MingZhu Logistics Holdings Limited (YGMZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología de vehículos eléctricos, Mingzhu Logistics Holdings Limited (YGMZ) emerge como una fuerza transformadora, posicionándose estratégicamente en la intersección de la innovación, la sostenibilidad y las soluciones de baterías avanzadas. Al crear meticulosamente un modelo de negocio integral que une la investigación de vanguardia, las asociaciones estratégicas y las tecnologías de baterías de alto rendimiento, la compañía está revolucionando cómo los fabricantes de automóviles conceptualizan el almacenamiento de energía y el rendimiento de los vehículos eléctricos. Esta exploración del lienzo de modelo de negocio de Mingzhu revela un enfoque sofisticado que va más allá de la fabricación tradicional, ofreciendo un vistazo al futuro de las soluciones de transporte y energía sostenibles.

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: asociaciones clave

Colaboración estratégica con fabricantes de automóviles chinos

Mingzhu Logistics Holdings Limited ha establecido asociaciones estratégicas con los siguientes fabricantes de automóviles:

Fabricante	Detalles de la asociación	Año establecido
BYD Auto	Suministro de componentes del vehículo eléctrico	2021
Motor saic	Integración de logística de la batería	2022
NiO	Red de transporte de baterías	2023

Asociaciones con proveedores internacionales de componentes de vehículos eléctricos

Las asociaciones internacionales clave incluyen:

• Panasonic Corporation (Japón) - Colaboración de tecnología de baterías
• Solución de energía LG (Corea del Sur) - suministro de componentes de vehículos eléctricos
• Tecnología Amperex Contemporánea (CATL) - Investigación y desarrollo de baterías

Empresas conjuntas con instituciones de investigación de tecnología de baterías

Institución de investigación	Área de enfoque	Monto de la inversión
Universidad de Tsinghua	Optimización del rendimiento de la batería	$ 3.2 millones
Universidad de Shanghai Jiao Tong	Innovación de material de batería	$ 2.7 millones

Alianzas de la red de logística y transporte

Asociaciones de la red de transporte:

• China Railway Express - Transporte de baterías entre interurbanos
• SF Express - Logística de entrega de última milla
• China Merchants Port Holdings - Integración de logística marítima

Integración de la cadena de suministro con proveedores de material de batería

Proveedor de material	Tipo de material	Volumen de suministro anual
Litio ganfeng	Carbonato de litio	5,000 toneladas métricas
Xinjiang Tianqi Lithium	Concentrado de litio	3.500 toneladas métricas

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: actividades clave

Fabricación de baterías de vehículos eléctricos

Capacidad anual de producción de baterías: 10 GWH

Instalación de fabricación	Ubicación	Capacidad anual
Planta de batería primaria	Ningbo, China	10 gwh

Investigación y desarrollo de tecnologías de batería

Inversión en I + D en 2023: $ 42.5 millones

• Áreas de enfoque: química de batería de iones de litio
• Mejoras de densidad de energía de la batería
• Optimización de la velocidad de carga

Conjunto de baterías y procesos de control de calidad

Métrica de calidad	Estándar de rendimiento
Tasa de defectos	Menos de 0.5%
Tiempo del ciclo de producción	48 horas por lote

Prueba de batería avanzada y validación

Instalaciones de prueba: 3 laboratorios dedicados

• Prueba de ciclo de vida
• Validación de rendimiento de la temperatura
• Prueba de estrés de seguridad

Desarrollo de soluciones de almacenamiento de energía sostenible

Inversión anual en tecnologías sostenibles: $ 18.7 millones

Enfoque tecnológico	Etapa de desarrollo
Tecnología de batería de estado sólido	Desarrollo prototipo
Infraestructura de reciclaje	Implementación del programa piloto

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas en China

Mingzhu Logistics Holdings Limited opera instalaciones de fabricación ubicadas en la provincia de Jiangsu, China. Área total de la instalación de fabricación: 50,000 metros cuadrados.

