JIADE LIMITED Announces Fiscal Year 2025 Financial Results

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: kebiao@sckbkj.com

Investor Relations Firm
WFS Investor Relations Inc.
Email: services@wealthfsllc.com
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

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