6-K
Jayud Global Logistics Ltd (JYD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number: 001-41656
Jayud Global Logistics Limited
(Exact name of registrant as specified in its charter)
Building 3, No. 7 Gangqiao Road,
Li Lang Community, Nanwan Street,
Longgang District, Shenzhen,
People’s Republic ofChina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
Jayud Global Logistics Limited, a Cayman Islands exempted company (the “Company”) is furnishing this report on Form 6-K to provide results for the six months ended June 30, 2024 in connection with the unaudited interim condensed consolidated financial statements as of and for the six months ended June 30, 2024.
Other than as indicated below, the information in this report on Form 6-K (including in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
The document attached as Exhibit 99.1 to this report on Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form F-3, as amended (File No. 333-280010), and shall be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 25, 2024
| Jayud Global Logistics Limited | |
|---|---|
| By: | /s/ Xiaogang<br> Geng |
| Name: | Xiaogang Geng |
| Title: | Chief Executive Officer |
2
Exhibits Index
3
Exhibit 99.1
Financial Results for the First Half Year EndedJune 30, 2024 in Connection with the Unaudited InterimCondensed Consolidated Financial Statements as of and for the Six Months Ended June 30, 2024
FinancialResults for the First Half Year Ended June 30, 2024
Revenue
Total revenues increased by approximately RMB101.1 million, or 59.6%, from approximately RMB169.5 million for the six months ended June 30, 2023 to approximately RMB270.6 million (US$38.0 million) for the six months ended June 30, 2024. The increase was mainly due to the significant increase in revenues from our supply chain management of RMB104.2 million offset by the slight decrease in revenues from our freight forwarding services of RMB3.1 million.
Despite the significant economic headwinds faced in China, we were able to expand our customer base during the six months ended June 30, 2024. Our customer base increased by 12.2% from 1,317 customers for the six months ended June 30, 2023 to 1,478 customers for the six months ended June 30, 2024.
Cost of Revenue
Our cost of revenue increased by 60.7%, from RMB170.1 million for the six months ended June 30, 2023 to RMB273.3 million (US$38.4 million) for the six months ended June 30, 2024.
Our cost of revenues for freight forwarding services increased by approximately RMB4.8 million, or 2.9%, from approximately RMB167.6 million for the six months ended June 30, 2023 to approximately RMB172.4 million (US$24.1 million) for the six months ended June 30, 2024. Cost of freight charges, representing the main source of our cost of revenue, increased by RMB4.5 million, or 3.0%, from approximately RMB148.2 million for the six months ended June 30, 2023 to approximately RMB152.7 million (US$21.4 million) for the six months ended June 30, 2024. The main components of freight charges were the freight and the delivery fees paid to third-party carriers. Due to significant price increase in ocean freight compared to the 1st half of 2023, the Company’s costs of freight increased during the six months ended June 30, 2024.
Our cost of revenues for supply chain management increased by approximately RMB98.1 million, or 7546.2%, from approximately RMB1.3 million for the six months ended June 30, 2023 to approximately RMB99.4 million (US$14.0 million) for the six months ended June 30, 2024. The increase was in line with the increase in our international trading business.
Gross loss
Our gross loss increased by RMB2.1 million, or 350.0%, from RMB0.6 million for the six months ended June 30, 2023 to RMB2.7 million (US$0.4 million) for the six months ended June 30, 2024. For the six months ended June 30, 2023 and 2024, our overall gross profit margin decreased from negative 0.4% to negative 1.0% mainly due to loss from warehousing services and chartered carrier transport.
Operating Expenses
Our operating expenses decreased from RMB23.9 million for the six months ended June 30, 2023 to RMB15.6 million (US$2.2 million) for the six months ended June 30, 2024, representing a period-on-period decrease of 34.7%. This decrease was primarily attributable to (i) a decrease of RMB2.4 million (US$0.3 million) of customer acquisition costs; (ii) a decrease of RMB1.2 million (US$0.2 million) in expenses associated with the Company’s initial public offering incurred during the six months ended June 30, 2023; (iii) a decrease of RMB2.8 million (USD$0.4 million) in provision for doubtful accounts due to a reversal of credit losses of RMB1.8 million (US$0.3 million) during the six months ended June 30, 2024 resulting from the subsequent collection of allowance recognized at the end of 2023; (iv) a decrease of research and development costs of RMB1.3 million (USD$0.2 million) since substantial work of the Company’s operation systems were done during the six months ended June 30, 2023; (v) a decrease in lease termination losses of RMB0.9 million (US$0.1 million) due to deposit loss from termination of the lease of one of the warehouses during the six months ended June 30, 2023; and offset by an increase in impairment charges on long-lived assets of RMB1 million (US$0.1 million).