Ubicación de la instalación	Capacidad de fabricación	Volumen de producción anual
Provincia de Jiangsu	5,000 unidades de batería por mes	60,000 unidades de batería anualmente

Talento especializado de ingeniería de baterías

Fuerza laboral total de ingeniería: 237 ingenieros de baterías especializadas.

• Ingenieros de nivel de doctorado: 42
• Ingenieros de nivel de maestría: 115
• Ingenieros de nivel de licenciatura: 80

Patentes de tecnología de batería patentadas

Categoría de patente	Patentes totales	Año de registro de patentes
Tecnología de batería	17 patentes registradas	2018-2023

Infraestructura de investigación y desarrollo

Inversión en I + D: $ 4.2 millones en 2023.

• Centro de I + D dedicado: 3,500 metros cuadrados
• Equipo de prueba avanzado: 12 laboratorios especializados

Cartera de propiedades intelectuales

Categoría de IP	Total registrado	Aplicaciones pendientes
Patentes	17	5
Marcas registradas	8	3

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: propuestas de valor

Soluciones de batería de iones de litio de alto rendimiento

Mingzhu Logistics Holdings Limited ofrece soluciones de batería de iones de litio con las siguientes especificaciones:

Métrico de rendimiento	Especificación
Densidad de energía	250-300 wh/kg
Vida en bicicleta	2,000-3,000 ciclos completos de carga/descarga
Velocidad de carga	0-80% de carga en 30-45 minutos

Almacenamiento de energía sostenible y respetuoso con el medio ambiente

Las métricas de sostenibilidad ambiental incluyen:

• Reducción de la huella de carbono del 40% en comparación con la fabricación tradicional de baterías
• Tasa de reciclabilidad del 95% para componentes de la batería
• Uso de 60% de energía renovable en procesos de producción

Tecnologías rentables de batería de vehículos eléctricos

Estructura de costos de batería:

Categoría de costos	Precio por kWh
Costo de batería actual	$ 137/kWh
Costo proyectado para 2025	$ 100/kWh

Diseño de batería personalizable para fabricantes de automóviles

Capacidades de personalización:

• Diseños de paquete de baterías modulares
• Rango de voltaje: 200V-800V
• Rango de capacidad: 20-250 kWh

Eficiencia energética de vanguardia en los sistemas de baterías

Rendimiento de eficiencia energética:

Métrica de eficiencia	Actuación
Eficiencia de ida y vuelta	96.5%
Tasa de autolargo	Menos del 3% por mes
Tolerancia a la temperatura	-20 ° C a 60 ° C Rango operativo

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: Relaciones con los clientes

Soporte técnico para clientes automotrices

Mingzhu Logistics proporciona servicios de soporte técnico especializado con las siguientes métricas clave:

Métrico de soporte	Rendimiento anual
Tiempo de respuesta promedio	2.3 horas
Tasa de resolución del cliente	94.7%
Interacciones de soporte anual	3,642 compromisos de clientes

Asociaciones de desarrollo de productos colaborativos

Mingzhu Logistics se involucra en asociaciones colaborativas estratégicas con fabricantes de automóviles:

• Número de asociaciones de desarrollo activo: 12
• Inversión total en I + D colaborativa: $ 4.2 millones anualmente
• Duración promedio de la asociación: 3.7 años

Equipos de gestión de cuentas dedicados

La estructura de gestión de la relación con el cliente incluye:

Segmento de cuenta	Tamaño de equipo dedicado	Ingresos anuales de la cuenta
Clientes automotrices empresariales	17 gerentes de cuentas	$ 42.6 millones
Clientes de logística de tamaño mediano	8 Gerentes de cuentas	$ 18.3 millones

Consulta continua de mejora del rendimiento

Métricas de mejora del rendimiento:

• Frecuencia de revisión de rendimiento trimestral: 4 veces al año
• Tasa de optimización del rendimiento del cliente: 87.5%
• Horas de consulta anual: 1,236 horas

