我是谁（进馨科技），谁是WFOE，谁是VIE

WeareanexemptedcompanywithlimitedliabilityincorporatedintheCaymanIslands.WecommencedouroperationsinApril2014throughShanghaiJinxinNetworkTechnologyCo.,Ltd.,orShanghaiJinxin.Ourholdingcompany,JinxinTechnologyHoldingCompany,wasincorporatedintheCaymanIslandsinAugust2015.Shortlyafteritsincorporation,JinxinTechnologyHoldingLimitedestablishedawhollyownedsubsidiaryinHong Kong,NamiboxLimited(HongKong).InNovember 2015,ShanghaiMiheInformationTechnologyCo.,Ltd.,orShanghaiMihe,wasestablishedinthePRCasawhollyforeignownedenterprise,andwaswhollyownedbyNamiboxLimited(HongKong).InSeptember 2018,wegainedcontroloverShanghaiJinxinthroughShanghaiMihebyenteringintoaseriesofcontractualarrangementswithShanghaiJinxinanditsshareholders.

InJune2019,ZhongjiaoEnshiEducationTechnology(Shanghai)Co.,Ltd.,orZhongjiaoEnshi,wasestablishedinthePRCtoconductourbusiness,ofwhichShanghaiJinxinisthecontrollingshareholder.WealsoestablishedcertainwhollyownedsubsidiariesofShanghaiJinxin,includingShanghaiPinduEducationTechnologyCo.,Ltd.inOctober 2020,ShanghaiMoudingEducationTechnologyCo.,Ltd.inMay 2021andShanghaiJingcheNetworkTechnologyCo.,Ltd.inOctober 2022.AsaresultofourdirectownershipinShanghaiMiheandtheaforementionedcontractualarrangements,weareregardedastheprimarybeneficiaryofShanghaiJinxin,andShanghaiJinxinistreatedasourconsolidatedaffiliatedentityunderU.S.GAAP. WehaveconsolidatedthefinancialresultsoftheVIEanditssubsidiariesinourconsolidatedfinancialstatementsinaccordancewithU.S. GAAP. WerefertoShanghaiMiheastheWFOE,andtoShanghaiJinxinastheVIE.

外资企业没有境内的广播电视节目制作和运营服务、互联网文化运营服务、增值电信业务怎么办，可以通过VIE经营境内的绝大部分业务

TheshareholdersoftheVIEmaybeinvolvedinpersonaldisputeswiththirdpartiesorotherincidentsthatmayhaveanadverseeffectontheirrespectiveequityinterestsintheVIEandthevalidityorenforceabilityofourcontractualarrangementswiththeVIEanditsshareholders.Forexample,intheeventthatanyoftheshareholdersoftheVIEdivorceshisorherspouse,thespousemayclaimthattheequityinterestoftheVIEheldbysuchshareholderispartoftheircommunitypropertyandshouldbedividedbetweensuchshareholderandhisorherspouse.Ifsuchclaimissupportedbythecourt,therelevantequityinterestmaybeobtainedbytheshareholder’sspouseoranotherthirdpartywhoisnotsubjecttoobligationsunderourcontractualarrangements,whichcouldresultinalossoftheeffectivecontractualrightsovertheVIEbyus.Similarly,ifanyoftheequityinterestsoftheVIEisinheritedbyathirdpartywithwhomthecurrentcontractualarrangementsarenotbinding,wecouldloseourcontractualrightsovertheVIEorhavetomaintainsuchcontractualrightsbyincurringunpredictablecosts,whichcouldcausesignificantdisruptiontoourbusinessandoperationsandharmourfinancialconditionandresultsofoperations.

VIE经营的中国境内的业务通过电信和广播运营商以及嵌入第三方设备分发数字内容

Wedistributedigitalcontentsprimarilythrough(i)ourflagshiplearningapp,Namibox(ii)telecomandbroadcastoperatorsand(iii)hirdpartydeviceswithourcontentsembedded.WelaunchedourinteractiveandselfdirectedlearningappNamiboxin2014,toprovideusersanintegratedentrypointtoourdigitaltextbooks,selflearningmaterialsandleisurereadingmaterials.Userscanaccessvariousfreecontents,subscribetoadvancedcontentsandchoosetobecomepremiummembersthroughourmembershipprograms.Inaddition,wepartnerwithallmainstreamChinesetelecomandbroadcastoperatorstotapintotheirlargeuserbase.Ourpartneredtelecomandbroadcastoperatorsbroadcastourvariousprogramstoendusersthroughtheirrespectiveplatforms,distributeoureducationalcontentstointerestedusersandsharecertainpercentageofrevenueswithus.Throughnetworksofourpartneredtelecomandbroadcastoperators,individualusersgaineasyaccesstoourdigitalcontentsthroughTVsormobiledevices.Furthermore,wecooperatewithwellknownhardwaremanufacturers,suchasmanufacturersofdigitalpadsandintelligentTVs,andpreinstallourprogramsinsuchdevicesdirectly.Theintegrateddistributionchannelsempowerustoincreaseourbrandawarenessinacostefficientmanner,growouruserbasesustainablyandimproveourcontentscontinuouslybasedonusers’realtimefeedbacks.

通过电信和广播运营商以嵌入合作形式等多元渠道获客（包含自由私域流量）截止2024年 6月 30日注册用户4,070万

ourNamiboxapphasamassedover80millioncumulativedownloadsandmorethan40millionregisteredusersasofJune30,2024.ThehighfrequencyinteractionswehavewithusersandouuniqueacesstoalargeamountofmissioncriticallearningdatafurtherprovideusdeepinsightsinK9educationsector.Fuelingallofthesegreatachievementsareourtechnologies.Wedeployadvanceddigitizationtechnologies,AItechnologiesandbigdataanalysistoprovidesuperioruserexperience.WealsodeployadvancedAItechnologiesthatpowervariousteachingandvoiceassessmenttools,alltoimprovethelearningeffectivenessforchildren.Leveragingourproprietarydigitalcontentgenerationengine,weareabletoconsistentlyrefineandupgradeoureducationalcontents,aswellastointelligentlyrecommendcontenttoourusers,continuallyimprovinguserexperience.

