• The UPS of Chinese commercial trucking.
• The Amazon Logistics for external businesses in China.

• Long-haul Transportation Services: MingZhu Logistics provides comprehensive heavy-duty truck transportation services for businesses across various industries within China.

MingZhu Logistics (symbol: YGMZ) primarily sells its services to other companies (Business-to-Business or B2B).

While MingZhu Logistics serves a diverse customer base, its SEC filings indicate that it does not publicly disclose the specific names of its major corporate customers. For example, its largest customer, identified as a state-owned enterprise, accounted for 10.9% of its total revenues in 2023, but the name of this entity is not specified in its annual reports.

Based on their business descriptions in annual reports and investor materials, MingZhu Logistics provides integrated transportation services to companies in the following sectors:

• Petrochemical companies: These are typically large enterprises requiring specialized logistics for chemicals and petroleum products.
• Auto parts companies: Businesses involved in manufacturing and distributing components for the automotive industry, which often require precise and timely delivery.
• E-commerce companies: Online retailers and logistics providers needing transport services for goods distribution.
• Fast-moving consumer goods (FMCG) companies: Producers and distributors of rapidly sold consumer products, requiring efficient supply chain solutions.

Jinlong Yang, Chief Executive Officer and Chairman

Mr. Yang has served as MingZhu Logistics Holdings' Chief Executive Officer and Chairman of its board of directors since April 2018, and as the Executive Director and General Manager of MingZhu since August 2012. He possesses over ten years of experience in the transportation industry. Mr. Yang joined MingZhu as a sales manager in May 2009 and was subsequently promoted to General Manager, Executive Director, and legal representative. Prior to joining MingZhu, he served as an officer at the Exit and Entry Frontier Inspection Stations in Shenzhen, Guangdong, China. Mr. Yang holds a Bachelor of Law degree from the Party School of the Central Committee of the Communist Party of China. He also founded MingZhu Logistics in 2002.

Jingwei Zhang, Chief Financial Officer and Director

Mr. Zhang has served as MingZhu Logistics Holdings' Chief Financial Officer since April 2018. Since December 2016, he has been the Financial Director of MingZhu, overseeing all aspects of financial control, managing yearly financial and inter-audits, and providing financial, commercial, and strategic support to the company. From May 2015 to November 2016, Mr. Zhang was a corporate accountant at ERI Management, a management advisory firm in Singapore, where he reviewed client accounts for regulatory and U.S. GAAP compliance, assisted clients with cost management and budgeting, and provided tax-related consultancy. Before that, from January 2014 to May 2015, he worked as an accountant at St. Plum-Blossom Press Pty. Ltd., a publisher in Melbourne, Australia, responsible for bookkeeping and financial statement preparation. Mr. Zhang holds a Bachelor of Business and Commerce in Accounting from Monash University in Melbourne, Australia, and an Associate Degree in Business Administration from City University of Hong Kong.

Liying Li, Chief Operating Officer

Ms. Li was appointed as the Chief Operating Officer of MingZhu Logistics Holdings Limited effective October 8, 2025. She co-founded Talking Web3, where she served from January 2023 to October 2025. Additionally, Ms. Li was an early shareholder and strategic advisor to xNFT Trading Platform from July 2021 to January 2023. From October 2019 to July 2021, she led the Wallet Division at AToken by Digital Finance Group, where she was instrumental in growing stored assets to $1.5 billion within five months and eventually reaching $10 billion in on-chain assets. Ms. Li earned a bachelor's degree in engineering from Harbin Institute of Technology in 2007.

Emergence and Dominance of Digital Freight Matching Platforms

The rise and consolidation of large-scale digital freight matching platforms in China, such as Full Truck Alliance (Manbang Group), pose a significant emerging threat. These platforms act as a digital marketplace, connecting shippers directly with millions of truck drivers and small fleet owners. This model increases market transparency, intensifies pricing competition, and drives down costs for shippers, potentially eroding the margins and market share of traditional asset-heavy carriers like MingZhu Logistics. While MingZhu Logistics utilizes its own technology platform, the network effects and scale achieved by these independent dominant platforms can commoditize freight services and reduce the competitive advantage of carriers not fully integrated or unable to compete on the platform's terms.

Vertical Integration and Expansion of Logistics Capabilities by Major E-commerce and Retail Companies

Major e-commerce and retail giants in China, such as JD.com (JD Logistics) and Alibaba (Cainiao Network), are increasingly investing in and expanding their own comprehensive logistics networks. This trend of vertical integration means these large shippers are building out their internal capabilities for warehousing, transportation, and last-mile delivery. As they handle more of their own logistics needs in-house, it directly reduces the demand for third-party logistics services from companies like MingZhu Logistics. This limits the potential pool of customers and contracts available for MingZhu Logistics, particularly from the highest volume and most strategic clients in the e-commerce sector.

MingZhu Logistics Holdings Limited (YGMZ) primarily operates within the trucking services sector in China. Their main products and services include regional trucking, full truckload (FTL), less-than-truckload (LTL), and specialized freight services. The company also offers car-hailing and driver management services, car owner services, warehousing and distribution, supply chain management, and liquor distribution.

For its main products and services, the addressable market in China can be assessed as follows:

• China Road Freight Transport Market: The market size for road freight transport in China is estimated at approximately USD 472.77 billion in 2025. It is projected to grow to about USD 633.20 billion by 2030, with a compound annual growth rate (CAGR) of 6.02% during this period. Another estimate indicates the China Road Freight Transport market surpassed USD 502.7 billion in 2024 and is projected to reach USD 896.3 billion by 2032, growing at a CAGR of 7.48% from 2026 to 2032.
• China Logistics Market (Broader Context): The broader China logistics market, which encompasses trucking, warehousing, and other related services, was valued at USD 2464.05 billion in 2024. This market is projected to grow at a CAGR of 6.30% between 2025 and 2034, reaching an estimated value of USD 4539.23 billion by 2034.

MingZhu Logistics (YGMZ) is strategically positioning itself for future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion into Driverless Auto Technologies and AI: MingZhu Logistics intends to acquire driverless auto technologies and related intellectual property, with plans to expand into generative AI-based copilot software and artificial general intelligence (AGI) driverless technology for controlled environments like mines and ports. This move is expected to enhance service efficiency and drive growth.
2. Entry into New International Markets and E-commerce Logistics: The company is forming a strategic partnership with Muamau Mall (Enextrend) to explore and develop cross-border logistics and supply chain services in the Vietnam and U.S. markets. This collaboration, formalized by a two-year Memorandum of Understanding (MOU), aims to support e-commerce business development, promote market expansion, and innovate logistics products.
3. Diversification into China's Commercial Liquor Distribution Sector: MingZhu Logistics has entered into an agreement to acquire Shenzhen Mingzhuchun Wine Co., Ltd., which specializes in distributing high-quality Chinese baijiu. This acquisition aligns with MingZhu's strategy to expand into China's commercial liquor distribution sector and leverage synergies with its existing logistics operations.
4. Rebuilding and Organic Growth in Core Logistics Operations: Following recent challenges, MingZhu Logistics is focused on rebuilding its core logistics business to achieve sales growth and improve profitability by reducing operating expenses. The company aims to become a leading integrated logistics platform, which includes significant investment in technology and infrastructure to broaden its service offerings and meet increased demand in its traditional trucking services.