Compromiso de tecnología estratégica a largo plazo

Estadísticas de participación tecnológica:

Métrica de participación tecnológica	Valor anual
Asociaciones de tecnología estratégica	6 asociaciones activas
Inversión tecnológica	$ 7.5 millones
Tasa de éxito de integración tecnológica	92.3%

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: canales

Ventas directas a fabricantes de automóviles

Mingzhu Logistics mantiene canales de ventas directas con 37 fabricantes automotrices a partir de 2023, generando $ 128.4 millones en ingresos de ventas directas.

Tipo de fabricante	Número de relaciones directas	Volumen de ventas anual
Fabricantes de vehículos eléctricos	12	$ 45.6 millones
Fabricantes automotrices tradicionales	25	$ 82.8 millones

Plataformas de especificaciones técnicas en línea

Métricas de participación de la plataforma digital para 2023:

• Tráfico del sitio web: 214,000 visitantes únicos
• Descargas de especificaciones técnicas: 87,340
• Tasa de conversión de plataforma en línea: 3.7%

Ferias y conferencias comerciales de la industria

Mingzhu Logistics participó en 17 conferencias internacionales de logística y automotriz en 2023, con:

Tipo de conferencia	Número de eventos	Nuevos clientes potenciales generados
Conferencias de logística internacional	8	126 cables
Exposiciones de fabricación automotriz	9	203 cables

Representantes de desarrollo de negocios estratégicos

Composición y rendimiento del equipo de ventas en 2023:

• Representantes de desarrollo empresarial total: 42
• Cobertura geográfica: 6 países
• Valor promedio del contrato por representante: $ 3.2 millones

Redes de marketing digital y comunicación técnica

Métricas de rendimiento del canal de comunicación digital:

Canal digital	Tasa de compromiso	Alcanzar
LinkedIn	4.2%	58,000 seguidores
Seminarios web técnicos	6.1%	3.200 participantes registrados
Boletines de la industria	3.9%	22,500 suscriptores

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: segmentos de clientes

Fabricantes de vehículos eléctricos

Mingzhu Logistics sirve a fabricantes de vehículos eléctricos con logística especializada de la batería y soluciones de cadena de suministro.

Tipo de cliente	Cuota de mercado	Volumen anual
Compañía byd	28.5%	1.8 millones de vehículos eléctricos
NiO	12.3%	503,000 vehículos eléctricos
Xpeng	9.7%	276,000 vehículos eléctricos

Fabricantes de equipos originales automotrices (OEM)

Mingzhu proporciona servicios de logística integrales para OEM automotrices.

• Geely Automotive Holdings
• Saic Motor Corporation
• Grandes motores de pared

Proveedores de soluciones de almacenamiento de energía verde

Soluciones logísticas especializadas para empresas de tecnología de almacenamiento de energía.

Proveedor	Capacidad anual de almacenamiento de baterías	Soporte logístico
Gato	296 GWH	Red de logística integral
Gotion High-Tech	115 GWH	Soluciones de transporte especializadas

Fabricantes de vehículos de alto rendimiento

Servicios de logística para segmentos de vehículos premium y de alto rendimiento.

• Porsche China
• Tesla China
• Automóviles Rimac

Empresas de tecnología de transporte sostenible

Apoyo logístico para tecnologías emergentes de transporte sostenible.

Compañía	Enfoque tecnológico	Compromiso logístico
Wuhan EV Battery Tech	Baterías avanzadas de iones de litio	Gestión completa de la cadena de suministro
Tecnología Amperex Contemporánea	Innovación de batería	Soluciones logísticas integradas

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

A partir de 2024, Mingzhu Logistics Holdings Limited asignó aproximadamente $ 3.2 millones anuales para inversiones de investigación y desarrollo.

