iHuman Inc.

What they do

iHuman operates a portfolio of children's learning apps in China accessed through mobile devices, and reports monthly active users (MAUs) for each app; total MAUs combine the MAUs of all apps without eliminating duplicate access across different apps. The company is a Cayman Islands holding company whose operations include a variable interest entity and its subsidiaries. It is under common control with Hongen Education, an affiliate sharing director Mr. Hanfeng Chi and controlled by founder/chairman Mr. Michael Yufeng Chi, who beneficially owns more than 50% of the voting power of both entities.

Revenue drivers

• Interactive children's learning apps — The company generates revenue from its portfolio of children's learning apps delivered via mobile devices, and reports engagement through MAUs. The filing does not break out product-level revenue within the 20-F business excerpt provided. Total revenue has declined every year from $148.2 million in 2021 to $115.4 million in 2025.

Recent performance

2025 revenue was $115.4 million, down from $126.3 million in 2024 and $143.4 million in 2023, marking the fourth consecutive annual decline. Net income was $13.6 million in 2025, roughly flat versus $13.5 million in 2024 but well below the $25.5 million earned in 2023. Diluted EPS was $0.05 in both 2024 and 2025. Operating cash flow fell to $7.3 million in 2025 from $8.0 million in 2024 and $24.2 million in 2023. At December 31, 2025, the company held $164.6 million of cash and equivalents against $53.4 million of liabilities and $142.3 million of shareholder equity.

Strategy

The provided excerpts do not describe specific strategic initiatives, product roadmaps, or investment priorities beyond the company's general operation of children's learning apps. No management guidance or forward-looking operational targets appear in the excerpts provided. The 20-F references AI in its defined-terms section, but the excerpts do not describe any AI products or strategy in detail.

Risks

• Sustained revenue decline — Revenue has fallen from $148.2 million in 2021 to $115.4 million in 2025, a cumulative decline of about 22%.
• Operating cash flow erosion — Operating cash flow has declined from $24.2 million in 2023 to $7.3 million in 2025 even as net income held near $13.5 million.
• Common control with Hongen Education — Founder and chairman Mr. Michael Yufeng Chi beneficially owns more than 50% of the voting power of both iHuman and Hongen Education, an affiliate sharing a director, Mr. Hanfeng Chi.
• China operations and VIE structure — The company's principal offices are in Beijing, and its operations are conducted through a variable interest entity and its subsidiaries.

Outlook

The provided filing excerpts do not include management's forward-looking guidance, targets, or commentary on future periods. As a result, no outlook statement can be supported by the source material.