olivLaw · US equity research
Haoxin Holdings Ltd HXHX
Trucking & Courier Services (No Air) · SIC 4210 · Vertical: Trucking & Courier Services (No Air) (SIC 4210)
Haoxin Holdings is a provider of temperature-controlled truckload and urban delivery transport services in China, serving manufacturers and logistics customers with cold-chain and factory freight. The company grew its sales by 29.2% in fiscal 2025, driven by new customers, and its Nasdaq listing in April 2025 makes it a useful case for small investors following regional Asian trucking.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Haoxin Holdings Ltd (HXHX) stock was 0.17 USD (+3.57% on the day), with P/E 0.6 on diluted EPS of 0.30 USD over the last 12 months, beta 1.41, 52-week range 0.16–1.29 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.9
- weak (30–45)
- Bollinger (20, 2)
- 0.12 – 0.33
- in the lower half of the band · %B 0.26 · band width 95.5%
- SMA 50 / 200
- 0.35 / 0.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −48.2% | −1.1% | −47.1 pp | — |
| 3 months | −63.8% | −0.5% | −63.4 pp | — |
| 6 months | −65.9% | +4.4% | −70.3 pp | — |
| Year to date | −70.6% | +12.3% | −82.9 pp | — |
| 1 year | −76.7% | +13.5% | −90.2 pp | −0.4% |
| 3 years | unavailable | +76.4% | unavailable | −19.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 2.0, median 2.0, max 2.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 28.9 m | 26.7 m | 25.6 m | 33.0 m |
| Revenue YoY | unavailable | −7.9% | −4.1% | +29.2% |
| Net income | 4.3 m | 4.0 m | 3.2 m | 4.0 m |
| Net income YoY | unavailable | −7.4% | −20.0% | +25.0% |
| Diluted EPS | 0.36 | 0.33 | 0.26 | 0.30 |
| Diluted EPS YoY | unavailable | −8.3% | −21.2% | +15.4% |
| net % | 14.8% | 14.9% | 12.4% | 12.0% |
| Free cash flow | -500.6 k | 921.3 k | -4.0 m | -14.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 m USD
- Financial debt
- 7.8 m USD
- Net debt
- 6.4 m USD
- Equity
- 27.6 m USD
- Total assets
- 50.3 m USD
- Debt / equity
- 0.28x
- Current ratio
- 2.37x
- ROE
- 17.3%
- ROA
- 9.6%
- FCF margin
- -42.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 28.9 m | 26.7 m | 25.6 m | 33.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 21.2 m | 19.8 m | 19.1 m | 24.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 7.7 m ≈ | 6.9 m ≈ | 6.5 m ≈ | 8.3 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Operating income | 6.2 m | 6.0 m | 5.5 m | 7.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | — | 551.1 k | 390.3 k | 307.5 k | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | — | 6.6 m ≈ | 5.9 m ≈ | 8.1 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Interest expense | 166.0 k | 154.0 k | 188.9 k | 269.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | 5.9 m | 5.5 m | 4.6 m | 5.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 1.6 m | 1.5 m | 1.4 m | 1.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Net income | 4.3 m | 4.0 m | 3.2 m | 4.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.36 | 0.33 | 0.26 | 0.30 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 12.0 m | 12.0 m | 12.0 m | 13.2 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 101.7 k | 86.3 k | 170.4 k | 1.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 17.7 m | 19.1 m | 8.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 26.5 m | 31.1 m | 45.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 891.5 k | 535.0 k | 4.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 28.1 m | 32.4 m | 50.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 1.3 m | 608.2 k | 110.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | 2.3 m | 2.5 m | 7.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | — | 945.5 k | 477.7 k | — | SEC (XBRL)· 30 Apr 2025verified |
| Current liabilities | — | 12.1 m | 13.9 m | 19.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 12.5 m | 14.0 m | 22.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 12.1 m † | 15.7 m † | 18.4 m † | 27.6 m † | SEC (XBRL)· 30 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -433.9 k | 933.5 k | -4.0 m | -9.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 66.7 k | 12.2 k | 4.3 k | 4.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | -500.6 k ≈ | 921.3 k ≈ | -4.0 m ≈ | -14.0 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -66.7 k | -5.5 k | 995.8 k | -9.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | -134.6 k | -937.0 k | 3.0 m | 20.2 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
- Balance sheet96
- Growth19
- Valuation100
- Quality60
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.82 – 6.97 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E5.82 – 6.97 (Mid 6.53)4 companies used · median multiple 21.8x · quartiles 19.4x – 23.2xFLX, TFII, UPS, ZTO
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 19.7% | 80 (vs peers) | 15% |
| Net margin · Quality | 12.0% | 86 (vs peers) | 9% |
| FCF conversion · Quality | -353.5% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 4.5% | 38 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -5.9% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | 0.8x | 92 (on a fixed band) | 15% |
| Interest coverage · Balance sheet | 28.9x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 0.6x | 100 (on a fixed band) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet96/100 · 3/3 factors with a value
- Growth19/100 · 2/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Haoxin Holdings Limited (HXHX). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 33.0 m USD in 2025; YoY growth 29.2%; net margin 12.0%; ROE 17.3%; net debt/EBITDA 0.8x.
