olivlawolivlaw

olivLaw · US equity research

MindForge Inc. MF

Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)

8.30USD−20.42% · 1 dayClose 04 Nov 2026

MindForge Inc. provides digital promotion, risk assessment and bundled benefit services to Chinese insurance companies using artificial intelligence technology. Revenue in fiscal 2026 fell by about half to 14.9 million USD, and the company reported a net loss of 33.1 million USD, making client trends the main thing to watch.

At the close of 04 Nov 2026, MindForge Inc. (MF) stock was 8.30 USD (−20.42% on the day), with market capitalisation 172.5 m USD, beta -0.47, 52-week range 2.88–83.50 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
172.5 m USD
shares as of 30 Jun 2025
P/E (TTM)
unavailable
Diluted EPS TTM -9.32 · TTM to 30 Jun 2025
E/P (TTM)
-112.29%
TTM to 30 Jun 2025
Dividend yield
unavailable
Beta (2y)
-0.47
Volatility (1y) 214%
52-week range
2.8883.50

Price history

Loading chart…

Technical reading

RSI (14)
44.1
weak (30–45)
Bollinger (20, 2)
6.31 – 12.64
in the lower half of the band · %B 0.31 · band width 66.9%
SMA 50 / 200
12.42 / 20.82
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.90 / -0.99
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

CompanyS&P 500vs S&P 500Vertical median
1 month−42.0%−2.0%−40.0 pp—
3 months−11.3%−2.2%−9.2 pp—
6 months−11.7%+4.3%−16.0 pp—
Year to date−83.4%+10.6%−94.0 pp—
1 year−84.8%+10.5%−95.3 pp−12.5%
3 yearsunavailable+73.7%unavailable−6.2%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−96.6%
31 Mar 2026 → 20 May 2026
Max drawdown (5y)
−99.7%
21 Aug 2024 → 20 May 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

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 year20222023202420252026
Revenue86.7 m94.3 m51.6 m29.7 m14.9 m
Revenue YoYunavailable+8.8%−45.3%−42.5%−49.9%
Net income-49.0 k205.9 k-748.5 k-2.7 m-33.1 m
Net income YoYunavailableunavailable−463.5%unavailableunavailable
Diluted EPS0.000.16-11.86-9.32unavailable
Diluted EPS YoYunavailableunavailable−7,512.5%unavailableunavailable
net %-0.1%0.2%-1.5%-9.2%-222.9%
Free cash flow360.1 k-285.8 k-1.4 munavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2026 · 30 Jun 2026

Cash
12.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
20.6 m USD
Total assets
38.8 m USD
Debt / equity
unavailable
Current ratio
1.14x
ROE
-167.2%
ROA
-110.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
51.6 m
2025
29.7 m
2026
14.9 m