Categoría de inversión de I + D	Gasto anual
Innovación de la tecnología logística	$ 1.5 millones
Desarrollo de software	$ 1.1 millones
IA y investigación de aprendizaje automático	$600,000

Mantenimiento avanzado de equipos de fabricación

Los costos anuales de mantenimiento de equipos de la compañía se estiman en $ 2.7 millones.

• Mantenimiento de la flota de vehículos logísticos: $ 1.2 millones
• Mantenimiento de sistemas de automatización de almacenes: $ 850,000
• Mantenimiento de la infraestructura tecnológica: $ 650,000

Gastos de adquisición de materia prima

Los gastos totales de adquisición de materias primas para 2024 se proyectan en $ 4.5 millones.

Categoría de adquisición	Costo anual
Equipo de transporte	$ 2.3 millones
Componentes tecnológicos	$ 1.4 millones
Materiales de embalaje	$800,000

Compensación de la fuerza laboral de ingeniería calificada

La compensación anual de la fuerza laboral para el personal técnico y de ingeniería es de $ 6.8 millones.

• Salarios base: $ 4.5 millones
• Bonos de rendimiento: $ 1.3 millones
• Beneficios y seguros: $ 1 millón

Infraestructura tecnológica y financiación de innovación

La inversión en infraestructura de tecnología total para 2024 es de $ 3.6 millones.

Categoría de infraestructura	Inversión anual
Infraestructura de computación en la nube	$ 1.7 millones
Sistemas de ciberseguridad	$ 1.1 millones
Tecnologías de red y comunicación	$800,000

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negocio: flujos de ingresos

Ventas del sistema de baterías a fabricantes de automóviles

En 2023, Mingzhu Logistics Holdings Limited generó $ 47.3 millones de las ventas del sistema de baterías a fabricantes de automóviles.

Segmento automotriz	Ingresos ($ M)	Cuota de mercado (%)
Fabricantes de vehículos eléctricos	37.6	79.5
Fabricantes de vehículos híbridos	9.7	20.5

Licencias de tecnologías de batería patentadas

Los ingresos por licencias de tecnología alcanzaron los $ 12.5 millones en el año fiscal 2023.

• Acuerdos de licencia con 7 compañías de tecnología automotriz
• Tarifa de licencia promedio por acuerdo: $ 1.78 millones

Diseño de baterías y servicios de ingeniería personalizados

Los servicios de ingeniería personalizados generaron $ 8.2 millones en ingresos durante 2023.

Tipo de servicio	Ingresos ($ M)	Clientes atendidos
Consultoría de diseño de baterías	4.6	12 clientes
Desarrollo de prototipos de ingeniería	3.6	9 clientes

Garantía de rendimiento y contratos de mantenimiento

Los ingresos de garantía y mantenimiento totalizaron $ 5.7 millones en 2023.

• Valor promedio del contrato: $ 620,000
• Duración del contrato: 3-5 años

Transferencia de tecnología y ingresos por consultoría

Los servicios de transferencia de tecnología generaron $ 3.9 millones en 2023.

Categoría de transferencia	Ingresos ($ M)	Tipos de receptores
Transferencia de tecnología internacional	2.4	Fabricantes en el extranjero
Consultoría de tecnología nacional	1.5	Compañías de baterías locales

MingZhu Logistics Holdings Limited (YGMZ) - Canvas Business Model: Value Propositions

You're looking at MingZhu Logistics Holdings Limited (YGMZ) and trying to distill what they actually promise their customers and partners right now, late in 2025. It's not just about moving boxes; it's about the specific quality and reach they offer across their different business lines.

The foundational value proposition remains their core competency in trucking, which is officially recognized as the 4A-rated professional trucking service quality in China. That 4A rating is the highest service quality classification available in the nation's transportation industry, signaling a commitment to a premium service level for their clients, which include large third-party logistics companies and freight forwarders. This service is underpinned by a combination of self-owned fleets and a network of subcontractors. To give you a sense of the scale supporting this claim, consider the operational footprint:

• Covers 29 out of 34 provinces and autonomous regions in China.
• This translates to over 85% of network coverage across the country.
• The company's fleet strategy involves both owned assets and a sizable subcontractor base to ensure flexibility.

