Chengdu, China, April 10, 2026 (GLOBE NEWSWIRE) — JIADE LIMITED (Nasdaq: JDZG) (“JIADE” or the “Company”), a provider of one-stop comprehensive education support services for adult education institutions through its subsidiaries in the People’s Republic of China, today announced its financial results for the fiscal year ended December 31, 2025.
Fiscal Year 2025 Financial Highlights
- Total revenue increased 37% year-over-year to RMB 25.70 million (US$3.67 million).
- Newly acquired subsidiaries providing safety technology training services generated RMB 8.42 million in combined new revenue.
- Gross profit was RMB 11.66 million (US$1.67 million) for the year.
- Cash and cash equivalents grew over 400% from the fiscal year ended December 31, 2024 to RMB 19.77 million (US$2.83 million).
“Fiscal year 2025 was a pivotal year for JIADE as we expanded our footprint beyond traditional adult education into the safety technology training market,” said Yuan Li, Chairman of the Board of Directors and Co-Chief Executive Officer. “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.”
“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.”
“Furthermore, 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. To rein in selling and administrative expenses, we are pivoting from broad marketing campaigns to precision, data-driven targeting with strict return-on-investment tracking. We are also prioritizing our internal legal, financial, and management teams over external consultants, and anticipate enforcing structured pricing agreements only when outside expertise is strictly necessary.”
“We do not expect these cost-control measures to compromise our core business development or service quality. By digitally tracking our expenses and adhering strictly to compliance standards, we anticipate that these efficiency enhancements will right-size our cost structure and yield steady margin improvements as we capitalize on our expanded operational scale.”
Full Year 2025 Results of Operations
Revenues
The Company operated across four business segments, including its core one-stop comprehensive adult education supporting services, and three newly launched businesses that provide safety technology training services and online course services, and sell customized equipment. Total revenue increased by approximately RMB 6.96 million, or 37%, to RMB 25.70 million (US$3.67 million) for the year ended December 31, 2025, from RMB 18.74 million in 2024. This growth was primarily driven by the integration of newly acquired subsidiaries that launched safety technology training services, generating RMB 8.42 million (US$1.20 million) in new revenue. This growth was further supplemented by RMB 0.41 million (US$59,000) from online course services and RMB 0.23 million (US$33,000) from the sale of customized training equipment.
Of the total revenue, revenue from adult education supporting services, accounting for 64%, decreased by 11% from 18.74 million in the year ended December 31, 2024 to 16.64 million in the year ended December 31, 2025.
Across the four business the segments, the Company served 23,205 students that took the National Unified Examination for College Admissions for Adults, 28,240 students enrolled with the Open University of China, and 16,078 students that were preparing for the Self-taught Higher Education Examinations, and the Company provided safety technology training services for both theoretical instruction and practical training components to 16,298 individuals and online courses services to 88,055 individuals for the year ended December 31, 2025.
Gross Profit
Gross profit for the year ended December 31, 2025, was RMB 11.66 million (US$1.67 million), compared to RMB 13.08 million in 2024. Direct costs of revenue increased to RMB 14.05 million (US$2.01 million), primarily due to strategic investments in enhanced customer support, pre-enrollment services, and increased outsourced training fees related to the new safety technology operations.
Other costs
The Company invested in its operational infrastructure, marketing, and technological capabilities to support its expansion in the year ended December 31, 2025, which resulted in the following:
- Selling Expenses grew to RMB 4.10 million (US$586,000) in 2025 from RMB 0.53 million in 2024, driven by increased investments in social media, emerging promotional platforms, and client engagement activities to build the new business lines.
- General and Administrative Expenses increased to RMB 17.64 million (US$2.52 million) in 2025 from RMB 5.45 million in 2024, primarily attributable to the recruitment of additional personnel for the new safety technology training services, increased corporate compliance costs, and new office leases.
- Research and Development Expenses increased by 201% to RMB 2.14 million (US$305,000) in 2025 from RMB 0.71 million in 2024, as the Company added staff to its R&D department and expanded its intangible assets to maintain its technology-driven competitive edge.
Net Income (Loss)
Driven by the strategic investments in operating expenses and business expansion costs outlined above, the Company recorded a net loss of RMB 10.53 million (US$1.50 million) for the year ended December 31, 2025, compared to a net income of RMB 5.61 million for the year ended December 31, 2024.
Cash, Equivalents and Working Capital
Cash and cash equivalents grew over 400% to RMB 19.77 million (US$2.83 million) as of December 31, 2025. Working capital also tripled to RMB 66.16 million (US$9.46 million).
