UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-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 November 2024
Commission File Number: 001-42098
JIADE LIMITED
Unit 2-02, Puningdun Business Plaza, No. 1702
and 1706 Minjiang Road
Jinjiang District, Chengdu City, Sichuan Province
The People’s Republic of China, 610000
(Address of principal executive office)
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
x Form 40-F ¨
EXHIBIT INDEX
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.
| |
JIADE LIMITED |
| |
|
|
| Date: November 27, 2024 |
By: |
/s/ Yuan Li |
| |
Name: |
Yuan Li |
| |
Title: |
Chief Executive Officer |
Exhibit 99.1
JIADE LIMITED
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
| | |
December 31, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
| | |
| | |
| |
| | |
RMB | | |
RMB | | |
USD | |
| CURRENT ASSETS: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 7,081,937 | | |
| 62,636,592 | | |
| 8,619,082 | |
| Accounts receivable | |
| 7,819,344 | | |
| 9,398,484 | | |
| 1,293,274 | |
| Deferred IPO costs | |
| 7,869,926 | | |
| — | | |
| — | |
| Prepayment and other current assets | |
| 34,151 | | |
| 946,358 | | |
| 130,223 | |
| Due from related parties | |
| 8,000 | | |
| 20,000 | | |
| 2,752 | |
| TOTAL CURRENT ASSETS | |
| 22,813,358 | | |
| 73,001,434 | | |
| 10,045,331 | |
| Non-current assets | |
| | | |
| | | |
| | |
| Property and equipment, net | |
| 160,303 | | |
| 91,080 | | |
| 12,533 | |
| Intangible assets, net | |
| 1,989,722 | | |
| 1,977,254 | | |
| 272,079 | |
| Right-of-use assets – operating lease | |
| 200,539 | | |
| 102,973 | | |
| 14,170 | |
| Other long-term assets | |
| 67,757 | | |
| 21,450 | | |
| 2,952 | |
| TOTAL ASSETS | |
| 25,231,679 | | |
| 75,194,191 | | |
| 10,347,065 | |
| LIABILITIES AND EQUITY | |
| | | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | | |
| | |
| Bank loans | |
| 3,000,000 | | |
| 2,000,000 | | |
| 275,209 | |
| Accounts payable | |
| 1,553 | | |
| 26,278 | | |
| 3,616 | |
| Payroll payables | |
| 676,618 | | |
| 938,892 | | |
| 129,196 | |
| Other payables | |
| 591,562 | | |
| 542,359 | | |
| 74,631 | |
| Deferred revenue | |
| 58,293 | | |
| - | | |
| - | |
| Operating lease liabilities – current | |
| 152,539 | | |
| 93,652 | | |
| 12,887 | |
| Taxes payable | |
| 2,929,371 | | |
| 3,942,801 | | |
| 542,547 | |
| Due to related parties. | |
| — | | |
| 19,300 | | |
| 2,656 | |
| TOTAL CURRENT LIABILITIES | |
| 7,409,936 | | |
| 7,563,282 | | |
| 1,040,742 | |
| Long-term loans – non-current portion | |
| — | | |
| — | | |
| — | |
| Operating lease liabilities – long-term | |
| — | | |
| — | | |
| — | |
| TOTAL LIABILITIES | |
| 7,409,936 | | |
| 7,563,282 | | |
| 1,040,742 | |
| COMMITMENTS AND CONTINGENCIES
EQUITY: | |
| | | |
| | | |
| | |
| Ordinary shares, US$0.01 par value,
200,000,000 shares authorized, 22,235,471 and 24,535,471 shares issued and outstanding as of December 31, 2023 and
June 30, 2024, respectively | |
| 1,542,964 | | |
| 1,709,070 | | |
| 245,355 | |
| Additional paid-in capital | |
| 2,729,084 | | |
| 50,147,911 | | |
| 6,900,582 | |
| Statutory reserves | |
| 1,494,652 | | |
| 2,012,007 | | |
| 276,861 | |
| Ordinary shares subscribed | |
| (1,542,964 | ) | |
| (1,542,964 | ) | |
| (222,355 | ) |
| Subscription receivable | |
| — | | |
| (3,270,240 | ) | |
| (450,000 | ) |
| Retained earnings | |
| 13,451,868 | | |
| 18,108,060 | | |
| 2,491,752 | |
| Accumulated other comprehensive income | |
| — | | |
| 275,347 | | |
| 37,747 | |
| TOTAL EQUITY
ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY | |
| 17,675,604 | | |
| 67,439,191 | | |
| 9,297,942 | |
| NON-CONTROLLING INTERESTS | |
| 146,139 | | |
| 191,718 | | |
| 26,381 | |
| TOTAL EQUITY | |
| 17,821,743 | | |
| 67,630,909 | | |
| 9,306,323 | |
| TOTAL LIABILITIES AND EQUITY | |
| 25,231,679 | | |
| 75,194,191 | | |
| 10,347,065 | |
JIADE LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF
INCOME AND COMPREHENSIVE INCOME
| | |
For the six months ended June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
| | |
| | |
| |
| | |
RMB | | |
RMB | | |
USD | |
| Revenue – third parties | |