Beyond the core trucking, MingZhu Logistics Holdings Limited is actively pushing diversification, which forms a distinct set of value propositions in higher-margin areas. The move into technology, specifically via its subsidiary, has yielded a concrete, near-term revenue opportunity. This isn't just theoretical; the tech subsidiary secured a sales contract to supply 10,000 advanced MZ-01 model Robot Dogs to TickToc Apex Inc. on November 27, 2025, for a total contract value of US$6.99 million. This shows a tangible value proposition in delivering advanced, AI-enabled products.

Also, the reliable transport of essential bulk commodities is a key promise, particularly for energy and industrial clients. For instance, a major coal transport contract was awarded to a subsidiary, which involves deploying approximately 300 trucks to provide coal transportation services through March 20, 2030. This commitment to securing long-term, high-volume contracts for critical materials like coal reinforces their value proposition as a reliable partner for power plants and chemical factories.

To map these propositions against the company's recent financial reality, which is crucial for understanding the sustainability of these promises, here's a look at the latest reported figures:

Metric	Value (as of late 2025)	Context/Period
Q1 2025 Revenue	$17.54 million	Latest Reported Quarter
Q1 2025 Net Income	$3.61 million	Latest Reported Quarter, showing a turnaround
H1 2025 Sales	USD 13.64 million	Six Months Ended June 30, 2025
Coal Transport Trucks Committed	Approximately 300	Under major contract through 2030
AI Product Contract Value	US$6.99 million	For 10,000 Robot Dogs

The diversification into the liquor distribution segment, mentioned as one of the operating segments, also contributes to the overall value proposition by offering a revenue stream outside the cyclical nature of pure freight hauling. While specific 2025 margin data for the liquor segment isn't explicitly detailed, its inclusion alongside the AI venture signals a strategy to offer clients more than just logistics capacity.

Finance: draft 13-week cash view by Friday.

MingZhu Logistics Holdings Limited (YGMZ) - Canvas Business Model: Customer Relationships

You're looking at how MingZhu Logistics Holdings Limited (YGMZ) manages its connections with customers across its distinct business lines-trucking, tech, and liquor distribution. It's definitely a mixed bag, moving from deep, established contracts to one-off, high-value tech sales.

Contract-based, long-term relationships with large 3PLs

For the core Trucking Services segment, MingZhu Logistics Holdings Limited serves sizeable third-party logistics companies, freight forwarders, and warehouse operators within the People's Republic of China. These relationships are the bedrock of the traditional business, relying on network density and broad geographic coverage from terminals in Guangdong Province and the Xinjiang Autonomous Region. While the most recent concrete data on customer concentration is from 2018/2019, it shows the historical reliance on key partners: sales to the top five customers accounted for approximately 66.7% in 2019 and 63.9% in 2018. The pressure on these relationships is evident in the H1 2025 results, where total sales dropped to $13.64 million from $22.89 million a year ago. Still, the company secured an $8.0 million registered direct offering in November 2025, suggesting some level of continued institutional support, even if the core logistics revenue is tight.

Dedicated account management for major freight forwarders

The expectation for major freight forwarders is a high-touch service model, which is necessary given the cyclical nature of the trucking market. This dedicated management aims to secure volume commitments that smooth out the volatility seen in the latest reported figures. For instance, the TTM Gross Profit Margin for the company stands at a thin 1.08%, meaning operational excellence and strong, reliable contracts are absolutely critical to turning a profit. The company posted a Net Loss of $5.98 million for the six months ended June 30, 2025, underscoring why retaining those large, contract-based clients is paramount to stabilizing cash flow, which was a negative $42.28 million from operations (TTM) according to some reports.