About JIADE LIMITED
JIADE LIMITED (Nasdaq: JDZG) provides one-stop comprehensive education support services for adult education institutions in China. Through its subsidiaries, the Company offers software-driven and service-based solutions centered around the Kebiao Technology Educational Administration Platform (“KB Platform”), which streamlines 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, the Company has supported more than 17 adult education institutions and approximately 109,037 students across China.
Forward-Looking Statements
This press release contains forward-looking statements. These statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and assumptions regarding future events. Forward-looking statements can be identified by words such as “expects,” “plans,” “intends,” “believes,” “may,” “would,” “should,” “could,” “will,” “approximates,” “assesses,” “hopes,” “anticipates,” “estimates,” “projects,” and similar expressions. Actual results may differ materially due to various factors. The Company undertakes no obligation to update any forward-looking statements, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
JIADE LIMITED
Investor Relations Department
Email: [email protected]
Investor Relations Firm
WFS Investor Relations Inc.
Email: [email protected]
Phone: +1 (628) 283-9214
JIADE LIMITED
CONSOLIDATED BALANCE SHEETS
| As of | As of | As of | ||||||||||
| December 31, | December 31, | December 31, | ||||||||||
| 2024 | 2025 | 2025 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash and cash equivalents | 3,918,146 | 19,773,580 | 2,826,372 | |||||||||
| Accounts receivable, net | 10,564,030 | 6,259,004 | 894,642 | |||||||||
| Deferred offering costs | — | 228,213 | 32,620 | |||||||||
| Prepayment and other current assets | 12,104,106 | 61,640,567 | 8,810,704 | |||||||||
| Amount due from related parties | 4,439,705 | — | — | |||||||||
| TOTAL CURRENT ASSETS | 31,025,987 | 87,901,364 | 12,564,338 | |||||||||
| Non-current assets | ||||||||||||
| Property and equipment, net | 580,850 | 4,256,882 | 608,465 | |||||||||
| Intangible assets, net | 16,943,816 | 24,043,180 | 3,436,655 | |||||||||
| Prepayment for acquisition | 32,000,000 | — | — | |||||||||
| Right-of-use assets | 768,042 | 966,479 | 138,145 | |||||||||
| Deferred tax assets | 15,330 | 232,563 | 33,242 | |||||||||
| Goodwill | — | 26,550,297 | 3,795,014 | |||||||||
| TOTAL ASSETS | 81,334,025 | 143,950,765 | 20,575,859 | |||||||||
| LIABILITIES AND EQUITY | ||||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Bank loans | 4,000,000 | 15,240,000 | 2,178,357 | |||||||||
| Payroll payables | 1,045,829 | 1,952,234 | 279,046 | |||||||||
| Other payables | 1,352,992 | 2,050,459 | 293,086 | |||||||||
| Deferred revenue | 620,000 | 40,942 | 5,852 | |||||||||
| Lease liabilities | 496,601 | 482,275 | 68,935 | |||||||||
| Amount due to related parties | 275,100 | 462,837 | 66,156 | |||||||||
| Taxes payable | 1,973,260 | 1,509,134 | 215,711 | |||||||||
| TOTAL CURRENT LIABILITIES | 9,763,782 | 21,737,881 | 3,107,143 | |||||||||
| NON-CURRENT LIABILITY | ||||||||||||
| Long-term loans | — | 1,000,000 | 142,937 | |||||||||
| Lease liabilities | 271,442 | 480,841 | 68,730 | |||||||||
| TOTAL LIABILITIES | 10,035,224 | 23,218,722 | 3,318,810 | |||||||||
| COMMITMENTS AND CONTINGENCIES (Note 18) | ||||||||||||
| SHAREHOLDERS’ EQUITY: | ||||||||||||
| Class A ordinary shares, $0.0025 par value; 15,800,000 shares authorized; 80,596 shares and 892,686 shares issued and outstanding as of December 31, 2024 and 2025, respectively* | 1,387 | 15,356 | 2,232 | |||||||||
| Class B ordinary shares, $0.0025 par value; 3,000,000 shares authorized; 42,083 shares issued and outstanding as of December 31, 2024 and 2025* | 724 | 724 | 105 | |||||||||
| Additional paid-in capital | 50,180,671 | 127,454,016 | 18,217,867 | |||||||||
| Statutory reserves | 2,054,975 | 2,111,434 | 301,802 | |||||||||
| Ordinary shares subscribed | (1,913 | ) | (15,755,217 | ) | (2,252,000 | ) | ||||||
| Retained earnings | 18,494,772 | 7,841,520 | 1,120,842 | |||||||||
