Jianpu Technology Inc. Reports First Half Year 2025 Unaudited Financial Results

Jianpu Technology Inc. (“Jianpu,” or the “Company”) (OTCQB: AIJTY), a leading open financial technology platform in China, today announced its unaudited financial results for the first half year ended June 30, 2025.

First Half Year 2025 Financial Results

Total revenues increased by 29.9% to RMB557.6 million (US$77.8 million) in the first half of 2025 from RMB429.2 million in the same period of 2024.

Revenues from recommendation services increased by 52.7% to RMB442.4million (US$61.8million) in the first half of 2025 from RMB289.7million in the same period of 2024. The increase was primarily due to the increase in revenues from recommendation services for loans amid higher application volumes, partially offset by the decrease in revenues from recommendation services for credit cardsfollowing the board-approved wind-down of the business in April 2025.

Revenues from digital intelligence as a service[1] increased by 38.3% to RMB51.6million (US$7.2million) in the first half of 2025 from RMB37.3million in the same period of 2024, primarily due to an expanded customer base.

Revenues from marketing and other servicesdecreased by 37.7% to RMB63.7million (US$8.9million) in the first half of 2025 from RMB102.2million in the same period of 2024, primarily due to the deconsolidation of Anguo in the second half of 2024, and the board-approved wind-down of certain non-core business activities, which was initiated in April 2025.

Cost of promotion and acquisition increased by 37.0% to RMB338.5 million (US$47.2 million) in the first half of 2025 from RMB247.0 million in the same period of 2024. This increase was largely driven by the increased revenues from our loan recommendation services.

Cost of operationincreased by 41.3% to RMB39.7 million (US$5.5 million) in the first half of 2025 from RMB28.1 million in the same period of 2024. The increase was primarily attributable to the increase in data acquisition costs in line with the increase in revenue from digital intelligence as a service[1].

Sales and marketing expenses was RMB64.2 million (US$9.0 million) in the first half of 2025, remaining relatively stable compared to that of RMB64.4 million in the same period of 2024.

Research and development expenses was RMB36.4 million (US$5.1 million) in the first half of 2025, remaining relatively stable compared to that ofRMB37.0 million in the same period of 2024.

General and administrative expenses increased by 17.4% to RMB51.9 million (US$7.2 million) in the first half of 2025 from RMB44.2 million in the same period of 2024. The increase was primarily due to the increases in payroll expenses, professional fees and allowance for credit losses.

Incomefrom operations increased by 216.5% to RMB26.9million (US$3.8million) in the first half of 2025 from RMB8.5million in the same period of 2024. Operating incomemargin was 4.8% in the first half of 2025, compared with2.0% in the same period of 2024. The increase was attributable to the Company's continuous focus on businesses optimization.

Fair value changes of crypto assets[2]was an unrealized lossof RMB12.9 million (US$1.8 million) in the first half of 2025, reflecting a decrease in fair value changes of crypto assets since January 1, 2025

Others, net[2]was a net incomeof RMB0.7 million (US$0.1 million) in the first half of 2025 compared with a net income of RMB14.7 million in the same period of 2024.The Company recognized a realizedgain of RMB7.8million from the investment in Conflux Globaland other crypto assets[2], as well as an investment gain of RMB5.9 million resulting from the termination of a non-controlling investment[3] in the first half of 2024.

Net income was RMB19.1 million (US$2.7 million) in the first half of 2025 compared with RMB28.9 million in the same period of 2024. Net income margin was 3.4% in the first half of 2025, compared with 6.7% in the same period of 2024.

Non-GAAP adjusted net income[4] was RMB29.3million (US$4.1million) in the first half of 2025, compared with RMB24.3 million in the same period of 2024. Non-GAAP adjusted net income margin[4] was 5.3% in the first half of 2025 compared with 5.7% in the same period of 2024.

Non-GAAP adjusted EBITDA[5] was an income of RMB25.8 million (US$3.6 million), compared with RMB20.6 million in the same period of 2024.

As of June 30, 2025, the Company had cash and cash equivalents, time deposits and restricted cash and time deposits of RMB651.7 million (US$91.0 million) and working capital of approximately RMB451.8 million (US$63.1 million). Compared to those as of December 31, 2024, cash and cash equivalents, time deposits and restricted cash and time deposits decreased by RMB55.9 million.

About Jianpu Technology Inc.

Jianpu Technology Inc. operates a leading open financial technology platform, under the Rong360 brand, connecting users with an extensive spectrum of financial products and other products and services. By leveraging cutting-edge digital technology, the Company offers intelligent and comprehensive search and recommendation results in a seamless, efficient, and secure manner to meet the needs of its diverse audience. The Company also enables financial and non-financial partners to enhance their efficiency and competitiveness by offering digital intelligence as a service, including data- and analytical-based risk management, intelligent marketing, and other integrated solutions and services. As the Company expands into FinTech+ ecosystem and broadens its global footprint, it will continue to innovate and solidify its influence in the space of financial technology and digital transformation. For more information, please visit http://ir.jianpu.ai.

