Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information Line Items | |
Entity Registrant Name | Jayud Global Logistics Ltd |
Trading Symbol | JYD |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001938186 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 333-269871 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 4th Floor |
Entity Address, Address Line Two | Building 4 |
Entity Address, Address Line Three | Shatoujiao Free Trade ZoneShenyan Road, Yantian District |
Entity Address, City or Town | Shenzhen |
Entity Address, Country | CN |
Title of 12(b) Security | Class A ordinary shares, par value US$0.0001 per share |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Accounting Standard | U.S. GAAP |
Auditor Firm ID | 711 |
Auditor Name | Marcum Asia CPAs LLP |
Auditor Location | New York, New York |
Entity Address, Postal Zip Code | 000 |
Business Contact [Member] | |
Document Information Line Items | |
Entity Address, Address Line One | 4th Floor |
Entity Address, Address Line Two | Building 4 |
Entity Address, Address Line Three | Shatoujiao Free Trade ZoneShenyan Road, Yantian District |
Entity Address, City or Town | Shenzhen |
Entity Address, Country | CN |
City Area Code | +86 |
Local Phone Number | 0755-25595406 |
Contact Personnel Email Address | xiaogang.geng@jayud.com |
Contact Personnel Name | Xiaogang Geng |
Entity Address, Postal Zip Code | 000 |
Class A Ordinary Shares | |
Document Information Line Items | |
Entity Common Stock, Shares Outstanding | 13,590,400 |
Class B Ordinary Shares | |
Document Information Line Items | |
Entity Common Stock, Shares Outstanding | 6,409,600 |
Consolidated Balance Sheets
Consolidated Balance Sheets | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Current assets | ||||
Cash | ¥ 27,939,170 | $ 4,011,597 | ¥ 40,266,725 | |
Accounts receivable, net | 30,913,334 | 4,438,637 | 87,545,391 | |
Accounts receivable - a related party | 1,676,016 | 240,648 | 26,154 | |
Contract assets | 4,460,046 | 640,388 | 3,203,033 | |
Prepaid expenses and other current assets, net | 12,210,990 | 1,753,294 | 28,551,387 | |
Prepaid expenses - a related party | 1,674,157 | |||
Total current assets | 77,199,556 | 11,084,564 | 161,266,847 | |
Non-current assets | ||||
Property and equipment, net | 2,613,264 | 375,221 | 1,153,975 | |
Intangible asset, net | 757,959 | 108,830 | 920,908 | |
Operating right-of-use assets, net | 31,403,688 | 4,509,044 | 6,463,320 | |
Deferred offering costs | 6,326,130 | 908,326 | 898,870 | |
Deferred tax assets | 21,563 | 3,096 | 138,318 | |
Refundable deposits | 3,002,260 | 431,074 | ||
Prepayment for acquisition | 3,596,823 | 516,444 | ||
Restricted cash | 501,071 | 71,945 | ||
Total non-current assets | 48,222,758 | 6,923,980 | 9,575,391 | |
TOTAL ASSETS | 125,422,314 | 18,008,544 | 170,842,238 | |
Current liabilities | ||||
Short-term borrowings | 14,800,000 | 2,125,032 | 10,900,000 | |
Current maturities of long-term borrowing | 600,000 | 86,150 | 600,000 | |
Loans payable - third parties | 4,800,000 | |||
Loans payable - related parties | 1,612,000 | |||
Loans payable - shareholders | 2,560,000 | |||
Accounts payable - third parties | 18,147,774 | 2,605,717 | 41,901,620 | |
Accounts payable - related parties | 7,425,184 | 1,066,132 | 60,978,653 | |
Contract liabilities | 1,989,310 | 285,632 | 7,851,588 | |
Accrued expenses and other current liabilities | 4,217,732 | 605,596 | 7,239,053 | |
Other payables - related parties | 2,477,658 | 355,750 | 1,881,145 | |
Other payables - shareholders | 6,980,836 | 1,002,331 | 1,314,602 | |
Taxes payable | 2,130,433 | 305,894 | 2,345,914 | |
Operating lease liabilities - current | 18,079,265 | 2,595,880 | 3,698,233 | |
Total current liabilities | 76,848,192 | 11,034,114 | 147,682,808 | |
Non-current liabilities | ||||
Long-term borrowing | 4,400,000 | 631,766 | 3,850,000 | |
Operating lease liabilities – non-current | 13,276,535 | 1,906,288 | 2,539,151 | |
Total non-current liabilities | 17,676,535 | 2,538,054 | 6,389,151 | |
Total liabilities | 94,524,727 | 13,572,168 | 154,071,959 | |
Commitments and contingencies | ||||
Shareholders’ Equity | ||||
Additional paid in capital | 72,691,813 | 10,437,328 | 13,190,206 | |
Subscription receivable | (34,823,000) | (5,000,000) | ||
Statutory reserves | 4,651,141 | 667,826 | 2,447,862 | |
Retained earnings (Accumulated deficit) | (9,025,668) | (1,295,935) | 1,219,888 | |
Accumulated other comprehensive income (loss) | (181,546) | (26,068) | 18,600 | |
Total Jayud Global Logistics Limited shareholders’ equity | 33,325,657 | 4,785,006 | 16,887,523 | |
Non-controlling interests | (2,428,070) | (348,630) | (117,244) | |
Total shareholders’ equity | 30,897,587 | 4,436,376 | 16,770,279 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 125,422,314 | 18,008,544 | 170,842,238 | |
Class A Ordinary shares | ||||
Shareholders’ Equity | ||||
Ordinary shares | [1] | 8,830 | 1,268 | 6,880 |
Class B Ordinary shares | ||||
Shareholders’ Equity | ||||
Ordinary shares | [1] | ¥ 4,087 | $ 587 | ¥ 4,087 |
[1]Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | |
Class A Ordinary shares | |||
Ordinary shares, par value (in Dollars per share) | [1] | $ 0.0001 | $ 0.0001 |
Ordinary shares, authorized | [1] | 480,000,000 | 480,000,000 |
Ordinary shares, issued | [1] | 13,590,400 | 10,790,400 |
Ordinary shares, outstanding | [1] | 13,590,400 | 10,790,400 |
Class B Ordinary shares | |||
Ordinary shares, par value (in Dollars per share) | [1] | $ 0.0001 | $ 0.0001 |
Ordinary shares, authorized | [1] | 20,000,000 | 20,000,000 |
Ordinary shares, issued | [1] | 6,409,600 | 6,409,600 |
Ordinary shares, outstanding | [1] | 6,409,600 | 6,409,600 |
[1]Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Income Statement [Abstract] | ||||
Revenues | ¥ 649,450,107 | $ 93,250,166 | ¥ 531,451,949 | ¥ 261,745,451 |
Revenues - related parties | 2,541,486 | 364,915 | 14,141,548 | 28,587,482 |
Total Revenues | 651,991,593 | 93,615,081 | 545,593,497 | 290,332,933 |
Cost of revenues | (491,762,767) | (70,608,903) | (318,046,475) | (110,032,969) |
Cost of revenues - related parties | (122,842,712) | (17,638,158) | (193,046,047) | (159,273,345) |
Total Cost of revenues | (614,605,479) | (88,247,061) | (511,092,522) | (269,306,314) |
Gross profit | 37,386,114 | 5,368,020 | 34,500,975 | 21,026,619 |
Operating expenses | ||||
Selling expenses | (16,032,550) | (2,302,006) | (8,956,522) | (6,272,901) |
General and administrative expenses | (18,555,039) | (2,664,193) | (11,275,729) | (7,043,391) |
Research and development expenses | (2,096,317) | (300,996) | (1,460,960) | (1,376,644) |
Total operating expenses | (36,683,906) | (5,267,195) | (21,693,211) | (14,692,936) |
Operating profit | 702,208 | 100,825 | 12,807,764 | 6,333,683 |
Other income (expenses) | ||||
Other expenses, net | (205,903) | (29,564) | (11,599) | (87,504) |
Foreign exchange gain (loss) , net | 4,407,133 | 632,791 | 489,268 | (912,988) |
Financial expenses, net | (943,324) | (135,446) | (1,358,586) | (651,134) |
Total other income (expenses), net | 3,257,906 | 467,781 | (880,917) | (1,651,626) |
Income before income tax expense | 3,960,114 | 568,606 | 11,926,847 | 4,682,057 |
Income tax expenses | (2,582,217) | (370,763) | (1,703,179) | (1,634,929) |
Net income | 1,377,897 | 197,843 | 10,223,668 | 3,047,128 |
Less: Net loss attributable to non-controlling interests | (2,510,826) | (360,513) | (81,640) | (15,309) |
Foreign currency translation difference, net of tax | (200,146) | (28,738) | 10,158 | 11,615 |
Net income attributable to the Jayud Global Logistics Limited’s ordinary shareholders | 3,888,723 | 558,356 | 10,305,308 | 3,062,437 |
Net income | 1,377,897 | 197,843 | 10,223,668 | 3,047,128 |
Total comprehensive income | 1,177,751 | 169,105 | 10,233,826 | 3,058,743 |
Less: total comprehensive loss attributable to non-controlling interest | (2,510,826) | (360,513) | (81,640) | (15,309) |
Total comprehensive income attributable to Jayud Global Logistics Limited’s ordinary shareholders | ¥ 3,688,577 | $ 529,618 | ¥ 10,315,466 | ¥ 3,074,052 |
Net income per share | ||||
Basic and diluted (in Dollars per share and Yuan Renminbi per share) | (per share) | ¥ 0.22 | $ 0.03 | ¥ 0.6 | ¥ 0.18 |
Weighted average shares | ||||
Basic and diluted (in Shares) | 18,071,233 | 18,071,233 | 17,200,000 | 17,200,000 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parentheticals) | 12 Months Ended | |||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2022 ¥ / shares shares | Dec. 31, 2021 ¥ / shares shares | Dec. 31, 2020 ¥ / shares shares | |
Income Statement [Abstract] | ||||
Diluted (in Dollars per share and Yuan Renminbi per share) | (per share) | $ 0.03 | ¥ 0.22 | ¥ 0.60 | ¥ 0.18 |
Diluted | 18,071,233 | 18,071,233 | 17,200,000 | 17,200,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity | Class A Ordinary shares CNY (¥) shares | Class A Ordinary shares USD ($) shares | Class B Ordinary shares CNY (¥) shares | Class B Ordinary shares USD ($) shares | Additional paid-in capital CNY (¥) | Additional paid-in capital USD ($) | Subscription receivable CNY (¥) | Subscription receivable USD ($) | Statutory reserves CNY (¥) | Statutory reserves USD ($) | (Accumulated deficit)/Retained earnings CNY (¥) | (Accumulated deficit)/Retained earnings USD ($) | Accumulated other comprehensive income (loss) CNY (¥) | Accumulated other comprehensive income (loss) USD ($) | Total Jayud Global Logistics Limited shareholders’ equity CNY (¥) | Total Jayud Global Logistics Limited shareholders’ equity USD ($) | Non-controlling interests CNY (¥) | Non-controlling interests USD ($) | CNY (¥) | USD ($) | |||||
Balance at Dec. 31, 2019 | ¥ 6,880 | [1] | ¥ 4,087 | [1] | ¥ 12,831,938 | ¥ 645,259 | ¥ (9,145,254) | ¥ (3,173) | ¥ 4,339,737 | ¥ (62,027) | ¥ 4,277,710 | ||||||||||||||
Balance (in Shares) at Dec. 31, 2019 | shares | [1] | 10,790,400 | 10,790,400 | 6,409,600 | 6,409,600 | ||||||||||||||||||||
Provision for statutory reserve | [1] | [1] | 823,564 | (823,564) | |||||||||||||||||||||
Net income (loss) | [1] | [1] | 3,062,437 | 3,062,437 | (15,309) | 3,047,128 | |||||||||||||||||||
Dividend distribution | [1] | [1] | (1,200,000) | (1,200,000) | (1,200,000) | ||||||||||||||||||||
Foreign currency translation | [1] | [1] | 11,615 | 11,615 | 11,615 | ||||||||||||||||||||
Balance at Dec. 31, 2020 | ¥ 6,880 | [1] | ¥ 4,087 | [1] | 12,831,938 | 1,468,823 | (8,106,381) | 8,442 | 6,213,789 | (77,336) | 6,136,453 | ||||||||||||||
Balance (in Shares) at Dec. 31, 2020 | shares | [1] | 10,790,400 | 10,790,400 | 6,409,600 | 6,409,600 | ||||||||||||||||||||
Provision for statutory reserve | [1] | [1] | 979,039 | (979,039) | |||||||||||||||||||||
Capital injection | [1] | [1] | 400,000 | 400,000 | 400,000 | ||||||||||||||||||||
Acquisition of non-controlling interest | [1] | [1] | (41,732) | (41,732) | 41,732 | ||||||||||||||||||||
Net income (loss) | [1] | [1] | 10,305,308 | 10,305,308 | (81,640) | 10,223,668 | |||||||||||||||||||
Foreign currency translation | [1] | [1] | 10,158 | 10,158 | 10,158 | ||||||||||||||||||||
Balance at Dec. 31, 2021 | ¥ 6,880 | [1] | ¥ 4,087 | [1] | 13,190,206 | 2,447,862 | 1,219,888 | 18,600 | 16,887,523 | (117,244) | 16,770,279 | ||||||||||||||
Balance (in Shares) at Dec. 31, 2021 | shares | [1] | 10,790,400 | 10,790,400 | 6,409,600 | 6,409,600 | ||||||||||||||||||||
Provision for statutory reserve | [1] | [1] | 2,203,279 | (2,203,279) | |||||||||||||||||||||
Issuance of new shares to third party investors | ¥ 1,393 | [1] | [1] | 34,821,607 | (34,823,000) | ||||||||||||||||||||
Issuance of new shares to third party investors (in Shares) | shares | [1] | 2,000,000 | 2,000,000 | ||||||||||||||||||||||
Issuance of new shares to service providers | ¥ 557 | [1] | [1] | 557 | 557 | ||||||||||||||||||||
Issuance of new shares to service providers (in Shares) | shares | [1] | 800,000 | 800,000 | ||||||||||||||||||||||
Capital injection | [1] | [1] | 24,680,000 | 24,680,000 | 24,680,000 | ||||||||||||||||||||
Capital injection by non-controlling interest | [1] | [1] | 200,000 | 200,000 | |||||||||||||||||||||
Net income (loss) | [1] | [1] | 3,888,723 | 3,888,723 | (2,510,826) | 1,377,897 | $ 197,843 | ||||||||||||||||||
Dividend distribution | [1] | [1] | (11,931,000) | (11,931,000) | (11,931,000) | ||||||||||||||||||||
Foreign currency translation | [1] | [1] | (200,146) | (200,146) | (200,146) | ||||||||||||||||||||
Balance at Dec. 31, 2022 | ¥ 8,830 | [1] | ¥ 4,087 | [1] | ¥ 72,691,813 | ¥ (34,823,000) | ¥ 4,651,141 | ¥ (9,025,668) | ¥ (181,546) | ¥ 33,325,657 | ¥ (2,428,070) | ¥ 30,897,587 | 4,436,376 | ||||||||||||
Balance (in Shares) at Dec. 31, 2022 | shares | [1] | 13,590,400 | 13,590,400 | 6,409,600 | 6,409,600 | ||||||||||||||||||||
Balance (USD) (in Dollars) | $ | $ 1,268 | [1] | $ 587 | [1] | $ 10,437,328 | $ (5,000,000) | $ 667,826 | $ (1,295,935) | $ (26,068) | $ 4,785,006 | $ (348,630) | $ 4,436,376 | |||||||||||||
Balance (USD) (in Shares) | shares | [1] | 13,590,400 | 13,590,400 | 6,409,600 | 6,409,600 | ||||||||||||||||||||
[1]Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | ¥ 1,377,897 | $ 197,843 | ¥ 10,223,668 | ¥ 3,047,128 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Provision for doubtful accounts | 938,209 | 134,710 | 442,543 | 216,405 |
Depreciation and amortization | 848,664 | 121,854 | 688,866 | 878,988 |
Amortization of operating lease right-of-use asset | 10,933,292 | 1,569,838 | 3,498,048 | 3,205,424 |
Losses from disposal of property and equipment | (13,076) | (1,876) | 52,663 | 10,392 |
Deferred tax (benefits)/expenses | 116,755 | 16,764 | 864,072 | (1,002,390) |
Changes in operating assets and liabilities | ||||
Accounts receivable, net | 55,931,552 | 8,030,835 | (53,592,329) | 5,006,669 |
Accounts receivable - related parties | (1,649,862) | (236,893) | 2,788,565 | (682,052) |
Contract assets | (1,257,013) | (180,486) | (2,609,559) | (159,475) |
Prepaid expenses and other current asset, net | 10,069,570 | 1,445,825 | (21,756,319) | (2,567,994) |
Prepaid expenses - related parties | 1,674,157 | 240,381 | (1,674,157) | |
Refundable deposits | (3,002,260) | (431,074) | ||
Accounts payable | (23,753,846) | (3,410,655) | 22,083,942 | 628,951 |
Accounts payable - related parties | (53,553,469) | (7,689,382) | 39,435,858 | 6,172,032 |
Contract liabilities | 170,846 | 24,531 | 5,943,100 | 1,833,468 |
Accrued expenses and other current liabilities | (3,021,321) | (433,811) | 2,884,200 | 744,214 |
Others payable - shareholders | (71,266) | (10,233) | (659,832) | (213,302) |
Tax payable | (215,481) | (30,940) | (792,044) | 1,616,662 |
Operating lease liabilities | (10,755,243) | (1,544,273) | (3,532,276) | (3,235,059) |
Other long-term liabilities | (49,427) | (180,338) | ||
Net cash provided by (used in) operating activities | (15,231,895) | (2,187,042) | 4,239,582 | 15,319,723 |
Cash flows from investing activities: | ||||
Prepayment for acquisition | (3,596,823) | (516,444) | ||
Purchase of property, equipment and intangible asset | (2,150,431) | (308,768) | (634,871) | (155,102) |
Proceeds from disposal of property and equipment | 18,500 | 2,656 | ||
Net cash used in investing activities | (5,728,754) | (822,556) | (634,871) | (155,102) |
Cash flows from financing activities: | ||||
Proceeds from short-term borrowings | 18,000,000 | 2,584,499 | 18,000,000 | 10,710,000 |
Proceeds from a long-term borrowing | 5,000,000 | 717,916 | 5,000,000 | |
Repayments of short-term borrowings | (14,100,000) | (2,024,524) | (14,810,000) | (10,000,000) |
Repayment of a long-term borrowing | (4,450,000) | (638,946) | (550,000) | |
Proceeds from loans provided by shareholders | 6,295,383 | 903,912 | 6,245,000 | |
Proceeds from loans provided by related parties | 500,000 | 71,792 | 2,100,000 | 1,385,675 |
Loans repayment to shareholders | (8,855,383) | (1,271,485) | (3,685,000) | |
Loans repayment to related parties | (2,112,000) | (303,248) | (500,000) | (1,385,675) |
Proceeds from loans provided by third parties | 5,631,457 | 808,583 | 4,800,000 | 7,621,342 |
Loans repayment to third parties | (10,431,457) | (1,497,783) | (1,385,355) | (6,235,987) |
Proceeds from shareholder’s contribution | 24,680,000 | 3,543,635 | 400,000 | |
Payments for deferred offering costs | (5,426,702) | (779,184) | (898,870) | |
Dividend payment | (6,193,500) | (889,283) | (1,350,000) | |
Capital injection by a non-controlling interest | 200,000 | 28,717 | ||
Others payable - related parties | 596,513 | 85,649 | (1,769,615) | 3,042,583 |
Net cash provided by financing activities | 9,334,311 | 1,340,250 | 12,946,160 | 3,787,938 |
Effect of exchange rate changes | (200,146) | (28,738) | 10,158 | 11,615 |
Net increase (decrease) in cash and cash equivalents and restricted cash | (11,826,484) | (1,698,086) | 16,561,029 | 18,964,174 |
Cash at beginning of the year | 40,266,725 | 5,781,628 | 23,705,696 | 4,741,522 |
Total cash and cash equivalents and restricted cash at the end of the year | 28,440,241 | 4,083,542 | 40,266,725 | 23,705,696 |
Cash and cash equivalents at end of the year | 27,939,170 | 4,011,597 | 40,266,725 | 23,705,696 |
Restricted cash at end of the year | 501,071 | 71,945 | ||
Supplemental disclosure of cash flow information: | ||||
Interest expense paid | 781,143 | 361,457 | 1,046,305 | 533,982 |
Income tax paid | 2,517,405 | 112,159 | 1,773,998 | 1,187,085 |
Supplemental non-cash investing and financing information: | ||||
Obtaining right-of-use assets in exchange for operating lease liabilities | 35,873,660 | 5,150,857 | 3,603,273 | 6,200,864 |
Dividend distribution included in Others payable - shareholders | 6,937,500 | 996,109 | ||
Issuance of new shares with consideration receivable | 34,823,000 | 5,000,000 | ||
Issuance of new shares in exchange of services | ¥ 557 | $ 80 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Principal Activities [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES (a) Organization Jayud Global Logistics Limited (“Jayud” or the “Company”) was incorporated in the Cayman Islands on June 10, 2022 under the Cayman Islands Companies Act. The Company through its consolidated subsidiaries (collectively, the “Group”) is principally engaged in the freight forwarding and trading based in the People’s Republic of China (“PRC” or “China”). As of December 31, 2022, the details of the Company’s subsidiaries are as follows. All subsidiaries of the Group are all owned by the Company through equity investment. Entity Controlled by Date of Place of Percentage Principal activities Jayud Global Logistics (HongKong) Limited Jayud June 24, 2022 Hong Kong 100 % Wholly foreign owned enterprise Shenzhen Jayud Logistics Technology Co., Ltd JYD HK July 23, 2015 PRC 100 % Freight forwarding Shenzhen Jia Yu Da International Logistics Co., Ltd. JYD WLKJ June 19, 2011 PRC 100 % Freight forwarding Shenzhen Jia Yu Da Trading Co., Ltd. JYD WLKJ September 18, 2009 PRC 100 % International trading Xuchang Jayud Supply Chain Management Co., Ltd JYD WLKJ May 6, 2021 PRC 100 % Freight forwarding Shenzhen Jiayuda Customs Declaration Co., Ltd. JYD WLKJ September 14, 2015 PRC 100 % Customs brokerage Shenzhen XIN YU Xiang Import & Export Co., Ltd. JYD WLKJ October 26, 2011 PRC 100 % Agent service Shenzhen Jiayuda Global Supply Chain Co., Ltd. JYD WLKJ April 23, 2014 PRC 100 % Freight forwarding Shenzhen Jiayuda E-Commerce Technology Co., Ltd JYD WLKJ April 1, 2014 PRC 100 % Freight forwarding Nanjing Jiayuda Logistics Co., Ltd. JYD WLKJ February 12, 2018 PRC 100 % Freight forwarding Shaanxi Jia Yuda Supply Chain Management Co., Ltd. JYD WLKJ March 27, 2018 PRC 100 % Freight forwarding Cargo Link Company Limited JYD WLKJ November 10, 2021 PRC 51 % Freight forwarding Sky Pacific Logistics HK Company Limited JYD HQ March 2, 2016 Hong Kong 67 % Agent service Hongkong Jayud International Logistics Company Limited JYD HK December 31, 2017 Hong Kong 100 % Agent service Shenzhen Jayud Yuncang Technology Co., Ltd. JYD WLKJ July 25, 2022 PRC 52 % Warehousing (b) Reorganization In anticipation of an initial public offering (“IPO”) of its equity securities, the Company incorporated Jayud Global Logistic (Hong Kong) Limited (“JYD HK”) under the laws of Hong Kong, PRC, as its direct wholly-owned subsidiary, on June 24, 2022. In September 2022, JYD HK directly invested in JYD WLKJ as its direct wholly-owned subsidiary. Due to the fact that the Company and its subsidiaries were effectively controlled by the same shareholders immediately before and after the reorganization completed in September 2022, as described above, the reorganization was accounted for as a recapitalization. As a result, the Group’s consolidated financial statements have been prepared as if the current corporate structure has been in existence throughout the periods presented. The Company and its subsidiaries resulting from the reorganization have always been under the common control of the same controlling shareholders before and after the reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions. (c) Changes of non-controlling interests In October 2021, JYD WLKJ set up JYD SHWL with non-controlling shareholders and obtained 51% equity interest of JYD SHWL. (Note 2(x)) In November 2021, the Company acquired 33% non-controlling interests of JYD HKGJHY from Cargo Link Logistics HK Company Limited. (Note 2(x)) In July 2022, JYD WLKJ set up JYD YCKJ with a non-controlling shareholder and obtained 52% equity interest of JYD YCKJ. (Note 2(x)) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. (c) Use of estimates and assumptions The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates include, but not limited to revenue recognition, allowance for doubtful accounts, useful lives and impairment of long-lived assets, discount rate used in operating lease right-of-use assets, deferred income taxes, uncertain tax position and valuation allowance for deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (d) Foreign currencies and foreign currency translation The functional and reporting currency of the Group is Renminbi (“RMB”). The Company’s operating subsidiaries in China and Hong Kong use their respective currencies RMB and Hong Kong Dollar (“HKD”) as their functional currencies. The financial statements of Hong Kong entities are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the years for income and expense items. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency other than RMB is translated at the historical rate of exchange at the time of capital contribution. Translation adjustments arising from these are reported as foreign currency translation adjustments RMB11,615, RMB10,158 and RMB200,146 (US$28,738) for the years ended December 31, 2020, 2021 and 2022, respectively and are shown as a separate component of shareholders’ equity on the consolidated financial statement. The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements, representing the index rates stipulated by the Bank of China: HKD against RMB December 31, December 31, December 31, Year-end spot rate HKD1=RMB0.8504 HKD1=RMB0.8168 HKD1=RMB0.8899 Average rate HKD1=RMB0.8928 HKD1=RMB0.8327 HKD1=RMB0.8578 Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in exchange gains or losses on the consolidated statements of income and comprehensive income. The Group incurred and recognized foreign currency exchange loss of RMB912,988 for the years ended December 31, 2020 and foreign currency exchange gain of RMB489,268 and RMB4,407,133(US$632,791) for the years ended December 31, 2021 and 2022, respectively, as a result of changes in the exchange rate. (e) Convenience translation The United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the rate of US$1.00=RMB6.9646 on December 31, 2022, representing the middle rate as set forth in the statistical release of the Bank of China as of December 31, 2022. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. (f) Segment information An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s chief operating decision maker in order to allocate resources and assess performance of the segment. In accordance with ASC (“Accounting Standard Codification”) 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. The Group’s CODM has been identified as the chief executive officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group has determined that there is only one reportable operating segment since all types of the services provided and products delivered are viewed as an integrated business process and allocation of the resources and assessment of the performance are not separately evaluated by the Group’s CODM. (g) Cash and Restricted Cash Cash consists of cash on hand and cash in bank. The Group maintains cash with various financial institutions primarily in China. As of December 31, 2021 and 2022, balances of cash were RMB40,266,725 and RMB27,939,170 (US$4,011,597), respectively. The Group has not experienced any losses in bank accounts and believes it is not exposed to any risks on its cash in bank accounts. Restricted cash represents Demand Bank Guarantee for an international express company. Under the Demand Bank Guarantee, the Company need to deposit RMB500,000 into the bank account in the Bank of China and the cash deposited is restricted for use to make the payments to the international express company under the two-year Air Freight Agency Agreement between the Company and the express company. The term of the Demand Bank Guarantee is from March 2022 to January 2024. Therefore, the restricted cash is treated as non-current assets. (h) Accounts receivable, net Accounts receivable, net, include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The credit terms are generally between 30 to 60 days. Provision for doubtful accounts is recognized when reasonable and supportable forecasts affect the expected collectability. The Group reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Group considers many factors in assessing the collectability such as the age of the amounts due, consideration of historical loss experience, adjusted for current conditions, forward-looking indicators, trends in customer payment frequency, and judgments about the probable effects of relevant observable data, including present and future economic conditions and the financial health of specific customers and market sectors. The Group established standards and policies for reviewing major account exposures and concentrations of risk. The allowance for doubtful accounts as of December 31, 2021 and 2022 was RMB682,905 and RMB1,185,328 (US$170,193), respectively. (i) Property and equipment, net Property and equipment is stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives with an estimated residual value of the assets as follows: Category. Estimated Motor vehicles 4 - 5 years Electronic equipment 1 - 5 years Machinery 5 years Other equipment 5 years Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of income and other comprehensive income in other income or expenses. (j) Intangible asset, net Intangible asset is carried at cost less accumulated amortization and any recorded impairment. The intangible assets of the Group mainly represent the software for operating activities. Intangible asset is amortized using the straight-line basis over the estimated useful live of the asset as follows: Category Estimated Software 5 - 10 years (k) Refundable deposits Refundable deposits represents the deposits made for long-term leases. These deposits are interest free and will be refunded at the end of the lease. Since the leases have the term over one year, these deposits are classified as long term assets. (l) Prepayment for acquisition The prepayment for acquisition is the payment made to acquire a business. These amounts are refundable if the acquisition is not successfully completed. Management reviews its prepayments on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. As of December 31, 2022, no allowance was deemed necessary. The Company expects to finish its acquisition by the middle of 2023. (m) Related parties A related party may be any of the following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with another party; b) a principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family of management or principal owners; e) a parent company and its subsidiaries; and f) other parties that have ability to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions. (n) Impairment of long-lived assets The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. No impairments of long-lived assets were recognized as of December 31, 2021 and 2022. (o) Fair value measurement The Group applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: ● Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. ● Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future cash flow amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Group primarily consisted of cash, accounts receivable, amounts due from related parties, other receivables included in prepaid expenses and other current assets, short-term borrowings, accounts payable, amounts due to related parties, other payables included in accrued expenses and other current liabilities. As of December 31, 2021 and 2022, the carrying amounts of financial instruments approximated to their fair values due to the short-term maturity of these instruments. The Group’s non-financial assets, such as property and equipment, would be measured at fair value only if they were determined to be impaired. (p) Revenue recognition Substantially all of the Group’s revenues are from contracts associated with freight forwarding services domestically and internationally. Additionally, the Group provides supply chain management to customers, by exploiting its advantages in global supply chain services. The following table identifies the disaggregation of the Group’s revenue for the years ended December 31, 2020, 2021 and 2022, respectively: Revenue FY 2020 FY 2021 FY 2022 Categories (RMB) % (RMB) % (RMB) (US$) % Type A: Freight forwarding services 243,607,373 83.91 % 488,036,905 89.46 % 577,567,025 82,928,959 88.6 % - Integrated cross-border logistics 210,794,731 72.61 % 390,229,299 71.53 % 444,335,722 63,799,174 68.2 % - Fragmented logistics 32,812,642 11.30 % 97,807,606 17.93 % 133,231,303 19,129,785 20.4 % Type B: Supply chain management 43,966,498 15.14 % 53,531,895 9.81 % 69,022,899 9,910,533 10.6 % - International trading in relation to supply chain management 41,985,512 14.46 % 52,974,861 9.71 % 68,878,594 9,889,813 10.6 % - Agent services 1,980,986 0.68 % 557,034 0.10 % 144,305 20,720 0.0 % Type C: Other services 2,759,062 0.95 % 4,024,697 0.73 % 5,401,669 775,589 0.8 % - Customs brokerage 2,566,570 0.88 % 2,750,027 0.50 % 4,098,297 588,447 0.6 % - Software development 192,492 0.07 % 1,274,670 0.23 % 1,303,372 187,142 0.2 % Total 290,332,933 100.00 % 545,593,497 100.00 % 651,991,593 93,615,081 100.0 % The following table presents revenue classified by timing of revenue recognition for the years ended December 31, 2020, 2021 and 2022, respectively. Year ended Year ended Year ended 2022 RMB RMB RMB US$ Point in time 43,966,498 53,531,895 71,448,443 10,258,801 Over time 246,366,435 492,061,602 580,543,150 83,356,280 Total revenue 290,332,933 545,593,497 651,991,593 93,615,081 Type A: Freight forwarding services The Group primarily engages in freight forwarding services, including freight services and facilitating services such as customs brokerage services, warehousing services, packaging services and so on. For freight services, the Group fulfils its performance obligation by transporting freights from the origin to the destination, both are specified by customers, via air freight, ocean freight, and land freight. The Group considers that there is only one performance obligation as the customer cannot benefit from the facilitating services on its own but be bundled with the freight services since the customer’s purpose for entering into this contract is to transport goods from the origin to the destination. The transaction price is fixed when the contract was signed by both parties. This type of revenue is recognized over time based on the extent of progress towards completion of the performance obligation. The Group adopts the output method, which is based on the transit time period, to measure progress. For warehousing services, such as labeling, packaging, loading and unloading service, the customer can benefit from each service provided and the promise to transfer the service is separately identifiable. Each service represents a standalone performance obligation. The Group is entitled to receive the service fees after it provides services to its customers. For storage services, the Company normally charges monthly or daily. Therefore, the revenue from storage services is divided into two categories by timing of revenue recognition: 1. point in time for daily storage services. 2. over time across the service period for monthly storage services. The Group considers itself the principal for transactions that it is in control of establishing the transaction price, and it is responsible for managing all aspects of the shipments process and taking the risk of loss for delivery. Therefore, such revenues are reported on a gross basis. For certain contracts, the Group considers itself the agent for transactions that it cooperates with third-party carriers to arrange freight services. Third-party carriers signed the contracts with customers and were in control of establishing the transaction price, and were responsible for fulfilling the promise to provide freight services. Therefore, such revenues are reported on a net basis. The payment term is within 60 days after completion of freight forwarding services. Type B: Supply chain management The Group also engages in supply chain management, which includes international trading and agent services. The Group provides international trading, which sells electronic products through both export and import, by exploiting its advantages in global supply chain services and networks. The Group fulfils its performance obligation by transferring products to the designated location. In accordance with the Company’s customary business practices, the delivery term is “Free on board” (“FOB”). Therefore, once the products are loaded on the board, the control of products has transferred. The transaction price is fixed when the contract was signed by both parties. This type of revenue is recognized based on the product value specified in the contract at a point in time when the control of products has transferred. The Group considers itself the principal because it is in control of establishing the transaction price and bearing inventory risk. Therefore, such revenues are reported on a gross basis. In addition to international trading, the Group also provides agent services relates to export/import procedures, for example, application for duty-refund, customs brokerage services and so on. The Group fulfils its performance obligation by arranging export/import business for the customer, including but not limited to signing contracts with end customers on behalf of the customer and preparing customs brokerage and duty refund. This type of revenue is recognized over time based on the extent of progress towards completion of the agent services. The Group considers itself the agent because the Group is not primarily responsible for fulfilling the promise to provide the specified goods, neither bears the inventory risks. Therefore, such revenues are reported on a net basis. The payment term is within 60 days after completion of international trading and agent services. Type C: Other value-added services The Group also provides customs brokerage services, and logistics-related software development services. Customs brokerage services under Type C represents independent revenue stream, different from being one of the facilitating services of the freight forwarding business under Type A, or the facilitating services of the agent services under Type B under which those services are bundled as one performance obligation. The Group fulfils its performance obligation by providing customs brokerage services only. The transaction price is fixed when the contract was signed by both parties. This type of revenue is recognized over service period, usually within one day. The Group also generates revenues from logistics-related software development services. The Group identifies two performance obligations within the contract: the software development services and the maintenance services. The transaction price is allocated based on the stand-alone selling price for each type of service. The Group recognizes software development services revenue over time in proportionate to the relative labor hours over the total budgeted hours of the project. The Group also promises to provide one-year maintenance service after the above mentioned software has been launched. The Group recognizes maintenance services revenue over the service period of one year. Contract assets and liabilities In-transit freight with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance sheets as “Contract assets”. Contract assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Contract liabilities represents the obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. Contract liabilities of the Group mainly consist of advance product payments from customers of international trading. The Group expects to recognize this balance as revenue over the next 12 months. The following table shows the amounts of revenue recognized in the current reporting period that were included in the contract liabilities at the beginning of the reporting period: 2020 2021 2022 RMB RMB RMB US$ Revenue recognized that was included in contract liabilities at the beginning of the reporting period: 75,020 1,908,488 7,851,588 1,231,486 Contract assets were RMB3,203,033 and RMB4,460,046 (US$640,388) as of December 31, 2021 and 2022, respectively. Contract liabilities related to advance payments from customers were RMB7,851,588 and RMB1,989,310 (US$285,632) as of December 31, 2021 and 2022, respectively. Contract costs Contract costs consists of incremental costs of obtaining a contract with customers, for example, sales commissions. The Group elects to use the practical expedient, allowing to recognize the incremental costs of obtaining a contract as a cost or an expense when incurred if the amortization period, usually the contractual period, would have been one year or less. (q) Cost of revenues Cost of revenues consist primarily of (i) cost of freight charges, (ii) cost of purchase for international trading, (iii) labor costs, (iv) cost of customs brokerage, (v) cost of packaging, (vi) cost of indemnity paid to carriers and (vii) cost of wareshouse lease. Cost of freight charges consists of (i) airfreight/ocean freight/land freight charges, (ii) delivery fees, and (iii) other service fees. (r) Selling expenses Selling expenses mainly consist of (i) employee payroll and commission, (ii) advertising and marketing expenses, and (iii) rental and depreciation related to selling and marketing functions. (s) Advertising expenses Advertising costs amounted to RMB529,816, RMB598,605 and RMB2,724,575 (US$391,203) for the years ended December 31, 2020, 2021 and 2022, respectively. Advertising costs are expensed as incurred and included in selling and marketing expenses. (t) General and administrative expenses General and administrative expenses mainly consist of (i) employee payroll, rental and depreciation related to general and administrative personnel, (ii) professional service fees, and (iii) other corporate expenses. (u) Research and development expenses Research and development expenses mainly consist of (i) employee payroll, (ii) lease expenses, and (iii) depreciation expense for experimental facilities and other daily expenses related to the Group’s research and development activities. (v) Financial expenses, net Financial expenses, net mainly consist of (i) interest expenses, (ii) foreign exchange gain or loss, and (iii) bank charges. The Group incurred interest expenses of RMB533,982, RMB1,046,305 and RMB795,144 (US$114,169) for the years ended December 31, 2020, 2021 and 2022, respectively. The Group incurred foreign exchange loss of RMB912,988 for the year ended December 31, 2020 and foreign exchange gain of RMB489,268 and RMB4,407,133 (US$632,791) for the years ended December 31, 2021 and 2022, respectively. (w) Deferred offering costs Deferred offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the initial public offering. These costs, together with the underwriting discounts and commissions, will be charged to permanent equity upon completion of the initial public offering. Should the initial public offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to expenses. For the year ended December 31, 2020, 2021 and 2022, the Group has incurred and deferred nil (x) Non-controlling interests On June 13, 2017, JYD HQ entered into an equity investment agreement with Mr. Mak Chun Pong, the shareholder of TYPHK, to acquire 67% of equity interest in TYPHK with HKD 6,781. Since the Group retains the control of TYPHK, the remaining 33% of equity interest in TYPHK from the other shareholder, Cargo Link Logistics HK Company Limited, was accounted for as non-controlling interest. On October 30, 2021, JYD WLKJ entered into a joint venture agreement with Cargo Link Logistics HK Company Limited and Ms. Zheng Yan, to set up JYD SHWL. Since the Group retains control of JYD SHWL, the remaining 44% of equity interest from Cargo Link Logistics HK Company Limited and 5% of equity interest from Ms. Zheng Yan in JYD SHWL were accounted for as non-controlling interests. In November 2021, the Company acquired 33% non-controlling interests of JYD HKGJHY from Cargo Link Logistics HK Company Limited at the consideration of nil In July 2022, JYD WLKJ entered into a joint venture agreement with Mr. He Pengtao, to set up JYD YCKJ. Since the Group retains control of JYD YCKJ, the the remaining 48% of equity interest in JYD YCKJ from Mr. He Pengtao was accounted for as non-controlling interest. As of December 31, 2021 and 2022, the balance of non-controlling interest is as following. Entity As of December 31, As of 2022 RMB RMB US$ TYPHK (62,187 ) (72,220 ) (10,370 ) JYD SHWL (55,057 ) (890,560 ) (127,869 ) JYD YCKJ - (1,465,290 ) (210,391 ) Total (117,244 ) (2,428,070 ) (348,630 ) (y) Employee benefits According to the regulations of the PRC, full-time eligible employees of the Group in the PRC are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated employee benefit plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as costs and expenses in the accompanying consolidated statements of income and comprehensive income amounted to RMB334,896, RMB1,187,520 and RMB2,170,805 (US$311,691) for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the outstanding social insurance plan contributions payable were RMB25,319 and RMB20,960 (US$3,010), respectively. (z) Leases The Company adopted ASC 842 on January 1, 2019 on a modified retrospective basis and elected the practical expedients permitted under the transition guidance, which allows the Company to carryforward the historical lease classification, the assessment on whether a contract is or contains a lease, and the initial direct costs for any leases that exist prior to adoption of the new standard. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset. The right-of-use assets and related lease liabilities are recognized at the lease commencement date. The Group recognizes operating lease expenses on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are short-term lease and not recognized as operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. The Group recognizes lease expense for short-term leases on a straight-line basis over the lease term. The right-of-use of asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received. Operating lease liabilities are recognized based on the present value of the lease payments not yet paid, discounted using the average borrowing rate of the Group’s outstanding loans. Lease term includes rent holidays and options to extend or terminate the lease when the Group is reasonably certain that the Group will exercise that option. The lease assets for operating leases consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. Operating lease expense is recognized on a straight-line basis over the lease term by adding interest expense determined using the effective interest method to the amortization of the operating lease right-of-use assets. Interest expense is determined using the effective interest method. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Group reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Group reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Group has elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. (aa) Income taxes The Group accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period. The Group accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases (“Temporary differences”). Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those Temporary differences are expected to be recovered or settled. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or liability will be settled, based on rates enacted or substantively enacted at the end of the reporting period. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties a |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss, Additional Improvements [Abstract] | |
ACCOUNTS RECEIVABLE, NET | 3. ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: As of December 31, December 31, 2021 2022 RMB RMB US$ Accounts receivable 88,228,296 32,098,662 4,608,830 Allowance for doubtful accounts (682,905 ) (1,185,328 ) (170,193 ) Total accounts receivable, net 87,545,391 30,913,334 4,438,637 The movement of allowance of doubtful accounts is as follows: As of December 31, December 31, 2021 2022 RMB RMB US$ Beginning balance 240,199 682,905 98,054 Addition 442,706 700,505 100,580 Write off - (198,082 ) (28,441 ) Ending balance 682,905 1,185,328 170,193 The Group recorded bad debt expenses of RMB71,718, RMB442,706 and RMB700,505 (US$100,580) for the years ended 2020, 2021 and 2022, respectively. For the year ended December 31, 2022, the Group had written off RMB198,082 (US$28,441) in bad debt. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET Prepaid expenses and other current assets consisted of the following: As of December 31, December 31, 2021 2022 RMB RMB US$ Advances to suppliers (a) 20,578,203 2,222,046 319,049 Tax refund (b) 7,931,578 1,924,536 276,331 Deposits (c) 1,952,388 6,238,305 895,716 Other receivables (d) 2,833,783 2,063,807 296,328 33,295,952 12,448,694 1,787,424 Allowance of doubtful accounts (4,744,565 ) (237,704 ) (34,130 ) Total prepaid expenses and other receivables, net 28,551,387 12,210,990 1,753,294 (a) The balance mainly represents the advance payments made chartered airlines freight services and rent. (b) The balance mainly represents the tax refund JYD SM entitled from international trading business. Jayud has recorded a full allowance for the portion with doubt of collection. (c) The balance mainly represents the current operational deposits for lease and cargo space reservation to vendors. The significant increase was mainly due to the business growth of our freight forwarding services provided. (d) The balance mainly represents the customs or fees that Jayud paid on behalf of customers and advances to employees. The movement of allowance of doubtful accounts is as follows: As of December 31, December 31, 2021 2022 RMB RMB US$ Beginning balance 4,744,728 4,744,565 681,240 Addition - 237,704 34,130 Reverse (163 ) - - Write off - (4,744,565 ) (681,240 ) Ending balance 4,744,565 237,704 34,130 The Group recorded bad debt expenses of RMB144,687, RMB nil |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: As of December 31, December 31, 2021 2022 RMB RMB US$ Motor vehicles 1,428,587 1,538,213 220,862 Electronic equipment 1,255,203 1,783,988 256,151 Machinery 117,656 1,119,594 160,755 Other equipment 639,424 1,041,034 149,473 Subtotal 3,440,870 5,482,829 787,241 Less: accumulated depreciation (2,286,895 ) (2,869,565 ) (412,020 ) Property and equipment, net 1,153,975 2,613,264 375,221 Depreciation expense was RMB754,302, RMB545,048 and RMB685,714 (US$98,457) for the years ended December 31, 2020, 2021 and 2022, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | 6. INTANGIBLE ASSETS, NET Intangible asset, net consisted of the following: As of December 31, December 31, 2021 2022 RMB RMB US$ Software 1,438,174 1,438,175 206,498 Less: accumulated depreciation (517,266 ) (680,216 ) (97,668 ) Intangible asset, net 920,908 757,959 108,830 Amortization expense was RMB124,686, RMB143,818 and RMB162,950 (US$23,397) for the years ended December 31, 2020, 2021 and 2022, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | 7. SHORT-TERM BORROWINGS Short-term borrowings represent amounts due to various banks normally maturing within one year. The principal of the borrowings is due at maturity. Accrued interest is due either monthly or quarterly. The bank borrowings are for working capital and capital expenditure purposes. The balance of short-term borrowings consists of the following: As of December 31, December 31, 2021 2022 RMB RMB US$ China Construction Bank Shenzhen Shangbu Branch (a) 7,900,000 - - Industrial and Commercial Bank of China (b) 3,000,000 3,000,000 430,750 Shenzhen Futian Yinzuo Rural Bank(c) - 2,000,000 287,166 Bank of China Shenzhen Dongbu Branch (d) - 9,800,000 1,407,116 Total 10,900,000 14,800,000 2,125,032 (a) On October 13, 2021, JYD HQ entered into an entrusted loan agreement with Shenzhen Guarantee Group Co. LTD (“SZ Guarantee”). SZ Guarantee requested the Shezhen Shangbu Branch of China Construction Bank to grant a one-year maturity loan of total amount of RMB8,000,000 (US$1,148,666) with an interest rate of 3.60%. The loan was guaranteed by JYD SM and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). RMB100,000 was repaid during the year ended December 31, 2021, and the remaining balance of RMB 7,900,000 (USD1,134,308) was fully repaid during the year ended December 31, 2022. (b) On March 15, 2020, JYD HQ initially entered into a loan agreement with Industrial and Commercial Bank of China in the total amount of RMB3,000,000 (US$430,750) with a half-year term with an interest rate of 4.65%. The loan is subject to repayment and is eligible for renewal every six month and the newest term was from March 15, 2022 to September 15, 2022 with an updated interest rate of 4.3%. The loan was renewed for another six months in September 2022 and due in March 2023. In March 23, the loan was renewed for another six months to September 2023. (c) On June 27, 2022, JYD WLKJ entered into a loan agreement with Shenzhen Futian Yinzuo Rural Bank in the total amount of RMB2,000,000 (US$287,167) with an interest rate of 10.51% with one-year term. (d) On November 14, 2022, JYD HQ entered into a one-year maturity loan agreement with Bank of China Shenzhen Dongbu Branch in the total amount of RMB10,000,000(US$1,435,833) with an interest rate of 4.34%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). JYD HQ has repaid RMB200,000(USD 28,717) during the year ended December 31, 2022. Interest expenses were RMB448,601, RMB343,544 and RMB483,727 (US 69,455) for short-term borrowings for the years ended December 31, 2020, 2021 and 2022, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of December 31, December 31, 2021 2022 RMB RMB US$ Accrued payroll and employee benefits 3,385,258 2,089,072 299,956 Payable to third parties (a) 2,084,745 1,209,742 173,699 Deposit payable 1,118,416 619,786 88,991 Others 650,634 299,132 42,950 Total 7,239,053 4,217,732 605,596 (a) The balance mainly represents the payables for acquiring services for daily operations such as property fees, rent and utility bills as well as professional and consulting services as of December 31, 2021 and 2022. |
