Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT) is a supply chain services company that historically sourced and sold parallel-import luxury vehicles from the U.S. market to Chinese automobile dealers and importers. Revenue was generated on a transactional basis from the purchase and resale of vehicles, with PRC-based customers accounting for approximately 87.7% of parallel-import vehicle revenue and U.S. domestic customers accounting for approximately 12.3% for the year ended December 31, 2024. The parallel-import vehicle business collapsed sharply, with unit sales falling to 14 vehicles in FY2024 from 303 in FY2023, a 95.7% decline, driven by weakening demand, price competition from luxury automakers in the PRC, and a consumer shift toward domestic EVs. The company, originally formed on August 9, 2016 in North Carolina as Yuan Qiu Business Group LLC and incorporated in Delaware on February 2, 2026, also conducts business under the trade name Elite Motor Group. As of the 10-K filed March 20, 2026, the company is transitioning toward logistics and warehousing services targeting international trading companies operating between the U.S. and the PRC.

Revenue model

Transactional revenue from purchasing luxury vehicles in the U.S. and reselling them to PRC-based and U.S.-based parallel-import dealers. The two largest customers accounted for approximately 100% of parallel-import vehicle revenue for the year ended December 31, 2024. The company is shifting toward fee-based logistics and warehousing services.

Products and services

Parallel-import luxury vehicles including Mercedes-Benz GLS450, Mercedes-Benz G63, Mercedes-Benz GLS600, BMW X7, and Lexus LX600. Logistics and warehousing services are an emerging segment as of the 10-K filed March 20, 2026.

Customers and end markets

Two customer types in the parallel-import vehicle business: PRC-based Chinese automobile dealers and importers (87.7% of vehicle revenue, FY2024), and U.S.-based parallel-import car dealers and exporters who resell to PRC markets (12.3% of vehicle revenue, FY2024). The two largest customers represented approximately 100% of parallel-import vehicle revenue in FY2024. Target customers for the logistics and warehousing business are international trading companies operating between the U.S. and the PRC.

Value-chain role

Middleman vehicle sourcer and aggregator in the parallel-import supply chain, purchasing vehicles from U.S. suppliers without regular supplier relationships and reselling to PRC-facing dealers. Transitioning to a third-party logistics and warehousing provider for cross-border trade between the U.S. and the PRC.

Geographic exposure

Operations centered in the United States with primary end-market exposure to the PRC. Incorporated in Delaware as of February 2, 2026. Subsidiary Naiside (Shenzhen) International Trading Co., Ltd. organized under PRC laws on December 3, 2024.

Source: SEC 10-K, filed 2026-03-20

Industry: Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies Peers: Alliance Entertainment Holding Corp Amcon Distributing Co Educational Development Corp Genuine Parts Co Kaival Brands Innovations Group Inc WEYCO Group Inc