olivLaw · US equity research
Jayud Global Logistics Ltd JYD
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
Jayud Global Logistics is a Shenzhen-based end-to-end supply chain provider focused on cross-border logistics for e-commerce and manufacturers exporting from China. Revenue rose to RMB 600.8 million (US$85.5 million) in fiscal 2025, but the company remained loss-making, so the path of its gross margin and funding capacity matters now.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Jayud Global Logistics Ltd (JYD) stock was 1.41 USD (−12.96% on the day), with market capitalisation 9.0 m USD, beta 0.99, 52-week range 0.68–5.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 0.84 – 2.16
- in the lower half of the band · %B 0.43 · band width 87.4%
- SMA 50 / 200
- 1.12 / 1.97
- mixed trend
- MACD (12, 26, 9)
- 0.18 / 0.20
- MACD below 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 | +60.4% | −1.1% | +61.5 pp | — |
| 3 months | +65.5% | −0.5% | +65.9 pp | — |
| 6 months | −70.6% | +4.4% | −75.0 pp | — |
| Year to date | −71.8% | +12.3% | −84.1 pp | — |
| 1 year | −65.4% | +13.5% | −78.9 pp | −40.0% |
| 3 years | −98.5% | +76.4% | −175.0 pp | −49.3% |
| 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.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 93.6 m | 70.3 m | 78.6 m | 85.5 m |
| Revenue YoY | unavailable | unavailable | unavailable | −24.9% | +11.9% | +8.7% |
| Net income | unavailable | unavailable | 197.8 k | -10.2 m | -6.9 m | -5.1 m |
| Net income YoY | unavailable | unavailable | unavailable | −5,279.4% | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | 0.03 | -0.49 | -0.24 | -2.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −1,733.3% | unavailable | unavailable |
| net % | unavailable | unavailable | 0.2% | -14.6% | -8.8% | -5.9% |
| Free cash flow | unavailable | unavailable | -2.5 m | -6.9 m | -13.7 m | -5.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.5 m USD
- Financial debt
- 3.7 m USD
- Net debt
- -1.8 m USD
- Equity
- 13.3 m USD
- Total assets
- 32.2 m USD
- Debt / equity
- 0.28x
- Current ratio
- 1.51x
- ROE
- -41.6%
- ROA
- -17.5%
- FCF margin
- -6.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 93.6 m | 70.3 m | 78.6 m | 85.5 m | SEC (XBRL)· 20 Apr 2026verified |
| Cost of revenue | 88.2 m | 62.0 m | 80.2 m | 82.6 m | SEC (XBRL)· 20 Apr 2026verified |
| Gross profit | 5.4 m | -2.2 m | -1.6 m | 2.9 m | SEC (XBRL)· 20 Apr 2026verified |
| Research & development | 301.0 k | 196.8 k | 150.1 k | 120.4 k | SEC (XBRL)· 20 Apr 2026verified |
| Operating income | 100.8 k | -11.3 m | -7.2 m | -5.4 m | SEC (XBRL)· 20 Apr 2026verified |
| Depreciation & amortisation | 121.9 k | 159.8 k | 104.4 k | 77.0 k | SEC (XBRL)· 20 Apr 2026verified |
| EBITDA | 222.7 k ≈ | -11.1 m ≈ | -7.1 m ≈ | -5.3 m ≈ | SEC (XBRL)· 20 Apr 2026derived |
| Interest expense | 135.4 k | 140.5 k | 363.0 k | 31.3 k | SEC (XBRL)· 20 Apr 2026verified |
| Pre-tax income | 568.6 k | -11.7 m | -7.9 m | -5.4 m | SEC (XBRL)· 20 Apr 2026verified |
| Income tax | 370.8 k | -396.5 k | -74.6 k | -63.6 k | SEC (XBRL)· 20 Apr 2026verified |
| Net income | 197.8 k | -10.2 m | -6.9 m | -5.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Diluted EPS | 0.03 | -0.49 | -0.24 | -2.22 | SEC (XBRL)· 20 Apr 2026verified |
| Weighted average diluted shares | 18.1 m | 418.5 k | 581.7 k | 2.3 m | SEC (XBRL)· 20 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 4.0 m | 3.7 m | 5.3 m | 5.5 m | SEC (XBRL)· 20 Apr 2026verified |
| Receivables | 4.4 m | 5.8 m | 5.4 m | 9.6 m | SEC (XBRL)· 20 Apr 2026verified |
| Current assets | 11.1 m | 11.7 m | 19.5 m | 25.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Property, plant & equipment, net | 375.2 k | 158.7 k | 2.2 m | 2.6 m | SEC (XBRL)· 20 Apr 2026verified |
| Intangibles (excl. goodwill) | 108.8 k | 281.7 k | 290.3 k | 780.6 k | SEC (XBRL)· 20 Apr 2026verified |
| Total assets | 18.0 m | 14.2 m | 25.6 m | 32.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Accounts payable | — | 5.6 m | — | — | SEC (XBRL)· 26 Apr 2024verified |
| Short-term debt | 2.1 m | 3.6 m | 1.5 m | 3.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Long-term debt | 631.8 k | — | — | 569.1 k | SEC (XBRL)· 20 Apr 2026verified |
| Current liabilities | 11.0 m | 15.5 m | 13.4 m | 16.7 m | SEC (XBRL)· 20 Apr 2026verified |
| Total liabilities | 13.6 m | 17.8 m | 14.6 m | 18.9 m | SEC (XBRL)· 20 Apr 2026verified |
| Equity | 4.4 m | -3.6 m | 11.0 m | 13.3 m | SEC (XBRL)· 20 Apr 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -2.2 m | -6.2 m | -13.6 m | -5.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Capex | 308.8 k | 627.5 k | 100.1 k | 724.6 k | SEC (XBRL)· 20 Apr 2026verified |
| Free cash flow | -2.5 m ≈ | -6.9 m ≈ | -13.7 m ≈ | -5.8 m ≈ | SEC (XBRL)· 20 Apr 2026derived |
