olivLaw · US equity research
Smart Logistics Global Ltd SLGB
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
Smart Logistics Global Ltd is a contract logistics provider for land-based transport of industrial raw materials in China, serving customers in the paper, steel, coal and food sectors. The company listed in October 2025, and in fiscal 2025 revenue fell 7.3% to RMB 628.5 million, with the company moving into a net loss amid weak economic conditions in China.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Smart Logistics Global Ltd (SLGB) stock was 0.22 USD (−19.89% on the day), with market capitalisation 9.5 m USD, dividend yield 474.54%, beta 0.55, 52-week range 0.21–2.89 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 0.18 – 0.30
- in the lower half of the band · %B 0.33 · band width 51.1%
- SMA 50 / 200
- 0.32 / 0.75
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −27.1% | −1.1% | −26.0 pp | — |
| 3 months | −59.5% | −0.5% | −59.1 pp | — |
| 6 months | −56.5% | +4.4% | −60.9 pp | — |
| Year to date | −82.4% | +12.3% | −94.7 pp | — |
| 1 year | −89.4% | +13.5% | −103.0 pp | −40.0% |
| 3 years | unavailable | +76.4% | unavailable | −70.0% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | 89.9 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | unavailable | unavailable | -2.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -2.9% |
| Free cash flow | unavailable | unavailable | -5.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 449.8 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 19.5 m USD
- Total assets
- 28.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.33x
- ROE
- unavailable
- ROA
- -9.2%
- FCF margin
- -6.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | — | 89.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | — | 85.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | — | 4.2 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Operating income | — | -2.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | — | 219.3 k | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | — | -1.8 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Pre-tax income | — | -2.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | — | 394.4 k | SEC (XBRL)· 30 Apr 2026verified |
| Net income | — | -2.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | — | -0.06 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 40.0 m | 40.4 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.5 m | 449.8 k | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 1.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | — | 15.5 k | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 18.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 5.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Intangibles (excl. goodwill) | 8.3 m | 8.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 28.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 221.3 k | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 7.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 8.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | — | 19.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | 43.0 m | SEC (XBRL)· 30 Apr 2026verified |
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | — | -5.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | — | 42.6 k | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | — | -5.9 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | — | -42.6 k | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | — | 4.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Dividends paid | 45.0 m | — | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.5 m USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2.9% | 63 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -61.8% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | 474.5% | 100 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial63/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Smart Logistics Global Limited (SLGB). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 89.9 m USD in 2025; net margin -2.9%; ROE -13.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.3x
- Shareholder yield (distributions): 474.5%
What contradicts it
- FCF yield: -61.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 25.5 bn | 25.1 | 45.0% | 7.9% | +4.4% | +35% / +64% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 29.6 | 56.0% | 2.9% | +5.0% | +1% / +43% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | −17% / −70% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +28% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −79% / −79% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −50% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −89% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −30% / −29% |
1- and 3-year price returns: for SLGB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (31 Aug 2026), 6-K (10 Jul 2026), 6-K (22 Jun 2026), 6-K (05 May 2026).
In brief
Smart Logistics Global Ltd is a contract logistics provider for land-based transport of industrial raw materials in China, serving customers in the paper, steel, coal and food sectors. The company listed in October 2025, and in fiscal 2025 revenue fell 7.3% to RMB 628.5 million, with the company moving into a net loss amid weak economic conditions in China.1
SWOT
Strengths
- The company holds national recognition as an AAAA Logistics Enterprise and ISO 9001 certification, which strengthen confidence among institutional customers.
- The registered trucker network and proprietary transport management system provide data that supports fast truck allocation.
- Long-term contracts with large institutional customers give a relatively predictable revenue base, though it is under pressure from weaker industry demand.
Weaknesses
- The gross margin is very thin because almost all costs are payments to third-party truckers, and the fiscal 2025 operating loss was tied to a non-cash consulting expense.
- Customers are concentrated, and losing a major customer could significantly affect revenue and financial stability.
- Activity is concentrated in a single geographic market, China, exposing the company to political and regulatory risks there.
Opportunities
- If the Chinese economy recovers, demand from raw-material sectors could return and volumes on existing routes could grow.
- The Jiangxi logistics park and FTL centres could support expansion into less-than-truckload operations and new regions.
- Policies promoting logistics digitalisation and modernisation could open access to new contracts and infrastructure funding.
Threats
- Continued weakness in the coal and steel sectors could further reduce ordered volumes.
- Rapid regulatory changes or government intervention in the PRC could affect operations and the value of the securities.
- Fuel price and exchange rate fluctuations could squeeze margins and financial results.
Risks
- Loss of a major customerhigh
A single customer accounts for a significant share of total revenue. If that contract is not renewed or is reduced, financial results could be seriously affected.
- Very thin operating marginshigh
Transport costs are mostly paid to third-party truckers, leaving little room for manoeuvre. Cost increases could quickly reduce profitability.
- Regulatory and political risks in Chinahigh
PRC authorities can change rules quickly or intervene in company activities, which could limit the ability to operate or to offer securities to foreign investors.
- Lease and property title risksmedium
Some office and FTL centre leases rest on lessors without valid title certificates, or are unregistered, which could lead to relocations or fines.
