Jinxin Technology is a Shanghai-based digital textbook and self-learning content provider, distributing K-9 materials through its Namibox app, telecom partners, and third-party devices. Think of it as a digital schoolbook publisher for Chinese students.
Revenue is CNY 0.41B annually, but gross margin collapsed from 42.06% in 2023 to 11.03% in 2025, and the company now loses money (net margin -22.84%). No recurring subscription base is evident; income depends on one-off content sales.
Distribution deals with telecom and broadcast operators create some switching costs, but content is commoditized against Tencent Classroom and NetEase Youdao, which offer broader ecosystems. Moat is eroding as gross margins halved in two years, signaling prici
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