我是誰（進馨科技），誰是WFOE，誰是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.

外資企業(yè)沒有境內的廣播電視節(jié)目制作和運營服務、互聯(lián)網文化運營服務、增值電信業(yè)務怎么辦，可以通過VIE經營境內的絕大部分業(yè)務

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

VIE經營的中國境內的業(yè)務通過電信和廣播運營商以及嵌入第三方設備分發(fā)數字內容

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.

通過電信和廣播運營商以嵌入合作形式等多元渠道獲客（包含自由私域流量）截止2024年?6月?30日注冊用戶4,070萬

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年的自然災害也成了外商強調業(yè)績的維度

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.

看看是怎么合法合規(guī)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。

為什么只寫省份

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

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