LSHHIGH SIGNALOPERATIONAL10-K

Lakeside Holding has substantially expanded into pharmaceutical distribution operations in China while experiencing significant balance sheet growth and margin compression.

The company has launched a major new business segment through Hupan Pharmaceutical, representing a strategic pivot from its core cross-border logistics business into pharmaceutical distribution and supply chain services. This diversification comes with execution risks as the company operates in two very different industries across multiple jurisdictions, potentially straining management focus and capital allocation.

Comparing 2025-10-14 vs 2024-09-30View on EDGAR →
FINANCIAL ANALYSIS

The company showed meaningful revenue growth reaching $18.3M, but this expansion came at the cost of profitability as gross profit declined to $2.9M from $3.7M, indicating margin pressure from the new pharmaceutical operations. The balance sheet expanded substantially with total assets growing to $14.4M and current liabilities increasing to $9.7M, reflecting the capital requirements and working capital needs of the new pharmaceutical distribution business. The overall financial picture suggests rapid operational expansion that has yet to demonstrate profitable scaling.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+64%
$5.9M→$9.7M

Current liabilities surged 64% — significant near-term obligations; verify ability to meet short-term debt.

Total Assets
Balance Sheet
+56.7%
$9.2M→$14.4M

Asset base grew 56.7% — expansion through organic growth, acquisitions, or capital deployment.

Total Debt
Balance Sheet
+54%
$883K→$1.4M

Debt increased 54% — substantial leverage increase; assess whether deployed for growth or covering losses.

Revenue
P&L
+42.3%
$12.9M→$18.3M

Strong top-line growth of 42.3% — accelerating demand or successful expansion into new markets.

Total Liabilities
Balance Sheet
+35.1%
$8.6M→$11.6M

Liabilities grew 35.1% — significant increase in debt or obligations, assess impact on financial flexibility.

Gross Profit
P&L
-22.5%
$3.7M→$2.9M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

LANGUAGE CHANGES
NEW — 2025-10-14
PRIOR — 2024-09-30
ADDED
As of October 10, 2025, the Registrant had 17,427,559 shares of common stock issued and outstanding.
Form 10-K Summary 36 Signatures 37 i EXPLANATORY NOTE As used in this Annual Report on Form 10-K, unless otherwise indicated or the context otherwise requires, references to: Lakeside, the Company, we, us, and our refer to Lakeside Holding Limited together with its consolidated subsidiaries; ABL refer to American Bear Logistics Corp.
Sichuan Hupan refer to Sichuan Hupan Jincheng Enterprise Management Co., Ltd., a PRC limited liability company in China and a wholly owned subsidiary of Lakeside; Hupan Pharmaceutical refer to Hupan Pharmaceutical (Hubei) Co., Ltd., a PRC limited liability company in China and a wholly owned subsidiary of Sichuan Hupan; RMB and Renminbi refer to the legal currency of China; US$, U.S.
dollars, $, and dollars refer to the legal currency of the United States.
For the year ended June 30, 2025, we also operate a new business segment through Hupan Pharmaceutical, a comprehensive pharmaceutical distribution and supply chain service provider headquartered in Wuhan, China with verticals in brand promotion and healthcare technology support.
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REMOVED
The Registrant s shares of common stock began trading on June 28, 2024.
As of September 25, 2024, the Registrant had 7,500,000 shares of common stock issued and outstanding.
Form 10-K Summary 36 Signatures 37 i EXPLANATORY NOTE As used in this Annual Report on Form 10-K, unless otherwise indicated or the context otherwise requires, references to Lakeside, the Company, we, us, and our refer to Lakeside Holding Limited together with its consolidated subsidiaries.
Since inception and as of June 30, 2024, we had served over 300 customers to fulfill over 41,000 cross-border supply chain solution orders.
Since inception and as of June 30, 2024, we had collaborated with almost all major global ocean and air carriers to forward over 31,300 twenty-foot equivalent unit, or TEU, of container loads and 47,800 tons of air cargo.
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