| Investing cash flow | -822.6 k | -627.5 k | -79.8 k | -878.9 k | SEC (XBRL)· 20 Apr 2026verified |
| Financing cash flow | 1.3 m | 6.8 m | 15.1 m | 6.7 m | SEC (XBRL)· 20 Apr 2026verified |
| Dividends paid | 889.3 k | — | — | — | SEC (XBRL)· 15 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.0 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -47.9% | 20 (vs peers) | 24% |
| Net margin · Quality | -5.9% | 56 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -3.0% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -171.1x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.5x | 59 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -64.6% | 0 (on a fixed band) | 19% |
| 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 sheet24/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Jayud Global Logistics Limited (JYD). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 85.5 m USD in 2025; YoY growth 8.7%; net margin -5.9%; ROE -36.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -47.9%
- Revenue CAGR 3Y: -3.0%
- Interest coverage: -171.1x
- FCF yield: -64.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 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 | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 25.5 bn | 25.1 | 45.0% | 7.9% | +4.4% | +35% / +64% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 29.6 | 56.0% | 2.9% | +5.0% | +1% / +43% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | −17% / −70% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +28% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −79% / −79% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −50% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −87% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −30% / −29% |
1- and 3-year price returns: for JYD 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 20 Apr 2026; since then the company filed 6-K (27 May 2026), 6-K (24 Apr 2026), 6-K (22 Apr 2026).
In brief
Jayud Global Logistics is a Shenzhen-based end-to-end supply chain provider focused on cross-border logistics for e-commerce and manufacturers exporting from China. Revenue rose to RMB 600.8 million (US$85.5 million) in fiscal 2025, but the company remained loss-making, so the path of its gross margin and funding capacity matters now.
SWOT
Strengths
- The location in Shenzhen and access to dedicated air routes give a real operational advantage. Proprietary IT systems allow integration with large clients.
- The company has moved from gross losses to a gross profit, showing an ability to improve efficiency.
- The service portfolio covers freight forwarding, supply chain management and customs services, offering clients a single solution.
Weaknesses
- The company remains loss-making at the operating and net level, meaning activity has not yet turned into profit.
- Reliance on a few large clients makes revenue sensitive to the loss of one of them.
- The supply chain management segment has a near-zero gross margin, so it adds little profit.
Opportunities
- Expansion in warehousing and customs services could diversify revenue and reduce dependence on freight forwarding.
- Growth in cross-border e-commerce could generate new volumes for the company's network.
- If margins stabilize, the company could finance infrastructure expansion more easily.
Threats
- More entrants could pressure rates and margins in a market that is already fragmented.
- Trade restrictions and government policies in China and the US could affect volumes and compliance costs.
- Fuel costs and supply chain instability could reduce margins if they cannot be passed on to clients.
Risks
- Loss of large clientshigh
A significant share of revenue comes from a small number of clients, and contracts do not guarantee continuity. If a major client leaves, revenue could fall quickly.
- US securities class actionhigh
The company is named in a putative class action over alleged misstatements in its filings with the SEC. The outcome could affect the company financially and reputationally.
- China-related riskshigh
Changes in Chinese policy, regulation and oversight could limit operations or the ability to raise capital in overseas markets. The company notes such changes could significantly affect the value of its securities.
- Capital requirementsmedium
The expansion strategy and operating losses may require additional financing. If funding is not available on acceptable terms, plans could be delayed.
- Share price volatilitymedium
The company states that the price of its Class A shares has been volatile and likely will continue to be volatile, which could cause losses for investors.
Investment thesis
What would need to be true (bull case)
- The move from gross losses to gross profit in 2025 shows the business model can become more efficient. If margins hold, the company could turn its revenue base into operating profit.
