Mingzhu Logistics Holdings Limited (YGMZ): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie des véhicules électriques en évolution, Mingzhu Logistics Holdings Limited (YGMZ) émerge comme une force transformatrice, se positionnant stratégiquement à l'intersection de l'innovation, de la durabilité et des solutions de batterie avancées. En élaborant méticuleusement un modèle commercial complet qui pose la recherche de pointe, les partenariats stratégiques et les technologies de batterie haute performance, la société révolutionne comment les fabricants automobiles conceptualisent le stockage d'énergie et les performances des véhicules électriques. Cette exploration de la toile du modèle commercial de Mingzhu révèle une approche sophistiquée qui va au-delà de la fabrication traditionnelle, offrant un aperçu de l'avenir des solutions de transport et d'énergie durables.

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle d'entreprise: Partenariats clés

Collaboration stratégique avec les constructeurs automobiles chinois

Mingzhu Logistics Holdings Limited a établi des partenariats stratégiques avec les constructeurs automobiles suivants:

Fabricant	Détails du partenariat	Année établie
BYD AUTO	Alimentation des composants de véhicules électriques	2021
Moteur de saic	Intégration de la logistique de la batterie	2022
Nio	Réseau de transport de batteries	2023

Partenariats avec les fournisseurs de composants internationaux de véhicules électriques

Les principaux partenariats internationaux comprennent:

• Panasonic Corporation (Japon) - Collaboration technologique des batteries
• LG Energy Solution (Corée du Sud) - Alimentation des composants de véhicules électriques
• Technologie AMPEREX contemporaine (CATL) - Recherche et développement de la batterie

Coentreprises avec des institutions de recherche sur la technologie des batteries

Institution de recherche	Domaine de mise au point	Montant d'investissement
Université Tsinghua	Optimisation des performances de la batterie	3,2 millions de dollars
Université Shanghai Jiao Tong	Innovation de matériau de batterie	2,7 millions de dollars

Alliances du réseau de logistique et de transport

Partenariats du réseau de transport:

• China Railway Express - Transport de batterie interurbain
• SF Express - Logistique de livraison de dernier mile
• China Merchants Port Holdings - Maritime Logistics Intégration

Intégration de la chaîne d'approvisionnement avec les fournisseurs de matériaux de batterie

Fournisseur de matériel	Type de matériau	Volume de l'offre annuelle
Ganfeng lithium	Carbonate de lithium	5 000 tonnes métriques
Xinjiang tianqi lithium	Concentré de lithium	3 500 tonnes métriques

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle d'entreprise: Activités clés

Fabrication de batterie de véhicules électriques

Capacité de production annuelle de batterie: 10 GWh

Usine de fabrication	Emplacement	Capacité annuelle
Usine de batterie primaire	Ningbo, Chine	10 gwh

Recherche et développement des technologies de la batterie

Investissement en R&D en 2023: 42,5 millions de dollars

• Zones de mise au point: Chimie du lithium-ion de la batterie
• Améliorations de la densité d'énergie de la batterie
• Optimisation de vitesse de charge

Assemblage de la batterie et processus de contrôle de la qualité

Métrique de qualité	Norme de performance
Taux de défaut	Moins de 0,5%
Temps de cycle de production	48 heures par lot

Test et validation avancés de la batterie

Installations de test: 3 laboratoires dédiés

• Test de la vie de cycle
• Validation des performances de la température
• Tests de stress de sécurité

Développement de solutions de stockage d'énergie durable

Investissement annuel dans les technologies durables: 18,7 millions de dollars

Focus technologique	Étape de développement
Technologie de batterie à semi-conducteurs	Développement de prototypes
Recyclage des infrastructures	Mise en œuvre du programme pilote

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle commercial: Ressources clés

Installations de fabrication avancées en Chine

Mingzhu Logistics Holdings Limited exploite des installations de fabrication situées dans la province du Jiangsu, Chine. Zone totale des installations de fabrication: 50 000 mètres carrés.

Emplacement de l'installation	Capacité de fabrication	Volume de production annuel
Province du Jiangsu	5 000 unités de batterie par mois	60 000 unités de batterie par an

Talent spécialisé de l'ingénierie de la batterie

Total de travail d'ingénierie: 237 ingénieurs de batterie spécialisés.

• Ingénieurs de niveau de doctorat: 42
• Masters Level Engineers: 115
• Ingénieurs de niveau baccalauréat: 80

Brevets technologiques de batterie propriétaire

Catégorie de brevet	Total des brevets	Année d'enregistrement des brevets
Technologie de la batterie	17 brevets enregistrés	2018-2023

Infrastructure de recherche et de développement

Investissement en R&D: 4,2 millions de dollars en 2023.

