Texxon Holding Limited
Industrials · Trading Companies & Distributors
Texxon is a micro-cap China-listed SME supply chain intermediary in plastics and chemicals. 03), and the company reported a net loss in FY2025 after years of small profitability, flagging a customer concentration risk (one customer = 59% of FY2025 revenue).
- Technology-enabled B2B platform with growing supplier/customer network (SME procurement digitisation secular tailwind in China)
- Polystyrene factory under construction in Henan could vertically integrate the top-selling product line and structurally lift gross margins
- Massive revenue base at $797M creates operating leverage potential if margin expands even modestly
- Deep transaction data across >decade of price trends and market demand = defensible analytics moat
- Extreme customer concentration: single customer = 59% of FY2025 revenue (up from 13.8% in FY2024) -- any loss is existential
- Net loss in FY2025 after two years of small profits; polystyrene factory construction requires heavy capex (RMB 595M+ commitment)
- China-based VIE-like structure (Cayman/HK holding -> PRC operating subs) with full PRC regulatory, capital-transfer, and geopolitical risk
- Float of ~22M shares, market cap ~$27M -- illiquid micro-cap with minimal sell-side coverage
- Recurring material weakness disclosures in internal controls
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