- The Shenzhen position and dedicated air routes provide a cost advantage that smaller competitors may find hard to copy. If volumes grow, the advantage could become more visible.
- Expansion into warehousing and customs services could reduce dependence on freight forwarding and could raise the average margin.
What would break the thesis
- The company remains loss-making at the net and operating level, and investors could require evidence that the move to profit is durable.
- Dependence on a few large clients makes revenue vulnerable to the loss of one important contract.
- The US class action and Chinese regulatory risks could add costs and uncertainty, especially if financing becomes more expensive.
What to watch
- Development of gross margin and reduction of the operating lossQ1 2027
- Number of customers and average revenue per customer2027
- Outcome of the US class actionnext 10-K
- New financing through share issuance2027
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 20 Apr 2026; since then the company filed 6-K (27 May 2026), 6-K (24 Apr 2026), 6-K (22 Apr 2026).
The business
The company operates mainly in China through its Shenzhen subsidiaries and offers three service groups: freight forwarding, supply chain management and other value-added services such as customs brokerage and warehousing. Customers are mainly companies in electronics, lithium-ion batteries for electric vehicles and cross-border e-commerce, and Jayud coordinates air, ocean and overland transport in one integrated flow. Per the 20-F, the company has been listed on Nasdaq since April 2023 under the symbol JYD.
Freight forwarding covers integrated cross-border logistics, fragmented logistics (air, ocean or overland legs sold separately) and chartered air freight. Integrated logistics includes both custom contracts for large clients and standardized modules for SMEs and online sellers. The company buys cargo space from airlines and resells it to customers, which lets it offer rates below those negotiated directly.
Financially, the company moved from gross losses in 2023 and 2024 to a gross profit of RMB 20.1 million in 2025, while the operating loss remained significant. The customer count fell from 1,930 to 1,701 in 2025 while average revenue per customer rose, and the revenue mix shifted toward supply chain management, which carries thinner margins.
Segments
Supply chain management
The segment reached RMB 264.3 million in 2025, or 44.0% of revenue, driven largely by international trading. Its gross margin is nearly zero, so it adds more to volume than to profit.
Other value-added services
Revenue from services such as customs brokerage and integrated station and customs services was RMB 6.95 million in 2025, with a gross margin of about 20%. The segment is small but earns a better margin than the other two.
Market context
The cross-border logistics market in China is fragmented, and Shenzhen, part of the Greater Bay Area, is a major hub for international e-commerce. Growth depends on the volume of international trade and e-commerce, both sensitive to global economic cycles and trade policy.
China's inflation was 0.2% in 2025, so domestic inflation pressure is low, but fossil fuel prices still affect transport costs because freight still relies on fuel. The company says it expects fuel price pressure to be limited as it expands warehouse services.
Trends
- Gross margin recoverytailwind
The company moved from gross losses in 2023 and 2024 to a gross profit in 2025, showing improved efficiency in freight forwarding. If the trend holds, margins could support value over the longer term.
- Cross-border e-commercemixed
The growth of international trade and e-commerce directly drives the company's shipping volumes. If international consumer demand grows, the company could benefit from higher volumes.
- Trade tensions and sanctionsheadwind
Trade restrictions and policy shifts in China and the United States could reduce transported volumes and raise compliance costs. The effect depends on the direction of policy and on the company's ability to diversify its routes.
- Fuel costsheadwind
Fossil fuel prices, which rose after the 2022 tensions, increase the cost of freight services that still depend on fuel-powered transport. The margin effect depends on whether the company can pass costs on to customers.
Competitive position
The Shenzhen cross-border logistics market is fragmented, and larger players hold fuller service capabilities and better bargaining power. The company states it expects more competitors to enter this market, which could pressure margins.
The company differentiates through integration of its own IT systems with large clients' systems and dedicated air routes, for example to Southeast Asia and India. It still depends on a few large customers, which limits its bargaining power.
- Chinese integrated cross-border logistics providers
Domestic Chinese firms offering the same end-to-end services are direct competitors, but they are not listed in the US according to the source.
- Charter air freight and cargo consolidators
Competition comes from air space consolidators that resell capacity to smaller clients, the same model the company uses.
- US customs and warehousing service providers
The company is expanding in the US through warehousing and customs brokerage subsidiaries, where it competes with local operators.
- Air and ocean carriers
Airlines and shipping lines are both suppliers and potential competitors, since they can sell directly to end customers.
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)27 May 2026
- Current report (foreign issuer)24 Apr 2026
- Current report (foreign issuer)22 Apr 2026
- Annual report (foreign issuer)20 Apr 2026
- Current report (foreign issuer)17 Mar 2026
- Current report (foreign issuer)23 Jan 2026
- Current report (foreign issuer)31 Dec 2025
- Current report (foreign issuer)30 Oct 2025
- Current report (foreign issuer)15 Oct 2025
- Current report (foreign issuer)10 Sept 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Jayud Global Logistics Ltd · 20 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.