Recent developments highlight Jayud Global Logistics' strategic expansion and operational milestones, including leadership changes, certification achievements, and capacity enhancements.

• Jayud Global Logistics appointed a new Co-CEO in April 2026 to drive expansion in Southeast Asia [N1].
• The company was certified as an Alibaba Verified Supplier in February 2026, enhancing its e-commerce logistics credentials [N2].
• Jayud's Ezhou Huahu Airport Cross-Border E-Commerce Service Center reached a new operational milestone in January 2026 [N3].
• The company secured annual air cargo capacity on the Zhengzhou-Chicago route, expanding its cross-border logistics capabilities in January 2026 [N4].
• Jayud received a RMB 30 million government subsidy for charter flight operations in June 2025 [N5].
• The company received a Nasdaq non-compliance notice for minimum bid price requirements in May 2025 [N6].
• Jayud filed its annual report on Form 20-F for fiscal year 2024 in April 2025, providing detailed disclosures [N7].

The company has demonstrated revenue growth and improved gross profitability, supported by strategic investments in warehouses and air cargo capacity expansion. Its certification as an Alibaba Verified Supplier and leadership appointments targeting Southeast Asia expansion suggest potential for strengthening market position in growing e-commerce logistics sectors. The recent capital raise provides additional resources for operational expansion and working capital.

Jayud Global Logistics continues to report net losses despite improvements, with operating expenses increasing due to public company costs. The company faces regulatory risks including tax residency uncertainties and Nasdaq listing compliance challenges. The logistics industry is competitive and sensitive to macroeconomic factors such as fuel prices and global supply chain disruptions. Customer concentration and credit risk remain concerns given the significant revenue contribution from top customers and increasing accounts receivable days.

Jayud Global Logistics benefits from its integrated logistics network in Shenzhen, a key hub for cross-border e-commerce, and its diversified service offerings including freight forwarding, supply chain management, and value-added services. Strategic investments in warehouse assets, including in the U.S., and secured air cargo capacities on key international routes provide competitive advantages. Certification as an Alibaba Verified Supplier enhances its credibility in e-commerce logistics. However, the logistics industry is highly fragmented and competitive, with pricing pressures and regulatory complexities that may limit moat sustainability.

• Regulatory and Tax Risks: Uncertainties regarding PRC tax residency status and related withholding taxes may impact financial results. Compliance with Nasdaq listing requirements, including minimum bid price, poses ongoing regulatory risk.
• Financial Performance and Liquidity: The company has reported net losses in recent years and relies on equity and debt financing to fund operations and capital expenditures. Liquidity ratios indicate moderate short-term financial health but require monitoring.
• Competitive and Market Risks: The logistics industry is highly fragmented with increasing competition. Pricing pressures and inflationary impacts, especially fuel costs, may affect profitability. Supply chain disruptions and geopolitical tensions could adversely impact operations.
• Customer Concentration and Credit Risk: A significant portion of revenue is derived from a limited number of major customers. Increasing accounts receivable days and credit loss provisions highlight credit risk exposure.

• Jayud Global Logistics Ltd is a Shenzhen-based end-to-end supply chain solution provider focused on cross-border logistics services, including freight forwarding, supply chain management, and value-added services [S1].
• The company operates a well-connected transportation network supporting ocean, air, and overland logistics, leveraging Shenzhen's geographic advantages and customer base [S1].
• Total revenue increased from RMB497.9 million in 2023 to RMB600.8 million (US$85.5 million) in 2025, with year-over-year growth of 13.5% (2023-2024) and 6.3% (2024-2025) [S1].
• Gross profit turned positive in 2025 with RMB20.1 million (US$2.9 million) after gross losses in prior years [S1].
• The company recorded net losses of RMB80.3 million in 2023, RMB55.5 million in 2024, and RMB37.8 million (US$5.4 million) in 2025, showing a decreasing loss trend [S1].
• Operating expenses increased in 2025 primarily due to share-based compensation and professional fees related to public company requirements and share offerings [S1].
• Jayud's customer base was 1,701 in 2025, with average revenue per customer increasing to RMB353 thousand (US$50.2 thousand) [S1].
• The company has strategic investments in warehouses and licenses for e-commerce exports, including acquisitions in the United States, such as Yukon Flooring Bellaire LLC warehouse in Houston, Texas [S1].
• Liquidity as of December 31, 2025, includes cash and equivalents of RMB3.0 million (US$0.4 million) as of June 30, 2024, and working capital of approximately RMB59.3 million (US$8.4 million) [S1].
• Liquidity ratios as of December 31, 2025, include a current ratio of 1.51 and a cash ratio of 0.18, indicating moderate short-term liquidity [S1].
• The company completed a registered direct offering in March 2026, issuing 5,025,000 Class A ordinary shares at US$1.34 per share, raising gross proceeds of approximately $6.73 million for general corporate purposes and overseas expansion [S2].
• Jayud Global Logistics Limited is a holding company with operations conducted primarily through subsidiaries in China and Hong Kong [S1].
• The company faces regulatory considerations including PRC tax residency and withholding tax risks, as well as U.S. federal income tax considerations for investors [S1].
• Jayud Global Logistics has been expanding its cross-border logistics capabilities, including securing annual air cargo capacity on the Zhengzhou-Chicago route and launching exclusive air cargo services between Fuzhou, China and Jakarta, Indonesia [N4][N3][N9].
• The company received a RMB 30 million government subsidy for charter flight operations in 2025 [N5].
• Jayud Global Logistics was certified as an Alibaba Verified Supplier in February 2026, enhancing its credibility in e-commerce logistics [N2].
• In April 2026, Jayud appointed a new Co-CEO to drive expansion in Southeast Asia, indicating a strategic focus on regional growth [N1].
• The company received a Nasdaq non-compliance notice in May 2025 for minimum bid price requirements, indicating regulatory compliance challenges [N6].
• Jayud filed its annual report on Form 20-F for fiscal year 2024 in April 2025, providing detailed financial and operational disclosures [N7].