Jianpu Technology Inc.

What they do

The company operates an independent open platform that connects users seeking financial products with financial institutions in China. Operations are conducted through mainland China subsidiaries and four consolidated variable interest entities: Beijing Rongdiandian Information Technology Co., Ltd. (RDD), Beijing Kartner Information Technology Co., Ltd. (KTN), Beijing Guangkezhixun Information Technology Co., Ltd. (GKZX), and Beijing Tianyi Chuangshi Technology Co., Ltd. (TCT). A 2018 restructuring transferred all business operations previously operated by RONG360, except for the digital lending business, to the company.

Revenue drivers

• Independent open platform / financial product recommendation — The core business is an independent open platform for financial product discovery and recommendation, conducted through main operating entities including the VIEs RDD, KTN, GKZX, and TCT. The source material does not break out revenue by product line.

Recent performance

Revenue was $140.0 million in 2025, up from $137.8 million in 2024, following $150.6 million in 2023 and $143.5 million in 2022. Net income was $4.6 million in 2025, down from $14.5 million in 2024, with diluted EPS of $0.01 versus $0.04. Operating cash flow was $15.1 million in 2025, compared with $10.9 million in 2024 and $0.599 million in 2023. At December 31, 2025, total assets were $82.1 million, total liabilities were $40.1 million, shareholders' equity was $42.0 million, and cash and equivalents were $30.6 million. The company had 400,523,605 ordinary shares outstanding at December 31, 2025, all Class A ordinary shares.

Strategy

The 2018 restructuring was intended to strengthen the company's positioning as an independent open platform, and the digital lending business was excluded from the operations transferred to the company. The source excerpts do not provide further details on current strategic priorities or planned investments.

Risks

• VIE structure and contractual arrangements — Operations in China are conducted partly through four variable interest entities with which the company maintains contractual arrangements rather than direct equity ownership, which may create enforceability and control risks.
• Earnings volatility — Net income fell from $14.5 million in 2024 to $4.6 million in 2025, and diluted EPS fell from $0.04 to $0.01, despite revenue increasing modestly, indicating margin or expense pressure.
• Historical losses — The company reported net losses of $31.4 million, $18.0 million, and $3.8 million in 2021, 2022, and 2023, respectively, before returning to profitability in 2024.
• Operating cash flow dependence — Operating cash flow has been positive only since 2023, at $0.599 million in 2023, $10.9 million in 2024, and $15.1 million in 2025, after negative operating cash flow of $46.2 million in 2021 and $22.4 million in 2022.

Outlook

The source excerpts do not include forward guidance or management outlook statements, and no forward-looking statements beyond the required cover page are present in the provided material.