olivLaw · US equity research
Julong Holding Ltd JLHL
Services-Engineering Services · SIC 8711 · Vertical: Services-Engineering Services (SIC 8711)
Julong Holding Ltd is a Chinese provider of intelligent integrated solutions for public utilities, commercial properties and multifamily housing, operating since 1997 and listed on Nasdaq in June 2025. Revenue reached 252.0 million RMB in fiscal 2025, and engineering contracts make up nearly all of sales, which makes the company sensitive to China's infrastructure investment cycle.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Julong Holding Ltd (JLHL) stock was 7.10 USD (+7.41% on the day), with market capitalisation 152.3 m USD, P/E 39.4 on diluted EPS of 0.18 USD over the last 12 months, beta 1.30, 52-week range 3.05–44.80 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 73.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 3.73 – 6.60
- above the upper band · %B 1.17 · band width 55.7%
- SMA 50 / 200
- 5.35 / 9.66
- mixed trend
- MACD (12, 26, 9)
- 0.31 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +80.2% | −1.1% | +81.3 pp | — |
| 3 months | −24.1% | −0.5% | −23.6 pp | — |
| 6 months | −68.0% | +4.4% | −72.4 pp | — |
| Year to date | +76.2% | +12.3% | +63.9 pp | — |
| 1 year | +74.9% | +13.5% | +61.3 pp | −13.7% |
| 3 years | unavailable | +76.4% | unavailable | +133.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 26.1, median 26.1, max 26.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | 35.9 k |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | unavailable | unavailable | 3.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | 0.18 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | 10,226.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 8.7 m USD
- Financial debt
- 1.4 m USD
- Net debt
- -7.3 m USD
- Equity
- 9.8 m USD
- Total assets
- 47.8 m USD
- Debt / equity
- 0.14x
- Current ratio
- 1.21x
- ROE
- unavailable
- ROA
- 7.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | — | 35.9 k | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | — | — | 29.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | — | — | 5.7 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | — | — | 1.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | — | — | 4.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | — | — | 4.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | — | — | 649.2 k | SEC (XBRL)· 13 Feb 2026verified |
| Net income | — | — | 3.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | — | — | 0.18 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 20.0 m | 20.0 m | 20.4 m | SEC (XBRL)· 13 Feb 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 2.9 m | 8.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | — | — | 2.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | — | — | 46.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | — | — | 11.7 k | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | — | — | 47.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | — | — | 3.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | — | — | 1.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | — | — | 37.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | — | — | 38.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Equity | — | — | 9.8 m † | SEC (XBRL)· 13 Feb 2026verified |
| Shares outstanding at year end | — | — | 21.4 m | SEC (XBRL)· 13 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | — | 36.5 k | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 99.0 k | 11.8 k | — | SEC (XBRL)· 13 Feb 2026verified |
| Investing cash flow | -99.0 k | -59.1 m | — | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | — | — | 5.8 m | SEC (XBRL)· 13 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 152.3 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.44 – 5.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E4.44 – 5.63 (Mid 4.73)5 companies used · median multiple 26.3x · quartiles 24.7x – 31.3xACFN, ACM, MG, TTEK, WLDN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 149.4% | 100 (vs peers) | 23% |
| Net margin · Quality | 10,226.0% | 100 (vs peers) | 14% |
| FCF conversion · Quality | 0.7% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 39.4x | 17 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.0% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial34/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation9/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Julong Holding Ltd (JLHL). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 35.9 k USD in 2025; net margin 10,226.0%; ROE 37.5%.
The estimated value range is 4.44–5.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.73 USD, the price of 7.10 USD leaves a potential of -33.4% (value / price − 1) and a margin of safety of -50.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 149.4%
- Net margin: 10,226.0%
What contradicts it
- FCF conversion: 0.7%
- P/E (TTM): 39.4x
- FCF yield: 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Engineering Services (SIC 8711) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTEKTetra Tech Inc | 10.5 bn | 24.7 | 24.3% | 8.6% | +4.7% | +18% / +29% |
| ACMAecom | 8.8 bn | 31.3 | 12.3% | 1.9% | +0.2% | −34% / −23% |
| VSECVse Corporation | 4.6 bn | 59.9 | 3.8% | 5.5% | +41.5% | −9% / +171% |
| WLDNWilldan Group, Inc. | 1.1 bn | 17.4 | 21.2% | 8.8% | unavailable | −26% / +271% |
| MGMistras Group, Inc. | 644.7 m | 32.1 | 8.8% | 2.8% | −0.8% | +69% / +206% |
| JLHLJulong Holding Ltd | 152.3 m | 39.4 | 37.5% | 10,226.0% | unavailable | +75% / unavailable |
| ACFNAcorn Energy, Inc. | 40.4 m | 26.3 | 19.7% | 16.1% | +4.5% | +8% / +133% |
| OFALOFA Group | 7.6 m | — | -68.9% | -1,119.1% | +254.9% | −97% / unavailable |
| STNStantec Inc. | — | — | 15.5% | 5.9% | +8.6% | −18% / +6% |
1- and 3-year price returns: for JLHL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Feb 2026; since then the company filed 6-K (29 Sept 2026), 6-K (20 Aug 2026), 6-K (18 Aug 2026), 6-K (16 Jun 2026).
In brief
Julong Holding Ltd is a Chinese provider of intelligent integrated solutions for public utilities, commercial properties and multifamily housing, operating since 1997 and listed on Nasdaq in June 2025. Revenue reached 252.0 million RMB in fiscal 2025, and engineering contracts make up nearly all of sales, which makes the company sensitive to China's infrastructure investment cycle.
SWOT
Strengths
- Over two decades of experience in complex projects and a reputation for on-time delivery.
