DAO vs IH
Youdao, Inc. and iHuman Inc., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | DAO | IH |
|---|---|---|
| Revenue | CNY 5.9B | CNY 807.0M |
| Net income | CNY 97.0M | CNY 95.4M |
| Gross margin | 44.3% | 67.9% |
| Net margin | 1.6% | 11.8% |
| Return on equity | · | 9.8% |
| Diluted EPS | CNY 0.90 | CNY 0.36 |
| Dividend / share | · | · |
| Payout ratio | · | 41.0% |
| Free cash flow | CNY 29.6M | CNY 46.4M |
| Equity | · | CNY 995.2M |
| Net debt / equity | · | · |
| Current ratio | 0.59× | 3.57× |
| Revenue CAGR 5y | 18.5% | 8.7% |
| Profit CAGR 5y | · | · |
DAO bills 7.3× the revenue of IH, and IH keeps more of each dollar of revenue as profit (11.8% against 1.6%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
8 years side by side
| Fiscal year | DAO | IH |
|---|---|---|
| FY2025 | CNY 5.9B | CNY 807.0M |
| FY2024 | CNY 5.6B | CNY 922.2M |
| FY2023 | CNY 5.4B | CNY 1.0B |
| FY2022 | CNY 5.0B | CNY 985.5M |
| FY2021 | CNY 4.0B | CNY 944.7M |
| FY2020 | CNY 2.5B | CNY 531.9M |
| FY2019 | CNY 1.2B | CNY 218.7M |
| FY2018 | CNY 731.6M | CNY 131.9M |
Bottom line
| Fiscal year | DAO | IH |
|---|---|---|
| FY2025 | CNY 97.0M | CNY 95.4M |
| FY2024 | CNY 75.2M | CNY 98.6M |
| FY2023 | CNY -550.1M | CNY 180.9M |
| FY2022 | CNY -745.9M | CNY 109.8M |
| FY2021 | CNY -1.0B | CNY -37.1M |
| FY2020 | CNY -1.8B | CNY -37.5M |
| FY2019 | CNY -601.5M | CNY -275.6M |
| FY2018 | CNY -208.9M | CNY -17.6M |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 5,102,000,000 | DAO |
| FY2024 | +CNY 4,703,718,000 | DAO |
| FY2023 | +CNY 4,371,069,000 | DAO |
| FY2022 | +CNY 4,027,665,000 | DAO |
| FY2021 | +CNY 3,071,072,000 | DAO |
| FY2020 | +CNY 1,994,891,000 | DAO |
| FY2019 | +CNY 988,754,000 | DAO |
| FY2018 | +CNY 599,731,000 | DAO |
DAO has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −10.2 pp | IH |
| FY2024 | −9.4 pp | IH |
| FY2023 | −28.0 pp | IH |
| FY2022 | −26.0 pp | IH |
| FY2021 | −21.6 pp | IH |
| FY2020 | −62.3 pp | IH |
| FY2019 | +76.2 pp | DAO |
| FY2018 | −15.3 pp | IH |
The higher net margin has changed hands between DAO and IH over this period.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
IH's net margin has been more volatile than DAO's over the 8 comparable fiscal years — 44.2 percentage points of standard deviation against 23.2.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between DAO and IH over these 8 fiscal years — DAO led in 1 and IH in 7.
8 of 9 comparable fiscal years — a year missing data on either side is not counted.