Wehaverealizedsteadygrowthwithhealthyfinancialperformancesinceinception.Despitenegativeimpactscausedbyregulatorychangesintheonlineeducationindustryin2021,ourregisteredusersincreasefrom29.9millionasofDecember31,2021,to35.3millionasofDecember31,2022,to39.5millionasofDecember31,2023,andfurtherto40.7millionasofune30,2024.Inaddition,werecordednetincomeofRMB55.1millionandRMB83.5million(US$11.8million),RMB40.4millionandRMB35.9million(US$4.9million)in2022and2023andthesixmonthsendedJune30,2023and2024,respectively.

21年的自然灾害也成了外商强调业绩的维度

heCOVID19pandemichasbroadlyaffectedChina’sK9digitaleducationalcontentservicesmarketandthemacroeconomy.TheincreaseinworkfromhomeflexibilityduringtheCOVID19pandemichasacceleratedthedemandforonlinelearninganddigitaleducation,whichhascontributedtothegrowthofChina’sK9digitaleducationalcontentservicesmarket,andinturn,ourbusinessgrowth.WeexperiencedagrowthinrevenuefromindividualusersfromRMB99.4millionin2021toRMB113.5millionin2022,partlyduetoanincreasingnumberofK9studentsswitchingtoonlinestudyathomeandsubscribingforourdigitaleducationalcontentsduringthepandemic.Webelievethat,asamarketleader,wearewellpositionedtocapturethisopportunityandfurthergrowourbusiness.

However,wearenotabletoquantifytheproportionoftheincreaseinrevenuethatisattributabletotheincreasednumberofpayingusersoptingforonlinelearningduringthepandemicasopposedtootherfactorscontributingtoourgrowthinthesameperiod.Further,thecircumstancesthathavedrivenourbusinessgrowthduringthepandemicmaynotpersistinthefuture.ChinabegantomodifyitszeroCOVIDpolicyattheendof2022,andmostofthetravelrestrictionsandquarantinerequirementswereliftedinDecember2022.WhiletherevocationorreplacementoftherestrictivemeasurestocontaintheCOVID19pandemiccouldhaveapositiveimpactonournormaloperations,itmayalsoshiftthepublic’sfocustoofflineactivitiesandaffecttheirinterestinonlinelearninganddigitaleducationtoacertainextent.Consequently,thedemandforandcontinueduseofourproductsandcontentsbyusers,aswellasthegrowthrateofourrevenue,maydeclineinfutureperiodsastheeffectsoftheCOVID19pandemicabate.Furthermore,theCOVID19pandemichasalsoaffectedChinasandtheworldseconomy,andifthenegativeimpactoftheCOVID-19pandemicontheeconomypersists,individualsmayhavelowerdisposableincomeandmayreducetheirspendingonourproductandcontents,whichcouldhaveanegativeimpactonouroperations.

看看是怎么合法合规的

ThePRClawsandregulationscurrentlyplacecertainrestrictionsonforeignownershipofcompaniesthatengageinengageinradioandtelevisionprogramproductionandoperationbusinessandvalueaddedtelecommunicationbusiness.TocomplywithPRClawsandregulations,theGroupconductsallofitsbusinessinChinathroughtheVIEandsubsidiariesoftheVIE.Despitethelackoftechnicalmajorityownership,theCompanyhaseffectivecontroloftheVIEthroughaseriesofcontractualarrangements(the“ContractualAgreements”)andaparentsubsidiaryrelationshipexistsbetweentheCompanyandtheVIE. TheequityinterestsoftheVIEarelegallyheldbyPRCindividualsandaPRCentity(the“NomineeShareholders”).ThroughtheContractualAgreements,theNomineeShareholdersoftheVIEeffectivelyassignedalloftheirvotingrightsunderlyingtheirequityinterestsintheVIEtotheCompany,viatheWFOE,andtherefore,theCompanyhasthepowertodirecttheactivitiesoftheVIEthatmostsignificantlyimpactitseconomicperformance.TheCompanyalsohastherighttoreceiveeconomicbenefitsandobligationstoabsorblossesfromtheVIE,viatheWFOE,thatpotentiallycouldbesignificanttotheVIE.BasedontheaboveandinaccordancewithSECRegulationSX-3A02andASC81010,theCompanyisdeemedtobetheprimarybeneficiaryofShanghaiJinxinandthefinancialpositions,theoperatingresultsandcashflowsofShanghaiJinxinanditssubsidiariesareconsolidatedintheCompany’sunauditedinterimcondensedconsolidatedfinancialstatementsforfinancialreportingpurposes.Thedescribedcontractualarrangementsareasfollows。

为什么只写省份

Taiwan.TheADSshavenotbeenandwillnotberegisteredwiththeFinancialSupervisoryCommissionofTaiwanpursuanttorelevantsecuritieslawsandregulationsandmaynotbesold,issuedorofferedwithinTaiwanthroughapublicofferingorincircumstanceswhichconstitutesanofferwithinthemeaningoftheSecuritiesandExchange Act of TaiwanthatrequiresaregistrationorapprovaloftheFinancialSupervisoryCommissionofTaiwan.NopersonorentityinTaiwanhasbeenauthorizedtooffer,sell,giveadviceregardingorotherwiseintermediatetheofferingandsaleoftheADSsinTaiwan.