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Lions Gate Entertainment Corp. (LSH)

• Motion Picture Production and Distribution: Develops, produces, acquires, and globally distributes a diverse slate of feature films.
• Television Production and Distribution: Creates, produces, and distributes original television series for various broadcast, cable, and streaming outlets.
• STARZ Premium Subscription Service: Operates a global premium subscription platform offering original series, movies, and a library of content.

I am unable to identify a public company named "Lakeside" with the stock symbol "LSH" in major financial databases. The symbol "LSH" is primarily associated with LSH Corporation (KRX: 001710), a South Korean company, which is not named Lakeside.

However, there is a prominent private company named Lakeside Software, which provides digital employee experience (DEX) software to enterprises. If the query was intended for a company with a business model similar to Lakeside Software, and if it were a public entity, it would primarily sell to other companies (B2B). Its major customer types would include:

• Large Enterprises: Global corporations across various industries that leverage Lakeside Software's platform to monitor, manage, and improve the digital experience and productivity of their employees.
• Government Agencies: Public sector organizations and departments seeking to optimize IT operations, enhance end-user support, and improve the digital experience for their workforce.
• Managed Service Providers (MSPs) and IT Consulting Firms: Companies that integrate and manage Lakeside Software's solutions to offer enhanced IT services and digital workplace management to their own client base.

Please note that Lakeside Software is a privately held company, and specific customer names, along with their symbols, are not publicly disclosed.

Henry Liu, Co-Founder and Chief Executive Officer

Mr. Henry Liu is a co-founder of Lakeside Holding Ltd. and has served as its Chief Executive Officer since its establishment, also holding the Chairman of the Board role until March 14, 2025. He possesses over six years of experience in logistics operations, particularly in freight forwarding, and has extensive knowledge of the supply chain industry. Mr. Liu has been the president of American Bear Logistics Corp., Lakeside's Illinois operating subsidiary, since February 2018, where he co-leads operations, client relationships, and business development. Earlier, from August 2017 to February 2018, he worked as an operator at Hoson Logistics America Inc., managing import and export of air and ocean freight. He holds a bachelor's degree in bioengineering from Northwest Agriculture and Forestry University and a master's degree in food safety and technology from Illinois Institute of Technology.

Long (Leo) Yi, Chief Financial Officer and Director

Mr. Long (Leo) Yi is a Certified Public Accountant in Illinois with 15 years of experience in the accounting and finance sectors. He has held several significant executive roles in publicly traded companies, including serving as the Chief Executive Officer of Urban Tea, Inc. (NASDAQ: MYT) from January 2018 to July 2021, and the Chief Financial Officer of TD Holdings, Inc. (NASDAQ: GLG) from November 2012 to January 2018. Additionally, Mr. Yi was the Chief Financial Officer of iFresh Inc (OTC: IFMK) from April 2019 to January 2020 and served as the chairman of the audit committee at Color Star Technology Co., Ltd. (NASDAQ: ADD) from July 2019 to January 2023. His involvement with Super Plus Acquisition Corp. suggests familiarity with emerging market dynamics.

Shuai Li, Co-Founder and President

Mr. Shuai Li is a co-founder of Lakeside Holding Ltd. and serves as its President. He oversees and manages the company's overall operations, leveraging his expertise in the logistics and supply chain industry. Since February 2018, Mr. Li has served as the president of American Bear Logistics Corp., co-leading its operations, client relationships, and business development with Mr. Henry Liu. Prior to this, he was an executive salesman at Express Distributor Corp., a restaurant supply chain company, from February 2014 to December 2017. From January 2010 to December 2014, he worked as a sales consultant at Lala Lulu Online Store, focusing on cross-border trade. Mr. Li obtained a bachelor's degree in communications from Wuhan Institute of Physical Education and an MBA from Benedictine University.

Yang Li, Chief Operating Officer and Director

Ms. Yang Li serves as the Chief Operating Officer and a Director of Lakeside Holding Limited.

Key Risks to Lakeside (LSH)

Lakeside (NASDAQ: LSH) faces several significant challenges, with its core business experiencing a notable downturn and broader financial sustainability concerns. The company's key risks include a substantial decline in revenue within its primary cross-border freight business, accelerating cash burn leading to questions about long-term viability, and identified material weaknesses in its internal financial controls.

