olivLaw · US equity research
Haoxi Health Technology Ltd HAO
Services-Advertising Agencies · SIC 7311 · Vertical: Services-Advertising Agencies (SIC 7311)
Haoxi Health Technology Ltd (HAO) is an online marketing solutions provider in China with a client base mainly in healthcare, placing short video ads mainly on platforms such as Toutiao and Douyin. Revenue rose to 54.83 million USD in fiscal 2026, but the company reported a net loss of 9.54 million USD on very thin margins.
At the close of 04 Nov 2026, Haoxi Health Technology Ltd (HAO) stock was 1.98 USD (+4.21% on the day), with beta -5.29, 52-week range 1.60–4,096.00 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)
- 36.3
- weak (30–45)
- Bollinger (20, 2)
- 1.67 – 2.52
- in the lower half of the band · %B 0.36 · band width 40.7%
- SMA 50 / 200
- 2.62 / 1,144.32
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.43 / -0.56
- 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 | −24.9% | −1.1% | −23.8 pp | — |
| 3 months | −38.5% | −0.5% | −38.1 pp | — |
| 6 months | −99.9% | +4.4% | −104.3 pp | — |
| Year to date | −99.9% | +12.3% | −112.2 pp | — |
| 1 year | −99.9% | +13.5% | −113.5 pp | +12.3% |
| 3 years | unavailable | +76.4% | unavailable | −2.2% |
| 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | 16.2 m | 28.2 m | 48.5 m | 32.8 m | 54.8 m |
| Revenue YoY | unavailable | +74.7% | +71.9% | −32.4% | +67.1% |
| Net income | 244.6 k | 969.8 k | 1.3 m | 3.9 m | -9.5 m |
| Net income YoY | unavailable | +296.5% | +33.2% | +200.1% | −346.0% |
| Diluted EPS | 0.01 | 0.87 | 2,701.53 | 3,385.53 | -386.40 |
| Diluted EPS YoY | unavailable | +8,600.0% | +310,420.7% | +25.3% | −111.4% |
| net % | 1.5% | 3.4% | 2.7% | 11.8% | -17.4% |
| Free cash flow | -684.1 k | -917.6 k | -802.9 k | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 10.9 m USD
- Financial debt
- 1.3 m USD
- Net debt
- -9.6 m USD
- Equity
- 17.9 m USD
- Total assets
- 21.6 m USD
- Debt / equity
- 0.07x
- Current ratio
- 4.53x
- ROE
- -54.1%
- ROA
- -44.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 16.2 m | 28.2 m | 48.5 m | 32.8 m | 54.8 m | SEC (XBRL)· 30 Sept 2026verified |
| Cost of revenue | 15.5 m | 26.2 m | 45.8 m | 31.9 m | 54.2 m | SEC (XBRL)· 30 Sept 2026verified |
| Gross profit | 648.7 k | 2.1 m | 2.8 m | 927.8 k | 629.1 k | SEC (XBRL)· 30 Sept 2026verified |
| Research & development | 102.5 k | 58.2 k | 80.0 k | 79.5 k | 104.4 k | SEC (XBRL)· 30 Sept 2026verified |
| Operating income | 268.8 k | 1.2 m | 1.7 m | -2.0 m | -9.7 m | SEC (XBRL)· 30 Sept 2026verified |
| Depreciation & amortisation | — | — | 10.6 k | 294.6 k | 308.6 k | SEC (XBRL)· 30 Sept 2026verified |
| EBITDA | — | — | 1.7 m ≈ | -1.7 m ≈ | -9.4 m ≈ | SEC (XBRL)· 30 Sept 2026derived |
| Interest expense | — | 19.8 k | 41.2 k | 46.0 k | 52.4 k | SEC (XBRL)· 30 Sept 2026verified |
| Pre-tax income | 259.6 k | 1.2 m | 1.7 m | 4.1 m | -9.5 m | SEC (XBRL)· 30 Sept 2026verified |
| Income tax | 15.0 k | 220.7 k | 443.6 k | 270.7 k | 36.6 k | SEC (XBRL)· 30 Sept 2026verified |
| Net income | 244.6 k | 969.8 k | 1.3 m | 3.9 m | -9.5 m | SEC (XBRL)· 30 Sept 2026verified |
| Diluted EPS | 0.01 | 0.87 | 2,701.53 | 3,385.53 | -386.40 | SEC (XBRL)· 30 Sept 2026verified |
| Weighted average diluted shares | 25.0 m | 1.1 m | 478 | 936 | 24.7 k | SEC (XBRL)· 30 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 293.5 k | 1.2 m | 6.7 m | 8.6 m | 10.9 m | SEC (XBRL)· 30 Sept 2026verified |
