NAMI's gross margin has deteriorated from 45.0% in 2023Q4 to a precarious 7.1% in 2025Q4, reflecting an inability to offset rising content acquisition costs.
| Sales/Revenue | 413.02M | 406.4M | 379.82M | 236.44M | 248.09M |
| Revenue Growth % | 1.63% | 7% | 60.64% | -4.7% | - |
| Cost of Goods Sold | 367.47M | 289.45M | 220.05M | 139.19M | 169.61M |
| COGS % of Revenue | 88.97% | 71.22% | 57.94% | 58.87% | 68.36% |
| Gross Profit | 45.56M | 116.94M | 159.77M | 97.25M | 78.48M |
| Gross Margin % | 11.03% | 28.78% | 42.06% | 41.13% | 31.64% |
| Gross Profit Growth % | -61.04% | -26.8% | 64.28% | 23.92% | - |
| Operating Expenses | 146.38M | 89.83M | 79.72M | 53.49M | 148.81M |
| OpEx % of Revenue | 35.44% | 22.1% | 20.99% | 22.62% | 59.98% |
| Selling, General & Admin | 97.72M | 43.22M | 44.38M | 27.13M | 110.58M |
| SG&A % of Revenue | 23.66% | 10.64% | 11.69% | 11.48% | 44.57% |
| Research & Development | 52.09M | 46.61M | 35.33M | 26.36M | 38.23M |
| R&D % of Revenue | 12.61% | 11.47% | 9.3% | 11.15% | 15.41% |
| Other Operating Expenses | -3.43M | 0 | 0 | 0 | 0 |
| Operating Income | -100.82M | 27.11M | 80.05M | 43.77M | -70.33M |
| Operating Margin % | -24.41% | 6.67% | 21.08% | 18.51% | -28.35% |
| Operating Income Growth % | -471.85% | -66.13% | 82.9% | 162.23% | - |
| EBITDA | -62.05M | 56.67M | 93.12M | 55.18M | -60.52M |
| EBITDA Margin % | -15.02% | 13.95% | 24.52% | 23.34% | -24.39% |
| EBITDA Growth % | -209.49% | -39.14% | 68.77% | 191.17% | - |
| D&A (Non-Cash Add-back) | 38.77M | 29.56M | 13.07M | 11.41M | 9.81M |
| EBIT | -100.65M | 30.56M | 83.51M | 55.28M | -77.47M |
| Net Interest Income | 168K | 331K | 513K | 306K | 177K |
| Interest Income | 200K | 331K | 513K | 508K | 401K |
| Interest Expense | 32K | 0 | 0 | 202K | 224K |
| Other Income/Expense | 138K | 3.45M | 3.46M | 11.31M | -7.37M |
| Pretax Income | -100.68M | 30.56M | 83.51M | 55.08M | -77.69M |
| Pretax Margin % | -24.38% | 7.52% | 21.99% | 23.29% | -31.32% |
| Income Tax | 96K | 0 | 21K | 0 | 0 |
| Effective Tax Rate % | -0.1% | 0% | 0.03% | 0% | 0% |
| Net Income | -94.35M | 20.27M | 70.5M | 52.76M | -80.11M |
| Net Margin % | -22.84% | 4.99% | 18.56% | 22.32% | -32.29% |
| Net Income Growth % | -565.43% | -71.25% | 33.61% | 165.86% | - |
| Net Income (Continuing) | -100.78M | 30.56M | 83.49M | 55.08M | -77.69M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 25.92M | 31.86M | 21.57M | 8.38M | 6.06M |
| EPS (Diluted) | -23.94 | 0.73 | 2.72 | 2.00 | -3.06 |
| EPS Growth % | -3379.45% | -73.16% | 36% | 165.36% | - |
| EPS (Basic) | -23.94 | 0.79 | 3.06 | 2.30 | -3.06 |
| Diluted Shares Outstanding | 3.86M | 28.65M | 25.9M | 25.9M | 25.9M |
| Basic Shares Outstanding | 3.86M | 28.15M | 26.11M | 26.65M | 26.65M |
| Dividend Payout Ratio | - | - | - | - | - |
Regulatory and Margin Compression
According to recent financial disclosures, NAMI's revenue growth has decelerated to a marginal -1.9% year-over-year as of 2025Q4, signaling that the company's core digital textbook distribution model is struggling to maintain its footprint within the competitive Chinese educational content landscape.
The transition from positive growth to contraction suggests that NAMI's reliance on licensed K-9 curriculum may be losing its competitive edge against integrated school platforms. Investors should monitor whether this decline reflects a permanent loss of market share or merely seasonal volatility in the academic calendar.
As reported in quarterly filings, NAMI's gross margin has compressed significantly from 45.0% in 2023Q4 to a precarious 7.1% by 2025Q4, indicating that the company's cost of content acquisition is rapidly outpacing its ability to generate top-line revenue from its user base.
This sharp decline in gross profitability suggests that NAMI lacks the pricing power necessary to offset rising licensing costs or revenue-sharing obligations. The current margin profile appears unsustainable for a digital content provider and warrants further investigation into the underlying contractual terms with content partners.
Based on the latest income statement data, NAMI's operating margin has deteriorated to -37.6% in 2025Q4, demonstrating a failure to achieve economies of scale as operating expenses continue to climb despite the company's inability to expand its gross profit pool.
The divergence between stagnant revenue and rising SG&A costs suggests that the company is spending aggressively on user acquisition without achieving a commensurate return on investment. This lack of operating leverage implies that the current business model may be structurally incapable of reaching profitability without a radical pivot.
Financial statements indicate that NAMI's operating losses have widened to $76.9 million in 2025Q4, raising significant questions regarding the company's long-term viability as a standalone entity in an industry where larger, better-capitalized competitors are increasingly offering similar content for free.
Short-sellers would likely focus on the rapid depletion of gross margins and the company's inability to convert its user base into profitable recurring revenue. The persistent negative net income suggests that the company may be forced to seek dilutive financing if it cannot stabilize its cash burn in the near term.
Quick answers to the most common questions about buying NAMI stock.
For fiscal year 2025, Jinxin Technology Holding Company American Depositary Shares (NAMI) reported total revenue of $413.0M. This represents a 66.5% increase compared to $248.1M in 2021.
Jinxin Technology Holding Company American Depositary Shares (NAMI) reported a net loss of $94.3M for the fiscal year ending 2025.
Jinxin Technology Holding Company American Depositary Shares (NAMI) reported an operating income of $-100.8M, resulting in an operating profit margin of -24.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Jinxin Technology Holding Company American Depositary Shares (NAMI) generated $45.6M in gross profit for the year, representing a gross profit margin of 11.0%. This demonstrates the company's core pricing power and production efficiency.