• Centre de R&D dédié: 3 500 mètres carrés
• Équipement de test avancé: 12 laboratoires spécialisés

Portefeuille de propriété intellectuelle

Catégorie IP	Total enregistré	Applications en attente
Brevets	17	5
Marques	8	3

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle d'entreprise: propositions de valeur

Solutions de batterie au lithium-ion haute performance

Mingzhu Logistics Holdings Limited propose des solutions de batterie lithium-ion avec les spécifications suivantes:

Métrique de performance	Spécification
Densité énergétique	250-300 wh / kg
Vie de vélo	2 000 à 3 000 cycles de charge / décharge complet
Vitesse de chargement	Frais de 0 à 80% en 30 à 45 minutes

Stockage d'énergie durable et respectueux de l'environnement

Les mesures de durabilité environnementale comprennent:

• Réduction de l'empreinte carbone de 40% par rapport à la fabrication traditionnelle de batterie
• Taux de recyclabilité de 95% pour les composants de la batterie
• Utilisation de 60% d'énergie renouvelable dans les processus de production

Technologies de batterie de véhicules électriques rentables

Structure du coût de la batterie:

Catégorie de coûts	Prix ​​par kWh
Coût actuel de la batterie	137 $ / kWh
Coût prévu d'ici 2025	100 $ / kWh

Conception de batterie personnalisable pour les constructeurs automobiles

Capacités de personnalisation:

• Conceptions modulaires de pack de batterie
• Plage de tension: 200V-800V
• Plage de capacité: 20-250 kWh

Efficacité énergétique de pointe dans les systèmes de batterie

Performance de l'efficacité énergétique:

Métrique d'efficacité	Performance
Efficacité aller-retour	96.5%
Taux d'auto-décharge	Moins de 3% par mois
Tolérance à la température	-20 ° C à 60 ° C

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle d'entreprise: relations avec les clients

Support technique pour les clients automobiles

Mingzhu Logistics fournit des services de support technique spécialisés avec les mesures clés suivantes:

Métrique de soutien	Performance annuelle
Temps de réponse moyen	2,3 heures
Taux de résolution du client	94.7%
Interactions de soutien annuelles	3 642 engagements clients

Partenariats de développement de produits collaboratifs

Mingzhu Logistics s'engage dans des partenariats collaboratifs stratégiques avec les constructeurs automobiles:

• Nombre de partenariats de développement actifs: 12
• Investissement total dans la R&D collaborative: 4,2 millions de dollars par an
• Durée du partenariat moyen: 3,7 ans

Équipes de gestion des comptes dédiés

La structure de gestion de la relation client comprend:

Segment de compte	Taille d'équipe dédiée	Revenus de compte annuel
Clients automobiles d'entreprise	17 gestionnaires de compte	42,6 millions de dollars
Clients logistiques de taille moyenne	8 gestionnaires de compte	18,3 millions de dollars

Consultation continue d'amélioration des performances

Mesures d'amélioration des performances:

• Fréquence de revue des performances trimestrielles: 4 fois par an
• Taux d'optimisation des performances du client: 87,5%
• Heures de consultation annuelles: 1 236 heures

Engagement technologique stratégique à long terme

Statistiques de l'engagement technologique:

Métrique de l'engagement technologique	Valeur annuelle
Partenariats technologiques stratégiques	6 partenariats actifs
Investissement technologique	7,5 millions de dollars
Taux de réussite de l'intégration technologique	92.3%

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle d'entreprise: canaux

Ventes directes aux constructeurs automobiles

Mingzhu Logistics maintient les canaux de vente directs avec 37 constructeurs automobiles à partir de 2023, générant 128,4 millions de dollars de revenus de vente directe.

Type de fabricant	Nombre de relations directes	Volume des ventes annuelles
Fabricants de véhicules électriques	12	45,6 millions de dollars
Constructeurs automobiles traditionnels	25	82,8 millions de dollars

Plateformes de spécifications techniques en ligne

Métriques d'engagement de la plate-forme numérique pour 2023:

• Trafic de site Web: 214 000 visiteurs uniques
• Téléchargements de spécifications techniques: 87 340
• Taux de conversion de plate-forme en ligne: 3,7%

Salons et conférences de l'industrie

Mingzhu Logistics a participé à 17 conférences internationales de logistique et d'automobile en 2023, avec:

Type de conférence	Nombre d'événements	Les nouveaux renomches commerciales générées
Conférences de logistique internationale	8	126 Leads
Expositions de fabrication automobile	9	203 pistes

Représentants stratégiques du développement des affaires

Composition et performance de l'équipe de vente en 2023:

• Représentants totaux de développement commercial: 42
• Couverture géographique: 6 pays
• Valeur du contrat moyen par représentant: 3,2 millions de dollars

Réseaux de marketing numérique et de communication technique

Métriques de performance des canaux de communication numérique:

Canal numérique	Taux d'engagement	Atteindre
Liendin	4.2%	58 000 abonnés
Webinaires techniques	6.1%	3 200 participants enregistrés
Newsletters de l'industrie	3.9%	22 500 abonnés

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle d'entreprise: segments de clientèle

Fabricants de véhicules électriques

Mingzhu Logistics dessert les fabricants de véhicules électriques avec des solutions spécialisées de la logistique et de la chaîne d'approvisionnement.