SEC (XBRL)· 26 Oct 2026verified

Cost of revenue
2024
50.9 m
2025
29.4 m
2026
14.9 m

SEC (XBRL)· 26 Oct 2026verified

Gross profit
2024
694.3 k
2025
251.7 k
2026
-80.7 k

SEC (XBRL)· 26 Oct 2026verified

Research & development
2024
—
2025
—
2026
812.6 k

SEC (XBRL)· 26 Oct 2026verified

Operating income
2024
-872.9 k
2025
-3.1 m
2026
-14.6 m

SEC (XBRL)· 26 Oct 2026verified

Depreciation & amortisation
2024
7.3 k
2025
11.8 k
2026
213.7 k

SEC (XBRL)· 26 Oct 2026verified

EBITDA
2024
-865.6 k ≈
2025
-3.1 m ≈
2026
-14.4 m ≈

SEC (XBRL)· 26 Oct 2026derived

Interest expense
2024
12.9 k
2025
33.5 k
2026
697

SEC (XBRL)· 26 Oct 2026verified

Pre-tax income
2024
-606.1 k
2025
-3.0 m
2026
-33.2 m

SEC (XBRL)· 26 Oct 2026verified

Income tax
2024
142.4 k
2025
-236.0 k
2026
-51.1 k

SEC (XBRL)· 26 Oct 2026verified

Net income
2024
-748.5 k
2025
-2.7 m
2026
-33.1 m

SEC (XBRL)· 26 Oct 2026verified

Diluted EPS
2024
-11.86
2025
-9.32
2026
—

SEC (XBRL)· 26 Oct 2026verified

Weighted average diluted shares
2024
63.1 k
2025
291.8 k
2026
—

SEC (XBRL)· 26 Oct 2026verified

Balance sheet · USD

Cash
2024
4.8 m
2025
11.2 m
2026
12.3 m

SEC (XBRL)· 26 Oct 2026verified

Receivables
2024
396.3 k
2025
227.0 k
2026
485

SEC (XBRL)· 26 Oct 2026verified

Inventories
2024
—
2025
—
2026
15.3 k

SEC (XBRL)· 26 Oct 2026verified

Current assets
2024
16.7 m
2025
15.1 m
2026
20.2 m

SEC (XBRL)· 26 Oct 2026verified

Property, plant & equipment, net
2024
7.5 k
2025
5.8 m
2026
6.4 m

SEC (XBRL)· 26 Oct 2026verified

Intangibles (excl. goodwill)
2024
5.7 k
2025
5.3 k
2026
5.1 k

SEC (XBRL)· 26 Oct 2026verified

Total assets
2024
16.8 m
2025
21.0 m
2026
38.8 m

SEC (XBRL)· 26 Oct 2026verified

Accounts payable
2024
718.1 k
2025
201.4 k
2026
73.4 k

SEC (XBRL)· 26 Oct 2026verified

Short-term debt
2024
701.6 k
2025
389.7 k
2026
—

SEC (XBRL)· 24 Oct 2025verified

Current liabilities
2024
2.9 m
2025
1.5 m
2026
17.7 m

SEC (XBRL)· 26 Oct 2026verified

Total liabilities
2024
2.9 m
2025
2.0 m
2026
18.2 m

SEC (XBRL)· 26 Oct 2026verified

Equity
2024
13.9 m
2025
19.0 m
2026
20.6 m

SEC (XBRL)· 26 Oct 2026verified

Shares outstanding at year end
2024
27.0 m
2025
20.8 m
2026
—

SEC (XBRL)· 24 Oct 2025verified

Cash flow · USD

Operating cash flow
2024
-1.4 m
2025
-2.8 m
2026
-2.2 m

SEC (XBRL)· 26 Oct 2026verified

Capex
2024
12.8 k
2025
—
2026
—

SEC (XBRL)· 30 Oct 2024verified

Free cash flow
2024
-1.4 m ≈
2025
—
2026
—

SEC (XBRL)· 30 Oct 2024derived

Investing cash flow
2024
-9.5 m
2025
3.8 m
2026
-409.4 k

SEC (XBRL)· 26 Oct 2026verified

Financing cash flow
2024
14.3 m
2025
5.4 m
2026
3.7 m

SEC (XBRL)· 26 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-49.9%
computed by olivLawFY 2026
Revenue CAGR 3Y
-46.0%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
-0.5%
computed by olivLawFY 2026
EBITDA margin
-96.8%
computed by olivLawFY 2026
EBIT margin
-98.2%
computed by olivLawFY 2026
Net margin
-222.9%
computed by olivLawFY 2026
FCF margin
unavailable
input data missing

Returns

ROE
-167.2%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROA
-110.8%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-69.1%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-20,934.3x
computed by olivLawFY 2026

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.7x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-2.2 m USD
computed by olivLawFY 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
3 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
3 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
172.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-19.2%
computed by olivLawFY 2026
P/B
8.4x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
11.6x
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 51.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

8.30 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 172.5 m USD

Key indicators

Market capitalisation
172.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
8.4x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-167.2%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Net margin
-222.9%
computed by olivLawFY 2026
Revenue growth (YoY)
-49.9%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 30 Jun 2025
Source: SEC (XBRL)published 26 Oct 2026
verified 134

Score by group

51% · 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 input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)

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: 51.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality-0.5%0 (on a fixed band)21%
EBIT margin · Quality-98.2%8 (vs peers)17%
FCF margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-46.0%0 (on a fixed band)33%
Revenue growth (YoY) · Growth-49.9%0 (vs peers)17%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.1x20 (on a fixed band)13%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial20/100 · 1/2 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality4/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation· partialunavailable · 0/2 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

MindForge Inc. (MF). Latest full fiscal year: 2026; data up to 2026-06-30.

Figures computed from the financial statements: revenue 14.9 m USD in 2026; YoY growth -49.9%; net margin -222.9%; ROE -167.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 51.1% 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

  • Gross margin: -0.5%
  • EBIT margin: -98.2%
  • Revenue CAGR 3Y: -46.0%
  • Revenue growth (YoY): -49.9%
  • Current ratio: 1.1x