- Rapid revenue growth and an improving gross margin in the latest fiscal year.
- A subcontracting model that lets the company focus resources on management and quality control.
Weaknesses
- Very heavy dependence on a few customers that account for nearly all revenue.
- Operation and maintenance revenue declined, showing a still-limited recurring base.
- Rising credit loss provisions have added pressure on administrative expenses.
Opportunities
- Expansion into utility and transport projects could diversify the customer base.
- Growing maintenance work on existing contracts could create steadier revenue.
- Capital raised through the Nasdaq listing could support larger projects.
Threats
- An economic slowdown in China could reduce the volume of new contracts.
- Rules on overseas listings and cash transfers could limit financing options.
- Risk of US trading prohibition if the auditor cannot be fully inspected by the PCAOB.
Risks
- Customer dependencehigh
Extreme revenue concentration on a few customers could seriously affect results if one of them reduces orders.
- Regulation of overseas listingshigh
Approvals or filings required by Chinese authorities for the Nasdaq listing could change, affecting the value of the shares.
- HFCA Actmedium
If the PCAOB cannot fully inspect auditors in China, the shares could be barred from US trading after two consecutive years.
- Changes to the backlogmedium
The contract backlog can be adjusted or cancelled, so the reported value may not fully turn into revenue.
- Intra-group cash transfersmedium
Chinese currency controls could limit the transfer of funds to the holding company and to US investors.
Investment thesis
What would need to be true (bull case)
- Strong growth in revenue and net income in fiscal 2025 suggests the intelligent project model can scale credibly.
- A rising gross margin points to better cost discipline, which could support profitability as volume grows.
- The operation and maintenance segment, if it recovers, could bring more predictable recurring revenue than one-off projects.
What would break the thesis
- Dependence on a small number of customers means any delay or lost contract could have an outsized effect on results.
- Chinese regulatory risks and US audit rules could restrict access to financing and to trading.
- Rising provisions for receivables suggest collections may be slower than revenue growth would imply.
What to watch
- Trend in engineering contracts and the backlognext 10-K
- Share of revenue from the five largest customers2027
- Trend in provisions for credit lossesnext 10-K
- Status of PCAOB inspections of China-based auditors2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Feb 2026; since then the company filed 6-K (29 Sept 2026), 6-K (20 Aug 2026), 6-K (18 Aug 2026), 6-K (16 Jun 2026).
The business
Julong Holding Ltd, called Julong Holding Limited in the filing, is the Cayman Islands holding company of Julong Online (Beijing) Technology Development, founded in 1997 and reoriented in 2012 from individual customers toward utilities, enterprises and commercial buildings. The company runs three business lines: engineering of intelligent projects, operation and maintenance of those projects, and sales of equipment and materials for intelligent systems 1. Since June 2025 its Class A shares trade on the Nasdaq Capital Market under JLHL, after an IPO raising about 5.8 million USD gross 1.
Typical projects include security, fire protection, parking, toll collection, broadcasting and emergency command systems, and the company relies on early delivery and one-stop service. Contracts are won through direct negotiation or tendering, and labor-intensive work is subcontracted so the company can focus resources on management and quality control 1. Engineering reached 95.3% of revenue in fiscal 2025, while operation and maintenance fell to 3.6% 1.
The customer base is concentrated: the five largest customers accounted for 92.6% of fiscal 2025 revenue, and the five largest suppliers for 37.3% of purchases 1. The company operates only in China through PRC entities, so it carries the regulatory risks of the Chinese environment, including controls on cash transfers and oversight of overseas listings 1.
Segments
Intelligent project engineering
This is the dominant segment, with revenue of 240.2 million RMB in fiscal 2025 and growth of 48.7% year on year, driven by a larger number of contracts under execution 1.
Equipment and materials sales
A small segment with revenue of 2.8 million RMB in fiscal 2025, up 53.5%, covering cables, security equipment and adaptable software 1.
Market context
The addressable market is intelligent systems for public infrastructure and commercial and residential buildings in China, where demand depends on utility, transport and property investment. The filing cites China's economic growth and adoption of intelligent systems as demand drivers, while intense tender competition can compress the company's margins 1. Gross margin rose to 16.1% in fiscal 2025, reflecting better cost efficiency 1.
Trends
- Public investment in smart infrastructuretailwind
Expansion of security and urban transport systems could support demand for the company's projects, especially from public-sector clients.
- Economic slowdown in Chinaheadwind
A decline in China's economy could delay new projects and reduce the value of the contract backlog, as the filing warns.
- Adoption of smart building systemsmixed
Digitization of residential and commercial buildings may create long-term operation and maintenance opportunities.
- Price pressure in tendersheadwind
Greater competition could push the company to cut bid margins, which could weigh on operating results.
Competitive position
The filing says the market is highly competitive, with rivals that can cut prices or improve their solutions, especially in public-sector tenders. The company does not name US-listed competitors in the filing, so a direct comparison with New York-listed peers is not possible from the sources.
The company's stated advantages are its record of on-time delivery, long-standing customer relationships and experienced management and technical teams, but the filing does not quantify these against rivals 1.
- Local Chinese engineering firms not named in the filing
The filing mentions competitors without naming them; no verified US ticker is available for them.
- Chinese system integrators
Customers include system integrators, which can also compete in tenders; the source gives no names or tickers.
- Other security and parking system suppliers
Competition in equipment is described generically in the filing, without named companies.
- Operation and maintenance service providers
In maintenance, competition comes from local firms that the source does not identify.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)16 Jun 2026
- Annual report (foreign issuer)13 Feb 2026
- Current report (foreign issuer)25 Sept 2025
- Current report (foreign issuer)02 Jul 2025
- Current report (foreign issuer)27 Jun 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / Julong Holding Ltd · 13 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.