JIADE Limited
JDZG Consumer Defensive Education & Training Services
JIADE Limited’s revenue for fiscal 2025 (year ended December 2025) was $3.7 million, up 43.1% from fiscal 2024.
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JIADE Limited (JDZG) Beneish M-score
JIADE Limited's Beneish M-score for fiscal 2025 is −3.36; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.36 | (4.82) |
| FY2024 | 1.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.30 | — | 0.28 | |
| Gross margin index | 1.54 | — | 0.81 | |
| Asset quality index | 0.59 | — | 0.24 | |
| Sales growth index | 1.43 | — | 1.28 | |
| Depreciation index | 0.80 | — | 0.09 | |
| SG&A index | 2.65 | — | −0.46 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 1.31 | — | −0.43 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.36 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| YQ 17 Education & Technology Group Inc. Sponsored ADR compare | −4.6× |
| GNS Genius Group Limited compare | −4.0× |
| AACG ATA Inc. compare | −3.7× |
| JDZG JIADE Limited | −3.4× |
| SKIL Skillsoft Corp. compare | −3.3× |
| FEDU Four Seasons Education (Cayman) Inc. Unsponsored ADR compare | −2.8× |
| IH iHuman Inc. Sponsored ADR compare | −2.3× |
| RYET Ruanyun Edai Technology Inc compare | −2.2× |
| COE 51Talk Online Education Group Sponsored ADR compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI