Mingzhu Logistics Holdings Limited (YGMZ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia de veículos elétricos, a Mingzhu Logistics Holdings Limited (YGMZ) surge como uma força transformadora, posicionando -se estrategicamente na interseção da inovação, sustentabilidade e soluções avançadas de bateria. Ao criar meticulosamente um modelo de negócios abrangente que preenche a pesquisa de ponta, parcerias estratégicas e tecnologias de bateria de alto desempenho, a empresa está revolucionando como os fabricantes automotivos conceituam armazenamento de energia e desempenho de veículos elétricos. Essa exploração da tela de modelo de negócios de Mingzhu revela uma abordagem sofisticada que vai além da fabricação tradicional, oferecendo um vislumbre do futuro do transporte sustentável e soluções de energia.

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com fabricantes de automóveis chineses

A Mingzhu Logistics Holdings Limited estabeleceu parcerias estratégicas com os seguintes fabricantes automotivos:

Fabricante	Detalhes da parceria	Ano estabelecido
Byd Auto	Fornecimento de componentes de veículos elétricos	2021
Motor SAIC	Integração de logística da bateria	2022
NIO	Rede de transporte de bateria	2023

Parcerias com fornecedores internacionais de componentes de veículos elétricos

As principais parcerias internacionais incluem:

• Panasonic Corporation (Japão) - Colaboração de tecnologia de bateria
• LG Solução Energética (Coréia do Sul) - Fornecimento de componentes de veículos elétricos
• Tecnologia Contemporânea de Amperex (CATL) - Pesquisa e Desenvolvimento de Bateria

Joint ventures com instituições de pesquisa em tecnologia de bateria

Instituição de pesquisa	Área de foco	Valor do investimento
Universidade de Tsinghua	Otimização de desempenho da bateria	US $ 3,2 milhões
Xangai Jiao Tong Universidade	Inovação do material da bateria	US $ 2,7 milhões

Alianças de rede de logística e transporte

Parcerias de rede de transporte:

• China Railway Express - Transporte de baterias interurbanas
• SF Express - Logística de entrega de última milha
• China Merchants Port Holdings - Integração de logística marítima

Integração da cadeia de suprimentos com fornecedores de materiais de bateria

Provedor de materiais	Tipo de material	Volume anual de oferta
Ganfeng Lithium	Carbonato de lítio	5.000 toneladas métricas
Xinjiang tianqi lítio	Concentrado de lítio	3.500 toneladas métricas

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negócios: Atividades -chave

Fabricação de bateria de veículos elétricos

Capacidade anual de produção de bateria: 10 GWh

Instalação de fabricação	Localização	Capacidade anual
Planta de bateria primária	Ningbo, China	10 gwh

Pesquisa e desenvolvimento de tecnologias de bateria

Investimento de P&D em 2023: US $ 42,5 milhões

• Áreas de foco: química da bateria de íons de lítio
• Melhorias de densidade de energia da bateria
• Otimização de velocidade de carregamento

Processos de montagem de bateria e controle de qualidade

Métrica de qualidade	Padrão de desempenho
Taxa de defeito	Menos de 0,5%
Tempo do ciclo de produção	48 horas por lote

Teste e validação avançados de bateria

Instalações de teste: 3 laboratórios dedicados

• Teste de vida da vida
• Validação de desempenho da temperatura
• Teste de estresse de segurança

Desenvolvimento de solução de armazenamento de energia sustentável

Investimento anual em tecnologias sustentáveis: US $ 18,7 milhões

Foco em tecnologia	Estágio de desenvolvimento
Tecnologia de bateria de estado sólido	Desenvolvimento de protótipo
Infraestrutura de reciclagem	Implementação do programa piloto

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançadas na China

A Mingzhu Logistics Holdings Limited opera instalações de fabricação localizadas na província de Jiangsu, China. Área total da instalação de fabricação: 50.000 metros quadrados.

Localização da instalação	Capacidade de fabricação	Volume anual de produção
Província de Jiangsu	5.000 unidades de bateria por mês	60.000 unidades de bateria anualmente

Talento especializado em engenharia de baterias

Força de trabalho total de engenharia: 237 engenheiros de baterias especializados.

• Engenheiros de nível de doutorado: 42
• Engenheiros de nível de Masters: 115
• Engenheiros de Bacharelado: 80

Patentes de tecnologia de bateria proprietárias

Categoria de patentes	Total de patentes	Ano de registro de patentes
Tecnologia da bateria	17 patentes registradas	2018-2023

Infraestrutura de pesquisa e desenvolvimento

Investimento em P&D: US $ 4,2 milhões em 2023.