The estimated value range is 5.82–6.97 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.53 USD, the price of 0.17 USD leaves a potential of 3,654.8% (value / price − 1) and a margin of safety of 97.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 19.7%
- Net margin: 12.0%
- Net debt / EBITDA: 0.8x
- Interest coverage: 28.9x
- Current ratio: 2.4x
- P/E (TTM): 0.6x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -353.5%
- EPS CAGR 3Y: -5.9%
Not assessed (insufficient data or a ratio without meaning): EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Trucking & Courier Services (No Air) (SIC 4210) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ZTOZTO Express (Cayman) Inc. | 16.3 bn | 12.9 | 14.4% | 18.5% | +15.7% | −0% / −8% |
| TFIITfi International Inc. | 8.5 bn | 26.9 | 11.6% | 3.9% | −6.1% | +15% / −15% |
| FLXBingEx Limited | 331.3 m | 21.6 | 14.1% | 2.7% | −6.7% | −54% / unavailable |
| ETSElite Express Holding Inc. | 85.7 m | — | -31.2% | -169.2% | unavailable | +214% / unavailable |
| TOPPToppoint Holdings Inc. | 2.8 m | — | -58.6% | -35.7% | +3.2% | −91% / unavailable |
| UPSUnited Parcel Service, Inc. | — | 22.0 | 28.7% | 4.8% | −2.6% | +19% / −25% |
| SFWLShengfeng Development Limited | — | — | 9.6% | 2.1% | +13.6% | −71% / −98% |
| HXHXHaoxin Holdings Limited | — | 0.6 | 17.3% | 12.0% | +29.2% | −77% / unavailable |
1- and 3-year price returns: for HXHX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (24 Jul 2026), 6-K (04 Jun 2026).
In brief
Haoxin Holdings is a provider of temperature-controlled truckload and urban delivery transport services in China, serving manufacturers and logistics customers with cold-chain and factory freight. The company grew its sales by 29.2% in fiscal 2025, driven by new customers, and its Nasdaq listing in April 2025 makes it a useful case for small investors following regional Asian trucking.
SWOT
Strengths
- More than 22 years of transport experience and an owned fleet, combined with 3A-Grade accreditation, provide a solid operating base 1.
- Dedicated long-term contracts and real-time temperature monitoring allow stable route planning and good vehicle utilisation 1.
- Rapid growth in revenue and operating income in fiscal 2025 shows an ability to win new customers 1.
Weaknesses
- Reliance on a small number of large customers makes revenue sensitive to the loss or reduction of a major contract 1.
- The fleet is modest in size and some drivers are part-time employees, which may limit capacity 1.
- Disposing of the urban delivery subsidiaries reduced service diversification and produced a loss on disposal in fiscal 2025 1.
Opportunities
- If plans for cold storage warehouses and pharmaceutical transport materialise, the company could broaden its service range 1.
- Many regions of China remain underserved, which could allow market share to grow 1.
- Digitising fleet management and integrating dispatch systems could improve operating efficiency 1.
Risks
- Dependence on large customershigh
A significant share of sales comes from a few major customers, and contracts generally run for one year or less without assured renewal 1.
- Fuel cost exposurehigh
Fuel price fluctuations can affect profitability, especially when not all changes can be reflected in tariffs 1.
- Driver shortagemedium
A shortage of qualified drivers and rising wages could limit service capacity and reduce margins 1.
- Receivables collection delaysmedium
Late or incomplete customer payments could affect cash flow and the financial position 1.
- Small company scalelow
The company is small, so losing one contract or facing a cost shock could have a relatively larger effect 1.
