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Asset management · Financial Services · Fiscal year ends Jun 30 · Reports in CNY
Maase reported revenue of CNY 781M in the fiscal year ended Jun 2025, down 18.9% from the year before. Operating income was −CNY 691M, an operating margin of −88.5%, and net income was −CNY 196M. Operating cash flow of CNY 71M less capital expenditure of CNY 6M left free cash flow of CNY 66M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 |
|---|---|---|---|---|---|
| Revenue | 0.0 | 1.9 | 7.8 | 963 | 781 |
| Cost of revenue | 44.0 | 33.8 | 20.3 | – | – |
| Gross profit | −44.0 | −31.9 | −12.5 | – | – |
| Selling, general & admin | 220 | 208 | 153 | 483 | 634 |
| Operating income | −73.2 | −74.1 | −58.8 | −463 | −691 |
| Pre-tax income | −55.7 | −61.6 | −43.6 | −516 | −337 |
| Income tax | −9.6 | −0.9 | 8.6 | 13.5 | −19.6 |
| Net income | −46.4 | −60.7 | −43.6 | −290 | −196 |
| Diluted EPS | −0.51 | −0.67 | −43.35 | −113.55 | −25.86 |
| Diluted shares | 90.5 | 90.5 | 1.0 | 2.6 | 7.6 |
| Fiscal year | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 261 | 194 | 164 | 220 | 82.1 |
| Receivables | 55.2 | 59.5 | 37.6 | 188 | 92.8 |
| Current assets | 403 | 395 | 231 | 2,385 | 2,201 |
| Net PP&E | 10.0 | 9.2 | 1.6 | 79.6 | 70.5 |
| Goodwill | – | – | – | 116 | – |
| Total assets | 468 | 464 | 265 | 4,278 | 3,366 |
| Payables | 12.3 | 11.7 | 6.3 | 194 | 117 |
| Deferred revenue | – | 1.5 | 0.8 | 0.8 | – |
| Current liabilities | 130 | 167 | 24.1 | 851 | 574 |
| Short-term debt | – | 130 | 110 | 98.4 | 82.1 |
| Total liabilities | 148 | 204 | 47.5 | 1,638 | 1,178 |
| Shareholders' equity | 320 | 260 | 217 | 1,285 | 636 |
| Fiscal year | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −2.8 | −56.2 | −25.4 | 57.7 | 71.5 |
| Capital expenditure | 8.4 | 4.7 | 0.9 | 4.3 | 5.5 |
| Free cash flow | −11.3 | −60.9 | −26.2 | 53.4 | 65.9 |
| Depreciation & amortisation | 3.2 | 5.6 | 3.5 | 6.6 | 9.4 |
| Stock-based compensation | – | – | – | 23.3 | 73.1 |
| Share buybacks | – | – | – | 10.0 | – |
| Fiscal year | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21188.9% | 306.8% | 12256.8% | −18.9% |
| Gross margin | −489266.7% | −1665.9% | −160.2% | – | – |
| Operating margin | −813133.3% | −3867.6% | −754.4% | −48.1% | −88.5% |
| Net margin | −515222.2% | −3166.3% | −559.0% | −30.1% | −25.1% |
| Return on equityBlank when equity is negative | −14.5% | −23.3% | −20.1% | −22.5% | −30.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −21.7% | −25.0% | −24.5% | −13.5% | −24.8% |
| Free cash flow margin | −125077.8% | −3178.3% | −336.7% | 5.5% | 8.4% |
| Cash conversion (CFO ÷ net income) | 0.06x | 0.93x | 0.58x | −0.20x | −0.36x |
| Receivable days | 2236801 | 11336 | 1761 | 71 | 43 |
| Payable days | 102 | 126 | 113 | – | – |
| Current ratio | 3.10x | 2.36x | 9.59x | 2.80x | 3.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.