6-K - NAMI - Equibles

UNITED STATESSECURITIES AND EXCHANGE COMMISSION****Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934

For the month of December 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, ShengxiaRoad 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 ☐

EXPLANATORY NOTE

Jinxin Technology Holding Company is furnishing its unaudited interim condensed consolidated financial statements and footnotes for the six months ended June 30, 2024 and 2025. The unaudited interim condensed consolidated financial statements and notes are attached as Exhibit 99.1 to this report of foreign private issuer on Form 6-K, and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the six months ended June 30, 2024 and 2025 is attached as Exhibit 99.2 to this report of foreign private issuer on Form 6-K.

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Unaudited Interim Condensed Consolidated Financial Statements of Jinxin Technology Holding Company
Exhibit 99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2024 and 2025
101.INS	Inline XBRL<br> Instance Document
101.SCH	Inline XBRL Taxonomy Extension<br> Schema Document
101.CAL	Inline XBRL Taxonomy Extension<br> Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension<br> Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension<br> Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension<br> Presentation Linkbase Document
104	Cover Page Interactive<br> Data File (formatted as Inline XBRL and contained in Exhibit 101).

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: December 5, 2025

Exhibit 99.1

INDEX TO FINANCIAL STATEMENTS

JINXIN TECHNOLOGY HOLDING COMPANY

	Page(s)
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND JUNE 30, 2025	F-2
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025	F-3
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025	F-4
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025	F-5
NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025	F-6

F-1

JINXIN TECHNOLOGY HOLDING COMPANYUNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS AS OFDECEMBER 31, 2024 AND JUNE 30, 2025(Amounts in thousands of RMB and US$, except for number of shares)


			June 30, <br><br>2025<br> (Unaudited)
			RMB			US
ASSETS
Current assets:
Cash and cash equivalents	92,586			55,155
Short-term investments	9,085			31,789
Accounts receivable	53,843			43,141
Inventories	107			4,115
Advance to suppliers	3,627			9,654
Amount due from related parties	802			244
Other current assets	2,535			3,507
Total current assets	162,585			147,605
Non-current assets:
Long-term investments	11,905			17,476
Property and equipment, net	1,938			2,115
Construction-in-progress	—			6,132
Intangible assets, net	61,730			66,991
Operating lease right-of-use assets, net	5,124			3,792
Total non-current assets	80,697			96,506
Total assets	243,282			244,111
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	38,018			58,766
Accrued expenses and other liabilities	4,545			3,833
Tax payables	4,543			4,516
Operating lease liabilities – current	2,645			2,129
Amount due to related parties	7			—
Contract liabilities	25,036			19,295
Total current liabilities	74,794			88,539
Non-current liabilities:
Operating lease liabilities – non-current	2,867			1,615
Other non-current liabilities	1,792			1,792
Total non-current liabilities	4,659			3,407
Total liabilities	79,453			91,946
Shareholders’ equity:
Ordinary shares (US0.00001428571428 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)	119			126
Additional paid-in capital	267,626			275,456
Statutory reserve	7,411			7,460
Accumulated deficit	(143,585	)		(164,928	)		)
Accumulated other comprehensive income	399			1,484
Total JINXIN TECHNOLOGY HOLDING COMPANY shareholders’ equity	131,970			119,598
Non-controlling interests	31,859			32,567
Total equity	163,829			152,165
Total liabilities, and equity	243,282			244,111

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-2

JINXIN TECHNOLOGY HOLDING COMPANYUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

	For the six months ended June 30,
	2024			2025
	RMB			RMB			US
Net revenues		197,948			208,502
Cost of revenues		(130,139	)		(177,529	)		)
Gross profit		67,809			30,973
Sales and marketing expenses		(10,995	)		(8,805	)		)
General and administrative expenses		(11,858	)		(20,715	)		)
Research and development expenses		(12,997	)		(25,359	)		)
Total operating expenses		(35,850	)		(54,879	)		)
Operating income (loss)		31,959			(23,906	)		)
Other income		560			4
Other expenses		(3	)		—
Interest income		88			136
Gain from equity method investments		270			2,571
Investment income		366			404
Exchange gain (loss)		14			(1,558	)		)
Government subsidy		294			1,273
Income (loss) before income taxes		33,548			(21,076	)		)
Income tax expense		(18	)		—
Net income (loss)		33,530			(21,076	)		)
Less: net loss attributable to non-controlling interests		(6,907	)		(218	)		)
Net income (loss) attributable to the Company’s ordinary shareholders		26,623			(21,294	)		)
Comprehensive income (loss)
Net income (loss)		33,530			(21,076	)		)
Other comprehensive income
Foreign currency translation adjustment		—			1,085
Total comprehensive income (loss)		33,530			(19,991	)		)
Less: comprehensive loss attributable to non-controlling interests		(6,907	)		(218	)		)
Comprehensive income (loss) attributable to the Company’s ordinary shareholders		26,623			(20,209	)		)
Earnings (loss) per share:
Ordinary shares – basic		0.06			(0.02	)		)
Ordinary shares – diluted		0.06			(0.02	)		)
Weighted average shares outstanding used in calculating basic and diluted earnings (loss) per share:
Ordinary shares – basic		416,920,000			1,165,980,212
Ordinary shares – diluted		466,190,000			1,202,529,588

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-3

JINXIN TECHNOLOGY HOLDING COMPANYUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OFSHAREHOLDERS’ EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares)

				Preferred<br> shares				Additional<br> paid-in		Statutory		Retained			Accumulated<br> other<br> comprehensive		Total JINXIN<br> TECHNOLOGY<br> HOLDING<br><br> COMPANY<br> Shareholder’s			Non-<br> controlling		Total<br> shareholder’s
		Amount		Shares		Amount		capital		reserve		earnings			Income (Loss)		equity			interests		Equity
Balance, December 31,<br> 2023 (RMB)	416,920,000		41		193,480,000		21		13,336		5,268		(161,713	)		399		(142,648	)		21,571		(121,077	)
Net income	—		—		—		—		—		—		26,623			—		26,623			6,907		33,530
Share-based compensation	—		—		—		—		4		—		—			—		4			—		4
Balance, June 30, 2024<br> (RMB)	416,920,000		41		193,480,000		21		13,340		5,268		(135,090	)		399		(116,021	)		28,478		(87,543	)
Balance, December 31,<br> 2024 (RMB)	1,152,740,747		119		—		—		267,626		7,411		(143,585	)		399		131,970			31,859		163,829
Net loss	—		—		—		—		—		—		(21,294	)		—		(21,294	)		218		(21,076	)
Share-based compensation	—		—		—		—		5,184		—		—			—		5,184			—		5,184
Capital contribution from<br> shareholders	77,868,630		7		—		—		2,646		—		—			—		2,653			—		2,653
Transfer to statutory reserve	—		—		—		—		—		49		(49	)		—		—			—		—
Capital<br> contribution from non-controlling interests	—		—		—		—		—		—		—			—		—			490		490
Foreign<br> currency translation adjustment	—		—		—		—		—		—		—			1,085		1,085			—		1,085
Balance,<br> June 30, 2025 (RMB)	1,230,609,377		126		—		—		275,456		7,460		(164,928	)		1,484		119,598			32,567		152,165
Balance,<br> June 30, 2025 (US)			18		—		—		38,452		1,041		(23,023	)		207		16,695			4,546		21,241

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-4

JINXIN TECHNOLOGY HOLDING COMPANYUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares)

	For the six months ended June 30,
	2024			2025
	RMB			RMB			US
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		33,530			(21,076	)		)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		13,186			18,808
Loss (gain) from equity method investments		(270	)		(2,571	)		)
Investment income		—			(204	)		)
Share based compensation expense		4			5,184
Changes in operating assets and liabilities:
Non-cash lease expense		1,210			1,332
Accounts receivable		(17,141	)		10,702
Advance to suppliers		2,152			(6,027	)		)
Inventories		763			(4,008	)		)
Amount due from related parties		(166	)		558
Other current assets		(21	)		(972	)		)
Accounts payable		(3,200	)		20,747
Contract liabilities		(11,557	)		(5,742	)		)
Accrued expenses and other payables		2,023			(712	)		)
Tax payables		890			(27	)		)
Lease liabilities		(1,407	)		(1,768	)		)
Amount due to related parties		(4	)		(7	)		)
Net cash provided by operating activities		19,992			14,217
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		—			(6,813	)		)
Purchase of intangible assets		(26,212	)		(23,636	)		)
Payments for short-term investments		(30,780	)		(22,500	)		)
Payments for long-term investments		(3,000	)		(3,000	)		)
Net cash used in investing activities		(59,992	)		(55,949	)		)
CASH FLOWS FROM FINANCING ACTIVITIES
Deferred IPO expense		(3,024	)		—
Capital contribution from non-controlling interests in subsidiaries		—			490
Proceeds from the initial public offering		—			3,041
Net cash used in financing activities		(3,024	)		3,531
Effect of exchange rate changes		—			770
Net decrease in cash and cash equivalents		(43,024	)		(37,431	)		)
Cash and cash equivalents at beginning of year		75,132			92,586
Cash and cash equivalents at end of year		32,108			55,155
Supplemental disclosures of cash flows information:
Cash paid for interest expense		—			—
Cash paid for income taxes		—			—
Supplemental disclosure of noncash information:
Liabilities assumed in connection with purchase of intangible assets		—			—
Liabilities assumed in connection with unpaid professional service fee		—			—
Operating lease right of use assets obtained exchange for operating lease liabilities		—			—

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-5

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

1. ORGANIZATION

(a) Nature of operations

JINXIN TECHNOLOGY HOLDING COMPANY (the “Company’’) was incorporated in the Cayman Islands in August 2015 under the Cayman Islands Companies Law as an exempted company with limited liability. The Company through its consolidated subsidiaries, variable interest entity (the “VIE’’) and the subsidiaries of the VIE (collectively, the “Group”) are principally engaged in provision of digital textbook subscription services in the People’s Republic of China (the “PRC’’ or “China’’). Due to the PRC legal restrictions on foreign ownership and investment in such business, the Company conducts its primary business operations through its VIE and subsidiaries of the VIE. The Company is ultimately controlled by Mr. Jin Xu (the “Founder’’) and the nominee shareholders of the VIE.

In August, 2015, the Company established a wholly-owned subsidiary, Namibox Limited (“Namibox HK”), in accordance with the laws and regulations in Hong Kong.

In November, 2015, Namibox HK established a wholly-owned subsidiary, Shanghai Mihe Information Technology Co., Ltd. (“Shanghai Mihe”), a wholly-owned foreign enterprise (“WFOE”) incorporated in the People’s Republic of China (“PRC”), as part of a restructure of the Company.

Namibox HK and Shanghai Mihe are currently not engaging in any active business operations and merely acting as holding companies.

Prior to the incorporation of the Company and the completion of the Corporate Reorganization (as defined below), the main operating activities of the Company were carried out by Shanghai Jinxin Network Technology Co., Ltd. (“Shanghai Jinxin” or the “VIE”) and its subsidiaries, which were all established in the PRC. Shanghai Jinxin are principally engaged in provision of digital textbook subscription services in PRC.

