UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO RULE 13a-16
OR 15d-16 OF THE
SECURITIES EXCHANGE ACT
OF 1934
For the month of December
2025
Commission File Number
001-42599
HAOXIN HOLDINGS LIMITED
昊鑫控股有限公司
(Exact name of Registrant
as specified in its charter)
Room 901, No.1 Xingye
Yi Road
Ningbo Free Trade Zone
Ningbo, Zhejiang Province 315807
People’s Republic
of China
+86 574-87865995
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form
40-F ☐
Haoxin Holdings Limited Announces Interim 2025
Results
Haoxin Holdings Limited (“we,” “us,” or “the
Company”) is an established transportation company with a multi-year operating history. We started our urban delivery service
business in 2003 and started expanding our business into temperature-controlled truckload service in 2016. We currently conduct all
our operations through our subsidiaries, Ningbo Haoxin International Logistics Co., Ltd. (“Ningbo Haoxin”), Zhejiang Haoxin
Logistics Co., Ltd (“Zhejiang Haoxin”), Shenzhen Longanda Freight Co., Ltd (“Longanda”) and Shenzhen Haiyue Freight
Co., Ltd. (“Haiyue”), and have experienced a steady growth in our business in recent years. The goods we take charge
of transporting focus on factory logistics, which include electronic devices, chemicals, fruit, food, and commercial goods. After
continuous development, we have been recognized and accredited by the China Federation of Logistics and Purchasing as a 3A-Grade transportation
service provider. The Company today announced its unaudited financial results for the six months ended June 30, 2025.
Comparison of Unaudited Interim Financial
Results for the six months ended June 30, 2025 and 2024
The following table summarizes the results of
our operations during the six months ended June 30, 2025 and 2024, respectively, and provides information regarding the dollar and percentage
increase or (decrease) during such periods.
| |
|
For the Six
Months Ended
June 30,
USD |
|
|
Variance |
|
|
Change |
|
| |
|
2025 |
|
|
2024 |
|
|
Change |
|
|
(%) |
|
| |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
| REVENUES |
|
$ |
17,842,518 |
|
|
$ |
9,326,184 |
|
|
$ |
8,516,334 |
|
|
|
91.3 |
% |
| COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation costs |
|
|
13,125,682 |
|
|
|
6,839,038 |
|
|
|
6,286,644 |
|
|
|
91.9 |
% |
| General and Administrative expenses |
|
|
431,868 |
|
|
|
329,364 |
|
|
|
102,504 |
|
|
|
31.1 |
% |
| Sales and marketing expenses |
|
|
32,868 |
|
|
|
39,028 |
|
|
|
(6,160 |
) |
|
|
-15.8 |
% |
| Total costs and expenses |
|
|
13,590,418 |
|
|
|
7,207,430 |
|
|
|
6,382,988 |
|
|
|
88.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING INCOME |
|
|
4,252,100 |
|
|
|
2,118,754 |
|
|
|
2,133,346 |
|
|
|
100.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER (EXPENSES) INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
(122,453 |
) |
|
|
(102,155 |
) |
|
|
(20,298 |
) |
|
|
19.9 |
% |
| Other expenses |
|
|
(535,177 |
) |
|
|
(332,134 |
) |
|
|
(203,043 |
) |
|
|
61.1 |
% |
| Loss of disposal of subsidiaries |
|
|
(813,141 |
) |
|
|
- |
|
|
|
(813,141 |
) |
|
|
100.0 |
% |
| Other income |
|
|
48,977 |
|
|
|
82,507 |
|
|
|
(33,530 |
) |
|
|
-40.6 |
% |
| Total other expenses, net |
|
|
(1,421,794 |
) |
|
|
(351,782 |
) |
|
|
(1,070,012 |
) |
|
|
304.2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME BEFORE INCOME TAXES |
|
|
2,830,306 |
|
|
|
1,766,972 |
|
|
|
1,063,334 |
|
|
|
60.2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION FOR INCOME TAXES |
|
|
1,057,937 |
|
|
|
548,749 |
|
|
|
509,188 |
|
|
|
92.8 |
% |
| NET INCOME |
|
$ |
1,772,369 |
|
|
$ |
1,218,223 |
|
|
$ |
554,146 |
|
|
|
45.5 |
% |
Revenues
| |
|
Six months ended June 30, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
USD
(unaudited) |
|
|
USD
(unaudited) |
|
| Temperature-controlled truckload services |
|
|
17,313,190 |
|
|
|
8,312,245 |
|
| Urban delivery services |
|
|
529,328 |
|
|
|
1,013,939 |
|
| |
|
|
17,842,518 |
|
|
|
9,326,184 |
|
Our revenue is primarily derived from (i) temperature-controlled
truckload services and (ii) urban delivery services in mainland China.
