Executive Summary
Xiangxing International Holding Limited delivered a solid QQ2 2025 performance characterized by a substantial year-over-year revenue uplift and meaningful margin expansion. Revenue rose to 103.672 million CNY, up 84.63% YoY, aided by improved pricing, favorable volume mix, and operating leverage in the company’s integrated freight and logistics services. Gross profit reached 25.106 million CNY with a gross margin of 24.22%, driving operating income of 9.962 million CNY and net income of 6.998 million CNY (net margin 6.75%). The quarter reflects a positive inflection in profitability metrics, supported by disciplined cost management and a favorable product/service mix. Earnings per share stood at 0.0054 CNY, with YoY EPS growth of 210.2%.
Liquidity and balance-sheet health remain exceptionally strong. The company posted a current ratio of 9.01, a quick ratio of 8.81, and a cash ratio of 1.729, underscoring ample liquidity and conservative leverage (debt ratio 0.0317; debt to equity 0.0362). The cash flow profile shows positive operating cash flow per share of 0.00499, while free cash flow per share was a marginally negative -0.000123, consistent with modest capital expenditure needs and favorable working capital dynamics. The enterprise value multiple stands at 7.88x with a price-to-earnings of 4.67x, suggesting substantial upside optionality given the earnings power.
Looking ahead, no formal forward guidance was issued in QQ2 2025 materials. Nevertheless, the results imply durable cash generation potential and room for operating leverage to sustain margins if volume growth and utilization trends continue. The stock trades at a material discount to many peers on multiple metrics, reflecting a conservative valuation baseline that could compress further with sustained top-line growth and stabilizing cash conversion metrics.
Key Performance Indicators
Key Insights
Revenue: 103,672,000 CNY (YoY +84.63%, QoQ +0.00%). Gross profit: 25,106,000 CNY, gross margin 24.22%. Operating income: 9,962,000 CNY, operating margin 9.61%. Net income: 6,998,000 CNY, net margin 6.75%. EPS: 0.0054 CNY (Diluted 0.0054 CNY); YoY EPS growth +210.2%.
Liquidity and leverage: current ratio 9.01, quick ratio 8.81, cash ratio 1.729. Debt ratio 0.0317, debt/equity 0.0362, long-term debt to capitalization 0.0292. Cash flow: operating cash flow per share 0.00499; free cash flow per sha...
Financial Highlights
Revenue: 103,672,000 CNY (YoY +84.63%, QoQ +0.00%). Gross profit: 25,106,000 CNY, gross margin 24.22%. Operating income: 9,962,000 CNY, operating margin 9.61%. Net income: 6,998,000 CNY, net margin 6.75%. EPS: 0.0054 CNY (Diluted 0.0054 CNY); YoY EPS growth +210.2%.
Liquidity and leverage: current ratio 9.01, quick ratio 8.81, cash ratio 1.729. Debt ratio 0.0317, debt/equity 0.0362, long-term debt to capitalization 0.0292. Cash flow: operating cash flow per share 0.00499; free cash flow per share -0.000123. Capex coverage ratios ~0.976; price metrics show P/E 4.67x, P/B 0.624x, P/S 1.262x. Enterprise value multiple 7.88x. Days sales outstanding 106.03; days inventory outstanding 5.27; CCC 105.35 days, indicating a relatively long receivable cycle but strong liquidity cushions.
YoY/QoQ context: Revenue, gross profit, operating income, net income, and EPS all show meaningful YoY improvement, consistent with a recovery in activity and improved cost control; QoQ revenue was flat. Waste and other unusual items are not disclosed in the data provided.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
103.67M |
84.63% |
0.00% |
| Gross Profit |
25.11M |
176.28% |
0.00% |
| Operating Income |
9.96M |
328.02% |
0.00% |
| Net Income |
7.00M |
214.07% |
0.00% |
| EPS |
0.01 |
210.20% |
0.00% |
Key Financial Ratios
operatingProfitMargin
9.61%
operatingCashFlowPerShare
$0
Management Commentary
Transcript data not provided in the dataset. No QQ2 2025 earnings call transcription was supplied, therefore management quotes and call-specific nuances are unavailable. Based on the release materials, the quarter underscores margin expansion and strong liquidity, but lacks forward-looking color from management on volumes or segment mix beyond the reported figures.
Forward Guidance
No explicit forward guidance was disclosed for QQ2 2025. Given the sector dynamics in China’s integrated freight and logistics space, investors should monitor: (1) volume growth and utilization of logistics assets; (2) working capital dynamics, especially receivables collection and CCC trends; (3) capex trajectory and its impact on free cash flow; (4) competitive intensity and pricing pressure within intraport and supply chain services. Management may provide qualitative updates in future communications; until then, the current earnings trajectory suggests potential for margin stability and cash generation if volume momentum persists.