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Haoxin vs ZTO Express (Cayman): revenue, profit, margins and growth compared

Haoxin brought in $33M of revenue in fiscal 2025, ZTO Express (Cayman) $7B in fiscal 2025. Revenue changed by +29.2% at Haoxin and +15.7% at ZTO Express (Cayman) on the year before, so Haoxin grew faster. Haoxin kept 12.0% of its revenue as net profit, ZTO Express (Cayman) 18.5%. Free cash flow was -$14M at Haoxin and $965.8M at ZTO Express (Cayman).

Side by side, latest fiscal year

HXHXZTO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$33M$7B
Revenue growth+29.2%+15.7%
Net income$4M$1.3B
Net margin12.0%18.5%
Free cash flow-$14M$965.8M
Free cash flow margin-42.4%13.8%
Earnings per share (diluted)$0.30$1.60
Cash$1.4M$1.4B
Debtn/an/a
Price to earningsn/an/a
Market value$5.8M$15.1B
Dividend yieldn/an/a
Rank by revenue in sector#456 of 587 · Industrials#101 of 587 · Industrials

Over the years

Revenue
HXHX FY2022: $28.9MHXHX FY2024: $26.7MHXHX FY2024: $25.6MHXHX FY2025: $33MZTO FY2018: $2.6BZTO FY2019: $3.2BZTO FY2020: $3.9BZTO FY2021: $4.8BZTO FY2022: $5.1BZTO FY2023: $5.4BZTO FY2024: $6.1BZTO FY2025: $7BFY18FY19FY20FY21FY22FY23FY24FY25
HXHX $33MZTO $7B
Net income
HXHX FY2022: $4.3MHXHX FY2024: $4MHXHX FY2024: $3.2MHXHX FY2025: $4MZTO FY2018: $637.5MZTO FY2019: $815MZTO FY2020: $660.9MZTO FY2021: $746.1MZTO FY2022: $987.2MZTO FY2023: $1.2BZTO FY2024: $1.2BZTO FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
HXHX $4MZTO $1.3B
Net margin
HXHX FY2022: 14.8%HXHX FY2024: 14.9%HXHX FY2024: 12.4%HXHX FY2025: 12.0%ZTO FY2018: 24.9%ZTO FY2019: 25.7%ZTO FY2020: 17.1%ZTO FY2021: 15.6%ZTO FY2022: 19.2%ZTO FY2023: 22.8%ZTO FY2024: 19.9%ZTO FY2025: 18.5%FY18FY19FY20FY21FY22FY23FY24FY25
HXHX 12.0%ZTO 18.5%
Revenue growth
HXHX FY2024: -7.9%HXHX FY2024: -4.1%HXHX FY2025: +29.2%ZTO FY2019: +24.0%ZTO FY2020: +21.7%ZTO FY2021: +23.5%ZTO FY2022: +7.5%ZTO FY2023: +5.5%ZTO FY2024: +12.1%ZTO FY2025: +15.7%FY19FY20FY21FY22FY23FY24FY25
HXHX +29.2%ZTO +15.7%
Free cash flow
HXHX FY2022: -$500.6KHXHX FY2024: $921.3KHXHX FY2024: -$4MHXHX FY2025: -$14MZTO FY2018: $157.1MZTO FY2019: $239.7MZTO FY2020: -$350.4MZTO FY2021: -$178.9MZTO FY2022: $639.6MZTO FY2023: $962.3MZTO FY2024: $852.3MZTO FY2025: $965.8MFY18FY19FY20FY21FY22FY23FY24FY25
HXHX -$14MZTO $965.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Haoxin and ZTO Express (Cayman)

Which is bigger by revenue, Haoxin or ZTO Express (Cayman)?

ZTO Express (Cayman) is bigger by revenue: $7B in fiscal 2025, against $33M for Haoxin in fiscal 2025.

Which keeps more of its revenue as profit, Haoxin or ZTO Express (Cayman)?

Haoxin had a net margin of 12.0% in fiscal 2025; ZTO Express (Cayman) had 18.5% in fiscal 2025.

Which grew revenue faster, Haoxin or ZTO Express (Cayman)?

In their latest fiscal years revenue changed by +29.2% at Haoxin and +15.7% at ZTO Express (Cayman).

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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