| 6,673,176 | | |
| 8,921,488 | | |
| 1,227,638 | |
| Revenue – related party | |
| 853,089 | | |
| — | | |
| — | |
| Revenue | |
| 7,526,265 | | |
| 8,921,488 | | |
| 1,227,638 | |
| COSTS AND EXPENSES | |
| | | |
| | | |
| | |
| Direct cost of revenue | |
| 430,353 | | |
| 400,313 | | |
| 55,085 | |
| Selling expenses | |
| 235,231 | | |
| 259,040 | | |
| 35,645 | |
| General and administrative expenses | |
| 1,099,705 | | |
| 1,550,235 | | |
| 213,319 | |
| Research and development expenses | |
| 188,510 | | |
| 213,122 | | |
| 29,327 | |
| Total costs and expenses | |
| 1,953,799 | | |
| 2,422,710 | | |
| 333,376 | |
| INCOME FROM OPERATIONS | |
| 5,572,466 | | |
| 6,498,778 | | |
| 894,262 | |
| OTHER INCOME (EXPENSES) | |
| | | |
| | | |
| | |
| Interest income | |
| 516 | | |
| 15,639 | | |
| 2,152 | |
| Interest expense | |
| (32,492 | ) | |
| (49,642 | ) | |
| (6,831 | ) |
| Other loss, net | |
| (173,577 | ) | |
| (288,050 | ) | |
| (39,637 | ) |
| Total other expenses, net | |
| (205,553 | ) | |
| (322,053 | ) | |
| (44,316 | ) |
| INCOME BEFORE INCOME TAXES | |
| 5,366,913 | | |
| 6,176,725 | | |
| 849,946 | |
| INCOME TAXES PROVISION | |
| 784,961 | | |
| 957,599 | | |
| 131,770 | |
| NET INCOME | |
| 4,581,952 | | |
| 5,219,126 | | |
| 718,176 | |
| Less: net income attributable to non-controlling interest | |
| 37,572 | | |
| 45,579 | | |
| 6,272 | |
| NET INCOME ATTRIBUTABLE TO EQUITY
SHAREHOLDERS OF THE COMPANY | |
| 4,544,380 | | |
| 5,173,547 | | |
| 711,904 | |
| | |
| | | |
| | | |
| | |
| OTHER COMPREHENSIVE INCOME | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment | |
| — | | |
| 275,347 | | |
| 37,889 | |
| TOTAL COMPREHENSIVE INCOME | |
| 4,581,952 | | |
| 5,494,473 | | |
| 756,065 | |
| Less: comprehensive income attributable to non-controlling interest | |
| 37,572 | | |
| 45,579 | | |
| 6,272 | |
| TOTAL
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY | |
| 4,544,380 | | |
| 5,448,894 | | |
| 749,793 | |
| BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY* | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 0.20 | | |
| 0.21 | | |
| 0.03 | |
| Weighted average number of shares outstanding | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 22,235,471 | | |
| 24,535,471 | | |
| 24,535,471 | |
Exhibit 99.2
JIADE Limited Reports Unaudited
Financial Results for The Six Months Ended June 30, 2024
Overview
JIADE
LIMITED (the “Company,” “we,” “our,” or “us”) (Nasdaq: JDZG) is
an exempted company with limited liability incorporated in the Cayman Islands and not a Chinese operating company, and this corporate
structure involves unique risks to investors. As an exempted company with no material operations of our own, we conduct all of our operations
primarily through our subsidiaries in the People’s Republic of China (the “PRC”); namely, Shenzhen Kebiao Technology
Co., Ltd., a limited liability company organized under the laws of the PRC (“Shenzhen Kebiao”), Sichuan Jiade Zhigao
Technology Co., Ltd., a limited liability company organized under the laws of the PRC (“Jiade Zhigao”), and Sichuan Kebiao
Technology Co., Ltd., a PRC limited liability company (“Kebiao Technology). Our PRC subsidiaries
are companies that specialize in providing one-stop comprehensive education supporting services to adult education institutions, through
a wide spectrum of software platform and auxiliary solutions, to meet the evolving needs of their customers in the rapidly changing adult
education industry.
Our
PRC subsidiaries’ services are primarily offered through the Kebiao Technology Educational Administration Platform (the “KB
Platform”), which facilitates streamlined information and data management throughout the teaching cycle of adult education services,
from pre-enrollment to post-graduation. The KB Platform has enabled adult education institutions to improve student management efficiency,
save labor costs, and reduce human errors in data management. The KB Platform supports a broad range of functions, such as enrollment
consultation, student information collection, enrollment status management, learning progress management, grade inquiry, and graduation
management.
