COMP <GO>

IH vs EDU // EV/EBITDA & P/E VALUATION

iHuman Inc. each representing five (Class A) (NYSE) VS. New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) (NYSE) • 15-METRIC TALLY: IH 8 — EDU 5

▲ EV/EBITDA & P/E VALUATION LEADER: IH

IH — iHuman Inc. each representing five (Class A) SUPERIOR ROARABLE C • RQD 64/100

LAST: $1.18 (+1.72%) • MKT CAP: $60.3M

DES <GO> FA <GO> 10-K RED <GO>

valuation

3.2x

EDU — New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) ROARABLE B- • RQD 70/100

LAST: $49.09 (-3.21%) • MKT CAP: $7.61B

DES <GO> FA <GO> 10-K RED <GO>

valuation

9.3x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (IH VS. EDU) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	IH	EDU	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	67.90%	54.60%	+13.30	IH	/gross-margins <GO>
Return on Invested Capital (ROIC)	85.00%	21.30%	+63.70	IH	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	3.2x	9.3x	-6.10	IH	/valuation <GO>
Free Cash Flow Yield	12.17%	10.25%	+1.92	IH	/fcf-yield <GO>
Operating Margin	8.30%	11.40%	-3.10	EDU	/operating-margins <GO>
Net Profit Margin	11.80%	8.40%	+3.40	IH	/net-margins <GO>
Revenue Growth (YoY)	-8.70%	15.50%	-24.20	EDU	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	9.27%	1.27%	+8.00	IH	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	2.30	4.92	-2.62	EDU	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	9/9	-3.00	EDU	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	52.6	26.9	+25.72	IH	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	0.96	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	4.1x	13.4x	-9.30	IH	/forward-pe <GO>
Enterprise Scale & Market Cap	$60.3M	$7.61B	-$7.55B	EDU	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	IH REV	EDU REV	IH GROSS %	EDU GROSS %	IH FCF	EDU FCF
FY 2025	$115.4M	$5.66B	67.9%	54.6%	$7.3M	$780.2M
FY 2024	$126.3M	$4.90B	69.4%	55.4%	$8.0M	$654.7M
FY 2023	$143.4M	$4.31B	—	—	$24.2M	$928.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

IH // BETA —

EDU // BETA 0.96