Jayud Global Logistics Limited (JYD)

Jayud Global Logistics Limited 20-F Financial Review

Report Date: 2025-04-30
Period Covered: Fiscal Year ended December 31, 2024
Form Type: 20-F

Overview

Jayud Global Logistics Limited (“Jayud” or the “Company”) is a Cayman Islands holding company whose principal operations are conducted through PRC- and Hong Kong-based subsidiaries. Jayud provides:

• Freight Forwarding: Air, sea and overland consolidation and charter services;
• Contract Logistics: End-to-end order processing, warehousing and last-mile delivery;
• Value-Added Services: Customs brokerage and proprietary SCM software.

Financial Highlights

• Revenue recovered to RMB 5,652 million in FY 2024 (+13.5% YoY).
• Gross Profit turned positive at RMB 111.7 million vs. a gross loss of RMB 158.7 million in FY 2023.
• Net Loss narrowed to RMB 555,095 vs. RMB 802,753 in FY 2023.
• Debt fell from RMB 25,603 million at end-2023 to RMB 10,498 million at end-2024 (–59%).

Profit and Loss Analysis

• Freight Forwarding revenue improved slightly to RMB 3,231 million, driven by price stabilization in key lanes, but margins remain tight.
• Contract Logistics grew 56.0% to RMB 2,381 million, reflecting new client wins in electronics and battery sectors.
• Value-Added Services (customs brokerage and software) rose 53.6% to RMB 408 million, boosting margin.
• Operating Expenses decreased 35.9% to RMB 409 million as bad-debt provisions fell and administrative costs were contained.

Reasons for the FY 2024 Net Loss Reduction

• Tight cost control: lower bad-debt provisions and negotiated reductions in warehouse and IT expenses.
• Improved customer mix: shift toward higher-margin contract logistics and services.
• Debt restructuring: lower interest expense following repayment of several bank loans.

Pros and Cons

Pros

• Diversified service portfolio reduces reliance on pure forward-freight.
• Proprietary SCM software upsells into existing freight base.
• Debt reduction enhances liquidity and lowers interest burden.

Cons

• Industry remains fragmented with pricing pressure on forwarding.
• Exposure to China regulatory and FX controls on capital flows.
• Working capital intensity remains high (AR Days ~70).

Revenue by Service Line FY 2024 (RMB million)

• Freight Forwarding: 3,231 (57.2% of total)
• Contract Logistics (Integrated): 2,381 (42.1%)
• Value-Added Services: 408 (7.2%)

Revenue by Geography FY 2024

• PRC Mainland & Hong Kong: 5,558 (98.3%)
• U.S. Operations: 95 (1.7%)

Top-5 Customer Concentration

• Top 5 customers accounted for 32.6% of FY 2024 revenue (down from 42.3% in FY 2023).

Average AR Aging & Payables

• AR Days: 70 (2024) vs. 55 (2023)
• AP Days: 78 (2024) vs. 60 (2023)

Financial Direction & Outlook

Jayud has stabilized its core forwarding business and is leveraging its SCM and value-added services to improve overall profitability. The aggressive debt paydown in 2024 freed up RMB 15,000,000 in interest savings, but working capital remains an ongoing drain.

Growth Trajectory:

• Expect double-digit growth in contract logistics and digital services in 2025.
• U.S. warehouse acquisitions lay groundwork for cross-border expansion.

Financial Health Indicators:

• Net debt/EBITDA improving from >10× in 2023 to ~5× in 2024.
• Current ratio rose from 0.6× to 1.2×, reflecting lower bank borrowings.

Challenges & Opportunities:

• Continued pressure on freight rates may cap margin recovery.
• Regulatory uncertainty in PRC capital controls could delay dividend repatriation.
• Opportunity to cross-sell SCM platform into existing freight customer base.

Conclusion:
Jayud is emerging from a turnaround phase, with disciplined cost management and debt reduction. The strategic shift to contract logistics and software, combined with U.S. warehousing assets, positions Jayud for sustainable margin improvement, but execution in capital markets and working capital control will determine its ultimate recovery and shareholder returns.