| Receivables | — | 7.7 k | 226.7 k | 460.3 k | 5.9 k | SEC (XBRL)· 30 Sept 2026verified |
| Current assets | — | 3.7 m | 15.4 m | 19.6 m | 16.8 m | SEC (XBRL)· 30 Sept 2026verified |
| Property, plant & equipment, net | — | 143.8 k | 126.7 k | 108.9 k | 104.2 k | SEC (XBRL)· 30 Sept 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 1.8 m | — | SEC (XBRL)· 20 Oct 2025verified |
| Total assets | — | 4.5 m | 15.5 m | 21.6 m | 21.6 m | SEC (XBRL)· 30 Sept 2026verified |
| Accounts payable | — | 27.3 k | 653.7 k | 153.9 k | 160.1 k | SEC (XBRL)· 30 Sept 2026verified |
| Short-term debt | — | 511.4 k | 833.5 k | 1.3 m | 1.3 m | SEC (XBRL)· 30 Sept 2026verified |
| Long-term debt | — | 249.1 k | 301.7 k | 307.3 k | — | SEC (XBRL)· 20 Oct 2025verified |
| Current liabilities | — | 2.6 m | 3.9 m | 3.9 m | 3.7 m | SEC (XBRL)· 30 Sept 2026verified |
| Total liabilities | — | 2.9 m | 4.2 m | 4.2 m | 3.7 m | SEC (XBRL)· 30 Sept 2026verified |
| Equity | -1.5 m † | 1.6 m † | 11.3 m † | 17.4 m † | 17.9 m † | SEC (XBRL)· 30 Sept 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 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -675.4 k | -872.1 k | -747.6 k | -3.4 m | -2.6 m | SEC (XBRL)· 30 Sept 2026verified |
| Capex | 8.7 k | 45.5 k | 55.4 k | — | — | SEC (XBRL)· 29 Oct 2024verified |
| Free cash flow | -684.1 k ≈ | -917.6 k ≈ | -802.9 k ≈ | — | — | SEC (XBRL)· 29 Oct 2024derived |
| Investing cash flow | -8.7 k | -45.5 k | -3.1 m | -3.6 m | -4.5 m | SEC (XBRL)· 30 Sept 2026verified |
| Financing cash flow | 933.2 k | 1.8 m | 9.3 m | 8.9 m | 9.3 m | SEC (XBRL)· 30 Sept 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
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
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
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -87.2% | 0 (on a fixed band) | 29% |
| Net margin · Quality | -17.4% | 38 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 24.8% | 100 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -184.3x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality14/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Haoxi Health Technology Limited (HAO). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 54.8 m USD in 2026; YoY growth 67.1%; net margin -17.4%; ROE -54.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 24.8%
- Current ratio: 4.5x
What contradicts it
- ROIC: -87.2%
- Interest coverage: -184.3x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Advertising Agencies (SIC 7311) · same industry (4-digit SIC) · compared with 8 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 | |
|---|---|---|---|---|---|---|
| OMCOmnicom Group Inc. | 23.9 bn | 50.9 | 9.7% | 2.8% | +10.1% | +22% / +9% |
| STGWStagwell Inc | 2.7 bn | 281.5 | 1.3% | 0.3% | +2.4% | +105% / +119% |
| CRTOCriteo S.A. | 769.7 m | 11.4 | 6.3% | 4.0% | +0.6% | −21% / −37% |
| GRPNGroupon, Inc. | 703.9 m | — | — | -25.3% | +1.2% | +2% / +53% |
| TJGCTJGC Group Limited | 487.9 m | — | -130.2% | -81.8% | −6.5% | +969% / unavailable |
| VSMEVS MEDIA Holdings Ltd | 36.9 m | — | -317.9% | -114.5% | −8.8% | −95% / −99% |
| SWAGStran & Company, Inc. | 24.4 m | 396.0 | 0.2% | 0.0% | +40.6% | −35% / −2% |
| HAOHaoxi Health Technology Limited | — | — | -54.1% | -17.4% | +67.1% | −100% / unavailable |
| WPPWPP plc | — | — | -7.1% | -1.6% | −8.1% | +42% / −37% |
1- and 3-year price returns: for HAO 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.