Loans Payable - Third Parties
Loans Payable - Third Parties | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | |
LOANS PAYABLE - THIRD PARTIES | 9. LOANS PAYABLE - THIRD PARTIES As of December 31, December 31, 2021 2022 RMB RMB US$ Jia Li 4,800,000 - - Total 4,800,000 - - On August 2, 2021, Jayud borrowed an interest-free loan from Jia Li of RMB4,800,000 for seven months. The loan was fully repaid in March 2022. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block [Abstract] | |
LEASES | 10. LEASES Supplemental balance sheet information related to operating lease was as follows: As of December 31, December 31, 2021 2022 RMB RMB US$ Right-of-use assets 6,463,320 31,403,688 4,509,044 Operating lease liabilities – current 3,698,233 18,079,265 2,595,880 Operating lease liabilities – non-current 2,539,151 13,276,535 1,906,288 Total operating lease liabilities 6,237,384 31,355,800 4,502,168 The weighted average remaining lease terms and discount rates for the operating lease as of December 31, 2022 were as follows: Remaining lease term and discount rate: Weighted average remaining lease term (years) 2.57 Weighted average discount rate 4.20 % For the years ended December 31, 2020, 2021 and 2022, the Group incurred total operating lease expenses of RMB3,205,424, RMB3,498,048 and RMB10,933,292(US$1,569,838) respectively. The following is a schedule of future minimum payments under the Group’s operating leases as of December 31, 2022: Year Amounts 2023 19,078,380 2024 12,474,763 2025 202,248 2026 210,210 2027 210,210 Thereafter 781,282 Total lease payments 32,957,093 Less: imputed interest (1,601,293 ) Total operating lease liabilities, net of interest 31,355,800 |
Long-Term Borrowing
Long-Term Borrowing | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | |
LONG-TERM BORROWING | 11. LONG-TERM BORROWING Long-term borrowing represents the amount due to various banks normally maturing over one year. The principal of the borrowings is due at maturity. Accrued interest is due either monthly or quarterly. The bank borrowings are for working capital and capital expenditure purposes. The balance of long-term borrowing consists of the following: As of December 31, December 31, 2021 2022 RMB RMB US$ Postal Savings Bank of China 4,450,000 5,000,000 717,916 Less: to be matured within one year (600,000 ) (600,000 ) (86,150 ) Total 3,850,000 4,400,000 631,766 On January 1, 2021, JYD HQ entered into a two-year maturity loan agreement with Postal Savings Bank of China in the total amount of RMB5,000,000(US$784,228) with an interest rate of 4.35%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). RMB550,000 was repaid during the year ended December 31, 2021, and the remaining balance was fully repaid on December 28, 2022. On December 30, 2022, JYD SM entered into a new two-year maturity loan agreement with Postal Savings Bank of China in the total amount of RMB5,000,000(US$717,916) with an interest rate of 4.15%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). According to the loan agreement, RMB50,000 (US$7,179) will be paid monthly starting from January 2023 until December 2024, and remaining balance of RMB3,800,000 (US$545,616) will be paid at the end of the loan term. Interest expenses were RMB nil |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Taxation Abstract | |
TAXATION | 12. TAXATION Cayman Islands The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, these entities are not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholding tax in the Cayman Islands. Hong Kong Entities incorporated in Hong Kong are subject to profits tax in Hong Kong at the rate of 16.5%. According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong Kong government, effective April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HKD 2 million of assessable profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations. The Group was not subject to Hong Kong profit tax for any period presented as it did not have assessable profit during the periods presented. PRC Generally, the Company’s subsidiaries that are considered PRC resident enterprises under PRC tax law, are subject to enterprise income tax on their worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of 25%. For the year ended December 31, 2020 and 2021, JYD WLKJ, JYD SZGJHY, JYD SM, JYD XC, JYD BG, JYD XYX, JYD NJWL, JYD DS, JYD SHWL were recognized as small low-profit enterprises and there was one additional subsidiary, JYD YCKJ, was recognized as small low-profit enterprise for the year ended December 31, 2022. For the year ended December 31, 2022, JYD WLKJ changed to be a general taxpayer whose applicable tax rate is 25.0% and other subsidiaries remained unchanged. Entities with annual taxable income exceeding RMB3,000,000, total assets exceeding RMB50,000,000, and their number of employees exceeding 300 are considered general taxpayer. In January 2019, the State Administration of Taxation announced that from January 1, 2019 to December 31, 2021, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of their taxable income amount for the proportion of taxable income not exceeding RMB1 million; and a 20% corporate income tax on 50% of their taxable income amount of more than RMB1 million but not exceeding RMB3 million. The State Administration of Taxation further announced that from January 1, 2022 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount of taxable income can be halved from 25% to 12.5%, and the corporate income tax will be levied at 20%, for small and low-profit enterprises, and from January 1, 2022 to December 31, 2024, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of the taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million. The income tax provision consisted of the following components: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Current income tax expenses 2,637,319 839,107 2,465,462 353,999 Deferred income tax (benefits)/expenses (1,002,390 ) 864,072 116,755 16,764 Total income tax expenses 1,634,929 1,703,179 2,582,217 370,763 For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Income / (loss) before provision for income taxes is attributable to the following geographic locations: PRC 4,728,447 12,016,517 8,630,868 1,239,248 Foreign (46,390 ) (89,670 ) (4,670,754 ) (670,642 ) Total Income before Income Taxes 4,682,057 11,926,847 3,960,114 568,606 Reconciliation between the provision for income taxes computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision of income taxes is as follows: For the years ended December 31, 2020 2021 2022 PRC statutory income tax rate 25.0 % 25.0 % 25.0 % Impact of different tax rates in other jurisdictions 0.0 % 0.0 % 22.3 % Effect of preferential tax rate (2.3 )% (6.4 )% 53.3 % Non-deductible (Non-taxable) items 1.5 % 0.9 % 0.9 % Effect of additional R&D deduction 0.0 % 0.0 % (9.0 )% Tax effect on deferred offering costs 0.0 % (1.9 )% (32.3 )% Change in valuation allowance 10.7 % (3.3 )% 5.0 % Effective tax rate 34.9 % 14.3 % 65.2 % The effect on deferred offering costs mainly resulted from the book-tax difference of capitalization for initial public offerings expenses. The deferred offering costs are deductible under PRC tax regulation. As of December 31, 2021 and 2022, the significant components of the deferred tax assets and deferred tax liability were summarized below: As of December 31, 2021 December 31, 2022 RMB RMB US$ Deferred tax assets: Net operating loss carried forward 1,724,529 1,750,257 251,308 Bad debt provision 39,337 96,568 13,866 Less: Valuation allowance (1,625,548 ) (1,825,262 ) (262,078 ) Deferred tax assets, net of valuation allowance 138,318 21,563 3,096 As of December 31, 2022, PRC net operating loss carry forward will expire, if unused, in the following amounts: For the fiscal years ended December 31, Amounts 2023 1,624,913 2024 2,206,569 2025 3,216,362 2026 395,107 2027 12,468,752 19,911,703 Valuation allowances have been provided on the deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. Net operating loss from Hong Kong can be carried forward indefinitely. The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain tax positions. The Group’s taxes payable consists of the following: As of December 31, 2021 December 31, 2022 RMB RMB US$ Income tax payable 1,820,229 1,768,285 253,896 VAT and other taxes payable 525,685 362,148 51,998 Total taxes payable 2,345,914 2,130,433 305,894 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | 13. EQUITY Ordinary shares The Company’s authorized share capital comprises of (i) 480,000,000 Class A ordinary shares of par value US$0.0001 each and (ii) 20,000,000 Class B ordinary shares of par value US$0.0001 each. On June 10, 2022, the Company issued 9,420,000 Class A ordinary shares and 6,409,600 Class B ordinary shares. On September 6, 2022, the Company issued another 1,370,400 Class A ordinary shares which issuance was considered as being part of the reorganization of the Group and was retroactively applied as if the transaction occurred at the beginning of the period presented. On September 7, 2022, the Company granted 800,000 Class A ordinary shares to its financial advisory consultant as the consideration in the form of bonus with a performance condition of a successful initial public offering (“IPO”) under the professional financial advisory services originally agreed in 2022. Granted shares shall be subject to a right of repurchase by the Company for nil Subscription receivable On September 9, 2022, the Company entered into a share subscription agreement with various third party investors for 2,000,000 Class A ordinary shares at the consideration of $5,000,000. The price was negotiated with investors, based on the company’s performance and taking into consideration of the market value of comparable companies in the same industry at that time. Since the consideration was not received as of December 31, 2022 for the 2,000,000 shares issued, a subscription receivable was recognized against the share capital and additional paid-in capital. The Company received the consideration in January and February 2023. Capital injection by shareholders For the year ended December 31, 2021, one of the shareholders, Mr. Yi Yu, made a capital injection of RMB400,000 to JYD DS. In March and April 2022, shareholders of JYD WLKJ made capital injection of RMB24,680,000 (US$3,543,635) to JYD WLKJ. Capital injection by non-controlling shareholder In September 2022, the non-controlling shareholder of JYD YCKJ made a capital injection of RMB200,000 (US$28,717) to JYD YCKJ. Dividend In February and March 2022, JYD DS, JYD WLKJ, and HQ declared dividend to their shareholders with total amount of RMB 18,770,000 (US$2,695,058). Out of the total dividend declared, RMB6,839,000 (US$981,966) was inter-group dividend, and RMB11,931,000 (US$1,713,092) was to individual shareholders. During the year ended December 31, 2022, RMB4,993,500 (US$716,983) of the distribution has been paid to individual shareholders, and RMB6,937,500 (US$996,109) was outstanding and included in the other payables to shareholders. Restricted net assets A significant portion of the Group’s operations are conducted through its PRC (excluding Hong Kong) subsidiaries, the Company’s ability to pay dividends is primarily dependent on receiving distributions of funds from subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations, and after it has met the PRC requirements for appropriation to statutory reserves. The Group is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the surplus reserve are made at the discretion of the Board of Directors. Paid-in capital of subsidiaries included in the Company’s consolidated net assets are also non-distributable for dividend purposes. As a result of these PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. As of December 31, 2021 and 2022, net assets restricted in the aggregate, which include paid-in capital, additional paid-in capital and statutory reserve funds of the Company’s subsidiaries, that are included in the Company’s consolidated net assets were approximately RMB22.6 million and RMB63.4 million (US$9.1 million), respectively. |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 14. RELATED PARTY BALANCES AND TRANSACTIONS Accounts receivable - related parties As of December 31, 2021 and 2022, accounts receivable from a related party consisted of the following: Name Relationship Nature As of As of RMB RMB US$ Shenzhen Feijia Supply Chain Management Co., Ltd 45% shares owned by Yuncang's 48% interest minor shareholder Logistic services - 1,676,016 240,648 Cargo Link Logistics HK Company Limited Owns 33% of shares of Sky Pacific Logistics HK Company Limited Logistic services 26,154 - - 26,154 1,676,016 240,648 Prepaid expenses - a related party As of December 31, 2021 and 2022, prepaid expenses from a related party consisted of the following: Name Relationship Nature As of As of RMB RMB US$ Winpass Logistics (HK) Co., Limited 100% controlled by Xiaohua Jia Logistic services 1,674,157 - - 1,674,157 - - Accounts payable - related parties As of December 31, 2021 and 2022, accounts payable to related parties consisted of the following: Name Relationship Nature As of 2021 As of RMB RMB US$ Winpass Logistics (HK) Co., Limited 100% controlled by Xiaohua Jia Logistic services 205,695 240,175 34,485 Cargo Link Logistics HK Company Limited Owns 33% of shares of Sky Pacific Logistics HK Company Limited Logistic services 60,772,958 7,185,009 1,031,647 60,978,653 7,425,184 1,066,132 Loans payable - related parties As of December 31, 2021 and 2022, loan payable to a related party consisted of the following: Name Relationship Nature As of As of RMB RMB US$ Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) (a) Controlled by Xiaogang Geng & Xiaohua Jia Loan (a) 1,000,000 - - Minfang Cheng (b) Executive of the Group Loan and related interests (b) 612,000 - - 1,612,000 - - (a) For the year ended December 31, 2021, Jayud borrowed a total amount RMB1,500,000 from Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) without interest for a half year and repaid RMB500,000. For the year ended December 31, 2022, the Company borrowed another RMB 500,000 in FY2022 and fully repaid RMB 1,500,000. (b) On August 28, 2021, Jayud borrowed a short-term loan from Minfang Cheng of RMB600,000 with an interest rate of 6% for a half year. Jayud recorded an interest expense of RMB12,000 and RMB6,000(US$861) for the loan for the year ended December 31, 2021 and 2022, respectively. The total amount of RMB618,000 (US$88,734) was repaid on March 8, 2022. Others payable - related parties As of December 31, 2021 and 2022, others payable to related parties consisted of the following: Name Relationship Nature As of As of RMB RMB US$ Winpass Logistics (HK) Co., Limited 100% controlled by Xiaohua Jia Paid on behalf of the Group (a) 1,370,270 1,371,882 196,979 Cargo Link Logistics HK Company Limited Owns 33% of shares of Sky Pacific Logistics HK Company Limited Paid on behalf of the Group (b) 510,875 663,976 95,336 Shenzhen Feijia Supply Chain Management Co., Ltd (“Feijia”) 45% shares owned by Yuncang's 48% interest minor shareholder Purchase of equipment (c) - 441,800 63,435 1,881,145 2,477,658 355,750 (a) For the year ended December 31, 2020, Winpass paid on behalf of Jayud in a total amount of RMB4,092,436 and collected a total amount of RMB1,040,074. For the year ended December 31, 2021, Winpass paid on behalf of Jayud in a total amount of RMB16,467,687 and collected a total amount of RMB18,601,890. For the year ended December 31, 2022, Winpass paid on behalf of Jayud in a total amount of RMB4,608,483 (US$661,701) and collected a total amount of RMB4,606,871 (US$661,470). (b) For the years ended December 31, 2020, 2021 and 2022, Cargo Link paid on behalf of Jayud in a total amount of RMB11,480, RMB364,588 and RMB153,101 (US$21,983), respectively. (c) For the year ended December 31, 2022, Jayud purchased warehouse equipment from Feijia in a total amount of RMB441,800 (US$63,435). Loans payable – shareholders As of December 31, 2021 and as of December 31, 2022, loans payable to shareholders consisted of the following: Name Relationship Nature As of As of RMB RMB US$ Xiaogang Geng Shareholder Loan (a) 190,000 - - Xiaohua Jia Shareholder Loan (b) 330,000 - - Dun Zhao Shareholder Loan and related interests (c) 2,040,000 - - 2,560,000 - - (a) For the year ended December 31, 2021, Jayud borrowed a total amount of RMB520,000 without interest for 18 months from Geng Xiaogang and repaid RMB330,000. For the year ended December 31, 2022, Jayud borrowed a total amount of RMB1,000,000 (US$143,583) without interest and fully repaid the balance of RMB1,190,000 (US$170,864). (b) For the year ended December 31, 2021, Jayud borrowed a total amount of RMB3,685,000 without interest for 8 months from Jia Xiaohua and repaid RMB3,355,000. For the year ended December 31, 2022, Jayud borrowed a total amount of RMB353,383 (US$50,740) without interest and fully repaid the balance of RMB683,383 (US$98,122). (c) For the year ended December 31, 2021, Jayud borrowed a total amount of RMB2,000,000 with an interest rate of 6% for 6 months from Zhao Dun and recorded interest expenses of RMB40,000. For the year ended December 31, 2022, Jayud recorded an interest expense of RMB20,000 (US$2,980) and fully repaid the principal and interests in a total amount of RMB2,060,000 (US$295,782). (d) For the year ended December 31, 2022, Jayud borrowed a total amount of RMB4,942,000 (US$709,588) without interests from Huang Jian hong and repaid the balance during the year. Others payable – shareholders As of December 31, 2021 and 2022, others payables to shareholders consisted of the following: Name Relationship Nature As of As of 2022 RMB RMB US$ Jianhong Huang Shareholder Dividend 1,200,000 - - Qing Wang Shareholder Business Reimbursement Payable 114,602 43,336 6,222 Xiaogang Geng Shareholder Dividend - 6,225,000 893,806 Xiaohua Jia Shareholder Dividend - 712,500 102,303 1,314,602 6,980,836 1,002,331 Related party transactions For the years ended December 31, 2020, 2021 and 2022, the Group had the following material related party transactions: For the years ended December 31, Related Parties Nature 2020 2021 2022 RMB RMB RMB US$ Winpass Logistics (HK) Co., Limited Purchase of logistic services 1,248,954 4,514,552 1,386,915 199,138 Winpass Logistics (HK) Co., Limited Purchase of products 1,932,797 - - - Cargo Link Logistics HK Company Limited Purchase of logistic services 156,091,594 185,858,692 121,455,797 17,439,020 Cargo Link Logistics HK Company Limited Provided logistic services 28,587,482 14,141,548 462,740 66,442 Cargo LINK Logistics (SHENZHEN) Company Limited Purchase of logistic services - 2,672,803 - - Shenzhen Feijia Supply Chain Management Co., Ltd Provided logistic services - - 2,078,746 298,473 Shenzhen Feijia Supply Chain Management Co., Ltd Purchase of equipment - - 441,800 63,435 Minfang Cheng Interest expenses of a loan - 12,000 6,000 861 Shareholder transaction For the years ended December 31, 2020, 2021 and 2022, the Group had the following material shareholder transaction: For the years ended December 31, Shareholder Nature 2020 2021 2022 RMB RMB RMB US$ Dun Zhao Interest expenses of a loan - 40,000 20,000 2,872 |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2022 | |
Concentration [Abstract] | |