As part of the one-stop
comprehensive education supporting services, our PRC subsidiaries also provide auxiliary solutions to adult education institutions, which
encompass teaching support services throughout the entire teaching cycle and related exam administration services. Specifically, our PRC
subsidiaries offer pre-enrollment guidance on school/major selection and application strategy development, training for entrance exams,
as well as assistance in the application process. They also provide offline tutoring, exam administration services, and guidance on graduation
thesis preparation.
Our
PRC subsidiaries place a great premium on technology research and development. As of the date of this report, our PRC subsidiaries have
acquired 36 software copyrights since their incorporation in April 2020. In November 2022, Kebiao Technology was designated
a High and New Technology Enterprise (“HNTE”) (No. GR202251000919) by Sichuan Provincial Department of Science and Technology,
Sichuan Provincial Department of Finance, and Sichuan Provincial Tax Bureau of the State Taxation Administration. This certification is
awarded to companies that have engaged in continuous research and development and technology commercialization leading to significant
independent intellectual property rights within certain high-tech sectors.
Our
PRC subsidiaries’ business has experienced rapid growth since their inception. For the six months ended June 30, 2023
and 2024, we had total revenue of approximately RMB7,526,000 and RMB8,921,000 (US$1,228,000), respectively. Our net income was approximately
RMB4,582,000 and RMB5,219,000 (US$718,000) for the six months ended June 30, 2023 and 2024. As of December 31, 2023 and June 30,
2024, our PRC subsidiaries had cash of approximately RMB7,082,000 and RMB62,637,000 (US$8,619,000), respectively, and had working capital
of approximately RMB15,403,000 and RMB65,438,000 (US$9,005,000), respectively. As of June 30, 2024, our PRC subsidiaries had collectively
provided technological support services to over 17 adult education institutions and had collectively provided support services to approximately
80,000 students.
Results
of Operations for the Six Months Ended June 30, 2024
The
following is a summary of our result of operations for the six months ended June 30, 2023 and 2024, respectively.
| | |
For the six months ended June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
| | |
| | |
| |
| | |
RMB | | |
RMB | | |
US$ | |
| Revenue - third parties | |
| 6,673,176 | | |
| 8,921,488 | | |
| 1,227,638 | |
| Revenue - related party | |
| 853,089 | | |
| - | | |
| - | |
| Revenue | |
| 7,526,265 | | |
| 8,921,488 | | |
| 1,227,638 | |
| | |
| | | |
| | | |
| | |
| COSTS AND EXPENSES | |
| | | |
| | | |
| | |
| Direct cost of revenue | |
| 430,353 | | |
| 400,313 | | |
| 55,085 | |
| Selling expenses | |
| 235,231 | | |
| 259,040 | | |
| 35,645 | |
| General and administrative expenses | |
| 1,099,705 | | |
| 1,550,235 | | |
| 213,319 | |
| Research and development expenses | |
| 188,510 | | |
| 213,122 | | |
| 29,327 | |
| Total costs and expenses | |
| 1,953,799 | | |
| 2,422,710 | | |
| 333,376 | |
| INCOME FROM OPERATIONS | |
| 5,572,466 | | |
| 6,498,778 | | |
| 894,262 | |
| | |
| | | |
| | | |
| | |
| OTHER INCOME (EXPENSES) | |
| | | |
| | | |
| | |
| Interest income | |
| 516 | | |
| 15,639 | | |
| 2,152 | |
| Interest expense | |
| (32,492 | ) | |
| (49,642 | ) | |
| (6,831 | ) |
| Other expenses, net | |
| (173,577 | ) | |
| (288,050 | ) | |
| (39,637 | ) |
| Total other income (expenses), net | |
| (205,553 | ) | |
| (322,053 | ) | |
| (44,316 | ) |
| INCOME BEFORE INCOME TAXES | |
| 5,366,913 | | |
| 6,176,725 | | |
| 849,946 | |
| INCOME TAXES PROVISION | |
| 784,961 | | |
| 957,599 | | |
| 131,770 | |
| NET INCOME | |
| 4,581,952 | | |
| 5,219,126 | | |
| 718,176 | |
Revenue
| |
|
For the six months ended June 30, |
|
|
|
|
|
|
|
| |
|
2023 |
|
|
2024 |
|
|
Increase/(Decrease) |
|
| Revenue |
|
RMB |
|
|
% |
|
|
RMB |
|
|
US$ |
|
|
% |
|
|
RMB |
|
|
% |
|
| Third parties |
|
6,673,176 |
|
|
89 |
% |
|
8,921,488 |
|
|
1,227,638 |
|
|
100 |
% |
|
2,248,312 |
|
|
34 |
% |
| Related party |
|
853,089 |
|
|
11 |
% |
|
- |
|
|
- |
|
|
- |
|
|
(853,089 |
) |
|
(100 |
)% |
| Total revenue |
|
7,526,265 |
|
|
100 |
% |
|
8,921,488 |
|
|
1,227,638 |
|
|
100 |
% |
|
1,395,223 |
|
|
19 |
% |
Our PRC subsidiaries
generate revenue from providing adult education supporting services. Our PRC subsidiaries enter into service contracts with adult education
institutions to provide education supporting services through (i) software platform solutions, which facilitate streamlined information
and data management throughout the teaching cycle of adult education services, from pre-enrollment to post- graduation, and (ii) auxiliary
solutions to students designated by adult education institutions, which encompass teaching support services throughout the entire teaching
cycle and related exam administration services.