Investment thesis
What would need to be true (bull case)
- If revenue growth from new customers holds and share grows in underserved regions, the company could strengthen its position in temperature-controlled transport 1.
- Its owned fleet, 3A-Grade accreditation and monitoring systems could support customers who require reliable service 1.
- Expansion into cold storage and pharmaceutical transport could open new revenue sources if those plans are carried out 1.
What would break the thesis
- Dependence on a small number of customers and short contracts could lead to lower revenue if one of them reduces orders 1.
- Fuel, highway and driver costs could compress margins if they cannot be passed on through tariffs 1.
- The disposal of the urban delivery subsidiaries reduced diversification, and the loss on disposal could signal difficulty sustaining certain segments 1.
What to watch
- Revenue and operating margin trend after the subsidiary disposalsQ1 2027
- Renewal of contracts with the largest customers2027
- Progress on cold storage warehouses and pharmaceutical transport qualificationsnext 10-K
- Trends in fuel, highway toll and driver wage costs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (24 Jul 2026), 6-K (04 Jun 2026).
The business
Haoxin Holdings Ltd provides temperature-controlled truckload and urban delivery services in China, with over 22 years of experience in the transportation industry, according to its annual report 1. Operations run through the subsidiaries Ningbo Haoxin and Zhejiang Haoxin, focusing on factory logistics for goods such as electronic devices, chemicals, fruit, food and commercial goods 1. The business relies on an owned fleet and subcontractors, with vehicles tracked by GPS and temperature monitoring systems 1.
The business model is built on long-term contracts with dedicated drivers and vehicles, which allow stable route planning and better use of trucks on return journeys 1. In May 2025 the company completed the disposal of Haiyue and Longanda, which provided urban delivery services, changing its revenue mix 1. Its principal office is in Ningbo, Zhejiang Province, and its Class A shares have traded on the Nasdaq Capital Market under the symbol HXHX since April 2025 1.
The company mentions plans to consolidate the products it transports, build cold temperature warehouses and obtain qualifications for pharmaceutical transport, which could broaden its service range if these plans materialise 1. Vehicles are acquired mainly through finance leases rather than one-off cash payments 1.
Market context
The company describes the transport industry in many regions of China as still underrepresented, which leaves room for additional market share 1. Government policies supporting transport could make the sector more standardised and modernised 1.
Network coverage spans 30 of China's 34 provinces and autonomous regions, equal to 88.2% of the nationwide network 1. Competition and cost pressures, such as fuel and driver wages, could weigh on margins if they cannot be passed on through pricing 1.
Trends
- Growth in short-haul ordersmixed
Rising short-haul order volume and mileage increased highway toll and fuel costs but also supported revenue growth in fiscal 2025 1.
- Supportive government policytailwind
Public policies encouraging transport development could accelerate standardisation of the sector, which may favour operators with organised fleets 1.
- Driver costs and labour supplyheadwind
Demographic shifts and alternative job opportunities can push up driver wages, and driver shortages could affect service and profitability 1.
- Fuel price volatilityheadwind
Fuel price swings driven by economic and political factors could reduce profitability if tariffs cannot be adjusted to reflect them 1.
Competitive position
The company operates in a fragmented Chinese road freight market, where competition comes from operators with their own fleets as well as from subcontractors that Haoxin also uses to absorb peak demand 1. Its stated advantages include network density, the 3A-Grade accreditation and temperature monitoring systems 1.
Competitive risk is heightened because many contracts run for one year or less, so customers could switch providers if service or price does not meet their needs 1.
- Local Chinese cold-chain trucking operators
Private and state-owned firms running similar temperature-controlled routes and competing directly for the same industrial customers 1.
- Independent road freight subcontractors
Independent carriers that Haoxin uses when its own vehicles are fully occupied, but which can also take orders directly from customers 1.
- Urban delivery operators
Companies offering intra-city van deliveries, a segment in which Haoxin has sharply reduced its share after disposing of subsidiaries 1.
- Large integrated Chinese logistics groups
Companies able to offer transport and warehousing at large scale, competing with a small operator such as Haoxin 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)24 Jul 2026
- Current report (foreign issuer)04 Jun 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)30 Dec 2025
- Current report (foreign issuer)17 Dec 2025
- Current report (foreign issuer)04 Dec 2025
- Current report (foreign issuer)04 Dec 2025
- Annual report (foreign issuer)30 Apr 2025
- Current report (foreign issuer)16 Apr 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Haoxin Holdings Ltd · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.