CONCENTRATION | 15. CONCENTRATION The following table sets forth information as to each customer that accounted for 10% or more of total accounts receivable as of December 31, 2021 and 2022. As of As of December 31, 2021 December 31, 2022 Customer Amount % of Total Amount % of Total Amount RMB % RMB % US$ A 18,241,469 20.7 % * * * B 13,088,371 14.8 % * * * C 9,018,665 10.2 % * * * D * * 4,393,790 13.0 % 630,875 E * * 4,376,768 13.0 % 628,431 * Represented the percentage below 10% The following table sets forth information as to each customer that accounted for 10% or more of total revenue for the years ended December 31, 2020, 2021 and 2022. For the year ended December 31, For the year ended December 31, For the year ended December 31, 2020 2021 2022 Customer Amount % of Total Amount % of Total Amount % of Total Amount RMB RMB RMB US$ B 51,976,003 17.9 % * * * * * G 45,373,496 15.6 % * * * * * H 31,095,213 10.7 % * * * * * F * * * * 117,415,978 18.0 % 16,864,138 E * * 71,419,145 13.1 % 73,423,394 11.3 % 10,542,371 * Represented the percentage below 10% The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable as of December 31, 2021 and 2022. As of As of December 31, December 31, Supplier Amount % of Amount % of RMB RMB Cargo Link Logistics HK Company Limited 60,772,958 59.1 % 7,185,007 28.1 % A * * 3,261,998 12.8 % B 11,676,432 11.4 % * * * Represented the percentage below 10% The following table sets forth information as to each supplier that accounted for 10% or more of total purchase for the years ended December 31, 2020, 2021 and 2022. For the year ended For the year ended For the year ended December 31, December 31, December 31, Supplier Amount % of Total Amount % of Total Amount % of Total RMB RMB RMB C * * * * 122,901,742 20.0 % Cargo Link Logistics HK Company Limited 156,091,594 58.0 % 185,858,692 36.4 % 121,455,797 19.8 % * Represented the percentage below 10% |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES The Group has not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder’s equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us. The following table sets forth our contractual obligations as of December 31, 2022: Payments due by period Total Within Within Over RMB Operating lease payment 32,957,093 19,078,380 12,474,763 1,403,950 Bank borrowings 19,800,000 15,400,000 4,400,000 - Total 52,757,093 34,478,380 16,874,763 1,403,950 Other than as shown above, we did not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2022. The ongoing outbreak of the novel coronavirus (COVID-19) has spread rapidly to many parts of the world. In March 2020, the World Health Organization declared the COVID-19 as a pandemic. The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities in China from February to mid-March in 2020. After the initial outbreak of COVID-19, from time to time, some instances of COVID-19 infections have emerged in various regions of China, including the infections caused by the Omicron variants in early 2022. Such outbreak caused significant interruption to our operations as health and governmental authorities imposed quarantine and inspection measures on our contract carriers or restrict the flow of cargo to and from areas affected by the epidemic. Also reductions in commercial airline and cargo flights, disruptions to ports and other shipping infrastructure resulting from the pandemic largely increased our costs and transport times to deliver packages to our customers. The Company’s profitability was negatively impacted by COVID-19, especially second half of 2022. The extent to which COVID-19 further impacts the Company's business, results of operations, financial condition and prospects will depend on the further developments of the pandemic, including new information concerning the global severity of the pandemic and actions to be taken to contain the pandemic, which are highly uncertain and unpredictable. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS Reverse Share Split On February 16, 2023, Jayud implemented a 1 for 1.25 reverse share split of its ordinary shares under Cayman Islands law (the “Reverse Share Split”). As a result of the Reverse Share Split, the total of 13,590,400 issued and outstanding Class A ordinary shares prior to the Reverse Share Split was reduced to a total of 10,872,320 issued and outstanding Class A ordinary shares and the total of 6,409,600 issued and outstanding Class B ordinary shares prior to the Reverse Share Split was reduced to a total of 5,127,680 issued and outstanding Class B ordinary shares. The Reverse Share Split maintained existing shareholders’ percentage ownership interests in Jayud. The Reverse Share Split also increased the par value of Jayud’s ordinary shares from $0.0001 to $0.000125 and decreased the number of its authorized shares from 500,000,000 to 400,000,000, which are divided into 384,000,000 Class A ordinary shares and 16,000,000 Class B ordinary shares. Forward Share Split On March 16, 2023, the Company implemented a 1 to 1.25 forward share split of its ordinary shares under Cayman Islands Law, or the Forward Share Split. As a result of the Forward Share Split, the total of 10,872,320 issued and outstanding Class A ordinary shares prior to the Forward Share Split was increased back to a total of 13,590,400 issued and outstanding Class A ordinary shares, and the total of 5,127,680 issued and outstanding Class B ordinary shares prior to the Forward Share Split was increased back to a total of 6,409,600 issued and outstanding Class B ordinary shares. The Forward Share Split maintained existing shareholders’ percentage ownership interests in Jayud. The Forward Share Split also reduced the par value of Jayud’s ordinary shares from $0.000125 back to $0.0001, and increased the number of authorized shares from 400,000,000 back to 500,000,000, which are divided into 480,000,000 Class A ordinary shares and 20,000,000 Class B ordinary shares. Completion of initial public offering In April 2023, the Company completed initial public offering and listed its Class A ordinary shares on the Nasdaq Capital Market under the symbol “JYD.” The Company raised approximately US$4.86 million in net proceeds at US$ 4 per share from the issuance of 1,250,000 new Class A ordinary shares from the initial public offering and 102,223 new Class A ordinary shares from partial exercise of over-allotment option by its underwriter after deducting underwriting discounts, commissions and expenses. Upon the completion of initial public offering, the Company has 21,352,223 ordinary shares outstanding as comprising of (i) 14,942,623 Class A ordinary shares, and (ii) 6,409,600 Class B ordinary shares. Warrant On April 25, 2023, the Company issued warrants to its underwriter to purchase up to 37,500 Class A ordinary shares. The warrants have an exercise price of US$4.00 per share and may be exercised on a cashless basis. The warrants are exercisable beginning September 27, 2023 and ending March 31, 2028. Establishment of a new subsidiary On April 25, 2023, we incorporated Joyed Logistics Service Inc. in State of Georgia as our wholly owned US subsidiary to expend our business in U.S. |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 18. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with U.S. Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The condensed financial information of the parent company, Jayud, has been prepared using the same accounting policies as set out in Jayud’s consolidated financial statements except that the parent company has used equity method to account for its investment in its subsidiaries. Jayud’s share of income and losses from its subsidiaries is reported as incomes from subsidiaries in the accompanying condensed financial information of parent company. Jayud is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, Jayud is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands. Jayud did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2021 and 2022. Condensed balance sheets As of December 31, As of December 31, 2021 2022 RMB RMB US$ Assets Non-current assets Investments in subsidiaries 16,887,523 33,325,657 4,785,006 Total assets 16,887,523 33,325,657 4,785,006 Shareholders’ equity Class A Ordinary shares (par value of US$0.0001 per share;480,000,000 Class A ordinary shares authorized and 10,790,400 and 13,590,400 Class A ordinary shares issued and outstanding as of December 31, 2021, 2022, respectively.)* 6,880 8,830 1,268 Class B Ordinary shares (par value of US$0.0001 per share; 20,000,000 Class B ordinary shares authorized and 6,409,600 class B shares issued and outstanding as of December 31, 2021 and 2022, respectively.)* 4,087 4,087 587 Additional paid-in capital 13,190,206 72,691,813 10,437,328 Subscription receivable - (34,823,000 ) (5,000,000 ) Statutory reserves 2,447,862 4,651,141 667,826 Retained earnings (Accumulated deficit) 1,219,888 (9,025,668 ) (1,295,935 ) Accumulated other comprehensive income 18,600 (181,546 ) (26,068 ) Total shareholders’ equity 16,887,523 33,325,657 4,785,006 Total liabilities and shareholders’ equity 16,887,523 33,325,657 4,785,006 * Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). Condensed statements of comprehensive income For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Operating income: Share of income from subsidiaries 3,062,437 10,305,308 3,888,723 558,356 Total operating income 3,062,437 10,305,308 3,888,723 558,356 Income before income tax expense 3,062,437 10,305,308 3,888,723 558,356 Income tax expense - - - - Net income 3,062,437 10,305,308 3,888,723 558,356 Other comprehensive income 11,615 10,158 (200,146 ) (28,738 ) Total comprehensive income 3 ,074,052 10,315,466 3 688,577 529,618 Condensed statements of cash flows For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Cash flows from operating activities: Net income 3,062,437 10,305,308 3,888,723 558,356 Adjustments to reconcile net income to net cash provided by operating activities: Equity in gain of subsidiaries (3,062,437 ) (10,305,308 ) (3,888,723 ) (558,356 ) Net cash provided by operating activities - - - - Net cash provided by investing activities - - - - Net cash provided by financing activities - - - - Net increase in cash - - - - Cash at beginning of year - - - - Cash at end of year - - - - |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of consolidation | (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. |
Use of estimates and assumptions | (c) Use of estimates and assumptions The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates include, but not limited to revenue recognition, allowance for doubtful accounts, useful lives and impairment of long-lived assets, discount rate used in operating lease right-of-use assets, deferred income taxes, uncertain tax position and valuation allowance for deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. |
Foreign currencies and foreign currency translation | (d) Foreign currencies and foreign currency translation The functional and reporting currency of the Group is Renminbi (“RMB”). The Company’s operating subsidiaries in China and Hong Kong use their respective currencies RMB and Hong Kong Dollar (“HKD”) as their functional currencies. The financial statements of Hong Kong entities are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the years for income and expense items. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency other than RMB is translated at the historical rate of exchange at the time of capital contribution. Translation adjustments arising from these are reported as foreign currency translation adjustments RMB11,615, RMB10,158 and RMB200,146 (US$28,738) for the years ended December 31, 2020, 2021 and 2022, respectively and are shown as a separate component of shareholders’ equity on the consolidated financial statement. The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements, representing the index rates stipulated by the Bank of China: HKD against RMB December 31, December 31, December 31, Year-end spot rate HKD1=RMB0.8504 HKD1=RMB0.8168 HKD1=RMB0.8899 Average rate HKD1=RMB0.8928 HKD1=RMB0.8327 HKD1=RMB0.8578 Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in exchange gains or losses on the consolidated statements of income and comprehensive income. The Group incurred and recognized foreign currency exchange loss of RMB912,988 for the years ended December 31, 2020 and foreign currency exchange gain of RMB489,268 and RMB4,407,133(US$632,791) for the years ended December 31, 2021 and 2022, respectively, as a result of changes in the exchange rate. |
Convenience translation | (e) Convenience translation The United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the rate of US$1.00=RMB6.9646 on December 31, 2022, representing the middle rate as set forth in the statistical release of the Bank of China as of December 31, 2022. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Segment information | (f) Segment information An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s chief operating decision maker in order to allocate resources and assess performance of the segment. In accordance with ASC (“Accounting Standard Codification”) 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. The Group’s CODM has been identified as the chief executive officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group has determined that there is only one reportable operating segment since all types of the services provided and products delivered are viewed as an integrated business process and allocation of the resources and assessment of the performance are not separately evaluated by the Group’s CODM. |
Cash and Restricted Cash | (g) Cash and Restricted Cash Cash consists of cash on hand and cash in bank. The Group maintains cash with various financial institutions primarily in China. As of December 31, 2021 and 2022, balances of cash were RMB40,266,725 and RMB27,939,170 (US$4,011,597), respectively. The Group has not experienced any losses in bank accounts and believes it is not exposed to any risks on its cash in bank accounts. Restricted cash represents Demand Bank Guarantee for an international express company. Under the Demand Bank Guarantee, the Company need to deposit RMB500,000 into the bank account in the Bank of China and the cash deposited is restricted for use to make the payments to the international express company under the two-year Air Freight Agency Agreement between the Company and the express company. The term of the Demand Bank Guarantee is from March 2022 to January 2024. Therefore, the restricted cash is treated as non-current assets. |
Accounts receivable, net | (h) Accounts receivable, net Accounts receivable, net, include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The credit terms are generally between 30 to 60 days. Provision for doubtful accounts is recognized when reasonable and supportable forecasts affect the expected collectability. The Group reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Group considers many factors in assessing the collectability such as the age of the amounts due, consideration of historical loss experience, adjusted for current conditions, forward-looking indicators, trends in customer payment frequency, and judgments about the probable effects of relevant observable data, including present and future economic conditions and the financial health of specific customers and market sectors. The Group established standards and policies for reviewing major account exposures and concentrations of risk. The allowance for doubtful accounts as of December 31, 2021 and 2022 was RMB682,905 and RMB1,185,328 (US$170,193), respectively. |
Property and equipment, net | (i) Property and equipment, net Property and equipment is stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives with an estimated residual value of the assets as follows: Category. Estimated Motor vehicles 4 - 5 years Electronic equipment 1 - 5 years Machinery 5 years Other equipment 5 years Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of income and other comprehensive income in other income or expenses. |
Intangible asset, net | (j) Intangible asset, net Intangible asset is carried at cost less accumulated amortization and any recorded impairment. The intangible assets of the Group mainly represent the software for operating activities. Intangible asset is amortized using the straight-line basis over the estimated useful live of the asset as follows: Category Estimated Software 5 - 10 years |
Refundable deposits | (k) Refundable deposits Refundable deposits represents the deposits made for long-term leases. These deposits are interest free and will be refunded at the end of the lease. Since the leases have the term over one year, these deposits are classified as long term assets. |
Prepayment for acquisition | (l) Prepayment for acquisition The prepayment for acquisition is the payment made to acquire a business. These amounts are refundable if the acquisition is not successfully completed. Management reviews its prepayments on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. As of December 31, 2022, no allowance was deemed necessary. The Company expects to finish its acquisition by the middle of 2023. |
Related parties | (m) Related parties A related party may be any of the following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with another party; b) a principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family of management or principal owners; e) a parent company and its subsidiaries; and f) other parties that have ability to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions. |
Impairment of long-lived assets | (n) Impairment of long-lived assets The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. No impairments of long-lived assets were recognized as of December 31, 2021 and 2022. |
Fair value measurement | (o) Fair value measurement The Group applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: ● Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. ● Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future cash flow amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Group primarily consisted of cash, accounts receivable, amounts due from related parties, other receivables included in prepaid expenses and other current assets, short-term borrowings, accounts payable, amounts due to related parties, other payables included in accrued expenses and other current liabilities. As of December 31, 2021 and 2022, the carrying amounts of financial instruments approximated to their fair values due to the short-term maturity of these instruments. The Group’s non-financial assets, such as property and equipment, would be measured at fair value only if they were determined to be impaired. |
Revenue recognition | (p) Revenue recognition Substantially all of the Group’s revenues are from contracts associated with freight forwarding services domestically and internationally. Additionally, the Group provides supply chain management to customers, by exploiting its advantages in global supply chain services. The following table identifies the disaggregation of the Group’s revenue for the years ended December 31, 2020, 2021 and 2022, respectively: Revenue FY 2020 FY 2021 FY 2022 Categories (RMB) % (RMB) % (RMB) (US$) % Type A: Freight forwarding services 243,607,373 83.91 % 488,036,905 89.46 % 577,567,025 82,928,959 88.6 % - Integrated cross-border logistics 210,794,731 72.61 % 390,229,299 71.53 % 444,335,722 63,799,174 68.2 % - Fragmented logistics 32,812,642 11.30 % 97,807,606 17.93 % 133,231,303 19,129,785 20.4 % Type B: Supply chain management 43,966,498 15.14 % 53,531,895 9.81 % 69,022,899 9,910,533 10.6 % - International trading in relation to supply chain management 41,985,512 14.46 % 52,974,861 9.71 % 68,878,594 9,889,813 10.6 % - Agent services 1,980,986 0.68 % 557,034 0.10 % 144,305 20,720 0.0 % Type C: Other services 2,759,062 0.95 % 4,024,697 0.73 % 5,401,669 775,589 0.8 % - Customs brokerage 2,566,570 0.88 % 2,750,027 0.50 % 4,098,297 588,447 0.6 % - Software development 192,492 0.07 % 1,274,670 0.23 % 1,303,372 187,142 0.2 % Total 290,332,933 100.00 % 545,593,497 100.00 % 651,991,593 93,615,081 100.0 % The following table presents revenue classified by timing of revenue recognition for the years ended December 31, 2020, 2021 and 2022, respectively. Year ended Year ended Year ended 2022 RMB RMB RMB US$ Point in time 43,966,498 53,531,895 71,448,443 10,258,801 Over time 246,366,435 492,061,602 580,543,150 83,356,280 Total revenue 290,332,933 545,593,497 651,991,593 93,615,081 Type A: Freight forwarding services The Group primarily engages in freight forwarding services, including freight services and facilitating services such as customs brokerage services, warehousing services, packaging services and so on. For freight services, the Group fulfils its performance obligation by transporting freights from the origin to the destination, both are specified by customers, via air freight, ocean freight, and land freight. The Group considers that there is only one performance obligation as the customer cannot benefit from the facilitating services on its own but be bundled with the freight services since the customer’s purpose for entering into this contract is to transport goods from the origin to the destination. The transaction price is fixed when the contract was signed by both parties. This type of revenue is recognized over time based on the extent of progress towards completion of the performance obligation. The Group adopts the output method, which is based on the transit time period, to measure progress. For warehousing services, such as labeling, packaging, loading and unloading service, the customer can benefit from each service provided and the promise to transfer the service is separately identifiable. Each service represents a standalone performance obligation. The Group is entitled to receive the service fees after it provides services to its customers. For storage services, the Company normally charges monthly or daily. Therefore, the revenue from storage services is divided into two categories by timing of revenue recognition: 1. point in time for daily storage services. 2. over time across the service period for monthly storage services. The Group considers itself the principal for transactions that it is in control of establishing the transaction price, and it is responsible for managing all aspects of the shipments process and taking the risk of loss for delivery. Therefore, such revenues are reported on a gross basis. For certain contracts, the Group considers itself the agent for transactions that it cooperates with third-party carriers to arrange freight services. Third-party carriers signed the contracts with customers and were in control of establishing the transaction price, and were responsible for fulfilling the promise to provide freight services. Therefore, such revenues are reported on a net basis. The payment term is within 60 days after completion of freight forwarding services. Type B: Supply chain management The Group also engages in supply chain management, which includes international trading and agent services. The Group provides international trading, which sells electronic products through both export and import, by exploiting its advantages in global supply chain services and networks. The Group fulfils its performance obligation by transferring products to the designated location. In accordance with the Company’s customary business practices, the delivery term is “Free on board” (“FOB”). Therefore, once the products are loaded on the board, the control of products has transferred. The transaction price is fixed when the contract was signed by both parties. This type of revenue is recognized based on the product value specified in the contract at a point in time when the control of products has transferred. The Group considers itself the principal because it is in control of establishing the transaction price and bearing inventory risk. Therefore, such revenues are reported on a gross basis. In addition to international trading, the Group also provides agent services relates to export/import procedures, for example, application for duty-refund, customs brokerage services and so on. The Group fulfils its performance obligation by arranging export/import business for the customer, including but not limited to signing contracts with end customers on behalf of the customer and preparing customs brokerage and duty refund. This type of revenue is recognized over time based on the extent of progress towards completion of the agent services. The Group considers itself the agent because the Group is not primarily responsible for fulfilling the promise to provide the specified goods, neither bears the inventory risks. Therefore, such revenues are reported on a net basis. The payment term is within 60 days after completion of international trading and agent services. Type C: Other value-added services The Group also provides customs brokerage services, and logistics-related software development services. Customs brokerage services under Type C represents independent revenue stream, different from being one of the facilitating services of the freight forwarding business under Type A, or the facilitating services of the agent services under Type B under which those services are bundled as one performance obligation. The Group fulfils its performance obligation by providing customs brokerage services only. The transaction price is fixed when the contract was signed by both parties. This type of revenue is recognized over service period, usually within one day. The Group also generates revenues from logistics-related software development services. The Group identifies two performance obligations within the contract: the software development services and the maintenance services. The transaction price is allocated based on the stand-alone selling price for each type of service. The Group recognizes software development services revenue over time in proportionate to the relative labor hours over the total budgeted hours of the project. The Group also promises to provide one-year maintenance service after the above mentioned software has been launched. The Group recognizes maintenance services revenue over the service period of one year. Contract assets and liabilities In-transit freight with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance sheets as “Contract assets”. Contract assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Contract liabilities represents the obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. Contract liabilities of the Group mainly consist of advance product payments from customers of international trading. The Group expects to recognize this balance as revenue over the next 12 months. The following table shows the amounts of revenue recognized in the current reporting period that were included in the contract liabilities at the beginning of the reporting period: 2020 2021 2022 RMB RMB RMB US$ Revenue recognized that was included in contract liabilities at the beginning of the reporting period: 75,020 1,908,488 7,851,588 1,231,486 Contract assets were RMB3,203,033 and RMB4,460,046 (US$640,388) as of December 31, 2021 and 2022, respectively. Contract liabilities related to advance payments from customers were RMB7,851,588 and RMB1,989,310 (US$285,632) as of December 31, 2021 and 2022, respectively. Contract costs Contract costs consists of incremental costs of obtaining a contract with customers, for example, sales commissions. The Group elects to use the practical expedient, allowing to recognize the incremental costs of obtaining a contract as a cost or an expense when incurred if the amortization period, usually the contractual period, would have been one year or less. |
