The company's operating margin has shifted from a positive 76.0% in 2023Q4 to a deeply negative 44.2% in 2025Q4, reflecting a fundamental loss of pricing power and operational leverage.
| Sales/Revenue | 25.7M | 18.74M | 15.57M | 10.24M | 5.03M |
| Revenue Growth % | 37.13% | 20.36% | 52.08% | 103.7% | - |
| Cost of Goods Sold | 14.05M | 5.66M | 812.5K | 1.49M | 2.8M |
| COGS % of Revenue | 54.65% | 30.19% | 5.22% | 14.52% | 55.61% |
| Gross Profit | 11.66M | 13.08M | 14.76M | 8.75M | 2.23M |
| Gross Margin % | 45.35% | 69.81% | 94.78% | 85.48% | 44.39% |
| Gross Profit Growth % | -10.91% | -11.35% | 68.63% | 292.29% | - |
| Operating Expenses | 23.09M | 6.7M | 3.19M | 2.7M | 1.84M |
| OpEx % of Revenue | 89.85% | 35.74% | 20.48% | 26.39% | 36.61% |
| Selling, General & Admin | 19.95M | 5.65M | 2.34M | 2.08M | 1.29M |
| SG&A % of Revenue | 77.64% | 30.16% | 15.04% | 20.28% | 25.58% |
| Research & Development | 2.14M | 709.83K | 695.82K | 378.5K | 456K |
| R&D % of Revenue | 8.31% | 3.79% | 4.47% | 3.7% | 9.07% |
| Other Operating Expenses | 1M | 337.23K | 152.16K | 246.51K | 98.43K |
| Operating Income | -11.44M | 6.39M | 11.57M | 6.05M | 390.8K |
| Operating Margin % | -44.5% | 34.07% | 74.3% | 59.09% | 7.78% |
| Operating Income Growth % | -279.1% | -44.81% | 91.22% | 1448.2% | - |
| EBITDA | -7.94M | 6.72M | 11.78M | 6.32M | 522.04K |
| EBITDA Margin % | -30.88% | 35.83% | 75.67% | 61.77% | 10.39% |
| EBITDA Growth % | -218.15% | -43% | 86.31% | 1111.42% | - |
| D&A (Non-Cash Add-back) | 3.5M | 331.07K | 213.21K | 273.8K | 131.25K |
| EBIT | -10.41M | 6.26M | 11.18M | 6.05M | 390.8K |
| Net Interest Income | -300.71K | -90.16K | -63.03K | -11.62K | 2.44K |
| Interest Income | 843 | 17.93K | 2.29K | 101 | 2.44K |
| Interest Expense | 301.55K | 108.09K | 65.31K | 11.72K | 0 |
| Other Income/Expense | 721.2K | -232.63K | -456.31K | 197.3K | 11.39K |
| Pretax Income | -10.71M | 6.15M | 11.11M | 6.25M | 402.18K |
| Pretax Margin % | -41.69% | 32.83% | 71.37% | 61.02% | 8% |
| Income Tax | -186.2K | 545.71K | 1.55M | 887.38K | 6.84K |
| Effective Tax Rate % | 1.74% | 8.87% | 13.96% | 14.2% | 1.7% |
| Net Income | -10.6M | 5.6M | 9.48M | 5.32M | 392.1K |
| Net Margin % | -41.23% | 29.9% | 60.9% | 51.92% | 7.8% |
| Net Income Growth % | -289.12% | -40.92% | 78.39% | 1255.85% | - |
| Net Income (Continuing) | -10.53M | 5.61M | 9.56M | 5.36M | 395.34K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 150.65K | 149.69K | 146.14K | 61.57K | 1.21K |
| EPS (Diluted) | -90.20 | 45.00 | 77.40 | 19.60 | 1.40 |
| EPS Growth % | -300.44% | -41.86% | 294.9% | 1300% | - |
| EPS (Basic) | -90.20 | 45.00 | 77.40 | 19.10 | 1.40 |
| Diluted Shares Outstanding | 117.48K | 123.53K | 123.53K | 123.53K | 123.53K |
| Basic Shares Outstanding | 117.48K | 123.53K | 123.53K | 123.53K | 123.53K |
| Dividend Payout Ratio | - | - | - | - | - |
Rapid Revenue Contraction
As indicated by the most recent quarterly financial data, JDZG experienced a sharp revenue decline of 76.7% in 2025Q4, signaling a significant deterioration in the company's ability to maintain its previous growth trajectory within the competitive adult education services market.
The dramatic drop in top-line performance suggests that the company's reliance on seasonal enrollment cycles or specific regional demand in Chengdu may be failing to sustain momentum. Investors should monitor whether this contraction reflects a structural loss of market share or merely a temporary volatility in the institutional service pipeline.
According to the provided income statement history, gross margins have plummeted from historical highs of over 90% in 2023 to 39.0% by 2025Q4, suggesting a fundamental shift in the cost of service delivery or a loss of pricing power.
The collapse in gross margins implies that the company's auxiliary education services are becoming increasingly labor-intensive or that competitive pressures are forcing aggressive price discounting. This trend warrants investigation into whether the KB Platform still provides the high-margin software leverage originally anticipated by the business model.
Based on reported figures, the company's operating margin has swung from a positive 76.0% in 2023Q4 to a deeply negative 44.2% in 2025Q4, demonstrating a complete lack of operating leverage as SG&A expenses continue to outpace the shrinking gross profit base.
The inability to scale operating expenses in line with revenue suggests that the company's administrative and marketing overhead is currently fixed at a level that the business can no longer support. This indicates that management may be struggling to right-size the organization following the recent revenue downturn.
Financial statements reveal that JDZG's transition from a high-margin, profitable entity in 2023 to a loss-making operation in 2025 suggests that the current business model may be fundamentally unsustainable without a significant pivot in service delivery or cost management.
Short-sellers would likely focus on the rapid erosion of both top-line growth and profitability, which may indicate that the company's competitive moat is thinner than initially perceived. The persistent negative operating margins suggest that the company is consuming its capital reserves to fund a shrinking operation, which warrants extreme caution.
Quick answers to the most common questions about buying JDZG stock.
For fiscal year 2025, JIADE Limited (JDZG) reported total revenue of $25.7M. This represents a 411.3% increase compared to $5.0M in 2021.
JIADE Limited (JDZG) reported a net loss of $10.6M for the fiscal year ending 2025.
JIADE Limited (JDZG) reported an operating income of $-11.4M, resulting in an operating profit margin of -44.5%. This margin reflects the operational efficiency of the business before interest and taxes.
JIADE Limited (JDZG) generated $11.7M in gross profit for the year, representing a gross profit margin of 45.4%. This demonstrates the company's core pricing power and production efficiency.