Not assessed (insufficient data or a ratio without meaning): FCF margin, Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 21.2x
EV/EBITDA
—
vertical median 15.3x
P/S
11.6x
vertical median 1.4x
above median (+717.6%)
P/B
8.4x
vertical median 1.6x
above median (+416.4%)
ROE
-167.2%
vertical median 0.7%
below median (−25,746.7%)
Net margin
-222.9%
vertical median 2.2%
below median (−10,068.7%)
EBIT margin
-98.2%
vertical median 2.1%
below median (−4,676.3%)
Revenue YoY
-49.9%
vertical median 6.8%
below median (−839.4%)
Net debt/EBITDA
—
vertical median 1.9x
Dividend yield
—
vertical median 0.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
GOOGLAlphabet Inc.3,442.7 bn14.644.3%50.0%+15.1%−13% / +111%
APPAppLovin Corporation82.3 bn18.9203.7%64.6%+70.0%−59% / +555%
FLUTFlutter Entertainment plc14.2 bn—-9.1%-5.0%+16.6%−61% / −48%
FDSFactset Research Systems Inc12.1 bn23.525.5%21.5%+6.7%+23% / −25%
SNAPSnap Inc10.2 bn—-15.6%-4.9%+10.6%−23% / −57%
NIQNIQ Global Intelligence plc6.0 bn—-65.3%-8.0%+5.7%+29% / unavailable
SIFYSify Technologies Ltd5.8 bn—-4.1%-2.0%+9.0%+20% / +53%
WIXWix.com Ltd.4.4 bn91.5—2.5%+13.2%−16% / −21%
MGNIMagnite, Inc.3.3 bn21.919.6%22.5%+6.9%+55% / +182%
GRNDGrindr Inc.2.4 bn27.6108.7%18.7%+27.6%+9% / +108%
DVDoubleVerify Holdings, Inc.2.1 bn34.05.8%8.2%+13.9%+29% / −59%
BZKanzhun Limited1.7 bn41.616.0%33.1%+17.3%−21% / +6%
WBWeibo Corporation1.6 bn3.812.1%25.6%+0.1%−35% / −36%
DJTTrump Media & Technology Group Corp.1.2 bn—-78.9%-28,867.7%+1.8%−61% / −74%
HSTMHealthstream Inc949.7 m45.46.0%6.6%+4.3%+29% / +30%
NXDRNextdoor Holdings, Inc934.4 m—-7.2%-11.1%+4.2%unavailable / unavailable
CEVACeva, Inc.788.9 m—-3.6%-9.5%+2.5%+30% / +29%
BMBLBumble Inc.718.8 m—-94.7%-58.0%−9.9%+69% / −57%
SABRSabre Corporation702.2 m1.1—25.1%+1.0%+8% / −51%
YALAYalla Group Limited413.9 m6.819.6%43.3%+0.7%−20% / −6%
ZIPZiprecruiter, Inc.321.9 m12.9—6.2%−5.3%−5% / −66%
MFMindForge Inc.172.5 m—-167.2%-222.9%−49.9%−85% / unavailable
SANGSangoma Technologies Corp150.7 m—-1.9%-2.1%−4.3%−13% / +55%
HCATHealth Catalyst, Inc.119.7 m—-118.1%-90.6%+1.5%−47% / −78%
DOYUDouYu International Holdings Ltd111.1 m—-6.8%-5.3%−6.7%−48% / −48%

1- and 3-year price returns: for MF 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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
What moves the 3-year price the most

    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.

    In brief

    MindForge Inc. provides digital promotion, risk assessment and bundled benefit services to Chinese insurance companies using artificial intelligence technology. Revenue in fiscal 2026 fell by about half to 14.9 million USD 1, and the company reported a net loss of 33.1 million USD 1, making client trends the main thing to watch.

    SWOT

    Strengths

    • The client base includes many major insurers, and the proprietary risk assessment technology has a stated high accuracy 1.
    • A proprietary network of auto service providers allows competitive pricing on packages sold to insurers 1.
    • The information platform for brokers is considered a distinct advantage, with no direct alternative identified by the company 1.

    Weaknesses

    • Revenue has dropped sharply in recent years, and dependence on a single segment remains very high 1.
    • The net loss deepened considerably in fiscal 2026, partly due to share-based compensation and a change in the fair value of warrants 1.
    • The holding structure and the China-based operating entities mean investors do not hold the operating assets directly 1.

    Opportunities

    • Digitization of the insurance sector could expand interest in the company's artificial intelligence solutions 1.
    • Expansion to retail consumers is described as a longer-term plan, if it is realized 1.
    • Strategic acquisitions in insurance technology are presented as a possible way to accelerate growth 1.

    Threats

    • Reduced client budgets due to the economic slowdown could continue to weigh on revenue 1.
    • Changes in Chinese government policy could negatively affect demand and the company's results 1.
    • Competition in insurance technology could reduce market share and pressure prices 1.

    Risks

    • Client losseshigh

      A large number of promotion clients ended their relationships in fiscal 2026, including some of the most important ones, reducing business volume 1.

    • Dependence on one segmenthigh

      Digital promotion accounts for almost all revenue, so any decline in that segment directly affects results 1.

    • Large net lossmedium

      The net loss and share-based compensation expenses increased in fiscal 2026, which could put pressure on liquidity 1.

