What could change its growth trajectory, and what would confirm it?
Duzhe Publishing & Media's trajectory hinges on steady textbook demand and Reader circulation, with textbooks and study aids remaining the largest segment at about 64 percent of 2025 main revenue and Reader's monthly circulation holding above five million copies including digital editions through 2025.
In 2025, revenue slipped slightly while net profit attributable to shareholders grew 37.32 percent.
2Risk Factors
Which risks could break the thesis, and what would warn of them?
Concentration in textbooks and Reader leaves Duzhe Publishing & Media's results exposed if either channel weakens, as textbooks and study aids supplied about 64 percent of its main business revenue in 2025 and Reader's monthly circulation remained above five million copies including digital that year.
Revenue slipped slightly in 2025 while net profit attributable to shareholders rose 37.32 percent.
3Unit Economics
How does it make money per customer, and what is still unknown?
Textbook sales supply most of its value, with the Reader title adding journal-sale revenue: textbooks and study aids earned 577 million yuan in 2025, about 64 percent of main business revenue, while Reader's 2025 monthly circulation held above five million copies including digital.
In 2025, the company recorded net profit of about 85 million yuan on revenue of about 904 million yuan.