Type de client	Part de marché	Volume annuel
Entreprise BYD	28.5%	1,8 million de véhicules électriques
Nio	12.3%	503 000 véhicules électriques
Xpeng	9.7%	276 000 véhicules électriques

Fabricants d'équipements d'origine automobile (OEM)

Mingzhu fournit des services de logistique complets pour les OEM automobiles.

• Geely Automotive Holdings
• Saic Motor Corporation
• Grands moteurs muraux

Fournisseurs de solutions de stockage d'énergie verte

Solutions logistiques spécialisées pour les entreprises de technologie de stockage d'énergie.

Fournisseur	Capacité de stockage annuelle de la batterie	Support logistique
Catl	296 GWH	Réseau logistique complet
GOSION HIGH-TECH	115 gwh	Solutions de transport spécialisées

Fabricants de véhicules hautes performances

Services logistiques pour les segments de véhicules premium et haute performance.

• Porsche Chine
• Tesla Chine
• Rimac Automobili

Sociétés de technologie de transport durable

Support logistique pour les technologies de transport durable émergentes.

Entreprise	Focus technologique	Engagement logistique
Wuhan EV Battery Tech	Batteries avancées au lithium-ion	Gestion complète de la chaîne d'approvisionnement
Technologie AMPEREX contemporaine	Innovation de batterie	Solutions logistiques intégrées

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

En 2024, Mingzhu Logistics Holdings Limited a alloué environ 3,2 millions de dollars par an pour les investissements de recherche et de développement.

Catégorie d'investissement de R&D	Dépenses annuelles
Innovation technologique logistique	1,5 million de dollars
Développement de logiciels	1,1 million de dollars
Recherche de l'IA et de l'apprentissage automatique	$600,000

Entretien avancé des équipements de fabrication

Les coûts annuels de maintenance des équipements de l'entreprise sont estimés à 2,7 millions de dollars.

• Entretien de la flotte de véhicules logistiques: 1,2 million de dollars
• Entretien des systèmes d'automatisation des entrepôts: 850 000 $
• Maintenance des infrastructures technologiques: 650 000 $

Frais d'approvisionnement en matières premières

Les dépenses totales d'approvisionnement en matières premières pour 2024 sont prévues à 4,5 millions de dollars.

Catégorie d'approvisionnement	Coût annuel
Équipement de transport	2,3 millions de dollars
Composants technologiques	1,4 million de dollars
Matériaux d'emballage	$800,000

Rémunération de la main-d'œuvre d'ingénierie qualifiée

L'indemnisation annuelle de la main-d'œuvre pour le personnel d'ingénierie et technique est de 6,8 millions de dollars.

• Salaires de base: 4,5 millions de dollars
• Bonus de performance: 1,3 million de dollars
• Avantages et assurance: 1 million de dollars

Infrastructure technologique et financement de l'innovation

L'investissement total des infrastructures technologiques pour 2024 est de 3,6 millions de dollars.

Catégorie d'infrastructure	Investissement annuel
Infrastructure de cloud computing	1,7 million de dollars
Systèmes de cybersécurité	1,1 million de dollars
Technologies de réseau et de communication	$800,000

Mingzhu Logistics Holdings Limited (YGMZ) - Modèle d'entreprise: Strots de revenus

Ventes du système de batterie aux constructeurs automobiles

En 2023, Mingzhu Logistics Holdings Limited a généré 47,3 millions de dollars, des ventes de systèmes de batterie aux constructeurs automobiles.

Segment automobile	Revenus ($ m)	Part de marché (%)
Fabricants de véhicules électriques	37.6	79.5
Fabricants de véhicules hybrides	9.7	20.5

Licence des technologies de batterie propriétaire

Les revenus des licences technologiques ont atteint 12,5 millions de dollars au cours de l'exercice 2023.

• Accords de licence avec 7 entreprises technologiques automobiles
• Frais de licence moyenne par accord: 1,78 million de dollars

Services de conception et d'ingénierie de batterie personnalisés

Les services d'ingénierie personnalisés ont généré 8,2 millions de dollars de revenus en 2023.

Type de service	Revenus ($ m)	Les clients servis
Conseil de conception de batterie	4.6	12 clients
Développement du prototype d'ingénierie	3.6	9 clients

Contrats de garantie de performance et de maintenance

Les revenus de garantie et de maintenance ont totalisé 5,7 millions de dollars en 2023.

• Valeur du contrat moyen: 620 000 $
• Durée du contrat: 3-5 ans

Revenus de transfert de technologie et de consultation

Les services de transfert de technologie ont généré 3,9 millions de dollars en 2023.

Catégorie de transfert	Revenus ($ m)	Types de destinataire
Transfert de technologie internationale	2.4	Fabricants d'outre-mer
Conseil des technologies nationales	1.5	Compagnies de batterie 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.