For the six months ended June 30, 2025, revenue
from temperature-controlled truckload services increased by approximately $9,000,945 or 108.3%, from approximately $8,312,245 for the
six months ended June 30, 2024 to approximately $17,313,190 for the same period in 2025. This increase was primarily due to the new customers
introduced to the Group.
Revenues from urban delivery services decreased
by approximately $484,611 or 47.8%, from approximately $1,013,939 for the six months ended June 30, 2024, to approximately $529,328 for
the same period in 2025. The decrease is primarily due to the decrease in our urban delivery services business.
Costs and Expenses
The costs and expenses of our transportation services consist of transportation
costs, general and administrative expenses and sales and marketing expenses.
| |
|
Six months ended June 30, |
|
| |
|
2025 |
|
|
2024 |
|
| COSTS AND EXPENSES |
|
USD
(unaudited) |
|
|
USD
(unaudited) |
|
| Transportation costs |
|
|
13,125,682 |
|
|
|
6,839,038 |
|
| General and Administrative expenses |
|
|
431,868 |
|
|
|
329,364 |
|
| Sales and marketing expenses |
|
|
32,868 |
|
|
|
39,028 |
|
| Total costs and expenses |
|
|
13,590,418 |
|
|
|
7,207,430 |
|
Total costs and expenses increased by $6,382,988,
or 88.6%, to $13,590,418 for the six months ended June 30, 2025 as compared to $7,207,430 for the six months ended June 30, 2024, which
is generally in line with the increase of revenue.
Transportation Costs
Transportation costs primarily consist of fuel
expenses, highway bridge expenses, insurance expenses, drivers’ wages, maintenance and repair expenses, subcontractor fees, depreciation
expenses and other expenses.
Drivers wages increased by approximately $1,216,211,
or 81.4%, to $2,709,917 for the six months ended June 30, 2025 as compared to $1,493,706 for the six months ended June 30, 2024. The
increase of drivers wages is mainly due to the growth in operational performance, for which the company increased driver compensation
and engaged additional temporary workers.
Fuel expenses increased by approximately $2,315,882,
or 125.9%, to $4,155,662 for the six months ended June 30, 2025 as compared to $1,839,780 for the six months ended June 30, 2024. The
increase of fuel expenses is mainly due to the sustained growth of the company’s performance and in the volumes of short-haul orders,
as well as the increase in vehicle fuel costs caused by the increase in driving mileage.
Highway bridge expenses increased by approximately
$2,422,414, or 179.1%, to $3,775,077 for the six months ended June 30, 2025 as compared to $1,352,663 for the six months ended June 30,
2024. The increase of highway bridge expenses is mainly due to the growth in the Company’s short-haul order volume and transportation
mileage.
As some of our vehicles had been fully depreciated
and we did not have a significant amount of new purchase of vehicles, the depreciation expenses decreased by approximately $100,178,
or 46.4%, to $115,864 for the six months ended June 30, 2025 as compared to $216,042 for the six months ended June 30, 2024.
Sales and marketing expenses
| |
|
Six months ended June 30, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
USD
(unaudited) |
|
|
USD
(unaudited) |
|
| Salary expenses |
|
|
20,860 |
|
|
|
34,606 |
|
| Travel expenses and business entertainment expenses |
|
|
11,499 |
|
|
|
4,021 |
|
| Others expenses |
|
|
509 |
|
|
|
401 |
|
| |
|
|
32,868 |
|
|
|
39,028 |
|
For the six months ended June 30, 2025, we incurred
total sales and marketing expenses in the amount of $32,868, which was mainly comprised of travel and entertainment expenses of $11,499,
salesperson salary expenses of $20,860 and other expenses of $509.
Sales and marketing expenses decreased by $6,160
or 15.8% from $32,868 for the six months ended June 30, 2025 as compared to $39,028 for the six months ended June 30, 2024. The main
reason for the decrease is that the company has increased its control over sales and marketing expenses.
General and administrative expenses
| | |
Six months ended June 30, | |
| | |
2025 | | |
2024 | |
| | |
USD
(unaudited) | | |
USD
(unaudited) | |
| Professional fees | |
| 151,208 | | |
| 112,223 | |
| Salary expenses | |
| 164,974 | | |
| 144,892 | |
| Rental expenses | |
| 42,107 | | |
| 13,081 | |
| Safety production fees | |
| 3,672 | | |
| - | |
| Loss on disposal of property, plant and equipment | |
| 9,666 | | |
| 5,895 | |
| Allowance for credit loss | |
| 18,247 | | |
| 6,583 | |
| Others | |
| 41,994 | | |
| 46,690 | |
| | |
| 431,868 | | |
| 329,364 | |
For the six months ended June 30, 2025, we incurred
total general and administrative expenses in the amount of $431,868, which was mainly comprised of professional fees of $151,208, salary
expenses of $164,974, rental expenses of $42,107, provision for credit loss of $18,247, gain from disposal of $9,666 and other expenses
of $41,994.
