New Century Logistics (BVI) Ltd (NASDAQ: NCEW)

NC Logistics is a freight forwarding and logistics service provider based in Hong Kong, offering air and ocean freight forwarding, warehousing and distribution, and project cargo solutions to clients worldwide. The company operates in the global logistics industry, focusing on the movement of goods through international air and sea channels as well as value added warehousing services.

NC Logistics generates revenue primarily from its freight forwarding services, including air and ocean export and import, as well as from ancillary logistics services such as warehousing, distribution, X ray screening, gate charges, and palletization. The company also earns income from specialized project cargo handling and serves a customer base of direct shippers and freight forwarders who rely on its end to end logistics solutions.

The company operates through the following segments: Air Freight Import & Export, Ocean Freight Import and Export, Warehousing and Distribution, and Project Cargo.

• Air Freight Import & Export: This segment arranges the shipment of goods by air, including booking cargo space, pickup, off airport security screening, palletization, documentation, customs clearance, and delivery at airports worldwide.

• Ocean Freight Import and Export: This segment provides ocean freight forwarding services, including carrier selection, contract rate negotiation, consolidation and de consolidation, pickup, delivery, documentation, and customs clearance for shipments across major and minor trade lanes.

• Warehousing and Distribution: This segment operates warehousing facilities in Hong Kong, offering storage, inventory management, order fulfillment, pick and pack, labeling, repackaging, palletization, and local and overseas distribution services.

• Project Cargo: This segment handles specialized transportation of large or heavy equipment, such as cranes and prefabricated building sections, requiring custom routing, specialized equipment, and careful coordination to ensure timely and safe delivery.

NC Logistics competes with established global freight forwarders such as Sinotrans Shipping Ltd, DSV Global Transport and Logistics, and DHL Global Forwarding, while differentiating itself through over twenty years of industry experience, long standing relationships with major customers in the People’s Republic of China, an experienced management team, and a broad network of agents that enables flexible routing and competitive pricing.

The company’s customer base consists mainly of direct shippers and freight forwarders, with its largest customer contributing approximately $5.67 million, or 13.86% of revenue for the year ended September 30 2025, and its five largest customers together contributing approximately $16.90 million, or 39.33% of revenue for the same period.