As of the date of this report, the details of the Company’s principal subsidiaries are as follows:

Entity	Date ofincorporation/acquisition	Place ofincorporation	Percentage ofdirect or indirectownership bythe Company	Principal activities

F-6

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

1. ORGANIZATION (cont.)

Entity	Date ofincorporation/acquisition	Place ofincorporation	Percentage ofdirect or indirectownership bythe Company	Principal activities

The PRC laws and regulations currently place certain restrictions on foreign ownership of companies that engage in engage in radio and television program production and operation business and value-added telecommunication business. To comply with PRC laws and regulations, the Group conducts all of its business in China through the VIE and subsidiaries of the VIE. Despite the lack of technical majority ownership, the Company has effective control of the VIE through a series of contractual arrangements (the “Contractual Agreements”) and a parent-subsidiary relationship exists between the Company and the VIE. The equity interests of the VIE are legally held by PRC individuals and a PRC entity (the “Nominee Shareholders”). Through the Contractual Agreements, the Nominee Shareholders of the VIE effectively assigned all of their voting rights underlying their equity interests in the VIE to the Company, via the WFOE, and therefore, the Company has the power to direct the activities of the VIE that most significantly impact its economic performance. The Company also has the right to receive economic benefits and obligations to absorb losses from the VIE, via the WFOE, that potentially could be significant to the VIE. Based on the above and in accordance with SEC Regulation SX-3A-02 and ASC 810-10, the Company is deemed to be the primary beneficiary of Shanghai Jinxin and the financial positions, the operating results and cash flows of Shanghai Jinxin and its subsidiaries are consolidated in the Company’s unaudited interim condensed consolidated financial statements for financial reporting purposes. The described contractual arrangements are as follows:

●	Exclusive Technology and Consulting Service Agreement

Pursuant to the Exclusive Technology and Consulting Service Agreement, Shanghai Jinxin is obliged to pay service fee to Shanghai Mihe for the exclusive services such as technical services, Internet support, business consulting, marketing consulting, system integration, product development and system maintenance. The service fee shall consist of 100% of the profit before tax of Shanghai Jinxin, after the deduction of all costs, expenses, taxes and other fee required under PRC laws and regulations. Shanghai Jinxin agrees not to accept the same or any similar services provided by any third party and shall not establish cooperation relationships similar to that formed by the exclusive technology and consulting service agreements with any third party. And Shanghai Mihe shall have exclusive proprietary rights to and interests in any and all intellectual property rights developed or created by itself and Shanghai Jinxin. The Exclusive Technology and Consulting Service Agreement shall remain effective unless terminated (i) by Shanghai Mihe with prior written notice in accordance with the provisions of the Exclusive Technology and Consulting Service Agreement; or (ii) upon the expiration of the operation period of Shanghai Jinxin pursuant to PRC laws and regulations.

●	Exclusive Option Agreement

Pursuant to the Exclusive Option Agreement, the shareholders of Shanghai Jinxin have unconditionally and irrevocably granted Shanghai Mihe or its designated purchaser the right to purchase all or part of their equity interests in Shanghai Jinxin (“Equity Option”). The purchase price payable by Shanghai Mihe in respect of the transfer of equity interests upon exercise of the Equity Option shall be RMB1.0 or equal to the lowest price permissible by the then-applicable PRC laws and regulations. Shanghai Mihe or its designated purchaser shall have the right to purchase such proportion of equity interests in Shanghai Jinxin as it decides at any time. In addition, Shanghai Jinxin also unconditionally and irrevocably granted an exclusive option to Shanghai Mihe or its designated person to purchase all or any of its assets at a purchase price of the lowest price permitted under PRC laws and regulations. Shanghai Mihe shall have absolute discretion as to when and in what manner to exercise the option to purchase assets of Shanghai Jinxin permitted by PRC laws and regulations. In the event of such purchase, Shanghai Mihe or its designated person will enter into an asset transfer agreement with Shanghai Jinxin to set out detailed arrangements.

F-7

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

1. ORGANIZATION (cont.)

The Exclusive Option Agreement shall remain effective unless terminated (i) in accordance with the provisions of the Exclusive Option Agreement or any other supplemental agreements; or (ii) the entire equity interests held by the shareholders of Shanghai Jinxin in Shanghai Jinxin have been transferred to Shanghai Mihe or its designated person.

●	Powers of Attorneys

Pursuant to the Powers of Attorneys, each of the shareholders of Shanghai Jinxin irrevocably authorized Shanghai Mihe or its designee(s) to act on their respective behalf as proxy attorney, to the extent permitted by law, to exercise all rights of shareholders concerning all the equity interest held by each of them in Shanghai Jinxin, including but not limited to proposing to convene or attend shareholder meetings, signing resolutions and minutes of such meetings, exercising all the rights as shareholders in such meeting (including but not limited to voting rights, nomination rights and appointment rights), the right to receive dividends and the right to sell, transfer, pledge or dispose of all the equity held in part or in whole, and exercising all other rights as shareholders. The Powers of Attorneys will remain irrevocable and effective during the period that the shareholder remains his/her/its shareholding.

●	Equity Pledge Agreements

Pursuant to the Equity Pledge Agreements, each of the shareholders of Shanghai Jinxin unconditionally and irrevocably pledged and granted first priority security interests over all of his/her/its equity interests in Shanghai Jinxin together with all related rights thereto to Shanghai Mihe as security for performance of the contractual arrangements and all direct, indirect or consequential damages and foreseeable loss of interest incurred by Shanghai Mihe as a result of any event of default on the part of the shareholders of Shanghai Jinxin, Shanghai Jinxin and all expenses incurred by Shanghai Mihe as a result of enforcement of the obligations of the shareholders of Shanghai Jinxin and/or Shanghai Jinxin under the contractual arrangements. Upon the occurrence and during the continuance of an event of default (as defined in the Equity Pledge Agreements), Shanghai Mihe shall have the right to (i) require the shareholders of Shanghai Jinxin to immediately pay any amount payable under the contractual arrangements; or (ii) to purchase, auction or sell all or part of the pledged equity interests in Shanghai Jinxin and will have priority in receiving the proceeds from such disposal.

The said equity pledge under the Equity Pledge Agreements takes effect upon the completion of registration with relevant administrative department of industry and commerce and shall remain valid until after all the contractual obligations of the shareholders of Shanghai Jinxin and Shanghai Jinxin under the relevant contractual arrangements have been fully performed and all the outstanding debts of the shareholders of Shanghai Jinxin and/or Shanghai Jinxin under the relevant contractual arrangements have been fully paid.

●	Business Operation Agreement

Pursuant to the Business Operation Agreement, the shareholders of Shanghai Jinxin and Shanghai Jinxin have jointly and severally further undertaken to Shanghai Mihe that, without the prior written consent of Shanghai Mihe, Shanghai Jinxin shall not engage in any transactions or actions that may have substantial adverse impact on its assets, business, staff, obligations, rights or results of operations. The shareholders of Shanghai Jinxin have agreed to accept, and strictly follow, the advice and instructions from Shanghai Mihe on the appointment and dismissal of relevant staff, the daily operation and management, and the financial management policies, among other things, from time to time. If the cash of Shanghai Jinxin is not enough to pay its debt, Shanghai Mihe is liable to pay the debt; if the loss of Shanghai Jinxin leads to a net asset balance of less than the its registered capital, Shanghai Mihe shall be liable to make up for the deficiency; if one party lacks the necessary working capital to maintain its daily business operations, it may request the other party to provide short-term interest-free loans.

F-8

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

1. ORGANIZATION (cont.)

●	Spouse Consents

Pursuant to the Spouse Consents, the respective spouse of the Individual Shareholders of Shanghai Jinxin has irrevocably undertaken that, including without limitation to, the spouse (i) has full knowledge of and has consented to the entering into of the contractual arrangements by the relevant Individual Registered Shareholder; (ii) undertakes to execute all documents and take all actions necessary to ensure the proper performance of the contractual arrangements (as amended from time to time); and (iii) undertakes that if he/she acquires any equity interest in Shanghai Jinxin held by his/her spouse, he/she shall be bound by the existing contractual arrangements, and upon request by Shanghai Mihe, will enter into the substantially similar contractual arrangements.

The Company believes that Shanghai Jinxin is considered a VIE under Accounting Codification Standards (“ASC”) 810 “Consolidation”, because the equity investors in Shanghai Jinxin no longer have the characteristics of a controlling financial interest, and the Company, through Shanghai Mihe, is the primary beneficiary of Shanghai Jinxin and controls Shanghai Jinxin’s operations. Accordingly, Shanghai Jinxin has been consolidated as a deemed subsidiary into the Company as a reporting company under ASC 810.

As required by ASC 810-10, the Company performs a qualitative assessment to determine whether the Company is the primary beneficiary of Shanghai Jinxin which is identified as a VIE of the Company. A quality assessment begins with an understanding of the nature of the risks in the entity as well as the nature of the entity’s activities including terms of the contracts entered into by the entity, ownership interests issued by the entity and the parties involved in the design of the entity. The Company’s assessment of the involvement with Shanghai Jinxin reveals that the Company has the absolute power to direct the most significant activities that impact the economic performance of Shanghai Jinxin. Shanghai Mihe is obligated to absorb a majority of the loss from Shanghai Jinxin activities and receive a majority of Shanghai Jinxin’s expected residual returns. In addition, Shanghai Jinxin’s shareholders have pledged their equity interest in Shanghai Jinxin to Shanghai Mihe, irrevocably granted Shanghai Mihe an exclusive option to purchase, to the extent permitted under PRC Law, all or part of the equity interests in Shanghai Jinxin and agreed to entrust all the rights to exercise their voting power to the person(s) appointed by Shanghai Mihe. Under the accounting guidance, the Company is deemed to be the primary beneficiary of Shanghai Jinxin and the financial positions, the operating results and cash flows of Shanghai Jinxin and Shanghai Jinxin’s subsidiaries are consolidated in the Company for financial reporting purposes.

Comparative VIE financials, are set forth below:

	As of
	December 31, <br> 2024		June 30, <br> 2025
	RMB		RMB		US
Current assets		136,198		123,896
Non-current assets:		68,160		84,693
Total assets		204,358		208,589
Current liabilities:		72,837		88,057
Non-current liabilities:		4,659		3,407
Total liabilities		77,496		91,464
Net asset		126,862		117,125

All values are in US Dollars.

F-9

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

1. ORGANIZATION (cont.)

	For the six months ended June 30,
	2024			2025			2025
	RMB			RMB			US
Net income (loss)		35,940			(10,227	)		)
Net cash provided by operating activities		17,520			18,887
Net cash used in investing activities		(59,992	)		(55,949	)		)
Net cash provided by (used in) financing activities		(142	)		490

All values are in US Dollars.

