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 September 2023

 

Commission File Number: 001-41656

 

 

 

Jayud Global Logistics Limited

(Exact name of registrant as specified in its charter)

 

 

 

4th Floor, Building 4,
Shatoujiao Free Trade Zone,
Yantian 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 Form 6-K to provide results for the six months ended June 30, 2023 in connection with the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2023.

 

1

 

Exhibits Index

 

Exhibit No.   Description
99.1   Results for the Six Months Ended June 30, 2023 in Connection with the Unaudited Interim Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2023
101.INS   Inline XBRL Instance Document.
101.SCH   Inline XBRL Taxonomy Extension Schema Document.
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

2

 

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: September 1, 2023

 

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

 

 

3

 

 

2023-06-30

Exhibit 99.1

 

Results for the Six Months Ended June 30, 2023 in Connection with the Unaudited Interim
Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2023

 

Results for the Six Months Ended June 30, 2023

 

Revenue

 

Our total revenue decreased by approximately RMB284.6 million, or 62.7%, from approximately RMB454.1 million for the six months ended June 30, 2022 to approximately RMB169.5 million (US$23.5 million) for the six months ended June 30, 2023. The decrease was mainly due to a decrease in the fee rates we charge for our freight forwarding services which was in line with a general decrease in the freight rates across the freight transportation industry, for both air freight and ocean freight.

 

Despite the significant economic headwinds faced in China, we had been able to expand our customer base in e-commerce-related logistics services during the six months ended June 30, 2023. Our customer base increased by 11.2% from 1,184 customers for the six months ended June 30, 2022 to 1,317 customers for the six months ended June 30, 2023. Among the new customers acquired for the six months ended June 30, 2023, 49.5% of them are relevant to e-commerce-related logistics services. With the expansion of our e-commerce-related logistics services, the percentage of revenue generated from e-commerce-related logistics services increased from 14.6% for the six months ended June 30, 2022 to 43.4% for the six months ended June 30, 2023.

 

Cost of Revenue

 

Our cost of revenue decreased by 59.8% from RMB423.2 million for the six months ended June 30, 2022 to RMB170.1 million (US$23.5 million) for the six months ended June 30, 2023.

 

Cost of freight charges, representing the main source of our cost of revenue, decreased by RMB229.1 million, or 60.3%, from approximately RMB380.2 million for the six months ended June 30, 2022 to approximately RMB151.1 million (US$20.9 million) for the six months ended June 30, 2023. The main components of freight charges were the freight and the delivery fees paid to third-party carriers.

 

Gross Profit/(loss)

 

Our gross profit decreased by RMB31.5 million, or 102.0%, from RMB30.9 million for the six months ended June 30, 2022 to a gross loss of RMB0.6 million (US$0.1 million) for the six months ended June 30, 2023 and our overall gross profit margin decreased from 6.8% to negative 0.4% mainly due to loss from warehousing services and chartered carrier transport.

 

Operating Expenses

 

Our operating expenses increased from RMB18.5 million for the six months ended June 30, 2022 to RMB23.9 million (US$3.3 million) for the six months ended June 30, 2023, representing a period-on-period increase of 29.2%. This increase was primarily attributable to (i) an increase of RMB2.1 million (US$0.3 million) in professional expenses for consulting and auditing services, (ii) an increase of RMB1.4 million (US$0.2 million) in expenses associated with the Company’s initial public offering and (iii) an increase of RMB1.2 million (US$0.2 million) in expenses associated with the lease termination loss.

 

Other income/(expenses), net

 

Our total other income/(expenses), net decreased by 172.7% from income of RMB2.2 million for the six months ended June 30, 2022 to expenses of RMB1.6 million (US$0.2 million) for the six months ended June 30, 2023. Other income/(expenses), net consisted of non-operating income/(expenses), foreign exchange gain/(loss) and interest expenses.

 

Net income/(loss)

 

As a result of the foregoing, our net income/(loss) decreased by RMB35.8 million, or 372.7%, from net income of RMB9.6 million for the six months ended June 30, 2022 to net loss of RMB26.2 million (US$3.6 million) for the six months ended June 30, 2023.

