Xiangxing International (1732.HK) Q1 2025 Earnings Report

Xiangxing International reported QQ1 2025 revenue of CNY 51.84 million, down 13.9% year-over-year and 7.7% quarter-over-quarter. Despite a softer top line, the quarter delivered a tangible improvement in operating performance: gross profit of CNY 12.55 million with a gross margin of 24.22%, EBITDA of CNY 6.33 million, and net income of CNY 3.50 million (EPS of CNY 0.0027). The company moved from a Q4 2024 operating loss to a positive operating income in Q1 2025, signaling improved operating leverage and fixed-cost absorption as volumes stabilized at the quarter level. The YoY revenue decline appears driven by softer demand amid macro headwinds and seasonality, while the sequential margin expansion reflects better cost control and a more favorable product/service mix within Xiangxing’s integrated freight and intraport services footprint. Management commentary (where available) points toward ongoing optimization of capacity, service mix, and network utilization, but explicit forward guidance was not disclosed in the provided materials. With limited disclosure on balance sheet metrics and cash flow, investors should weigh the improving profitability against the still modest scale and revenue volatility typical of small-to-mid cap logistics players in China.