- Related-party transactions and loansmedium
The company provided loans and excess payments to third-party service suppliers, and recovery is not certain. A debt assignment agreement with a related party could be deemed invalid.
Investment thesis
What would need to be true (bull case)
- If demand from China's industrial sectors recovers, volumes could rise quickly on an existing network, and fixed costs could be spread more efficiently.
- The increase in average distance travelled shows management can capture demand on longer routes, which could support margins over the medium term.
- The Jiangxi logistics park and FTL centres could reduce costs in future and open new service lines for existing customers.
What would break the thesis
- Revenue has declined for two consecutive years and the company moved into a net loss in fiscal 2025, which could point to structural weakness in demand for its services.
- The gross margin is very small and depends on rates paid to truckers, so any pricing pressure could eliminate profitability entirely.
- Reliance on one major customer and on a single market under strict PRC regulation could amplify the impact of any shock on company results.
What to watch
- Trend in order volume and tonnage in the coal and steel sectorsQ1 2027
- Renewal of contracts with the largest customers and the level of revenue concentration2027
- Gross margin trend and the cost of services paid to third-party truckersnext 10-K
- Progress on the Jiangxi logistics park investment and outstanding capital commitmentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (31 Aug 2026), 6-K (10 Jul 2026), 6-K (22 Jun 2026), 6-K (05 May 2026).
The business
The company provides B2B freight transport services by land, selecting trucks, routes and transport modes suited to each customer, mainly under annual contracts with large institutional customers. Operations run entirely through PRC subsidiaries with no variable interest entities, and revenue comes mainly from transport services, with most costs being payments to third-party truckers.1
The model relies on a proprietary Transportation Management System (TMS) and a database of over 160,000 registered truckers, which allows trucks to be dispatched quickly. The company runs 7 FTL centres and a smart logistics park in Jiangxi Province of about 110,000 square meters, intended to support expansion into less-than-truckload operations.1
The legal structure was reorganized in 2023, and the company directly owns all operating subsidiaries in China. Capital expenditure has focused on infrastructure at the Jiangxi park, financed mainly from internally generated cash flows.1
Segments
Contract transport of industrial raw materials
The main segment, which generates almost all revenue, covers long-distance transport of raw materials and necessities for customers in the paper, steel, coal and food industries. Service costs are almost entirely payments to third-party truckers, which keeps the gross margin thin at about 4.7% in fiscal 2025.1
Logistics park and ancillary services
The subsidiary Fuzhou Feiyi operates the logistics park and also provides vehicle repair and maintenance services to customers in the park. This segment is small relative to transport but supports plans to add smart warehouses, cold chain storage and driver facilities.1
Market context
The market is road freight transport in China, which the report describes as fragmented in many regions, leaving room for a provider with a digital network to gain share. The company reported a 13.6% drop in transportation orders in fiscal 2025, linked to weakness in the coal and steel sectors, while total distance travelled rose 11.7%.1
Management expects a gradual recovery in the Chinese economy in 2026, but this is not assured; if industry demand does not return, revenue could continue to decline. Demand depends on customers' economic cycles, so the timing of any recovery remains uncertain.1
Trends
- Weakness in the coal and steel sectorsheadwind
Reduced demand from these sectors pushed down order volume and tonnage in fiscal 2025. If the weakness persists, volumes could stay below earlier levels.
- Shift toward longer-distance transporttailwind
The rise in total distance travelled in fiscal 2025 shows the company's ability to capture demand on longer routes, which are generally more favourable for operational efficiency. This shift could support margins if it continues.
- Policies promoting modern logistics in Chinatailwind
The company says national policies on modern logistics infrastructure and digitalised transport support its model. The effect, however, depends on how these policies are implemented and funded.
- Regulatory and compliance pressuremixed
Policy and regulatory changes in the PRC can be applied quickly with little advance notice, and the company notes they could affect its subsidiaries' ability to operate profitably. The effect remains uncertain and depends on regulator interpretation.
Competitive position
The source names no competitors beyond general sector descriptions: the market is fragmented and includes contract logistics providers and digital platforms that match truckers with shippers. The company differentiates itself through contract logistics solutions rather than platform matching alone, and through rigorous screening of truckers.1
Declared strengths include national recognition as an AAAA Logistics Enterprise, ISO 9001 certification and a network of over 160,000 truckers, but the customer base is concentrated, with the largest customer at 13% of revenue. Competition for annual contracts remains an important factor.1
- Digital freight-matching platforms
These providers connect shippers directly with truckers without offering integrated contract logistics solutions, as the company describes in its filing.
- Local contract logistics providers in China
Regional PRC companies offering raw-material transport, particularly on shorter routes and in fragmented regions.
- Independent truckers and in-house fleets
A direct alternative for customers is contracting individual truckers or moving transport in-house, without an intermediary.
- Multimodal transport operators
Operators combining road and water transport can offer lower costs on some routes and compete for the same industrial customers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)22 Jun 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)30 Apr 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)06 Jan 2026
- Current report (foreign issuer)19 Dec 2025
- Current report (foreign issuer)16 Oct 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Smart Logistics Global Ltd · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.