JIADE LIMITED (Nasdaq: JDZG) posted FY2025 revenue of RMB 25.70 million (US$3.67 million), up 37% year-over-year. The company swung to a net loss of RMB 10.53 million (US$1.50 million), with a basic and diluted EPS of -RMB 11.34 (-US$1.62). Shares surged over 20% after hours following the announcement, reacting positively to the strong top-line growth and a 400%+ jump in cash reserves.
About JIADE LIMITED
JIADE LIMITED (Nasdaq: JDZG) is a Chengdu, China-based provider of one-stop comprehensive education support services for adult education institutions in the People’s Republic of China. The company was listed on the Nasdaq Capital Market in May 2024 and operates through its Kebiao Technology Educational Administration Platform (KB Platform), which powers enrollment, student management, learning progress tracking, grade inquiry, and graduation management.
JIADE also provides auxiliary services such as pre-enrollment guidance, exam training, application support, tutoring, and exam administration. As of December 31, 2025, JIADE has supported more than 17 adult education institutions and approximately 109,037 students across China.
The company trades at a market capitalization of approximately US$1.63 million, with 1.07 million shares outstanding and a current stock price of around US$1.52. JIADE has no dividend yield and no forward P/E ratio available given its swing to a net loss in FY2025. Founded in 2023 as a Cayman Islands holding company, JIADE employs a dual-class share structure, with Class A and Class B ordinary shares.
Top Financial Highlights
- Total revenue increased 37% year-over-year to RMB 25.70 million (US$3.67 million) for the fiscal year ended December 31, 2025
- Newly acquired safety technology training subsidiaries generated RMB 8.42 million (US$1.20 million) in combined new revenue
- Adult education supporting services revenue accounted for 64% of total revenue but declined 11% to RMB 16.64 million from RMB 18.74 million in 2024
- Online course services contributed RMB 0.41 million (US$59,000) and customized training equipment sales added RMB 0.23 million (US$33,000)
- Gross profit was RMB 11.66 million (US$1.67 million), down from RMB 13.08 million in FY2024
- Gross margin compressed to approximately 45.4% in FY2025 from 69.8% in FY2024, due to higher direct cost of revenue
- Net loss of RMB 10.53 million (US$1.50 million) versus net income of RMB 5.61 million in FY2024
- Basic and diluted EPS: -RMB 11.34 (-US$1.62) versus +RMB 45.67 in FY2024
- Total operating expenses surged to RMB 23.88 million (US$3.41 million) from RMB 6.70 million in FY2024
- General and administrative expenses jumped to RMB 17.64 million (US$2.52 million) from RMB 5.45 million in FY2024
- Selling expenses grew to RMB 4.10 million (US$586,000) from just RMB 0.53 million in FY2024
- Research and development expenses increased 201% to RMB 2.14 million (US$305,000)
- Cash and cash equivalents grew over 400% to RMB 19.77 million (US$2.83 million) as of December 31, 2025
- Working capital approximately tripled to RMB 66.16 million (US$9.46 million)
- Net operating cash outflow was RMB 93,193 (minimal), compared to an outflow of RMB 5.05 million in FY2024
Beat or Miss?
JIADE LIMITED is a micro-cap, early-stage Nasdaq-listed company. No formal Wall Street analyst consensus estimates were publicly available for FY2025. The table below compares reported results against internally guided or contextual benchmarks where available.
| Metric | Reported (FY2025) | Prior Year (FY2024) | Difference / Analysis |
| Total Revenue | RMB 25.70M (US$3.67M) | RMB 18.74M | +37% YoY; acquisitions drove growth |
| Gross Profit | RMB 11.66M (US$1.67M) | RMB 13.08M | Down 10.9% despite higher revenue |
| Net Income (Loss) | -RMB 10.53M (-US$1.50M) | +RMB 5.61M | Swung to a loss; investment-driven |
| EPS (Basic/Diluted) | -RMB 11.34 (-US$1.62) | +RMB 45.67 | Significant decline reflecting net loss |
| Cash and Equivalents | RMB 19.77M (US$2.83M) | RMB 3.92M | +404% YoY; strong liquidity position |
| Operating Expenses | RMB 23.88M (US$3.41M) | RMB 6.70M | +256%; driven by G&A and selling costs |
| R&D Expenses | RMB 2.14M (US$305K) | RMB 0.71M | +201%; technology investment expansion |
| Analyst Estimates | N/A | N/A | No published consensus available for JDZG |
What Leadership Is Saying?
