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MARKETS / NASDAQ / MAAS
NASDAQ · INVESTMENT ADVICE · SMALL CAP

Maase Inc. MAAS

8 fiscal years on record · CNY · FY2024 reported · SEC filings only
CNY 781.2M
▼ 18.9% YoY
CNY -196.0M
CNY 65.9M
▲ 23.4% YoY
In brief

What this company does

The company markets and sells long-term personal lines of life insurance and non-life insurance products through affiliated sales agents and third-party channels that use its digital platform, and provides insurance brokerage services to corporate customers through in-house and non-affiliated independent brokers. Its offline distribution and service network in mainland China consists of one insurance sales and service group, one national operating insurance agency, four regional agencies and two insurance brokerage firms, with 48,794 registered independent sales agents working from 360 sales outlets across 24 provinces. It is organized as a holding company with three primary business segments: insurance agency services, health and wellness products, and smart-technology solutions. The insurance agency business conducted through AIFU accounted for 93.1% of net revenues for the fiscal year ended June 30, 2025, split between a life insurance business and a non-life insurance business aimed at individuals. Insurance companies pay it commission fees calculated as a percentage of the premiums paid by individual policy holders, along with volume-based performance bonuses when agreed aggregate sales targets are reached. It holds controlling interests in AIFU Inc., a financial service platform listed on the Nasdaq, and in Fanhua Puyi Fund Distribution Co., Ltd., an independent wealth management service provider. It was founded in 2010 and was formerly known as Puyi Inc. and Highest Performances Holdings Inc.

Written from the business description in Maase Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 29 October 2025. Every sentence was checked against that document before publication.

Growth
CNY 781.2M
Revenue, FY2024 · full 8-year series below
Revenue CNY M Net income CNY M
FY2024 · Revenue 781.2 · Net income -196.0
400M800M-100M-200M20172018201920202021202220232024
Compound annual growth
+60.6%
+43.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +43.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−59 cents
lost on every revenue dollar
Operating margin Net margin
FY2024 · Operating -88.5% · Net -58.7%
-500000%20172018201920202021202220232024
ROE
FY2024 · ROE -20.4%
10%20%30%-10%-20%-30%20172018201920202021202220232024

Each CNY of equity lost 20 cents this year.

Cash & shareholders
returned in FY2024 · dividends + net buybacks
Free cash flow CNY M
FY2024 · FCF 65.9
40M80M-40M-80M20172018201920202021202220232024
Net buybacks CNY M Dividends CNY M
FY2023 · Dividends — · Net buybacks 10.0
4M8M2023

Total assetsCNY 3.4B
EquityCNY 636.1M
CashCNY 82.1M
Gross debtCNY 82.0M
Net debtCNY -54,000.00
Current ratio3.84×

The company holds more cash than debt.

The 8-year record
8 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20242023202220212020201920182017
Revenue CNY B0.81.00.10.20.00.10.20.2
Operating income CNY B−0.7−0.5−0.1−0.1−0.1−0.10.10.1
EBITDA CNY B−0.7−0.5−0.1−0.1−0.1−0.10.10.1
Income tax CNY B−0.00.00.0−0.0−0.0−0.00.00.0
Net income CNY B−0.2−0.3−0.0−0.1−0.0−0.00.10.1
Free cash flow CNY B0.10.1−0.0−0.1−0.0−0.10.10.0
EPS, diluted CNY −25.86−113.55·−0.67−0.51−0.360.630.81
Dividend / sh CNY ········
Payout %········
ROE %−20.4−38.6−18.3−20.9−13.5−8.618.036.7
Shares out B·0.370.090.090.090.090.090.08

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 32 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 55 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityInvestment Advice
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsJune 30
Data on record since2016

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