• Centro de P&D dedicado: 3.500 metros quadrados
• Equipamento de teste avançado: 12 laboratórios especializados

Portfólio de propriedade intelectual

Categoria IP	Total registrado	Aplicações pendentes
Patentes	17	5
Marcas comerciais	8	3

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negócios: proposições de valor

Soluções de bateria de íons de lítio de alto desempenho

A Mingzhu Logistics Holdings Limited oferece soluções de bateria de íons de lítio com as seguintes especificações:

Métrica de desempenho	Especificação
Densidade energética	250-300 wh/kg
Ciclo de vida	2.000-3.000 ciclos completos de cobrança/descarga
Velocidade de carregamento	0-80% de cobrança em 30-45 minutos

Armazenamento de energia sustentável e ambientalmente amigável

As métricas de sustentabilidade ambiental incluem:

• Redução da pegada de carbono de 40% em comparação com a fabricação tradicional de baterias
• Taxa de reciclabilidade de 95% para componentes da bateria
• Uso de 60% de energia renovável nos processos de produção

Tecnologias de bateria de veículos elétricos econômicos

Estrutura de custo da bateria:

Categoria de custo	Preço por kWh
Custo atual da bateria	US $ 137/kWh
Custo projetado até 2025	$ 100/kWh

Design de bateria personalizável para fabricantes de automóveis

Recursos de personalização:

• Designs modulares de bateria
• Faixa de tensão: 200V-800V
• Faixa de capacidade: 20-250 kWh

Eficiência energética de ponta em sistemas de bateria

Desempenho de eficiência energética:

Métrica de eficiência	Desempenho
Eficiência de ida e volta	96.5%
Taxa de autodescrição	Menos de 3% ao mês
Tolerância à temperatura	-20 ° C a 60 ° C Faixa operacional

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negócios: Relacionamentos do cliente

Suporte técnico para clientes automotivos

A Mingzhu Logistics fornece serviços especializados de suporte técnico com as seguintes métricas principais:

Métrica de suporte	Desempenho anual
Tempo médio de resposta	2,3 horas
Taxa de resolução do cliente	94.7%
Interações de suporte anual	3.642 compromissos de clientes

Parcerias de desenvolvimento de produtos colaborativos

A Mingzhu Logistics se envolve em parcerias colaborativas estratégicas com fabricantes automotivos:

• Número de parcerias de desenvolvimento ativo: 12
• Investimento total em P&D colaborativo: US $ 4,2 milhões anualmente
• Duração média da parceria: 3,7 anos

Equipes de gerenciamento de contas dedicadas

A estrutura de gerenciamento de relacionamento com o cliente inclui:

Segmento de conta	Tamanho dedicado à equipe	Receita anual da conta
Clientes automotivos corporativos	17 gerentes de conta	US $ 42,6 milhões
Clientes de logística de tamanho médio	8 gerentes de conta	US $ 18,3 milhões

Consulta de melhoria de desempenho contínua

Métricas de melhoria de desempenho:

• Frequência trimestral de revisão de desempenho: 4 vezes por ano
• Taxa de otimização de desempenho do cliente: 87,5%
• Horário anual de consulta: 1.236 horas

Engajamento de tecnologia estratégica de longo prazo

Estatísticas de engajamento de tecnologia:

Métrica de engajamento de tecnologia	Valor anual
Parcerias de tecnologia estratégica	6 parcerias ativas
Investimento em tecnologia	US $ 7,5 milhões
Taxa de sucesso de integração de tecnologia	92.3%

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negócios: canais

Vendas diretas para fabricantes de automóveis

A Mingzhu Logistics mantém canais de vendas diretos com 37 fabricantes automotivos em 2023, gerando US $ 128,4 milhões em receita direta de vendas.

Tipo de fabricante	Número de relacionamentos diretos	Volume anual de vendas
Fabricantes de veículos elétricos	12	US $ 45,6 milhões
Fabricantes automotivos tradicionais	25	US $ 82,8 milhões

Plataformas de especificação técnica online

Métricas de engajamento da plataforma digital para 2023:

• Tráfego do site: 214.000 visitantes únicos
• Downloads de especificação técnica: 87.340
• Taxa de conversão da plataforma on -line: 3,7%

Feiras e conferências do setor

A Mingzhu Logistics participou de 17 conferências internacionais de logística e automotivo em 2023, com:

Tipo de conferência	Número de eventos	Novos leads de negócios gerados
Conferências de Logística Internacional	8	126 leads
Exposições de fabricação automotiva	9	203 leads

Representantes estratégicos de desenvolvimento de negócios

Composição e desempenho da equipe de vendas em 2023:

• Representantes totais de desenvolvimento de negócios: 42
• Cobertura geográfica: 6 países
• Valor médio do contrato performativo: US $ 3,2 milhões

Redes de marketing digital e comunicação técnica

Métricas de desempenho do canal de comunicação digital:

Canal digital	Taxa de engajamento	Alcançar
LinkedIn	4.2%	58.000 seguidores
Webinars técnicos	6.1%	3.200 participantes registrados
Boletins do setor	3.9%	22.500 assinantes

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

Fabricantes de veículos elétricos

A Mingzhu Logistics serve fabricantes de veículos elétricos com logística especializada de bateria e soluções da cadeia de suprimentos.