Use of Non-GAAP Financial Measures

The Company uses adjusted EBITDA and adjusted net income/(loss), each a Non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company believes that adjusted EBITDA and adjusted net income/(loss) help identify underlying trends in its business that could otherwise be distorted by the effect of the expenses and gains that the Company include in income/(loss) from operations and net income/(loss). The Company believes that adjusted EBITDA and adjusted net income/(loss) provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

Adjusted EBITDA and adjusted net income/(loss) should not be considered in isolation or construed as alternatives to net income/(loss) or any other measure of performance or as indicators of the Company's operating performance. Investors are encouraged to review the historical Non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA and adjusted net income/(loss) presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Adjusted EBITDA represents EBITDA before share-based compensation expenses, fair value changes of crypto assets and gain from disposal or fair value change of equity investments. EBITDA represents net income/(loss) before interest income and expenses, income tax benefits/(expenses) and depreciation and amortization.

Adjusted net income/(loss) represents net income/(loss) before share-based compensation expenses, fair value changes of crypto assets and gain from disposal or fair value change of equity investments.

For more information on this Non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP results” set forth at the end of this document.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; the Company's expectations regarding demand for, and market acceptance of, its solutions and services; the Company's expectations regarding keeping and strengthening its relationships with users, financial service providers and other parties it collaborates with; trends, competition and regulatory policies relating to the industries the Company operates in; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this document and in the attachments is as of the date of this document, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Jianpu Technology Inc. (IR) Xinren Wang, E-mail: IR@rong360.com (PR) Amanda Hu, E-mail: Media@rong360.com Tel: +86 (10) 6242 7068