Total
revenue increased by approximately RMB1,395,000 (US$192,000), or 19%, to approximately RMB8,921,000 (US$1,228,000) for the six
months ended June 30, 2024 from approximately RMB7,526,000 for the six months ended June 30, 2023. The increase in revenue was
mainly attributable to: (i) an increase in revenue generated from third parties, amounting to approximately RMB2,248,000 (US$309,000),
due to the growing scale of adult education institutions served by our PRC subsidiaries (for the six months ended June 30, 2024,
our PRC subsidiaries served 12 adult education institutions with an aggregate of 72,096 students, compared to 12 adult education institutions
with approximately 48,121 students for the six months ended June 30, 2023); (ii) partially offset by a decrease in revenue generated
from a related party, amounting to approximately RMB853,000 (US$117,000), as a related party was reclassified as a third party effective
February 20, 2023,while the overall revenue generated from the former related party, Chengdu Jinjiang New Vision Training School,
increased by approximately RMB54,000 (US$7,000) for the six months ended June 30, 2024, compared to the six months ended June 30,
2023; and (iii) partially offset by a decrease in the average service price per student from RMB156 for the six months ended June 30,
2023 to RMB124 for the six months ended June 30, 2024, primarily due to discounts provided by our PRC subsidiaries to certain customers
in 2024.
The following table sets forth the breakdown
of our net revenue for the periods presented:
| | |
For the six months ended June 30, | | |
| | |
| |
| | |
2023 | | |
2024 | | |
Increase/(Decrease) | |
| Revenue | |
RMB | | |
% | | |
RMB | | |
US$ | | |
% | | |
RMB | | |
% | |
| National Unified | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Examination for College | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Admissions for Adults | |
2,523,885 | | |
34 | % | |
3,276,258 | | |
450,828 | | |
37 | % | |
752,373 | | |
30 | % |
| Open University of China | |
4,460,839 | | |
59 | % | |
2,932,356 | | |
403,506 | | |
33 | % | |
(1,528,483 | ) | |
(34 | )% |
| Self-taught Higher | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Education Examinations | |
506,945 | | |
7 | % | |
2,695,576 | | |
370,924 | | |
30 | % | |
2,188,631 | | |
432 | % |
| Online education | |
34,596 | | |
0 | % | |
17,298 | | |
2,380 | | |
0 | % | |
(17,298 | ) | |
(50 | )% |
| Total revenue | |
7,526,265 | | |
100 | % | |
8,921,488 | | |
1,227,638 | | |
100 | % | |
1,395,223 | | |
19 | % |
Revenue
from providing services related to National Unified Examination for College Admissions increased by approximately RMB752,000 (US$103,000),
or 30%, primarily due to (i) the increased number of students served from 17,171 for the six months ended June 30, 2023 to
22,919 for the six months ended June 30, 2024, mainly as a result of our stronger business relationships with existing adult education
institution customers and (ii) the average service price per student (for services related to National Unified Examination for College
Admissions for Adults) remaining stable from RMB147 for the six months ended June 30, 2023 to RMB143 for the six months ended June 30,
2024.
Revenue
from providing services related to the Open University of China decreased by approximately RMB1,528,000 (US$210,000), or 34%, primarily
due to (i) the decrease in the average service price per student (for services related to the Open University of China) from RMB160
for the six months ended June 30, 2023 to RMB88 for the six months ended June 30, 2024, and (ii) partially offset by an
increase in the number of students served from 27,852 for the six months ended June 30, 2023 to 33,353 for the six months ended June 30,
2024. The reduction in the service price per student was mainly due to the increased number of graduating students we served, for whom
we charged lower fees.
Revenue
from providing services related to Self-taught Higher Education Examinations increased by approximately RMB2,189,000 (US$301,000),
or 432%, primarily due to (i) the increased number of students served from 3,031 for the six months ended June 30, 2023 to 15,757
for the six months ended June 30, 2024, mainly as a result of our stronger business relationships with existing adult education institution
customers, and (ii) the average service price per student (for services related to National Unified Examination for College Admissions
for Adults) remaining stable from RMB167 for the six months ended June 30, 2023 to RMB171 for the six months ended June 30,
2024.
Revenue
from providing services related to online education decreased by approximately RMB17,000 (US$2,000), or 50%, primarily due to the
decrease in the average service price per student (for services related to online education) from RMB516 for the six months ended June 30,
2023 to RMB258 for the six months ended June 30, 2024. The reduction in the service price per student was mainly due to the enhanced
competition and the discounts granted by the PRC subsidiaries to certain customers.
Costs and expenses
Our costs and expenses
consist of direct cost of revenue, selling expenses, general and administrative expenses, and research and development expenses.
