营收增速“急刹车”，净利润仅108万美元，东源物流赴美上演生死时速

Core Viewpoint - The article discusses the challenges and opportunities faced by Eastern International Ltd (ELOG) as it seeks to go public on NASDAQ amid a competitive landscape in the logistics industry, particularly in cross-border logistics and project logistics sectors [1][12]. Business Growth and Profitability Issues - ELOG has experienced significant revenue growth, with projected revenues of $24.16 million and $40.44 million for the fiscal years 2023 and 2024, respectively, representing a year-on-year growth rate of 67.4% [4]. - However, in the first half of fiscal year 2025, revenue growth slowed significantly to only 5.5%, with core transportation services growing by just 2.5% [4]. - The increase in revenue was primarily driven by general logistics services, while project logistics revenue declined [5]. - Despite a rise in gross margin from 11.1% to 14.2%, net profit growth was limited to 3.8% due to various factors including foreign exchange gains and interest expenses [5]. Market Dynamics in Project Logistics - The project logistics market in China is rapidly growing, with a market size of 36.49 billion RMB in 2023, reflecting a 4.1% year-on-year increase [7]. - The demand for project logistics services is driven by the construction and energy sectors, which require extensive transportation and coordination of materials [7][8]. - The market is highly fragmented, leading to intense competition, with major players like SF Express and JD already established in the sector [8][9]. Customer Concentration and Financial Risks - ELOG's revenue is highly concentrated, with two major clients accounting for 38% of total revenue in fiscal year 2024, increasing the risk of revenue volatility [10]. - The company's accounts receivable are high, with receivables amounting to $14 million, representing 66% of total assets, which poses liquidity challenges [10][11]. IPO and Liquidity Challenges - ELOG plans to raise $7.2 million through its IPO, which is significantly lower than the average fundraising amounts of its peers [13]. - The high proportion of accounts receivable in current assets (85%) indicates a need for better receivables management and potential strategic partnerships to alleviate liquidity pressures [14]. - The company is encouraged to explore new markets in Africa and Latin America to diversify its revenue streams and reduce dependency on existing markets [15].