$MAAS
Maase Inc.
CIK:0001750264|SEC Filings
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Jun. 30, 2025
CNY (¥)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
CNY (¥)
|
Jun. 30, 2023
CNY (¥)
|
|
| Statement of Cash Flows [Abstract] | ||||
| Net loss | ¥ (458,902) | $ (64,060) | ¥ (512,071) | ¥ (43,577) |
| Adjustments to reconcile net loss to net cash generated from operating activities: | ||||
| Depreciation expense | 9,412 | 1,314 | 8,368 | 3,545 |
| Amortization of intangible assets | 92,229 | 12,875 | 50,837 | 848 |
| Non-cash operating lease expense | 47,599 | 6,645 | 37,091 | 8,753 |
| Loss on termination of operating lease | 702 | 98 | 1,031 | |
| Provision for allowance for credit losses on financial assets | 615,845 | 85,969 | 6,821 | |
| Impairment of long-term investment | 5,200 | 726 | ||
| Impairment loss on goodwill and intangible assets | 568,239 | 79,323 | 426,410 | |
| Share-based compensation expenses | 73,099 | 10,204 | 23,335 | |
| Loss on disposal of property, plant and equipment | 1,177 | 164 | 1,293 | 2,951 |
| Change in fair value of equity investments and contingent consideration | 431 | 60 | 73,761 | |
| Provision (reversal) on uncertain tax liability | (11,184) | (1,561) | (2,763) | 260 |
| Investment income | (5,580) | (779) | (5,779) | 177 |
| Net gain on disposal of subsidiaries | (902,022) | (125,917) | (329) | (13,737) |
| Share of loss of affiliates | 3,931 | 549 | 1,121 | |
| Deferred taxes | (5,170) | (722) | 9,298 | 15,625 |
| Interest accrued for other receivables and loan receivables | (29,381) | (4,101) | (10,924) | |
| Interest expenses | 4,564 | 637 | ||
| Loss on disposal of investment in an associate | 4,330 | 604 | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable and contract assets | 286,002 | 39,924 | 67,368 | 21,905 |
| Other receivables and current assets | (261,860) | (36,553) | 8,793 | 5,354 |
| Other non-current assets | 734 | 102 | 19,900 | |
| Accounts payable and accrued commissions | (165,417) | (23,091) | (61,592) | (5,376) |
| Other payables and accrued expenses | 263,830 | 36,827 | (38,109) | (6,336) |
| Other current liabilities | (36,904) | (5,151) | (4,439) | (6,293) |
| Income taxes payable | (5,196) | (725) | (5,236) | (1,779) |
| Lease liability | (46,508) | (6,492) | (36,451) | (7,683) |
| Derecognition of a contingent consideration | 22,267 | 3,108 | ||
| Net cash (used in) generated from operating activities | 71,467 | 9,977 | 57,734 | (25,363) |
| Cash flows from investing activities: | ||||
| Purchase of short term investments | (201,325) | (28,104) | (1,745,980) | |
| Proceeds from disposal of short term investments | 202,446 | 28,260 | 2,088,111 | 4,823 |
| Purchase of property, plant and equipment | (5,544) | (774) | (4,305) | (881) |
| Proceeds from disposal of property and equipment | 3,763 | 525 | 470 | |
| Cash paid out for loan receivables from third parties | (188,000) | (26,244) | (838,800) | (110,000) |
| Cash received for loan receivables from third parties | 30,500 | 4,258 | 145,500 | 110,000 |
| Prepaid for intangible assets | (20) | |||
| Purchase of intangible assets | (637) | (89) | (977) | |
| Cash received from disposal of an Equity investment | 353 | 49 | ||
| Proceeds from disposal of subsidiaries, net of cash disposed | (168,589) | (23,534) | (12,761) | (7,931) |
| Payment for purchase of additional shares of subsidiary | (105) | (15) | ||
| Cash acquired on non-cash acquisitions | 39 | 5 | 601,925 | |
| Net cash (used in) generated from investing activities | (327,099) | (45,663) | 234,160 | (4,986) |
| Cash flows from financing activities: | ||||
| Proceeds of issuance of ordinary shares upon private placement | 3,001 | 420 | 44,968 | |
| Proceeds from bank borrowings | 36,601 | 5,109 | 98,377 | |
| Repayment of bank borrowings and other borrowings | (57,490) | (8,025) | (164,300) | |
| Dividend distributed to noncontrolling interest | (29,500) | |||
| Repurchase of ordinary shares from open market | (10,028) | |||
| Proceeds on exercise of stock options | 75 | 10 | ||