Tipo de cliente	Quota de mercado	Volume anual
BYD Company	28.5%	1,8 milhão de veículos elétricos
NIO	12.3%	503.000 veículos elétricos
Xpeng	9.7%	276.000 veículos elétricos

Fabricantes de equipamentos originais automotivos (OEMs)

Mingzhu fornece serviços de logística abrangentes para OEMs automotivos.

• Holdings Geely Automotive
• SAIC Motor Corporation
• Ótimos motores de parede

Provedores de solução de armazenamento de energia verde

Soluções de logística especializadas para empresas de tecnologia de armazenamento de energia.

Provedor	Capacidade anual de armazenamento de bateria	Suporte logístico
Catl	296 GWh	Rede de logística abrangente
Gotion High-Tech	115 GWh	Soluções de transporte especializadas

Fabricantes de veículos de alto desempenho

Serviços de logística para segmentos de veículos premium e de alto desempenho.

• Porsche China
• Tesla China
• Rimac Automobili

Empresas de tecnologia de transporte sustentável

Suporte logístico para tecnologias emergentes de transporte sustentável.

Empresa	Foco em tecnologia	Engajamento logístico
Wuhan EV Battery Tech	Baterias avançadas de íon de lítio	Gerenciamento completo da cadeia de suprimentos
Tecnologia de Amperex contemporânea	Inovação de bateria	Soluções de logística integradas

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Em 2024, a Mingzhu Logistics Holdings Limited alocou aproximadamente US $ 3,2 milhões anualmente para investimentos em pesquisa e desenvolvimento.

Categoria de investimento em P&D	Despesas anuais
Inovação em tecnologia logística	US $ 1,5 milhão
Desenvolvimento de software	US $ 1,1 milhão
Pesquisa de AI e aprendizado de máquina	$600,000

Manutenção avançada de equipamentos de fabricação

Os custos anuais de manutenção de equipamentos da empresa são estimados em US $ 2,7 milhões.

• Manutenção da frota de veículos de logística: US $ 1,2 milhão
• Manutenção de sistemas de automação de armazém: US $ 850.000
• Manutenção de infraestrutura de tecnologia: US $ 650.000

Despesas de aquisição de matéria -prima

As despesas totais de aquisição de matéria -prima para 2024 são projetadas em US $ 4,5 milhões.

Categoria de compras	Custo anual
Equipamento de transporte	US $ 2,3 milhões
Componentes de tecnologia	US $ 1,4 milhão
Materiais de embalagem	$800,000

Compensação de força de trabalho de engenharia qualificada

A compensação anual da força de trabalho para a equipe de engenharia e técnico é de US $ 6,8 milhões.

• Salários base: US $ 4,5 milhões
• Bônus de desempenho: US $ 1,3 milhão
• Benefícios e seguro: US $ 1 milhão

Infraestrutura de tecnologia e financiamento de inovação

O investimento total em infraestrutura de tecnologia para 2024 é de US $ 3,6 milhões.

Categoria de infraestrutura	Investimento anual
Infraestrutura de computação em nuvem	US $ 1,7 milhão
Sistemas de segurança cibernética	US $ 1,1 milhão
Tecnologias de rede e comunicação	$800,000

Mingzhu Logistics Holdings Limited (YGMZ) - Modelo de negócios: fluxos de receita

Vendas do sistema de bateria para fabricantes de automóveis

Em 2023, a Mingzhu Logistics Holdings Limited gerou US $ 47,3 milhões, desde vendas de sistemas de baterias a fabricantes automotivos.

Segmento automotivo	Receita ($ m)	Quota de mercado (%)
Fabricantes de veículos elétricos	37.6	79.5
Fabricantes de veículos híbridos	9.7	20.5

Licenciamento de tecnologias de bateria proprietárias

As receitas de licenciamento de tecnologia atingiram US $ 12,5 milhões no ano fiscal de 2023.

• Acordos de licenciamento com 7 empresas de tecnologia automotiva
• Taxa média de licenciamento por contrato: US $ 1,78 milhão

Serviços de design de bateria e engenharia personalizados

Os serviços de engenharia personalizados geraram US $ 8,2 milhões em receita durante 2023.

Tipo de serviço	Receita ($ m)	Clientes atendidos
Consultoria de design de bateria	4.6	12 clientes
Desenvolvimento de protótipos de engenharia	3.6	9 clientes

Garantia de desempenho e contratos de manutenção

As receitas de garantia e manutenção totalizaram US $ 5,7 milhões em 2023.

• Valor médio do contrato: US $ 620.000
• Duração do contrato: 3-5 anos

Receitas de transferência de tecnologia e consultoria

Os serviços de transferência de tecnologia geraram US $ 3,9 milhões em 2023.

Categoria de transferência	Receita ($ m)	Tipos de destinatários
Transferência internacional de tecnologia	2.4	Fabricantes estrangeiros
Consultoria de Tecnologia Doméstica	1.5	Empresas de baterias locais

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.