Quantitative Metrics of the VIE, Shanghai Jinxin are set forth below:

	As of June 30, 2025
	Parent company			WFOE<br> (“Shanghai Mihe”)			Subsidiaries			Shanghai Jinxin and its subsidiaries<br> (the VIEs)			Elimination of intercompany balances			Consolidated Financials			Consolidated Financials		% of the Consolidated
	RMB			RMB			RMB			RMB			RMB			RMB			US		Financials
	A			B			C			D			E			F=A+B+C+D+E					G=D/F
Cash and cash equivalents		10,321			962			21,291			22,581			—			55,155					41	%
Other current assets		—			178			6,068			101,315			(15,111	)		92,450					110	%
Intercompany receivable from subsidiaries		189,385			—			—			—			(189,385	)		—					N/A
Intercompany receivable from WFOE		55,876			—			—			—			(55,876	)		—					N/A
Investment in WFOE		—			—			157,599			—			(157,599	)		—					N/A
Investment in subsidiaries		917			—			—			—			(917	)		—					—
Other non-current assets		11,795			18			—			84,693			—			96,506					88	%
Total assets		268,294			1,158			184,958			208,589			(418,888	)		244,111					85	%
Other current liabilities		9,256			6,226			111			88,057			(15,111	)		88,539					99	%
Intercompany payables to parent company		—			55,874			187,751			—			(243,625	)		—					N/A
Non-current liabilities		—			—			—			3,407			—			3,407					100	%
Total liabilities		9,256			62,100			187,862			91,464			(258,736	)		91,946					99	%
Total shareholders’ equity (deficit)		259,038			(60,942	)		(2,904	)		117,125			(160,152	)		152,165					77	%
Total liabilities and shareholders’ equity (deficit)		268,294			1,158			184,958			208,589			(418,888	)		244,111					85	%
Revenues		—			942			185			207,375			—			208,502					99	%
Gross (loss) profit		(298	)		175			184			30,912			—			30,973					100	%
Total operating expenses		5,877			1,968			1,752			45,282			—			54,879					83	%
Net income (loss)		(7,781	)		(1,653	)		(1,415	)		(10,227	)		—			(21,076	)		)		49	%
Total comprehensive income (loss)		(8,155	)		(1,653	)		44			(10,227	)		—			(19,991	)		)		51	%
Net cash (used in) provided by operating activities		(2,856	)		284			(748	)		18,887			(1,350	)		14,217					133	%
Net cash used in investing activities		(917	)		—			—			(55,949	)		917			(55,949	)		)		100	%
Net cash provided by financing activities		3,041			—			917			490			(917	)		3,531					14	%
Effect of Exchange rate on cash		59			—			(639	)		—			1,350			770					N/A

All values are in US Dollars.

F-10

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

1. ORGANIZATION (cont.)

	As of June 30, 2024
	Parent company			WFOE<br> (“Shanghai Mihe”)			Subsidiaries			Shanghai Jinxin and its subsidiaries<br> (the VIEs)			Elimination of intercompany balances			Consolidated Financials			% of the Consolidated
	RMB			RMB			RMB			RMB			RMB			RMB			Financials
	A			B			C			D			E			F=A+B+C+D+E			G=D/F
Cash and cash equivalents		113			1,518			22,316			8,161			—			32,108			25	%
Other current assets		—			32			9,323			114,104			(2,538	)		120,921			94	%
Intercompany receivable from subsidiaries		187,357			—			—			—			(187,357	)		—			N/A
Intercompany receivable from WFOE		55,874			—			—			—			(55,874	)		—			N/A
Investment in WFOE		—			—			156,790			—			(156,790	)		—			N/A
Other non-current assets		713			52			—			43,112			(714	)		43,163			100	%
Total assets		244,057			1,602			188,429			165,377			(403,273	)		196,192			84	%
Other current liabilities		—			3,381			4,698			33,295			(3,252	)		38,122			87	%
Intercompany payables to parent company		—			55,874			187,357			—			(243,231	)		—			N/A
Non-current liabilities		—			—			—			4,202			—			4,202			100	%
Total liabilities					59,255			192,055			37,497			(246,483	)		42,324			89	%
Total mezzanine equity and shareholders’ equity (deficit)		244,057			(57,653	)		(3,626	)		127,880			(156,790	)		153,868			83	%
Total liabilities, mezzanine equity and shareholders’ equity (deficit)		244,057			1,602			188,429			165,377			(403,273	)		196,192			84	%
Revenues		—			—			—			197,948			—			197,948			100	%
Gross (loss) profit		—			—			—			67,809			—			67,809			100	%
Total operating income (expenses)		(20	)		2,236			232			33,402			—			35,850			93	%
Net income (loss)		1,232			(2,233	)		(1,409	)		35,940			—			33,530			107	%
Total comprehensive income (loss)		1,232			(2,233	)		(1,409	)		35,940			—			33,530			107	%
Net cash (used in) provided by operating activities		55			887			(1,352	)		17,520			2,882			19,992			88	%
Net cash used in investing activities		—			—			—			(59,992	)		—			(59,992	)		100	%
Net cash provided by financing activities		—			—			—			(142	)		(2,882	)		(3,024	)		5	%

F-11

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

1. ORGANIZATION (cont.)

As of June 30, 2025, Jinxin Technology Holding Company had made cumulative capital contributions of RMB146.9 million to the WFOE through its intermediate holding company, and had transferred RMB55.9 million to the WFOE by way of intra-group loans. For the six months ended June 30, 2024 and 2025, the VIE transferred nil and nil to the WFOE, respectively, through intra-group loans. For the six months ended June 30, 2024 and 2025, the WFOE transferred nil and nil to the VIE, respectively, through repayment of loans. Apart therefrom, no other cash or asset was transferred between Jinxin Technology Holding Company, its subsidiaries, and the VIE for the six months ended June 30, 2024 and 2025.

There are no pledge or collateralization of the VIE and VIE’s subsidiaries’ assets that can only be used to settled obligations of the VIE and VIE’s subsidiaries, except for the restricted net assets disclosed in Note 15. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets to the Company in the form of loans and advances or cash dividends.

As the VIE is incorporated as limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company for any of the liabilities of the VIE in normal course of business.

Risks in relation to the VIE structure

The Company believes that the contractual arrangements with its VIE and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:

●	revoke the business and operating licenses of the Company’s<br>PRC subsidiary and VIE;
●	discontinue or restrict the operations of any related-party<br>transactions between the Company’s PRC subsidiary and VIE;
---	---
●	limit the Company’s business expansion in China by<br>way of entering into contractual arrangements;
---	---
●	impose fines or other requirements with which the Company’s<br>PRC subsidiary and VIE may not be able to comply;
---	---
●	require the Company or the Company’s PRC subsidiary<br>and VIE to restructure the relevant ownership structure or operations; or
---	---
●	restrict or prohibit the Company’s use of the proceeds<br>of the additional public offering to finance.
---	---

The Company’s ability to conduct its business may be negatively affected if the PRC government were to carry out any of the aforementioned actions. As a result, the Company may not be able to consolidate its VIE and VIE’s subsidiaries in its unaudited interim condensed consolidated financial statements as it may lose the ability to exert control over the VIE and their respective shareholders and it may lose the ability to receive economic benefits from the VIE and VIE’s subsidiaries. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiary and VIE.

F-12

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding financial reporting that are consistent with those used in the preparation of the Company’s audited consolidated financial statements for the years ended December 31, 2023 and 2024. Accordingly, these unaudited interim condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements.

In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Company for each of the periods presented. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of results to be expected for any other interim period or for the year ending December 31, 2025. The unaudited interim condensed consolidated balance sheets as of December 31, 2024 was derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by U.S. GAAP for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the years ended December 31, 2023 and 2024.

Principles of consolidation

The accompanying unaudited interim condensed consolidated financial statements of the Company include the financial statements of the Company and its subsidiaries, VIE and VIE’s subsidiaries for which the Company is the ultimate primary beneficiary.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”); and to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

All significant transactions and balances between the Company and its subsidiaries, VIE and VIE’s subsidiaries have been eliminated. The non-controlling interests in consolidated subsidiaries are shown separately in the unaudited interim condensed consolidated financial statements.

Use of estimates

The preparation of the unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the unaudited interim condensed consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s unaudited interim condensed consolidated financial statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, depreciable lives of property, equipment and software, assessment for impairment of long-lived assets, inventory valuation for excess and obsolete inventories, lower of cost and net realizable value of inventories, valuation of deferred tax assets and current expected credit loss of receivables. Actual results could differ from those estimates.

Foreign currency

The Company’s reporting currency is the Renminbi (“RMB”). The functional currency of the Company and its subsidiaries which are incorporated in Hong Kong (“HK”) is United States dollars (“US$”). The functional currencies of the other subsidiaries are their respective local currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830, ForeignCurrency Matters, (“ASC 830”).

F-13

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the unaudited interim condensed consolidated statements of comprehensive income.

The financial statements of the Company’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income in the unaudited interim condensed consolidated statements of comprehensive income, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive income in the consolidated statements of shareholders’ equity.

Convenience translation

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive income and consolidated statements of cash flows from RMB into US$ as of and for the six months ended June 30, 2025 are solely for the convenience of the reader and were calculated at the rate of US$1.00 to RMB 7.1636, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2025. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2025, or at any other rate.

Cash and cash equivalents

Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

Short-term investments

All highly liquid investments with maturities of greater than three months, but less than twelve months, are classified as short-term investments. Short-term investments primarily include wealth management financial products with variable interest issued by commercial banks with the intention to be sold within twelve months. The Company account for short-term investments in accordance with ASC 320 and records at fair value. Interest income are reflected on the unaudited interim condensed consolidated statements of comprehensive income.

Accounts receivable and allowancefor credit losses

Accounts receivable are stated at the historical carrying amount net of allowance for credit losses.

The Company maintains an allowance for credit losses which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for credit losses taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability.

F-14

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

On January 1, 2023, the Company adopted ASC326, Financial Instruments-Credit Losses (“ASC326”), using modified-retrospective transition approach. Following the adoption of this guidance, a cumulative-effect adjustment in accumulated deficit of nil was recognized as of January 1, 2023. Pursuant to ASC 326, an allowance for credit losses for financial assets, including accounts receivable, carried at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on credit losses expected to arise over the life of the asset’s contractual term, which includes consideration of prepayments. Assets are written off when the Company determines that such financial assets are deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously written off, not to exceed the aggregate of the amount previously written off, are included in determining the necessary reserve at the balance sheet date. The Company pools financial assets based on similar risk characteristics to estimate expected credit losses. The Company estimates expected credit losses on financial assets individually when those assets do not share similar risk characteristics. The Company closely monitors its accounts receivable including timely account reconciliations, detailed reviews of past due accounts, updated credit limits, and monthly analysis of the adequacy of their reserve for credit losses.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost of inventory are determined using the first-in-first-out method. The Company records inventory reserves for obsolete and slow-moving inventory. Inventory reserves are based on inventory obsolescence trends, historical experience and application of the specific identification method. For all periods presented, there were no inventory reserves recognized.

Construction-in-progress

Intangible assets that are purchased or constructed which require a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these assets are ready for their intended use.

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets.

Category	Estimated useful life

| Leasehold improvements | Shorter of the estimated useful life or remaining lease term |

| Computer and electronic equipment | 3 – 5 years |

| Office equipment | 3 – 5 years |

| Motor vehicles | 5 years |

F-15

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Intangible assets

Intangible assets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives from 1 to 5 years. The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed. No impairment charge was recognized for the six months ended June 30, 2024 and 2025, respectively.

Category	Estimated useful life
Purchased copyright	1 – 5 years

Impairment of long-lived assetsother than goodwill

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Company had originally estimated. When these events occur, the Company evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Impairment charge recognized for the six months ended June 30, 2024 and 2025 was nil.

Long-term investments

The Company’s long-term investments include equity investments in entities. Investments in entities in which the Company can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments — EquityMethod and Joint Ventures (“ASC 323”). Under the equity method, the Company initially records its investments at cost and then market value. The Company subsequently adjusts the carrying amount of the investments to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Company evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

Fair value of financial instruments

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.

