Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

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 October 2024

 

Commission File Number: 001-41656

 

Jayud Global Logistics Limited

(Exact name of registrant as specified in its charter)

 

Building 3, No. 7 Gangqiao Road,

Li Lang Community, Nanwan Street,

Longgang District, Shenzhen,

People’s Republic of China

(Address of principal executive offices)

 

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 ☒     Form 40-F ☐

 

 

 

 

 

 

EXPLANATORY NOTE

 

Jayud Global Logistics Limited, a Cayman Islands exempted company (the “Company”) is furnishing this report on Form 6-K to provide results for the six months ended June 30, 2024 in connection with the unaudited interim condensed consolidated financial statements as of and for the six months ended June 30, 2024.

 

Other than as indicated below, the information in this report on Form 6-K (including in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

The document attached as Exhibit 99.1 to this report on Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form F-3, as amended (File No. 333-280010), and shall be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

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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.

 

Date: October 25, 2024

 

	Jayud Global Logistics Limited
	By:	/s/ Xiaogang Geng
	Name:	Xiaogang Geng
	Title:	Chief Executive Officer

 

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Exhibits Index

 

Exhibit No.		Description
99.1		Results for the Six Months Ended June 30, 2024 in Connection with the Unaudited Interim Condensed Consolidated Financial Statements as of and for the Six Months Ended June 30, 2024

 

 

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Exhibit 99.1

 

Financial Results for the First Half Year Ended June 30, 2024 in Connection with the Unaudited Interim
Condensed Consolidated Financial Statements as of and for the Six Months Ended June 30, 2024

 

Financial Results for the First Half Year Ended June 30, 2024

 

Revenue

 

Total revenues increased by approximately RMB101.1 million, or 59.6%, from approximately RMB169.5 million for the six months ended June 30, 2023 to approximately RMB270.6 million (US$38.0 million) for the six months ended June 30, 2024. The increase was mainly due to the significant increase in revenues from our supply chain management of RMB104.2 million offset by the slight decrease in revenues from our freight forwarding services of RMB3.1 million.

 

Despite the significant economic headwinds faced in China, we were able to expand our customer base during the six months ended June 30, 2024. Our customer base increased by 12.2% from 1,317 customers for the six months ended June 30, 2023 to 1,478 customers for the six months ended June 30, 2024.

 

Cost of Revenue

 

Our cost of revenue increased by 60.7%, from RMB170.1 million for the six months ended June 30, 2023 to RMB273.3 million (US$38.4 million) for the six months ended June 30, 2024.

 

Our cost of revenues for freight forwarding services increased by approximately RMB4.8 million, or 2.9%, from approximately RMB167.6 million for the six months ended June 30, 2023 to approximately RMB172.4 million (US$24.1 million) for the six months ended June 30, 2024. Cost of freight charges, representing the main source of our cost of revenue, increased by RMB4.5 million, or 3.0%, from approximately RMB148.2 million for the six months ended June 30, 2023 to approximately RMB152.7 million (US$21.4 million) for the six months ended June 30, 2024. The main components of freight charges were the freight and the delivery fees paid to third-party carriers. Due to significant price increase in ocean freight compared to the 1st half of 2023, the Company’s costs of freight increased during the six months ended June 30, 2024.

 

Our cost of revenues for supply chain management increased by approximately RMB98.1 million, or 7546.2%, from approximately RMB1.3 million for the six months ended June 30, 2023 to approximately RMB99.4 million (US$14.0 million) for the six months ended June 30, 2024. The increase was in line with the increase in our international trading business. 

 

Gross loss

 

Our gross loss increased by RMB2.1 million, or 350.0%, from RMB0.6 million for the six months ended June 30, 2023 to RMB2.7 million (US$0.4 million) for the six months ended June 30, 2024. For the six months ended June 30, 2023 and 2024, our overall gross profit margin decreased from negative 0.4% to negative 1.0% mainly due to loss from warehousing services and chartered carrier transport.

