MAAS vs NOAH
Maase Inc. and Noah Holdings Ltd., side by side — 9 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | MAAS | NOAH |
|---|---|---|
| Revenue | CNY 183.4M | CNY 2.6B |
| Net income | CNY -187.2M | CNY 558.9M |
| Gross margin | 13.7% | · |
| Net margin | −1014.5% | 21.3% |
| Return on equity | −7.1% | 5.7% |
| Diluted EPS | −CNY 1.15 | CNY 1.59 |
| Dividend / share | · | · |
| Payout ratio | · | 97.8% |
| Free cash flow | CNY -106.7M | CNY 842.5M |
| Equity | CNY 4.6B | CNY 9.8B |
| Net debt / equity | −0.01× | · |
| Current ratio | 10.67× | 4.46× |
| Revenue CAGR 5y | −0.8% | −4.6% |
| Profit CAGR 5y | · | · |
NOAH bills 14.3× the revenue of MAAS, and MAAS closed the last reported year at a loss.
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.
9 years side by side
| Fiscal year | MAAS | NOAH |
|---|---|---|
| FY2025 | CNY 183.4M | CNY 2.6B |
| FY2024 | CNY 781.2M | CNY 2.6B |
| FY2023 | CNY 963.2M | CNY 3.3B |
| FY2022 | CNY 114.4M | CNY 3.1B |
| FY2021 | CNY 188.7M | CNY 4.3B |
| FY2020 | CNY 191.2M | CNY 3.3B |
| FY2019 | CNY 129.5M | CNY 3.4B |
| FY2018 | CNY 203.2M | CNY 3.3B |
| FY2017 | CNY 165.8M | CNY 2.8B |
Bottom line
| Fiscal year | MAAS | NOAH |
|---|---|---|
| FY2025 | CNY -187.2M | CNY 558.9M |
| FY2024 | CNY -196.0M | CNY 475.4M |
| FY2023 | CNY -289.7M | CNY 1.0B |
| FY2022 | CNY -43.6M | CNY 976.6M |
| FY2021 | CNY -60.7M | CNY 1.3B |
| FY2020 | CNY -46.4M | CNY -745.2M |
| FY2019 | CNY -32.9M | CNY 829.2M |
| FY2018 | CNY 52.0M | CNY 811.3M |
| FY2017 | CNY 64.6M | CNY 762.9M |
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 2,446,426,000 | NOAH |
| FY2024 | −CNY 1,840,118,000 | NOAH |
| FY2023 | −CNY 2,354,609,000 | NOAH |
| FY2022 | −CNY 3,014,437,000 | NOAH |
| FY2021 | −CNY 4,137,859,000 | NOAH |
| FY2020 | −CNY 3,133,512,000 | NOAH |
| FY2019 | −CNY 3,283,693,000 | NOAH |
| FY2018 | −CNY 3,106,831,000 | NOAH |
| FY2017 | −CNY 2,680,195,000 | NOAH |
NOAH has reported the higher revenue in every one of these 9 fiscal years. The gap has narrowed since the earliest year compared.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −1035.8 pp | NOAH |
| FY2024 | −77.5 pp | NOAH |
| FY2023 | −83.5 pp | NOAH |
| FY2022 | −69.4 pp | NOAH |
| FY2021 | −62.6 pp | NOAH |
| FY2020 | −1.6 pp | NOAH |
| FY2019 | −51.4 pp | NOAH |
| FY2018 | +1.2 pp | MAAS |
| FY2017 | +11.4 pp | MAAS |
The higher net margin has changed hands between MAAS and NOAH over this period.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
MAAS's net margin has been more volatile than NOAH's over the 9 comparable fiscal years — 313.7 percentage points of standard deviation against 15.8.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between MAAS and NOAH over these 9 fiscal years — MAAS led in 2 and NOAH in 7.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
MAAS's return on equity has been more volatile than NOAH's over the 9 comparable fiscal years — 21.3 percentage points of standard deviation against 8.5.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between MAAS and NOAH over these 9 fiscal years — MAAS led in 2 and NOAH in 7.
9 of 17 comparable fiscal years — a year missing data on either side is not counted.