Cost of revenues | (q) Cost of revenues Cost of revenues consist primarily of (i) cost of freight charges, (ii) cost of purchase for international trading, (iii) labor costs, (iv) cost of customs brokerage, (v) cost of packaging, (vi) cost of indemnity paid to carriers and (vii) cost of wareshouse lease. Cost of freight charges consists of (i) airfreight/ocean freight/land freight charges, (ii) delivery fees, and (iii) other service fees. |
Selling expenses | (r) Selling expenses Selling expenses mainly consist of (i) employee payroll and commission, (ii) advertising and marketing expenses, and (iii) rental and depreciation related to selling and marketing functions. |
Advertising expenses | (s) Advertising expenses Advertising costs amounted to RMB529,816, RMB598,605 and RMB2,724,575 (US$391,203) for the years ended December 31, 2020, 2021 and 2022, respectively. Advertising costs are expensed as incurred and included in selling and marketing expenses. |
Selling expenses | (t) General and administrative expenses General and administrative expenses mainly consist of (i) employee payroll, rental and depreciation related to general and administrative personnel, (ii) professional service fees, and (iii) other corporate expenses. |
Research and development expenses | (u) Research and development expenses Research and development expenses mainly consist of (i) employee payroll, (ii) lease expenses, and (iii) depreciation expense for experimental facilities and other daily expenses related to the Group’s research and development activities. |
Financial expenses, net | (v) Financial expenses, net Financial expenses, net mainly consist of (i) interest expenses, (ii) foreign exchange gain or loss, and (iii) bank charges. The Group incurred interest expenses of RMB533,982, RMB1,046,305 and RMB795,144 (US$114,169) for the years ended December 31, 2020, 2021 and 2022, respectively. The Group incurred foreign exchange loss of RMB912,988 for the year ended December 31, 2020 and foreign exchange gain of RMB489,268 and RMB4,407,133 (US$632,791) for the years ended December 31, 2021 and 2022, respectively. |
Deferred offering costs | (w) Deferred offering costs Deferred offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the initial public offering. These costs, together with the underwriting discounts and commissions, will be charged to permanent equity upon completion of the initial public offering. Should the initial public offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to expenses. For the year ended December 31, 2020, 2021 and 2022, the Group has incurred and deferred nil |
Non-controlling interests | (x) Non-controlling interests On June 13, 2017, JYD HQ entered into an equity investment agreement with Mr. Mak Chun Pong, the shareholder of TYPHK, to acquire 67% of equity interest in TYPHK with HKD 6,781. Since the Group retains the control of TYPHK, the remaining 33% of equity interest in TYPHK from the other shareholder, Cargo Link Logistics HK Company Limited, was accounted for as non-controlling interest. On October 30, 2021, JYD WLKJ entered into a joint venture agreement with Cargo Link Logistics HK Company Limited and Ms. Zheng Yan, to set up JYD SHWL. Since the Group retains control of JYD SHWL, the remaining 44% of equity interest from Cargo Link Logistics HK Company Limited and 5% of equity interest from Ms. Zheng Yan in JYD SHWL were accounted for as non-controlling interests. In November 2021, the Company acquired 33% non-controlling interests of JYD HKGJHY from Cargo Link Logistics HK Company Limited at the consideration of nil In July 2022, JYD WLKJ entered into a joint venture agreement with Mr. He Pengtao, to set up JYD YCKJ. Since the Group retains control of JYD YCKJ, the the remaining 48% of equity interest in JYD YCKJ from Mr. He Pengtao was accounted for as non-controlling interest. As of December 31, 2021 and 2022, the balance of non-controlling interest is as following. Entity As of December 31, As of 2022 RMB RMB US$ TYPHK (62,187 ) (72,220 ) (10,370 ) JYD SHWL (55,057 ) (890,560 ) (127,869 ) JYD YCKJ - (1,465,290 ) (210,391 ) Total (117,244 ) (2,428,070 ) (348,630 ) |
Employee benefits | (y) Employee benefits According to the regulations of the PRC, full-time eligible employees of the Group in the PRC are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated employee benefit plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as costs and expenses in the accompanying consolidated statements of income and comprehensive income amounted to RMB334,896, RMB1,187,520 and RMB2,170,805 (US$311,691) for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the outstanding social insurance plan contributions payable were RMB25,319 and RMB20,960 (US$3,010), respectively. |
Leases | (z) Leases The Company adopted ASC 842 on January 1, 2019 on a modified retrospective basis and elected the practical expedients permitted under the transition guidance, which allows the Company to carryforward the historical lease classification, the assessment on whether a contract is or contains a lease, and the initial direct costs for any leases that exist prior to adoption of the new standard. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset. The right-of-use assets and related lease liabilities are recognized at the lease commencement date. The Group recognizes operating lease expenses on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are short-term lease and not recognized as operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. The Group recognizes lease expense for short-term leases on a straight-line basis over the lease term. The right-of-use of asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received. Operating lease liabilities are recognized based on the present value of the lease payments not yet paid, discounted using the average borrowing rate of the Group’s outstanding loans. Lease term includes rent holidays and options to extend or terminate the lease when the Group is reasonably certain that the Group will exercise that option. The lease assets for operating leases consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. Operating lease expense is recognized on a straight-line basis over the lease term by adding interest expense determined using the effective interest method to the amortization of the operating lease right-of-use assets. Interest expense is determined using the effective interest method. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Group reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Group reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Group has elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. |
Income taxes | (aa) Income taxes The Group accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period. The Group accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases (“Temporary differences”). Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those Temporary differences are expected to be recovered or settled. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or liability will be settled, based on rates enacted or substantively enacted at the end of the reporting period. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company will recognize interest and penalties, if any, related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties will be included on the related tax liability line in the consolidated balance sheet. The Group believes there were no uncertain tax positions as of December 31, 2020, 2021 and 2022, respectively. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group’s uncertain tax positions and determining its provision for income taxes. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2020, 2021 and 2022. |
Value added tax (“VAT”) | (ab) Value added tax (“VAT”) The Group is subject to VAT and related surcharges on revenues generated from providing services. Revenue from providing services and sales of products is generally subject to VAT at applicable tax rates, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected tax payable. The Group reports revenue net of PRC’s VAT for all the periods presented in the Consolidated Statements of Income. The PRC VAT rate is 0%, 1%, 6% and 9% for taxpayers providing logistics services and 13% for product sales for the years ended December 31, 2020, 2021 and 2022. The Notice of Ministry of Finance (“MOF”) and State Administration of Taxation (“SAT”) on the Adjustment to VAT Rates, promulgated on April 4, 2018 and effective as of May 1, 2018, adjusted the applicative rate of VAT. The deduction rates of 17% and 11% applicable to the taxpayers who have VAT taxable sales activities or imported goods are adjusted to 16% and 10%, respectively. For the export goods to which a tax rate of 17% was originally applicable and the export rebate rate was 17%, the export rebate rate is adjusted to 16%. For the export goods and cross-border taxable activities to which a tax rate of 11% was originally applicable and the export rebate rate was 11%, the export rebate rate is adjusted to 10%. Pursuant to the Announcement on Relevant Policies for Deepening Value-Added Tax Reform, which was promulgated by MOF, SAT and the General Administration of Customs on March 20, 2019 and became effective on April 1, 2019, where (i) for VAT taxable sales or imports of goods originally subject to value-added tax rates of 16%, such tax rates shall be adjusted to 13%; (ii) for the exported goods originally subject to a tax rate of 16% and an export tax refund rate of 16%, the export tax refund rate shall be adjusted to 13%. |
Share-based compensation | (ac) Share-based compensation The Group grants shares (“Share-based Awards”) to external consultants in exchange for services provided and accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation. Share-based awards are measured at the grant date fair value of the shares granted. For shares with performance conditions, the Group would recognize compensation cost if and when it concludes that it is probable that the performance condition will be achieved. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive Share-based Awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Group for accounting purposes. |
Earnings per share | (ad) Earnings per share The Group computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of the Group by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. As of December 31, 2020, 2021 and 2022, there was no dilution impact. |
Comprehensive income | (ae) Comprehensive income Comprehensive income is defined as the increase in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income |
Statutory reserves | (af) Statutory reserves The Company’s PRC subsidiaries are required to reserve 10% of their net profit after income tax, as determined in accordance with the PRC accounting rules and regulations. Appropriation to the statutory reserve by the Group is based on profit arrived at under PRC accounting standards for business enterprises for each year. The profit arrived at must be set off against any accumulated losses sustained by corresponding PRC subsidiaries in prior years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of dividends to shareholders. The appropriation is required until the statutory reserve reaches 50% of the registered capital. This statutory reserve is not distributable in the form of cash dividends. For the years ended December 31, 2020, 2021 and 2022, statutory reserve provided were RMB823,564, RMB979,039 and RMB2,203,279 (US$316,354), respectively. |
Contingencies | (ag) Contingencies From time to time, the Group may become involved in litigation relating to claims arising in the ordinary course of the business. There are no claims or actions pending or threatened against the Group that, if adversely determined, would in the Group’s management’s judgment have a material adverse effect on the Group. |
Concentration of risks | (ah) Concentration of risks Concentration of Credit Risks Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with financial institutions with high credit ratings and quality. As of December 31, 2021 and 2022, RMB35,463,754 and RMB27,832,171 (US$3,996,229) of the Group’s cash were on deposit at financial institutions in the PRC, respectively. The Group has a concentration of its account receivables and revenues with specific customers. As of December 31, 2021, three customers accounted for 20.7%, 14.8% and 10.2% of accounts receivable, respectively. As of December 31, 2022, two customers each accounted for 13.0% of accounts receivable, respectively. For the year ended December 31, 2020, three customers accounted for approximately 17.9%, 15.7% and 10.7% of the total revenue, respectively. For the year ended December 31, 2021, one customer accounted for approximately 13.1% of the total revenue. For the year ended December 31, 2022, two customers accounted for approximately 18.0% and 11.3% of the total revenue, respectively. The Company conducts credit evaluations of customers, and generally does not require collateral or other security from its customers. The Company establishes an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers. The Group also has a concentration of its account payables and purchases with specific suppliers. As of December 31, 2021, two suppliers accounted for 59.1% and 11.4% of the total accounts payable balance, respectively. As of December 31, 2022, two suppliers accounted for 28.1% and 12.8% of the total accounts payable balance, respectively. For the years ended December 31, 2020 and 2021, one supplier accounted for 58.0% and 36.4% of the total purchases, respectively. For the year ended December 31, 2022, two suppliers accounted for 20% and 19.8% of the total purchases, respectively. Foreign Exchange Risk The Groups’ operations are primarily in China. The reporting currency is denominated in RMB. The Group is exposed to currency risk primarily through sales and purchases which give rise to receivables, payables and cash balances that are denominated in currencies other than the functional currency of the operations to which the transactions relate. Thus, revenues and results of operations may be impacted by exchange rate fluctuations between RMB and U.S. dollars. |
Recent accounting pronouncements | (ai) Recent accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses”, which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Further, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2021-02 to provide additional guidance on the credit losses standard. For all other entities, the amendments for ASU No. 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Group will adopt ASU No. 2016-13 from January 1, 2023. The Group is in the process of evaluating the impacts the standards will have on its consolidated financial statements. Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Principal Activities [Abstract] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment | Entity Controlled by Date of Place of Percentage Principal activities Jayud Global Logistics (HongKong) Limited Jayud June 24, 2022 Hong Kong 100 % Wholly foreign owned enterprise Shenzhen Jayud Logistics Technology Co., Ltd JYD HK July 23, 2015 PRC 100 % Freight forwarding Shenzhen Jia Yu Da International Logistics Co., Ltd. JYD WLKJ June 19, 2011 PRC 100 % Freight forwarding Shenzhen Jia Yu Da Trading Co., Ltd. JYD WLKJ September 18, 2009 PRC 100 % International trading Xuchang Jayud Supply Chain Management Co., Ltd JYD WLKJ May 6, 2021 PRC 100 % Freight forwarding Shenzhen Jiayuda Customs Declaration Co., Ltd. JYD WLKJ September 14, 2015 PRC 100 % Customs brokerage Shenzhen XIN YU Xiang Import & Export Co., Ltd. JYD WLKJ October 26, 2011 PRC 100 % Agent service Shenzhen Jiayuda Global Supply Chain Co., Ltd. JYD WLKJ April 23, 2014 PRC 100 % Freight forwarding Shenzhen Jiayuda E-Commerce Technology Co., Ltd JYD WLKJ April 1, 2014 PRC 100 % Freight forwarding Nanjing Jiayuda Logistics Co., Ltd. JYD WLKJ February 12, 2018 PRC 100 % Freight forwarding Shaanxi Jia Yuda Supply Chain Management Co., Ltd. JYD WLKJ March 27, 2018 PRC 100 % Freight forwarding Cargo Link Company Limited JYD WLKJ November 10, 2021 PRC 51 % Freight forwarding Sky Pacific Logistics HK Company Limited JYD HQ March 2, 2016 Hong Kong 67 % Agent service Hongkong Jayud International Logistics Company Limited JYD HK December 31, 2017 Hong Kong 100 % Agent service Shenzhen Jayud Yuncang Technology Co., Ltd. JYD WLKJ July 25, 2022 PRC 52 % Warehousing |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of separate component of shareholders’ equity on the consolidated financial statement | HKD against RMB December 31, December 31, December 31, Year-end spot rate HKD1=RMB0.8504 HKD1=RMB0.8168 HKD1=RMB0.8899 Average rate HKD1=RMB0.8928 HKD1=RMB0.8327 HKD1=RMB0.8578 |
Schedule of estimated residual value of the assets | Category. Estimated Motor vehicles 4 - 5 years Electronic equipment 1 - 5 years Machinery 5 years Other equipment 5 years |
Schedule of Intangible asset, net | Category Estimated Software 5 - 10 years |
Schedule of presents revenue classified by timing of revenue recognition | Revenue FY 2020 FY 2021 FY 2022 Categories (RMB) % (RMB) % (RMB) (US$) % Type A: Freight forwarding services 243,607,373 83.91 % 488,036,905 89.46 % 577,567,025 82,928,959 88.6 % - Integrated cross-border logistics 210,794,731 72.61 % 390,229,299 71.53 % 444,335,722 63,799,174 68.2 % - Fragmented logistics 32,812,642 11.30 % 97,807,606 17.93 % 133,231,303 19,129,785 20.4 % Type B: Supply chain management 43,966,498 15.14 % 53,531,895 9.81 % 69,022,899 9,910,533 10.6 % - International trading in relation to supply chain management 41,985,512 14.46 % 52,974,861 9.71 % 68,878,594 9,889,813 10.6 % - Agent services 1,980,986 0.68 % 557,034 0.10 % 144,305 20,720 0.0 % Type C: Other services 2,759,062 0.95 % 4,024,697 0.73 % 5,401,669 775,589 0.8 % - Customs brokerage 2,566,570 0.88 % 2,750,027 0.50 % 4,098,297 588,447 0.6 % - Software development 192,492 0.07 % 1,274,670 0.23 % 1,303,372 187,142 0.2 % Total 290,332,933 100.00 % 545,593,497 100.00 % 651,991,593 93,615,081 100.0 % |
Schedule of revenue recognition | Year ended Year ended Year ended 2022 RMB RMB RMB US$ Point in time 43,966,498 53,531,895 71,448,443 10,258,801 Over time 246,366,435 492,061,602 580,543,150 83,356,280 Total revenue 290,332,933 545,593,497 651,991,593 93,615,081 |
Schedule of contract liabilities at the beginning of the reporting period | 2020 2021 2022 RMB RMB RMB US$ Revenue recognized that was included in contract liabilities at the beginning of the reporting period: 75,020 1,908,488 7,851,588 1,231,486 |
Schedule of balance of non-controlling interest [Table text block] | Entity As of December 31, As of 2022 RMB RMB US$ TYPHK (62,187 ) (72,220 ) (10,370 ) JYD SHWL (55,057 ) (890,560 ) (127,869 ) JYD YCKJ - (1,465,290 ) (210,391 ) Total (117,244 ) (2,428,070 ) (348,630 ) |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss, Additional Improvements [Abstract] | |
Schedule of accounts receivable consisted | As of December 31, December 31, 2021 2022 RMB RMB US$ Accounts receivable 88,228,296 32,098,662 4,608,830 Allowance for doubtful accounts (682,905 ) (1,185,328 ) (170,193 ) Total accounts receivable, net 87,545,391 30,913,334 4,438,637 |
Schedule of allowance of doubtful accounts | As of December 31, December 31, 2021 2022 RMB RMB US$ Beginning balance 240,199 682,905 98,054 Addition 442,706 700,505 100,580 Write off - (198,082 ) (28,441 ) Ending balance 682,905 1,185,328 170,193 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of prepaid expenses and other current assets | As of December 31, December 31, 2021 2022 RMB RMB US$ Advances to suppliers (a) 20,578,203 2,222,046 319,049 Tax refund (b) 7,931,578 1,924,536 276,331 Deposits (c) 1,952,388 6,238,305 895,716 Other receivables (d) 2,833,783 2,063,807 296,328 33,295,952 12,448,694 1,787,424 Allowance of doubtful accounts (4,744,565 ) (237,704 ) (34,130 ) Total prepaid expenses and other receivables, net 28,551,387 12,210,990 1,753,294 (a) The balance mainly represents the advance payments made chartered airlines freight services and rent. (b) The balance mainly represents the tax refund JYD SM entitled from international trading business. Jayud has recorded a full allowance for the portion with doubt of collection. (c) The balance mainly represents the current operational deposits for lease and cargo space reservation to vendors. The significant increase was mainly due to the business growth of our freight forwarding services provided. (d) The balance mainly represents the customs or fees that Jayud paid on behalf of customers and advances to employees. |
Schedule of allowance of doubtful accounts | As of December 31, December 31, 2021 2022 RMB RMB US$ Beginning balance 4,744,728 4,744,565 681,240 Addition - 237,704 34,130 Reverse (163 ) - - Write off - (4,744,565 ) (681,240 ) Ending balance 4,744,565 237,704 34,130 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | As of December 31, December 31, 2021 2022 RMB RMB US$ Motor vehicles 1,428,587 1,538,213 220,862 Electronic equipment 1,255,203 1,783,988 256,151 Machinery 117,656 1,119,594 160,755 Other equipment 639,424 1,041,034 149,473 Subtotal 3,440,870 5,482,829 787,241 Less: accumulated depreciation (2,286,895 ) (2,869,565 ) (412,020 ) Property and equipment, net 1,153,975 2,613,264 375,221 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible asset, net | As of December 31, December 31, 2021 2022 RMB RMB US$ Software 1,438,174 1,438,175 206,498 Less: accumulated depreciation (517,266 ) (680,216 ) (97,668 ) Intangible asset, net 920,908 757,959 108,830 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | |
Schedule of short-term borrowings | As of December 31, December 31, 2021 2022 RMB RMB US$ China Construction Bank Shenzhen Shangbu Branch (a) 7,900,000 - - Industrial and Commercial Bank of China (b) 3,000,000 3,000,000 430,750 Shenzhen Futian Yinzuo Rural Bank(c) - 2,000,000 287,166 Bank of China Shenzhen Dongbu Branch (d) - 9,800,000 1,407,116 Total 10,900,000 14,800,000 2,125,032 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of accrued expenses and other current liabilities | As of December 31, December 31, 2021 2022 RMB RMB US$ Accrued payroll and employee benefits 3,385,258 2,089,072 299,956 Payable to third parties (a) 2,084,745 1,209,742 173,699 Deposit payable 1,118,416 619,786 88,991 Others 650,634 299,132 42,950 Total 7,239,053 4,217,732 605,596 (a) The balance mainly represents the payables for acquiring services for daily operations such as property fees, rent and utility bills as well as professional and consulting services as of December 31, 2021 and 2022. |
Loans Payable - Third Parties (
Loans Payable - Third Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | |
Schedule of loans payable | As of December 31, December 31, 2021 2022 RMB RMB US$ Jia Li 4,800,000 - - Total 4,800,000 - - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block [Abstract] | |
Schedule of balance sheet information related to operating lease | As of December 31, December 31, 2021 2022 RMB RMB US$ Right-of-use assets 6,463,320 31,403,688 4,509,044 Operating lease liabilities – current 3,698,233 18,079,265 2,595,880 Operating lease liabilities – non-current 2,539,151 13,276,535 1,906,288 Total operating lease liabilities 6,237,384 31,355,800 4,502,168 |
Schedule of weighted average remaining lease terms and discount rates | Remaining lease term and discount rate: Weighted average remaining lease term (years) 2.57 Weighted average discount rate 4.20 % |
Schedule of future minimum payments | Year Amounts 2023 19,078,380 2024 12,474,763 2025 202,248 2026 210,210 2027 210,210 Thereafter 781,282 Total lease payments 32,957,093 Less: imputed interest (1,601,293 ) Total operating lease liabilities, net of interest 31,355,800 |
Long-Term Borrowing (Tables)
Long-Term Borrowing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | |
Schedule of long-term borrowing due to maturing | As of December 31, December 31, 2021 2022 RMB RMB US$ Postal Savings Bank of China 4,450,000 5,000,000 717,916 Less: to be matured within one year (600,000 ) (600,000 ) (86,150 ) Total 3,850,000 4,400,000 631,766 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxation Abstract | |
Schedule of income tax provision | For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Current income tax expenses 2,637,319 839,107 2,465,462 353,999 Deferred income tax (benefits)/expenses (1,002,390 ) 864,072 116,755 16,764 Total income tax expenses 1,634,929 1,703,179 2,582,217 370,763 |