F-16

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 — Other inputs that are directly or indirectly observable in the marketplace.
Level 3 — Unobservable inputs which are supported by little or no market activity.

Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, short-term investments, accounts receivables, amounts due from related parties, accounts payables, amounts due to related parties, accrued expenses and other liabilities excluding payroll and welfare payables. As of December 31, 2024 and June 30, 2025, the carrying values of these financial assets and liabilities approximate their fair values.

The following table summarizes the carrying values of the Company’s financial instruments that the management believes should be categorized as Level 2:

	As of
	December 31, <br><br>2024		June 30,<br><br>2025
	RMB		RMB		US
Financial assets:
Short-term investments		9,085		31,789

All values are in US Dollars.

Revenue recognition

Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Company’s performance:

(i)	provides all of the benefits received and consumed simultaneously<br>by the customer;
(ii)	creates and enhances an asset that the customer controls<br>as the Company performs; or
---	---
(iii)	does not create an asset with an alternative use to the Company<br>and the Company has an enforceable right to payment for performance completed to date. If control of the goods and services transfers<br>over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance<br>obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.
---	---

If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.

Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition.

F-17

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

When either party to a contract has performed, the Company presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment.

A contract asset is the Company’s right to consideration in exchange for goods and services that the Company has transferred to a customer. A receivable is recorded when the Company has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

If a customer pays consideration or the Company has a right to an amount of consideration that is unconditional, before the Company transfers a good or service to the customer, the Company presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer.

Subscription revenue from users

The Company generates subscription revenue from its catalogue of digital educational content directly provisioned to end users via its “Mami Box” platform. The Company identifies the content subscribers as its customers. The performance obligation is the provision of the digital educational content to user over the prescribed subscription period. The subscription period for the majority is twelve months or less. The subscription revenue is recognized over the period of customer’s subscription. The Company typically receives payment when the users initiate the subscription of the digital educational content.

Licensing revenues from content aggregatorsand distributors

The Company generates licensing revenue through partnering with content aggregators and distributors (normally they are major telecom and broadcast operators in China) whereby allowing to distribute the digital content through their platforms. For purposes of revenue recognition, management believes that the content aggregators and distributors should be identified its customers. The performance obligation is provision of digital educational content to the customers and allow them distributed via their platform over a contracted period. The Company signs master service agreements with customers that set forth a contract period, which is typically twelve months. The Company receives a statement from its customers on either a monthly or quarterly basis indicating the Company’s potential entitlement to licensing fees based on the amount of content delivered to end user subscribers of the customer. After the Company reviews and agrees to the statement sent by the customers, the Company will receive payment within the standard agreed upon terms, which typically within 15-60 days. The revenue is recognized at the point in time when the statement is mutually agreed upon by both parties.

Revenue from content sold to hardwaremanufacturers

The Company generates revenue by selling its content to hardware manufacturers in China whereby they are allowed to install the Company’s digital educational content on the manufacturers’ devices for sale to end users. For purposes of revenue recognition, management has identified that the hardware manufacturers as its customers. The performance obligation is to make available its catalogue of digital educational content to its customers, and allow them to install such content on devices that they manufacture. The Company signs master service agreements with its customers; these agreements typically cover a twelve-month period. As part of the sales process, the Company typically receives purchase order for specific content from the customers, after which the Company will deliver the selected digital educational content to the customers in accordance to the purchase order. The Company typically receives payment in advance prior to delivery of the digital educational content. Revenue is recognized at the point in time when control of the select digital educational content delivered to the customer. The Company provides one year after-sales service to the customers and recognizes a related warranty expense based on the Company’s historical experience rate as well as experience rates typical to the industry.

F-18

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Revenue from sales of digital educationalhardware devices

The Company generates revenue by selling its digital educational hardware devices, featured with the installation of the Company’s digital educational content, to hardware distributors in China, who subsequently resell the digital educational hardware devices to the end users. The Company identifies hardware distributors as its customers. The Company signs contracts with the distributors, which specifies the price, sales quantity of hardware devices and delivery schedule. The Company will deliver the selected digital educational hardware devices to the customers in accordance with the contracts. The Company typically receives payment in advance prior to delivery of the digital educational hardware devices. The promises of digital educational hardware devices and digital educational content should be combined into a single performance obligation since they are highly interrelated. Each promise cannot separately satisfy the requirement of the end customers. Revenue is recognized at the point in time when control of the select digital educational hardware devices delivered to the customers. The Company provides one year after-sales service to the customers and recognizes a related warranty expense based on the Company’s historical experience rate as well as experience rates typical to the industry.

Cost of revenues

Costs of revenues primarily consist of staff costs, digital educational content costs, inventory cost and other direct costs of providing these services or goods.

Sales and marketing expenses

Sales and marketing expenses consist primarily of advertising expenses, salaries and other compensation-related expenses to sales and marketing personnel and warranty expenses. The Company expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. The Company recorded advertising costs of RMB5,710 and RMB3,655 (US$510) for the six months ended June 30, 2024 and 2025, respectively.

Research and development expenses

Research and development costs are expensed as incurred. These costs primarily consist of payroll and related expenses for personnel engaged in research and development activities.

General and administrative expenses

General and administrative expenses primarily consist of salaries, bonuses and benefits for employees involved in general corporate functions and those not specifically dedicated to research and development activities, depreciation and amortization of fixed assets which are not used in research and development activities, legal and other professional services fees, rental and other general corporate related expenses.

Government subsidy

Government subsidy represent cash subsidies received from the PRC government. Cash subsidies that have no defined rules and regulations to govern the criteria necessary for companies to enjoy the benefits are recognized when received. Such subsidies are generally provided as incentives from the local government to encourage the expansion of local business.

Income taxes

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax, (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. 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. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.

F-19

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

The Company records liabilities related to uncertain tax positions when, despite the Company’s belief that the Company’s tax return positions are supportable, the Company believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. The Company did not recognize uncertain tax positions as of December 31, 2024 and June 30, 2025.

Comprehensive income

The Company applies ASC 220, Comprehensive Income (“ASC 220”), with respect to reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income is defined to include all changes in equity of the Company during a period arising from transactions and other event and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Company’s comprehensive income includes net income and other comprehensive income, which mainly consists of the foreign currency translation adjustment that have been excluded from the determination of net income.

Leases

As the lessee, the Company recognizes in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, the Company makes an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities and recognizes lease expenses for such lease generally on a straight-line basis over the lease term.

Operating lease assets are included within operating lease right-of-use assets, and the corresponding operating lease liabilities are included within operating lease liabilities on the consolidated balance sheets as of December 31, 2024 and June 30, 2025.

Share-based compensation

The Company applies ASC 718 (“ASC 718”), “Compensation — Stock Compensation,” to account for its employee share-based payments. In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or an equity award, and all of its share-based awards to employees have been classified as equity awards. The cost of these awards is measured based on the fair value at the grant date. The related compensation expense is recognized using an accelerated method over the requisite service period, which generally corresponds to the vesting period. For awards where no future service is required, the cost is expensed immediately on the grant date.

Segment reporting

ASC 280, Segment Reporting, (“ASC 280”), establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers.

Based on the criteria established by ASC 280, our chief operating decision maker (“CODM”) has been identified as our Chief Executive Officer, who reviews consolidated revenues and gross profit when making decisions about allocating resources and assessing performance of the company. As a whole and hence, we have only one reportable segment. We do not distinguish between markets or segments for the purpose of internal reporting. As our long-lived assets are substantially located in the PRC and the revenues are mainly generated in the PRC, no geographical segments are presented.

For the operating results of segment provided to and reviewed by CODM, please refer to the consolidated statements of income and comprehensive income.

F-20

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Earnings (loss) per share

Net income (loss) is not allocated to other participating securities if based on their contractual terms they are not obligated to share the income. Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted-average number of ordinary equivalent shares outstanding during the year. Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of share options using the treasury stock method.

Non-controlling interests

For the Group’s subsidiaries majority-owned by the Company’s VIE and VIE’s subsidiaries, non-controlling interests are recognized to reflect the portion of the equity which is not attributable, directly or indirectly, to the Group as the controlling shareholder. Non-controlling interests on the consolidated balance sheets are resulted from the consolidating 52.00% equity interest in Zhongjiao Enshi and 51.00% equity interest of Hainan Aixin. The 48.00% of Zhongjiao Enshi and 49.00% of Hainan Aixin are held by third-party institute shareholders.

Statutory reserve

Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from their after-tax profit to the non-distributable “statutory surplus reserve fund.” Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund.” For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company is able to use the current period net income after tax to offset against the accumulate loss.

Commitments and Contingencies

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical performance and the specific facts and circumstances of each matter.

Accounting pronouncements adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures,” which focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This update will be effective for the Company’s fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s adopted this standard as of January 1, 2024. The adoption of this ASU did not have a material significant impact on the Company’s consolidated balance sheets, consolidated statements of income and comprehensive income, consolidated statements of shareholders’ (deficit) equity or consolidated statements of cash flows.

Recent accounting pronouncements

The Company is an emerging growth company (“EGC’’) as defined by the Jumpstart Our Business Startups Act (“JOBS Act’’). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the extended transition periods. However, this election will not apply should the Company cease to be classified as an EGC.

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which enhances the transparency of income tax disclosures. The amendments in ASU 2023-09 requires (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating ASU 2023-09 to determine the impact it may have on its consolidated financial statements disclosures.

F-21

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

In November 2024, the FASB issued ASU 2024-03, “Reporting Comprehensive Income — Expense Disaggregation Disclosures”, which focuses on improving the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of ASU 2025-05 on its condensed consolidated financial statements and disclosures.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income (loss) and condensed consolidated statements of cash flows.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s balance sheets, statements of income and statements of cash flows.

3. CONCENTRATION OF RISKS

(a) Concentration of creditrisks

Financial instruments that potentially subject the Company, its subsidiaries, VIE and VIE’s subsidiaries to significant concentration of credit risk primarily cash and cash equivalents and accounts receivables. The carrying amounts of cash and cash equivalents represent the maximum exposure to credit risk. As of December 31, 2024 and June 30, 2025, the Company, its wholly-owned subsidiaries, VIE and VIE’s subsidiaries have RMB92,586 and RMB55,155 (US$7,699) in cash and cash equivalents, respectively, which is mainly held in cash and demand deposits with several financial institutions in the PRC and Hong Kong. In the event of bankruptcy of one of these financial institutions, the Company, its subsidiaries, VIE and VIE’s subsidiaries may not be able to claim its cash and demand deposits back in full. The Company, its subsidiaries, VIE and VIE’s subsidiaries continue to monitor the financial strength of the financial institutions.

Accounts receivable are typically unsecured and denominated in RMB, derived from revenue earned from customers in the PRC, which are exposed to credit risk. The risk is mitigated by credit evaluations the Company, its subsidiaries, VIE and VIE’s subsidiaries perform on its customers and its ongoing monitoring process of outstanding balances. The Company, its subsidiaries, VIE and VIE’s subsidiaries maintain an allowance for credit losses and actual losses have generally been within management’s expectations.

(b) Currency convertibilityrisk

Substantially majority of the Company, its subsidiaries, VIE and VIE’s subsidiaries’ operating activities are settled in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with supporting documents.

