NASDAQ : MAAS
Maase Inc. — Financial statements
Financials · Asset Management · China
Last price 12.23 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.41B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Maase Inc. (MAAS) reported revenue of 183.36M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year July - June; amounts in CNY.
| TTM | FY2026 | FY2025 | FY2024 | |
|---|---|---|---|---|
| Revenue | 183.36M | 183.36M | 3.48M | 3.30M |
| Cost of Revenue | 158.21M | 158.21M | 2.25M | 2.12M |
| Gross Profit | 25.15M | 25.15M | 1.23M | 1.18M |
| Selling, General & Admin | 44.27M | 44.27M | 2.35M | 3.77M |
| Research & Development | 4.57M | 4.57M | 876.00K | 962.00K |
| Operating Expenses | 48.85M | 48.85M | 3.23M | 4.73M |
| Operating Income | -23.69M | -23.69M | -2.00M | -3.55M |
| Interest Expense | -1.41M | -1.41M | ||
| Earnings From Equity Investments | -10.35M | -10.35M | 130.00K | -142.00K |
| Other Non Operating Income (Expenses) | 1.04M | 1.04M | 95.00K | -296.00K |
| EBT Excluding Unusual Items | -34.41M | -34.41M | -1.77M | -3.99M |
| Gain (Loss) on Sale of Investments | -7.33M | -7.33M | ||
| Gain (Loss) on Sale of Assets | 20.12M | 20.12M | ||
| Pretax Income | -21.62M | -21.62M | -1.77M | -3.99M |
| Income Tax Expense | -383.00K | -383.00K | ||
| Earnings From Continuing Operations | -21.24M | -21.24M | -1.77M | -3.99M |
| Earnings From Discontinued Operations | -165.52M | -165.52M | ||
| Net Income to Company | -186.76M | -186.76M | -1.77M | -3.99M |
| Minority Interest in Earnings | -451.00K | -451.00K | ||
| Net Income | -187.21M | -187.21M | -1.77M | -3.99M |
| Preferred Dividends & Other Adjustments | -2.17M | -2.17M | ||
| Net Income to Common | -185.03M | -185.03M | -1.77M | -3.99M |
| Shares Outstanding (Basic) | 295.15M | 295.15M | ||
| Shares Outstanding (Diluted) | 295.15M | 295.15M | ||
| EPS (Basic) | -0.63 | -0.63 | ||
| EPS (Diluted) | -0.64 | -0.64 | ||
| Free Cash Flow | -174.88M | -174.88M | 280.00K | -3.10M |
| Free Cash Flow Per Share | -0.59 | -0.59 | ||
| Gross Margin | 13.72% | 13.72% | 35.34% | 35.66% |
| Operating Margin | -12.92% | -12.92% | -57.42% | -107.70% |
| Profit Margin | -100.91% | -100.91% | -50.96% | -120.98% |
| Free Cash Flow Margin | -95.38% | -95.38% | 8.04% | -93.97% |
| EBITDA | -10.00M | -10.00M | -919.00K | -2.41M |
| EBITDA Margin | -5.45% | -5.45% | -26.38% | -73.11% |
| D&A For EBITDA | 13.69M | 13.69M | 1.08M | 1.14M |
| EBIT | -23.69M | -23.69M | -2.00M | -3.55M |
| EBIT Margin | -12.92% | -12.92% | -57.42% | -107.70% |
| Revenue as Reported | 183.36M | 183.36M |
Balance sheet
Fiscal year July - June; amounts in CNY.
