Organization (Tables)

6 Months Ended

Jun. 30, 2026

Organization [Abstract]

Schedule of Principal Subsidiaries

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

Entity		Date of incorporation/ acquisition		Place of incorporation		Percentage of direct or indirect ownership by the Company		Principal activities
Subsidiaries:
Namibox Limited (“Namibox HK”)		August, 2015		Hong Kong		100% owned by Jinxin Technology Holding Company		Investment holding
Shanghai Mihe Information Technology Co., Ltd. (“Shanghai Mihe”)		November, 2015		PRC		100% owned by Namibox HK		Investment holding
Variable Interest Entities (the “VIEs”)
Shanghai Jinxin Network Technology Co., Ltd. (“Shanghai Jinxin”)		April, 2014		PRC		Contractual arrangements		Provision of digital textbook subscription services
Held directly by Shanghai Jinxing
Zhongjiao Enshi Education Technology (Shanghai) Co., Ltd. (“Zhongjiao Enshi”)		June, 2019		PRC		52% owned by Shanghai Jinxin		Provision of digital textbook subscription services
Shanghai Pindu Education Technology Co., Ltd. (“Shanghai Pindu”)		October, 2020		PRC		100% owned by Shanghai Jinxin		Provision of digital textbook subscription services

Entity		Date of incorporation/ acquisition		Place of incorporation		Percentage of direct or indirect ownership by the Company		Principal activities
Shanghai Mouding Education Technology Co., Ltd. (“Shanghai Mouding”)		May, 2021		PRC		100% owned by Shanghai Jinxin		Provision of digital textbook subscription services
Shanghai Jingche Network Technology Co., Ltd. (“Shanghai Jingche”)		October, 2022		PRC		100% owned by Shanghai Jinxin		Provision of digital textbook subscription services
Hainan Aixin Education Technology Limited (“Hainan Aixin”)		January, 2025		PRC		51% owned by Shanghai Jinxin		Provision of digital textbook subscription services
Shanghai Shuzhi Rongchuang Network Technology Co., Ltd.		May, 2026		PRC		99% owned by Shanghai Jinxin		IT Technical Services
Shanghai Xinzhi Future Network Technology Co., Ltd.		May, 2026		PRC		99% owned by Shanghai Jinxin		IT Technical Services

Schedule of Comparative VIE Financials

Comparative VIE financials, are set forth below:

		December 31, 2025				As of June 30, 2026
		RMB				RMB				US$
Current assets			103,022				117,260				17,282
Non-current assets:			60,718				55,197				8,135
Total assets			163,740				172,457				25,417
Current liabilities:			81,371				93,102				13,721
Non-current liabilities:			3,631				2,698				398
Total liabilities			85,002				95,800				14,119
Net asset			78,738				76,657				11,298

		For the six months ended June 30,
		2025				2026				2026
		RMB				RMB				US$
Net loss			(10,227	)			(2,080	)			(307	)
Net cash provided by operating activities			18,887				5,824				858
Net cash used in investing activities			(55,949	)			(37,738	)			(5,562	)
Net cash provided by (used in) financing activities			490				(5,010	)			(738	)

Schedule of Quantitative Metrics of the VIE

		As of June 30, 2026
		Parent company				WFOE (“Shanghai Mihe”)				Subsidiaries				Shanghai Jinxin and its subsidiaries (the VIEs)				Elimination of intercompany balances				Consolidated Financials				Consolidated Financials				% of the Consolidated Financials
		RMB				RMB				RMB				RMB				RMB				RMB				US$
		A				B				C				D				E				F=A+B+C+D+E								G=D/F

Cash and cash equivalents			6,474				368				900				18,305				—				26,047				3,839				70	%
Other current assets			—				41				39				95,872				—				95,952				14,142				100	%
Intercompany receivable from subsidiaries			178,368				12,071				5,730				—				(196,169	)			—				—				N/A
Intercompany receivable from WFOE			55,865				—				18,497				3,083				(77,445	)			—				—				N/A
Investment in WFOE			—				—				149,840				—				(149,840	)			—				—				N/A
Investment in subsidiaries			1,822				—				—				—				(1,822	)			—				—				N/A
Other non-current assets			10,002				—				—				55,197				—				65,199				9,609				85	%
Total assets			252,531				12,480				175,006				172,457				(425,276	)			187,198				27,590				92	%
Other current liabilities			—				284				138				81,031				—				81,453				12,004				99	%
Intercompany payables to parent company			8,801				35,589				178,367				12,071				(234,828	)			—				—				N/A
Non-current liabilities			—				—				—				2,698				—				2,698				398				100	%
Total liabilities			8,801				35,873				178,505				95,800				(234,828	)			84,151				12,402				114	%
Total shareholders’ equity (deficit)			243,730				(23,393	)			(3,499	)			76,657				(190,448	)			103,047				15,188				74	%
Total liabilities and shareholders’ equity (deficit)			252,531				12,480				175,006				172,457				(425,276	)			187,198				27,590				92	%

Revenues			—				1,732				17				140,346				—				142,095				20,942				99	%
Gross (loss) profit			(187	)			308				17				27,694				—				27,832				4,102				100	%
Total operating expenses			8,605				1,300				1,050				31,378				—				42,333				6,239				74	%
Net (loss) income			(7,547	)			(927	)			39				(2,081	)			—				(10,516	)			(1,548	)			20	%
Total comprehensive (loss) income			(15,404	)			(927	)			5,008				(2,081	)			—				(13,404	)			(1,974	)			16	%

Net cash provided by (used in) operating activities			7,293				(7,628	)			(8,230	)			5,824				—				(2,741	)			(404	)			(212	)%
Net cash provided by (used in) investing activities			—				10,104				—				(37,738	)			—				(27,634	)			(4,074	)			137	%
Net cash provided by (used in) financing activities			50				(1,019	)			919				(5,010	)			—				(5,060	)			(745	)			99	%
Effect of Exchange rate on cash			(8,418	)			(2,243	)			7,874				—				—				(2,787	)			(411	)			0	%

		As of June 30, 2025
		Parent company				WFOE (“Shanghai Mihe”)				Subsidiaries				Shanghai Jinxin and its subsidiaries (the VIEs)				Elimination of intercompany balances				Consolidated Financials				% of the Consolidated Financials
		RMB				RMB				RMB				RMB				RMB				RMB
		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 loss			(7,781	)			(1,653	)			(1,415	)			(10,227	)			—				(21,076	)			49	%
Total comprehensive (loss) income			(8,155	)			(1,653	)			44				(10,227	)			—				(19,991	)			51	%

Net cash provided by (used in) operating activities			(2,856	)			284				(748	)			18,887				(1,350	)			14,217				133	%
Net cash provided by (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