(c) Major customers and supplyingchannels

For the six months ended June 30, 2024, one major client accounted for 40.2% of the Company’s total revenues. For the six months ended June 30, 2025, two major clients accounted for 48.8%, 11% of the Company’s total revenues. As of December 31, 2024, four customers accounted for 23.7%, 19.5%, 15.9% and 11.4% of the Company’s total accounts receivable. As of June 30, 2025, three customers accounted for 34.1%, 23.2% and 10.2% of the Company’s total accounts receivable.

For the six months ended June 30, 2024, two vendors respectively accounted for 32.5% and 27.1% of the Company’s total purchases and four suppliers respectively accounted for 32.9%, 28.5%, 17.6% and 10.4% of the Company’s total accounts payable. As of December 31, 2024, two vendors respectively accounted for 22.7% and 22.7% of the Company’s total purchases and one supplier accounted for 35.7% of the Company’s total accounts payable. For the six months ended June 30, 2025, three vendors respectively accounted for 18.3%,15.6% and 13.5% of the Company’s total purchases and one supplier accounted for 22.6% of the Company’s total accounts payable.

F-22

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

4. CASH AND CASH EQUIVALENTS

Cash and cash equivalents consisted of the following:

	As of
	December 31, <br> 2024		June 30, 2025
	RMB		RMB		US
Cash at bank		92,216		53,441
Other cash and cash equivalents		370		1,714
		92,586		55,155

All values are in US Dollars.

5. SHORT-TERM INVESTMENTS

Short-term investments comprised of the following:

	As of June 30, 2025
	Level 1		Level 2		Level 3		Total		Total
	RMB		RMB		RMB		RMB		US
Bank Wealth Management		—		31,789		—		31,789.00
		—		31,789		—		31,789.00

All values are in US Dollars.

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
	RMB		RMB		RMB		RMB
Bank Wealth Management		—		9,085		—		9,085
		—		9,085		—		9,085

As of December 31, 2024 and June 30, 2025, the Company had short-term investments, which mainly consists of wealth management products purchased from commercial banks, in the amount of RMB9,085 and RMB31,789 (US$4,438), respectively. These wealth management products bear a highest expected rate of return ranging from 1.51%-2.25%. For the six months ended June 30, 2024 and 2025, the Company recorded investment income of RMB366 and RMB404 (US$56) in the unaudited interim condensed consolidated statements of comprehensive income.

6. ACCOUNTS RECEIVABLE

Accounts receivable and the allowance for credit losses consisted of the following:

	As of
	December 31, <br> 2024		June 30, 2025
	RMB		RMB		US
Accounts receivable		53,843		43,141
Allowance for credit losses		—		—
		53,843		43,141

All values are in US Dollars.

As of December 31, 2024 and June 30, 2025, all accounts receivable were due from third party customers. The age of all the of the receivables as of December 31, 2024 and June 30, 2025 was less than one year.

F-23

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

6. ACCOUNTS RECEIVABLE (cont.)

An analysis of the allowance for credit losses was as follows:

	As of
	December 31, 2024	June 30, 2025
	RMB	RMB	US$
Balance at beginning of the year	—	—	—
Additional provision charged to expense	—	—	—
Balance at the end of the year	—	—	—

7. INVENTORIES

Inventories consisted of the following:

	As of
	December 31,<br><br>2024		June 30, 2025
	RMB		RMB		US
Finished goods		107		4,115
		107		4,115
Less: provision for impairment of inventories		—		—
		107		4,115

All values are in US Dollars.

During the six months ended June 30, 2024 and 2025, the Company recorded provision for impairment of inventories of nil and nil for the obsolete inventories in cost of revenues, respectively.

8. PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:

	As of
	December 31, <br><br>2024			June 30, 2025
	RMB			RMB			US
At cost:
Computer and electronic equipment		1,499			1,512
Office equipment		219			391
Motor vehicles		1,027			1,522
Leasehold improvements		1,676			1,677
		4,421			5,102
Less: Accumulated depreciation		(2,483	)		(2,987	)		)
		1,938			2,115

All values are in US Dollars.

Depreciation expense was RMB258 and RMB504 (US$70) for the six months ended June 30, 2024 and 2025, respectively.

F-24

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

9. INTANGIBLE ASSETS, NET

The following table presents the Company’s intangible assets as of the respective balance sheet dates:

	As of
	December 31, <br><br>2024			June 30, 2025
	RMB			RMB			US
Purchased copyright		80,789			91,681
Less: accumulated amortization		(19,059	)		(24,690	)		)
Balance at the end of the year		61,730			66,991

All values are in US Dollars.

The intangible assets are amortized using the straight-line method, which is the Company’s best estimate of how these assets will be economically consumed over their respective estimated useful lives of one to five years.

Amortization expense was RMB12,928 and RMB18,304 (US$2,555) for the six months ended June 30, 2024 and 2025, respectively.

The annual estimated amortization expenses for the intangible assets for each of the next five years are as follows:

	RMB		US
Remaining of 2025		14,003
2026		21,215
2027		14,543
2028		6,013
2029		4,975
Thereafter		6,242
		66,991

All values are in US Dollars.

10. LONG-TERM INVESTMENTS

The Company’s long-term investments consisted of the following:

Equity method investments

Balance as of December 31, 2023	8,326
Capital contribution by the Company	3,000
Gain attributable to nonconsolidated entity	270
Balance as of June 30, 2024 (RMB)	11,596
Balance as of December 31, 2024	11,905
Capital contribution by the Company	3,000
Gain attributable to nonconsolidated entity	2,571
Balance as of June 30, 2025 (RMB)	17,476
Balance as of June 30, 2025 (US)	2,440

All values are in US Dollars.

In June 2016, the Company through its subsidiary, Shanghai Jinxin, and a third company jointly set up Shanghai Diyi Educational Technology Limited (“Shanghai Diyi”). The Company injected capital of RMB10,000, RMB3,000 and RMB3,000 in July 2020, March 2024 and March 2025, respectively, and hold 49.01% of equity interest in Shanghai Diyi. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions.

F-25

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

11. ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consisted of the following:

	As of
	December 31, <br> 2024		June 30, <br><br>2025
****	RMB		RMB		US
Payroll and welfare payables		2,816		3,138
Others		1,729		695
		4,545		3,833

All values are in US Dollars.

12. TAXATION

Enterprise income tax (“EIT”)

Cayman Islands

The Company is incorporated in the Cayman Islands and conducts its primary business operations through the subsidiaries in the PRC and Hong Kong. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain arising in Cayman Islands.

Hong Kong

Subsidiaries in Hong Kong are subject to Hong Kong profits tax rate of 16.5%. Additionally, upon payments of dividends by the Company to its shareholders, no HK withholding tax will be imposed.

PRC

The Company’s PRC subsidiaries are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the “EIT Laws”), domestic enterprises and Foreign Investment Enterprises (the “FIE”) are usually subject to a unified 25% enterprise income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. EIT grants preferential tax treatment to certain High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for the HNTE status every three years. Shanghai Jinxin obtained the HNTE tax status in November 2021 and renewed the HNTE tax status in December 2024, which reduced its statutory income tax rate to 15% from 2021 to 2027. Zhongjiao Enshi obtained the HNTE tax status in December 2020 and renewed the HNTE tax status in November 2023, which reduced its statutory income tax rate to 15% from 2020 to 2026. In addition, Zhongjiao Enshi was qualified as a software enterprise in 2020, and thus was entitled to a five-year tax holiday (full exemption for the first two years and a 50% reduction in the statutory income tax rate for the following three years) until its software enterprise qualification expired.

Income tax expenses comprised of:

	For the six months ended June 30,
	2024		2025
	RMB		RMB		US
Current		18		—
Deferred		—		—
		18		—

All values are in US Dollars.

F-26

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

12. TAXATION (cont.)

The reconciliation of tax computed by applying the statutory income tax rate of 25% for the six months ended June 30, 2024 and 2025 applicable to the PRC operations to income tax expense were as follows:

	For the six months ended <br> June 30,
	2024			2025
Statutory income tax rate		25.00	%		25.00	%
Income tax exemptions and reliefs		12.89	%		(14.52	)%
Income tax difference under different tax jurisdictions		(1.27	)%		(4.84	)%
Non-deductible expense		0.12	%		(0.18	)%
Development & research expense		(38.38	)%		38.27	%
Prior year loss carry forward		(15.80	)%		—
Effect of change in valuation allowance		17.37	%		(43.73	)%
Income tax expense		(0.07	)%		—

For the purpose of presentation in the consolidated balance sheets, deferred income tax assets and liabilities have been offset, and included in other assets on the accompanying consolidated balance sheets. Significant component of deferred tax assets and liabilities are as follows:

	As of
	December 31, <br> 2024			June 30, 2025
	RMB			RMB			US
Deferred tax assets
Net operating loss carry-forwards		38,955			44,243
Valuation allowance		(38,955	)		(44,243	)		)
Total deferred tax assets		—			—

All values are in US Dollars.

The Company operates through several subsidiaries. Valuation allowance is considered for each of the entities. Realization of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing deductible temporary differences and tax loss or credit carry forwards. The Company evaluates the potential realization of deferred tax assets on an entity-by-entity basis.

F-27

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

13.Ordinary shares

The Company was incorporated in the Cayman Islands in August 2015 under the Cayman Islands Companies Law as an exempted company with limited liability. The Company authorized 3,500,000,000 shares with US$0.00001428571428 par value and issued 416,920,000 shares to three shareholders in exchange for RMB41 (US$6). As of June 30, 2025, the number of outstanding ordinary shares is 1,230,609,377.

14. RESTRICTED NET ASSETS

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries, the VIE and subsidiaries of the VIE. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the unaudited interim condensed consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries, the VIE and subsidiaries of the VIE.

In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s PRC subsidiaries, a foreign-invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve fund until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. Shanghai Mihe was established as a foreign-invested enterprise and, therefore, is subject to the above mandated restrictions on distributable profits. For the six months ended June 30, 2024 and 2025, WFOE did not have after-tax profit and therefore no statutory reserves have been allocated.

Foreign exchange and other regulations in the PRC may further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital and statutory reserves of the Company’s PRC subsidiaries, as determined pursuant to PRC generally accepted accounting principles. As of June 30, 2025, restricted net assets of the Company’s PRC subsidiaries were RMB264,059 (US$36,861).

F-28

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

15. LEASES

The Company entered into operating lease agreements for office spaces and employee dormitories. None of the amounts disclosed below for these leases contains variable payments, residual value guarantees or options that were recognized as part of the right-of-use assets and lease liabilities. As the Company’s leases did not provide an implicit discount rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

As of June 30, 2025, the Company recognized operating lease liabilities, including current and noncurrent, in the amount of RMB3,744 (US$523) and the corresponding operating lease right-of-use assets of RMB3,792 (US$529).

Rent expense for the six months ended June 30, 2024 and 2025 was RMB1,385 and RMB1,186 (US$166) respectively.

Lease commitments

The Company’s maturity analysis of operating lease liabilities as of June 30, 2025 is as follows:


Remaining of 2025	1,233
2026	2,261
2027	410
2028	—
Total lease payment	3,904
Less imputed interest	(160	)
Present value of operating lease liabilities	3,744
Less: current obligation	(2,129	)
Long-term obligation as of June 30, 2025 (RMB)	1,615
Long-term obligation as of June 30, 2025 (US)	226

All values are in US Dollars.