 

 

JAYUD GLOBAL LOGISTICS LIMITED

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

 

  

As of

December 31, 		  

As of June 30,
2023		 
   2022   (Unaudited) 
   RMB   RMB   US$ 
Assets            
Current assets               
Cash   27,939,170    16,650,244    2,304,277 
Accounts receivable, net   30,913,334    51,860,833    7,177,175 
Accounts receivable - a related party   1,676,016    -    - 
Contract assets   4,460,046    6,042,350    836,219 
Prepaid expenses and other current assets, net   12,210,990    19,383,550    2,682,547 
Loan to a third party   -    3,596,823    497,775 
Total current assets   77,199,556    97,533,800    13,497,993 
                
Non-current assets               
Property and equipment, net   2,613,264    3,202,803    443,246 
Intangible asset, net   757,959    1,903,246    263,396 
Operating right-of-use assets, net   31,403,688    16,966,571    2,348,054 
Deferred offering costs   6,326,130    -    - 
Deferred tax assets   21,563    21,563    2,984 
Refundable deposits   3,002,260    1,963,450    271,728 
Prepayment for acquisition   3,596,823    -    - 
Restricted cash   501,071    501,695    69,431 
Total non-current assets   48,222,758    24,559,328    3,398,839 
                
TOTAL ASSETS   125,422,314    122,093,128    16,896,832 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY               
Current liabilities               
Short-term borrowings   14,800,000    18,500,000    2,560,270 
Current maturities of long-term borrowing   600,000    600,000    83,036 
Loan payable - a shareholder   -    2,000,000    276,786 
Accounts payable - third parties   18,147,774    21,084,567    2,917,956 
Accounts payable - related parties   7,425,184    16,337,417    2,260,984 
Contract liabilities   1,989,310    1,563,418    216,366 
Accrued expenses and other current liabilities   4,217,732    5,757,345    881,189 
Other payables - related parties   2,477,658    1,768,283    244,718 
Other payables - shareholders   6,980,836    6,956,371    962,713 
Taxes payable   2,130,433    234,460    (51,965)
Operating lease liabilities - current   18,079,265    8,148,420    1,127,684 
Total current liabilities   76,848,192    82,950,281    11,479,737 
                
Non-current liabilities               
Long-term borrowing   4,400,000    4,100,000    567,411 
Operating lease liabilities – non-current   13,276,535    8,858,202    1,225,913 
Total non-current liabilities   17,676,535    12,958,202    1,793,324 
Total liabilities   94,524,727    95,908,483    13,273,061 
Commitments and contingencies   
 
    
 
    
 
 
Shareholders’ Equity               
Class A ordinary shares (par value of US$0.0001 per share; 480,000,000 Class A ordinary shares authorized and 13,590,400 and 14,942,623 Class A ordinary shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively.)   8,830    9,880    1,367 
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, 2022 and June 30, 2023, respectively.)   4,087    4,087    566 
Additional paid in capital   72,691,813    61,635,472    8,529,917 
Subscription receivable   (34,823,000)   -    - 
Statutory reserves   4,651,141    3,575,076    494,765 
Accumulated deficit   (9,025,668)   (31,701,623)   (4,387,282)
Accumulated other comprehensive loss   (181,546)   (2,434,162)   (336,871)
Total Jayud Global Logistics Limited shareholders’ equity   33,325,657    31,088,730    4,302,462 
Non-controlling interests   (2,428,070)   (4,904,085)   (678,691)
Total shareholders’ equity   30,897,587    26,184,645    3,623,771 
                
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   125,422,314    122,093,128    16,896,832 

 

2

 

JAYUD GLOBAL LOGISTICS LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (LOSS)

 

   For the Six Months Ended June 30, 
   2022   2023 
   (Unaudited)   (Unaudited) 
   RMB   RMB   US$ 
Revenues   453,858,640    169,273,569    23,426,274 
Revenues - related parties   240,885    211,684    29,296 
Total Revenues   454,099,525    169,485,253    23,455,570 
                
Cost of revenues   (329,776,581)   (135,861,069)   (18,802,218)
Cost of revenues - related parties   (93,435,339)   (34,233,328)   (4,737,652)
Total Cost of revenues   (423,211,920)   (170,094,397)   (23,539,870)
                
Gross profit / (loss)   30,887,605    (609,144)   (84,300)
                
Operating expenses               
Selling expenses   (8,288,836)   (6,373,345)   (882,026)
Lease termination loss   
-
    (1,197,921)   (165,784)
General and administrative expenses   (9,223,117)   (14,622,729)   (2,023,683)
Research and development expenses   (998,923)   (1,755,063)   (242,888)
Total operating expenses   (18,510,876)   (23,949,058)   (3,314,381)
Operating profit / (loss)   12,376,729    (24,558,202)   (3,398,681)
                
