Maase (MAAS) financial statements

Financial Services · Asset Management · Market cap $6.1B

Maase reported revenue of 781M CNY in fiscal 2025, up 24.8% a year over 7 years.

Net income was -196M CNY and the operating margin -88.5%, against 37.9% in 2018.

Free cash flow was 66M CNY.

The diluted share count fell 90% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-0.500.511.520182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from Maase's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Revenue166M CNY203M CNY129M CNY9,000 CNY2M CNY8M CNY1.2B CNY781M CNY
Cost of revenue29M CNY31M CNY32M CNY44M CNY34M CNY20M CNY——
Gross profit137M CNY172M CNY98M CNY-44M CNY-32M CNY-12M CNY——
Selling, general and admin74M CNY116M CNY151M CNY220M CNY208M CNY153M CNY483M CNY634M CNY
Operating income63M CNY56M CNY-54M CNY-73M CNY-74M CNY-59M CNY-463M CNY-691M CNY
Interest expense—1M CNY——————
Pre-tax income72M CNY61M CNY-36M CNY-56M CNY-62M CNY-44M CNY-516M CNY-337M CNY
Income tax8M CNY9M CNY-2M CNY-10M CNY-925,000 CNY9M CNY14M CNY-20M CNY
Net income65M CNY54M CNY-33M CNY-46M CNY-61M CNY-44M CNY-290M CNY-196M CNY
EPS (diluted)0.81 CNY0.63 CNY-0.36 CNY-0.51 CNY-0.67 CNY-43.35 CNY-113.55 CNY-25.86 CNY
Diluted shares80M85M90M90M90M1M3M8M
Gross margin82.6%84.7%75.5%-489266.7%-1665.9%-160.2%——
Operating margin37.9%27.6%-41.3%-813133.3%-3867.6%-754.4%-39.1%-88.5%
Net margin39.0%26.3%-25.4%-515222.2%-3166.3%-559.0%-24.4%-25.1%

Balance sheet

Fiscal years, in CNY, from Maase's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Cash and short-term investments108M CNY380M CNY290M CNY261M CNY199M CNY164M CNY794M CNY630M CNY
Receivables31M CNY28M CNY40M CNY55M CNY60M CNY38M CNY188M CNY93M CNY
Total current assets215M CNY467M CNY393M CNY403M CNY395M CNY231M CNY2.4B CNY2.2B CNY
Property, plant and equipment890,000 CNY4M CNY5M CNY10M CNY9M CNY2M CNY80M CNY71M CNY
Goodwill——————116M CNY—
Total assets226M CNY479M CNY433M CNY468M CNY464M CNY265M CNY4.3B CNY3.4B CNY
Total current liabilities32M CNY76M CNY48M CNY130M CNY167M CNY24M CNY851M CNY574M CNY
Total liabilities32M CNY76M CNY62M CNY148M CNY204M CNY48M CNY1.6B CNY1.2B CNY
Shareholders' equity194M CNY400M CNY368M CNY320M CNY260M CNY217M CNY1.3B CNY636M CNY
Net debt-103M CNY-378M CNY-286M CNY-261M CNY-194M CNY-164M CNY-220M CNY-82M CNY

Cash flow

Fiscal years, in CNY, from Maase's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Operating cash flow45M CNY98M CNY-89M CNY-3M CNY-56M CNY-25M CNY58M CNY71M CNY
Capital spending473,000 CNY4M CNY3M CNY8M CNY5M CNY881,000 CNY4M CNY6M CNY
Free cash flow44M CNY94M CNY-91M CNY-11M CNY-61M CNY-26M CNY53M CNY66M CNY
Stock-based compensation——————23M CNY73M CNY
Share buybacks (net)——————-10M CNY—
Free cash flow margin26.8%46.1%-70.7%-125077.8%-3178.3%-336.7%4.5%8.4%
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Questions

What was Maase's revenue in 2025?

781M CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Maase generate?

66M CNY in fiscal 2025 (operating cash flow minus capital spending).

From Maase's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.