In brief
Haoxi Health Technology Ltd (HAO) is an online marketing solutions provider in China with a client base mainly in healthcare, placing short video ads mainly on platforms such as Toutiao and Douyin. Revenue rose to 54.83 million USD in fiscal 2026, but the company reported a net loss of 9.54 million USD on very thin margins.
SWOT
Strengths
- The company has a client base concentrated in healthcare and a track record of working with major media platforms in China since 2018 1.
- The proprietary Bidding Compass system collects historical impression and return data across many regions, supporting strategy optimization 1.
- The management team has experience in marketing for healthcare companies and in operating US-listed companies 1.
Weaknesses
- Gross margins are very thin and fell in the latest year, indicating strong pressure on traffic acquisition costs 1.
- The company reported a net loss in fiscal 2026 and negative operating cash flow after a profitable prior year 1.
- The company recorded significant credit loss allowances and impairment charges, raising questions about asset and receivable quality 1.
Opportunities
- Expansion to new platforms such as Xiaohongshu could diversify traffic sources and reduce dependence on one supplier 1.
- The proposed acquisition could complement the digital business and extend service capabilities if the deal is completed 1.
- Growing AI adoption in digital marketing could support new digital health services, currently at an exploratory stage 1.
Threats
- Dependence on Ocean Engine, a ByteDance subsidiary, exposes the company to the risk of a deteriorating relationship or failure to renew the contract 1.
- Intense competition and pricing pressure could further reduce volumes and margins 1.
- Geopolitical tensions between China and the US and regulatory changes could affect operations and access to US capital 1.
Risks
- Dependence on a single traffic supplierhigh
The company relies on Ocean Engine for a significant share of traffic, and a deterioration of that relationship could materially affect financial performance 1.
- Very thin gross marginshigh
The cost of traffic purchased from platforms, after rebates, grew faster than revenue, which could keep margins under pressure 1.
- Chinese regulatory riskshigh
Changes in government policy and rules on offshore operations and cash transfers could limit operations and the distribution of profits 1.
- Geographic and client concentrationmedium
Operations are concentrated in Beijing and part of revenue comes from a few large clients, increasing vulnerability to local changes or client losses 1.
- Uncertain investments and unfinished acquisitionsmedium
Investments in Bidding Compass and new services may not produce returns, and the proposed acquisition may not be completed 1.
Investment thesis
What would need to be true (bull case)
- If demand for short video advertising keeps growing, the company could benefit from its healthcare client base and access to major platforms.
- Diversification into new platforms and services such as livestreaming and AI could reduce dependence on a single supplier.
- If the proposed acquisition is completed, the company could extend its service capabilities and improve operating scale.
What would break the thesis
- Very thin margins and the recent net loss could suggest the business model is not yet generating durable profit.
- Dependence on Ocean Engine and a few large clients could expose the company to sudden revenue losses.
