Jinxin Technology Holding Co 6-K, filed Sep 30, 2025
Jinxin Technology Holding Co (NAMI)
About this 6-K
Jinxin Technology Holding Co filed this 6-K on September 30, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2025
Commission File Number: 001-42287
Jinxin Technology Holding Company
(Exact name of registrant as specified in its charter)
Floor 8, Building D, Shengyin Building, Shengxia Road 666
Pudong District, Shanghai 201203
People’s Republic of China
+86 21-5058-2081
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
| Exhibit No. | Description | |
| Exhibit 99.1 | Jinxin Reports Unaudited Financial Results for the First Half of 2025 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Jinxin Technology Holding Company | ||
| By: | /s/ Jin Xu | |
| Name: | Jin Xu | |
| Title: | Chairman of the Board of Directors and Chief Executive Officer | |
Date: September 30, 2025
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Exhibit 99.1
Jinxin Reports Unaudited Financial Results for the First Half of 2025
SHANGHAI, September 30, 2025 – Jinxin Technology Holding Company (“Jinxin” or the “Company”) (NASDAQ: NAMI), an innovative digital content service provider in China, today announced its unaudited financial results for the six months ended June 30, 2025.
First Half 2025 Financial Highlights
| ● | Total revenues increased by 5.4% year on year to RMB208.5 million. |
| ● | Subscription revenue from users decreased by 38.4% year on year to RMB28.5 million. | |
| ● | Licensing revenues from content aggregators and distributors increased by 22.7% year on year to RMB 144.7 million. | |
| ● | Revenue from content sold to hardware manufacturers decreased by 38.9 % year on year to RMB14.3 million. | |
| ● | Revenue from sales of digital educational hardware devices increased by 103.9 % year on year to RMB 21.0 million. |
| ● | Operating loss was RMB23.9 million, compared to operating income of RMB32.0 million for the same period of 2024. |
| ● | Non-GAAP loss from operations was RMB18.7 million, compared to non-GAAP income from operations of RMB32.0 million for the same period of 2024. |
| ● | Net loss attributable to Jinxin Technology Holding Company shareholders was RMB21.3 million, compared to net income attributable to Jinxin Technology Holding Company shareholders of RMB26.6 million, for the same period of 2024. |
“We are pleased to share our fiscal half-year performance. AI education has become a big trend in both China and the globe. We continued to launch more and more AI-driven digital content and products for students and received positive user feedback. We also devote to promoting AI-convergent publishing through partnership with traditional publishers and explore the new business model.” said Jinxin’s chief executive officer.
“Our learning devices such as Parent-Child Learning Big Screen have also gained momentum in the past half year, reflecting their growing role in students’ self-learning journeys. Furthermore, our licensing revenues from content aggregators and distributors have also grown strongly.”
First Half 2025 Unaudited Financial Results
Total revenues were RMB208.5 million, an increase of 5.4% from RMB197.9 million for the same period of 2024.
Subscription revenue from users was RMB28.5 million, a decrease of 38.4% from RMB46.3 million for the same period of 2024, primarily due to a discounted monthly subscription price to attract end customers.
Licensing revenues from content aggregators and distributors were RMB144.7 million, an increase of 26.8% from RMB117.9 million for the same period of 2024, primarily due to an increase of copyright revenue from content aggregators and distributors.
Revenue from content sold to hardware manufacturers was RMB14.3 million, a decrease of 38.9% from RMB23.4 million for the same period of 2024, primarily due to price reduction to secure long-term cooperation with hardware manufacturers.
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Revenue from sales of digital educational hardware devices was RMB21.0 million, an increase of 103.9% from RMB10.3 million for the same period of 2024, primarily due to the launch of new product categories.
Cost of revenues was RMB177.5 million, an increase of 36.4% from RMB130.1 million for the same period of 2024, primarily due to the increased cost of licenses purchased from publishers.
Sales and marketing expenses were RMB8.8 million, a decrease of 20.0% from RMB11.0 million for the same period of 2024, primarily due to the decreased marketing promotion.
General and administrative expenses were RMB20.7 million, an increase of 73.9% from RMB11.9 million for the same period of 2024, primarily due to the increased payroll expenses and share-based compensation.
Research and development expenses were RMB25.4 million, an increase of 95.4% from RMB13.0 million for the same period of 2024, primarily due to the increased professional service fees.
Operating loss was RMB23.9 million, compared to operating income of RMB32.0 million for the same period of 2024.
