olivLaw · US equity research
Jinxin Technology Holding Company NAMI
Services-Educational Services · SIC 8200 · Vertical: Services-Educational Services (SIC 8200)
Jinxin Technology Holding Company, known as Namibox, provides digital educational content for primary and middle school students in China, built on digitized textbooks and in-house self-learning materials. Revenue reached RMB 413.0 million in fiscal 2025, yet the company also reported an operating loss that year, which puts margin trends at the centre of investor attention.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Jinxin Technology Holding Company (NAMI) stock was 1.85 USD (+2.78% on the day), with market capitalisation 2.6 bn USD, beta 0.26, 52-week range 1.59–26.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.3
- neutral
- Bollinger (20, 2)
- 1.64 – 2.15
- in the lower half of the band · %B 0.41 · band width 27.1%
- SMA 50 / 200
- 2.05 / 7.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.0% | −1.1% | −12.9 pp | — |
| 3 months | −37.7% | −0.5% | −37.3 pp | — |
| 6 months | −81.0% | +4.4% | −85.4 pp | — |
| Year to date | −90.3% | +12.3% | −102.6 pp | — |
| 1 year | −91.6% | +13.5% | −105.1 pp | −30.3% |
| 3 years | unavailable | +76.4% | unavailable | −16.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | 55.7 m | 59.1 m |
| Revenue YoY | unavailable | unavailable | unavailable | +6.1% |
| Net income | unavailable | unavailable | 2.8 m | -13.5 m |
| Net income YoY | unavailable | unavailable | unavailable | −586.0% |
| Diluted EPS | unavailable | unavailable | 0.00 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | 5.0% | -22.8% |
| Free cash flow | unavailable | unavailable | 3.4 m | -3.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.2 m USD
- Financial debt
- 2.1 m USD
- Net debt
- -7.0 m USD
- Equity
- 15.7 m USD
- Total assets
- 27.5 m USD
- Debt / equity
- 0.14x
- Current ratio
- 1.53x
- ROE
- -70.7%
- ROA
- -44.4%
- FCF margin
- -6.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 55.7 m | 59.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Cost of revenue | 39.7 m | 52.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Gross profit | 16.0 m | 6.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Research & development | 6.4 m | 7.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Operating income | 3.7 m | -14.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Depreciation & amortisation | 4.1 m | 5.5 m | SEC (XBRL)· 28 Apr 2026verified |
| EBITDA | 7.8 m ≈ | -9.4 m ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Interest expense | — | 4.0 k | SEC (XBRL)· 28 Apr 2026verified |
| Pre-tax income | 4.2 m | -14.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Income tax | — | 14.0 k | SEC (XBRL)· 28 Apr 2026verified |
| Net income | 2.8 m | -13.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Diluted EPS | 0.00 | -0.01 | SEC (XBRL)· 28 Apr 2026verified |
| Weighted average diluted shares | 515.6 m | 1.3 bn | SEC (XBRL)· 28 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 12.7 m | 9.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Receivables | 7.4 m | 3.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Inventories | 15.0 k | 328.0 k | SEC (XBRL)· 28 Apr 2026verified |
| Current assets | 22.3 m | 17.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Property, plant & equipment, net | 266.0 k | 250.0 k | SEC (XBRL)· 28 Apr 2026verified |
| Intangibles (excl. goodwill) | 8.5 m | 6.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Total assets | 33.3 m | 27.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Accounts payable | 5.2 m | 4.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Short-term debt | — | 2.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Current liabilities | 10.2 m | 11.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Total liabilities | 10.9 m | 11.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Equity | 22.4 m | 15.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Shares outstanding at year end | 1.2 bn | 1.4 bn | SEC (XBRL)· 28 Apr 2026verified |
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 3.5 m | -3.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Capex | 158.0 k | 112.0 k | SEC (XBRL)· 28 Apr 2026verified |
| Free cash flow | 3.4 m ≈ | -3.6 m ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Investing cash flow | -4.2 m | -3.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Financing cash flow | 3.0 m | 2.6 m | SEC (XBRL)· 28 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.6 bn USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -144.7% | 6 (vs peers) | 29% |