| Disposal of shares of subsidiary | 3,624 | 506 | ||
| Acquisition of non-controlling interests in subsidiaries | (26,358) | |||
| Net cash used in financing activities | (14,189) | (1,980) | (86,841) | |
| Net (decrease) increase in cash and cash equivalents, and restricted cash | (269,821) | (37,666) | 205,053 | (30,349) |
| Cash and cash equivalents and restricted cash at beginning of year | 370,396 | 51,705 | 164,470 | 194,259 |
| Cash and cash equivalents and restricted cash at the end of the year | 105,315 | 14,701 | 370,396 | 164,470 |
| Cash and cash equivalents and restricted cash at the end of the year | 105,315 | 370,396 | 164,470 | |
| Supplemental disclosure of cash flow information: | ||||
| Income taxes paid | 10,264 | 1,433 | 5,236 | 4 |
| Interests paid | 4,564 | 637 | 960 | |
| Supplemental disclosure of non-cash flow information: | ||||
| Right-of-use assets obtained in exchange for lease obligations, net of decrease of right-of-use assets for early terminations | 2,290 | 320 | 9,666 | 8,008 |
| Acquisition of subsidiaries through issuing ordinary shares | 2,341,942 | |||
| Effect of exchange rate changes on cash and cash equivalents | 4,740 | $ 662 | 873 | 560 |
| Cash and cash equivalents at the end of the year | 82,104 | 295,693 | 164,470 | |
| Restricted cash at the end of the year | ¥ 23,211 | ¥ 74,703 | ||
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands |
Jun. 30, 2025
CNY (¥)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
CNY (¥)
|
||
|---|---|---|---|---|---|
| Current assets: | |||||
| Cash and cash equivalents | ¥ 82,104 | $ 11,461 | ¥ 220,286 | ||
| Restricted cash (including restricted cash of the consolidated VIEs and VIEs’ subsidiaries that can only be used to settle obligations of the VIEs of RMB 10,409 and RMB3,864 as of June 30, 2024 and 2025, respectively) | 6,873 | 959 | 47,920 | ||
| Short term investments (including investments measured at fair value of RMB570,216 and RMB548,101 as of June 30, 2024 and 2025, respectively) | 548,101 | 76,512 | 573,903 | ||
| Accounts receivable, net of allowances of RMB886 and RMB2,291 as of June 30, 2024 and 2025, respectively | 92,766 | 12,950 | 188,172 | ||
| Contract assets, net of allowances of RMB21 and nil as of June 30, 2024 and 2025, respectively | 208,824 | 29,151 | 323,222 | ||
| Other receivables, net | 920,212 | 128,457 | 23,376 | ||
| Loan receivables, net | 318,617 | 44,477 | 774,051 | ||
| Other current assets | 23,919 | 3,339 | 39,323 | ||
| Current assets of discontinued operations | 195,054 | ||||
| Total current assets | 2,201,416 | 307,306 | 2,385,307 | ||
| Non-current assets: | |||||
| Restricted bank deposit - non-current (including restricted cash of the consolidated VIEs and VIEs’ subsidiaries that can only be used to settle obligations of the VIEs of RMB7,804and nil as of June 30, 2024 and 2025, respectively) | 16,338 | 2,281 | 25,256 | ||
| Contract assets - non-current, net of allowances of nil and nil as of June 30, 2024 and 2025, respectively | 612,918 | 85,560 | 726,879 | ||
| Property, plant, and equipment, net | 70,530 | 9,846 | 79,581 | ||
| Intangible assets, net | 846 | 118 | 417,567 | ||
| Goodwill, net | 116,168 | ||||
| Deferred tax assets | 9,407 | 1,313 | 30,250 | ||
| Investments in affiliates | 8,517 | ||||
| Other non-current assets | 392,564 | 54,800 | 218,832 | ||
| Right of use assets | 61,958 | 8,649 | 105,201 | ||
| Non-current assets of discontinued operations | 164,320 | ||||
| Total non-current assets | 1,164,561 | 162,567 | 1,892,571 | ||
| Total assets | 3,365,977 | 469,873 | 4,277,878 | ||
| Current liabilities: | |||||
| Short-term loan | 82,050 | 11,454 | 98,375 | ||
| Accounts payable (including accounts payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB5,053 and RMB1,768 as of June 30, 2024 and 2025, respectively) | 116,665 | 16,286 | 194,358 | ||
| Accrued commissions (including accrued commissions of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB535 and RMB nil as of June 30, 2024 and 2025, respectively) | 99,923 | 13,949 | 148,134 | ||