CEO Commentary – Yuan Li, Chairman and Co-CEO:
“Fiscal year 2025 was a pivotal year for JIADE as we expanded our footprint beyond traditional adult education into the safety technology training market. While this strategic pivot drove significant top-line growth, the substantial upfront investments required to capture this new market share resulted in a net loss for the fiscal year ended December 31, 2025. We made necessary near-term investments across all operating categories, including heavy marketing spend on emerging platforms to build critical business relationships, and increased administrative costs to recruit specialized management for our new safety technology division. We also expanded our research and development capabilities to maintain our technological edge.”
CFO-Level Strategic Commentary – Yuan Li:
“Having entered this new sector, we are now transitioning the Company from pure scale expansion to a dual-driven model of scale and efficiency. To optimize service costs, we are integrating AI and automation into our proprietary management systems. This shifts our operations from a labor-intensive model to a technology-driven one, as we endeavor to reduce manual and offline venue costs while streamlining operations through a tiered customer service system. We are restructuring our human resources framework by replacing inefficient spending with targeted incentives and long-term equity options, which is expected to align employee interests with company growth while managing short-term cash outflows.”
Historical Performance
The table below compares JIADE’s full-year FY2025 results against FY2024 and FY2023 across key financial metrics.
| Category | FY2025 (RMB) | FY2024 (RMB) | Change (%) | FY2023 (RMB) | Change vs FY2023 (%) |
| Revenue | 25,701,513 | 18,742,196 | 37.10% | 15,571,322 | 65.10% |
| Gross Profit | 11,656,128 | 13,084,008 | -10.90% | 14,758,818 | -21.00% |
| Total Operating Expenses | 23,877,713 | 6,698,881 | 256.40% | 3,189,291 | 648.70% |
| Operating Income (Loss) | -12,221,585 | 6,385,127 | N/M | 11,569,527 | N/M |
| Net Income (Loss) | -10,528,493 | 5,606,782 | N/M | 9,561,932 | N/M |
| EPS (Basic/Diluted, RMB) | -11.34 | 45.67 | N/M | 77.3 | N/M |
| Cash and Equivalents | 19,773,580 | 3,918,146 | 404.70% | 7,081,937 | 179.20% |
| Gross Margin | ~45.4% | ~69.8% | -24.4 pts | ~94.8% | -49.4 pts |
Competitor Comparison
JIADE operates primarily in the niche adult education support services market in China. Meaningful direct peers at similar scale are not publicly listed. For context, the table below compares JIADE against two larger China edtech companies, New Oriental Education (NYSE: EDU) and TAL Education Group (NYSE: TAL), using their most recently reported comparable annual figures. These companies operate at a vastly different scale and serve different market segments (K-12 and test preparation).
| Category | JIADE (FY2025, Dec 2025) | New Oriental Education (FY2025, May 2025) | TAL Education Group (FY2025, Feb 2025) |
| Revenue | US$3.67M (+37% YoY) | US$4.90B (+15.1% YoY) | US$2.25B (+50.98% YoY) |
| Net Income (Loss) | -US$1.50M | +US$353.2M | Positive (significantly profitable) |
| Revenue Growth YoY | 37% | 15.10% | 51% |
| Market Focus | Adult education support (China) | K-12, test prep, adult ed (China) | K-12 after-school tutoring (China) |
| Profitability | Net loss | Profitable | Profitable |
How the Market Reacted?
Shares of JDZG surged sharply following the earnings announcement on April 10, 2026, gaining over 20% post-announcement and reaching a peak intraday move of approximately +36.6% at $1.83 per share. This reaction was largely attributed to the 37% revenue growth and a greater-than-400% jump in cash reserves, which investors interpreted as positive indicators of operational momentum despite the net loss.
Trading volume remained relatively low compared to historical averages, with the stock sitting well below its 200-day moving average of $37.92 and near its 52-week low of $1.46 prior to the announcement. The sentiment leaned bullish on the top-line figures, though the underlying profitability picture and high operating expense growth remain concerns for longer-term investors tracking margin recovery.
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