Other expenses, net
Total other expense remains stable for the six months ended June 30, 2023 and 2024, all amounted to RMB1.6 million (US$0.2 million). Other expense, net consisted of non-operating income (expenses), foreign exchange loss and financial expenses, net.
Net loss
As a result of the foregoing, our net loss decreased by RMB6.9 million, or 26.3%, from RMB26.2 million for the six months ended June 30, 2023 to RMB19.3 million (US$2.7 million) for the six months ended June 30, 2024.
JAYUD GLOBAL LOGISTICS LIMITED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| (Unaudited) | |||||||
| RMB | US | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | 26,103,076 | 21,076,691 | |||||
| Restricted cash | 501,952 | - | |||||
| Accounts receivable, net | 41,281,988 | 46,816,230 | |||||
| Accounts receivable - related parties | - | 260,010 | |||||
| Contract assets | 2,023,221 | 2,787,512 | |||||
| Prepaid expenses and other current assets, net | 12,513,878 | 9,626,088 | |||||
| Other receivable - related parties | 164,858 | 385,563 | |||||
| Total current assets | 82,588,973 | 80,952,094 | |||||
| Non-current assets | |||||||
| Property and equipment, net | 1,123,976 | 973,909 | |||||
| Intangible asset, net | 1,994,868 | 1,550,055 | |||||
| Operating right-of-use assets, net | 8,992,535 | 3,685,004 | |||||
| Deferred offering costs | - | 299,397 | |||||
| Deferred tax assets, net | 3,689,514 | 4,829,555 | |||||
| Refundable deposits | 2,060,734 | 1,060,734 | |||||
| Total non-current assets | 17,861,627 | 12,398,654 | |||||
| TOTAL ASSETS | 100,450,600 | 93,350,748 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Short-term borrowings | 25,603,498 | 21,436,891 | |||||
| Current maturities of long-term borrowing | 4,400,000 | 4,100,000 | |||||
| Loan payable - a related party | 3,000,000 | - | |||||
| Loans payable - a third party | - | 2,829,023 | |||||
| Accounts payable - third parties | 39,804,623 | 40,867,407 | |||||
| Accounts payable - related parties | 6,666,458 | 18,241,237 | |||||
| Contract liabilities | 4,777,398 | 2,611,792 | |||||
| Accrued expenses and other current liabilities | 7,485,881 | 13,437,842 | |||||
| Other payables - related parties | 8,516,645 | 738,548 | |||||
| Other payables - shareholders | 37,029 | 18,013 | |||||
| Taxes payable | 513,197 | 917,728 | |||||
| Operating lease liabilities - current | 8,806,671 | 5,067,633 | |||||
| Total current liabilities | 109,611,400 | 110,266,114 | |||||
| Non-current liabilities | |||||||
| Loans payable - shareholders | 823,265 | 16,335,567 | |||||
| Loans payable - a third party | 2,833,080 | - | |||||
| Loans payable - a related party | - | 2,000,000 | |||||
| Operating lease liabilities – non-current | 5,216,622 | 2,268,683 | |||||
| Other payables - shareholders -non-current | 6,937,500 | 6,937,500 | |||||
| Deferred tax liabilities | 760,806 | 980,166 | |||||
| Total non-current liabilities | 16,571,273 | 28,521,916 | |||||
| Total liabilities | 126,182,673 | 138,788,030 | |||||
| Commitments and contingencies | |||||||
| Shareholders’deficit | |||||||
| Class A Ordinary shares (par value of US0.0001 per share;480,000,000 Class A ordinary shares authorized and 14,942,623 Class A ordinary shares issued and outstanding as of December 31, 2023 and June 30, 2024.) | 9,787 | 9,787 | |||||
| Class B Ordinary shares (par value of US0.0001 per share; 20,000,000 Class B ordinary shares authorized and 6,409,600 class B shares issued and outstanding as of December 31, 2023 and June 30, 2024.) | 4,087 | 4,087 | |||||
| Additional paid in capital | 60,423,647 | 59,999,981 | |||||
| Statutory reserves | 502,941 | 764,231 | |||||
| Accumulated deficit | (77,454,208 | ) | (95,650,425 | ) | ) | ||
| Accumulated other comprehensive loss | (1,541,653 | ) | (1,511,046 | ) | ) | ||
| Total Jayud Global Logistics Limited shareholders’ deficit | (18,055,399 | ) | (36,383,385 | ) | ) | ||
| Non-controlling interests | (7,676,674 | ) | (9,053,897 | ) | ) | ||
| Total shareholders’ deficit | (25,732,073 | ) | (45,437,282 | ) | ) | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | 100,450,600 | 93,350,748 |
All values are in US Dollars.