General and administrative expenses increased by $102,504 or 31.1% for the
six months ended June 30, 2025 as compared to $329,364 for the six months ended June 30, 2024. Such increase is comprised of an increase
in professional fees of $38,985 which is mainly attributable to the Company’s payment of legal services fees, an increase in rental
expenses of $29,026 which is due to the expansion of our office space, and an increase in salary expenses of $20,082 which is due to the
salary growth.
Other (Expenses) Income
For the six months ended June 30, 2025 and 2024, other income and expenses
mainly consist of government grants and interest expense. For the six months ended June 30, 2025, total interest expense increased by
$20,298 or 19.9% to $122,453 as amount of bank borrowings and loans from other financial institutions increased. Total other expenses
increased by $203,043 or 61.1% as an additional tax late payment penalty was incurred during 2025. The loss on disposal of subsidiaries
amounted to $813,141, due to the Company’s completion of the disposal of its two subsidiaries, Haiyue and Longanda, during 2025.
Liquidity and Capital Resources
Our business requires substantial amounts of
cash to cover operating expenses as well as to fund capital expenditures, working capital changes, principal and interest payments on
our obligations, lease payments, to support tax payments when we generate taxable income. Recently, we have financed our capital requirements
with borrowings under our existing term loan facility, borrowings under our existing revolving credit facility, cash flows from operating
activities, direct equipment financing, operating leases and proceeds from equipment sales.
As of June 30, 2025 and December 31, 2024, we
had cash and restricted cash of $1,564,299 and $173,781, respectively, and our working capital was $22,488,662 and $17,195,235, respectively.
The increase of $5,293,427 in working capital was primarily due to the increase in business-related prepayments.
Our business requires substantial amounts of
cash to cover operating expenses as well as to fund capital expenditures, working capital changes, principal and interest payments on
our obligations, lease payments, to support tax payments when we generate taxable income.
As of June 30, 2025, the Company had $1,564,299
in cash and restricted cash. The Company’s working capital was $22,488,662 as of June 30, 2025. The Company will require a minimum
of approximately $14.6 million over the next twelve months to operate at its current level, either from revenues or fundings from shareholders
and banks.
Unaudited Condensed Consolidated Statement
of Cash Flows
| |
|
Six months ended June 30, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
USD
(unaudited) |
|
|
USD
(unaudited) |
|
| Operating activities |
|
|
|
|
|
|
| Net income |
|
|
1,772,369 |
|
|
|
1,218,223 |
|
| Adjustments for: |
|
|
|
|
|
|
|
|
| Loss on disposal of property, plant and equipment |
|
|
9,666 |
|
|
|
5,895 |
|
| Provision for credit loss |
|
|
18,247 |
|
|
|
6,583 |
|
| Amortization of right-of-use assets and interest of lease liabilities |
|
|
- |
|
|
|
6,047 |
|
| Depreciation for property and equipment |
|
|
115,864 |
|
|
|
216,042 |
|
| Loss on disposal of subsidiaries |
|
|
813,141 |
|
|
|
- |
|
| Exchange difference |
|
|
29,998 |
|
|
|
- |
|
| Deferred income tax benefit |
|
|
(4,562 |
) |
|
|
(1,646 |
) |
| Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
7,677,938 |
|
|
|
(1,028,840 |
) |
| Prepayments |
|
|
(13,601,403 |
) |
|
|
(314,471 |
) |
| Other receivables |
|
|
(130,174 |
) |
|
|
(1,725,392 |
) |
| Deposits |
|
|
(37,140 |
) |
|
|
(337 |
) |
| Accounts payable |
|
|
(133,283 |
) |
|
|
1,085,406 |
|
| Operating lease liabilities |
|
|
- |
|
|
|
(2,641 |
) |
| Other payables and accrued liabilities |
|
|
(2,227,777 |
) |
|
|
(42,788 |
) |
| Tax payables |
|
|
1,749,578 |
|
|
|
948,849 |
|
| Net cash (used in) provided by operating activities |
|
|
(3,947,538 |
) |
|
|
370,930 |
|
| |
|
|
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
|
|
|
| Purchases of equipment |
|
|
(2,000,000 |
) |
|
|
(4,291 |
) |
| Loans to third parties |
|
|
(2,502,060 |
) |
|
|
(1,733,143 |
) |
| Collection from loans to related parties |
|
|
1,012,823 |
|
|
|
2,039,877 |
|
| Proceeds from disposal of equipment |
