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].

越南市场，似乎成为了兵家必争之地。 雷峰网获悉，出海四小龙之一正在转战越南，30万平越南海外仓将在4月份投入使用，并且试图召集数十 家国内工厂落户越南，以承接未来大量的订单。 " 美国关税问题致使中国供应链转移，亚马逊早已攻其不备。 " 作者丨姚单 编辑丨刘伟 除了跨境电商平台，很多具备资金实力的跨境大卖也在将部分国内核心供应链资源转移到了越南，在越南 加大投入开设海外仓或工厂。比如傲基在越南做得非常大，主营家具家居类产品，它的很多供应链都在越 南。 物流跟随商流流动，国内头部跨境物流服务商们闻风而动开设越南专线，在越南设立专门的收货点，方便 中国货物发往美国市场。 从海运路线看，货船从青岛或者宁波出发到越南，拐一个弯之后又回到上海，再把货运到美国。从空运角 度看，以云途物流为例，由于T86模式有被取消的可能，所以云途在越南开通了一条直邮线路，主要服务 于在当地建厂的卖家。 越南为什么成为香饽饽？ 越南具备多个优势。众所周知，越南与中国接壤，物流成本低，运输时间短，便于原材料和产品的运输。 亦或是越南是东南亚增长最快的经济体和电商市场，发展潜力巨大。 上述动作被视为其在试图规避美国关税风险。这意味着在这一轮美 ...