Other income/ (expenses)               
Other income/ (expenses), net   99,901    (241,469)   (33,418)
Foreign exchange gain/ (loss), net   2,567,807    (974,371)   (134,846)
Financial expenses, net   (500,445)   (417,654)   (57,800)
Total other income/ (expenses), net   2,167,263    (1,633,494)   (226,064)
                
Income/ (loss) before income tax expense   14,543,992    (26,191,696)   (3,624,745)
Income tax expenses   (4,927,596)   (36,339)   (5,029)
Net income / (loss)   9,616,396    (26,228,035)   (3,629,774)
Less: Net loss attributable to non-controlling interests   (536,719)   (2,476,015)   (342,663)
Net income / (loss) attributable to the Jayud Global Logistics Limited’s ordinary shareholders   10,153,115    (23,752,020)   (3,287,111)
                
Net income / (loss)   9,616,396    (26,228,035)   (3,629,774)
Foreign currency translation adjustment, net of tax   (63,841)   (2,452,762)   (339,445)
Total comprehensive income / (loss)   9,552,555    (28,680,797)   (3,969,219)
Less: total comprehensive loss attributable to non-controlling interest   (536,719)   (2,476,015)   (342,663)
Total comprehensive income / (loss) attributable to Jayud Global Logistics Limited’s ordinary shareholders   10,089,274    (26,204,782)   (3,626,556)
                
Net income / (loss) per share               
Basic and diluted
   0.59    (1.16)   (0.16)
Weighted average shares               
Basic and diluted
   17,200,000    20,494,426    20,494,426 

 

 

 

3

 

 

 