Supplemental disclosure related to operating leases were as follows:

	For the six months ended June 30,

| | 2024 | | | 2025 | | | | |

| | RMB | | | RMB | | | US | |

| Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | |

| Operating cash flows for operating leases | | 1,451 | | | 1,233 | | | |

| Weighted average remaining lease term of operating leases (years) | | 2.55 | | | 1.70 | | | |

| Weighted average discount rate of operating leases | | 4.75 | % | | 4.75 | % | | % |

All values are in US Dollars.

F-29

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

16. NET REVENUES

The following table presents the Company’s revenues disaggregated by service lines for the six months ended June 30, 2024 and 2025:

	For the six months ended June 30,
	2024		2025
	RMB		RMB		US
Subscription revenue from users		46,335		28,523
Licensing revenues from content aggregators and distributors		117,899		144,716
Revenue from content sold to hardware manufacturers		23,364		14,251
Revenue from sales of digital educational hardware devices		10,350		21,012
		197,948		208,502

All values are in US Dollars.

The following table presents the movement of the Company’s contract liabilities for the six months ended June 30, 2024 and 2025:

	As of June 30,
	2024			2025
	RMB			RMB			US
Balance at the beginning of the year		25,806			26,346
Cash payment received from the customers		44,490			40,716
Revenue and value-added tax recognized		(56,047	)		(47,767	)		)
Balance at the end of the year		14,249			19,295

All values are in US Dollars.

The amount of revenue recognized that was included in the contract liabilities at the beginning of the year were RMB52,875 and RMB45,063(US$6,291) for the six months ended June 30, 2024 and 2025, respectively.

17. SHARE BASED COMPENSATION

Share option plan (the “2016 Plan”)

On April 6, 2016, the shareholders and Board of Directors of the Company approved the 2016 Plan. Under the 2016 Plan, the maximum aggregate number of shares that may be issued shall not exceed 130,666,669. The terms of the options shall not exceed ten years from the date of grant. All share options to be granted under the 2016 Plan have a contractual term of six years and generally vest over 2 to 4 years in the grantee’s option agreement. The purpose of the 2016 Plan is to attract and retain exceptionally talented and qualified individuals, and to motivate them to exercise their best efforts on behalf of the Company through valuable incentives and awards. In 2024, the Company signed renewal agreements with employees whose contractual terms were expiring, extending the contractual terms by three years. As of March 31, 2025, all share awards for an aggregate of 130,666,669 ordinary shares have been granted and have vested pursuant to the 2016 Plan.

A summary of the employee equity award activity under the 2016 Plan is stated below:

	Number of		Weighted- <br> average <br> exercise <br> price		Weighted- <br> average <br> grant-date <br> fair value		Weighted- <br> average <br> remaining <br> contractual <br> term		Aggregate <br> intrinsic <br> Value

| | options | | RMB | | RMB | | Years | | RMB | |

| Outstanding, December 31, 2024 | | 49,270,000 | | 0.06 | | 0.06 | | 1.1 | | — |

| Granted | | — | | — | | — | | — | | — |

| Forfeited | | — | | — | | — | | — | | — |

| Outstanding, June 30, 2025 | | 49,270,000 | | 0.06 | | 0.06 | | 0.7 | | — |

| Vested and expected to vest at June 30, 2025 | | 49,270,000 | | 0.06 | | 0.06 | | 0.7 | | — |

| Exercisable at June 30, 2025 | | 49,270,000 | | 0.06 | | 0.06 | | 0.7 | | — | | Outstanding, December 31, 2023 | | 49,270,000 | | 0.06 | | 0.06 | | 1.9 | | — |

| Granted | | — | | — | | — | | — | | — |

| Forfeited | | — | | — | | — | | — | | — |

| Outstanding, June 30, 2024 | | 49,270,000 | | 0.06 | | 0.06 | | 1.6 | | — |

| Vested and expected to vest at June 30, 2024 | | 49,270,000 | | 0.06 | | 0.06 | | 1.6 | | — |

| Exercisable at June 30, 2024 | | 49,270,000 | | 0.06 | | 0.06 | | 1.6 | | — |

F-30

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

17. SHARE BASED COMPENSATION (cont.)

The aggregate intrinsic value is calculated as the difference between the exercise price of the awards and the fair value of the underlying Ordinary Shares at each reporting date, for those awards that had exercise price below the estimated fair value of the relevant Ordinary Shares.

Share incentive plan(the “2025 Plan”)

On January 5, 2025, the shareholders and Board of Directors of the Company approved the 2025 Plan. Under the 2025 Plan, the maximum aggregate number of shares that may be issued shall not exceed 63,082,980. On April 27, 2025, the Company adopted the Amended and Restated 2025 Plan, pursuant to which the maximum aggregate number of Ordinary Shares available for grant of awards is increased to 192,502,980.

The terms of the options shall not exceed ten years from the date of grant. The purpose of the 2026 Plan is to selected directors, employees and other eligible persons to incentivize their performance and align their interests with the Company. Under the 2025 plan, restricted shares may be granted to staff members, consultants and non-employee directors

A summary of the restricted share activities under the 2025 Plan is stated below:

	Number of			Weighted- <br> average <br> grant-date <br> fair value
	shares			RMB
Outstanding, December 31, 2024		—			—
Granted		4,539,290			1.15
Vested		(4,539,290	)		(1.15	)
Canceled/Forfeited		—			—
Outstanding, June 30, 2025		—			—

Total share-based compensation cost for the restricted shares amounted to RMB5,228 for the six months ended June 30, 2025.The Company determined the fair value of restricted shares based on its stock price on the date of grant.

18. RELATED PARTY TRANSACTIONS

a) Related parties

Shanghai Xiyan Enterprise Management Center	Non-controlling shareholder of the Company’s subsidiary

| Shanghai Diyi | Equity investee of the Company |

b) Amount due from related parties

		As of

| | | RMB | | RMB | | US |

| Shanghai Diyi | Accounts receivable | | 757 | | 244 | |

| Shanghai Xiyan Enterprise Management Center | Deposit, Prepaid rent fee | | 45 | | — | |

| | | | 802 | | 244 | |

All values are in US Dollars.

F-31

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

18. RELATED PARTY TRANSACTIONS (cont.)

c) Amount due to related parties

		As of

| | | RMB | | RMB | | US |

| Shanghai Diyi | Advance from Customer | | 7 | | — | |

| | | | 7 | | — | |

All values are in US Dollars.

d) Net Revenues — RelatedParty

	For the six months ended <br><br>June 30,
Name of Related Party	2024		2025
	RMB		RMB		US
Shanghai Diyi		2,634		231

All values are in US Dollars.

e) Cost of revenues — RelatedParty

	For the six months ended <br><br>June 30,
Name of Related Party	2024		2025
	RMB		RMB		US
Shanghai Diyi		972		185

All values are in US Dollars.

f) General and administrative expense — Leaseexpense

	For the six months ended <br><br>June 30,
Name of Related Party	2024		2025
	RMB		RMB		US
Shanghai Xiyan Enterprise Management Center		126		—

All values are in US Dollars.

19. PARENT COMPANY ONLY CONDENSED FINANCIALINFORMATION

Condensed balance sheets

****	As of							****
****	December 31, 2024		****	June 30, 2025				****
****	RMB		****	RMB		****	US	****
ASSETS
Current assets:
Cash and cash equivalents		10,995			10,321
Amount due from subsidiaries		244,981			245,261
Total current assets		255,976			255,582
Non-current assets
Intangible assets		12,504			11,795
Investment in subsidiaries		(126,637	)		(138,523	)		)
Total non-current assets		(114,133	)		(126,728	)		)
Total assets		141,843			128,854

All values are in US Dollars.

F-32

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

19. PARENT COMPANY ONLY CONDENSED FINANCIALINFORMATION (cont.)


			June 30, 2025
			RMB			US
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	1,642			—
Amount due to subsidiaries	8,231			9,256
Total liabilities	9,873			9,256
Shareholders’ equity:
Ordinary shares (US0.00001428571428 par value; 3,500,000,000 and 3,500,000,000 shares authorized; 1,152,740,747 and 1,230,609,377 shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively)	119			126
Additional paid-in capital	267,626			275,456
Statutory reserve	7,411			7,460
Accumulated deficit	(143,585	)		(164,928	)		)
Accumulated other comprehensive income	399			1,484
Total shareholders’ equity	131,970			119,598
Total liabilities, shareholders’ equity	141,843			128,854

All values are in US Dollars.

Condensed statement of comprehensive income

	For the six months ended <br><br>June 30,
	2024			2025
	RMB			RMB			US
General and administrative expenses		(20	)		(25	)		)
Research and development expenses		—			(667	)		)
Total operating expenses		(20	)		(692	)		)
Operating loss		(20	)		(692	)		)
Exchange gain (loss)		1,253			(1,606	)		)
Share of profits (loss) from subsidiaries and Consolidated VIEs		25,390			(18,996	)		)
Income (loss) before taxes		26,623			(21,294	)		)
Income tax expense		—			—
Net income(loss)		26,623			(21,294	)		)
Comprehensive income (loss)
Net income (loss)		26,623			(21,294	)		)
Other comprehensive income (loss)
Foreign currency translation adjustment		—			(1,085	)		)
Total comprehensive income (loss)		26,623			(22,379	)		)

All values are in US Dollars.

F-33

JINXIN TECHNOLOGY HOLDING COMPANYNOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSENDED JUNE 30, 2024 AND 2025(Amounts in thousands of RMB and US$, except for number of shares and per share data)

19. PARENT COMPANY ONLY CONDENSED FINANCIALINFORMATION (cont.)

Condensed statements of cash flows

	For the six months ended <br><br>June 30,
	2024		2025
	RMB		RMB			US
Net cash provided by (used in) operating activities		55		(2,784	)		)
Net cash used in investing activities		—		(917	)		)
Net cash provided by financing activities		—		3,027
Net increase(decrease) in cash and cash equivalents		55		(674	)		)
Cash and cash equivalents at beginning of year		58		10,995
Cash and cash equivalents at end of year		113		10,321

All values are in US Dollars.

Basis of presentation

In the Company-only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since inception.

The Company records its investment in its subsidiary under the equity method of accounting as prescribed in ASC 323-10, Investment-Equity Method and Joint Ventures, and such investment is presented on the balance sheets as “Investments in subsidiaries” and the share of the subsidiaries’ profit or loss is presented as “Share of profits of subsidiaries and Consolidated VIEs” on the statements of operations.

The subsidiaries did not pay any dividends to the Company for the years presented.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Company’s unaudited interim condensed consolidated financial statements.

20. SUBSEQUENT EVENTS

On October 22, 2025, the board of directors of the Company has authorized a share repurchase program under which the Company may repurchase up to US$2 million worth of its ordinary shares (including in the form of American depositary shares) over a period until October 21, 2026.

The Company has assessed all events from June 30, 2025 up through December 3, 2025, which is the date that these unaudited interim condensed consolidated financial statements are available to be issued, there are not any material subsequent events that require disclosure in these unaudited interim condensed consolidated financial statements.

