The company reported a 935% revenue increase, yet this growth is offset by a deeply negative operating margin of -38.87% and a constrained 39.63% gross margin.
| Metric | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 469.71M | 94.16M | 133.68M | 147.16M | 97.72M | 172.14M | 136.99M | 102.29M |
| Gross Margin % | 39.63% | 82.27% | 70.83% | 76.96% | 75.47% | 84.7% | 82.62% | 65.7% |
| Gross Profit Growth % | 398.87% | -29.57% | -9.16% | 50.58% | -43.23% | 25.66% | 33.91% | - |
| Operating Expenses | 930.48M | 152.96M | 207.79M | 220.34M | 151.25M | 116.06M | 74.09M | 55.06M |
| OpEx % of Revenue | 78.5% | 133.66% | 110.09% | 115.24% | 116.81% | 57.11% | 44.69% | 35.36% |
| Selling, General & Admin | 504.07M | 152.96M | 207.79M | 220.34M | 151.25M | 116.06M | 74.09M | 55.06M |
| SG&A % of Revenue | 42.53% | 133.66% | 110.09% | 115.24% | 116.81% | 57.11% | 44.69% | 35.36% |
| Research & Development | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - |
| Operating Income | -460.76M | -58.8M | -74.1M | -73.18M | -53.52M | 56.08M | 62.89M | 47.24M |
| Operating Margin % | -38.87% | -51.38% | -39.26% | -38.28% | -41.34% | 27.59% | 37.93% | 30.34% |
| Operating Income Growth % | -683.56% | 20.65% | -1.26% | -36.73% | -195.44% | -10.83% | 33.14% | - |
| EBITDA | -401.56M | -54.41M | -67.67M | -59.55M | -44.41M | 57.82M | 64.76M | 48.9M |
| EBITDA Margin % | -33.88% | -47.55% | -35.85% | -31.14% | -34.3% | 28.45% | 39.06% | 31.41% |
| EBITDA Growth % | -638.01% | 19.59% | -13.64% | -34.09% | -176.8% | -10.71% | 32.42% | - |
| D&A (Non-Cash Add-back) | 59.2M | 4.39M | 6.43M | 13.64M | 9.12M | 1.74M | 1.86M | 1.67M |
| EBIT | -36.84M | -57.14M | -69.07M | -68.49M | -48.45M | 62.47M | 71.88M | 49.85M |
| Net Interest Income | 16.62M | 8.59M | 7.47M | 10.92M | 11M | 4.91M | 3.64M | -2.26M |
| Interest Income | 16.62M | 8.59M | 7.47M | 10.92M | 11M | 5.96M | 3.64M | 51K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 1.05M | 0 | 2.31M |
| Other Income/Expense | - | - | - | - | - | - | - | - |
| Pretax Income | -499.13M | -34.99M | -61.59M | -55.67M | -35.95M | 61.42M | 71.88M | 47.53M |
| Pretax Margin % | -42.11% | -30.58% | -32.63% | -29.12% | -27.76% | 30.22% | 43.35% | 30.53% |
| Income Tax | 12.95M | 8.59M | -925K | -9.61M | -2.39M | 9.4M | 8.26M | 7.64M |
| Effective Tax Rate % | -2.59% | -24.53% | 1.5% | 17.26% | 6.66% | 15.3% | 11.49% | 16.07% |
| Net Income | -289.67M | -43.58M | -60.67M | -46.37M | -32.9M | 53.53M | 64.6M | 37.81M |
| Net Margin % | -24.44% | -38.08% | -32.14% | -24.25% | -25.41% | 26.34% | 38.96% | 24.29% |
| Net Income Growth % | -564.73% | 28.17% | -30.83% | -40.93% | -161.47% | -17.13% | 70.83% | - |
| Net Income (Continuing) | -512.07M | -43.58M | -60.67M | -46.07M | -33.55M | 52.02M | 63.62M | 39.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -254K |
| Minority Interest | 1.35B | 0 | 0 | 0 | 2.52M | 3.17M | 8.86M | 9.84M |
| EPS (Diluted) | -4.80 | -0.72 | -1.01 | -0.77 | -0.55 | 0.95 | 1.15 | 0.67 |
| EPS Growth % | -566.67% | 28.71% | -31.17% | -40% | -157.89% | -17.39% | 71.64% | - |
| EPS (Basic) | -4.80 | -0.72 | -1.01 | -0.77 | -0.55 | 0.95 | 1.15 | 0.67 |
| Diluted Shares Outstanding | 60.31M | 60.31M | 60.31M | 60.31M | 60.31M | 56.67M | 56.02M | 56.02M |
| Basic Shares Outstanding | 60.31M | 60.31M | 60.31M | 60.31M | 60.31M | 56.67M | 56.02M | 56.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Inorganic growth integration failure
According to recent financial disclosures, MAAS reported a staggering 935% revenue growth, which appears to be primarily an artifact of aggressive business combinations and corporate restructuring rather than organic expansion, necessitating a cautious interpretation of the company's actual underlying demand and long-term revenue durability.
The extreme top-line surge suggests that the firm is currently in a phase of rapid inorganic scaling, likely aimed at capturing market share in Tier 2 and Tier 3 Chinese cities. Investors should monitor whether this growth can transition into sustainable, organic revenue streams once the initial consolidation effects subside.
As reported in financial statements, the company maintains a gross margin of 39.63%, reflecting the inherent limitations of a commission-based distribution model where payouts to agents significantly constrain the firm's ability to retain a larger portion of the fees collected from product providers.
This margin profile highlights the company's reliance on a high-variable-cost structure that is sensitive to competitive commission rates within the Chinese insurance sector. Without a pivot toward higher-margin recurring management fees, the firm may struggle to achieve the structural profitability required to offset its substantial fixed overhead.
Based on reported figures, MAAS is currently experiencing a deeply negative operating margin of -38.87%, indicating that fixed overhead and integration costs are significantly outpacing the benefits of scale, which suggests that the company has yet to achieve the necessary operational efficiency to justify its current size.
The disconnect between top-line expansion and operating profitability implies that the current business model is labor-intensive and potentially inefficient at its current scale. Investors should monitor whether management can successfully rationalize its cost base as the integration of recent acquisitions concludes.
Market participants should consider that the reported 935% revenue growth may mask underlying operational weaknesses, as the company's reliance on a decentralized agent network introduces significant execution risk and potential for future revenue reversals due to policy clawbacks and high agent turnover rates.
The aggressive pursuit of inorganic growth appears to be value-destroying in the short term, given the significant operating losses and the potential for non-cash impairment charges. There is a distinct risk that the market is overestimating the scalability of this agency-based model, particularly if regulatory shifts impact the independent agent labor structure.
Quick answers to the most common questions about buying MAAS stock.
Maase Inc. (MAAS) reported a net loss of $289.7M for the fiscal year ending 2024.
Maase Inc. (MAAS) reported an operating income of $-460.8M, resulting in an operating profit margin of -38.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Maase Inc. (MAAS) generated $469.7M in gross profit for the year, representing a gross profit margin of 39.6%. This demonstrates the company's core pricing power and production efficiency.