Share count
20Mpeak FY2025
← All companies ← JL Manual JMIA → ← J Construction & Engineering KAZR →
JLHL, Julong Holding Limited
Construction & Engineering diversified
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. 70 C.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥252M
+45.1% YoY
Vital signs · TTM, with 3-yr average
Revenue CN¥252M 3-yr avg CN¥182M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Gross margin has run about 16% and operating margin about 12% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. That margin has held in a narrow 11%–12% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. The cash cycle has run negative through the cycle (a median of −40 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMSep 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| CN¥119M | CN¥174M | CN¥252M | CN¥252M | RevenueRevenue |
| 16% | 15% | 16% | 16% | Gross marginGross mgn |
| CN¥13M | CN¥20M | CN¥31M | CN¥31M | Operating incomeOp. inc. |
| 11.1% | 11.5% | 12.2% | 12.2% | Operating marginOp. mgn |
| CN¥11M | CN¥17M | CN¥26M | CN¥26M | Net incomeNet inc. |
| 15% | 15% | 15% | 15% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| (CN¥14M) | CN¥69M | CN¥260K | CN¥260K | Operating cash flowOp. cash |
| CN¥112K | CN¥24K | CN¥14K | CN¥14K | DepreciationDeprec. |
| (CN¥25M) | CN¥52M | (CN¥26M) | (CN¥26M) | Working capital & otherWC & other |
| CN¥99K | CN¥12K | — | CN¥12K | CapexCapex |
| 0.1% | 0.0% | — | 0.0% | Capex / revenueCapex/rev |
| (CN¥14M) | CN¥69M | — | CN¥248K | Owner earningsOwner earn. |
| −11.5% | 39.8% | — | 0.1% | Owner earnings marginOE mgn |
| (CN¥14M) | CN¥69M | — | CN¥248K | Free cash flowFCF |
| −11.5% | 39.8% | — | 0.1% | Free cash flow marginFCF mgn |
| 19% | 98% | 37% | 37% | Return on equityROE |
| 19% | 98% | 37% | 37% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | CN¥21M | CN¥62M | CN¥62M | Cash & investmentsCash+inv |
| — | CN¥13M | CN¥15M | CN¥15M | ReceivablesReceiv. |
| — | CN¥27M | CN¥22M | CN¥22M | Accounts payablePayables |
| — | (CN¥14M) | (CN¥7M) | (CN¥7M) | Operating working capitalOper. WC |
| — | CN¥167M | CN¥328M | CN¥328M | Current assetsCur. assets |
| — | CN¥156M | CN¥270M | CN¥270M | Current liabilitiesCur. liab. |
| — | 1.1× | 1.2× | 1.2× | Current ratioCurr. ratio |
| — | CN¥173M | CN¥340M | CN¥340M | Total assetsAssets |
| — | (CN¥21M) | (CN¥62M) | (CN¥62M) | Net debt / (cash)Net debt |
| CN¥59M | CN¥17M | CN¥70M | CN¥70M | Shareholders’ equityEquity |
| Per share | ||||
| 20.0M | 20.0M | 20.4M | 20.0M | Shares out (diluted)Shares |
| CN¥5.95 | CN¥8.68 | CN¥12.36 | CN¥12.59 | Revenue / shareRev/sh |
| CN¥0.56 | CN¥0.85 | CN¥1.28 | CN¥1.31 | EPS (diluted)EPS |
| CN¥-0.69 | CN¥3.46 | — | CN¥0.01 | Owner earnings / shareOE/sh |
| CN¥-0.69 | CN¥3.46 | — | CN¥0.01 | Free cash flow / shareFCF/sh |
| CN¥0.00 | CN¥0.00 | — | CN¥0.00 | Cap. spending / shareCapex/sh |
| CN¥2.97 | CN¥0.87 | CN¥3.42 | CN¥3.49 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
16%low FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business turned CN¥17M of profit into CN¥69M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2024 | FY2023 | |
|---|---|---|
| Reported net income | CN¥17M | CN¥11M |
| Depreciation & amortizationnon-cash charge added back | +CN¥24K | +CN¥112K |
| Working capital & othertiming of cash in and out, other non-cash items | +CN¥52M | −CN¥25M |
| Cash from operations | CN¥69M | (CN¥14M) |
| Capital expenditurecash put back in to keep running and to grow | −CN¥12K | −CN¥99K |
| Owner earnings | CN¥69M | (CN¥14M) |
| Owner-earnings marginowner earnings ÷ revenue | 40% | -12% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash CN¥62M − debt CN¥0
What this means
Cash and short-term investments exceed every dollar of debt by CN¥62M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 21 + DIO 0 − DPO 38 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median 8%
What this means
The filing data didn't include the inputs for this check.
- ThinOwner earnings CN¥248K = operating cash CN¥260K − maintenance capex CN¥12KIndustry peers: median 4%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 0% of revenue this year.
- Thinly cash-backedCash from ops CN¥260K ÷ net income CN¥26M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.83×MaintainingCapex CN¥12K ÷ depreciation CN¥14K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 1 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · CN¥252M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.21×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are CN¥0.85/share (latest year CN¥1.22), the averaged base the calculator's gate runs on, and book value is CN¥3.25/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Sep 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥328M
- Cash & short-term investmentsCN¥62M
- ReceivablesCN¥15M
- Other current assetsCN¥251M
Current liabilitiesCN¥270M
- Accounts payableCN¥22M
- Other current liabilitiesCN¥248M
Current ratio1.21×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.21×stricter: inventory excluded
Cash ratio0.23×strictest: cash alone against what's due
Working capitalCN¥58Mthe cushion left after near-term bills
Deeper floors
Tangible book valueCN¥70Mequity stripped of goodwill & intangibles
Net current asset valueCN¥57MGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥99KCN¥99K of it operating leases
Deferred revenueCN¥845Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Construction & Engineering
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| ICFIICF International | $1.9B | 36% | 6.9% | 8% | 7% |
| ONTOnterris Inc. | $831M | 35% | -4.8% | -5% | 3% |
| NEONeoGenomics Inc. | $727M | 42% | -8.5% | -7% | -4% |
| MGMistras Group Inc | $724M | 32% | 2.9% | 3% | 4% |
| WLDNWilldan Group Inc. | $682M | 35% | 4.9% | 8% | 4% |
| EXPOExponent | $582M | — | 20.8% | 44% | 22% |
| JLHLJulong Holding Limited | CN¥252M | 16% | 11.5% | — | 0% |
| NRCNRC Health | $137M | — | 29.3% | 47% | 21% |
| Group median | — | 35% | 5.9% | — | 4% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Julong Holding Limited's US listing is the ordinary share itself; figures in this tool are translated at CNY 1 = $0.147 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Julong Holding Limited has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $37K on 21M shares outstanding, per the 20-F cover, as of 2025-09-30; net cash $9M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Julong Holding Limited (JLHL), the owner's record," https://ownerscorecard.com/c/JLHL, data as of 2026-07-09.
Manual order: ← JL its page in the Manual JMIA →
Industry order: ← J the Construction & Engineering chapter KAZR →