|
|
45,988 |
|
|
|
— |
|
| Net cash (used in) provided by investing activities |
|
|
(3,443,249 |
) |
|
|
302,443 |
|
| |
|
|
|
|
|
|
|
|
| Financing activities |
|
|
|
|
|
|
|
|
| Proceeds from short-term bank borrowings |
|
|
3,244,982 |
|
|
|
— |
|
| Repayment of short-term bank borrowings |
|
|
(689,408 |
) |
|
|
(1,000,638 |
) |
| Loans from other financial institution |
|
|
289,552 |
|
|
|
404,835 |
|
| Repayments of loans from other financial institutions |
|
|
(218,378 |
) |
|
|
(391,873 |
) |
| Advanced from related parties |
|
|
— |
|
|
|
615,913 |
|
| Repayments to related parties |
|
|
(314,524 |
) |
|
|
(299,728 |
) |
| Proceeds from listing |
|
|
6,449,265 |
|
|
|
— |
|
| Net cash provided by (used in) financing activities |
|
|
8,761,489 |
|
|
|
(671,491 |
) |
| Increase in cash and cash equivalents |
|
|
1,370,702 |
|
|
|
1,882 |
|
| Cash and cash equivalents at the beginning of the period |
|
|
173,781 |
|
|
|
89,731 |
|
| Effect of exchange rate changes |
|
|
19,816 |
|
|
|
(2,093 |
) |
| Cash and cash equivalents at the end of the period |
|
|
1,564,299 |
|
|
|
89,520 |
|
| |
|
|
|
|
|
|
|
|
| Supplemental disclosure of cash flows information |
|
|
|
|
|
|
|
|
| Cash paid during the period for income tax |
|
|
66,528 |
|
|
|
42,533 |
|
| Cash paid during the period for interest |
|
|
127,045 |
|
|
|
102,156 |
|
Cash flows (used in)/generated from operating
activities
Net cash used in operating activities was $3,947,538 for the six months
ended June 30, 2025 and was primarily attributable to (i) net income of $1,772,369, (ii) various non-cash item of $956,918 including provision
for credit loss, depreciation for plant and equipment and loss on disposal of property, plant and equipment and loss on disposal of subsidiaries
(iii) a $1,749,578 increase in tax payables, (iv) a $7,677,938 decrease in accounts receivable and (v) a $130,174 increase of other receivables.
This cash inflow was offset by (i) a $13,601,403 increase in prepayments, (ii) a $37,140 increase in deposits, (iii) a $2,227,777 decrease
in others payable and accrued liabilities, (iv) a decrease of accounts payable of $133,283.
For the six months ended June 30, 2025, cash
outflow from operating activities was $3,947,538 comparing to cash inflow $370,930 for the six months ended June 30, 2024. The decrease
of $4,318,468 was primarily due to the increase in cash payment for subcontractor fees and fuel expenses.
Cash flows (used in)/generated from investing
activities
Net cash used in investing activities was $3,443,249
for the six months ended June 30, 2025.
For the six months ended June 30, 2025, net cash used in investing activities
was $3,443,249, compared to net cash provided by investing activities of $302,443 for the six months ended June 30, 2024. This change
was primarily attributable to increased capital expenditures for the acquisition of equipment and the advancement of loans to third parties
during the six months ended June 30, 2025.
Cash flows generated from/(used in) financing
activities
Net cash provided by financing activities was
$8,761,489 for the six months ended June 30, 2025 and was primarily attributable to (i) proceeds from short-term bank borrowings of $3,244,982,
(ii) proceeds from other financial institution of $289,552, and (iii) proceeds from initial public offering of $6,449,265. This cash
inflow was offset by (i) the repayment of short-term bank borrowings of $689,408, (ii) repayments of loans from other financial institutions
of $218,378 and (iii) repayments to related parties of $314,524.
For the six months ended June 30, 2025, cash
provided by financing activities was $8,761,489. Compared to cash used in financing activities was $671,491 for the six months ended
June 30, 2024, the increase of $9,432,980, or 1404.8% was primarily due to the increased proceeds from bank borrowing and the receipt
of proceeds from our initial public offering in the first half of 2025.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: December 29, 2025 |
Haoxin Holdings Limited |
| |
|
|
| |
By: |
/s/ Zhengjun Tao |
| |
|
Zhengjun Tao |
| |
|
Chief Executive Officer |
EXHIBIT INDEX
| Exhibit
No. |
|
Description
of Exhibits |
| 99.1 |
|
Unaudited Consolidated Financial Statements as of and for the Six Months ended June 30, 2025 |
8