| Accumulated other comprehensive income (loss) | 418,491 | (1,086,344 | ) | (155,319 | ) | |||||||
| TOTAL JIADE LIMITED SHAREHOLDERS’ EQUITY | 71,149,107 | 120,581,489 | 17,235,529 | |||||||||
| NON-CONTROLLING INTERESTS | 149,694 | 150,554 | 21,520 | |||||||||
| TOTAL SHAREHOLDERS’ EQUITY | 71,298,801 | 120,732,043 | 17,257,049 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 81,334,025 | 143,950,765 | 20,575,859 | |||||||||
JIADE LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| For the years ended December 31, | ||||||||||||||||
| 2023 | 2024 | 2025 | 2025 | |||||||||||||
| RMB | RMB | RMB | US$ | |||||||||||||
| Revenue – third party | 14,718,233 | 18,742,196 | 25,701,513 | 3,673,691 | ||||||||||||
| Revenue – related party | 853,089 | — | — | — | ||||||||||||
| Revenue | 15,571,322 | 18,742,196 | 25,701,513 | 3,673,691 | ||||||||||||
| Cost of revenue | 812,504 | 5,658,188 | 14,045,385 | 2,007,602 | ||||||||||||
| Gross profit | 14,758,818 | 13,084,008 | 11,656,128 | 1,666,089 | ||||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Selling expenses | 452,966 | 534,630 | 4,102,391 | 586,383 | ||||||||||||
| General and administrative expenses | 2,040,510 | 5,454,423 | 17,639,506 | 2,521,334 | ||||||||||||
| Research and development expenses | 695,815 | 709,828 | 2,135,816 | 305,287 | ||||||||||||
| Total operating expenses | 3,189,291 | 6,698,881 | 23,877,713 | 3,413,004 | ||||||||||||
| INCOME FROM OPERATIONS | 11,569,527 | 6,385,127 | (12,221,585 | ) | (1,746,915 | ) | ||||||||||
| OTHER (LOSS) INCOME | ||||||||||||||||
| Interest income | 2,286 | 17,933 | 843 | 120 | ||||||||||||
| Interest expenses | (65,315 | ) | (108,090 | ) | (301,551 | ) | (43,103 | ) | ||||||||
| Other (loss) income, net | (393,278 | ) | (142,477 | ) | 1,807,604 | 258,373 | ||||||||||
| Total other (loss) income, net | (456,307 | ) | (232,634 | ) | 1,506,896 | 215,390 | ||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 11,113,220 | 6,152,493 | (10,714,689 | ) | (1,531,525 | ) | ||||||||||
| INCOME TAX EXPENSE (BENEFIT) | 1,551,288 | 545,711 | (186,196 | ) | (26,614 | ) | ||||||||||
| NET INCOME (LOSS) | 9,561,932 | 5,606,782 | (10,528,493 | ) | (1,504,911 | ) | ||||||||||
| Less: net (loss) income attributable to non-controlling interest | (78,408 | ) | (3,555 | ) | 68,300 | 9,763 | ||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO JIADE LIMITED’S SHAREHOLDERS | 9,483,524 | 5,603,227 | (10,596,793 | ) | (1,514,674 | ) | ||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
| Foreign currency translation adjustment | — | 418,491 | (1,504,835 | ) | (215,096 | ) | ||||||||||
| TOTAL COMPREHENSIVE INCOME (LOSS) | 9,561,932 | 6,025,273 | (12,033,328 | ) | (1,720,007 | ) | ||||||||||
| Less: comprehensive income (loss) attributable to non-controlling interest | (78,408 | ) | (3,555 | ) | 68,300 | 9,763 | ||||||||||
| TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JIADE LIMITED’S SHAREHOLDERS | 9,483,524 | 6,021,718 | (12,101,628 | ) | (1,729,770 | ) | ||||||||||
| BASIC AND DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO THE COMPANY | ||||||||||||||||
| Basic and diluted* | 77.30 | 45.67 | (11.34 | ) | (1.62 | ) | ||||||||||
| Weighted average number of shares outstanding | ||||||||||||||||
| Class A* | 80,596 | 80,596 | 892,686 | 892,686 | ||||||||||||
| Class B* | 42,083 | 42,083 | 42,083 | 42,083 | ||||||||||||
| Total shares | 122,679 | 122,679 | 934,769 | 934,769 | ||||||||||||
JIADE LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the years ended December 31, | ||||||||||||||||
| 2023 | 2024 | 2025 | 2025 | |||||||||||||
| RMB | RMB | RMB | US$ | |||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
| Total net income (loss) | 9,561,932 | 5,606,782 | (10,528,493 | ) | (1,504,911 | ) | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Depreciation and amortization | 213,212 | 331,069 | 2,587,751 | 369,885 | ||||||||||||
| Non-cash operating lease | 304,800 | 405,356 | 912,697 | 130,458 | ||||||||||||
| Other income – rent subsidy | (28,139 | ) | — | — | — | |||||||||||