| TTM | FY2026 | FY2025 | FY2024 | |
|---|---|---|---|---|
| Cash & Equivalents | 37.09M | 37.09M | 159.00K | 390.00K |
| Short-Term Investments | 36.87M | 36.87M | 419.00K | 982.00K |
| Cash & Short-Term Investments | 73.96M | 73.96M | 578.00K | 1.37M |
| Accounts Receivable | 30.11M | 30.11M | 160.00K | |
| Other Receivables | 120.00M | 120.00M | 1.24M | 881.00K |
| Receivables | 150.10M | 150.10M | 1.40M | 881.00K |
| Inventory | 2.41B | 2.41B | 3.28M | 4.12M |
| Restricted Cash | 6.50M | 6.50M | ||
| Other Current Assets | 27.12M | 27.12M | 379.00K | 791.00K |
| Total Current Assets | 2.67B | 2.67B | 5.63M | 7.17M |
| Property, Plant & Equipment | 19.88M | 19.88M | 10.63M | 2.07M |
| Long-Term Investments | 103.89M | 103.89M | 387.00K | 257.00K |
| Goodwill | 2.02B | 2.02B | ||
| Other Intangible Assets | 115.34M | 115.34M | 500.00K | 200.00K |
| Other Long-Term Assets | 768.00K | 768.00K | 1.97B | |
| Total Assets | 4.93B | 4.93B | 1.99B | 9.70M |
| Accounts Payable | 24.21M | 24.21M | 35.00K | 26.00K |
| Accrued Expenses | 2.07M | 2.07M | 89.00K | 259.00K |
| Short-Term Debt | 28.49M | 28.49M | 1.60M | 1.60M |
| Current Portion of Long-Term Debt | 6.44M | 6.44M | ||
| Current Portion of Leases | 1.20M | 1.20M | 409.00K | 593.00K |
| Current Income Taxes Payable | 49.00K | 49.00K | ||
| Current Unearned Revenue | 28.20M | 28.20M | 249.00K | 265.00K |
| Other Current Liabilities | 159.33M | 159.33M | 44.69M | 34.91M |
| Total Current Liabilities | 249.99M | 249.99M | 47.07M | 37.66M |
| Long-Term Debt | 2.06M | 2.06M | ||
| Long-Term Leases | 1.48M | 1.48M | 187.00K | |
| Long-Term Deferred Tax Liabilities | 7.17M | 7.17M | ||
| Other Long-Term Liabilities | 50.11M | 50.11M | ||
| Total Liabilities | 310.81M | 310.81M | 47.07M | 37.84M |
| Common Stock | 281.86M | 281.86M | 73.00K | 73.00K |
| Additional Paid-In Capital | 5.83B | 5.83B | 1.97B | 3.21M |
| Retained Earnings | -1.51B | -1.51B | -33.20M | -31.43M |
| Treasury Stock | -29.00K | -29.00K | ||
| Comprehensive Income & Other | 14.96M | 14.96M | ||
| Total Common Equity | 4.61B | 4.61B | 1.94B | -28.15M |
| Minority Interest | 844.00K | 844.00K | ||
| Shareholders' Equity | 4.61B | 4.61B | 1.94B | -28.15M |
| Total Liabilities & Equity | 4.93B | 4.93B | 1.99B | 9.70M |
| Total Debt | 39.67M | 39.67M | 2.01M | 2.38M |
| Net Cash (Debt) | 34.29M | 34.29M | -1.43M | -1.01M |
| Net Cash Per Share | 0.12 | 0.12 | ||
| Filing Date Shares Outstanding | 442.18M | 442.18M | ||
| Total Common Shares Outstanding | 442.15M | 442.15M | ||
| Working Capital | 2.42B | 2.42B | -41.44M | -30.49M |
| Book Value Per Share | 10.43 | 10.43 | ||
| Tangible Book Value | 2.48B | 2.48B | 1.94B | -28.35M |
| Tangible Book Value Per Share | 5.61 | 5.61 | ||
| Buildings | 9.67M | |||
| Machinery | 2.93M | 2.68M | ||
| Leasehold Improvements | 2.58M | 2.58M |
Cash flow statement
Fiscal year July - June; amounts in CNY.
