Share count
10Mpeak FY2017
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AIFU, AIFU Inc. Class A Ordinary Share
Insurance Brokers financial
We derive agency revenue by serving as a sales agent to distribute various life insurance and P&C insurance products on behalf of the insurance companies by which we are entitled to receive initial commission from the insurance companies based on the premium paid by the policyholders for the related insurance policy sold.
Revenue is recognized when control of promised goods or services is transferred to our customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥557M
−58.2% YoY · −30% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥557M 5-yr avg CN¥2.1B
Net margin −408.6% 5-yr avg −72.8%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Commissions on the premiums it places, and organic growth. What decides it: insurance prices in the market, since it earns a slice of them; new business won and kept; and a capital-light fee stream that carries none of the underwriting risk of the insurers it sells for. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has been modest for a fee business (median 7%). It earns this on little capital, so return on equity has run near 12%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the commissions keep renewing as rates turn is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| CN¥4.1B | CN¥4.1B | CN¥3.5B | CN¥3.7B | CN¥3.3B | CN¥3.3B | CN¥2.8B | CN¥2.8B | CN¥1.3B | CN¥557M | CN¥557M | RevenueRevenue |
| −0.2% | 6.7% | 12.3% | 12.7% | 9.2% | 9.2% | 6.1% | 6.4% | −33.6% | −7.0% | −7.0% | Operating marginOp. mgn |
| 4.1% | 11.0% | 17.8% | 5.2% | 8.5% | 7.9% | 3.1% | 10.5% | 23.2% | −408.6% | −408.6% | Net marginNet mgn |
| CN¥168M | CN¥452M | CN¥617M | CN¥193M | CN¥276M | CN¥260M | CN¥86M | CN¥289M | CN¥309M | (CN¥2.3B) | (CN¥2.3B) | Net incomeNet inc. |
| 14% | 27% | 27% | 43% | 23% | 26% | 32% | 17% | 23% | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| CN¥76M | CN¥131M | CN¥501M | CN¥159M | CN¥387M | CN¥95M | CN¥60M | CN¥89M | CN¥134M | (CN¥20M) | (CN¥20M) | Owner earningsOwner earn. |
| 5% | 12% | 23% | 10% | 15% | 14% | 5% | 14% | 12% | -475% | -475% | Return on equityROE |
| — | 8% | 11% | −13% | −6% | 1% | 2% | — | — | — | −492% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| CN¥4.2B | CN¥4.7B | CN¥3.9B | CN¥3.4B | CN¥3.1B | CN¥3.2B | CN¥3.1B | CN¥4.1B | CN¥4.2B | CN¥1.5B | CN¥1.5B | Total assetsAssets |
| CN¥3.0B | CN¥2.9B | CN¥2.3B | CN¥1.8B | CN¥1.6B | CN¥1.4B | CN¥899M | CN¥1.4B | CN¥721M | CN¥31M | CN¥647M | Cash & investmentsCash+inv |
| CN¥3.3B | CN¥3.9B | CN¥2.6B | CN¥1.9B | CN¥1.8B | CN¥1.8B | CN¥1.6B | CN¥2.1B | CN¥2.5B | CN¥479M | CN¥479M | Shareholders’ equityEquity |
| Per share | |||||||||||
| 1.21B | 1.26B | 1.24B | 1.09B | 1.07B | 1.07B | 1.07B | 2.7M | 2.7M | 10.1M | 1.13B | Shares out (diluted)Shares |
| CN¥3.38 | CN¥3.24 | CN¥2.80 | CN¥3.39 | CN¥3.04 | CN¥3.04 | CN¥2.59 | CN¥1025.48 | CN¥497.61 | CN¥54.93 | CN¥0.49 | Revenue / shareRev/sh |
| CN¥0.14 | CN¥0.36 | CN¥0.50 | CN¥0.18 | CN¥0.26 | CN¥0.24 | CN¥0.08 | CN¥107.40 | CN¥115.63 | CN¥-224.42 | CN¥-2.00 | EPS (diluted)EPS |
| CN¥0.06 | CN¥0.10 | CN¥0.40 | CN¥0.15 | CN¥0.36 | CN¥0.09 | CN¥0.06 | CN¥32.99 | CN¥50.22 | CN¥-1.94 | CN¥-0.02 | Owner earnings / shareOE/sh |
| — | CN¥0.11 | CN¥0.26 | CN¥0.40 | CN¥0.36 | CN¥0.23 | CN¥0.05 | — | — | — | CN¥0.07 | Dividends / shareDiv/sh |
| CN¥2.72 | CN¥3.07 | CN¥2.12 | CN¥1.77 | CN¥1.71 | CN¥1.71 | CN¥1.51 | CN¥769.46 | CN¥951.48 | CN¥47.22 | CN¥0.42 | Book value / shareBVPS |