Direct Cost of revenue
The
following table sets forth the breakdown of our direct cost of revenue for the six months ended June 30, 2023 and 2024:
| | |
For the six months ended June 30, | | |
| | |
| |
| | |
2023 | | |
2024 | | |
Increase/(Decrease) | |
| Direct cost of revenue | |
RMB | | |
% | | |
RMB | | |
US$ | | |
% | | |
RMB | | |
% | |
| Cost of services | |
67,219 | | |
16 | % | |
43,219 | | |
5,947 | | |
11 | % | |
(24,000 | ) | |
(36 | )% |
| Employee benefit costs | |
325,323 | | |
76 | % | |
338,615 | | |
46,595 | | |
85 | % | |
13,292 | | |
4 | % |
| Others | |
37,811 | | |
8 | % | |
18,479 | | |
2,543 | | |
4 | % | |
(19,332 | ) | |
(51 | )% |
| Total direct cost of revenue | |
430,353 | | |
100 | % | |
400,313 | | |
55,085 | | |
100 | % | |
(30,040 | ) | |
(7 | )% |
Total
direct cost of revenue decreased by approximately RMB30,000 (US$4,000), or 7%, from approximately RMB430,000 for the six months
ended June 30, 2023 to approximately RMB400,000 (US$55,000) for the six months ended June 30, 2024, primarily due to fewer customized
services, such as training services purchased by our PRC subsidiaries in the first half of 2024.
Cost
of services decreased by approximately RMB24,000 (US$3,000), or 36%, from approximately RMB67,000 for the six months ended June 30,
2023 to approximately RMB43,000 (US$6,000) for the six months ended June 30, 2024, primarily due to fewer training services purchased
by our PRC subsidiaries to meet their students’ specific requirements, such as in-person courses.
Employee
benefit costs increased by approximately RMB13,000 (US$2,000), or 4%, from approximately RMB325,000 for the six months ended June 30,
2023 to approximately RMB339,000 (US$47,000) for the six months ended June 30, 2024, primarily because our PRC subsidiaries increased
the staff salaries.
Other costs primarily
represented short rental expenses related to exams, student card photo production fees, travelling expenses, business taxes and surcharges
and others.
Selling expenses
| |
|
For the six months ended June 30, | |
|
| |
| |
| |
|
2023 | |
|
2024 | |
|
Increase/(Decrease) | |
| Selling expenses |
|
RMB | |
% | |
|
RMB | |
US$ | |
% | |
|
RMB | |
% | |
| Employee benefits |
|
158,395 | |
67 | % |
|
148,316 | |
20,409 | |
57 | % |
|
(10,079 | ) |
(6 | )% |
| Entertainment expenses |
|
31,979 | |
14 | % |
|
67,974 | |
9,353 | |
26 | % |
|
35,995 | |
113 | % |
| Depreciation |
|
42,750 | |
18 | % |
|
42,750 | |
5,883 | |
17 | % |
|
- | |
- | |
| Others |
|
2,107 | |
1 | % |
|
- | |
- | |
0 | % |
|
(2,107 | ) |
(100 | )% |
| Total selling expenses |
|
235,231 | |
100 | % |
|
259,040 | |
35,645 | |
100 | % |
|
23,809 | |
10 | % |
Total
selling expenses increased by approximately RMB24,000 (US$3,000), or 10%, to approximately RMB259,000 (US$36,000) for the six months
ended June 30, 2024, compared to approximately RMB235,000 for the six months ended June 30, 2023. The increase in selling expenses
was mainly due to increased entertainment expenses and partially offset the decrease in employee benefits. The increased entertainment
expenses were due to more frequent communication with client. The decreased employee benefits were mainly due to a decrease in staff salaries.
General and administrative expenses
| | |
For the six months ended June 30, | | |
| |
| |
| | |
2023 | | |
2024 | | |
Increase/(Decrease) | |
General and administrative
expenses | |
RMB | |
% | | |
RMB | |
US$ | |
% | | |
RMB | |
% | |
| Employee benefits | |
383,117 | |
35 | % | |
692,472 | |
95,287 | |
45 | % | |
309,355 | |
81 | % |
| Consulting expenses | |
390,515 | |
36 | % | |
483,766 | |
66,568 | |
31 | % | |
93,251 | |
24 | % |
| Annual listing fee | |
- | |
- | | |
69,815 | |
9,607 | |
5 | % | |
69,815 | |
NA | |
| Rental expenses | |
171,244 | |
16 | % | |
97,104 | |
13,362 | |
6 | % | |
(74,140 | ) |
(43 | )% |
| Depreciation | |
57,827 | |
5 | % | |
23,338 | |
3,211 | |
2 | % | |
(34,489 | ) |
(60 | )% |
| Office expenses | |
26,509 | |
2 | % | |
36,768 | |
5,059 | |
2 | % | |
10,259 | |
39 | % |
| Travelling expenses | |
11,828 | |
1 | % | |
57,524 | |
7,916 | |
4 | % | |
45,696 | |
386 | % |
| Others | |
58,665 | |
5 | % | |
89,448 | |
12,309 | |
5 | % | |
30,783 | |
52 | % |
| Total general and administrative expenses | |
1,099,705 | |
100 | % | |
1,550,235 | |
213,319 | |
100 | % | |
450,530 | |
41 | % |
Total
general and administrative expenses increased by approximately RMB451,000 (US$62,000), or 41%, to
approximately RMB1,550,000 (US$213,000) for the six months ended June 30, 2024 from approximately RMB1,100,000 for the six months
ended June 30, 2023. As a percentage of revenue, general and administrative expenses were approximately 15% and 17% of our total
revenue for the six months ended June 30, 2023 and 2024, respectively. The increase in total general and administrative expenses
was primarily attributable to: (i) the increase in salary and employee benefits of our management department resulting from the increase
in compensation of independent directors and the recruitment of additional employees for our management department, and the increase in
listing fees and expenses related to the celebration banquet for successfully listing the Company’s ordinary shares on the
Nasdaq Capital Market, and (ii) partially offset by the decrease in rental expenses and depreciation
expenses resulting from early termination of a property lease.
