Lakeside Holdings Ltd (NASDAQ: LSH) is a U.S.-based cross-border supply chain company that provides ocean freight and airfreight solutions focused on transporting goods into the United States from Asian markets, including China and South Korea. Revenue comes from transactional freight services, including freight consolidation and forwarding, customs clearance, warehousing and distribution, and domestic ground transportation, plus pharmaceutical product distribution added in FY2025. For the year ended June 30, 2025, total revenue was $17.8 million, split between cross-border freight solutions at $15.0 million (84.5% of revenue) and pharmaceutical product distribution at $2.8 million (15.5% of revenue). The freight segment saw a 17.9% revenue decline from $18.3 million in FY2024, driven by the termination of the U.S. de minimis exemption, new tariffs on small packages, and discontinuation of T86 customs clearance. LSH operates as a licensed non-vessel operating common carrier (NVOCC) and indirect air carrier. Its pharmaceutical segment operates through Hupan Pharmaceutical, headquartered in Wuhan, China, acquired in late 2024.

Revenue model

Transactional fees for cross-border freight services (consolidation, forwarding, customs clearance, warehousing, domestic ground transportation) and product revenue from distributing pharmaceutical products, primarily infusion fluids, through Hupan Pharmaceutical. No subscription or recurring contract structure is disclosed in the filing.

Products and services

Cross-border ocean freight solutions; cross-border airfreight solutions; freight consolidation and forwarding services; customs clearance services; warehousing and distribution services; U.S. domestic ground transportation; pharmaceutical distribution of infusion fluids through Hupan Pharmaceutical (Wuhan, China); brand promotion and healthcare technology support services via Hupan Pharmaceutical.

Customers and end markets

Importers transporting goods into the U.S. from Asia, with primary focus on China and South Korea. Pharmaceutical customers in Mainland China served through Hupan Pharmaceutical. No specific customer concentration percentages are disclosed in the filing excerpts.

Value-chain role

Freight intermediary operating as a licensed NVOCC and indirect air carrier. LSH sits between shippers and ocean or air carriers, consolidating cargo and coordinating customs clearance, warehousing, and last-mile domestic ground delivery. As of June 30, 2025, it had forwarded over 35,900 TEU of container loads and 69,300 tons of air cargo, and cooperated with over 200 domestic ground transportation carriers covering approximately 60,000 drivers and 150 terminals.

Geographic exposure

U.S.-based freight operations serving inbound cross-border trade from Asia (China, South Korea). Pharmaceutical distribution operations in Mainland China through Hupan Pharmaceutical, with offices in Wuhan and leased premises in Chengdu, Sichuan Province.

Source: SEC 10-K, filed 2025-10-14

Industry: Arrangement of Transportation of Freight & Cargo