Schedule of income / (loss) before provision for income taxes | For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Income / (loss) before provision for income taxes is attributable to the following geographic locations: PRC 4,728,447 12,016,517 8,630,868 1,239,248 Foreign (46,390 ) (89,670 ) (4,670,754 ) (670,642 ) Total Income before Income Taxes 4,682,057 11,926,847 3,960,114 568,606 |
Schedule of reconciliation between the provision for income taxes | For the years ended December 31, 2020 2021 2022 PRC statutory income tax rate 25.0 % 25.0 % 25.0 % Impact of different tax rates in other jurisdictions 0.0 % 0.0 % 22.3 % Effect of preferential tax rate (2.3 )% (6.4 )% 53.3 % Non-deductible (Non-taxable) items 1.5 % 0.9 % 0.9 % Effect of additional R&D deduction 0.0 % 0.0 % (9.0 )% Tax effect on deferred offering costs 0.0 % (1.9 )% (32.3 )% Change in valuation allowance 10.7 % (3.3 )% 5.0 % Effective tax rate 34.9 % 14.3 % 65.2 % |
Schedule of deferred tax assets and deferred tax liability | As of December 31, 2021 December 31, 2022 RMB RMB US$ Deferred tax assets: Net operating loss carried forward 1,724,529 1,750,257 251,308 Bad debt provision 39,337 96,568 13,866 Less: Valuation allowance (1,625,548 ) (1,825,262 ) (262,078 ) Deferred tax assets, net of valuation allowance 138,318 21,563 3,096 |
Schedule of net operating loss carry forward | For the fiscal years ended December 31, Amounts 2023 1,624,913 2024 2,206,569 2025 3,216,362 2026 395,107 2027 12,468,752 19,911,703 |
Schedule of taxes payable | As of December 31, 2021 December 31, 2022 RMB RMB US$ Income tax payable 1,820,229 1,768,285 253,896 VAT and other taxes payable 525,685 362,148 51,998 Total taxes payable 2,345,914 2,130,433 305,894 |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of accounts receivable from a related party | Name Relationship Nature As of As of RMB RMB US$ Shenzhen Feijia Supply Chain Management Co., Ltd 45% shares owned by Yuncang's 48% interest minor shareholder Logistic services - 1,676,016 240,648 Cargo Link Logistics HK Company Limited Owns 33% of shares of Sky Pacific Logistics HK Company Limited Logistic services 26,154 - - 26,154 1,676,016 240,648 |
Schedule of prepaid expenses from a related party | Name Relationship Nature As of As of RMB RMB US$ Winpass Logistics (HK) Co., Limited 100% controlled by Xiaohua Jia Logistic services 1,674,157 - - 1,674,157 - - |
Schedule of accounts payable to related parties | Name Relationship Nature As of 2021 As of RMB RMB US$ Winpass Logistics (HK) Co., Limited 100% controlled by Xiaohua Jia Logistic services 205,695 240,175 34,485 Cargo Link Logistics HK Company Limited Owns 33% of shares of Sky Pacific Logistics HK Company Limited Logistic services 60,772,958 7,185,009 1,031,647 60,978,653 7,425,184 1,066,132 |
Schedule of loan payable to a related party | Name Relationship Nature As of As of RMB RMB US$ Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) (a) Controlled by Xiaogang Geng & Xiaohua Jia Loan (a) 1,000,000 - - Minfang Cheng (b) Executive of the Group Loan and related interests (b) 612,000 - - 1,612,000 - - (a) For the year ended December 31, 2021, Jayud borrowed a total amount RMB1,500,000 from Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) without interest for a half year and repaid RMB500,000. For the year ended December 31, 2022, the Company borrowed another RMB 500,000 in FY2022 and fully repaid RMB 1,500,000. (b) On August 28, 2021, Jayud borrowed a short-term loan from Minfang Cheng of RMB600,000 with an interest rate of 6% for a half year. Jayud recorded an interest expense of RMB12,000 and RMB6,000(US$861) for the loan for the year ended December 31, 2021 and 2022, respectively. The total amount of RMB618,000 (US$88,734) was repaid on March 8, 2022. |
Schedule of others payable to related parties | Name Relationship Nature As of As of RMB RMB US$ Winpass Logistics (HK) Co., Limited 100% controlled by Xiaohua Jia Paid on behalf of the Group (a) 1,370,270 1,371,882 196,979 Cargo Link Logistics HK Company Limited Owns 33% of shares of Sky Pacific Logistics HK Company Limited Paid on behalf of the Group (b) 510,875 663,976 95,336 Shenzhen Feijia Supply Chain Management Co., Ltd (“Feijia”) 45% shares owned by Yuncang's 48% interest minor shareholder Purchase of equipment (c) - 441,800 63,435 1,881,145 2,477,658 355,750 (a) For the year ended December 31, 2020, Winpass paid on behalf of Jayud in a total amount of RMB4,092,436 and collected a total amount of RMB1,040,074. For the year ended December 31, 2021, Winpass paid on behalf of Jayud in a total amount of RMB16,467,687 and collected a total amount of RMB18,601,890. For the year ended December 31, 2022, Winpass paid on behalf of Jayud in a total amount of RMB4,608,483 (US$661,701) and collected a total amount of RMB4,606,871 (US$661,470). (b) For the years ended December 31, 2020, 2021 and 2022, Cargo Link paid on behalf of Jayud in a total amount of RMB11,480, RMB364,588 and RMB153,101 (US$21,983), respectively. (c) For the year ended December 31, 2022, Jayud purchased warehouse equipment from Feijia in a total amount of RMB441,800 (US$63,435). |
Schedule of loans payable to shareholders | Name Relationship Nature As of As of RMB RMB US$ Xiaogang Geng Shareholder Loan (a) 190,000 - - Xiaohua Jia Shareholder Loan (b) 330,000 - - Dun Zhao Shareholder Loan and related interests (c) 2,040,000 - - 2,560,000 - - (a) For the year ended December 31, 2021, Jayud borrowed a total amount of RMB520,000 without interest for 18 months from Geng Xiaogang and repaid RMB330,000. For the year ended December 31, 2022, Jayud borrowed a total amount of RMB1,000,000 (US$143,583) without interest and fully repaid the balance of RMB1,190,000 (US$170,864). (b) For the year ended December 31, 2021, Jayud borrowed a total amount of RMB3,685,000 without interest for 8 months from Jia Xiaohua and repaid RMB3,355,000. For the year ended December 31, 2022, Jayud borrowed a total amount of RMB353,383 (US$50,740) without interest and fully repaid the balance of RMB683,383 (US$98,122). (c) For the year ended December 31, 2021, Jayud borrowed a total amount of RMB2,000,000 with an interest rate of 6% for 6 months from Zhao Dun and recorded interest expenses of RMB40,000. For the year ended December 31, 2022, Jayud recorded an interest expense of RMB20,000 (US$2,980) and fully repaid the principal and interests in a total amount of RMB2,060,000 (US$295,782). (d) For the year ended December 31, 2022, Jayud borrowed a total amount of RMB4,942,000 (US$709,588) without interests from Huang Jian hong and repaid the balance during the year. |
Schedule of others payables to shareholders | Name Relationship Nature As of As of 2022 RMB RMB US$ Jianhong Huang Shareholder Dividend 1,200,000 - - Qing Wang Shareholder Business Reimbursement Payable 114,602 43,336 6,222 Xiaogang Geng Shareholder Dividend - 6,225,000 893,806 Xiaohua Jia Shareholder Dividend - 712,500 102,303 1,314,602 6,980,836 1,002,331 |
Schedule of material related party transactions | For the years ended December 31, Related Parties Nature 2020 2021 2022 RMB RMB RMB US$ Winpass Logistics (HK) Co., Limited Purchase of logistic services 1,248,954 4,514,552 1,386,915 199,138 Winpass Logistics (HK) Co., Limited Purchase of products 1,932,797 - - - Cargo Link Logistics HK Company Limited Purchase of logistic services 156,091,594 185,858,692 121,455,797 17,439,020 Cargo Link Logistics HK Company Limited Provided logistic services 28,587,482 14,141,548 462,740 66,442 Cargo LINK Logistics (SHENZHEN) Company Limited Purchase of logistic services - 2,672,803 - - Shenzhen Feijia Supply Chain Management Co., Ltd Provided logistic services - - 2,078,746 298,473 Shenzhen Feijia Supply Chain Management Co., Ltd Purchase of equipment - - 441,800 63,435 Minfang Cheng Interest expenses of a loan - 12,000 6,000 861 |
Schedule of material shareholder transaction | For the years ended December 31, Shareholder Nature 2020 2021 2022 RMB RMB RMB US$ Dun Zhao Interest expenses of a loan - 40,000 20,000 2,872 |
Concentration (Tables)
Concentration (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Concentration [Abstract] | |
Schedule of total accounts receivable | As of As of December 31, 2021 December 31, 2022 Customer Amount % of Total Amount % of Total Amount RMB % RMB % US$ A 18,241,469 20.7 % * * * B 13,088,371 14.8 % * * * C 9,018,665 10.2 % * * * D * * 4,393,790 13.0 % 630,875 E * * 4,376,768 13.0 % 628,431 * Represented the percentage below 10% |
Schedule of total revenue of the customer | For the year ended December 31, For the year ended December 31, For the year ended December 31, 2020 2021 2022 Customer Amount % of Total Amount % of Total Amount % of Total Amount RMB RMB RMB US$ B 51,976,003 17.9 % * * * * * G 45,373,496 15.6 % * * * * * H 31,095,213 10.7 % * * * * * F * * * * 117,415,978 18.0 % 16,864,138 E * * 71,419,145 13.1 % 73,423,394 11.3 % 10,542,371 * Represented the percentage below 10% |
Schedule of total accounts payable | As of As of December 31, December 31, Supplier Amount % of Amount % of RMB RMB Cargo Link Logistics HK Company Limited 60,772,958 59.1 % 7,185,007 28.1 % A * * 3,261,998 12.8 % B 11,676,432 11.4 % * * * Represented the percentage below 10% |
Schedule of total purchase | For the year ended For the year ended For the year ended December 31, December 31, December 31, Supplier Amount % of Total Amount % of Total Amount % of Total RMB RMB RMB C * * * * 122,901,742 20.0 % Cargo Link Logistics HK Company Limited 156,091,594 58.0 % 185,858,692 36.4 % 121,455,797 19.8 % * Represented the percentage below 10% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
Schedule of contractual obligations | Payments due by period Total Within Within Over RMB Operating lease payment 32,957,093 19,078,380 12,474,763 1,403,950 Bank borrowings 19,800,000 15,400,000 4,400,000 - Total 52,757,093 34,478,380 16,874,763 1,403,950 |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information [Abstract] | |
Schedule of condensed balance sheets | As of December 31, As of December 31, 2021 2022 RMB RMB US$ Assets Non-current assets Investments in subsidiaries 16,887,523 33,325,657 4,785,006 Total assets 16,887,523 33,325,657 4,785,006 Shareholders’ equity Class A Ordinary shares (par value of US$0.0001 per share;480,000,000 Class A ordinary shares authorized and 10,790,400 and 13,590,400 Class A ordinary shares issued and outstanding as of December 31, 2021, 2022, respectively.)* 6,880 8,830 1,268 Class B Ordinary shares (par value of US$0.0001 per share; 20,000,000 Class B ordinary shares authorized and 6,409,600 class B shares issued and outstanding as of December 31, 2021 and 2022, respectively.)* 4,087 4,087 587 Additional paid-in capital 13,190,206 72,691,813 10,437,328 Subscription receivable - (34,823,000 ) (5,000,000 ) Statutory reserves 2,447,862 4,651,141 667,826 Retained earnings (Accumulated deficit) 1,219,888 (9,025,668 ) (1,295,935 ) Accumulated other comprehensive income 18,600 (181,546 ) (26,068 ) Total shareholders’ equity 16,887,523 33,325,657 4,785,006 Total liabilities and shareholders’ equity 16,887,523 33,325,657 4,785,006 * Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). |
Schedule of condensed statements of comprehensive income | For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Operating income: Share of income from subsidiaries 3,062,437 10,305,308 3,888,723 558,356 Total operating income 3,062,437 10,305,308 3,888,723 558,356 Income before income tax expense 3,062,437 10,305,308 3,888,723 558,356 Income tax expense - - - - Net income 3,062,437 10,305,308 3,888,723 558,356 Other comprehensive income 11,615 10,158 (200,146 ) (28,738 ) Total comprehensive income 3 ,074,052 10,315,466 3 688,577 529,618 |
Schedule of condensed statements of cash flows | For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Cash flows from operating activities: Net income 3,062,437 10,305,308 3,888,723 558,356 Adjustments to reconcile net income to net cash provided by operating activities: Equity in gain of subsidiaries (3,062,437 ) (10,305,308 ) (3,888,723 ) (558,356 ) Net cash provided by operating activities - - - - Net cash provided by investing activities - - - - Net cash provided by financing activities - - - - Net increase in cash - - - - Cash at beginning of year - - - - Cash at end of year - - - - |
Organization and Principal Ac_3
Organization and Principal Activities (Details) | 1 Months Ended | ||
Jul. 31, 2022 | Nov. 30, 2021 | Oct. 31, 2021 | |
Accounting Policies [Abstract] | |||
Non-controlling interests | 52% | 33% | 51% |
Organization and Principal Ac_4
Organization and Principal Activities (Details) - Schedule of subsidiaries of the group are all owned by the Company through equity investment | 12 Months Ended |
Dec. 31, 2022 | |
Jayud Global Logistics (HongKong) Limited (“JYD HK”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | Jayud |
Date of incorporation | June 24, 2022 |
Place of incorporation | Hong Kong |
Percentage of direct ownership | 100% |
Principal activities | Wholly foreign owned enterprise |
Shenzhen Jayud Logistics Technology Co., Ltd (“JYD WLKJ”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD HK |
Date of incorporation | July 23, 2015 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Freight forwarding |
Shenzhen Jia Yu Da International Logistics Co., Ltd. (“JYD SZGJHY”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | June 19, 2011 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Freight forwarding |
Shenzhen Jia Yu Da Trading Co., Ltd. (“JYD SM”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | September 18, 2009 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | International trading |
Xuchang Jayud Supply Chain Management Co., Ltd (“JYD XC”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | May 6, 2021 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Freight forwarding |
Shenzhen Jiayuda Customs Declaration Co., Ltd. (“JYD BG”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | September 14, 2015 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Customs brokerage |
Shenzhen XIN YU Xiang Import & Export Co., Ltd. (“JYD XYX”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | October 26, 2011 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Agent service |
Shenzhen Jiayuda Global Supply Chain Co., Ltd. (“JYD HQ”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | April 23, 2014 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Freight forwarding |
Shenzhen Jiayuda E-Commerce Technology Co., Ltd (“JYD DS”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | April 1, 2014 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Freight forwarding |
Nanjing Jiayuda Logistics Co., Ltd. (“JYD NJWL”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | February 12, 2018 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Freight forwarding |
Shaanxi Jia Yuda Supply Chain Management Co., Ltd. (“JYD SXGYL”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | March 27, 2018 |
Place of incorporation | PRC |
Percentage of direct ownership | 100% |
Principal activities | Freight forwarding |
Cargo Link Company Limited (“JYD SHWL”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | November 10, 2021 |
Place of incorporation | PRC |
Percentage of direct ownership | 51% |
Principal activities | Freight forwarding |
Sky Pacific Logistics HK Company Limited (“TPYHK”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD HQ |
Date of incorporation | March 2, 2016 |
Place of incorporation | Hong Kong |
Percentage of direct ownership | 67% |
Principal activities | Agent service |
Hongkong Jayud International Logistics Company Limited (“JYD HKGJHY”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD HK |
Date of incorporation | December 31, 2017 |
Place of incorporation | Hong Kong |
Percentage of direct ownership | 100% |
Principal activities | Agent service |
Shenzhen Jayud Yuncang Technology Co., Ltd. (“JYD YCKJ”) [Member] | |
Schedule of subsidiaries of the group are all owned by the Company through equity investment [Abstract] | |
Controlled by | JYD WLKJ |
Date of incorporation | July 25, 2022 |
Place of incorporation | PRC |
Percentage of direct ownership | 52% |
Principal activities | Warehousing |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Jul. 31, 2022 | Dec. 31, 2021 USD ($) | Nov. 30, 2021 USD ($) | Oct. 30, 2021 | Jun. 13, 2017 HKD ($) | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Foreign currency translation adjustments | ¥ 28,738 | $ 200,146 | ¥ 10,158 | ¥ 11,615 | |||||||
Foreign currency exchange loss (in Yuan Renminbi) | 912,988 | ||||||||||
Foreign currency exchange gain | ¥ 4,407,133 | $ 632,791 | 489,268 | ||||||||
Rate of convenience translation | (per share) | ¥ 6.9646 | $ 1 | |||||||||
Operating segment | 1 | 1 | |||||||||
Cash | ¥ 27,939,170 | 40,266,725 | $ 4,011,597 | ||||||||
Deposit (in Yuan Renminbi) | 500,000 | ||||||||||
Allowance for doubtful accounts | ¥ 1,185,328 | 682,905 | 240,199 | $ 170,193 | $ 98,054 | ||||||
Rate of beneficial owner | 10% | 10% | |||||||||
Maintenance services revenue, term | 1 year | 1 year | |||||||||
Contract assets | ¥ 4,460,046 | 3,203,033 | $ 640,388 | ||||||||
Contract with Customer relates advance payments | 1,989,310 | 7,851,588 | 285,632 | ||||||||
Advertisement cost with selling and marketing | 2,724,575 | $ 391,203 | 598,605 | 529,816 | |||||||
Interest Expense | 795,144 | 114,169 | 1,046,305 | 533,982 | |||||||
Deferred offering costs | 5,427,260 | 898,870 | 779,264 | ||||||||
Non-controlling interests | $ 47,844 | $ 6,781 | |||||||||
Noncontrolling interest of parent equity value (in Yuan Renminbi) | (2,428,070) | (348,630) | (117,244) | ||||||||
Employee benefit | 2,170,805 | 311,691 | 1,187,520 | ¥ 334,896 | |||||||
Employee outstanding benefit plan | ¥ 20,960 | $ 3,010 | ¥ 25,319 | ||||||||
VAT | 6% | 6% | 1% | 0% | |||||||
Percentage of tax on logistics services | 9% | 9% | |||||||||
Percentage on sale of product | 13% | 13% | |||||||||
Percentage of tax rate on export | 17% | 17% | |||||||||
Percentage of tax rate on export rebate | 17% | 17% | |||||||||
Percentage of tax adjusted on export rebate | 16% | 16% | |||||||||
Percentage of tax on export and border crossing activities | 11% | 11% | |||||||||
Percentage of tax rate on Border crossing and rebate | 11% | 11% | |||||||||
Percentage of tax rate on export rebate and cross border activities | 10% | 10% | |||||||||
VAT rate on sales | 16% | 16% | |||||||||
Adjusted VAT rate on sales | 13% | 13% | |||||||||
Percentage of tax rate on exported goods | 16% | 16% | |||||||||
Percentage of tax refund on export | 16% | 16% | |||||||||
Percentage on adjusted tax of refund | 13% | 13% | |||||||||
statutory reserve | 10% | 10% | |||||||||
Registered capital | 50% | 50% | |||||||||
Statutory reserves | ¥ 2,203,279 | $ 316,354 | ¥ 979,039 | ¥ 823,564 | |||||||
Deposits | ¥ 27,832,171 | 35,463,754 | $ 3,996,229 | ||||||||
Maximum [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Percentage of deduction tax rate | 17% | 17% | |||||||||
Percentage of import tax rate | 16% | 16% | |||||||||
Minimum [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Percentage of deduction tax rate | 11% | 11% | |||||||||
Percentage of import tax rate | 10% | 10% | |||||||||
Foreign Exchange [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Trading Activity, Loss (in Yuan Renminbi) | ¥ 912,988 | ||||||||||
Trading Activity, Gain | ¥ 4,407,133 | $ 632,791 | ¥ 489,268 | ||||||||
Customer One [Member] | Customer Concentration Risk [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Accounts receivables percent | 13% | 20.70% | 13% | 20.70% | |||||||
Total revenue | 18% | 18% | 13.10% | 17.90% | |||||||
Customer Two [Member] | Customer Concentration Risk [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Accounts receivables percent | 14.80% | 14.80% | |||||||||
Total revenue | 11.30% | 11.30% | 15.70% | ||||||||
Customer Three [Member] | Customer Concentration Risk [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Accounts receivables percent | 10.20% | 10.20% | |||||||||
Total revenue | 10.70% | ||||||||||
Supplier One [Member] | Supplier Concentration Risk [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Accounts payable percent | 28.10% | 59.10% | 28.10% | 59.10% | |||||||
Total purchase | 20% | 20% | 36.40% | 58% | |||||||
Supplier Two [Member] | Supplier Concentration Risk [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Accounts payable percent | 12.80% | 11.40% | 12.80% | 11.40% | |||||||
Total purchase | 19.80% | 19.80% | |||||||||
Mr. Mak Chun Pong [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Equity method investment ownership percentage | 67% | ||||||||||
Cargo Link Logistics HK Company Limited [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Equity method investment ownership percentage | 100% | 44% | 33% | ||||||||
Percentage of non controlling interest | 33% | ||||||||||
Noncontrolling interest of parent equity value (in Yuan Renminbi) | |||||||||||
Ms. Zheng Yan [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Equity method investment ownership percentage | 5% | ||||||||||
Mr.He Pengtao [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Equity method investment ownership percentage | 48% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of separate component of shareholders’ equity on the consolidated financial statement | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 HKD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 HKD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 HKD ($) | |
Schedule Of Separate Component Of Shareholders Equity On The Consolidated Financial Statement Abstract | ||||||
Year-end spot rate | ¥ 0.8899 | $ 1 | ¥ 0.8168 | $ 1 | ¥ 0.8504 | $ 1 |
Average rate | ¥ 0.8578 | $ 1 | ¥ 0.8327 | $ 1 | ¥ 0.8928 | $ 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of estimated residual value of the assets | 12 Months Ended |
Dec. 31, 2022 | |
Vehicles [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated residual value of the assets [Line Items] | |
Estimated useful life of assets | 4 years |
Vehicles [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated residual value of the assets [Line Items] | |
Estimated useful life of assets | 5 years |
Electronic Equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated residual value of the assets [Line Items] | |
Estimated useful life of assets | 1 year |
Electronic Equipment [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated residual value of the assets [Line Items] | |
Estimated useful life of assets | 5 years |
Machinery and Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated residual value of the assets [Line Items] | |
Estimated useful life of assets | 5 years |
Other equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of estimated residual value of the assets [Line Items] | |
Estimated useful life of assets | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of Intangible asset, net - Software | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of Intangible asset, net [Line Items] | |
Estimated useful lives | 5 years |
Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of Intangible asset, net [Line Items] | |
Estimated useful lives | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of the disaggregation of the group’s revenue | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Freight forwarding services, amount | ¥ 577,567,025 | $ 82,928,959 | ¥ 488,036,905 | ¥ 243,607,373 |
Freight forwarding services, percentage | 88.60% | 88.60% | 89.46% | 83.91% |
Supply chain management, amount | ¥ 69,022,899 | $ 9,910,533 | ¥ 53,531,895 | ¥ 43,966,498 |
Supply chain management, percentage | 10.60% | 10.60% | 9.81% | 15.14% |
Other services, amount | ¥ 5,401,669 | $ 775,589 | ¥ 4,024,697 | ¥ 2,759,062 |
Other services, percentage | 0.80% | 0.80% | 0.73% | 0.95% |
Revenue, total | ¥ 651,991,593 | $ 93,615,081 | ¥ 545,593,497 | ¥ 290,332,933 |
Revenue, percentage | 100% | 100% | 100% | 100% |
Integrated cross-border logistics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Freight forwarding services, amount | ¥ 444,335,722 | $ 63,799,174 | ¥ 390,229,299 | ¥ 210,794,731 |
Freight forwarding services, percentage | 68.20% | 68.20% | 71.53% | 72.61% |
Fragmented logistics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Freight forwarding services, amount | ¥ 133,231,303 | $ 19,129,785 | ¥ 97,807,606 | ¥ 32,812,642 |
Freight forwarding services, percentage | 20.40% | 20.40% | 17.93% | 11.30% |
International trading in relation to supply chain management [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Supply chain management, amount | ¥ 68,878,594 | $ 9,889,813 | ¥ 52,974,861 | ¥ 41,985,512 |
Supply chain management, percentage | 10.60% | 10.60% | 9.71% | 14.46% |
Agent services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Supply chain management, amount | ¥ 144,305 | $ 20,720 | ¥ 557,034 | ¥ 1,980,986 |
