Jinxin Technology management says H1 2026 revenue drop driven by weaker telecom distributor membership card sales

• Management commentary: revenue fell 31.8% to RMB 142.1 million for the six months ended June 30, 2026, led by weaker distributor sales.
• Licensing revenue from content aggregators and distributors dropped 44.8% to RMB 79.9 million, tied to lower membership card sales via carrier internet channels.
• Subscription revenue from individual users declined 33.3% to RMB 19 million, reflecting fewer regular paying users while new publishing-partner users stayed in trial.
• Content sold to hardware manufacturers rose 44.8% to RMB 20.7 million on higher technology service revenue from digitalizing paper-based textbooks.
• Gross margin widened to 19.6% from 14.9%; net loss narrowed to RMB 10.5 million from RMB 21.1 million on lower costs and R&D spend.

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