Net loss was RMB21.1 million, compared to net income of RMB33.5 million for the same period of 2024.
As of June 30, 2025, the Company’s cash and cash equivalents and restricted cash balance was RMB55.2 million.
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Recent Development
In January 2025, the Company through its subsidiary, Shanghai Jinxin, and a third company jointly set up Hainan Aixin Education Technology Limited (“Hainan Aixin”). The Company injected capital of RMB510,000 in January 2025, and hold 51% of interest in Hainan Aixin. Based on the article of association, the Company can exercise control over relevant activities of Hainan Aixin.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, Jinxin’s strategic and operational plans and management’s quotations contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to provide competitive learning services and products; the Company’s ability to continue to recruit, train and retain talents; the Company’s ability to improve the content of current course offerings and develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and Jinxin undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
About the Company
Jinxin is an innovative digital content service provider in China. Leveraging our powerful digital content generation engine powered by advanced AI/AR/VR/digital human technologies, Jinxin are committed to offering our users high-quality digital content services through both our own platform and the content distribution channels of our strong partners
About Non-GAAP Financial Measures
In evaluating its business, Jinxin considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating costs and expenses, non-GAAP income/(loss) from operations, non-GAAP net income attributable to Jinxin, non-GAAP basic and non-GAAP diluted net income per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.
Jinxin believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. Jinxin believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Jinxin’s historical performance and liquidity. Jinxin computes its non-GAAP financial measures using the same consistent method from period to period. Jinxin believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
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JINXIN TECHNOLOGY HOLDING COMPANY
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollar (“US$”), except for number of shares)
| As of | ||||||||||||
| December 31, 2024 | June 30, 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 92,586 | 55,155 | 7,699 | |||||||||
| Short-term investments | 9,085 | 31,789 | 4,438 | |||||||||
| Accounts receivable | 53,843 | 43,141 | 6,022 | |||||||||
| Inventories | 107 | 4,115 | 574 | |||||||||
| Advance to suppliers | 3,627 | 9,654 | 1,348 | |||||||||
| Amount due from related parties | 802 | 244 | 34 | |||||||||
| Other current assets | 2,535 | 3,507 | 490 | |||||||||
| Total current assets | 162,585 | 147,605 | 20,605 | |||||||||
| Non-current assets: | ||||||||||||
| Long-term investments | 11,905 | 17,476 | 2,440 | |||||||||
| Property and equipment, net | 1,938 | 2,115 | 295 | |||||||||
| Construction-in-progress | - | 6,132 | 856 | |||||||||
| Intangible assets, net | 61,730 | 66,991 | 9,352 | |||||||||
| Operating lease right-of-use assets, net | 5,124 | 3,792 | 529 | |||||||||
| Total non-current assets | 80,697 | 96,506 | 13,472 | |||||||||
| Total assets | 243,282 | 244,111 | 34,077 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | 38,018 | 58,766 | 8,204 | |||||||||
| Accrued expenses and other liabilities | 4,545 | 3,833 | 536 | |||||||||
| Tax payables | 4,543 | 4,516 | 630 | |||||||||
| Operating lease liabilities – current | 2,645 | 2,129 | 297 | |||||||||
| Amount due to related parties | 7 | - | - | |||||||||
| Contract liabilities | 25,036 | 19,295 | 2,693 | |||||||||
| Total current liabilities | 74,794 | 88,539 | 12,360 | |||||||||
| Non-current liabilities: | ||||||||||||
| Operating lease liabilities – non-current | 2,867 | 1,615 | 226 | |||||||||
| Other non-current liabilities | 1,792 | 1,792 | 250 | |||||||||
| Total non-current liabilities | 4,659 | 3,407 | 476 | |||||||||
| Total liabilities | 79,453 | 91,946 | 12,836 | |||||||||
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JINXIN TECHNOLOGY HOLDING COMPANY
