MeritValue

JIADE Ltd

JDZGdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

JIADE Ltd earns about -0% on invested capital, but has diluted owners by 125% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue$2.57M1$3.67M2
Net income$767,6393−$1.51M4
Operating cash flow−$691,9745−$13,3226
Capital expenditure$81,1737$623,7448
Free cash flow (derived)−$773,1475−$637,0666
Total debt——
Cash & equivalents$536,7849$2.83M10
Diluted shares122,679275,685

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$625.19
your share of equity
Profit it earned you last year
−$54.94
Free cash flow it threw off
−$23.11
Debt you’d be carrying
—

10 shares is a claim on $625.19 of net worth that earned you −$54.94 and generated −$23.11 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 2y
FY24 8%FY25 -8%

It earned an average -0% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+125% shares · 2y

Share count is up 125% over 2 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-12-31 · accession 0001410578-25-000919 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001104659-26-041971 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001410578-25-000919 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001104659-26-041971 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001410578-25-000919 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001104659-26-041971 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001410578-25-000919 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001104659-26-041971 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000919 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-041971 (CashAndCashEquivalentsAtCarryingValue)