Share count
40Mpeak FY2025
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SLGB, Smart Logistics Global Limited
Trucking & Logistics diversified
Limited is engaged in the sale of lighting products and designer furniture.
Hue has served as the chairman of the board of directors of e Lighting Group Holdings Limited (Stock Code: 8222), a company listed on GEM of the Hong Kong Stock Exchange, and is engaged in the sale of lighting products and designer furniture.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥629M
−7.3% YoY
Vital signs · TTM, with 3-yr average
Revenue CN¥629M 3-yr avg CN¥671M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Paper (50%) and Food and others (31%), with 2 more lines behind.
- What moves the needle
- Gross margin has run about 4.1% and operating margin about 1.5% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −2.3% to 1.7% over the years, so the cost line is where the needle moves. Read this kind of business on volume, density and yield. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 4%, above 15% in 0 of 3 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 4 lines, the largest Paper at 50%.
Revenue by product line, FY2025
- Paper50%CN¥313M
- Food and others31%CN¥195M
- Coal12%CN¥74M
- Steel8%CN¥47M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| CN¥707M | CN¥678M | CN¥629M | CN¥629M | RevenueRevenue |
| 4% | 4% | 5% | 5% | Gross marginGross mgn |
| CN¥11M | CN¥11M | (CN¥14M) | (CN¥14M) | Operating incomeOp. inc. |
| 1.5% | 1.7% | −2.3% | −2.3% | Operating marginOp. mgn |
| CN¥9M | CN¥9M | (CN¥18M) | (CN¥18M) | Net incomeNet inc. |
| 39% | 34% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||
| CN¥39M | CN¥13M | (CN¥41M) | (CN¥41M) | Operating cash flowOp. cash |
| CN¥2M | CN¥2M | CN¥2M | CN¥2M | DepreciationDeprec. |
| CN¥27M | CN¥2M | (CN¥24M) | (CN¥24M) | Working capital & otherWC & other |
| CN¥14M | CN¥243K | CN¥298K | CN¥298K | CapexCapex |
| 1.9% | 0.0% | 0.0% | 0.0% | Capex / revenueCapex/rev |
| CN¥36M | CN¥12M | (CN¥41M) | (CN¥41M) | Owner earningsOwner earn. |
| 5.1% | 1.8% | −6.5% | −6.5% | Owner earnings marginOE mgn |
| CN¥25M | CN¥12M | (CN¥41M) | (CN¥41M) | Free cash flowFCF |
| 3.5% | 1.8% | −6.5% | −6.5% | Free cash flow marginFCF mgn |
| — | CN¥45M | — | CN¥45M | Dividends paidDiv. paid |
| 4% | 7% | -8% | -8% | ROICROIC |
| 6% | 8% | -13% | -13% | Return on equityROE |
| — | −33% | — | −46% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | CN¥16M | CN¥7M | CN¥7M | ReceivablesReceiv. |
| — | CN¥335K | CN¥108K | CN¥108K | InventoryInvent. |
| — | CN¥10M | CN¥2M | CN¥2M | Accounts payablePayables |
| — | CN¥6M | CN¥6M | CN¥6M | Operating working capitalOper. WC |
| — | CN¥97M | CN¥129M | CN¥129M | Current assetsCur. assets |
| — | CN¥55M | CN¥56M | CN¥56M | Current liabilitiesCur. liab. |
| — | 1.8× | 2.3× | 2.3× | Current ratioCurr. ratio |
| — | CN¥175M | CN¥197M | CN¥197M | Total assetsAssets |
| CN¥153M | CN¥111M | CN¥136M | CN¥136M | Shareholders’ equityEquity |
| Per share | ||||
| 40.0M | 40.0M | 40.4M | 43.0M | Shares out (diluted)Shares |
| CN¥17.67 | CN¥16.96 | CN¥15.57 | CN¥14.62 | Revenue / shareRev/sh |
| CN¥0.23 | CN¥0.22 | CN¥-0.45 | CN¥-0.42 | EPS (diluted)EPS |
| CN¥0.91 | CN¥0.31 | CN¥-1.01 | CN¥-0.95 | Owner earnings / shareOE/sh |
| CN¥0.63 | CN¥0.31 | CN¥-1.01 | CN¥-0.95 | Free cash flow / shareFCF/sh |
| — | CN¥1.12 | — | CN¥1.05 | Dividends / shareDiv/sh |
| CN¥0.34 | CN¥0.01 | CN¥0.01 | CN¥0.01 | Cap. spending / shareCapex/sh |
| CN¥3.82 | CN¥2.78 | CN¥3.37 | CN¥3.17 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−8%low FY2025
Gross margin