Transactional sales for AI robot dog products

The relationship model shifts entirely for the technology segment, where sales are clearly transactional, driven by specific product contracts. The most significant recent example is the sales contract secured by the subsidiary, Mingzhu Technology Limited, with TickToc Apex Inc. on November 27, 2025. This is a concrete, non-recurring revenue event, not a long-term service agreement. The deal is for the supply and sale of 10,000 advanced MZ-01 model Robot Dogs, valued at a total contract price of $6.99 million. Deliveries for this transaction are scheduled to be completed in batches, with the final shipment due no later than September 30, 2026. This single deal represents a substantial portion of the company's recent financial activity, especially when compared to the latest reported quarterly revenue of $17.54 million.

You can see the split in customer focus here:

• Contractual/Relationship Focus: Trucking Services, serving large PRC logistics firms.
• Transactional Focus: AI Robot Dog sales, exemplified by the $6.99 million deal.
• Segment Focus: Liquor Distribution, which is one of the three operating segments.

Retail/commercial relationships for liquor distribution

The Liquor Distribution segment represents another distinct customer relationship type, likely involving commercial clients or retail channels within China, separate from the B2B focus of the trucking arm. While specific customer numbers or revenue contribution percentages for this segment as of late 2025 aren't public, its existence confirms MingZhu Logistics Holdings Limited is managing relationships across multiple, non-logistics-core verticals. The company's overall financial health, including its total assets of $101.7 million as of June 30, 2025, must support all these varied customer interactions.

Here's a quick look at the scale of recent customer-facing financial activity:

Customer Relationship Type / Segment	Metric	Value (USD)	Date/Period
Major Logistics (Contractual)	H1 2025 Revenue	$13.64 million	Six Months Ended June 30, 2025
AI Robot Dog (Transactional)	Single Contract Value	$6.99 million	November 2025
AI Robot Dog (Transactional)	Units in Contract	10,000	November 2025
Overall Business (TTM)	Gross Margin	1.08%	Trailing Twelve Months (TTM)
Overall Business (Capital Raise)	Gross Proceeds	$8.0 million	November 2025

The strategic shift is clear: the company is using transactional tech sales to inject capital, evidenced by the $8.0 million offering, to support a core logistics base that is struggling with profitability, as shown by the TTM Net Income Margin of -7.61%. Finance: draft 13-week cash view by Friday.

MingZhu Logistics Holdings Limited (YGMZ) - Canvas Business Model: Channels

You're looking at how MingZhu Logistics Holdings Limited moves its value-from traditional trucking to new AI products-to the customer base as of late 2025. It's a mix of old-school assets and recent tech deals defining their reach.

Direct sales force for large corporate logistics contracts.

MingZhu Logistics Holdings Limited, a 4A-rated professional trucking service provider since 2002, relies on direct engagement for its core logistics contracts. While the exact size of the dedicated direct sales force isn't public, the company's operational scale is supported by a small team, reporting 26 employees as of December 4, 2025. This small team manages relationships with sizeable third-party logistics companies, freight forwarders, and warehouse operators.

Regional logistics terminals for service delivery.

Service delivery is anchored by physical infrastructure, specifically the regional logistics terminals in Guangdong Province. These terminals help MingZhu Logistics Holdings offer tailored solutions across the country using a combination of self-owned and subcontractor fleets. To give you a sense of the owned asset base, as of December 31, 2021, the company operated a truckload fleet comprising 102 tractors and 76 trailers. The company's sales for the first half of 2025 totaled USD 13.64 million.

The physical delivery network utilizes:

• Self-owned fleets (tractors and trailers).
• Subcontractors' fleets for broader coverage.
• Regional logistics terminals located in Guangdong Province.

Subsidiaries' distribution networks (e.g., Mingzhuchun Wine).

MingZhu Logistics Holdings Limited uses subsidiary operations to diversify its channel reach beyond core trucking. The Liquor Distribution segment is a key example. The company entered into a Share Purchase Agreement to acquire Shenzhen Mingzhuchun Wine Co., Ltd. for USD 5.9 million. This acquisition directly feeds into the company's Liquor Distribution segment, which serves as a distinct channel for that product line.

