MeritValue

Jinxin Technology Holding Co

NAMIdata completeness 100%2 fiscal years on file
The thesis, from the filings

Jinxin Technology Holding Co earns about -84% on invested capital, but has diluted owners by 143% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue$55.7M1$59.1M2
Net income$2.78M3−$13.5M4
Operating cash flow$3.53M5−$3.51M6
Capital expenditure$158,0007$112,0008
Free cash flow (derived)$3.37M5−$3.63M6
Total debt—$2.15M9
Cash & equivalents$12.7M10$9.19M11
Diluted shares515.6M1.25B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.1
your share of equity
Profit it earned you last year
−$0.11
Free cash flow it threw off
−$0.03
Debt you’d be carrying
$0.02

10 shares is a claim on $0.1 of net worth that earned you −$0.11 and generated −$0.03 of cash last year, against $0.02 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-84% avg · 2y
FY24 61%FY25 -230%

It earned an average -84% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+143% shares · 2y

Share count is up 143% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-12-31 · accession 0001213900-25-033131 (Revenues)
  2. 20-F · period ending 2025-12-31 · accession 0001213900-26-048243 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-25-033131 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001213900-26-048243 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001213900-25-033131 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001213900-26-048243 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001213900-25-033131 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001213900-26-048243 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2025-12-31 · accession 0001213900-26-048243 (ShortTermBorrowings)
  10. 20-F · period ending 2024-12-31 · accession 0001213900-25-033131 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2025-12-31 · accession 0001213900-26-048243 (CashAndCashEquivalentsAtCarryingValue)