The diluted share count moved ×1/399.15 into 2023 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×3.79 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×111.94 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +36.3%/yr | +78.4%/yr |
| Dividends / share | −14.9%/yr (5-yr) | −14.9%/yr |
| Capital spending / share | +47.7%/yr | +87.6%/yr |
| Book value / share | +37.3%/yr | +94.3%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
CN¥557Mlow FY2025
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Operating margin −7.0%Thin for a fee businessOperating income (CN¥39M) ÷ revenue CN¥557MIndustry peers: median 11%
What this means
The heart of a insurance broker: how much of each fee dollar survives the cost of running the business. Commissions are a slice of the premiums it places, earned without taking the underwriting risk itself, so it is a capital-light fee stream that rises with new business, retention and the price of insurance. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −408.6%SlimNet income (CN¥2.3B) ÷ revenue CN¥557M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −475%Below the cost of equityNet income (CN¥2.3B) ÷ equity CN¥479MIndustry peers: median 15%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥604M
- Cash & short-term investmentsCN¥647M
- ReceivablesCN¥66M
Current liabilitiesCN¥512M
- Accounts payableCN¥81M
- Other current liabilitiesCN¥431M
Current ratio1.18×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.18×stricter: inventory excluded
Cash ratio1.26×strictest: cash alone against what's due
Working capitalCN¥92Mthe cushion left after near-term bills
Cash runway33.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueCN¥46Mequity stripped of goodwill & intangibles
Net current asset value(CN¥453M)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥15MCN¥15M of it operating leases
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 10-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangiblesCN¥432M28% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity78%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiringCN¥0over 10 years buying other businesses, against CN¥224M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.
Peers, Insurance Brokers
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| BWINThe Baldwin Insurance Group Inc. | $1.5B | -3.2% | -4.3% | -6% |
| CRVLCorVel Corp. | $959M | 11.2% | 8.8% | 26% |
| ARXAccelerant Holdings Class A | $913M | -8.3% | -14.2% | -204% |
| HGTYHagerty Inc. | $678M | 4.0% | 7.2% | 52% |
| AIFUAIFU Inc. Class A Ordinary Share | CN¥557M | 6.5% | 8.2% | 12% |
| LIFEEthos Technologies Inc. | $388M | 18.8% | 18.4% | — |
| GSHDGoosehead Insurance | $365M | 17.0% | 3.6% | 51% |
| TWFGTWFG Inc. | $249M | 14.8% | 0.7% | 4% |
| Group median | — | 8.9% | 5.4% | 12% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each of which previously represented 20 Class”; AIFU Inc. Class A Ordinary Share reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what AIFU Inc. Class A Ordinary Share has delivered.
AIFU Inc. Class A Ordinary Share’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Base
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The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25−7%/yr
Owner-earnings growth · ’16→’25−6%/yr
Owner-earnings growth · ’16→’25−6%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings ($3M) on 1M shares outstanding (a weighted average, the only count this filer tags); net cash $95M. The if-converted diluted count is 57M, 11094% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "AIFU Inc. Class A Ordinary Share (AIFU), the owner's record," https://ownerscorecard.com/c/AIFU, data as of 2026-07-09.
Manual order: ← AHMA its page in the Manual AIIO →
Industry order: the Insurance Brokers chapter AJG →