    • Chinese regulatory riskmedium

      Changes in Chinese public policy or regulation could affect demand and the legal structure of a company operating through China-based entities 1.

    • Holding and VIE structuremedium

      Investors hold shares in a Cayman holding company rather than directly in the operating entities, which may limit their rights in certain scenarios 1.

    Investment thesis

    What would need to be true (bull case)

    • If digitization of insurance advances, demand for the company's technology and promotion channels could gradually return 1.
    • The Magic Mirror algorithm and the service provider network could support new contracts with insurers if their budgets recover 1.
    • The name and symbol change could mark a strategic refocus on insurance technology, if it translates into results 1.

    What would break the thesis

    • Revenue fell by about half in fiscal 2026 and the net loss deepened, which could signal a weakening competitive position 1.
    • Near-total dependence on digital promotion leaves the company exposed to any further cut in client budgets 1.
    • The holding structure and Chinese policy add uncertainties that foreign investors cannot directly control 1.

    What to watch

    • Trend in the number of digital promotion clients and revenue from that segmentNext annual report
    • Stability of the net loss and share-based compensation expenses2027
    • Any strategic acquisitions announced in insurance technology2027
    • Changes in Chinese government policies affecting the insurance sectorNext annual report

    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.

    The business

    The company conducts its operations through its operating entities in China, notably MF Beijing, MindForge Suzhou and JZSC Technology, and has focused since 2018 on value-added services based on artificial intelligence for the insurance sector 1. Its clients are insurance carriers and brokers, and the current client base includes more than 300 city-level insurers that use its products daily 1. Investors hold shares in a Cayman holding company, not direct interests in the operating entities 1.

    The company changed its name from U-BX Technology Ltd. to MindForge Inc. and its trading symbol from UBXG to MF, changes effective July 15, 2026, subject to approval by Cayman Islands authorities 1. The rebrand comes while the core business is shrinking, so it is better read as a strategic repositioning than as visible growth in the numbers 1.

    The revenue model is based on commissions for clicks and views, on risk assessment reports delivered to insurers, and on the sale of auto service codes, all billed monthly or on delivered volume 1.

    Segments

    Digital promotion

    This is the dominant segment, accounting for 96% of revenue in fiscal 2026 1. Revenue fell about 45%, from 25.9 million USD to 14.3 million USD, due to fewer clients and lower business volume from those that stayed 1.

    Magic Mirror risk assessment

    The proprietary Magic Mirror algorithm estimates payout risk for auto insurance and generates reports by vehicle model and age 1. Revenue from this segment fell sharply in fiscal 2026, mainly because insurers cut budgets, although the model is stated to reach an accuracy of about 77.26% 1.

    Value-added bundled benefits

    This segment sells auto service codes that insurers pass to their clients, and it almost disappeared in fiscal 2026 1.

    Market context

    The company operates in China's auto and property insurance market, where the digitization of the sector could create more interest in technology and online promotion channels 1. Current conditions, however, show a narrower digital promotion market, as insurers' demand has fallen with the economic slowdown 1.

    The company states that the overall economic downturn reduced client activity and transaction volumes, which directly weighed on demand for its services 1. If the economy stabilizes, demand could gradually recover, but the sources give no quantified estimate of that recovery 1.

    Trends

    • Digitization of insurancetailwind

      The company considers that future digitization of the insurance sector could increase insurers' interest in artificial intelligence and online promotion channels 1.

    • Economic contractionheadwind

      The slowdown in economic activity led to fewer promotion orders and lower budgets for risk assessment, eroding revenue 1.

    • Chinese government regulationmixed

      Chinese government policies could affect demand for the company's services, and unfavorable changes could have a negative impact on results 1.

    • Client attritionheadwind

      The number of digital promotion clients fell, and some who had worked with the company ended their relationships, including some of its largest clients 1.

    Competitive position

    The company says no other provider runs a similar information platform focused exclusively on auto insurance, but it acknowledges exposure to competition within its industry 1. Its competitiveness depends on the quality of its solutions, the scope of its services and its ability to develop new products 1.

    The stated advantage rests on its proprietary technology and its network of vehicle maintenance providers, which allow competitive pricing on bundled packages 1. Competitive pressure is heightened because insurers have reduced budgets for outside services 1.

    • Other insurance technology providers in China

      The source refers to competition in the sector without naming specific competitors in the US market.

    • Social media and online promotion platforms

      The company uses these channels for promotion, which implies dependence on third parties for traffic.

    • Vehicle maintenance service providers

      Competition in service codes depends on the ability to negotiate prices with local providers.

    • Auto risk assessment firms

      Assessment models compete with insurers' in-house solutions and other predictive systems.

    News & filings

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.