F-34

Exhibit99.2

MANAGEMENT’SDISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED June 30, 2024 AND 2025

You should read the followingdiscussion and analysis of our financial condition and results of operations in conjunction with our unaudited interim condensed consolidatedfinancial statements and the related notes. This discussion contains forward-looking statements that involve risks and uncertaintiesabout our business and operations. Our actual results and the timing of selected events may differ materially from those anticipated inthese forward-looking statements as a result of various factors.

A. Operating Results

Key Factors Affecting Our Results of Operations

Our results of operations and financial condition are affected by the general factors driving China’s K-9 digital educational content services market. We have benefited from the China’s overall economic growth, significant urbanization rate, and higher per capita disposable income of urban households in China, which has allowed many households in China to spend more on education. Our results of operations and financial condition are also affected by a number of technological advancements in the K-9 digital educational content services market, including technological advancements in interaction, gamification and other content features that contribute to continued improvement in children’s learning experience and education quality, as well as the increasing mobile internet penetration in China.

While our business is influenced by these general factors, we believe our results of operations are also directly affected by certain company specific factors, including the following major factors:

Our ability to grow our user base, especiallypaying user base

We currently derive all of our revenues from fees charged to users and business partners for the contents on our learning app and platform. Our revenues are driven by the increase in the number of our paying users, which is affected by our ability to grow the number of registered users, and our ability to convert a greater portion of our registered users into paying users. Our ability to maintain and enhance user engagement, depends on, among other things, our ability to continually offer popular digital educational contents and provide an engaging and effective learning experience. The number of our cumulative registered users increased from 43.9 million as of December 31, 2024 to 46.1 million as of June 30, 2025. Our paying users increased from 1.42 million in 2022 to 1.46 million in 2023 and further to 1.52 million in 2024, and increased from 0.83 million in the six months ended June 30, 2024 to 0.85 million in the six months ended June 30, 2025. Furthermore, we had a quite strong performance in terms of the retention of our paying users.

Our ability to optimize our product andcontent offerings

We offer a diversified suite of integrated digital educational contents to individual users and distributors, and our results are affected by the gross margins for the mix of products and contents we offer. We intend to continue to leverage our integrated strategy to optimize our product mix and develop new products and contents with higher gross margins that meet diversified needs of both individual users and distributors.

Our ability to manage our costs and operatingexpenses effectively

Our results of operations are affected by our ability to control our costs. In an effort to improve our operating efficiency, we continuously upgrade our content generation engine, optimize our content development process, and strive to improve the efficiency of content development and work productivity, which help reduces content development costs. We also manage to control our operating expenses through streamlining the organizational structure, optimizing personnel structure, as well as strengthening budget control. We intend to continue to prudently control our costs for our digital educational materials.

We have also incurred substantial research and development expenses and continue to improve our technologies to offer innovative content compelling to users. We plan to continue investing in technological innovations and monitoring relevant expenses.

Historically, we have been able to maintain our sales and marketing expenses as a relatively low percentage of our revenues, due to our strong brand reputation and word-of-mouth referrals from existing customers and users. Through our Wechat enterprise account, we have been able to establish a strong private domain traffic pool, which facilitates closer relationships with our users, enables more precise marketing and enhances conversion rate. Since we launched our Wechat enterprise account in December 2021, we have recorded private traffic of over 470,000 users. Leveraging such traffic pool, we have launched various marketing programs to fuel our growth of sales. We intend to continue to leverage our existing brand value and to efficiently market our product and content offerings.

Our ability to continue to upgrade our technologicalcapabilities

We have a strong ability to deploy advanced technologies into our learning app and content creation, which differentiates us from our competitors and is also a key factor that affects our revenues and financial results. We also employ strong in-house content development expertise in educational materials, gamification features, video and audio effects as well as art design. We leverage our expertise in applying advanced technologies to infuse our educational contents with solid pedagogy and elements of fun. We also utilize AI technologies and big data analysis to provide superior user experience. We will continue to increase our investments in developing and upgrading our technology with a focus on providing a uniquely interactive and effective learning experience. Our emphasis will be on technological advancement, such as AR/VR/metahuman/AI-generated content technologies and other metaverse related features to further optimize the immersive self-learning experience for children. We believe our ability to grow our business significantly depends on our ability to continue to upgrade our technological capabilities to optimize our product and content offerings.

KEY COMPONENTS OF RESULTS OF OPERATIONS

Revenues

We derived revenues from (i) provision of digital educational contents to individual users through our Namibox app, (ii) licensing content aggregators and distributors, who are mainly telecom and broadcast operators, to distribute our digital educational contents through their platforms to end users, (iii) sales of digital educational contents to hardware manufacturers for them to pre-install our digital contents in their devices to be sold to end users, (iv) sales of digital educational hardware devices, featured with the installation of our digital educational contents, to hardware distributors for them to sell our devices to end users, and (ⅴ) other revenues, primarily representing the public opinion monitoring and public relations services we provided to certain mainstream telecom and broadcast operators. The following table sets forth a breakdown of our revenues both in absolute amounts and as a percentage of our total revenues for the years indicated.

	For the Six Months Ended June 30,
	2024				2025
	RMB		%		RMB		US	%
	(in thousands, except for percentages)
Revenues:
Subscription revenue from users		46,335		23.4		28,523			13.7
Licensing revenues from content aggregators and distributors		117,899		59.6		144,716			69.4
Revenue from content sold to hardware manufacturers		23,364		11.8		14,251			6.8
Revenue from sales of digital educational hardware devices		10,350		5.2		21,012			10.1
Total		197,948		100.0		208,502			100.0

All values are in US Dollars.

Cost of Revenues

Costs of revenues consist primarily of (i) staff costs, (ii) digital educational content costs, (iii) inventory cost and (iv) others. The following table sets forth a breakdown of our cost of revenues by nature both in absolute amounts and as a percentage of our total cost of revenues for the periods indicated.

	For the Six Months Ended June 30,
	2024				2025
	RMB		%		RMB		US	%
	(in thousands, except for percentages)
Cost of revenues:
Staff costs		3,028		2.3		3,625			2.0
Digital educational content costs		116,038		89.2		153,217			86.3
Inventory cost		10,356		8.0		20,670			11.6
Others		717		0.5		17			0.1
Total		130,139		100.0		177,529			100.0

All values are in US Dollars.

Operating Expenses

Our operating expenses consist of sales and marketing expenses, research and development expenses and general and administrative expenses. The following table sets forth a breakdown of our operating expenses both in absolute amounts and as a percentage of our total operating expenses for the periods indicated.

Sales and marketing expenses

General and administrative expenses

General and administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions and those not specifically dedicated to research and development activities, depreciation and amortization of fixed assets which are not used in research and development activities, legal and other professional services fees, rental and other general corporate related expenses.

Research and development expenses

Research and development costs are expensed as incurred. These costs primarily consist of payroll and related expenses for personnel engaged in research and development activities.

	For the Six Months Ended June 30,
	2024				2025
	RMB		%		RMB		US	%
	(in thousands, except for percentages)
Sales and marketing expenses		10,995		30.6		8,805			16.1
General and administrative expenses		11,858		33.1		20,715			37.7
Research and development expenses		12,997		36.3		25,359			46.2
Total		35,850		100.0		54,879			100.0

All values are in US Dollars.

RESULTS OF OPERATIONS

The following table sets forth a summary of our consolidated results of operations for the periods indicated, both in absolute amounts and as a percentage of our total revenues. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.

	For the Six Months Ended June 30,
	2024						2025
	RMB			%			RMB			US		%
Revenues		197,948			100.0			208,502					100.0
Cost of revenues		(130,139	)		(65.7	)		(177,529	)		)		(85.1	)
Gross profit		67,809			34.3			30,973					14.9
Operating expenses
Sales and marketing expenses		(10,995	)		(5.5	)		(8,805	)		)		(4.3	)
General and administrative expenses		(11,858	)		(6.0	)		(20,715	)		)		(9.9	)
Research and development expenses		(12,997	)		(6.6	)		(25,359	)		)		(12.2	)
Total operating expenses		(35,850	)		(18.1	)		(54,879	)		)		(26.4	)
Operating income (loss)		31,959			16.2			(23,906	)		)		(11.5	)
Other income		560			0.3			4					-
Other expenses		(3	)		0.0			—					—
Interest income		88			0.0			136					0.1
Gain from equity method investments		270			0.1			2,571					1.2
Investment income		366			0.2			404					0.2
Exchange gain (loss)		14			0.0			(1,558	)		)		(0.7	)
Government subsidy		294			0.1			1,273					0.6
Income (loss) before income taxes		33,548			16.9			(21,076	)		)		(10.1	)
Income tax expense		(18	)		(0.0	)		—					—
Net income (loss)		33,530			16.9			(21,076	)		)		(10.1	)

All values are in US Dollars.

Six Months ended June 30, 2025 comparedto Six Months ended June 30, 2024

Net Revenues

Our revenues increased by 5.4% from RMB197.9million for the six months ended June 30, 2024 to RMB 208.5million (US$29.1 million) for the six months ended June 30, 2025, primarily due to the increase of revenue from sales of digital educational hardware devices.

*Revenue from individualusers.*Our subscription revenue from individual users decreased from RMB46.3 million for the six months ended June 30, 2024 to RMB28.5million (US$4.0 million) for the six months ended June 30, 2025, primarily due to a discounted monthly subscription price to attract end customers.

*Revenue from content aggregatorsand distributors.*Our revenue from content aggregators and distributors, who are mainly telecom and broadcast operators, increased by 22.7%from RMB117.9 million for the six months ended June 30, 2024 to RMB144.7 million (US$20.2 million) for the six months ended June 30, 2025. The increase was primarily due to price reduction to secure long-term cooperation with hardware manufacturers.

*Revenue from hardware manufacturers.*Our revenue from hardware manufacturers decreased by 38.9%from RMB23.4 million for the six months ended June 30, 2024 to RMB14.3 million (US$2.0 million) for the six months ended June 30, 2025, primarily due to price reduction to secure long-term cooperation with hardware manufacturers.

*Revenue from hardware distributors.*Our revenue from hardware distributors increased from RMB10.4 million for the six months ended June 30, 2024 to RMB21.0million (US$2.9 million) for the six months ended June 30, 2025, due to the launch of new product categories.

Cost of Revenues

Our cost of revenues increased by 36.4% from RMB130.1million for the six months ended June 30, 2024 to RMB177.5million (US$24.8 million) for the six months ended June 30, 2025, primarily due to increased cost of licenses purchased from publishers.

Gross Profit

As a result of the foregoing, our gross profit decreased by 54.3% from RMB67.8 million for the six months ended June 30, 2024 to RMB31.0 million (US$4.3 million) for the six months ended June 30, 2025. Our gross profit margin was 34.3% and 14.9% for the six months ended June 30, 2024 and 2025, respectively.

Operating Expenses

Our total operating expenses increased by 52.9% from RMB35.9 million for the six months ended June 30, 2024 to RMB54.9 million (US$7.7 million) for the six months ended June 30, 2025, reflecting the increases in research and development expenses.

*Sales and marketing expenses.*Our sales and marketing expenses decreased by 20.0%from RMB11.0 million for the six months ended June 30, 2024 to RMB8.8 million (US$1.2 million) for the six months ended June 30, 2025, primarily due to the decreased marketing promotion.

