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NASDAQ · INVESTMENT ADVICE · SMALL CAP

Maase Inc. MAAS

9 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 183.4M
▼ 76.5% YoY
CNY -187.2M
CNY -106.7M
▼ 261.9% YoY

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

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 183.4M
Revenue, FY2025 · full 9-year series below
Revenue CNY M Net income CNY M
FY2025 · Revenue 183.4 · Net income -187.2
400M800M-150M-300M
2017202020232025
Compound annual growth
+17.0%
−0.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −0.8% a year over the five years to FY2025.

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

−1014 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -12.9% · Net -1014.5%
-500%-1000%
201720212025
ROE
FY2025 · ROE -7.1%
10%20%30%-10%-20%-30%
201720212025
Three returns, three denominators.

Each CNY of equity lost 7 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow CNY M
FY2025 · FCF -106.7
40M80M-50M-100M
201720212025
Net buybacks CNY M Dividends CNY M
FY2023 · Dividends · · Net buybacks 10.0
5M10M
2023

Total assetsCNY 4.9B
EquityCNY 4.6B
CashCNY 37.1M
Gross debtCNY 8.5M
Net debtCNY -28.6M
DepositsCNY 1.9M

The company holds more cash than debt.

The 9-year record

9 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—not applicable◌not available in our data
MAAS, 9-year financial record
Metric 202520242023202220212020201920182017
Revenue CNY B0.20.81.00.10.20.20.10.20.2
Operating income CNY B−0.0−0.0−0.0−0.1−0.1−0.1−0.10.10.1
EBITDA CNY B−0.00.00.0−0.1−0.1−0.1−0.10.10.1
Income tax CNY B−0.0−0.00.00.0−0.0−0.0−0.00.00.0
Net income CNY B−0.2−0.2−0.3−0.0−0.1−0.0−0.00.10.1
Free cash flow CNY B−0.10.10.1−0.0−0.1−0.0−0.10.10.0
EPS, diluted CNY −1.15−25.86−113.55◌−0.67−0.51−0.360.630.81
Dividend / sh CNY ◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————
ROE %−7.1−20.4−38.6−18.3−20.9−13.5−8.618.036.7
Shares out B◌◌0.370.090.090.090.090.090.08

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 36 reconciliationsAUDITED

Reconciled in 9 of the 9 fiscal years we could check. 20 checks were skipped: the balance sheet is not tagged before 2017. 10 checks were skipped: EPS is not tagged before 2017. 10 checks were skipped: revenue is not tagged before 2017.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 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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