公司通过YSX运营公司,为中国的企业客户,主要是保险公司和经纪公司提供全面的业务解决方案。YSX 运营公司基于多年服务企业客户积累的对中国保险行业的深入了解,专注于车险后市场增值服务、软件 开发和信息技术服务,以及其他基于场景的定制服务。 基于专有的行业知识,YSX运营公司致力于与客户合作,了解他们的需求和挑战,并提供合适的服务,帮助他 们实现各自的目标。 本文源自：金融界 作者：行情君 7月30日，益盛鑫(YSXT)盘中上涨2.1%，截至22:03，报2.91美元/股，成交2.24万美元，总市值6820.08 万美元。 财务数据显示，截至2024年09月30日，益盛鑫收入总额3409.44万美元，同比增长28.67%；归母净利润 192.72万美元，同比减少22.03%。 资料显示，益盛鑫科技有限公司是一家在开曼群岛注册成立的离岸控股公司,通过YSX运营公司在中华 人民共和国("PRC")通过VIE结构开展业务。 ...

Group 1 - The core viewpoint of the article highlights the financial performance and market position of YSXT, indicating a significant revenue growth despite a decline in net profit [1] - As of July 30, YSXT's stock opened at $3.0 per share, with a total market capitalization of $70.31 million [1] - For the fiscal year ending September 30, 2024, YSXT reported total revenue of $34.09 million, representing a year-on-year increase of 28.67% [1] Group 2 - The company reported a net profit attributable to shareholders of $1.93 million, which reflects a year-on-year decrease of 22.03% [1] - YSXT operates as an offshore holding company registered in the Cayman Islands, conducting business in the People's Republic of China through a VIE structure [1] - The company provides comprehensive business solutions primarily to insurance companies and brokerage firms in China, focusing on value-added services in the auto insurance aftermarket, software development, and IT services [1]

[Unaudited Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $31.7 million, driven by an increase in current assets, while total shareholders' equity rose to $21.2 million Condensed Consolidated Balance Sheets Summary (in thousands) | Account | September 30, 2024 (Unaudited) | March 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $31,366 | $27,515 | | **Total Noncurrent Assets** | $351 | $356 | | **Total Assets** | **$31,718** | **$27,871** | | **Total Current Liabilities** | $8,653 | $7,206 | | **Total Noncurrent Liabilities** | $1,899 | $2,030 | | **Total Liabilities** | **$10,552** | **$9,236** | | **Total Shareholders' Equity** | **$21,166** | **$18,635** | | **Total Liabilities and Shareholders' Equity** | **$31,718** | **$27,871** | [Condensed Consolidated Statements of Income and Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Revenue increased by 28.7% to $34.1 million, but higher costs led to a decrease in net income and earnings per share Income Statement Highlights (in thousands) | Metric | Six Months Ended Sep 30, 2024 | Six Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | **Total Revenue** | $34,094 | $26,498 | | **Gross Profit** | $3,601 | $3,379 | | **Income from Operations** | $2,356 | $2,818 | | **Net Income** | $1,927 | $2,472 | | **Comprehensive Income** | $2,531 | $1,552 | | **Earnings Per Share (Basic and Diluted)** | $0.09 | $0.11 | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to $21.2 million, primarily driven by net income and a positive foreign currency translation adjustment Changes in Shareholders' Equity (Six Months Ended Sep 30, 2024) | Description | Amount (in thousands) | | :--- | :--- | | **Balance at March 31, 2024** | **$18,635** | | Net Income | $1,927 | | Foreign currency translation adjustment | $604 | | Appropriation to statutory reserve | $0 | | **Balance at September 30, 2024** | **$21,166** | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company's cash position improved with a net increase of $1.16 million, reversing a prior year decrease of $1.35 million Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended Sep 30, 2024 | Six Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(689) | $(3,723) | | Net cash provided by (used in) investing activities | $1,682 | $(209) | | Net cash (used in) provided by financing activities | $(4) | $2,775 | | **Net increase (decrease) in cash** | **$1,161** | **$(1,350)** | | **Cash, end of period** | **$5,445** | **$2,037** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION](index=6&type=section&id=NOTE%201%20%E2%80%94%20ORGANIZATION%20AND%20BUSINESS%20DESCRIPTION) YSX Tech provides auto insurance aftermarket services in China through a Variable Interest Entity (VIE) structure established in December 2022 - The company's primary business is providing auto insurance aftermarket value-added services, software development, and other customized services to insurance companies and brokerages in the PRC[13](index=13&type=chunk) - The company completed a reorganization on December 31, 2022, establishing a **VIE structure** through contractual arrangements, which gives it effective control over the YSX Operating Companies for accounting purposes[17](index=17&type=chunk)[18](index=18&type=chunk)[20](index=20&type=chunk) Financial Highlights of Consolidated VIEs (Six Months Ended Sep 30, 2024) | Metric | Amount (in thousands) | | :--- | :--- | | **Net Revenue** | $34,094 | | **Net Income** | $2,190 | | **Total Assets (as of Sep 30, 2024)** | $31,904 | | **Total Liabilities (as of Sep 30, 2024)** | $10,068 | [NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=12&type=section&id=NOTE%202%20%E2%80%94%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The financial statements are prepared under U.S. GAAP, with key policies covering VIE consolidation and revenue recognition under ASC 606 - The company's main operations are in the PRC, exposing it to political, economic, and legal risks; the COVID-19 pandemic's impact has diminished[36](index=36&type=chunk)[38](index=38&type=chunk) - Revenue is recognized based on ASC 606 and is disaggregated by service type, with the company acting as a principal in its service arrangements[58](index=58&type=chunk)[63](index=63&type=chunk) Disaggregation of Revenue by Service Type (in thousands) | Service Type | Six Months Ended Sep 30, 2024 | Six Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Auto insurance aftermarket value-added services | $28,210 | $21,411 | | Other scenario-based customized services | $5,579 | $4,254 | | Software development and IT services | $305 | $834 | | **Total Revenue** | **$34,094** | **$26,498** | [NOTE 3 — ACCOUNTS RECEIVABLE, NET](index=28&type=section&id=NOTE%203%20%E2%80%94%20ACCOUNTS%20RECEIVABLE%2C%20NET) Net accounts receivable increased to $9.86 million, with 63.2% of the gross balance subsequently collected as of the report date Accounts Receivable, Net (Third-Party) | Description | September 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Gross Accounts Receivable | $10,515,108 | $9,546,483 | | Less: Allowance for doubtful account | $(657,014) | $(382,731) | | **Net Accounts Receivable** | **$9,858,094** | **$9,163,752** | - Approximately **63.2% ($6.6 million)** of the gross accounts receivable balance as of September 30, 2024, has been subsequently collected[92](index=92&type=chunk)[93](index=93&type=chunk) [NOTE 4 —ADVANCES TO VENDORS](index=29&type=section&id=NOTE%204%20%E2%80%94ADVANCES%20TO%20VENDORS) Advances to vendors for outsourced services increased to $10.7 million, with management considering the balance fully realizable - Advances to vendors are primarily for outsourcing value-added services and prepayments to media channel operators[95](index=95&type=chunk) - No allowance for credit loss was recorded as management considers the balances fully realizable, with **99.9%** of the September 30, 2024 balance subsequently realized[95](index=95&type=chunk)[96](index=96&type=chunk) [NOTE 5 —LEASES](index=29&type=section&id=NOTE%205%20%E2%80%94LEASES) The company's operating lease liabilities for office space totaled $209,463 with a weighted average remaining term of 2.18 years Operating Lease Balances | Account | September 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Operating lease right-of-use assets, net | $190,240 | $224,835 | | Total operating lease liabilities | $209,463 | $244,183 | Future Minimum Lease Payments (as of Sep 30, 2024) | Period | Amount | | :--- | :--- | | Twelve months ending Sep 30, 2025 | $99,576 | | 2026 | $84,582 | | 2027 | $13,901 | | Thereafter | $25,797 | | **Total lease payments** | **$223,856** | [NOTE 6— DEBT](index=31&type=section&id=NOTE%206%E2%80%94%20DEBT) Total debt includes short-term loans, long-term bank loans, and a $1.35 million long-term loan from the