Research and development expenses
| | |
For the six months ended June 30, | | |
| |
| |
| | |
2023 | | |
2024 | | |
Increase/(Decrease) | |
Research and development
expenses | |
RMB | |
% | | |
RMB | |
US$ | |
% | | |
RMB | |
% | |
| Employee benefits | |
134,404 | |
71 | % | |
171,073 | |
23,540 | |
80 | % | |
36,669 | |
27 | % |
| Depreciation | |
15,394 | |
8 | % | |
5,185 | |
713 | |
2 | % | |
(10,209 | ) |
(66 | )% |
| Office expenses | |
4,403 | |
2 | % | |
7,876 | |
1,084 | |
4 | % | |
3,473 | |
79 | % |
| Consulting expenses | |
- | |
- | | |
19,802 | |
2,725 | |
9 | % | |
19,802 | |
NA | |
| Rental expenses | |
27,956 | |
15 | % | |
8,775 | |
1,207 | |
4 | % | |
(19,181 | ) |
(69 | )% |
| Others | |
6,353 | |
4 | % | |
411 | |
58 | |
1 | % | |
(5,942 | ) |
(94 | )% |
| Total research and development expenses | |
188,510 | |
100 | % | |
213,122 | |
29,327 | |
100 | % | |
24,612 | |
13 | % |
Total
research and development expenses increased by approximately RMB25,000 (US$3,000), or 13%, to approximately RMB213,000 (US$29,000) for
the six months ended June 30, 2024 from approximately RMB189,000 for the six months ended June 30, 2023. The increase
in total research and development expenses was primarily due to the increase in salary and employee benefits of our PRC subsidiaries’
R&D department resulting from the addition of one employee to our R&D department and the increase in consulting expenses of approximately
RMB20,000 related to HNTE services fees; and partially offset the decrease in rental expenses and depreciation expenses resulting from
early termination of a property lease.
As
a percentage of revenue, research and development expenses were approximately 3% and 2% of our total revenue for the six months
ended June 30, 2023 and 2024, respectively. Our PRC subsidiaries expect to continue to invest in research and development to maintain
their competitive edge against other market participators.
Other income (expenses)
Our
other income (expenses) primarily represented interest income, interest expenses, rent subsidies, and government grants. Other
expenses increased by approximately RMB116,000 (US$16,000), or 56%, from approximately RMB206,000 for the six months ended June 30,
2023 to approximately RMB322,000 (US$44,000) for the six months ended June 30, 2024, primarily due to (i) a net loss of approximately
RMB251,000 from the disposal of leasehold improvements in the first half of 2023, compared to a gain of approximately RMB51,000 from lease
terminations during the same period, with no such activities recorded in the first half of 2024, and (ii) a government grant of RMB305,000
for HNTE and a foreign exchange loss of RMB594,000 recorded in the first half of 2024, compared to no such amounts in the first half of
2023.
Income before income taxes
Income
before income taxes was approximately RMB6,177,000 (US$850,000) for the six months ended June 30, 2024, an increase of approximately
RMB810,000 (US$111,000) as compared to approximately RMB5,367,000 for the six months ended June 30, 2023. The increase was primarily
attributable to the increased revenue.
Provision for income taxes
Our
provision for income taxes was approximately RMB958,000 (US$132,000) for the six months ended June 30, 2024, an increase of
RMB173,000 (US$24,000) from RMB785,000 for the six months ended June 30, 2023. The increased income tax provision was mainly due
to increased taxable income in 2024.
