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Chinese logistics and freight-transport company.
Chinese logistics and freight-transport company.
Moat: none
Headquarters: China · Employees: 1,094
Size Hengtong Logistic (603223.SS) is a China Industrials company (Air Freight/Couriers) with a market value of $870M, the 2582nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.22 on 6 Nov 2026.
Performance Over six months the shares fell 9.0%, against -4.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 1.5% over the last twelve months (peer median +6.8%); the operating margin is 29.9% (peer median 7.3%).
Valuation It trades at 15.5× forward earnings against a peer median of 13.1× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is -25%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.6 points above its cost of capital (5.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.34B | CN¥1.36B | CN¥2.00B | CN¥3.75B | CN¥5.26B |
| Revenue growth | — | -32% | -47% | -29% | — |
| Gross profit | CN¥612M | CN¥391M | CN¥258M | CN¥183M | CN¥128M |
| EBITDA | n/a | CN¥475M | CN¥256M | CN¥183M | CN¥152M |
| Net income | CN¥353M | CN¥266M | CN¥155M | CN¥117M | CN¥104M |
| Free cash flow | CN¥942M | -CN¥97.1M | -CN¥640M | -CN¥310M | -CN¥629M |
| Capital expenditure | CN¥249M | CN¥566M | CN¥902M | CN¥840M | CN¥569M |
| Total debt | CN¥785M | CN¥913M | CN¥1.03B | CN¥671M | CN¥616M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603223.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.3% | -1.1% | 3rd lowest of 21 |
| 6-month return | -9.0% | -4.1% | 9th lowest of 20 |
| Distance from 52-week high | -46.5% | -23.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +1.5% | +6.8% | 8th lowest of 21 |
| Operating margin | 29.9% | 7.3% | 2nd highest of 20 |
| Forward P/E | 15.5× | 13.1× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | -9.5% | 3.2% | 4th least demanding of 16 |
| Growth delivered (Del g) | -24.6% | +8.2% | lowest of 16 |
| Hurdle (Req g minus delivered) | +15.2 pp | -8.9 pp | 2nd most demanding of 16 |
| ROIC minus cost of capital | +5.6 pp | +0.1 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hengtong Logistic 603223.SS | China | $870M | -9% | +2% | 30% | 15.5× | -9.5% | -24.6% |
| Swedish Logistic Property SLP-B.ST | Sweden | $876M | -9% | +27% | 86% | 14.2× | 11.6% | +60.3% |
| Shenzhen Easttop Supply Chain Management 002889.SZ | China | $845M | +14% | -35% | 6% | n/a | 12.0% | +6.7% |
| Orient International Enterprise 600278.SS | China | $919M | +1% | -12% | 1% | n/a | n/a | n/a |
| Hamakyorex 9037.T | Japan | $808M | -2% | +9% | 10% | 11.4× | -9.0% | +5.5% |
| Hangzhou SF Intra-city Industrial 9699.HK | Hong Kong | $941M | -24% | +32% | 1% | 13.3× | 5.9% | +35.5% |
| Ferrari FERGR.AS | Netherlands | $780M | -4% | +3% | 17% | 12.8× | -2.7% | +5.0% |
| Konoike Transport 9025.T | Japan | $973M | +2% | +1% | 6% | 10.9× | -12.5% | +4.0% |
| Shenzhen Feima International Supply Chain 002210.SZ | China | $768M | -36% | +116% | 11% | n/a | 34.5% | +1.5% |
| Cargojet CJT.TO | Canada | $1.00B | +15% | +1% | 10% | 23.4× | 12.4% | +8.2% |
| Friend 605050.SS | China | $709M | -24% | +4% | 4% | 10.1× | n/a | n/a |
| Blue Dart Express BLUEDART.NS | India | $1.14B | -20% | +9% | 7% | 26.5× | 22.4% | +13.3% |
| China Master Logistics 603967.SS | China | $644M | -11% | +11% | 4% | 13.9× | -12.1% | +11.4% |
| Bonheur BONHR.OL | Norway | $1.20B | +1% | +4% | 7% | 10.0× | 3.1% | +20.6% |
| Shipping Corporation of India SCI.NS | India | $1.29B | -18% | +17% | 24% | n/a | n/a | n/a |
| KLN Logistics 0636.HK | Hong Kong | $1.30B | -15% | -2% | 4% | 7.0× | -10.4% | +2.6% |
| COSCO SHIPPING International (Hong Kong) 0517.HK | Hong Kong | $1.32B | +8% | +1% | 5% | 12.6× | 2.3% | +1.5% |
| LEAP India LEAPIND.NS | India | $569M | n/a | +56% | 27% | n/a | n/a | n/a |
| Xiamen Xinde 000701.SZ | China | $568M | -3% | -22% | n/a | n/a | n/a | n/a |
| Hichain Logistics 300873.SZ | China | $560M | -22% | +15% | 14% | 20.8× | 3.2% | +12.1% |
| TVS Supply Chain Solutions TVSSCS.NS | India | $547M | -4% | +17% | 2% | 31.6× | 14.4% | +9.7% |