 

Operating Expenses

 

Our operating expenses decreased from RMB23.9 million for the six months ended June 30, 2023 to RMB15.6 million (US$2.2 million) for the six months ended June 30, 2024, representing a period-on-period decrease of 34.7%. This decrease was primarily attributable to (i) a decrease of RMB2.4 million (US$0.3 million) of customer acquisition costs; (ii) a decrease of RMB1.2 million (US$0.2 million) in expenses associated with the Company’s initial public offering incurred during the six months ended June 30, 2023; (iii) a decrease of RMB2.8 million (USD$0.4 million) in provision for doubtful accounts due to a reversal of credit losses of RMB1.8 million (US$0.3 million) during the six months ended June 30, 2024 resulting from the subsequent collection of allowance recognized at the end of 2023; (iv) a decrease of research and development costs of RMB1.3 million (USD$0.2 million) since substantial work of the Company’s operation systems were done during the six months ended June 30, 2023; (v) a decrease in lease termination losses of RMB0.9 million (US$0.1 million) due to deposit loss from termination of the lease of one of the warehouses during the six months ended June 30, 2023; and offset by an increase in impairment charges on long-lived assets of RMB1 million (US$0.1 million).

 

Other expenses, net

 

Total other expense remains stable for the six months ended June 30, 2023 and 2024, all amounted to RMB1.6 million (US$0.2 million). Other expense, net consisted of non-operating income (expenses), foreign exchange loss and financial expenses, net.

 

Net loss

 

As a result of the foregoing, our net loss decreased by RMB6.9 million, or 26.3%, from RMB26.2 million for the six months ended June 30, 2023 to RMB19.3 million (US$2.7 million) for the six months ended June 30, 2024.

 

 

 

 

JAYUD GLOBAL LOGISTICS LIMITED

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

 

		December 31,				June 30, 2024
		2023				(Unaudited)
		RMB				RMB				US$
Assets
Current assets
Cash			26,103,076				21,076,691				2,957,385
Restricted cash			501,952				-				-
Accounts receivable, net			41,281,988				46,816,230				6,569,039
Accounts receivable - related parties			-				260,010				36,483
Contract assets			2,023,221				2,787,512				391,131
Prepaid expenses and other current assets, net			12,513,878				9,626,088				1,350,689
Other receivable - related parties			164,858				385,563				54,100
Total current assets			82,588,973				80,952,094				11,358,827
Non-current assets
Property and equipment, net			1,123,976				973,909				136,654
Intangible asset, net			1,994,868				1,550,055				217,497
Operating right-of-use assets, net			8,992,535				3,685,004				517,063
Deferred offering costs			-				299,397				42,010
Deferred tax assets, net			3,689,514				4,829,555				677,661
Refundable deposits			2,060,734				1,060,734				148,837
Total non-current assets			17,861,627				12,398,654				1,739,722
TOTAL ASSETS			100,450,600				93,350,748				13,098,549
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings			25,603,498				21,436,891				3,007,927
Current maturities of long-term borrowing			4,400,000				4,100,000				575,293
Loan payable - a related party			3,000,000				-				-
Loans payable - a third party			-				2,829,023				396,956
Accounts payable - third parties			39,804,623				40,867,407				5,734,328
Accounts payable - related parties			6,666,458				18,241,237				2,559,527
Contract liabilities			4,777,398				2,611,792				366,475
Accrued expenses and other current liabilities			7,485,881				13,437,842				1,885,537
Other payables - related parties			8,516,645				738,548				103,630
Other payables - shareholders			37,029				18,013				2,528
Taxes payable			513,197				917,728				128,771
Operating lease liabilities - current			8,806,671				5,067,633				711,067
Total current liabilities			109,611,400				110,266,114				15,472,039
Non-current liabilities
Loans payable - shareholders			823,265				16,335,567				2,292,132
Loans payable - a third party			2,833,080				-				-
Loans payable - a related party			-				2,000,000				280,631
Operating lease liabilities – non-current			5,216,622				2,268,683				318,331
Other payables - shareholders -non-current			6,937,500				6,937,500				973,438
Deferred tax liabilities			760,806				980,166				137,530
Total non-current liabilities			16,571,273				28,521,916				4,002,062
Total liabilities			126,182,673				138,788,030				19,474,101
Commitments and contingencies
Shareholders’deficit
Class A Ordinary shares (par value of US$0.0001 per share;480,000,000 Class A ordinary shares authorized and 14,942,623 Class A ordinary shares issued and outstanding as of December 31, 2023 and June 30, 2024.)			9,787				9,787				1,373
Class B Ordinary shares (par value of US$0.0001 per share; 20,000,000 Class B ordinary shares authorized and 6,409,600 class B shares issued and outstanding as of December 31, 2023 and June 30, 2024.)			4,087				4,087				573
Additional paid in capital			60,423,647				59,999,981				8,418,923
Statutory reserves			502,941				764,231				107,233
Accumulated deficit			(77,454,208	)			(95,650,425	)			(13,421,230	)
Accumulated other comprehensive loss			(1,541,653	)			(1,511,046	)			(212,023	)
Total Jayud Global Logistics Limited shareholders’ deficit			(18,055,399	)			(36,383,385	)			(5,105,151	)
Non-controlling interests			(7,676,674	)			(9,053,897	)			(1,270,401	)
Total shareholders’ deficit			(25,732,073	)			(45,437,282	)			(6,375,552	)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT			100,450,600				93,350,748				13,098,549