| Net margin · Quality | -22.8% | 16 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3,727.0x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.1% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Jinxin Technology Holding Company (NAMI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 59.1 m USD in 2025; YoY growth 6.1%; net margin -22.8%; ROE -89.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -144.7%
- Net margin: -22.8%
- Interest coverage: -3,727.0x
- FCF yield: -0.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Educational Services (SIC 8200) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EDUNew Oriental Education & Technology Group Inc. | 80.7 bn | 169.7 | 12.4% | 8.4% | +15.5% | +2% / −36% |
| LAURLaureate Education, Inc. | 4.8 bn | 12.9 | 34.1% | 20.3% | +8.6% | +14% / +168% |
| CVSACovista Inc. | 4.1 bn | 17.0 | 17.9% | 12.8% | +9.3% | +34% / +118% |
| COE51Talk Online Education Group | 4.1 bn | — | — | -17.6% | +88.6% | −73% / +43% |
| LOPEGrand Canyon Education, Inc. | 3.8 bn | 16.1 | 35.9% | 21.9% | +7.1% | −4% / +10% |
| LRNStride, Inc. | 3.3 bn | 10.9 | 20.9% | 13.2% | +4.7% | +25% / +31% |
| NAMIJinxin Technology Holding Company | 2.6 bn | — | -89.7% | -22.8% | +6.1% | −92% / unavailable |
| DAOYoudao, Inc. | 2.5 bn | 159.2 | — | 1.6% | +9.6% | +105% / +397% |
| PRDOPerdoceo Education Corp | 1.9 bn | 10.9 | 17.6% | 20.6% | +24.2% | +7% / +72% |
| STRAStrategic Education, Inc. | 1.7 bn | 12.4 | 8.2% | 10.5% | +4.0% | −5% / −16% |
| YQ17 Education & Technology Group Inc. | 1.5 bn | — | -46.5% | -145.6% | −41.5% | −41% / +14% |
| UTIUniversal Technical Institute, Inc | 1.2 bn | 36.3 | 10.5% | 3.9% | +14.0% | −3% / +91% |
| PXEDPhoenix Education Partners, Inc. | 794.4 m | 9.5 | 30.1% | 8.7% | +1.0% | −36% / unavailable |
| APEIAmerican Public Education, Inc. | 776.2 m | 17.5 | 15.6% | 6.8% | +3.9% | +22% / +439% |
| LINCLincoln Educational Services Corporation | 637.9 m | 28.0 | 11.9% | 4.0% | +17.8% | −2% / +117% |
| JZJianzhi Education Technology Group Company Limited | 522.3 m | — | -44.4% | -22.4% | −70.6% | −98% / −100% |
| GOTUGaotu Techedu Inc. | 373.9 m | — | -20.8% | -5.3% | +40.9% | −0% / −9% |
| IHiHuman Inc. | 245.2 m | 22.8 | 10.0% | 11.8% | −8.7% | −60% / −59% |
| FEDUFour Seasons Education (Cayman) Inc. | 210.5 m | 46.6 | 6.8% | 12.1% | +7.6% | −30% / +13% |
| LXEHLixiang Education Holding Co. Ltd. | 155.2 m | — | -83.1% | -395.4% | −1.9% | −63% / −99% |
| LGCYLegacy Education Inc. | 118.1 m | 14.0 | 19.5% | 11.4% | +24.8% | −12% / unavailable |
| EEIQEpicQuest Education Group International Limited | 93.6 m | — | -34.8% | -27.2% | +9.6% | −23% / −81% |
| VSAVisionSys AI Inc | 81.8 m | 0.3 | — | 164,963.8% | −99.9% | −97% / −100% |
| CHGGChegg, Inc | 71.1 m | — | -30.7% | -17.2% | −39.0% | −34% / −94% |
| AMBOAmbow Education Holding Ltd. | 62.3 m | — | -2.9% | -2.6% | +0.8% | −61% / −10% |
1- and 3-year price returns: for NAMI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (27 Oct 2026), 6-K (22 Sept 2026), 6-K (21 Sept 2026), 6-K (15 Sept 2026), 6-K (14 Jul 2026), 6-K (23 Jun 2026).
In brief
Jinxin Technology Holding Company, known as Namibox, provides digital educational content for primary and middle school students in China, built on digitized textbooks and in-house self-learning materials. Revenue reached RMB 413.0 million in fiscal 2025 1, yet the company also reported an operating loss that year, which puts margin trends at the centre of investor attention.
SWOT
Strengths
- The company has a recognised brand in the K-9 segment, a large base of registered users and an app with significant cumulative downloads 1.
- Authorisations from major textbook publishers and an in-house content generation engine could provide a differentiation advantage 1.
- Distribution through operators and hardware makers extends reach to users without heavy marketing costs 1.
Weaknesses
Opportunities
Risks
- Operating losshigh
The company reported an operating loss in 2025 after profits in earlier years, raising questions about the sustainability of the current cost model 1.
- Declining gross marginhigh
Gross margin has fallen substantially in recent years as digital content costs rose 1. If this trend continues, operating results could stay under pressure.
- VIE structuremedium
Operations run through a variable interest entity based on contractual arrangements, which can create legal uncertainty for foreign investors 1.