Under
the EIT Law, domestic enterprises and Foreign Investment Enterprises are usually subject to a unified 25% enterprise income tax rate while
preferential tax rates, tax holidays, and even tax exemption may be granted on a case-by-case basis. The EIT Law grants preferential tax
treatment to HNTEs. Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that
they re-apply for HNTE status every three years. Kebiao Technology, one of our PRC subsidiaries, was approved as an HNTE on November 2,
2022. As a result, Kebiao Technology was entitled to a reduced income tax rate of 15% in 2023 and 2024.
According
to the Announcement of the State Taxation Administration on the Implementation of Income Tax Preferential Policies to Support the Development
of Small Low Profit Enterprises and Individual Businesses, 25% of the annual taxable income of small low profit enterprises that does
not exceed RMB1 million will be included in the taxable income, and the enterprise income tax will be paid at the rate of 20%. Jiade Zhigao
is eligible for the above preferential tax policies for small and micro enterprises in 2023 and 2024.
The
impact of the tax holidays noted above decreased taxes by approximately RMB537,000 and RMB568,000 (US$78,000) for the six months
ended June 30, 2023 and 2024, respectively. The impact of the benefit of the tax holidays on net income per share (basic and diluted)
was RMB0.02 and RMB0.02 for the six months ended June 30, 2023 and 2024, respectively.
The
following table reconciles the China statutory rates to our effective tax rate for the six months ended June 30, 2023 and
2024:
| | |
For the six months ended June 30, | |
| | |
2023 | | |
2024 | |
| Statutory rate in PRC | |
| 25.0 | % | |
| 25.0 | % |
| Effect of PRC preferential tax rate | |
| (10.0 | )% | |
| (9.2 | )% |
| R&D additional deduction | |
| (0.5 | )% | |
| (0.4 | )% |
| Non-deductible expenses* | |
| 0.1 | % | |
| 0.1 | % |
| Effective tax rate | |
| 14.6 | % | |
| 15.5 | % |
* Non-deductible
expenses mainly represent expenditures not deductible for PRC tax purpose.
Net income
Our
net income was approximately RMB5,219,000 (US$718,000) for the six months ended June 30, 2024, an increase of approximately
RMB637,000 (US$88,000) from approximately RMB4,582,000 for the six months ended June 30, 2023. The increase in net income was primarily
due to the higher revenue in the first half of 2024, as discussed above under revenue sections.
About JIADE Limited
JIADE
LIMITED is a holding company that was incorporated under the laws of the Cayman Islands on February 20, 2023. The Company and its
subsidiaries specialize in providing one-stop comprehensive education supporting services to adult education institutions, through a wide
range of software platform and auxiliary solutions. For more information, please visit: http://ir.sckbkj.com.
Forward-Looking Statement
This press release contains forward-looking
statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as
“may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,”
“estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results
to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to
uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in
the “Risk Factors” section of the registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”).
For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise
after the date hereof.
For more information, please contact:
JIADE LIMITED
Investor Relations Department
Email: kebiao@sckbkj.com
Phone: (400) 028-0776
JIADE LIMITED
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
| | |
December 31, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| CURRENT ASSETS: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 7,081,937 | | |
| 62,636,592 | | |
| 8,619,082 | |
| Accounts receivable | |
| 7,819,344 | | |
| 9,398,484 | | |
| 1,293,274 | |
| Deferred IPO costs | |
| 7,869,926 | | |
| — | | |
| — | |
| Prepayment and other current assets | |
| 34,151 | | |
| 946,358 | | |
| 130,223 | |
| Due from related parties | |
| 8,000 | | |
| 20,000 | | |
| 2,752 | |
| TOTAL CURRENT ASSETS | |
| 22,813,358 | | |
| 73,001,434 | | |
| 10,045,331 | |
| Non-current assets | |
| | | |
| | | |
| | |
| Property and equipment, net | |
| 160,303 | | |
| 91,080 | | |
| 12,533 | |
| Intangible assets, net | |
| 1,989,722 | | |
| 1,977,254 | | |
| 272,079 | |
| Right-of-use assets – operating lease | |
| 200,539 | | |
| 102,973 | | |
| 14,170 | |
| Other long-term assets | |
| 67,757 | | |
| 21,450 | | |
| 2,952 | |
| TOTAL ASSETS | |
| 25,231,679 | | |
| 75,194,191 | | |
| 10,347,065 | |
| LIABILITIES AND EQUITY | |
| | | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | | |
| | |
| Bank loans | |
| 3,000,000 | | |
| 2,000,000 | | |
| 275,209 | |
| Accounts payable | |
| 1,553 | | |
| 26,278 | | |
| 3,616 | |
| Payroll payables | |
| 676,618 | | |
| 938,892 | | |
| 129,196 | |
| Other payables | |
| 591,562 | | |
| 542,359 | | |
| 74,631 | |
| Deferred revenue | |
| 58,293 | | |
| - | | |
| - | |
| Operating lease liabilities – current | |
| 152,539 | | |
| 93,652 | | |
| 12,887 | |
| Taxes payable | |
| 2,929,371 | | |
| 3,942,801 | | |
| 542,547 | |
| Due to related parties. | |
| — | | |
| 19,300 | | |
| 2,656 | |
| TOTAL CURRENT LIABILITIES | |
| 7,409,936 | | |
| 7,563,282 | | |
| 1,040,742 | |
| Long-term loans – non-current portion | |
| — | | |
| — | | |
| — | |
| Operating lease liabilities – long-term | |
| — | | |
| — | | |
| — | |
| TOTAL LIABILITIES | |
| 7,409,936 | | |
| 7,563,282 | | |
| 1,040,742 | |
| COMMITMENTS AND CONTINGENCIES EQUITY: | |
| | | |
| | | |
| | |
| Ordinary shares, US$0.01 par value,
200,000,000 shares authorized, 22,235,471 and 24,535,471 shares issued and outstanding as of December 31, 2023 and
June 30, 2024, respectively | |
| 1,542,964 | | |
| 1,709,070 | | |
| 245,355 | |
| Additional paid-in capital | |
| 2,729,084 | | |
| 50,147,911 | | |
| 6,900,582 | |
| Statutory reserves | |
| 1,494,652 | | |
| 2,012,007 | | |
| 276,861 | |
| Ordinary shares subscribed | |
| (1,542,964 | ) | |
| (1,542,964 | ) | |
| (222,355 | ) |
| Subscription receivable | |
| — | | |
| (3,270,240 | ) | |
| (450,000 | ) |
| Retained earnings | |
| 13,451,868 | | |
| 18,108,060 | | |
| 2,491,752 | |
| Accumulated other comprehensive income | |
| — | | |
| 275,347 | | |
| 37,747 | |
| TOTAL EQUITY
ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY | |
| 17,675,604 | | |
| 67,439,191 | | |
| 9,297,942 | |
| NON-CONTROLLING INTERESTS | |
| 146,139 | | |
| 191,718 | | |
| 26,381 | |
| TOTAL EQUITY | |
| 17,821,743 | | |
| 67,630,909 | | |
| 9,306,323 | |
| TOTAL LIABILITIES AND EQUITY | |
| 25,231,679 | | |
| 75,194,191 | | |
| 10,347,065 | |
JIADE LIMITED
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME AND COMPREHENSIVE INCOME
| | |
For the six months ended June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Revenue – third parties | |
| 6,673,176 | | |
| 8,921,488 | | |
| 1,227,638 | |
| Revenue – related party | |
| 853,089 | | |
| — | | |
| — | |
| Revenue | |
| 7,526,265 | | |
| 8,921,488 | | |
| 1,227,638 | |
| COSTS AND EXPENSES | |
| | | |
| | | |
| | |
| Direct cost of revenue | |
| 430,353 | | |
| 400,313 | | |
| 55,085 | |
| Selling expenses | |
| 235,231 | | |
| 259,040 | | |
| 35,645 | |
| General and administrative expenses | |
| 1,099,705 | | |
| 1,550,235 | | |
| 213,319 | |
| Research and development expenses | |
| 188,510 | | |
| 213,122 | | |
| 29,327 | |
| Total costs and expenses | |
| 1,953,799 | | |
| 2,422,710 | | |
| 333,376 | |
| INCOME FROM OPERATIONS | |
| 5,572,466 | | |
| 6,498,778 | | |
| 894,262 | |
| OTHER INCOME (EXPENSES) | |
| | | |
| | | |
| | |
| Interest income | |
| 516 | | |
| 15,639 | | |
| 2,152 | |
| Interest expense | |
| (32,492 | ) | |
| (49,642 | ) | |
| (6,831 | ) |
| Other loss, net | |
| (173,577 | ) | |
| (288,050 | ) | |
| (39,637 | ) |
| Total other expenses, net | |
| (205,553 | ) | |
| (322,053 | ) | |
| (44,316 | ) |
| INCOME BEFORE INCOME TAXES | |
| 5,366,913 | | |
| 6,176,725 | | |
| 849,946 | |
| INCOME TAXES PROVISION | |
| 784,961 | | |
| 957,599 | | |
| 131,770 | |
| NET INCOME | |
| 4,581,952 | | |
| 5,219,126 | | |
| 718,176 | |
| Less: net income attributable to non-controlling interest | |
| 37,572 | | |
| 45,579 | | |
| 6,272 | |
| NET
INCOME ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY | |
| 4,544,380 | | |
| 5,173,547 | | |
| 711,904 | |
| | |
| | | |
| | | |
| | |
| OTHER COMPREHENSIVE INCOME | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment | |
| — | | |
| 275,347 | | |
| 37,889 | |
| TOTAL COMPREHENSIVE INCOME | |
| 4,581,952 | | |
| 5,494,473 | | |
| 756,065 | |
| Less: comprehensive income attributable to non-controlling interest | |
| 37,572 | | |
| 45,579 | | |
| 6,272 | |
| TOTAL
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY | |
| 4,544,380 | | |
| 5,448,894 | | |
| 749,793 | |
| BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY* | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 0.20 | | |
| 0.21 | | |
| 0.03 | |
| Weighted average number of shares outstanding | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 22,235,471 | | |
| 24,535,471 | | |
| 24,535,471 | |
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