Supply chain management, percentage | 0% | 0% | 0.10% | 0.68% |
Customs brokerage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other services, amount | ¥ 4,098,297 | $ 588,447 | ¥ 2,750,027 | ¥ 2,566,570 |
Other services, percentage | 0.60% | 0.60% | 0.50% | 0.88% |
Software development [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other services, amount | ¥ 1,303,372 | $ 187,142 | ¥ 1,274,670 | ¥ 192,492 |
Other services, percentage | 0.20% | 0.20% | 0.23% | 0.07% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - Schedule of revenue recognition | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Summary of Significant Accounting Policies (Details) - Schedule of revenue recognition [Line Items] | ||||
Total revenue | ¥ 651,991,593 | $ 93,615,081 | ¥ 545,593,497 | ¥ 290,332,933 |
Point in Time [Member] | ||||
Summary of Significant Accounting Policies (Details) - Schedule of revenue recognition [Line Items] | ||||
Total revenue | 71,448,443 | 10,258,801 | 53,531,895 | 43,966,498 |
Over Time [Member] | ||||
Summary of Significant Accounting Policies (Details) - Schedule of revenue recognition [Line Items] | ||||
Total revenue | ¥ 580,543,150 | $ 83,356,280 | ¥ 492,061,602 | ¥ 246,366,435 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details) - Schedule of contract liabilities at the beginning of the reporting period | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Schedule Of Contract Liabilities At The Beginning Of The Reporting Period Abstract | ||||
Revenue recognized that was included in contract liabilities at the beginning of the reporting period: | ¥ 7,851,588 | $ 1,231,486 | ¥ 1,908,488 | ¥ 75,020 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Details) - Schedule of balance of non-controlling interest | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Summary of Significant Accounting Policies (Details) - Schedule of balance of non-controlling interest [Line Items] | |||
Total | ¥ (2,428,070) | $ (348,630) | ¥ (117,244) |
TYPHK [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of balance of non-controlling interest [Line Items] | |||
Total | (72,220) | (10,370) | (62,187) |
JYD SHWL [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of balance of non-controlling interest [Line Items] | |||
Total | (890,560) | (127,869) | (55,057) |
JYD YCK [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of balance of non-controlling interest [Line Items] | |||
Total | ¥ (1,465,290) | $ (210,391) |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Credit Loss, Additional Improvements [Abstract] | ||||
Bad debt expenses | ¥ 700,505 | $ 100,580 | ¥ 442,706 | ¥ 71,718 |
Written off | ¥ 198,082 | $ 28,441 |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details) - Schedule of accounts receivable | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Schedule Of Accounts Receivable Abstract | |||
Accounts receivable | ¥ 32,098,662 | $ 4,608,830 | ¥ 88,228,296 |
Allowance for doubtful accounts | (1,185,328) | (170,193) | (682,905) |
Total accounts receivable, net | ¥ 30,913,334 | $ 4,438,637 | ¥ 87,545,391 |
Accounts Receivable, Net (Det_3
Accounts Receivable, Net (Details) - Schedule of allowance of doubtful accounts | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Schedule Of Allowance Of Doubtful Accounts Abstract | |||
Beginning balance | ¥ 682,905 | $ 98,054 | ¥ 240,199 |
Addition | 700,505 | 100,580 | 442,706 |
Write off | (198,082) | (28,441) | |
Ending balance | ¥ 1,185,328 | $ 170,193 | ¥ 682,905 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets, Net (Details) | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disclosure Text Block Supplement [Abstract] | ||||
Bad debt expense | ¥ 237,704 | $ 34,140 | ¥ 144,687 | |
Bad debt write off | ¥ 4,744,565 | $ 681,240 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets, Net (Details) - Schedule of prepaid expenses and other current assets | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Schedule of Prepaid Expenses and Other Current Asset [Abstract] | ||||
Advanced to suppliers | [1] | ¥ 2,222,046 | $ 319,049 | ¥ 20,578,203 |
Tax refund | [2] | 1,924,536 | 276,331 | 7,931,578 |
Deposits | [3] | 6,238,305 | 895,716 | 1,952,388 |
Other receivables | [4] | 2,063,807 | 296,328 | 2,833,783 |
Total | 12,448,694 | 1,787,424 | 33,295,952 | |
Allowance of doubtful accounts | (237,704) | (34,130) | (4,744,565) | |
Total prepaid expenses and other receivables, net | ¥ 12,210,990 | $ 1,753,294 | ¥ 28,551,387 | |
[1] The balance mainly represents the advance payments made chartered airlines freight services and rent. The balance mainly represents the tax refund JYD SM entitled from international trading business. Jayud has recorded a full allowance for the portion with doubt of collection. The balance mainly represents the current operational deposits for lease and cargo space reservation to vendors. The significant increase was mainly due to the business growth of our freight forwarding services provided. The balance mainly represents the customs or fees that Jayud paid on behalf of customers and advances to employees. |
Prepaid Expenses and Other Cu_5
Prepaid Expenses and Other Current Assets, Net (Details) - Schedule of allowance of doubtful accounts | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | |
Schedule of Allowance of Doubtful Accounts [Abstract] | ||||
Beginning balance | ¥ 4,744,565 | $ 681,240 | ¥ 4,744,728 | |
Addition | 237,704 | 34,130 | ||
Reverse | (163) | |||
Write off | (4,744,565) | (681,240) | ||
Ending balance | ¥ 237,704 | $ 34,130 | ¥ 4,744,565 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | ¥ 685,714 | $ 98,457 | ¥ 545,048 | ¥ 754,302 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details) - Schedule of property and equipment, net | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 5,482,829 | $ 787,241 | ¥ 3,440,870 |
Less: accumulated depreciation | (2,869,565) | (412,020) | (2,286,895) |
Property and equipment, net | 2,613,264 | 375,221 | 1,153,975 |
Motor vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,538,213 | 220,862 | 1,428,587 |
Electronic equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,783,988 | 256,151 | 1,255,203 |
Machinery [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,119,594 | 160,755 | 117,656 |
Other equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 1,041,034 | $ 149,473 | ¥ 639,424 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | ¥ 162,950 | $ 23,397 | ¥ 143,818 | ¥ 124,686 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of intangible asset, net | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Schedule Of Intangible Asset Net Abstract | |||
Software | ¥ 1,438,175 | $ 206,498 | ¥ 1,438,174 |
Less: accumulated depreciation | (680,216) | (97,668) | (517,266) |
Intangible asset, net | ¥ 757,959 | $ 108,830 | ¥ 920,908 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) | 12 Months Ended | ||||||||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Nov. 14, 2022 CNY (¥) | Nov. 14, 2022 USD ($) | Jun. 27, 2022 CNY (¥) | Jun. 27, 2022 USD ($) | Mar. 15, 2022 | Oct. 13, 2021 CNY (¥) | Oct. 13, 2021 USD ($) | Mar. 15, 2020 CNY (¥) | Mar. 15, 2020 USD ($) | |
Short-Term Borrowings (Details) [Line Items] | |||||||||||||
Loans amount | ¥ 10,000,000 | $ 1,435,833 | ¥ 8,000,000 | $ 1,148,666 | |||||||||
Interest rate | 4.34% | 4.34% | 4.30% | 3.60% | 3.60% | 4.65% | 4.65% | ||||||
Repaid amount | ¥ 7,900,000 | $ 134,308 | ¥ 100,000 | ||||||||||
Loan agreement | ¥ 2,000,000 | $ 287,167 | ¥ 3,000,000 | $ 430,750 | |||||||||
Interest rate | 25% | 25% | 10.51% | 10.51% | |||||||||
Interest expenses | ¥ 483,727 | $ 69,455 | ¥ 343,544 | ¥ 448,601 | |||||||||
Xiaogang Geng and Xiaohua Jia [Member] | |||||||||||||
Short-Term Borrowings (Details) [Line Items] | |||||||||||||
Repaid amount | ¥ 200,000 | $ 28,717 |
Short-Term Borrowings (Detail_2
Short-Term Borrowings (Details) - Schedule of short-term borrowings | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Short-Term Debt [Line Items] | ||||
Total short-term borrowings | ¥ 14,800,000 | $ 2,125,032 | ¥ 10,900,000 | |
China Construction Bank Shenzhen Shangbu Branch [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total short-term borrowings | [1] | 7,900,000 | ||
Industrial and Commercial Bank of China [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total short-term borrowings | [2] | 3,000,000 | 430,750 | 3,000,000 |
Shenzhen Futian Yinzuo Rural Bank [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total short-term borrowings | [3] | 2,000,000 | 287,166 | |
Bank of China Shenzhen Dongbu Branch [Member] | ||||
Short-Term Debt [Line Items] | ||||
Total short-term borrowings | [4] | ¥ 9,800,000 | $ 1,407,116 | |
[1]On October 13, 2021, JYD HQ entered into an entrusted loan agreement with Shenzhen Guarantee Group Co. LTD (“SZ Guarantee”). SZ Guarantee requested the Shezhen Shangbu Branch of China Construction Bank to grant a one-year maturity loan of total amount of RMB8,000,000 (US$1,148,666) with an interest rate of 3.60%. The loan was guaranteed by JYD SM and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). RMB100,000 was repaid during the year ended December 31, 2021, and the remaining balance of RMB 7,900,000 (USD1,134,308) was fully repaid during the year ended December 31, 2022.[2]On March 15, 2020, JYD HQ initially entered into a loan agreement with Industrial and Commercial Bank of China in the total amount of RMB3,000,000 (US$430,750) with a half-year term with an interest rate of 4.65%. The loan is subject to repayment and is eligible for renewal every six month and the newest term was from March 15, 2022 to September 15, 2022 with an updated interest rate of 4.3%. The loan was renewed for another six months in September 2022 and due in March 2023. In March 23, the loan was renewed for another six months to September 2023.[3]On June 27, 2022, JYD WLKJ entered into a loan agreement with Shenzhen Futian Yinzuo Rural Bank in the total amount of RMB2,000,000 (US$287,167) with an interest rate of 10.51% with one-year term.[4]On November 14, 2022, JYD HQ entered into a one-year maturity loan agreement with Bank of China Shenzhen Dongbu Branch in the total amount of RMB10,000,000(US$1,435,833) with an interest rate of 4.34%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). JYD HQ has repaid RMB200,000(USD28,717) during the year ended December 31, 2022. |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Schedule of accrued expenses and other current liabilities [Abstract] | ||||
Accrued payroll and employee benefits | ¥ 2,089,072 | $ 299,956 | ¥ 3,385,258 | |
Payable to third parties | [1] | 1,209,742 | 173,699 | 2,084,745 |
Deposit payable | 619,786 | 88,991 | 1,118,416 | |
Others | 299,132 | 42,950 | 650,634 | |
Total | ¥ 4,217,732 | $ 605,596 | ¥ 7,239,053 | |
[1] The balance mainly represents the payables for acquiring services for daily operations such as property fees, rent and utility bills as well as professional and consulting services as of December 31, 2021 and 2022. |
Loans Payable - Third Parties_2
Loans Payable - Third Parties (Details) | Aug. 02, 2021 CNY (¥) |
Short-Term Borrowings [Abstract] | |
Borrowed an interest-free loan | ¥ 4,800,000 |
Loans Payable - Third Parties_3
Loans Payable - Third Parties (Details) - Schedule of loans payable | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Loans Payable - Third Parties (Details) - Schedule of loans payable [Line Items] | |||
Total | ¥ 4,800,000 | ||
Jia Li [Member] | |||
Loans Payable - Third Parties (Details) - Schedule of loans payable [Line Items] | |||
Total | ¥ 4,800,000 |
Leases (Details)
Leases (Details) | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disclosure Text Block [Abstract] | ||||
Total operating lease expenses | ¥ 10,933,292 | $ 1,569,838 | ¥ 3,498,048 | ¥ 3,205,424 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of balance sheet information related to operating lease | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Schedule Of Balance Sheet Information Related To Operating Lease Abstract | |||
Right-of-use assets | ¥ 31,403,688 | $ 4,509,044 | ¥ 6,463,320 |
Operating lease liabilities – current | 18,079,265 | 2,595,880 | 3,698,233 |
Operating lease liabilities – non-current | 13,276,535 | 1,906,288 | 2,539,151 |
Total operating lease liabilities | ¥ 31,355,800 | $ 4,502,168 | ¥ 6,237,384 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of weighted average remaining lease terms and discount rates | Dec. 31, 2022 |
Remaining lease term and discount rate: | |
Weighted average remaining lease term (years) | 2 years 6 months 25 days |
Weighted average discount rate | 4.20% |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of future minimum payments | Dec. 31, 2022 USD ($) |
Schedule Of Future Minimum Payments Abstract | |
2023 | $ 19,078,380 |
2024 | 12,474,763 |
2025 | 202,248 |
2026 | 210,210 |
2027 | 210,210 |
Thereafter | 781,282 |
Total lease payments | 32,957,093 |
Less: imputed interest | (1,601,293) |
Total operating lease liabilities, net of interest | $ 31,355,800 |
Long-Term Borrowing (Details)
Long-Term Borrowing (Details) | 12 Months Ended | |||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 30, 2022 CNY (¥) | Dec. 30, 2022 USD ($) | Jan. 01, 2021 CNY (¥) | Jan. 01, 2021 USD ($) | |
Short-Term Borrowings [Abstract] | ||||||||
Maturing year | 1 year | 1 year | ||||||
Loan amount | ¥ 5,000,000 | $ 717,916 | ¥ 5,000,000 | $ 784,228 | ||||
Interest rate of long term debt | 4.15% | 4.15% | 4.35% | 4.35% | ||||
Debt repaid | ¥ 550,000 | ¥ 50,000 | $ 7,179 | |||||
Remaining loan amount | ¥ 3,800,000 | $ 545,616 | ||||||
Interest expenses | ¥ 172,578 | $ 24,779 | ¥ 197,103 |
Long-Term Borrowing (Details) -
Long-Term Borrowing (Details) - Schedule of long-term borrowing due to maturing | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Schedule Of Long Term Borrowing Due To Maturing Abstract | |||
Postal Savings Bank of China | ¥ 5,000,000 | $ 717,916 | ¥ 4,450,000 |
Less: to be matured within one year | (600,000) | (86,150) | (600,000) |
Total | ¥ 4,400,000 | $ 631,766 | ¥ 3,850,000 |
Taxation (Details)
Taxation (Details) $ in Millions | 12 Months Ended | ||
Apr. 01, 2018 HKD ($) | Dec. 31, 2022 CNY (¥) | Jun. 27, 2022 | |
Taxation (Details) [Line Items] | |||
Profits tax percentage | 8.25% | ||
Profits tax rates (in Dollars) | $ | $ 2 | ||
Income tax rate percentage | 25% | 10.51% | |
General tax rate percentage | 25% | ||
Annual taxable income (in Yuan Renminbi) | ¥ 3,000,000 | ||
Total assets (in Yuan Renminbi) | ¥ 50,000,000 | ||
Administration tax description | In January 2019, the State Administration of Taxation announced that from January 1, 2019 to December 31, 2021, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of their taxable income amount for the proportion of taxable income not exceeding RMB1 million; and a 20% corporate income tax on 50% of their taxable income amount of more than RMB1 million but not exceeding RMB3 million. The State Administration of Taxation further announced that from January 1, 2022 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount of taxable income can be halved from 25% to 12.5%, and the corporate income tax will be levied at 20%, for small and low-profit enterprises, and from January 1, 2022 to December 31, 2024, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of the taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million. | ||
Income tax percentage | 25% | ||
Hong Kong [Member] | |||
Taxation (Details) [Line Items] | |||
Profits tax percentage | 16.50% |
Taxation (Details) - Schedule o
Taxation (Details) - Schedule of income tax provision | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Schedule Of Income Tax Provision Abstract | ||||
Current income tax expenses | ¥ 2,465,462 | $ 353,999 | ¥ 839,107 | ¥ 2,637,319 |
Deferred income tax (benefits)/expenses | 116,755 | 16,764 | 864,072 | (1,002,390) |
Total income tax expenses | ¥ 2,582,217 | $ 370,763 | ¥ 1,703,179 | ¥ 1,634,929 |
Taxation (Details) - Schedule_2
Taxation (Details) - Schedule of income / (loss) before provision for income taxes | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Schedule Of Income Loss Before Provision For Income Taxes Abstract | ||||
PRC | ¥ 8,630,868 | $ 1,239,248 | ¥ 12,016,517 | ¥ 4,728,447 |
Foreign | (4,670,754) | (670,642) | (89,670) | (46,390) |
Total Income before Income Taxes | ¥ 3,960,114 | $ 568,606 | ¥ 11,926,847 | ¥ 4,682,057 |
Taxation (Details) - Schedule_3
Taxation (Details) - Schedule of reconciliation between the provision for income taxes | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Reconciliation Between The Provision For Income Taxes Abstract | |||
PRC statutory income tax rate | 25% | 25% | 25% |
Impact of different tax rates in other jurisdictions | 22.30% | 0% | 0% |
Effect of preferential tax rate | 53.30% | (6.40%) | (2.30%) |
Non-deductible (Non-taxable) items | 0.90% | 0.90% | 1.50% |
Effect of additional R&D deduction | (9.00%) | 0% | 0% |
Tax effect on deferred offering costs | (32.30%) | (1.90%) | 0% |
Change in valuation allowance | 5% | (3.30%) | 10.70% |
Effective tax rate | 65.20% | 14.30% | 34.90% |
Taxation (Details) - Schedule_4
Taxation (Details) - Schedule of deferred tax assets and deferred tax liability | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Schedule Of Deferred Tax Assets And Deferred Tax Liability Abstract | |||
Net operating loss carried forward | ¥ 1,750,257 | $ 251,308 | ¥ 1,724,529 |
Bad debt provision | 96,568 | 13,866 | 39,337 |
Less: Valuation allowance | (1,825,262) | (262,078) | (1,625,548) |
Deferred tax assets, net of valuation allowance | ¥ 21,563 | $ 3,096 | ¥ 138,318 |
Taxation (Details) - Schedule_5
Taxation (Details) - Schedule of net operating loss carry forward | Dec. 31, 2022 CNY (¥) |
Taxation (Details) - Schedule of net operating loss carry forward [Line Items] | |
Net Operating Loss Carry Forwards | ¥ 19,911,703 |
2023 | |
Taxation (Details) - Schedule of net operating loss carry forward [Line Items] | |
Net Operating Loss Carry Forwards | 1,624,913 |
2024 | |
Taxation (Details) - Schedule of net operating loss carry forward [Line Items] | |
Net Operating Loss Carry Forwards | 2,206,569 |
2025 | |
Taxation (Details) - Schedule of net operating loss carry forward [Line Items] | |
Net Operating Loss Carry Forwards | 3,216,362 |
2026 | |
Taxation (Details) - Schedule of net operating loss carry forward [Line Items] | |
Net Operating Loss Carry Forwards | 395,107 |
2027 | |
Taxation (Details) - Schedule of net operating loss carry forward [Line Items] | |
Net Operating Loss Carry Forwards | ¥ 12,468,752 |
Taxation (Details) - Schedule_6
Taxation (Details) - Schedule of taxes payable | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Schedule Of Taxes Payable Abstract | |||
Income tax payable | ¥ 1,768,285 | $ 253,896 | ¥ 1,820,229 |
VAT and other taxes payable | 362,148 | 51,998 | 525,685 |
Total taxes payable | ¥ 2,130,433 | $ 305,894 | ¥ 2,345,914 |
Equity (Details)
Equity (Details) | 12 Months Ended | ||||||||||||||||
Sep. 09, 2022 USD ($) shares | Sep. 07, 2022 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Sep. 30, 2022 CNY (¥) | Sep. 30, 2022 USD ($) | Sep. 06, 2022 shares | Jun. 10, 2022 shares | Apr. 30, 2022 CNY (¥) | Apr. 30, 2022 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 USD ($) | Feb. 28, 2022 CNY (¥) | Feb. 28, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 $ / shares | ||
Equity (Details) [Line Items] | |||||||||||||||||
Consideration amount | $ | |||||||||||||||||
Shares issued (in Shares) | 2,000,000 | 2,000,000 | |||||||||||||||
Capital injection | $ 400,000 | ¥ 200,000 | $ 28,717 | ¥ 24,680,000 | $ 3,543,635 | ¥ 24,680,000 | $ 3,543,635 | ||||||||||
Total dividend declared | 18,770,000 | 2,695,058 | ¥ 18,770,000 | $ 2,695,058 | |||||||||||||
Dividends Payable, Current | 6,839,000 | 981,966 | 6,839,000 | 981,966 | |||||||||||||
Individual shareholders | ¥ 4,993,500 | 716,983 | ¥ 11,931,000 | $ 1,713,092 | ¥ 11,931,000 | $ 1,713,092 | |||||||||||
Other payables | ¥ 6,937,500 | 996,109 | |||||||||||||||
After-tax net income percentage | 10% | ||||||||||||||||
Percentage of reserve | 50% | ||||||||||||||||
Net assets | ¥ 22,600,000 | $ 9,100,000 | ¥ 63,400,000 | ||||||||||||||
Class A Ordinary Shares [Member] | |||||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||||
Ordinary shares (in Shares) | 2,000,000 | 480,000,000 | 480,000,000 | 9,420,000 | |||||||||||||
Ordinary shares, par value (in Dollars per share) | $ / shares | [1] | $ 0.0001 | $ 0.0001 | ||||||||||||||
Issuance ordinary shares (in Shares) | 1,370,400 | ||||||||||||||||
Granted shares (in Shares) | 800,000 | ||||||||||||||||
Consideration amount | $ | $ 5,000,000 | ||||||||||||||||
Class B Ordinary Shares [Member] | |||||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||||
Ordinary shares (in Shares) | 20,000,000 | 20,000,000 | 6,409,600 | ||||||||||||||
Ordinary shares, par value (in Dollars per share) | $ / shares | [1] | $ 0.0001 | $ 0.0001 | ||||||||||||||
[1]Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). |
Related Party Balances and Tr_3
Related Party Balances and Transactions (Details) | 12 Months Ended | ||||||||||
Mar. 08, 2022 CNY (¥) | Mar. 08, 2022 USD ($) | Aug. 28, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Nov. 14, 2022 | Mar. 15, 2022 | Oct. 13, 2021 | Mar. 15, 2020 | |
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Proceed of short term debt, from related party | ¥ 18,000,000 | $ 2,584,499 | ¥ 18,000,000 | ¥ 10,710,000 | |||||||
Repayment of short term debt from related party | 14,100,000 | 2,024,524 | 14,810,000 | 10,000,000 | |||||||
Interest rate | 4.34% | 4.30% | 3.60% | 4.65% | |||||||
Receivables to be collected from related party | 4,606,871 | 661,470 | |||||||||
Feijia [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Purchase from related party | 441,800 | 63,435 | |||||||||
Shenzhen Quanjieyuan Enterprise Management Consulting Partnership [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Proceed of short term debt, from related party | 500,000 | 1,500,000 | |||||||||
Repayment of short term debt from related party | 1,500,000 | 500,000 | |||||||||
Minfang Cheng [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Proceed of short term debt, from related party | ¥ 600,000 | ||||||||||
Repayment of short term debt from related party | ¥ 618,000 | $ 88,734 | |||||||||
Interest rate | 6% | ||||||||||
Interest expense from related party | 6,000 | 861 | 12,000 | ||||||||
Winpass [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Repayment of short term debt from related party | 4,608,483 | 661,701 | 16,467,687 | 4,092,436 | |||||||
Receivables to be collected from related party | 18,601,890 | 1,040,074 | |||||||||
Cargo Link [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Repayment of short term debt from related party | 153,101 | 21,983 | 364,588 | ¥ 11,480 | |||||||
Xiaogang Geng [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Proceed from related party | 1,000,000 | 143,583 | 520,000 | ||||||||
Repayment of debt to related party | 1,190,000 | 170,864 | 330,000 | ||||||||
Xiaohua Jia [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Proceed of short term debt, from related party | 353,383 | 50,740 | 3,685,000 | ||||||||
Repayment of short term debt from related party | 683,383 | 98,122 | 3,355,000 | ||||||||
Dun Zhao [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Proceed of short term debt, from related party | 2,000,000 | ||||||||||
Repayment of short term debt from related party | 2,060,000 | 295,782 | |||||||||
Interest expense from related party | 20,000 | 2,980 | ¥ 40,000 | ||||||||
Interest rate | 6% | ||||||||||
Jianhong Huang [Member] | |||||||||||
Related Party Balances and Transactions (Details) [Line Items] | |||||||||||
Proceed of short term debt, from related party | ¥ 4,942,000 | $ 709,588 |
Related Party Balances and Tr_4
Related Party Balances and Transactions (Details) - Schedule of accounts receivable from a related party | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Related Party Balances and Transactions (Details) - Schedule of accounts receivable from a related party [Line Items] | |||
Accounts receivable from a related party | ¥ 1,676,016 | $ 240,648 | ¥ 26,154 |
Shenzhen Feijia Supply Chain Management Co., Ltd [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of accounts receivable from a related party [Line Items] | |||
Relationship | 45% shares owned by Yuncang's 48% interest minor shareholder | ||
Nature | Logistic services | ||
Accounts receivable from a related party | ¥ 1,676,016 | 240,648 | |
Cargo Link Logistics HK Company Limited [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of accounts receivable from a related party [Line Items] | |||