| TTM | FY2026 | FY2025 | FY2024 | |
|---|---|---|---|---|
| Net Income | -1.86B | -1.86B | -1.77M | -3.99M |
| Depreciation & Amortization | 13.69M | 13.69M | 1.39M | 1.44M |
| Loss (Gain) From Sale of Assets | 40.78M | 40.78M | ||
| Asset Writedown & Restructuring Costs | 103.00K | 103.00K | ||
| Loss (Gain) From Sale of Investments | 1.69B | 1.69B | ||
| Loss (Gain) on Equity Investments | 10.59M | 10.59M | -130.00K | 142.00K |
| Stock-Based Compensation | 1.17M | 1.17M | ||
| Provision & Write-off of Bad Debts | 457.00K | |||
| Other Operating Activities | 12.81M | 12.81M | 159.00K | 413.00K |
| Change in Accounts Receivable | 72.20M | 72.20M | -160.00K | |
| Change in Inventory | 22.35M | 22.35M | 688.00K | -36.00K |
| Change in Accounts Payable | -75.34M | -75.34M | 9.00K | 19.00K |
| Change in Unearned Revenue | -4.46M | -4.46M | -16.00K | 210.00K |
| Change in Income Taxes | -8.34M | -8.34M | ||
| Change in Other Net Operating Assets | -22.99M | -22.99M | 10.03M | -1.74M |
| Operating Cash Flow | -103.41M | -103.41M | 10.20M | -3.08M |
| Capital Expenditures | -71.47M | -71.47M | -9.91M | -21.00K |
| Sale of Property, Plant & Equipment | 12.44M | 12.44M | ||
| Cash Acquisitions | -21.10M | -21.10M | ||
| Divestitures | -52.87M | -52.87M | ||
| Sale (Purchase) of Intangibles | -333.00K | |||
| Investment in Securities | 2.43M | 2.43M | -519.00K | -918.00K |
| Other Investing Activities | 22.12M | 22.12M | ||
| Investing Cash Flow | -108.45M | -108.45M | -10.77M | -939.00K |
| Short-Term Debt Issued | 502.00K | 2.47M | ||
| Long-Term Debt Issued | 253.04M | 253.04M | ||
| Total Debt Issued | 253.04M | 253.04M | 502.00K | 2.47M |
| Short-Term Debt Repaid | -161.00K | -624.00K | ||
| Long-Term Debt Repaid | -279.51M | -279.51M | ||
| Total Debt Repaid | -279.51M | -279.51M | -161.00K | -624.00K |
| Net Debt Issued (Repaid) | -26.47M | -26.47M | 341.00K | 1.84M |
| Issuance of Common Stock | 150.01M | 150.01M | 2.24M | |
| Other Financing Activities | 200.00K | 200.00K | ||
| Financing Cash Flow | 123.74M | 123.74M | 341.00K | 4.08M |
| Foreign Exchange Rate Adjustments | 26.40M | 26.40M | ||
| Net Cash Flow | -61.72M | -61.72M | -231.00K | 64.00K |
| Free Cash Flow | -174.88M | -174.88M | 280.00K | -3.10M |
| Free Cash Flow Margin | -95.38% | -95.38% | 8.04% | -93.97% |
| Free Cash Flow Per Share | -0.59 | -0.59 | ||
| Levered Free Cash Flow | -2.49B | -2.49B | 230.00K | |
| Unlevered Free Cash Flow | -2.49B | -2.49B | 230.00K | |
| Change in Working Capital | -16.58M | -16.58M | 10.55M | -1.54M |
Ratios
Fiscal year July - June; amounts in CNY.
| TTM | FY2026 | FY2025 | FY2024 | |
|---|---|---|---|---|
| Market Capitalization | 5.49B | 5.75B | ||
| Enterprise Value | 5.49B | 5.75B | ||
| Last Close Price | 12.42 | 13.00 | ||
| PS Ratio | 203.45 | 212.95 | ||
| PB Ratio | 8.09 | 8.46 | ||
| P/TBV Ratio | 15.04 | 15.74 | ||
| EV/Sales Ratio | 203.26 | 212.92 | ||
| Debt / Equity Ratio | 0.01 | 0.01 | 0.00 | -0.09 |
| Debt / FCF Ratio | 7.17 | |||
| Net Debt / Equity Ratio | -0.01 | -0.01 | 0.00 | -0.04 |
| Net Debt / EBITDA Ratio | 3.43 | 3.43 | -1.56 | -0.42 |
| Net Debt / FCF Ratio | 0.20 | 0.20 | 5.11 | -0.33 |
| Asset Turnover | 0.05 | 0.05 | 0.00 | |
| Inventory Turnover | 0.13 | 0.13 | 0.61 | |
| Quick Ratio | 0.90 | 0.90 | 0.04 | 0.06 |
| Current Ratio | 10.67 | 10.67 | 0.12 | 0.19 |
| Return on Equity (ROE) | -0.65% | -0.65% | -0.19% | |
| Return on Assets (ROA) | -0.43% | -0.43% | -0.12% | |
| Return on Capital Employed (ROCE) | -0.50% | -0.50% | -0.10% | 12.70% |
| Earnings Yield | -0.76% | -0.48% | ||
| FCF Yield | -0.48% | -0.45% |