CEO, Mr. Jie Xiao - Short-term loans outstanding as of September 30, 2024, totaled **$1,635,887**, primarily from China Construction Bank (CCB)[102](index=102&type=chunk) - Long-term loans from Bank of China (BOC) totaled **$569,996**, with a non-current portion of $427,497[108](index=108&type=chunk) - The company has a long-term loan of **$1,353,739** from its CEO, Mr. Jie Xiao, with terms mirroring a loan he secured for the company's benefit[110](index=110&type=chunk) [NOTE 7 — TAXES](index=35&type=section&id=NOTE%207%20%E2%80%94%20TAXES) The company benefits from preferential tax policies, resulting in an effective income tax rate of 18.4% for the period - Certain PRC subsidiaries enjoy preferential tax rates (10-15%) and tax holidays, which reduced PRC corporate income taxes by **$155,773** for the six months ended September 30, 2024[114](index=114&type=chunk)[117](index=117&type=chunk) Effective Income Tax Rate Reconciliation | Description | Six Months Ended Sep 30, 2024 | Six Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | China statutory income tax rate | 25.0% | 25.0% | | Effect of tax holiday and preferential tax rate | (7.9)% | (7.9)% | | Other adjustments | 1.3% | (0.7)% | | **Effective income tax rate** | **18.4%** | **16.4%** | [NOTE 8 — RELATED PARTY TRANSACTIONS](index=39&type=section&id=NOTE%208%20%E2%80%94%20RELATED%20PARTY%20TRANSACTIONS) The company engages in significant transactions with related parties, including substantial revenue from one entity and a loan from its CEO Transactions with Guangzhou Dayong Insurance Agency Co. Ltd. | Metric | Six Months Ended Sep 30, 2024 | Six Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | **Revenue** | $9,346,622 | $4,298,763 | | **Accounts Receivable (as of period end)** | $4,024,951 | N/A | - The company borrowed RMB 10 million (approx. **$1.4 million**) from its CEO, Mr. Jie Xiao, under the same terms he received from a bank loan that the company guaranteed[128](index=128&type=chunk)[129](index=129&type=chunk) [NOTE 9— Risks and Concentration](index=42&type=section&id=NOTE%209%E2%80%94%20Risks%20and%20Concentration) The company faces significant customer and vendor concentration risks, with four customers accounting for 86% of total revenue - **Customer Concentration:** For the six months ended Sep 30, 2024, four customers (three third-party, one related party) accounted for **22.4%, 19.7%, 16.8%, and 27.4%** of total revenues, respectively[136](index=136&type=chunk) - **Vendor Concentration:** For the six months ended Sep 30, 2024, four vendors accounted for **21.8%, 21.8%, 14.1%, and 11.3%** of total purchases, respectively[138](index=138&type=chunk) - **Credit Risk:** As of September 30, 2024, **$4.86 million** of the company's $5.4 million cash balance held in PRC financial institutions was not covered by deposit insurance[131](index=131&type=chunk) [NOTE 10 — SHAREHOLDERS' EQUITY](index=44&type=section&id=NOTE%2010%20%E2%80%94%20SHAREHOLDERS'%20EQUITY) The company maintains a dual-class share structure and is subject to PRC regulations requiring appropriations to a statutory surplus reserve - The company has authorized 470 million Class A shares (1 vote/share) and 30 million Class B shares (5 votes/share), with **20.8 million Class A** and **1.2 million Class B** shares outstanding[144](index=144&type=chunk) - PRC subsidiaries and VIEs must allocate at least 10% of after-tax profits to a statutory reserve, which totaled approximately **$818,465** as of September 30, 2024[146](index=146&type=chunk) - As of September 30, 2024, approximately **$6.2 million** in assets of the PRC entities are considered restricted from being transferred to the parent company[149](index=149&type=chunk) [NOTE 11 — COMMITMENTS AND CONTINGENCIES](index=46&type=section&id=NOTE%2011%20%E2%80%94%20COMMITMENTS%20AND%20CONTINGENCIES) The company has provided loan guarantees totaling approximately $4.2 million for two customers and its CEO, with management deeming the risk of loss remote Loan Guarantees Provided by Xinjiang YSX (as of Sep 30, 2024) | Party Being Guaranteed | Relationship | Maximum Guarantee Amount | Bank Loans Guaranteed | | :--- | :--- | :--- | :--- | | Tanbao Network Technology | Third-party customer | $1,424,989 | $1,399,339 | | Guangzhou Zhuohang Info Tech | Third-party customer | $1,424,989 | $1,382,239 | | Mr. Jie Xiao (CEO) | Related party | $2,137,483 | $1,424,989 | - Management has not accrued any liability for these guarantees, concluding that the likelihood of having to make payments is **remote**[154](index=154&type=chunk) [NOTE 12 — SEGMENT REPORTING](index=48&type=section&id=NOTE%2012%20%E2%80%94%20SEGMENT%20REPORTING) The company operates across three segments, with the Auto Insurance Aftermarket Value-added Services segment being the largest contributor to revenue and profit Segment Performance (Six Months Ended Sep 30, 2024) | Segment | Revenues | Gross Profit | Net Income | Total Assets | | :--- | :--- | :--- | :--- | :--- | | Auto Insurance Aftermarket Services | $28,210,396 | $2,795,299 | $1,594,602 | $26,243,951 | | Other Scenario-based Customized Services | $5,579,468 | $737,506 | $315,381 | $5,190,543 | | Software Development & IT Services | $304,504 | $67,709 | $17,212 | $283,278 | | **Total** | **$34,094,368** | **$3,600,514** | **$1,927,195** | **$31,717,772** | [NOTE 13 — SUBSEQUENT EVENTS](index=50&type=section&id=NOTE%2013%20%E2%80%94%20SUBSEQUENT%20EVENTS) Post-period, the company completed its IPO on the Nasdaq, raising gross proceeds of approximately $5.75 million - The company commenced trading on the Nasdaq Capital Market on December 18, 2024, under the ticker symbol **"YSXT"**[160](index=160&type=chunk) - The IPO closed on December 19, 2024, raising gross proceeds of **$5 million** from 1,250,000 Class A ordinary shares, plus an additional **$750,000** from the over-allotment option[161](index=161&type=chunk) [NOTE 14 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY](index=50&type=section&id=NOTE%2014%20%E2%80%94%20CONDENSED%20FINANCIAL%20INFORMATION%20OF%20THE%20PARENT%20COMPANY) The parent company is a holding entity whose primary asset is its investment in subsidiaries, with no standalone cash or liabilities - Condensed parent company financial information is provided because **restricted net assets** of consolidated subsidiaries exceeded 25% of consolidated net assets[163](index=163&type=chunk) - The parent company's sole asset is its 'Investment in subsidiaries and VIEs', which was **$21.2 million** as of September 30, 2024, and it has no liabilities[170](index=170&type=chunk) - The parent company's net income of **$1.9 million** for the period represents its equity in the earnings of its subsidiaries and VIEs[173](index=173&type=chunk)

As filed with the U.S. Securities and Exchange Commission on November 14, 2024 Registration No. 333-280312 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 YSX Tech. Co., Ltd (Exact name of registrant as specified in its charter) Ying Li, Esq. Lisa Forcht, Esq. Hunter Taubman Fischer & Li LLC 48 Wall Street, Suite 1100 New York, NY 10005 212-530-2206 Jason T. Simon, Esq. Yangyang Jia, Esq. Greenberg Tr ...

As filed with the U.S. Securities and Exchange Commission on September 5, 2024 Registration No. 333-280312 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 YSX Tech. Co., Ltd (Exact name of registrant as specified in its charter) | Cayman Islands | 7389 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organiz ...

Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 YSX Tech. Co., Ltd (Exact name of registrant as specified in its charter) | Cayman Islands | 7389 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classification Code Number) | Identification Number) | As filed with the U.S. Securities and Exchange Commission on August 9, 2024 Registration No. 333-280312 UNITED STAT ...

As filed with the U.S. Securities and Exchange Commission on June 18, 2024 Registration No. 333-[·] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 YSX Tech. Co., Ltd (Exact name of registrant as specified in its charter) | Cayman Islands | 7389 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classification Co ...