Relationship | Owns 33% of shares of Sky Pacific Logistics HK Company Limited | ||
Nature | Logistic services | ||
Accounts receivable from a related party | ¥ 26,154 |
Related Party Balances and Tr_5
Related Party Balances and Transactions (Details) - Schedule of prepaid expenses from a related party | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 KHR (៛) | |
Related Party Balances and Transactions (Details) - Schedule of prepaid expenses from a related party [Line Items] | |||
Prepaid expenses from a related party | ៛ 1,674,157 | ||
Winpass Logistics (HK) Co., Limited [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of prepaid expenses from a related party [Line Items] | |||
Relationship | 100% controlled by Xiaohua Jia | 100% controlled by Xiaohua Jia | |
Nature | Logistic services | Logistic services | |
Prepaid expenses from a related party | ៛ 1,674,157 |
Related Party Balances and Tr_6
Related Party Balances and Transactions (Details) - Schedule of accounts payable to related parties | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Related Party Balances and Transactions (Details) - Schedule of accounts payable to related parties [Line Items] | |||
Accounts payable to related parties | ¥ 7,425,184 | $ 1,066,132 | ¥ 60,978,653 |
Winpass Logistics (HK) Co., Limited [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of accounts payable to related parties [Line Items] | |||
Relationship | 100% controlled by Xiaohua Jia | ||
Nature | Logistic services | ||
Accounts payable to related parties | ¥ 240,175 | 34,485 | 205,695 |
Cargo Link Logistics HK Company Limited [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of accounts payable to related parties [Line Items] | |||
Relationship | Owns 33% of shares of Sky Pacific Logistics HK Company Limited | ||
Nature | Logistic services | ||
Accounts payable to related parties | ¥ 7,185,009 | $ 1,031,647 | ¥ 60,772,958 |
Related Party Balances and Tr_7
Related Party Balances and Transactions (Details) - Schedule of loan payable to a related party | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | ||
Related Party Balances and Transactions (Details) - Schedule of loan payable to a related party [Line Items] | ||||
Loan payable to a related party | ¥ 1,612,000 | |||
Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of loan payable to a related party [Line Items] | ||||
Relationship | [1] | Controlled by Xiaogang Geng & Xiaohua Jia | ||
Nature | [1] | Loan (a) | ||
Loan payable to a related party | [1] | 1,000,000 | ||
Minfang Cheng [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of loan payable to a related party [Line Items] | ||||
Relationship | [2] | Executive of the Group | ||
Nature | [2] | Loan and related interests (b) | ||
Loan payable to a related party | [2] | ¥ 612,000 | ||
[1]For the year ended December 31, 2021, Jayud borrowed a total amount RMB1,500,000 from Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) without interest for a half year and repaid RMB500,000. For the year ended December 31, 2022, the Company borrowed another RMB 500,000 in FY2022 and fully repaid RMB 1,500,000[2] On August 28, 2021, Jayud borrowed a short-term loan from Minfang Cheng of RMB600,000 with an interest rate of 6% for a half year. Jayud recorded an interest expense of RMB12,000 and RMB6,000(US$861) for the loan for the year ended December 31, 2021 and 2022, respectively. The total amount of RMB618,000 (US$88,734) was repaid on March 8, 2022. |
Related Party Balances and Tr_8
Related Party Balances and Transactions (Details) - Schedule of others payable to related parties | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | ||
Related Party Balances and Transactions (Details) - Schedule of others payable to related parties [Line Items] | ||||
Others payable to related parties | ¥ 2,477,658 | $ 355,750 | ¥ 1,881,145 | |
Winpass Logistics (HK) Co., Limited [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of others payable to related parties [Line Items] | ||||
Relationship | 100% controlled by Xiaohua Jia | |||
Nature | [1] | Paid on behalf of the Group (a) | ||
Others payable to related parties | ¥ 1,371,882 | 196,979 | 1,370,270 | |
Cargo Link Logistics HK Company Limited [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of others payable to related parties [Line Items] | ||||
Relationship | Owns 33% of shares of Sky Pacific Logistics HK Company Limited | |||
Nature | [2] | Paid on behalf of the Group (b) | ||
Others payable to related parties | ¥ 663,976 | 95,336 | 510,875 | |
Shenzhen Feijia Supply Chain Management Co., Ltd (“Feijia”) [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of others payable to related parties [Line Items] | ||||
Relationship | 45% shares owned by Yuncang's 48% interest minor shareholder | |||
Nature | [3] | Purchase of equipment (c) | ||
Others payable to related parties | ¥ 441,800 | $ 63,435 | ||
[1] For the year ended December 31, 2020, Winpass paid on behalf of Jayud in a total amount of RMB4,092,436 and collected a total amount of RMB1,040,074. For the year ended December 31, 2021, Winpass paid on behalf of Jayud in a total amount of RMB16,467,687 and collected a total amount of RMB18,601,890. For the year ended December 31, 2022, Winpass paid on behalf of Jayud in a total amount of RMB4,608,483 (US$661,701) and collected a total amount of RMB4,606,871 (US$661,470). For the years ended December 31, 2020, 2021 and 2022, Cargo Link paid on behalf of Jayud in a total amount of RMB11,480, RMB364,588 and RMB153,101 (US$21,983), respectively. For the year ended December 31, 2022, Jayud purchased warehouse equipment from Feijia in a total amount of RMB441,800 (US$63,435). |
Related Party Balances and Tr_9
Related Party Balances and Transactions (Details) - Schedule of loans payable to shareholders | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | ||
Related Party Balances and Transactions (Details) - Schedule of loans payable to shareholders [Line Items] | ||||
Loans payable to shareholders | ¥ 2,560,000 | |||
Xiaogang Geng [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of loans payable to shareholders [Line Items] | ||||
Relationship | Shareholder | |||
Nature | [1] | Loan (a) | ||
Loans payable to shareholders | ¥ 190,000 | |||
Xiaohua Jia [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of loans payable to shareholders [Line Items] | ||||
Relationship | Shareholder | |||
Nature | [2] | Loan (b) | ||
Loans payable to shareholders | ¥ 330,000 | |||
Dun Zhao [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of loans payable to shareholders [Line Items] | ||||
Relationship | Shareholder | |||
Nature | [3] | Loan and related interests (c) | ||
Loans payable to shareholders | ¥ 2,040,000 | |||
[1] For the year ended December 31, 2021, Jayud borrowed a total amount of RMB520,000 without interest for 18 months from Geng Xiaogang and repaid RMB330,000. For the year ended December 31, 2022, Jayud borrowed a total amount of RMB1,000,000 (US$143,583) without interest and fully repaid the balance of RMB1,190,000 (US$170,864). For the year ended December 31, 2021, Jayud borrowed a total amount of RMB3,685,000 without interest for 8 months from Jia Xiaohua and repaid RMB3,355,000. For the year ended December 31, 2022, Jayud borrowed a total amount of RMB353,383 (US$50,740) without interest and fully repaid the balance of RMB683,383 (US$98,122). For the year ended December 31, 2021, Jayud borrowed a total amount of RMB2,000,000 with an interest rate of 6% for 6 months from Zhao Dun and recorded interest expenses of RMB40,000. For the year ended December 31, 2022, Jayud recorded an interest expense of RMB20,000 (US$2,980) and fully repaid the principal and interests in a total amount of RMB2,060,000 (US$295,782). |
Related Party Balances and T_10
Related Party Balances and Transactions (Details) - Schedule of others payables to shareholders | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Related Party Balances and Transactions (Details) - Schedule of others payables to shareholders [Line Items] | |||
Others payables to shareholders | ¥ 6,980,836 | $ 1,002,331 | ¥ 1,314,602 |
Jianhong Huang [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of others payables to shareholders [Line Items] | |||
Relationship | Shareholder | Shareholder | |
Nature | Dividend | Dividend | |
Others payables to shareholders | 1,200,000 | ||
Qing Wang [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of others payables to shareholders [Line Items] | |||
Relationship | Shareholder | Shareholder | |
Nature | Business Reimbursement Payable | Business Reimbursement Payable | |
Others payables to shareholders | ¥ 43,336 | $ 6,222 | 114,602 |
Xiaogang Geng [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of others payables to shareholders [Line Items] | |||
Relationship | Shareholder | Shareholder | |
Nature | Dividend | Dividend | |
Others payables to shareholders | ¥ 6,225,000 | $ 893,806 | |
Xiaohua Jia [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of others payables to shareholders [Line Items] | |||
Relationship | Shareholder | Shareholder | |
Nature | Dividend | Dividend | |
Others payables to shareholders | ¥ 712,500 | $ 102,303 |
Related Party Balances and T_11
Related Party Balances and Transactions (Details) - Schedule of material related party transactions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Winpass Logistics (HK) Co., Limited [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of material related party transactions [Line Items] | ||||
Nature | Purchase of logistic services | |||
Material related party transactions total | ¥ 1,386,915 | $ 199,138 | ¥ 4,514,552 | ¥ 1,248,954 |
Winpass Logistics (HK) Co., Limited [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of material related party transactions [Line Items] | ||||
Nature | Purchase of products | |||
Material related party transactions total | 1,932,797 | |||
Cargo Link Logistics HK Company Limited [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of material related party transactions [Line Items] | ||||
Nature | Purchase of logistic services | |||
Material related party transactions total | ¥ 121,455,797 | 17,439,020 | 185,858,692 | 156,091,594 |
Cargo Link Logistics HK Company Limited [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of material related party transactions [Line Items] | ||||
Nature | Provided logistic services | |||
Material related party transactions total | ¥ 462,740 | 66,442 | 14,141,548 | 28,587,482 |
Cargo LINK Logistics (SHENZHEN) Company Limited [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of material related party transactions [Line Items] | ||||
Nature | Purchase of logistic services | |||
Material related party transactions total | 2,672,803 | |||
Shenzhen Feijia Supply Chain Management Co., Ltd [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of material related party transactions [Line Items] | ||||
Nature | Provided logistic services | |||
Material related party transactions total | ¥ 2,078,746 | 298,473 | ||
Shenzhen Feijia Supply Chain Management Co., Ltd [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of material related party transactions [Line Items] | ||||
Nature | Purchase of equipment | |||
Material related party transactions total | ¥ 441,800 | 63,435 | ||
Minfang Cheng [Member] | ||||
Related Party Balances and Transactions (Details) - Schedule of material related party transactions [Line Items] | ||||
Nature | Interest expenses of a loan | |||
Material related party transactions total | ¥ 6,000 | $ 861 | ¥ 12,000 |
Related Party Balances and T_12
Related Party Balances and Transactions (Details) - Schedule of material shareholder transaction - Dun Zhao [Member] | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Related Party Balances and Transactions (Details) - Schedule of material shareholder transaction [Line Items] | ||||
Nature | Interest expenses of a loan | |||
Material shareholder transaction total | ¥ 20,000 | $ 2,872 | ¥ 40,000 |
Concentration (Details)
Concentration (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration (Details) [Line Items] | |||
Accounts receivable, percentage | 10% | 10% | |
Concentration risk percentage | 10% | ||
Total revenue percentage | 100% | 100% | 100% |
Accounts payable percentage | 10% | 10% | |
Purchase rate | 10% | 10% | 10% |
Purchase [Member] | |||
Concentration (Details) [Line Items] | |||
Concentration risk percentage | 10% | ||
Customer Concentration Risk [Member] | |||
Concentration (Details) [Line Items] | |||
Total revenue percentage | 10% | 10% | 10% |
Revenue [Member] | |||
Concentration (Details) [Line Items] | |||
Concentration risk percentage | 10% | ||
Accounts Payable [Member] | |||
Concentration (Details) [Line Items] | |||
Concentration risk percentage | 10% |
Concentration (Details) - Sched
Concentration (Details) - Schedule of total accounts receivable | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | ||||
Customer A [Member] | ||||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||||
Total accounts receivable | [1] | ¥ 18,241,469 | [1] | |||
Percentage of accounts receivable | [1] | 20.70% | ||||
Customer B [Member] | ||||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||||
Total accounts receivable | [1] | ¥ 13,088,371 | [1] | |||
Percentage of accounts receivable | [1] | 14.80% | ||||
Customer C [Member] | ||||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||||
Total accounts receivable | [1] | ¥ 9,018,665 | [1] | |||
Percentage of accounts receivable | [1] | 10.20% | ||||
Customer D [Member] | ||||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||||
Total accounts receivable | ¥ 4,393,790 | [1] | 630,875 | |||
Percentage of accounts receivable | 13% | [1] | ||||
Customer E [Member] | ||||||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||||||
Total accounts receivable | ¥ 4,376,768 | [1] | $ 628,431 | |||
Percentage of accounts receivable | 13% | [1] | ||||
[1]Represented the percentage below 10% |
Concentration (Details) - Sch_2
Concentration (Details) - Schedule of total revenue of the customer | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | ||||
Customer B [Member] | ||||||||
Concentration (Details) - Schedule of total revenue of the customer [Line Items] | ||||||||
Total revenue | [1] | [1] | [1] | ¥ 51,976,003 | ||||
Percentage of total revenue | [1] | [1] | [1] | 17.90% | ||||
Customer G [Member] | ||||||||
Concentration (Details) - Schedule of total revenue of the customer [Line Items] | ||||||||
Total revenue | [1] | [1] | [1] | ¥ 45,373,496 | ||||
Percentage of total revenue | [1] | [1] | [1] | 15.60% | ||||
Customer H [Member] | ||||||||
Concentration (Details) - Schedule of total revenue of the customer [Line Items] | ||||||||
Total revenue | [1] | [1] | [1] | ¥ 31,095,213 | ||||
Percentage of total revenue | [1] | [1] | [1] | 10.70% | ||||
Customer F [Member] | ||||||||
Concentration (Details) - Schedule of total revenue of the customer [Line Items] | ||||||||
Total revenue | ¥ 117,415,978 | $ 16,864,138 | [1] | [1] | ||||
Percentage of total revenue | 18% | 18% | [1] | [1] | ||||
Customer E [Member] | ||||||||
Concentration (Details) - Schedule of total revenue of the customer [Line Items] | ||||||||
Total revenue | ¥ 73,423,394 | $ 10,542,371 | ¥ 71,419,145 | [1] | ||||
Percentage of total revenue | 11.30% | 11.30% | 13.10% | [1] | ||||
[1]Represented the percentage below 10% |
Concentration (Details) - Sch_3
Concentration (Details) - Schedule of total accounts payable - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cargo Link Logistics HK Company Limited [Member] | ||||
Dividends Payable [Line Items] | ||||
Total accounts payable | ¥ 7,185,007 | ¥ 60,772,958 | ||
Percentage of accounts payable | 28.10% | 59.10% | ||
Customer A [Member] | ||||
Dividends Payable [Line Items] | ||||
Total accounts payable | ¥ 3,261,998 | [1] | ||
Percentage of accounts payable | 12.80% | [1] | ||
Customer B [Member] | ||||
Dividends Payable [Line Items] | ||||
Total accounts payable | [1] | ¥ 11,676,432 | ||
Percentage of accounts payable | [1] | 11.40% | ||
[1]Represented the percentage below 10% |
Concentration (Details) - Sch_4
Concentration (Details) - Schedule of total purchase - CNY (¥) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Customer C [Member] | |||||
Concentration (Details) - Schedule of total purchase [Line Items] | |||||
Total purchase | ¥ 122,901,742 | [1] | [1] | ||
Percentage of total purchase | 20% | [1] | [1] | ||
Cargo Link Logistics HK Company Limited [Member] | |||||
Concentration (Details) - Schedule of total purchase [Line Items] | |||||
Total purchase | ¥ 121,455,797 | ¥ 185,858,692 | ¥ 156,091,594 | ||
Percentage of total purchase | 19.80% | 36.40% | 58% | ||
[1]Represented the percentage below 10% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - Schedule of contractual obligations | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Commitments and Contingencies (Details) - Schedule of contractual obligations [Line Items] | |
Operating lease payment | ¥ 32,957,093 |
Bank borrowings | 19,800,000 |
Total | 52,757,093 |
Within one year [Member] | |
Commitments and Contingencies (Details) - Schedule of contractual obligations [Line Items] | |
Operating lease payment | 19,078,380 |
Bank borrowings | 15,400,000 |
Total | 34,478,380 |
Within 1-2 years [Member] | |
Commitments and Contingencies (Details) - Schedule of contractual obligations [Line Items] | |
Operating lease payment | 12,474,763 |
Bank borrowings | 4,400,000 |
Total | 16,874,763 |
Over 2 years [Member] | |
Commitments and Contingencies (Details) - Schedule of contractual obligations [Line Items] | |
Operating lease payment | 1,403,950 |
Bank borrowings | |
Total | ¥ 1,403,950 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||||||||
Feb. 16, 2023 | Apr. 30, 2023 | Mar. 16, 2023 | Feb. 16, 2023 | Apr. 25, 2023 | Dec. 31, 2022 | Sep. 09, 2022 | Jun. 10, 2022 | Dec. 31, 2021 | ||
Subsequent Events (Details) [Line Items] | ||||||||||
ordinary shares outstanding | 6,409,600 | 6,409,600 | ||||||||
Reverse stock split, reduced shares issued and outstanding | 5,127,680 | |||||||||
Class A Ordinary Shares [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | [1] | $ 0.0001 | $ 0.0001 | |||||||
Common Stock, Shares Authorized | [1] | 480,000,000 | 480,000,000 | |||||||
Ordinary shares, shares issued | 480,000,000 | 2,000,000 | 9,420,000 | |||||||
Class B Ordinary Shares [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | [1] | $ 0.0001 | $ 0.0001 | |||||||
Common Stock, Shares Authorized | [1] | 20,000,000 | 20,000,000 | |||||||
Ordinary shares, shares issued | 20,000,000 | 6,409,600 | ||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Reverse share split, description | Jayud implemented a 1 for 1.25 reverse share split of its ordinary shares under Cayman Islands law (the “Reverse Share Split”). | |||||||||
Reverse stock split, reduced shares issued and outstanding | 5,127,680 | |||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 0.000125 | $ 0.000125 | $ 0.000125 | |||||||
Authorized shares | 500,000,000 | 400,000,000 | 500,000,000 | |||||||
Reduced authorized shares | 400,000,000 | 400,000,000 | ||||||||
Forward share split, description | the Company implemented a 1 to 1.25 forward share split of its ordinary shares under Cayman Islands Law, or the Forward Share Split. | |||||||||
Common Stock, Shares Authorized | 500,000,000 | |||||||||
Subsequent Event [Member] | Class A Ordinary Shares [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
ordinary shares outstanding | 13,590,400 | 13,590,400 | 13,590,400 | |||||||
Reverse stock split, reduced shares issued and outstanding | 10,872,320 | 10,872,320 | ||||||||
Reduced authorized shares | 384,000,000 | 384,000,000 | ||||||||
Common Stock, Shares Authorized | 480,000,000 | |||||||||
Subsequent Event [Member] | Class B Ordinary Shares [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Reduced authorized shares | 16,000,000 | 16,000,000 | ||||||||
Stock Issued During Period, Shares, Stock Splits | 6,409,600 | |||||||||
Common Stock, Shares Authorized | 20,000,000 | |||||||||
Forecast [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Net proceeds (in Dollars) | $ 4,860 | |||||||||
Net proceeds per share (in Dollars per share) | $ 4 | |||||||||
Warrants exercise price (in Dollars per share) | $ 4 | |||||||||
Forecast [Member] | Initial Public Offering [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Ordinary shares, shares outstanding | 21,352,223 | |||||||||
Forecast [Member] | Class A Ordinary Shares [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Ordinary shares, shares issued | 14,942,623 | |||||||||
Warrants purchase shares | 37,500 | |||||||||
Forecast [Member] | Class A Ordinary Shares [Member] | Initial Public Offering [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Issuance of shares | 1,250,000 | |||||||||
Forecast [Member] | Class A Ordinary Shares [Member] | Over-Allotment Option [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Issuance of shares | 102,223 | |||||||||
Forecast [Member] | Class B Ordinary Shares [Member] | ||||||||||
Subsequent Events (Details) [Line Items] | ||||||||||
Ordinary shares, shares issued | 6,409,600 | |||||||||
[1]Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company (Details) - Schedule of condensed balance sheets - JAYUD GLOBAL LOGISTICS LIMITED [Member] | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Non-current assets | ||||
Investments in subsidiaries | ¥ 33,325,657 | $ 4,785,006 | ¥ 16,887,523 | |
Total assets | 33,325,657 | 4,785,006 | 16,887,523 | |
Shareholders’ equity | ||||
Class A Ordinary shares (par value of US$0.0001 per share;480,000,000 Class A ordinary shares authorized and 10,790,400 and 13,590,400 Class A ordinary shares issued and outstanding as of December 31, 2021, 2022, respectively.)* | [1] | 8,830 | 1,268 | 6,880 |
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, 2021 and 2022, respectively.)* | [1] | 4,087 | 587 | 4,087 |
Additional paid-in capital | 72,691,813 | 10,437,328 | 13,190,206 | |
Subscription receivable | (34,823,000) | (5,000,000) | ||
Statutory reserves | 4,651,141 | 667,826 | 2,447,862 | |
Retained earnings (Accumulated deficit) | (9,025,668) | (1,295,935) | 1,219,888 | |
Accumulated other comprehensive income | (181,546) | (26,068) | 18,600 | |
Total shareholders’ equity | 33,325,657 | 4,785,006 | 16,887,523 | |
Total liabilities and shareholders’ equity | ¥ 33,325,657 | $ 4,785,006 | ¥ 16,887,523 | |
[1]Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company (Details) - Schedule of condensed balance sheets (Parentheticals) - JAYUD GLOBAL LOGISTICS LIMITED [Member] - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | |
Class A Ordinary Shares | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) | [1] | $ 0.0001 | |
Ordinary shares, shares authorized | [1] | 480,000,000 | 480,000,000 |
Ordinary shares, shares issued | [1] | 13,590,400 | 10,790,400 |
Ordinary shares, shares outstanding | [1] | 13,590,400 | 10,790,400 |
Class B Ordinary Shares | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) | [1] | $ 0.0001 | |
Ordinary shares, shares authorized | [1] | 20,000,000 | 20,000,000 |
Ordinary shares, shares issued | [1] | 6,409,600 | 6,409,600 |
Ordinary shares, shares outstanding | [1] | 6,409,600 | 6,409,600 |
[1]Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)). |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company (Details) - Schedule of condensed statements of comprehensive income - JAYUD GLOBAL LOGISTICS LIMITED [Member] | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating income: | ||||
Share of income from subsidiaries | ¥ 3,888,723 | $ 558,356 | ¥ 10,305,308 | ¥ 3,062,437 |
Total operating income | 3,888,723 | 558,356 | 10,305,308 | 3,062,437 |
Income before income tax expense | 3,888,723 | 558,356 | 10,305,308 | 3,062,437 |
Income tax expense | ||||
Net income | 3,888,723 | 558,356 | 10,305,308 | 3,062,437 |
Other comprehensive income | (200,146) | (28,738) | 10,158 | 11,615 |
Total comprehensive income | ¥ 3,688,577 | $ 529,618 | ¥ 10,315,466 | ¥ 3,074,052 |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company (Details) - Schedule of condensed statements of cash flows - JAYUD GLOBAL LOGISTICS LIMITED [Member] | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | ¥ 3,888,723 | $ 558,356 | ¥ 10,305,308 | ¥ 3,062,437 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Equity in gain of subsidiaries | (3,888,723) | (558,356) | (10,305,308) | (3,062,437) |
Net cash provided by operating activities | ||||
Net cash provided by investing activities | ||||
Net cash provided by financing activities | ||||
Net increase in cash | ||||
Cash at beginning of year | ||||
Cash at end of year |