2
JAYUD GLOBAL LOGISTICS LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS AND COMPREHENSIVE LOSS
| For the Six Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| RMB | RMB | US | ||||||
| Revenues - freight forwarding | 166,182,598 | 162,734,262 | ||||||
| Revenues - freight forwarding - related parties | 211,684 | 609,612 | ||||||
| Revenues - supply chain management and others | 3,090,971 | 106,622,319 | ||||||
| Revenues - supply chain management and others - related parties | - | 641,316 | ||||||
| Total Revenues | 169,485,253 | 270,607,509 | ||||||
| Cost of revenues -freight forwarding | (133,365,583 | ) | (139,288,357 | ) | ) | |||
| Cost of revenues -freight forwarding - related parties | (34,233,328 | ) | (33,130,090 | ) | ) | |||
| Cost of revenues - supply chain management and others | (2,495,486 | ) | (100,901,129 | ) | ) | |||
| Total Cost of revenues | (170,094,397 | ) | (273,319,576 | ) | ) | |||
| Gross loss | (609,144 | ) | (2,712,067 | ) | ) | |||
| Operating expenses | ||||||||
| Selling expenses | (6,373,345 | ) | (3,850,752 | ) | ) | |||
| (Provision for) / reversal of credit losses | (993,807 | ) | 1,840,875 | |||||
| Impairment charges on long-lived assets | - | (963,867 | ) | ) | ||||
| Lease termination loss | (1,197,921 | ) | (310,673 | ) | ) | |||
| General and administrative expenses | (13,628,922 | ) | (11,844,976 | ) | ) | |||
| Research and development expenses | (1,755,063 | ) | (502,278 | ) | ) | |||
| Total operating expenses | (23,949,058 | ) | (15,631,671 | ) | ) | |||
| Operating loss | (24,558,202 | ) | (18,343,738 | ) | ) | |||
| Other expenses | ||||||||
| Other (expenses) income, net | (241,469 | ) | 74,482 | |||||
| Foreign exchange loss, net | (974,371 | ) | (464,790 | ) | ) | |||
| Financial expenses, net | (417,654 | ) | (1,252,481 | ) | ) | |||
| Total other expenses, net | (1,633,494 | ) | (1,642,789 | ) | ) | |||
| Loss before income tax expense | (26,191,696 | ) | (19,986,527 | ) | ) | |||
| Income tax (expenses) benefit | (36,339 | ) | 672,393 | |||||
| Net loss | (26,228,035 | ) | (19,314,134 | ) | ) | |||
| Less: Net loss attributable to non-controlling interests | (2,476,015 | ) | (1,379,207 | ) | ) | |||
| Net loss attributable to the Jayud Global Logistics Limited’s ordinary shareholders | (23,752,020 | ) | (17,934,927 | ) | ) | |||
| Net loss | (26,228,035 | ) | (19,314,134 | ) | ) | |||
| Foreign currency translation adjustment, net of tax | (2,452,762 | ) | (1,329,500 | ) | ) | |||
| Total comprehensive loss | (28,680,797 | ) | (20,643,634 | ) | ) | |||
| Less: total comprehensive loss attributable to non-controlling interest | (2,476,015 | ) | (1,379,207 | ) | ) | |||
| Total comprehensive loss attributable to Jayud Global Logistics Limited’s ordinary shareholders | (26,204,782 | ) | (19,264,427 | ) | ) | |||
| Net loss per share | ||||||||
| Basic and diluted | (1.16 | ) | (0.84 | ) | ) | |||
| Weighted average shares | ||||||||
| Basic and diluted | 20,494,426 | 21,352,223 |
All values are in US Dollars.
3