Jianpu Technology Inc.Unaudited Condensed Consolidated Balance Sheets(In thousands) As of December 31, As of June 30, 2024 2025 RMB RMB US$ASSETSCurrent assets:Cash and cash equivalents 418,591 361,722 50,494Time deposits 11,572 11,524 1,609Restricted cash and time deposits 251,023 278,466 38,872Accounts receivable, net (including amounts billed 143,032 155,087 21,649through related party of RMB423 and nil as of December31, 2024 and June 30, 2025, respectively)Amount due from related parties 2,365 5,638 787Prepayments and other current assets 66,570 60,517 8,449Total current assets 893,153 872,954 121,860Non-current assets:Property and equipment, net 9,434 8,959 1,251Intangible assets, net 1,891 1,598 223Crypto assets 15,506 30,470 4,253Restricted cash and time deposits 26,395 – -Long-term investments 58,268 76,242 10,643Other non-current assets 977 1,206 168Total non-current assets 112,471 118,475 16,538Total assets 1,005,624 991,429 138,398LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Short-term borrowings 202,436 137,320 19,169Accounts payable (including amounts billed through 108,249 120,824 16,866related party of RMB1,820 and nil as of December 31,2024 and June 30, 2025, respectively)Advances from customers 51,635 65,075 9,084Tax payable 9,939 8,140 1,136Amount due to related parties 5,566 2,332 326Accrued expenses and other current liabilities 95,868 87,509 12,216Total current liabilities 473,693 421,200 58,797Non-current liabilities:Deferred tax liabilities 141 112 16Other non-current liabilities 11,046 449 62Total non-current liabilities 11,187 561 78Total liabilities 484,880 421,761 58,875Shareholders' equity:Ordinary shares 286 286 40Treasury stock, at cost (81,523) (10,258) (1,432)Additional paid-in capital 1,890,443 1,820,767 254,169Accumulated losses[6] (1,344,794) (1,297,274) (181,092)Statutory reserves 2,027 2,027 283Accumulated other comprehensive income 54,031 53,814 7,512Total Jianpu's shareholders' equity 520,470 569,362 79,480Noncontrolling interests 274 306 43Total shareholders' equity 520,744 569,668 79,523Total liabilities and shareholders' equity 1,005,624 991,429 138,398Jianpu Technology Inc.Unaudited Condensed Consolidated Statements of Comprehensive Income(In thousands For the Six Months Ended June 30,except for number of shares and pershare data) 2024 2025 RMB RMB US$Revenues:Recommendation services [a] 289,741 442,368 61,752Digital intelligence as a service[1] [b] 37,300 51,561 7,198Marketing and other services 102,156 63,713 8,894Total revenues 429,197 557,642 77,844Costs and expenses:Cost of promotion and acquisition [c] (247,044) (338,452) (47,246)Cost of operation [d] (28,122) (39,731) (5,546)Total cost of services (275,166) (378,183) (52,792)Sales and marketing expenses (64,366) (64,182) (8,959)Research and development expenses [e] (37,033) (36,401) (5,081)General and administrative expenses (44,166) (51,932) (7,249)Income from operations 8,466 26,944 3,763Net interest income 6,275 4,207 587Fair value changes of crypto assets[2] – (12,943) (1,807)Others, net[2] 14,724 688 96Income before income tax 29,465 18,896 2,639Income tax benefits/(expense) (524) 195 27Net income 28,941 19,091 2,666Less: net loss attributable to (163) (183) (26)noncontrolling interestsNet income attributable to Jianpu's 29,104 19,274 2,692shareholdersOther comprehensive incomeForeign currency translation adjustments 2,829 (2) -Total other comprehensive 2,829 (2) -income/(loss)Total comprehensive income 31,770 19,089 2,666Less: total comprehensive income/(loss) (87) 32 4attributable to noncontrolling interestsTotal comprehensive income 31,857 19,057 2,662attributable to Jianpu's shareholdersNet income per share attributable toJianpu's shareholdersBasic 0.07 0.05 0.01Diluted 0.07 0.05 0.01Net income per ADS attributable toJianpu's shareholdersBasic 1.38 1.02 0.14Diluted 1.34 0.97 0.13Weighted average number of sharesBasic 422,748,795 376,647,049 376,647,049Diluted 435,934,033 399,060,318 399,060,318[a] Including revenues from related party of RMB186 and RMB10,435 for the six months ended June 30, 2024 and 2025, respectively.[b] Including revenues from related party of RMB22 and RMB273 for the six months ended June 30, 2024 and 2025, respectively.[c] Including cost of promotion and acquisition from related party of RMB819 and RMB7,692 for the six months ended June 30, 2024 and 2025, respectively.[d] Including cost of operation from related party of RMB493 and RMB561 for the six months ended June 30, 2024 and 2025, respectively.[e] Including expenses from related party of RMB38 and RMB594 for the six months ended June 30, 2024 and 2025, respectively.Jianpu Technology Inc.Unaudited Reconciliations of GAAP and Non-GAAP Results For the Six Months Ended June 30,(In thousands) 2024 2025 RMB RMB US$Net income 28,941 19,091 2,666Add: Share-based compensation 1,165 762 106expensesFair value changes of crypto assets[2] – 12,943 1,807Gain from disposal or fair value (5,850) (3,493) (488)change of equity investments[3]Non-GAAP adjusted net income[4] 24,256 29,303 4,091Add: Depreciation and amortization 2,050 871 122Net interest income (6,275) (4,207) (587)Income tax expenses/(benefits) 524 (195) (27)Non-GAAP adjusted EBITDA[5] 20,555 25,772 3,599[1] Starting from the first half of 2024, the Company updated the description of its revenue stream “big data and system-based risk management services” to “digital intelligence as a service”, to provide more relevant and clear information.[2] As a result of the adoption of ASU 2023-08 effective January 1, 2025, crypto assets are recorded at fair value, and changes in fair value are recognized as part of net income. Accordingly, the changes in fair value recognized in the first half of 2025 are not comparable to the same period of 2024.Prior to the adoption of ASU 2023-08, crypto assets were classified as indefinite-lived intangible assets and were measured at cost less impairment. Subsequent increases in crypto asset prices are not allowed to be recorded unless the crypto asset is sold, at which point the gain is recognized in net income each reporting period. Accordingly, unrealized losses recognized on crypto asset transactions for the first half of 2025 are not comparable to the same period of 2024.[3] In January 2024, the Company, together with other shareholders of an investee company, entered into an investment termination agreement with the investee company, according to which the company's investment into the investee company was terminated and the investee company would pay the Company US$0.8 million as compensation for such termination. The compensation was fully paid to the Company in January 2024. The investment had been fully impaired by the Company in the year 2022, and therefore, the termination led to an investment gain of US$0.8 million in January 2024.[4] Non-GAAP adjusted net income represents net income before share-based compensation expenses, fair value changes of crypto assets and gain from disposal or fair value change of equity investments. See “Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this document for more details about Non-GAAP adjusted net income. Non-GAAP adjusted net income margin equals Non-GAAP adjusted net income divided by total revenues.[5] Non-GAAP adjusted EBITDA represents EBITDA before share-based compensation expenses, fair value changes of crypto assets and gain from disposal or fair value change of equity investments. EBITDA represents net income before interest income and expenses, income tax benefits/(expenses) and depreciation and amortization. See “Unaudited Reconciliations of GAAP and Non-GAAP Results” for more details.[6] As a result of the adoption of ASU 2023-08 effective January 1, 2025, crypto assets are recorded at fair value, and changes in fair value are recognized as part of net income. As a result of the adoption, a cumulative gain of RMB28.2 million arising from fair value changes of crypto assets was recognized as an adjustment to the opening accumulated losses, with no restatement of prior periods.

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