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v3.23.2
Document And Entity Information
 6 Months Ended
Jun. 30, 2023
Document Information Line Items  
Entity Registrant Name Jayud Global Logistics Limited
Document Type 6-K
Current Fiscal Year End Date --12-31
Amendment Flag false
Entity Central Index Key 0001938186
Document Period End Date Jun. 30, 2023
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q2
Entity File Number 001-41656
v3.23.2
Interim Condensed Consolidated Balance Sheets
Jun. 30, 2023
CNY (¥)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
CNY (¥)
Current assets      
Cash ¥ 16,650,244 $ 2,304,277 ¥ 27,939,170
Accounts receivable, net 51,860,833 7,177,175 30,913,334
Accounts receivable - a related party 1,676,016
Contract assets 6,042,350 836,219 4,460,046
Prepaid expenses and other current assets, net 19,383,550 2,682,547 12,210,990
Loan to a third party 3,596,823 497,775
Total current assets 97,533,800 13,497,993 77,199,556
Non-current assets      
Property and equipment, net 3,202,803 443,246 2,613,264
Intangible asset, net 1,903,246 263,396 757,959
Operating right-of-use assets, net 16,966,571 2,348,054 31,403,688
Deferred offering costs 6,326,130
Deferred tax assets 21,563 2,984 21,563
Refundable deposits 1,963,450 271,728 3,002,260
Prepayment for acquisition 3,596,823
Restricted cash 501,695 69,431 501,071
Total non-current assets 24,559,328 3,398,839 48,222,758
TOTAL ASSETS 122,093,128 16,896,832 125,422,314
Current liabilities      
Short-term borrowings 18,500,000 2,560,270 14,800,000
Current maturities of long-term borrowing 600,000 83,036 600,000
Loan payable - a shareholder 2,000,000 276,786
Accounts payable - third parties 21,084,567 2,917,956 18,147,774
Accounts payable - related parties 16,337,417 2,260,984 7,425,184
Contract liabilities 1,563,418 216,366 1,989,310
Accrued expenses and other current liabilities 5,757,345 881,189 4,217,732
Other payables - related parties 1,768,283 244,718 2,477,658
Other payables - shareholders 6,956,371 962,713 6,980,836
Taxes payable 234,460 (51,965) 2,130,433
Operating lease liabilities - current 8,148,420 1,127,684 18,079,265
Total current liabilities 82,950,281 11,479,737 76,848,192
Non-current liabilities      
Long-term borrowing 4,100,000 567,411 4,400,000
Operating lease liabilities – non-current 8,858,202 1,225,913 13,276,535
Total non-current liabilities 12,958,202 1,793,324 17,676,535
Total liabilities 95,908,483 13,273,061 94,524,727
Commitments and contingencies
Shareholders’ Equity      
Additional paid in capital 61,635,472 8,529,917 72,691,813
Subscription receivable (34,823,000)
Statutory reserves 3,575,076 494,765 4,651,141
Accumulated deficit (31,701,623) (4,387,282) (9,025,668)
Accumulated other comprehensive loss (2,434,162) (336,871) (181,546)
Total Jayud Global Logistics Limited shareholders’ equity 31,088,730 4,302,462 33,325,657
Non-controlling interests (4,904,085) (678,691) (2,428,070)
Total shareholders’ equity 26,184,645 3,623,771 30,897,587
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 122,093,128 16,896,832 125,422,314
Class A Ordinary shares      
Shareholders’ Equity      
Ordinary shares 9,880 1,367 8,830
Class B Ordinary shares      
Shareholders’ Equity      
Ordinary shares ¥ 4,087 $ 566 ¥ 4,087
v3.23.2
Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Jun. 30, 2023
Dec. 31, 2022
Class A Ordinary shares    
Ordinary shares, par value (in Dollars per share) $ 0.0001 $ 0.0001
Ordinary shares, authorized 480,000,000 480,000,000
Ordinary shares, issued 14,942,623 13,590,400
Ordinary shares, outstanding 14,942,623 13,590,400
Class B Ordinary shares    
Ordinary shares, par value (in Dollars per share) $ 0.0001 $ 0.0001
Ordinary shares, authorized 20,000,000 20,000,000
Ordinary shares, issued 6,409,600 6,409,600
Ordinary shares, outstanding 6,409,600 6,409,600
v3.23.2
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
CNY (¥)
¥ / shares
shares
Jun. 30, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
CNY (¥)
¥ / shares
shares
Income Statement [Abstract]      
Revenues ¥ 169,273,569 $ 23,426,274 ¥ 453,858,640
Revenues - related parties 211,684 29,296 240,885
Total Revenues 169,485,253 23,455,570 454,099,525
Cost of revenues (135,861,069) (18,802,218) (329,776,581)
Cost of revenues - related parties (34,233,328) (4,737,652) (93,435,339)
Total Cost of revenues (170,094,397) (23,539,870) (423,211,920)
Gross profit / (loss) (609,144) (84,300) 30,887,605
Operating expenses      
Selling expenses (6,373,345) (882,026) (8,288,836)
Lease termination loss (1,197,921) (165,784)
General and administrative expenses (14,622,729) (2,023,683) (9,223,117)
Research and development expenses (1,755,063) (242,888) (998,923)
Total operating expenses (23,949,058) (3,314,381) (18,510,876)
Operating profit / (loss) (24,558,202) (3,398,681) 12,376,729
Other income/ (expenses)      
Other income (expenses), net (241,469) (33,418) 99,901
Foreign exchange gain (loss), net (974,371) (134,846) 2,567,807
Financial expenses, net (417,654) (57,800) (500,445)
Total other income (expenses), net (1,633,494) (226,064) 2,167,263
Income (loss) before income tax expense (26,191,696) (3,624,745) 14,543,992
Income tax expenses (36,339) (5,029) (4,927,596)
Net income / (loss) (26,228,035) (3,629,774) 9,616,396
Less: Net loss attributable to non-controlling interests (2,476,015) (342,663) (536,719)
Net income / (loss) attributable to the Jayud Global Logistics Limited’s ordinary shareholders (23,752,020) (3,287,111) 10,153,115
Net income / (loss) (26,228,035) (3,629,774) 9,616,396
Foreign currency translation adjustment, net of tax (2,452,762) (339,445) (63,841)
Total comprehensive income / (loss) (28,680,797) (3,969,219) 9,552,555
Less: total comprehensive loss attributable to non-controlling interest (2,476,015) (342,663) (536,719)
Total comprehensive income / (loss) attributable to Jayud Global Logistics Limited’s ordinary shareholders ¥ (26,204,782) $ (3,626,556) ¥ 10,089,274
Net income / (loss) per share      
Basic and diluted (in Dollars per share and Yuan Renminbi per share) | (per share) ¥ (1.16) $ (0.16) ¥ 0.59
Weighted average shares      
Basic and diluted (in Shares) 20,494,426 20,494,426 17,200,000
v3.23.2
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parentheticals)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
$ / shares
shares
Jun. 30, 2023
¥ / shares
shares
Dec. 31, 2022
¥ / shares
shares
Income Statement [Abstract]      
Diluted (in Dollars per share and Yuan Renminbi per share) | (per share) $ (0.16) ¥ (1.16) ¥ 0.59
Diluted 20,494,426 20,494,426 17,200,000
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