$AIFU
CNINSURE INC.
CIK:0001413855|SEC Filings
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2025
CNY (¥)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
CNY (¥)
|
Dec. 31, 2023
CNY (¥)
|
|
| Statement of Cash Flows [Abstract] | ||||
| Net income (loss) | ¥ (2,274,036) | $ (325,183) | ¥ 309,474 | ¥ 289,099 |
| Adjustments to reconcile net income (loss) to net cash generated from operating activities: | ||||
| Depreciation expense | 5,326 | 761 | 12,516 | 16,192 |
| Amortization of intangible assets | 16,791 | 17,858 | ||
| Non-cash operating lease expense | 16,223 | 2,320 | 58,192 | 66,782 |
| Loss on termination of operating lease | 11,100 | 1,587 | 1,726 | 2,907 |
| Allowance for credit losses on financial assets | 1,561,435 | 223,282 | 43,650 | 24,647 |
| Impairment loss on financial assets | 610,631 | 87,319 | ||
| Share-based compensation expenses | 16,996 | 2,430 | 38,589 | 17,095 |
| (Loss) Gain on disposal of property, plant and equipment | (6,618) | (947) | 224 | 1,311 |
| Property, plant and equipment written off | 4,180 | |||
| Change in fair value of equity investments | 7,349 | 1,051 | 82,588 | (96,217) |
| Derecognition of a contingent consideration | 17,627 | 2,521 | (4,088) | (6,650) |
| Investment income | (4,708) | (673) | (5,351) | (17,047) |
| Net loss (gain) on disposal of subsidiaries | 113,376 | 16,213 | (897,306) | 2,904 |
| Loss (gain) on disposal of investment in an associate | 4,330 | 619 | ||
| Share of loss of affiliates, net of impairment | 10,252 | 1,317 | ||
| Deferred taxes | (15,700) | (2,245) | 111,498 | 14,544 |
| Interest accrued for other receivables | (31,237) | (4,467) | (11,638) | (3,537) |
| Impairment of goodwill and intangible assets | 404,121 | |||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | 6,952 | 992 | 76,783 | 196,422 |
| Contract assets | 205,461 | 29,383 | 116,924 | (327,419) |
| Insurance premium receivables | (16) | |||
| Other receivables | (211,449) | (30,237) | (272,392) | 9,034 |
| Other current assets | (4,463) | (638) | 4,881 | 8,576 |
| Other non-current assets | 31,431 | 4,495 | 2,696 | (4,933) |
| Accounts payable | (67,513) | (9,654) | (135,671) | (362,066) |
| Accrued commissions | (71,122) | (10,170) | (13,844) | 364,026 |
| Insurance premium payables | (305) | (44) | (7,596) | (1,637) |
| Other payables and accrued expenses | 115,453 | 16,510 | 310,476 | (2,115) |
| Accrued payroll | 809 | 116 | (30,299) | (8,799) |
| Income taxes payable | 7,013 | 1,003 | (24,071) | (29,947) |
| Lease liabilities | (27,266) | (3,899) | (55,709) | (68,265) |
| Tax liabilities | (33,368) | (4,772) | (4,744) | (2,279) |
| Net cash generated from (used in) operating activities | (16,273) | (2,327) | 142,852 | 101,787 |
| Cash flows from investing activities: | ||||
| Purchase of short-term investments | (49,942) | (7,143) | (1,847,474) | (4,399,910) |
| Proceeds from disposal of short-term investments | 84,714 | 12,114 | 2,150,410 | 4,226,001 |
| Purchase of long-term investments | (135,462) | |||
| Purchase of property, plant and equipment | (3,338) | (477) | (8,450) | (12,996) |
| Proceeds from disposal of property, plant and equipment | 13,697 | 1,959 | 3,117 | 3,047 |
| Cash paid out for loan receivables from third parties | (824,800) | (160,000) | ||
| Cash received for loan receivables from third parties | 141,000 | 229,000 | ||
| Payment for business acquisitions, net of cash acquired | 18,452 | |||
| Proceeds as guarantee deposits from certain shareholders in business combinations | 33,373 | |||
| Payment as guarantee deposits to certain shareholders in business combinations | (33,373) | |||
| Disposal of subsidiaries, net of cash disposed | (143,172) | (20,473) | (50,393) | |
| Loan to a related party | (15,482) | (2,214) | ||
| Loan from a related party | 1,748 | 250 | ||
| Cash received from disposal of an equity investment | 354 | 51 | ||
| Cash acquired on non-cash acquisitions | 39 | 6 | ||
| Others | (2,440) | |||
| Net cash used in investing activities | (111,382) | (15,927) | (436,590) | (234,308) |
| Cash flows from financing activities: | ||||
| Proceeds from bank borrowings | 74,000 | 10,582 | 134,976 | 182,301 |
| Proceeds of issuance of ordinary shares | 7,299 | 1,044 | 93 | |
| Repayment of bank and other borrowings | (152,976) | (21,875) | (164,300) | (62,789) |
| Dividend distributed to non-controlling interest | (29,500) | |||
| Proceeds on exercise of stock options | 73 | 10 | ||
| Capital contribution from non-controlling interests | 7,330 | |||
| Repurchase of ordinary shares from open market | (5,735) | (40,556) | ||
| Others | 77 | (110) | ||
| Net cash (used in) generated from financing activities | (71,604) | (10,239) | (64,389) | 86,176 |
| Net decrease in cash and cash equivalents, and restricted cash | (199,259) | (28,493) | (358,127) | (46,345) |
| Cash and cash equivalents and restricted cash at beginning of year | 245,744 | 35,141 | 602,004 | 648,211 |
