Segment Reporting

12 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

(26) Segment Reporting

The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews the operating profit or loss for each reporting units when making decisions about allocating resources and assessing performance of the Group.

As of June 30, 2023, the Group managed its business as a single operating segment engaged in the provision of distribution and managing wealth management services in the PRC (the “wealth management segment”).

As of June 30, 2024, after the acquisition of AIFU, the Group operated three segments: (1) the insurance agency segment, which mainly consists of providing agency services for distributing life and non-life insurance products on behalf of insurance companies, (2) the claims adjusting segment, which consists of providing pre-underwriting survey services, claim adjusting services, disposal of residual value services, loading and unloading supervision services, and consulting services, and (3) the wealth management segment.

During the fiscal year ended June 30, 2025, the Group disposed of Meidiya and its subsidiaries, which constituted a discontinued operation. As the discontinued operation previously formed the claims adjusting reportable segment, the comparative segment information has been retrospectively revised to reflect continuing operations only. As of June 30, 2025, the Group operated two segments: (1) the insurance agency segment, which mainly consists of providing agency services for distributing life and non-life insurance products on behalf of insurance companies, and (2) the wealth management segment.

The following table shows the Group’s operations by business segment for the years ended June 30, 2023, 2024 and 2025.

	Year ended June 30, 2025
	Insurance Agency			Wealth Management			Consolidated			Consolidated
	RMB			RMB			RMB			US$
Total revenues		727,538			53,678			781,216			109,052
Operating costs and expenses:
Cost of revenues		(391,102	)		(6,257	)		(397,359	)		(55,469	)
Payroll expense and employee benefit expenses		(276,546	)		(38,480	)		(315,026	)		(43,976	)
Share-based compensation		(33,425	)		(39,674	)		(73,099	)		(10,204	)
Amortization expense		(91,524	)		(705	)		(92,229	)		(12,875	)
Rental expense		(50,446	)		(3,684	)		(54,130	)		(7,556	)
Impairment loss		(441,298	)		-			(441,298	)		(61,603	)
Others operating expenses		(71,106	)		(28,310	)		(99,416	)		(13,877	)
Total operating costs and expenses		(1,355,447	)		(117,110	)		(1,472,557	)		(205,560	)
Operating loss		(627,909	)		(63,432	)		(691,341	)		(96,508	)
Gains or loss from fair value change		(431	)		152			(279	)		(39	)
Investment income		27,041			461			27,502			3,839
Gains from the disposal of subsidiaries		897,398			-			897,398			125,272
Derecognition of a contingent consideration		(22,267	)		-			(22,267	)		(3,108	)
Interest income		23,497			9,364			32,861			4,587
Financial cost		(4,562	)		(2	)		(4,564	)		(637	)
Others, net		(489,063	)		(102,613	)		(591,676	)		(82,595	)
Loss before income taxes and share of loss of affiliates		(196,296	)		(156,070	)		(352,366	)		(49,189	)
Income tax benefit		8,458			11,184			19,642			2,742
Share of loss of affiliates		(3,834	)		-			(3,834	)		(535	)
Net loss		(191,672	)		(144,886	)		(336,558	)		(46,982	)

	Year ended June 30, 2024
	Insurance Agency			Wealth Management			Consolidated
	RMB			RMB			RMB
Total revenues		900,246			62,966			963,212
Operating costs and expenses:
Cost of revenues		(551,247	)		(17,031	)		(568,278	)
Payroll expense and employee benefit expenses		(199,760	)		(60,531	)		(260,291	)
Share-based compensation		(20,988	)		(2,347	)		(23,335	)
Amortization expense		(49,960	)		(877	)		(50,837	)
Rental expense		(30,759	)		(4,923	)		(35,682	)
Impairment loss		(426,410	)		-			(426,410	)
Others operating expenses		(36,471	)		(25,369	)		(61,840	)
Total operating costs and expenses		(1,315,595	)		(111,078	)		(1,426,673	)
Operating loss		(415,349	)		(48,112	)		(463,461	)
Gains or loss from fair value change		(73,761	)		-			(73,761	)
Investment income		21,493			523			22,016
Interest income		8,217			8,993			17,210
Financial cost		(959	)		-			(959	)
others, net		(292	)		(1,857	)		(2,149	)
Loss before income taxes and share of loss of affiliates		(460,651	)		(40,453	)		(501,104	)
Income tax expense		3,151			(16,677	)		(13,526	)
Share of loss of affiliates		(1,218	)		-			(1,218	)
Net loss		(458,718	)		(57,130	)		(515,848	)

	Year ended June 30, 2023
	Insurance Agency		Wealth Management			Consolidated
	RMB		RMB			RMB
Total revenues		-		114,440			114,440
Operating costs and expenses:
Cost of revenues		-		(16,136	)		(16,136	)
Payroll expense and employee benefit expenses		-		(98,618	)		(98,618	)
Amortization expense				(848	)		(848	)
Rental expense				(10,510	)		(10,510	)
Others operating expenses		-		(47,132	)		(47,132	)
Total operating costs and expenses		-		(173,244	)		(173,244	)
Operating loss		-		(58,804	)		(58,804	)
Investment income		-		13,561			13,561
Interest income		-		8,591			8,591
others, net		-		1,660			1,660
Loss before income taxes and share of loss of affiliates		-		(34,992	)		(34,992	)
Income tax benefit (expense)		-		(8,585	)		(8,585	)
Net loss		-		(43,577	)		(43,577	)