in the first half of fiscal year 2026 due to changes in customer structure, in the future TIWD, with its existing qualification accumulation and on-site scheduling capabilities, can still drive apron support revenue back onto a growth track by signing new airline or ground handling agent contracts, which will also continue to optimize the company's overall gross margin structure. Terminal passenger services lean more toward "stable volume and quality improvement." As Hong Kong Airport's passenger volume continues to recover and the T2 departure facilities are put into operation, demand for positions such as check-in assistance and inquiry guidance will remain stable; this business is more about maintaining service experience and share rather than pursuing explosive growth. To support the effective implementation of the above business layout, TIWD has made clear plans for the proceeds from this U.S. listing. Approximately 30% of net proceeds will be used for technology investment to build a resource management (RMS) system and real-time scheduling platform, digitalizing and dynamizing manpower deployment that originally relied on manual experience; another approximately 30% will be used for team and scale expansion, i.e., expanding reserves of warehouse, apron, and passenger service personnel to handle more flight waves and new contracts. These two allocations together account for 60%, pointing to the same goal: "deploying more people and scheduling them more accurately" within the same airport, using scheduling density and position reuse to improve manpower efficiency and further unleash the profit elasticity of the asset-light model. Of the remaining funds, approximately 20% will be invested in brand building to enhance service provider recognition within the aviation industry and provide endorsement for subsequent negotiations and customer acquisition; approximately 20% will serve as working capital for daily compliance and operational reserves. In addition, the prospectus also reserves room for potential acquisitions of small peer service providers, meaning that post-listing TIWD may leverage capital to integrate the fragmented ground handling manpower resources around Hong Kong Airport, taking a step forward from a single outsourcing contractor toward a small platform-based support provider. Overall, "small but beautiful" TIWD currently has solid performance and a clear and focused future growth logic. The company does not rely on heavy asset investment or aggressive cross-regional expansion, but rather through the dual-wheel drive of technology efficiency improvement and team expansion, turning the business of "dispatched manpower" into sustainable, replicable refined work within the rigid-demand scenario of Hong Kong's airport.