| Effect of exchange rate changes on cash and cash equivalents | 3,771 | 539 | 1,867 | 138 |
| Cash and cash equivalents and restricted cash at the end of the year | 50,256 | 7,187 | 245,744 | 602,004 |
| Reconciliation in amounts on the consolidated balance sheets: | ||||
| Cash and cash equivalents at the end of the year | 31,095 | 4,447 | 192,117 | 521,538 |
| Restricted cash at the end of the year | 19,161 | 2,740 | 53,627 | 80,466 |
| Total of cash and cash equivalents and restricted cash at the end of the year | 50,256 | 7,187 | 245,744 | 602,004 |
| Supplemental disclosure of cash flow information: | ||||
| Income taxes paid | 10,264 | 1,468 | 12,601 | 76,879 |
| Interests paid | 3,799 | 543 | 3,326 | 8,750 |
| Supplemental disclosure of non-cash information: | ||||
| Right-of-use assets obtained in exchange for lease liabilities | (699) | (100) | (1,872) | 57,233 |
| Acquisition of subsidiaries through issuing ordinary shares | (203,657) | |||
| Equity shares received as consideration of disposal of subsidiaries (Note3) | ¥ 1,000,000 | |||
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands |
Dec. 31, 2025
CNY (¥)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
CNY (¥)
|
||
|---|---|---|---|---|---|
| Current assets: | |||||
| Cash and cash equivalents | ¥ 31,095 | $ 4,447 | ¥ 106,023 | ||
| Restricted cash | 3,102 | 444 | 34,601 | ||
| Securities available for sale, at fair value | 2,450 | 350 | 563,436 | ||
| Equity securities, at fair value | 2,746 | 393 | |||
| Accounts receivable, net of allowances of RMB1,186 and RMB1,858 as of December 31, 2024 and 2025, respectively | 65,533 | 9,371 | 95,138 | ||
| Contract assets, net of allowances of nil and RMB164 as of December 31, 2024 and 2025, respectively | 182,453 | 26,090 | 260,368 | ||
| Other receivables, net | 288,339 | 41,232 | 708,623 | ||
| Other current assets | 14,809 | 2,118 | 23,402 | ||
| Current assets related to discontinued operation | 248,104 | ||||
| Total current assets | 603,779 | 86,340 | 2,039,695 | ||
| Non-current assets: | |||||
| Restricted bank deposit – non-current | 16,059 | 2,296 | 16,541 | ||
| Contract assets - non-current, net of allowances of nil and 509 as of December 31, 2024 and 2025, respectively | 565,418 | 80,854 | 693,638 | ||
| Property, plant, and equipment, net | 62,876 | 8,991 | 71,011 | ||
| Deferred tax assets | 8,902 | 1,273 | 9,976 | ||
| Investments in affiliates | 1,004,683 | ||||
| Other non-current assets | 237,475 | 33,959 | 225,498 | ||
| Right-of-use assets | 33,589 | 4,803 | 60,850 | ||
| Non-current assets related to discontinued operation | 29,122 | ||||
| Total non-current assets | 924,319 | 132,176 | 2,111,319 | ||
| Total assets | 1,528,098 | 218,516 | 4,151,014 | ||
| Current liabilities: | |||||
| Short-term loans | 56,000 | 8,008 | 134,976 | ||
| Accounts payable | 81,089 | 11,596 | 113,265 | ||
| Accrued commissions | 90,076 | 12,881 | 128,314 | ||
| Insurance premium payables | 6 | 1 | 312 | ||
| Other payables and accrued expenses | 184,722 | 26,415 | 177,083 | ||
| Accrued payroll | 17,940 | 2,565 | 19,167 | ||
| Income taxes payable | 67,020 | 9,584 | 63,325 | ||
| Operating lease liabilities | 15,308 | 2,189 | 30,054 | ||
| Current liability related to discontinued operation | 150,380 | ||||
| Total current liabilities | 512,161 | 73,239 | 816,876 | ||
| Non-current liabilities: | |||||
| Accrued commissions | 316,419 | 45,247 | 387,540 | ||
| Tax liabilities | 25,701 | 3,675 | 25,701 | ||
| Deferred tax liabilities | 187,218 | 26,772 | 216,115 | ||
| Operating lease liabilities | 15,463 | 2,211 | 27,918 | ||
| Other non-current liabilities | 33,374 | ||||
| Non-current liabilities related to discontinued operation | 13,035 | ||||
| Total non-current liabilities | 544,801 | 77,905 | 703,683 | ||
| Total liabilities | 1,056,962 | 151,144 | 1,520,559 | ||
| Commitments and contingencies | |||||
| Shareholders’ Equity: | |||||
| Treasury stock | (197) | ||||
| Additional paid-in capital | 401,928 | 57,475 | 192,760 | ||
| Statutory reserves | 343,026 | 49,052 | 593,691 | ||
| Retained earnings (accumulated deficit) | (235,471) | (33,672) | 1,789,250 | ||
| Accumulated other comprehensive loss | (91,213) | (13,043) | (37,666) | ||
| Total AIFU INC. shareholders’ equity | 478,520 | 68,428 | 2,546,516 | ||
| Non-controlling interests | (7,384) | (1,056) | 83,939 | ||
| Total shareholders’ equity | 471,136 | 67,372 | 2,630,455 | ||
| Total liabilities and shareholders’ equity | 1,528,098 | 218,516 | 4,151,014 | ||
| Class A Ordinary Shares | |||||
| Shareholders’ Equity: | |||||
| Ordinary shares value | [1] | 38,877 | 5,560 | 8,678 | |
| Class B Ordinary Shares | |||||
| Shareholders’ Equity: | |||||
| Ordinary shares value | [1] | 21,373 | 3,056 | ||
| Related Party | |||||
| Current assets: | |||||
| Amounts due from a related party | ¥ 13,252 | $ 1,895 | |||
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