Maase is a Cayman Islands-listed holding company operating primarily in China. Its core business is insurance distribution through AIFU, a Nasdaq-listed subsidiary that distributes life and non-life insurance products underwritten by Chinese insurers to individual retail customers. AIFU operates through a nationwide network of independent sales agents who use the FA App, a proprietary mobile platform that manages the end-to-end insurance sales process digitally. Life insurance products — including whole life, health, annuity, and term policies — account for roughly 80% of net revenues, with non-life products contributing around 13%. Insurance agency services in total represent over 93% of net revenues. AIFU earns commissions as a percentage of premiums placed, plus volume-based performance bonuses from insurers. Revenue is driven by agent headcount and productivity, commission rates set by insurers, and product mix. AIFU also holds headquarters-level partnerships with major Chinese insurers, which set framework commission terms across regional branches. Maase has undergone a rapid transformation: it originally operated as a wealth management distributor, acquired a controlling stake in AIFU in late 2023, and subsequently divested its wealth management and claims adjusting businesses. More recently, Maase acquired Carve Group, a health and wellness biotech business, and Real Prospect, a smart-technology business covering EV-charging robots and energy storage — two areas where Maase has no prior operational history. These new segments are not yet reflected in reported financials.