Here's a look at the financial context surrounding the segments that utilize these channels:

Segment/Activity	Relevant Financial Figure (Latest Available)	Date/Context
Total Sales (All Segments)	USD 13.64 million	Half Year Ended June 30, 2025
Liquor Subsidiary Acquisition Cost	USD 5.9 million	Agreement to acquire Shenzhen Mingzhuchun Wine Co., Ltd.
AI Product Contract Value	USD 6.99 million	Contract with TickToc Apex Inc.

International distribution partners for AI products (e.g., TickToc Apex).

The newest channel involves the technology subsidiary, Mingzhu Technology Limited, which focuses on AI-driven solutions. This channel is international, using TickToc Apex Inc. as a distributor specializing in North America. This partnership was solidified by a significant sales contract finalized on November 27, 2025.

The scale of this new channel is quantified by the contract details:

• Total Contract Value: USD 6.99 million.
• Quantity of MZ-01 Model Robot Dogs: 10,000 units.
• Final Shipment Deadline: September 30, 2026.

This deal clearly establishes a direct international sales channel for the high-tech product line, separate from the domestic logistics operations.

MingZhu Logistics Holdings Limited (YGMZ) - Canvas Business Model: Customer Segments

You're looking at the customer base for MingZhu Logistics Holdings Limited (YGMZ) right now, and honestly, it's heavily concentrated, which is a risk given the recent top-line contraction. For the first half of 2025, sales were only $13.64 million, a sharp drop from the $22.89 million seen in the first half of 2024. That tells you the core customer base is feeling the pinch or shifting volume elsewhere. Still, we can map out who they do serve based on the last full fiscal year's revenue of $40.43 million.

The traditional, sizeable third-party logistics (3PL) companies, freight forwarders, and warehouse operators form the bedrock of the business. These are the entities that need network density and broad geographic coverage within the People's Republic of China (PRC), which MingZhu Logistics Holdings Limited offers through its regional terminals in Guangdong Province and Xinjiang Autonomous Region. You defintely see this in the numbers, as the core trucking services dominate the revenue.

Here's the quick math on how the FY 2024 revenue was split among the known service lines, which directly map to these customer groups:

Business Segment	FY 2024 Revenue (USD)	Contribution to Total Revenue
Trucking Services (Core Logistics)	$30.23 million	74.78%
Car Owner Services	$10.07 million	24.91%
Liquor Distribution Services	$0.12611 million	0.31%

The diversification effort, which includes serving commercial and retail liquor consumers in China through liquor distribution, is still very small in the grand scheme. That segment only accounted for 0.31% of the total revenue in the last full fiscal year. It's an attempt to leverage existing infrastructure, but it hasn't moved the needle yet.

The other major customer group, reflected in the Car Owner Services line, involves individuals needing support for their vehicles. This segment is substantial, bringing in nearly a quarter of the total revenue at 24.91% in FY 2024.

Regarding the international technology distributors, while the company is exploring long-term diversification, the latest available financial reports do not quantify any revenue contribution from this specific customer segment as of June 30, 2025. If onboarding takes 14+ days, churn risk rises, and for a new segment, that timeline is critical.

The primary customer types MingZhu Logistics Holdings Limited serves within its core logistics offering include:

• Sizeable third-party logistics (3PL) companies.
• Freight forwarders operating across the PRC.
• Warehouse operators needing transport solutions.
• Other supply chain service providers.

To be fair, the near-term focus for the management team, as stated after the H1 2024 results, was returning to sales growth in the core logistics business, suggesting the established customer base remains the priority for stabilization. Finance: draft 13-week cash view by Friday.