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollar (“US$”), except for number of shares)
| As of | ||||||||||||
| December 31, 2024 | June 30, 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Shareholders’ equity: | ||||||||||||
| Ordinary shares (US$0.00001428571428 par value; 3,500,000,000 and 3,500,000,000 shares authorized; 1,152,740,747 and 1,230,609,377 issued and outstanding as of December 31, 2024 and June 30 2025, respectively) | 119 | 126 | 18 | |||||||||
| Additional paid-in capital | 267,626 | 275,456 | 38,452 | |||||||||
| Statutory reserve | 7,411 | 7,460 | 1,041 | |||||||||
| Accumulated deficit | (143,585 | ) | (164,928 | ) | (23,023 | ) | ||||||
| Accumulated other comprehensive income | 399 | 1,484 | 207 | |||||||||
| Total JINXIN TECHNOLOGY HOLDING COMPANY shareholders’ equity | 131,970 | 119,598 | 16,695 | |||||||||
| Non-controlling interests | 31,859 | 32,567 | 4,546 | |||||||||
| Total equity | 163,829 | 152,165 | 21,241 | |||||||||
| Total liabilities and equity | 243,282 | 244,111 | 34,077 | |||||||||
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JINXIN TECHNOLOGY HOLDING COMPANY
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands of Renminbi (“RMB”) and US dollar (“US$”), except for number of shares)
| For the Six months ended June 30, | ||||||||||||
| 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Net revenues | 197,948 | 208,502 | 29,106 | |||||||||
| Cost of revenues | (130,139 | ) | (177,529 | ) | (24,782 | ) | ||||||
| Gross profit | 67,809 | 30,973 | 4,324 | |||||||||
| Sales and marketing expenses | (10,995 | ) | (8,805 | ) | (1,229 | ) | ||||||
| General and administrative expenses | (11,858 | ) | (20,715 | ) | (2,892 | ) | ||||||
| Research and development expenses | (12,997 | ) | (25,359 | ) | (3,540 | ) | ||||||
| Total operating expenses | (35,850 | ) | (54,879 | ) | (7,661 | ) | ||||||
| Operating income (loss) | 31,959 | (23,906 | ) | (3,337 | ) | |||||||
| Other income | 560 | 4 | 1 | |||||||||
| Other expenses | (3 | ) | - | - | ||||||||
| Interest income | 88 | 136 | 19 | |||||||||
| Interest expenses | - | - | - | |||||||||
| Gain from equity method investments | 270 | 2,571 | 359 | |||||||||
| Investment income | 366 | 404 | 56 | |||||||||
| Exchange gain (loss) | 14 | (1,558 | ) | (217 | ) | |||||||
| Government Subsidy | 294 | 1,273 | 178 | |||||||||
| Income (loss) before income taxes | 33,548 | (21,076 | ) | (2,941 | ) | |||||||
| Income tax expense | (18 | ) | - | - | ||||||||
| Net income (loss) | 33,530 | (21,076 | ) | (2,941 | ) | |||||||
| Less: net income attributable to non-controlling interests | (6,907 | ) | (218 | ) | (30 | ) | ||||||
| Net income (loss) attributable to the Company’s ordinary shareholders | 26,623 | (21,294 | ) | (2,971 | ) | |||||||
| Comprehensive income (loss) | ||||||||||||
| Net income (loss) | 33,530 | (21,076 | ) | (2,942 | ) | |||||||
| Other comprehensive income (loss) | ||||||||||||
| Foreign currency translation adjustment | - | 1,085 | 151 | |||||||||
| Total comprehensive income (loss) | ||||||||||||
| Less: comprehensive income attributable to non-controlling interests | (6,907 | ) | (218 | ) | (30 | ) | ||||||
| Comprehensive income (loss) attributable to the Company’s ordinary shareholders | 26,623 | (20,209 | ) | (2,821 | ) | |||||||
| Earnings per share: | ||||||||||||
| Ordinary shares – basic | 0.06 | (0.02 | ) | (0.00 | ) | |||||||
| Ordinary shares – diluted | 0.06 | (0.02 | ) | (0.00 | ) | |||||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share: | ||||||||||||
| Ordinary shares – basic | 416,920,000 | 1,165,980,212 | 1,165,980,212 | |||||||||
| Ordinary shares – diluted | 466,190,000 | 1,202,529,588 | 1,202,529,588 | |||||||||
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JINXIN TECHNOLOGY HOLDING COMPANY
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollar (“US$”), except for number of shares)
| For the Six months ended June 30, | ||||||||||||
| 2024 | 2025 | 2025 | ||||||||||
| RMB | RMB | USD | ||||||||||
| Reconciliation of Non-GAAP income (loss) from operation to Income | ||||||||||||
| Income (loss) from operation | 31,959 | (23,906 | ) | (3,337 | ) | |||||||
| Add: share-based compensation expense | 4 | 5,184 | 724 | |||||||||
| Non-GAAP income (loss) from operation | 31,963 | (18,722 | ) | (2,613 | ) | |||||||
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