5%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(CN¥41M)owner earningsvs.(CN¥18M)net incomelow FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business reported a CN¥18M loss but (CN¥41M) of owner earnings: CN¥23M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | (CN¥18M) | CN¥9M | CN¥9M |
| Depreciation & amortizationnon-cash charge added back | +CN¥2M | +CN¥2M | +CN¥2M |
| Working capital & othertiming of cash in and out, other non-cash items | −CN¥24M | +CN¥2M | +CN¥27M |
| Cash from operations | (CN¥41M) | CN¥13M | CN¥39M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −CN¥298K | −CN¥243K | −CN¥2M |
| Owner earnings | (CN¥41M) | CN¥12M | CN¥36M |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | −CN¥11M |
| Free cash flow | (CN¥41M) | CN¥12M | CN¥25M |
| Owner-earnings marginowner earnings ÷ revenue | -7% | 2% | 5% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- TightDSO 4 + DIO 0 − DPO 1 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median 9%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle3-yr median margin, range -7%–5%; latest (CN¥41M) = operating cash (CN¥41M) − maintenance capex CN¥298KIndustry peers: median 2%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -7% of revenue this year, a 2% median across 3 years.
- Are earnings backed by cash? (CN¥41M)Loss, and burning cashNet income (CN¥18M) · cash from operations (CN¥41M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 0.19×HarvestingCapex CN¥298K ÷ depreciation CN¥2M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 1 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · CN¥629M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.33×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are CN¥-0.00/share (latest year CN¥-0.42), the averaged base the calculator's gate runs on, and book value is CN¥3.17/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥129M
- ReceivablesCN¥7M
- InventoryCN¥108K
- Other current assetsCN¥122M
Current liabilitiesCN¥56M
- Accounts payableCN¥2M
- Other current liabilitiesCN¥54M
Current ratio2.33×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.33×stricter: inventory excluded
Cash ratio0.00×strictest: cash alone against what's due
Working capitalCN¥74Mthe cushion left after near-term bills
Deeper floors
Tangible book valueCN¥128Mequity stripped of goodwill & intangibles
Net current asset valueCN¥68MGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥106KCN¥106K of it operating leases
Deferred revenueCN¥255Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Trucking & Logistics
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| GXOGXO Logistics | $13.2B | — | 1.9% | 4% | 2% |
| EXPDExpeditors International of Washington, Inc. | $11.1B | — | 10.0% | 66% | 7% |
| RXORXO Inc. | $5.7B | — | 1.4% | 4% | 0% |
| BCOBrinks Company (The) | $5.3B | 23% | 8.1% | 11% | 6% |
| HUBGHub Group | $3.9B | 12% | 3.6% | 9% | 3% |
| GBTGGlobal Business Travel Group Inc. | $2.7B | — | -5.5% | -7% | -12% |
| RLGTRadiant Logistics Inc. | $903M | — | 2.5% | 10% | 1% |
| SLGBSmart Logistics Global Limited | CN¥629M | 4% | 1.5% | 4% | 2% |
| Group median | — | 12% | 2.2% | 7% | 2% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Smart Logistics Global Limited reports in CNY, and every figure here (owner earnings, book value, the share count) is on that CNY, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in CNY. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
Smart Logistics Global Limited is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
CN¥
The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−7%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Smart Logistics Global Limited (SLGB), the owner's record," https://ownerscorecard.com/c/SLGB, data as of 2026-07-09.
Manual order: ← SLF its page in the Manual SLGL →
Industry order: ← SFWL the Trucking & Logistics chapter SNDR →