| Other payables and accrued expenses (including other payables and accrued expenses of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB4,175 and RMB1,200 as of June 30, 2024 and 2025, respectively) | 155,553 | 21,714 | 170,311 | ||
| Accrued payroll (including accrued payroll of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB6,242 and RMB1,938 as of June 30, 2024 and 2025, respectively) | 13,193 | 1,842 | 30,113 | ||
| Income taxes payable (including income taxes payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB7,132 and RMB nil as of June 30, 2024 and 2025, respectively) | 77,305 | 10,791 | 88,940 | ||
| Current operating lease liability (including current operating lease liability of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB4,967 and RMB1,124 as of June 30, 2024 and 2025, respectively) | 29,271 | 4,086 | 47,271 | ||
| Other current liabilities (including other current liabilities of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB10,212 and RMB nil as of June 30, 2024 and 2025, respectively) | 34 | 5 | 10,505 | ||
| Current liabilities of discontinued operations (including current liabilities of discontinued operations of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of nil and nil as of June 30, 2024 and 2025, respectively) | 62,980 | ||||
| Total current liabilities | 573,994 | 80,127 | 850,987 | ||
| Non-current liabilities: | |||||
| Accrued commissions – non-current (including accrued commissions of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB1,768 and RMB nil as of June 30, 2024 and 2025, respectively) | 339,481 | 47,390 | 408,416 | ||
| Other tax liabilities (including other tax liability of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB33,502 and RMB4,300 as of June 30, 2024 and 2025, respectively) | 30,160 | 4,210 | 41,442 | ||
| Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB4,317 and RMB nil as of June 30, 2024 and 2025, respectively) | 204,310 | 28,521 | 235,519 | ||
| Non-current operating lease liability (including non-current operating lease liability of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB3,306 and RMB2,646 as of June 30, 2024 and 2025, respectively) | 29,924 | 4,177 | 53,856 | ||
| Other non-current liabilities (including other non-current liabilities of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB639 and RMB nil as of June 30, 2024 and 2025, respectively) | 33,374 | ||||
| Non-current liabilities of discontinued operations (including non-current liabilities of discontinued operations of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of nil and nil as of June 30, 2024 and 2025, respectively) | 14,576 | ||||
| Total non-current liabilities | 603,875 | 84,298 | 787,183 | ||
| Total liabilities | 1,177,869 | 164,425 | 1,638,170 | ||
| Commitments and contingencies | |||||
| Mezzanine equity: | |||||
| Redeemable ordinary shares (US$0.09 par value, 22,175 and 22,175 Class A ordinary shares issued and outstanding as of June 30, 2024 and 2025, respectively) (Note 17)* | [1] | 47,935 | 6,691 | 45,794 | |
| Shareholders’ Equity: | |||||
| Treasury stock | (29) | (4) | (29) | ||
| Additional paid-in capital | 1,125,933 | 157,174 | 1,583,017 | ||
| Statutory reserves | 23,216 | 3,241 | 23,064 | ||
| Accumulated deficit | (517,369) | (72,222) | (321,254) | ||
| Accumulated other comprehensive loss | (6,012) | (839) | (2,293) | ||
| Total Maase Inc. shareholders’ equity | 636,091 | 88,795 | 1,285,122 | ||
| Noncontrolling interests | 1,504,082 | 209,962 | 1,308,792 | ||
| Total shareholders’ equity | 2,140,173 | 298,757 | 2,593,914 | ||
| Total liabilities, mezzanine equity and shareholders’ equity | 3,365,977 | 469,873 | 4,277,878 | ||
| Class A Ordinary Shares | |||||
| Shareholders’ Equity: | |||||
| Ordinary shares, value | [1] | 5,973 | 833 | 2,617 | |
| Class B Ordinary Shares | |||||
| Shareholders’ Equity: | |||||
| Ordinary shares, value | ¥ 4,379 | $ 612 | |||
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