1. Declining Revenue and Widening Losses in Core Cross-Border Freight Business
   Lakeside's core cross-border freight solutions business, which accounts for 87% of its total revenue, is experiencing significant headwinds. In the third quarter of fiscal year 2025, third-party revenues for this segment dropped by 25.4% and related-party revenues fell by 28.8% compared to the previous year. This decline contributed to a 14.7% year-over-year decrease in total Q3 FY2025 revenues, resulting in a net loss of $1.07 million, a stark contrast to a slight profit in the prior-year period. Over the nine-month period, revenues decreased by 15.1% to $11.48 million, with losses escalating to $4.35 million. The company also reported a 31.3% decrease in total revenues for Q2 FY2025, primarily due to reduced cross-border airfreight volumes, and a gross loss compared to a profit in the same period the previous year. Furthermore, revenues from U.S.-based customers saw a significant decline of 56.5% in the nine-month period of FY2025.
2. Accelerating Cash Burn and Concerns about Long-Term Financial Sustainability
   The company's financial reports indicate an accelerating cash burn, raising concerns about its long-term sustainability without substantial improvements in its business operations. Lakeside recorded a net loss of $1.4 million in Q1 2026, driven by higher operating and interest expenses. Operating expenses significantly increased to $5.60 million from $2.90 million in the nine-month period of FY2025. General and administrative expenses also rose considerably in Q3 FY2025 and Q2 FY2025. Additionally, interest expense surged by nearly 600% in Q1 2026 due to increased borrowings and convertible debt. While Lakeside has secured additional financing through an initial public offering in July 2024 and a convertible debt facility in March 2025, the persistent cash burn highlights a crucial financial vulnerability.
3. Material Weaknesses in Internal Controls over Financial Reporting
   Lakeside has identified material weaknesses in its internal controls over financial reporting. These weaknesses include inadequate segregation of duties and insufficient written policies. The company has stated its intention to address these issues by hiring additional accounting staff and improving its financial reporting procedures. Such deficiencies in internal controls pose a risk to the accuracy and reliability of financial statements, potentially impacting investor confidence and increasing the risk of financial misstatements or regulatory scrutiny.

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• Expansion in Pharmaceutical Distribution in China: Lakeside's strategic acquisition of Hupan Pharmaceutical (Hubei) Co., Ltd. and subsequent distribution agreements are a significant growth driver. Hupan Pharmaceutical has secured agreements with major Chinese pharmaceutical companies, including two distribution agreements with Hubei Kelun Pharmaceutical Trading Co., Ltd. (a subsidiary of Sichuan Kelun Pharmaceutical Co.) for large-volume parenteral solutions and related medical products across China, effective through December 31, 2025. Additionally, Hupan Pharmaceutical has a $1.5 million sales agreement with Sinopharm Holding Hubei New Special Medicine, a subsidiary of Sinopharm Group, for essential medicines, and a partnership with Sinopharm Group Hubei for pharmaceutical logistics services, including cold-chain solutions. These partnerships are anticipated to contribute significantly to Lakeside's annual revenues and diversify its business beyond traditional freight logistics.
• Growth in Cross-Border E-commerce Logistics (Asia-U.S. Corridor): Through its American Bear Logistics brand, Lakeside provides customized cross-border ocean and airfreight solutions, targeting Asia-based logistics service companies and e-commerce platforms for transport of goods into the U.S. The company's investor presentations emphasize optimizing for e-commerce and multi-modal freight management, leveraging its U.S. hub network (including strategic locations in Chicago, Dallas, Los Angeles, and New York) and integrated services such as customs brokerage and warehousing. An increase in revenue from Asia-based customers, which surged by 65.8% in the first half of fiscal year 2025, indicates continued potential in this segment.
• Strategic Acquisitions and Partnerships: Lakeside has indicated an ongoing strategy to evaluate merger and acquisition opportunities in high-growth logistics and healthcare supply chains, alongside expanding its Asia-Pacific partnerships. The successful acquisition of Hupan Pharmaceutical in November 2024, contributing to revenue, exemplifies this approach to broaden capabilities and reinforce market position.
• Technology Enhancements and Operational Efficiencies: The company plans to invest in technology, including supply chain analytics and the integration of AI models into its service operations. These efforts are aimed at driving efficiency and innovation within its logistics and distribution networks, which could lead to optimized margins, better service offerings, and increased customer attraction.
• Expansion of Logistics Infrastructure: Lakeside has been expanding its operational footprint, notably increasing its Dallas-Fort Worth facilities from 20,000 to 46,657 square feet in Q2 FY2025. This expansion suggests increased capacity to handle a greater volume of freight and support its growing logistics and distribution operations.

Share Issuance

• Lakeside Holding Limited completed its initial public offering (IPO) on July 1, 2024, raising approximately $5.79 million after expenses.
• In a private placement, the company issued 2,000,000 shares at a purchase price of $0.75 per share, as restated in an amendment filed on August 11, 2025, correcting a previous report from July 22, 2025.

Inbound Investments

• In March 2025, Lakeside secured a convertible debt financing agreement for up to $4.5 million, with an initial tranche closing on March 5, 2025, generating gross proceeds of $930,000 for working capital purposes.

Outbound Investments

• Lakeside acquired Hupan Pharmaceutical for RMB 4.0 million (approximately $0.6 million) in November 2024.
• The acquisition of Hupan Pharmaceutical established a new business segment that began generating revenue from pharmaceutical product distribution, contributing to nine-month revenues by March 2025.

Capital Expenditures

• Capital expenditures totaled approximately $703,625 in the last 12 months prior to November 2025.
• The company expanded its Dallas-Fort Worth facilities from 20,000 to 46,657 square feet, as highlighted in its Q2 FY2025 operational report.