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Operator of China's leading digital-reading app (iReader/Zhangyue), licensing e-books and web novels to a large mobile user base.
Operator of China's leading digital-reading app (iReader/Zhangyue), licensing e-books and web novels to a large mobile user base.
Earns from readers who pay per chapter or subscribe and from advertisements shown to free readers, while paying content owners and authors a share, so what it keeps depends on its deals with writers and publishers.
In one line: China's Kindle app / a smaller Amazon Books.
Moat: narrow (network effects, installed base). Large user base and licensed content library create switching costs versus newer reading apps.
Headquarters: Xiamen, China · Employees: 1,008
Size iReader Technology (603533.SS) is a China Information Technology company (Packaged Software) with a market value of $1.98B, the 1276th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥30.10 on 6 Nov 2026.
Performance Over six months the shares gained 20.3%, against -10.3% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +10.0%); the operating margin is -2.0% (peer median 1.2%).
Valuation It trades at 91.2× forward earnings against a peer median of 33.9× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 37% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +28 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 13.0 points below its cost of capital (8.4% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.56B | CN¥3.24B | CN¥2.58B | CN¥2.77B | CN¥2.58B |
| Revenue growth | — | +25% | -7% | +8% | — |
| Gross profit | CN¥2.47B | CN¥2.23B | CN¥1.89B | CN¥2.07B | CN¥1.88B |
| EBITDA | n/a | -CN¥132M | CN¥122M | CN¥110M | CN¥140M |
| Net income | -CN¥28.2M | -CN¥176M | CN¥49.3M | CN¥34.8M | CN¥57.6M |
| Free cash flow | CN¥123M | -CN¥260M | -CN¥138M | CN¥190M | CN¥1.04M |
| Capital expenditure | CN¥8.92M | CN¥34.4M | CN¥75.2M | CN¥166M | CN¥153M |
| Total debt | CN¥10.2M | CN¥9.18M | CN¥12.8M | CN¥17.0M | CN¥1.08M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| iReader Technology 603533.SS | $1.98B | +20% | +14% | -2% | 91.2× | 37.2% |
| China Literature 0772.HK | $3.18B | -9% | +12% | 2% | 34.3× | 40.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603533.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +30.1% | +8.4% | highest of 21 |
| 6-month return | +20.3% | -10.3% | 8th highest of 21 |
| Distance from 52-week high | -20.0% | -39.8% | 6th highest of 21 |
| Revenue growth (TTM) | +13.6% | +10.0% | 10th highest of 21 |
| Operating margin | -2.0% | 1.2% | 9th lowest of 21 |
| Forward P/E | 91.2× | 33.9× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 37.2% | 16.6% | 4th most demanding of 15 |
| Growth delivered (Del g) | +9.5% | +13.9% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | +27.7 pp | +3.0 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -13.0 pp | -6.1 pp | 6th lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| iReader Technology 603533.SS | China | $1.98B | +20% | +14% | -2% | 91.2× | 37.2% | +9.5% |
| Pine Labs PINELABS.NS | India | $1.98B | -19% | +50% | 7% | 79.2× | n/a | n/a |
| Aisino 600271.SS | China | $1.96B | -16% | -12% | -24% | 26.2× | n/a | n/a |
| Ourpalm 300315.SZ | China | $1.96B | -3% | -5% | -65% | 125.6× | 55.8% | -17.0% |
| Tianyu Digital Technology 002354.SZ | China | $2.00B | +31% | +8% | -2% | 135.3× | 25.9% | +15.8% |
| Justsystems 4686.T | Japan | $2.01B | +33% | +10% | 44% | n/a | -6.3% | +4.6% |
| Zhejiang Jinke Tom Culture Industry 300459.SZ | China | $2.01B | -9% | -10% | -108% | n/a | 43.2% | -12.5% |
| Karooooo KARO | United States | $1.95B | +25% | +32% | 25% | 24.1× | 10.4% | +17.7% |
| Planisware Societe anonyme PLNW.PA | France | $1.94B | +46% | +8% | 31% | 28.2× | 12.3% | +16.8% |
| Pony AI 2026.HK | Hong Kong | $1.93B | -56% | +67% | -214% | n/a | n/a | n/a |
| Mobvista Incorporation 1860.HK | Hong Kong | $2.05B | -43% | +26% | 4% | 19.6× | -1.1% | +31.9% |
| Zhejiang Digital Culture Technology 600633.SS | China | $2.06B | -15% | +14% | 10% | 20.8× | 15.4% | -2.8% |
| UCloud Technology 688158.SS | China | $2.08B | -34% | +26% | 2% | 499.0× | n/a | n/a |
| China TransInfo Technology 002373.SZ | China | $1.89B | -11% | +16% | 1% | 39.7× | 22.0% | -2.7% |
| Embracer EMBRAC-B.ST | Sweden | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% | +12.0% |
| iFAST AIY.SI | Singapore | $1.89B | -10% | +35% | 24% | 18.6× | -11.6% | +24.8% |
| Business-Intelligence of Oriental Nations 300166.SZ | China | $1.88B | -27% | +7% | -5% | 94.1× | n/a | n/a |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 109.2× | 36.9% | +27.4% |
| Shenzhen Intellifusion Technologies 688343.SS | China | $1.87B | -46% | -4% | -52% | n/a | n/a | n/a |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| ArcSoft 688088.SS | China | $1.87B | -26% | +10% | 12% | 49.1× | 41.3% | +6.2% |