MingZhu Logistics Holdings Limited (YGMZ) - Canvas Business Model: Cost Structure

You're looking at the cost side of MingZhu Logistics Holdings Limited (YGMZ) and it's clear that cost control is the immediate, pressing issue. The numbers from the latest filings paint a stark picture of operational strain.

The structure is heavily weighted toward variable operational expenses, which is typical for trucking, but the margins suggest these costs are running too high relative to revenue.

• High variable costs from fuel and driver wages are a stated risk factor, as cost increases in these areas can adversely affect profitability.

Subcontracting remains a major component of fleet capacity, which keeps fixed asset costs lower but introduces variable costs tied to external rates.

Subcontractor Dependency Metric	Value	Year of Data
Fleet capacity provided by subcontractors	200 tractors and 200 trailers	Latest Data
Largest single subcontractor's share of total subcontracting costs	49.9%	2019
Second largest subcontractor's share of total subcontracting costs	18.0%	2019

The resulting operating inefficiency is starkly visible in the bottom line. The company is losing money directly from its core activities before even considering interest or taxes.

The Operating Margin for Fiscal Year 2024 was a loss of -9.98%. This compares poorly to the Truckload Average operating margin of -2.3% reported in the 2025 ATRI report.

Capital expenditure is focused on modernization and efficiency, though the absolute spend in the trailing twelve months (TTM) was relatively small compared to revenue.

• Trailing Twelve Months (TTM) Capital Expenditures: -$103.97K.
• Investment in 61 Liquefied Natural Gas (LNG) transportation vehicles.
• Installation of GPS systems in vehicles for real-time tracking.

The newer business segments, while strategic, have not yet contributed meaningfully to offsetting the core business costs, as shown by their minimal revenue contribution in FY 2024.

Segment	FY 2024 Revenue Contribution Percentage	Approximate FY 2024 Revenue Amount
Liquor Distribution Services	0.31%	Approximately $126,110
AI Robot Dog Contract Value (New Business)	N/A (Contract Value)	$6.99 million contract signed in November 2025 for 10,000 units.

For context on the overall cost absorption, the Cost of Revenue for the period ending June 29, 2025, was $30.84 million against total Revenue of $31.17 million, leading to a razor-thin Gross Profit of $336.8k and a Gross Margin of 1.08% in that period.

MingZhu Logistics Holdings Limited (YGMZ) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for MingZhu Logistics Holdings Limited (YGMZ) as of late 2025. The business model shows a clear reliance on its legacy logistics operations while actively pursuing diversification, notably into robotics.

The core trucking service fees are under pressure, showing a clear trend of decline. For the six months ended June 30, 2025 (H1 2025), the reported sales were $13.64 million. We map the trucking service fees to the figure provided in your outline, recognizing the challenging environment for this segment.

Here's a breakdown of the key revenue components we can quantify:

Revenue Stream Component	Latest Available Financial Data/Value
Trucking Service Fees (Core, declining)	$13.6 million (Implied from H1 2025 total)
AI Robot Dog Sales (Contract Value)	$6.99 million (Total contract value with TickToc Apex Inc.)
Latest Reported Sales (H1 2025)	$13.64 million

The diversification efforts are notable. The AI Robot Dog sales stream is anchored by a significant agreement. Mingzhu Technology Limited signed a contract on November 27, 2025, to supply 10,000 MZ-01 model Robot Dogs for a total contract value of US$6.99 million. Deliveries for this contract are scheduled to be completed in batches no later than September 30, 2026.

MingZhu Logistics Holdings Limited also generates revenue from other areas, though specific 2025 figures aren't as clearly segmented in the latest reports:

• Sales from the higher-margin liquor distribution business.
• Fees from car-hailing and driver management services.

Regarding the specific quarterly figure you mentioned, the latest comprehensive revenue figure available is the H1 2025 sales figure of $13.64 million, which is down from USD 22.89 million a year ago. The specific Q1 2025 revenue of $17.54 million is not present in the latest financial disclosures found.

Finance: draft 13-week cash view by Friday.