MeritValue

Jayud Global Logistics Ltd

JYDdata completeness 100%4 fiscal years on file
The thesis, from the filings

Jayud Global Logistics Ltd earns about -4% on invested capital, and has bought back 87% of its shares over 4 years. 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 2022FY 2023FY 2024FY 2025
Revenue$93.6M1$70.3M2$78.6M3$85.5M4
Net income$197,8435−$10.2M6−$6.9M7−$5.06M8
Operating cash flow−$2.19M9−$6.24M10−$13.6M11−$5.12M12
Capital expenditure$308,76813$627,50014$100,06215$724,59016
Free cash flow (derived)−$2.5M9−$6.87M10−$13.7M11−$5.84M12
Total debt$2.76M17$3.61M18$1.46M19$4.38M20
Cash & equivalents$4.01M21$3.7M22$5.28M23$5.49M23
Diluted shares18.1M418,490581,7152.3M

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
$65.34
your share of equity
Profit it earned you last year
−$22.15
Free cash flow it threw off
−$25.54
Debt you’d be carrying
$19.17

10 shares is a claim on $65.34 of net worth that earned you −$22.15 and generated −$25.54 of cash last year, against $19.17 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 4y
FY22 10%FY23 —FY24 9%FY25 -31%

It earned an average -4% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−87% shares · 4y

Share count is down 87% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 59% over the same window.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 2022-12-31 · accession 0001213900-23-039570 (Revenues)
  2. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-081072 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-25-034179 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2025-12-31 · accession 0001213900-26-045588 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-23-039570 (ProfitLoss)
  6. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-081072 (NetIncomeLoss)
  7. 20-F · period ending 2024-12-31 · accession 0001213900-25-034179 (NetIncomeLoss)
  8. 20-F · period ending 2025-12-31 · accession 0001213900-26-045588 (NetIncomeLoss)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-23-039570 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-081072 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-25-034179 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2025-12-31 · accession 0001213900-26-045588 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-23-039570 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-081072 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 20-F · period ending 2024-12-31 · accession 0001213900-25-034179 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 20-F · period ending 2025-12-31 · accession 0001213900-26-045588 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-23-039570 (LongTermDebtNoncurrent)
  18. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-081072 (ShortTermBorrowings)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-25-034179 (ShortTermBorrowings)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-045588 (LongTermDebtNoncurrent)
  21. 20-F · period ending 2022-12-31 · accession 0001213900-23-039570 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2023-12-31 · accession 0001213900-25-034179 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 20-F · period ending 2024-12-31 · accession 0001213900-26-045588 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)