- Dependence on operators and makersmedium
A significant share of revenue comes from licensing to distributors, under contracts with limited terms and automatic renewal 1. Changes in terms could affect revenue.
- Regulation in Chinamedium
The business is subject to Chinese laws on education and technology, and regulatory changes could limit the offering or the monetisation model 1.
Investment thesis
What would need to be true (bull case)
- If margins stabilise and the company converts its large registered base into a growing number of paying users, profitability could return 1.
- Authorisations from textbook publishers and proprietary technology could support a differentiated position in a market where digital penetration is still low 1.
- Partnerships with operators and hardware makers could bring new revenue streams, including the devices launched in 2025 1.
What would break the thesis
- Gross margin has dropped from high levels to very low ones, and the 2025 operating loss suggests the current model may not be sustainable without adjustment 1.
- Growth in registered users has not translated into growth in paying users, which limits subscription revenue potential 1.
- The VIE structure and dependence on the Chinese regulatory framework introduce risks that could affect value for foreign shareholders if the legal framework changes 1.
What to watch
- Gross margin trend and digital content costsQ1 2027
- Paying users compared with registered users2027
- Development of the operating loss and general and administrative expenses2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (27 Oct 2026), 6-K (22 Sept 2026), 6-K (21 Sept 2026), 6-K (15 Sept 2026), 6-K (14 Jul 2026), 6-K (23 Jun 2026).
The business
The company describes itself as an innovative provider of digital content and interactive communication services in China, targeting K-9 students 1. Its flagship app Namibox, launched in 2014, combines digital textbooks (Magic Textbooks), self-learning materials and leisure reading materials 1. The company says it is authorised by major Chinese textbook publishers to digitise their books, and distributes content through the app, telecom and broadcast operators and pre-installed hardware 1.
The business runs through a variable interest entity in mainland China, consolidated under US GAAP and controlled through a wholly foreign owned enterprise and contractual arrangements 1. This structure depends on the PRC legal framework, which the filing identifies as a risk factor.
Segments
Licensing to content aggregators and distributors
This is the largest revenue source, at 62.4% of revenue in fiscal 2025 1. Revenue comes from licensing content to telecom and broadcast operators, which distribute it to end users, with the company earning a commission on fees paid by those users 1.
Content sold to hardware makers and device sales
Content sold to hardware manufacturers and educational devices sold to distributors together formed part of revenue, and in 2025 the company launched with Hisense a parent-child learning device 1. The filing gives no separate figure for the new device in this context.
Market context
The company operates in the digital educational content market for K-9 students in China, where the filing cites over 150 million students and a relatively low textbook digitisation rate 1. Economic growth, urbanisation and higher disposable incomes of urban households are cited as supporting education spending 1. Mobile internet penetration is also a positive factor for content distribution 1.
The filing indicates that general market factors are only part of what drives results, which also depend on growing the paying user base and keeping margins acceptable 1. If licensing price pressure or content costs keep rising, margins could stay under pressure.
Trends
- Digitisation of textbookstailwind
Demand for interactive digital textbooks is rising, and the filing says AI, AR and digital human technologies can improve the learning experience 1. If adoption accelerates, the company could benefit from its content advantage.
- AI and generated contentmixed
The company is investing in its in-house content generation engine and AI-based voice assessment, with plans for AR, VR and AI-generated content 1. These investments could support differentiation but add to research and development costs.
- Margin compressionheadwind
Gross margin fell from 42.1% in 2023 to 11.0% in 2025, as digital educational content costs rose 1. Margin pressure is the main warning sign in the filing.
- Flat base of paying usersmixed
Paying users were broadly stable in 2025 1, pointing to good retention but limited growth. If the paying base does not expand, subscription revenue could keep shrinking as a share of the total.
Competitive position
The filing says the app competes through interactive content, in-house technology and distribution via telecom and broadcast operators, but does not name principal rivals 1. The company presents itself as having a recognised brand and a large K-9 user base 1.
Relationships with telecom and broadcast operators and hardware makers serve as both distribution channels and dependencies, since the filing notes initial terms of one to three years that renew automatically unless notice is given 1.
- Chinese telecom and broadcast operators
Distribution partners that broadcast the company's programmes and share revenue with it; the filing does not present them as direct rivals.
- Tablet and smart TV manufacturers
Hardware partners that pre-install the company's content on their devices, acting as a distribution channel.
- Chinese textbook publishers
Authorise the company to digitise their textbooks; they are content suppliers rather than direct competitors.
- Digital educational content providers
The filing names no specific rivals but describes a market where differentiation through technology and content is essential.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)23 Jun 2026
- Current report (foreign issuer)28 Apr 2026
- Annual report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)27 Mar 2026
- Current report (foreign issuer)02 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Jinxin Technology Holding Company · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.