MingZhu Logistics Holdings Ltd
YGMZF · Transportation Services · EDGAR filings ↗
Grade
D42China trucking VIE in distress: revenue halved, ongoing losses, and roughly one quarter of cash on hand.
Strengths
- Low reported debt-to-equity (0.01)
- Sizeable book equity from prior capital raises
Risks
- Cash runway ~1.0 quarter with only $0.7M cash (19th pct); current ratio ~1.0
- Revenue fell 55%; net margin -15%, ROE -14%; VIE structure, customer/sector concentration, and material weaknesses
Notable findings
- Net lossNet loss (net margin -15.3%)
- Cash burnNegative free cash flow (-2.7M)
- Weak liquidityCurrent ratio 1.00 (<1)
- Material weakness● We have identified material weaknesses in our internal accounting controls, and if we fail to implement and maintain an effective system of internal controls or fail to remediate the material weak
- Revenue declineRevenue -54.6% YoY
Key metrics
Operating margin
-10.0%
Net margin
-15.3%
Return on equity
-13.8%
Return on assets
-6.8%
ROIC
-7.0%
Revenue growth (QoQ)
-54.6%
Debt / equity
0.0×
Current ratio
1.0×
Free cash flow
-$3M
Tangible book value
$45M
Cash & investments
$698K
Cash runway
1q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-05-15 | 2024-12-31 | 0001213900-25-044189 ↗ |
| 20-F | 2024-05-15 | 2023-12-31 | 0001213900-24-043662 ↗ |
| 20-F | 2023-05-16 | 2022-12-31 | 0001213900-23-040523 ↗ |
| 20-F | 2022-05-11 | 2021-12-31 | 0001213900-22-025606 ↗ |
| 20-F | 2021-06-28 | 2020-12-31 | 0001213900-21-034430 ↗ |