Haoxin Holdings Ltd (NASDAQ: HXHX)

Haoxin Holdings Ltd is a provider of temperature controlled truckload service and urban delivery services in China, operating primarily in the transportation and logistics sector. The company draws on over two decades of experience to haul goods such as electronic devices, chemicals, fruit, food and other commercial products for manufacturers, wholesalers and retailers. It maintains a proprietary fleet of tractors, trailers and vans that enables nationwide coverage and reliable delivery schedules.

Revenue is generated mainly from charging customers based on mileage for temperature controlled truckload transportation and, to a lesser extent, from short distance urban delivery using vans. In 2025, temperature controlled truckload service contributed about 98.4% of total sales while urban delivery accounted for roughly 1.6%. The company’s pricing reflects distance traveled, fuel costs and service level agreements, providing predictable income streams. It serves a diverse client base that includes large logistics firms, supermarkets and manufacturers across the PRC.

The company operates through the following segments: Temperature Controlled Truckload Service and Urban Delivery Service.

• Temperature Controlled Truckload Service: This segment operates a fleet of 70 tractors, 97 trailers and 31 vans to transport temperature sensitive goods over medium and long distance routes, providing dedicated vehicles, real time GPS tracking and temperature monitoring to ensure product integrity and timely delivery.

• Urban Delivery Service: This segment uses the same fleet of vans to offer intra city short haul deliveries for customers needing rapid, localized distribution, complementing the long haul truckload business and enhancing overall supply chain flexibility.

Haoxin Holdings Ltd holds a competitive position in China’s fragmented trucking market due to its sizable owned fleet, nationwide coverage reaching 88.2% of provinces and a 3A grade accreditation from the China Federation of Logistics and Purchasing. The company differentiates itself through its technology enabled monitoring, consistent safety record and long term contracts that provide stable cash flow. Its ability to optimize load on both outbound and return trips reduces empty mileage and lowers operating costs. These strengths set it apart from many smaller, region focused carriers that lack similar scale and technological integration.

The company’s customers consist principally of large logistics companies, supermarket chains and manufacturers. Specific named clients include China Post Express Logistics Co., Ltd., Heilongjiang Provincial Logistics Branch, Lala (Tianjin) Automotive Technology Co., Ltd., Ningbo Beilun Haifeng Container Co., Ltd., China Post Group Co., Ltd. Mudanjiang Branch and Ningbo Dajia International Logistics Co., Ltd. These customers operate in sectors such as electronics, automotive, consumer goods and postal services, providing steady and recurring revenue streams. The firm also works with regional distributors and e commerce fulfillment centers that require temperature controlled transport for perishable items.