- Regulatory risks and geopolitical tensions could limit access to capital and the distribution of profits to shareholders.
What to watch
- Trend in gross margin and traffic acquisition costsnext 10-K
- Status of the proposed acquisition of an online advertising company and recovery of the deposit2027
- Relationship with Ocean Engine and renewal terms of the agreement2027
- Revenue from livestreaming services and AI collaborationsnext 10-K
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.
The business
The company operates through Haoxi Beijing, founded in 2018 in Beijing, and its parent is a Cayman Islands holding company listed on Nasdaq since January 2024. Its model provides integrated online marketing: planning, producing, placing and optimizing ads, especially short video ads, for clients targeting ultimate consumers. In fiscal 2026 the company served 565 clients, of which 230 were in healthcare 1. This compares with fiscal 2025, when 414 of 473 clients were healthcare companies, indicating rapid diversification of the client base 1.
The company does not use a variable interest entity structure and directly holds 100% of its subsidiaries 1. Its core activity depends on buying ad slots from media partners, including Ocean Engine, a ByteDance subsidiary with which it has a direct contract and which is its main supplier 1.
In April 2025 the company launched livestreaming agency services, which are still in development and have not generated sizeable revenue as of the report date 1. On August 1, 2026 it signed a non-binding letter of intent for the acquisition of an online advertising company, and the 2 million USD deposit is fully refundable if the deal is not completed within six months 1.
Segments
Market context
China's online advertising market generated revenue of 1.13 trillion RMB in 2023, up 12.4% from 2022, according to an iResearch report cited by the company 1. News feed advertising became the predominant format in 2026 and marketing cycles lengthened, per the same source 1. Healthcare and aesthetics demand, supported by rising incomes and an aging population, remains the company's stated main driver 1.
The company describes a fragmented and competitive market, and in fiscal 2025 revenue fell because of intense competition and pricing pressure 1.
Trends
- Growth of short video advertisingtailwind
Short video ads and the news feed format are increasingly used by advertisers, and if this trend continues it could support demand for the company's services 1.
- AI adoption in digital marketingmixed
Large-model technologies are pushing adoption of AI-generated content, which could favor platforms with analytical tools such as Bidding Compass 1.
- Lengthening marketing cyclesheadwind
Longer campaign cycles may reduce client turnover and raise acquisition costs, which could weigh on the margins of an intermediary such as the company 1.
- Regulatory pressure in Chinaheadwind
Chinese rules on advertising and cross-border operations could change operating conditions, and the legal environment remains uncertain and can change quickly 1.
Competitive position
The company competes with other advertising agencies and with intermediaries that access media platforms through authorized third-party agents. Lower rebates and pricing competition compressed gross margin from 2.83% in fiscal 2025 to 1.15% in fiscal 2026 1. The company also relies on advantages such as its proprietary Bidding Compass system and its media platform relationships 1.
The market also includes agencies selling integrated services to healthcare clients, and the company's differentiation depends on personalized service and performance data collected over time 1.
- Authorized third-party agents of media platforms
Intermediaries that provide access to media platforms and receive rebates, competing directly for clients' advertising budgets 1.
- Other online advertising agencies
Agencies placing ads for healthcare clients, cited as a source of intense competition in fiscal 2025 1.
- Competing social and e-commerce media platforms
Social and e-commerce platforms such as Xiaohongshu, into which the company plans to expand 1.
- Target company of the proposed acquisition
The online advertising company subject to the proposed acquisition is both a potential partner and a possible competitor 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
- Annual report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)06 Jul 2026
- Current report (foreign issuer)24 Jun 2026
- Current report (foreign issuer)04 Jun 2026
- Current report (foreign issuer)21 May 2026
- Current report (foreign issuer)19 May 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)22 Apr 2026
- Current report (foreign issuer)06 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-06-30 · SEC / Haoxi Health Technology Ltd · 30 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.