Lucide Ledger

A filing-first public record from Lucide House.

Issue 004 | U.S. Pilot | US

HXHX

Haoxin Holdings Ltd

Screen state: Passing Source state: Verified 20-F | 2026-04-30 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 72.9%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
45,791,070USD
Total Liabilities
22,647,352USD
NCAV
23,143,718USD
Cash
1,404,626USD
NCAV per share
1.75USD/share
Evidence
2 annual | 0 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection Material 1Y Share Increase 13,246,575
Latest
13,246,5752025-12-31
Comparison
12,000,0002024-12-31
Change
+10.4%

Basis: 1Y share change >= +2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050203; REPORTED_FILING 20-F 2024-12-31

Requires inspection Negative OCF -9,546,215
Latest
-9,546,2152025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050203

Supporting observation NCAV Growing 23,143,718
Latest
23,143,7182025-12-31
Comparison
17,050,5392024-12-31
Change
+35.7%

Basis: equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050203; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 2.37
Latest
2.372025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050203

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 0 quarterly periods available from Data Vault for this company.

quarterly periods are missing

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
USD
2024-12-31
20-F
USD
Revenue 33,040,012 25,571,810
Operating Income 7,789,812 5,540,316
Net Income 3,967,882 3,173,703
Cash From Operations -9,546,215 -3,957,879
Capex -4,478,728 -4,303
Free Cash Flow -14,024,943 -3,962,182
Cash And Equivalents 1,404,626 170,431
Accounts Receivable 8,782,898 19,121,048
Inventory n/a n/a
Total Current Assets 45,791,070 31,057,243
Total Assets 50,273,079 32,379,245
Total Current Liabilities 19,287,898 13,862,008
Total Liabilities 22,647,352 14,006,704
Shareholders Equity 27,625,727 18,372,541
Shares Outstanding n/a n/a
Shares Outstanding Diluted n/a n/a
Weighted Avg Shares Diluted 13,246,575 12,000,000
Weighted Avg Shares Basic 13,246,575 12,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 0 quarterly periods available from Data Vault for this company.

Metric
Revenue
Operating Income
Net Income
Cash From Operations
Capex
Free Cash Flow
Cash And Equivalents
Total Current Assets
Total Liabilities
Shares Outstanding
Shares Outstanding Diluted
Weighted Avg Shares Diluted
Weighted Avg Shares Basic
Net Share Count Change (Normalized)
Ownership Claim Change (Normalized)
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 45,791,070USD us-gaap:AssetsCurrent 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Total Liabilities 22,647,352USD us-gaap:Liabilities 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Cash 1,404,626USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Shares Outstanding 13,246,575 us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
NCAV 23,143,718USD derived 2025-12-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 1.75USD derived 2025-12-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 72.9% derived 2025-12-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / weighted_avg_shares_diluted

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001936817
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001936817/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
2
Imported At
2026-08-15T12:52:11+00:00
Rendered At
2026-08-16T03:29:54+00:00

Run Audit

Mary Run
29510e1968ca4fb386d55ebe1e97a5de
Mary As Of
2026-08-01
Accession
0001213900-26-050203
CIK
0001936817
Mary Filing Date
2026-04-30
Filing Currency
USD
Internal Discount
72.9%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=29510e1968ca4fb386d55ebe1e97a5de; mary_as_of=2026-08-01; mary_filing_date=2026-04-30; mary_accession=0001213900-26-050203; mary_cik=0001936817; gnni_supporting_filing_date=2026-04-30; internal_discount=0.729216; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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