| (Gain)/loss from termination of operating lease | (50,555 | ) | 32,000 | — | — | |||||||||||
| Net loss on disposal of property and equipment | 251,310 | — | 17,115 | 2,446 | ||||||||||||
| Credit loss for accounts receivable | — | 102,200 | 785,698 | 112,305 | ||||||||||||
| Employee stock compensation | — | — | 6,264,915 | 895,487 | ||||||||||||
| Unrealized foreign exchange loss (gain) | — | 192,880 | (1,494,177 | ) | (213,573 | ) | ||||||||||
| Deferred tax | — | (15,330 | ) | (217,233 | ) | (31,051 | ) | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable | (1,422,205 | ) | (2,846,886 | ) | 3,519,328 | 503,041 | ||||||||||
| Prepayment and other current assets | 282,514 | (8,831,715 | ) | 565,474 | 80,827 | |||||||||||
| Other long-term assets | 91,601 | 67,757 | — | — | ||||||||||||
| Accounts payable | (178,447 | ) | (1,553 | ) | — | — | ||||||||||
| Other payables | (73,663 | ) | 289,062 | (1,033,505 | ) | (147,723 | ) | |||||||||
| Payroll payables | 124,171 | 369,211 | 754,951 | 107,910 | ||||||||||||
| Deferred revenue | 41,445 | 561,707 | (795,782 | ) | (113,747 | ) | ||||||||||
| Change in lease liabilities – operating lease | (310,832 | ) | (357,355 | ) | (916,061 | ) | (130,939 | ) | ||||||||
| Taxes payable | 1,570,186 | (956,111 | ) | (515,871 | ) | (73,737 | ) | |||||||||
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 10,377,330 | (5,050,926 | ) | (93,193 | ) | (13,322 | ) | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
| Purchase of property and equipment | (6,335 | ) | (592,504 | ) | (4,363,774 | ) | (623,744 | ) | ||||||||
| Purchase of intangible assets | (1,782,178 | ) | (15,113,206 | ) | (52,032,088 | ) | (7,437,299 | ) | ||||||||
| Proceeds from disposal of property and equipment | — | — | 1,000 | 143 | ||||||||||||
| Acquisition of subsidiaries, net of cash acquired | — | (32,000,000 | ) | 445,823 | 63,725 | |||||||||||
| NET CASH USED IN INVESTING ACTIVITIES | (1,788,513 | ) | (47,705,710 | ) | (55,949,039 | ) | (7,997,175 | ) | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
| Proceeds from bank loans | 3,000,000 | 4,000,000 | 16,240,000 | 2,321,293 | ||||||||||||
| Repayments of bank loans | (595,817 | ) | (3,000,000 | ) | (4,000,000 | ) | (571,747 | ) | ||||||||
| Capital contributed by shareholders | 751,648 | — | 1,993 | 285 | ||||||||||||
| Proceeds from issuance of ordinary shares upon the completion of IPO | — | 54,481,760 | — | — | ||||||||||||
| Proceeds from issuance of ordinary shares upon exercise of underwriters’ over-allotment option | — | 8,690,520 | — | — | ||||||||||||
| Share issuances, net of issuance costs | — | — | 55,267,102 | 7,899,702 | ||||||||||||
| Deferred costs related to shares offering | (6,648,228 | ) | (10,648,441 | ) | (228,213 | ) | (32,620 | ) | ||||||||
| Net (repayment) proceeds from related parties | (618,503 | ) | (4,156,605 | ) | 4,627,442 | 661,432 | ||||||||||
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (4,110,900 | ) | 49,367,234 | 71,908,324 | 10,278,345 | |||||||||||
| EFFECT OF FOREIGN EXCHANGE RATE ON CASH AND CASH EQUIVALENT | — | 225,611 | (10,658 | ) | (1,523 | ) | ||||||||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 4,477,917 | (3,163,791 | ) | 15,855,434 | 2,266,325 | |||||||||||
| TOTAL CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 2,604,020 | 7,081,937 | 3,918,146 | 560,047 | ||||||||||||
| TOTAL CASH AND CASH EQUIVALENTS, END OF YEAR | 7,081,937 | 3,918,146 | 19,773,580 | 2,826,372 | ||||||||||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||||||
| Cash paid for interest expense | 65,315 | 108,090 | 301,551 | 43,103 | ||||||||||||
| Cash paid for income tax | 28,363 | 1,303,716 | 11,434 | 1,596 | ||||||||||||
| Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||||||||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | 35,502 | 994,972 | — | — | ||||||||||||
| Right-of-use assets derecognized for termination of operating lease liabilities | (1,999,354 | ) | (78,588 | ) | — | — | ||||||||||
| Right-of-use assets obtained in exchange for operating lease liabilities from modification | — | — | 1,198,602 | 171,324 | ||||||||||||