*General and administrativeexpenses.*Our general and administrative expenses increased by 73.9% from RMB11.9 million for the six months ended June 30, 2024 to RMB20.7 million (US$2.9 million) for the six months ended June 30, 2025. This increase was primarily due to increased payroll expenses and share-based compensation.

*Research and developmentexpenses.*Our research and development expenses increased by 95.4% from RMB13.0 million for the six months ended June 30, 2024 to RMB25.4million (US$3.5 million) for the six months ended June 30, 2025, primarily due to the increased professional service fees.

Operating Income (loss)

Our operating loss was RMB23.9 million (US$3.3 million) for the six months ended June 30,2025, compared to operating income of RMB32.0 million for the six months ended June 30, 2024.

Net Income (loss)

As a result of the foregoing, we had net loss of RMB21.1 million (US$2.9 million) for the six months ended June 30, 2025, compared to net income of RMB33.5 million for the six months ended June 30, 2024.

B. Liquidity and Capital Resources

Cash Flows and Working Capital

The following table sets forth a summary of our cash flows for the periods presented:

	For the six months ended June 30,
	2024			2025
	RMB			RMB			US
	(in thousands)
Net cash provided by operating activities		19,992			14,217
Net cash used in investing activities		(59,992	)		(55,949	)		)
Net cash provided by (used in) financing activities		(3,024	)		3,531
Effect of exchange rate changes		—			770
Net decrease in cash and cash equivalents		(43,024	)		(37,431	)		)
Cash and cash equivalents at beginning of year		75,132			92,586
Cash and cash equivalents at end of year		32,108			55,155

All values are in US Dollars.

To date, we have financed our operating and investing activities primarily through cash generated from operating activities. As of June 30, 2024 and 2025, our cash and cash equivalents were RMB32.1 million and RMB55.2million (US$7.7 million), respectively. Our cash and cash equivalents primarily consist of bank deposits.

We believe that our current cash and cash equivalents and expected cash provided by operating activities will be sufficient to meet our current and anticipated working capital requirements and capital expenditures for the next twelve months. We may, however, need additional cash resources in the future if we experience changes in business conditions or other developments. We may also need additional cash resources in the future if we identify and wish to pursue opportunities for investment, acquisition, capital expenditure or similar actions.

As of June 30, 2025, 97.8% and 2.2% of our cash and cash equivalents were held in mainland China and Hong Kong, respectively. Substantially all of our cash and cash equivalents were denominated in Renminbi. As of June 30, 2025, 40.9% of cash and cash equivalents were held by the VIE and its subsidiaries.

Although we consolidate the results of the VIE and its subsidiaries, we only have access to the assets or earnings of the VIE and its subsidiaries through our contractual arrangements with the VIE and its shareholders. See “Corporate History and Structure — Contractual Arrangements with the VIE and its Shareholders.” For restrictions and limitations on liquidity and capital resources as a result of our corporate structure, see “— Holding Company Structure.”

All of our revenues have been, and we expect they are likely to continue to be, in the form of Renminbi. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior SAFE approval as long as certain routine procedural requirements are fulfilled. Therefore, our PRC subsidiary is allowed to pay dividends in foreign currencies to us without prior SAFE approval by following certain routine procedural requirements. However, current PRC regulations permit our PRC subsidiary to pay dividends to us only out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. Our PRC subsidiary is required to set aside at least 10% of its after-tax profits after making up previous years’ accumulated losses each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of its registered capital. These reserves are not distributable as cash dividends. Historically, our PRC subsidiary has not paid dividends to us, and they will not be able to pay dividends until they generate accumulated profits. Furthermore, capital account transactions, which include foreign direct investment in and loans to our PRC subsidiary, must be approved by and/or registered with SAFE, its local branches and certain local banks.

As a Cayman Islands exempted company and offshore holding company, we are permitted under PRC laws and regulations to provide funding to our PRC subsidiary only through loans or capital contributions, subject to the approval, filings or registration of government authorities and limits on the amount of capital contributions and loans. This may delay us from using the proceeds from this offering to make loans or capital contributions to our PRC subsidiary. We expect to invest substantially all of the proceeds from this offering in our PRC operations for general corporate purposes within the business scopes of our PRC subsidiary and the VIE and its subsidiaries. See “Risk Factors — Risks Relating to Doing Business in China — PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of this offering to make loans to our PRC subsidiary and the VIE in China, which could materially and adversely affect our liquidity and our ability to fund and expand our business.”

Operating Activities

Net cash generated from operating activities was RMB14.2 million (US$2.0 million) in the six months ended June 30, 2025. The difference between our net cash provided by operating activities and our net loss of RMB21.1 million (US$2.9 million) was due to the combined effect of adjustments for non-cash items and changes in working capital. Adjustments for non-cash items primarily included depreciation and amortization of office property and equipment and lease expense of RMB20.1 million (US$2.8 million). Changes in working capital mainly resulted from a decrease in accounts receivable of RMB10.7 million (US$1.5 million), a decrease in contract liabilities of RMB5.7 million (US$0.8 million), and partially offset by an increase in advance to suppliers of RMB6.0 million (US$0.8 million), an increase in inventories of RMB4.0 million (US$0.6 million), an increase in accounts payable of RMB20.7 million (US$2.9 million).

Net cash generated from operating activities was RMB20.0 million in the six months ended June 30, 2024. The difference between our net cash provided by operating activities and our net income of RMB33.5 million was due to the combined effect of adjustments for non-cash items and changes in working capital. Adjustments for non-cash items primarily included depreciation and amortization of office property and equipment and lease expense of RMB14.4 million. Changes in working capital mainly resulted from an increase in accounts receivable of RMB17.1 million, a decrease in contract liabilities of RMB11.6 million, and partially offset by a decrease in advance to suppliers of RMB2.2 million.

Investing Activities

Net cash used in investing activities was RMB55.9 million (US$7.8 million) in the six months ended June 30, 2025, primarily due to (i) payments for short-term investments of RMB22.5 million (US$3.1 million), and (ii) purchase of intangible assets of RMB30.4 million (US$4.3 million).

Net cash used in investing activities was RMB60.0 million in the six months ended June 30, 2024, primarily due to (i) payments for short-term investments of RMB30.8 million, and (ii) purchase of intangible assets of RMB26.2 million.

Financing Activities

Net cash generated from financing activities was RMB3.5 million (US$0.5 million) in the six months ended June 30, 2025, primarily due to proceeds from the initial public offering of RMB3.0 million (US$0.4 million).

Net cash used in financing activities was RMB3.0 million in the six months ended June 30, 2024, primarily due to deferred expenses related to this offering of RMB3.0 million.

MATERIAL CASH REQUIREMENTS

Our material cash requirements as of June 30, 2025 and any subsequent interim period primarily include our capital expenditures, operating lease commitments and working capital requirements.

Our capital expenditures are primarily incurred for purchases of intangible assets, property and equipment. We made capital expenditures of RMB26.2 million and RMB23.6 million (US$3.3 million) in the six months ended June 30, 2024 and 2025. Our capital expenditures have been primarily funded by cash generated from our operations. We expect to continue to make capital expenditures to support the expected growth of our business. We also expect that cash generated from our operation activities and financing activities will meet our capital expenditure needs in the foreseeable future.

Our operating lease commitments consist of the commitments under the lease agreements for our office premises and employee dormitories. We lease our office facilities under non-cancelable operating leases with various expiration dates. Our operating lease commitments are related to our office lease agreements in China.

The following table sets forth our contractual obligations as of June 30, 2025:

	Payment due by June 30,
	Total		Remaining of 2025		2026		2027		2028
	(RMB in thousands)
Operating lease payment		3,904		1,233		2,261		410		—

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, 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 product development services with us.

Other than as shown above, we did not have any significant capital and other commitments, long-term obligations, or guarantees as of June 30, 2025.

HOLDING COMPANY STRUCTURE

Jinxin Technology Holding Company is a holding company with no material operations of its own. We conduct our operations primarily through our PRC subsidiary, the consolidated VIE and its subsidiaries. As a result, our ability to pay dividends depends upon dividends paid by our subsidiaries. If our existing PRC subsidiary or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our wholly foreign-owned subsidiaries in China are permitted to pay dividends to us only out of their accumulated after-tax profits, if any, as determined in accordance with PRC accounting standards and regulations. Under the PRC law, each of our PRC subsidiary and the VIE in China is required to set aside at least 10% of its after-tax profits each year, if any, after making up previous years’ accumulated losses, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, each of our wholly foreign-owned subsidiaries in China may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion funds and staff bonus and welfare funds at its discretion, and the VIE may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by the SAFE. Our PRC subsidiary has not paid dividends and will not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds.

As an offshore holding company, we are permitted under PRC laws and regulations to provide funding from the proceeds of our offshore fund raising activities to our PRC subsidiary only through loans or capital contributions, and to the consolidated VIE only through loans, in each case subject to the satisfaction of the applicable government registration and approval requirements. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our initial public offering to make loans to our PRC subsidiary and the VIE in China, which could materially and adversely affect our liquidity and our ability to fund and expand our business.” As a result, there is uncertainty with respect to our ability to provide prompt financial support to our PRC subsidiary and consolidated VIE when needed. Notwithstanding the foregoing, our PRC subsidiary may use its own retained earnings (rather than Renminbi converted from foreign currency denominated capital) to provide financial support to the consolidated VIE either through entrustment loans or direct loans to such consolidated VIE’s nominee shareholders, which would be contributed to the consolidated VIE as capital injections. Such direct loans to the nominee shareholders would be eliminated in our consolidated financial statements against the consolidated VIE’s share capital.

C. Research and Development, Patents and Licenses,etc.

See “Item 4. Information on The Company—4.B. Business Overview—Technology” and “Item 4. Information on The Company—4.B. Business Overview—Intellectual Property” of our annual report for the fiscal year ended December 31, 2024 filed with the SEC on April 18, 2025.

D. Trend Information

Other than as disclosed elsewhere in this interim report, we are not aware of any trends, uncertainties, demands, commitments or events for the six months ended June 30, 2025 that are reasonably likely to have a material and adverse effect on our revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial condition.

E. Critical Accounting Estimates

We prepare our consolidated financial statements in conformity with U.S. GAAP, which requires us to make judgments, estimates and assumptions. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of our accounting policies require a higher degree of judgment than others in their application and require us to make significant accounting estimates. The following descriptions of critical accounting estimates should be read in conjunction with our consolidated financial statements and accompanying notes and other disclosures included elsewhere in this annual report.

Impairment of Long-lived Assets Other ThanGoodwill

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than we had originally estimated. When these events occur, we evaluate the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, we recognize an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Impairment charge recognized for the six months ended June 30, 2024 and 2025 was nil.

Share-based Compensation

We apply ASC 718 (“ASC 718”), Compensation — Stock Compensation, to account for our employee share-based payments. In accordance with ASC 718, we determine whether an award should be classified and accounted for as a liability award or an equity award, and all of its share-based awards to employees have been classified as equity awards. The cost of these awards is measured based on the fair value at the grant date. The related compensation expense is recognized using an accelerated method over the requisite service period, which generally corresponds to the vesting period. For awards where no future service is required, the cost is expensed immediately on the grant date.

Valuation of Deferred Tax Assets

Deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. 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. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of loss and comprehensive loss in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.

Recently Issued Accounting Pronouncements

A list of recently issued accounting pronouncements that are relevant to us is included in Note 2 to our consolidated financial statements included elsewhere in this interim report.