 

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JAYUD GLOBAL LOGISTICS LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 

		For the Six Months Ended June 30,
		2023				2024
		(Unaudited)				(Unaudited)
		RMB				RMB				US$
Revenues - freight forwarding			166,182,598				162,734,262				22,834,127
Revenues -  freight forwarding - related parties			211,684				609,612				85,538
Revenues - supply chain management and others			3,090,971				106,622,319				14,960,756
Revenues - supply chain management and others - related parties			-				641,316				89,987
Total Revenues			169,485,253				270,607,509				37,970,408
Cost of revenues -freight forwarding			(133,365,583	)			(139,288,357	)			(19,544,306	)
Cost of revenues -freight forwarding - related parties			(34,233,328	)			(33,130,090	)			(4,648,663	)
Cost of revenues - supply chain management and others			(2,495,486	)			(100,901,129	)			(14,157,985	)
Total Cost of revenues			(170,094,397	)			(273,319,576	)			(38,350,954	)
Gross loss			(609,144	)			(2,712,067	)			(380,545	)
Operating expenses
Selling expenses			(6,373,345	)			(3,850,752	)			(540,320	)
(Provision for) / reversal of credit losses			(993,807	)			1,840,875				258,303
Impairment charges on long-lived assets			-				(963,867	)			(135,245	)
Lease termination loss			(1,197,921	)			(310,673	)			(43,592	)
General and administrative expenses			(13,628,922	)			(11,844,976	)			(1,662,033	)
Research and development expenses			(1,755,063	)			(502,278	)			(70,477	)
Total operating expenses			(23,949,058	)			(15,631,671	)			(2,193,364	)
Operating loss			(24,558,202	)			(18,343,738	)			(2,573,909	)
Other expenses
Other (expenses) income, net			(241,469	)			74,482				10,451
Foreign exchange loss, net			(974,371	)			(464,790	)			(65,217	)
Financial expenses, net			(417,654	)			(1,252,481	)			(175,742	)
Total other expenses, net			(1,633,494	)			(1,642,789	)			(230,508	)
Loss before income tax expense			(26,191,696	)			(19,986,527	)			(2,804,417	)
Income tax (expenses) benefit			(36,339	)			672,393				94,347
Net loss			(26,228,035	)			(19,314,134	)			(2,710,070	)
Less: Net loss attributable to non-controlling interests			(2,476,015	)			(1,379,207	)			(193,524	)
Net loss attributable to the Jayud Global Logistics Limited’s ordinary shareholders			(23,752,020	)			(17,934,927	)			(2,516,546	)
Net loss			(26,228,035	)			(19,314,134	)			(2,710,070	)
Foreign currency translation adjustment, net of tax			(2,452,762	)			(1,329,500	)			(186,549	)
Total comprehensive loss			(28,680,797	)			(20,643,634	)			(2,896,619	)
Less: total comprehensive loss attributable to non-controlling interest			(2,476,015	)			(1,379,207	)			(193,524	)
Total comprehensive loss attributable to Jayud Global Logistics Limited’s ordinary shareholders			(26,204,782	)			(19,264,427	)			(2,703,095	)
Net loss per share
Basic and diluted			(1.16	)			(0.84	)			(0.12	)
Weighted average shares
Basic and diluted			20,494,426				21,352,223				21,352,223

 

 

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