AIFU Inc.

AIFU is an independent insurance intermediary and AI-driven financial services platform that connects insurance companies with individual customers, corporate clients, independent insurance sales advisors, and insurance intermediary organizations.

The Company distributes insurance products on behalf of insurance companies and earns commissions and service fees based on completed insurance transactions and, for long term life insurance policies, policy renewals. From a revenue perspective, long-term life insurance policies may generate both first-year and renewal commissions, while commissions on non-life insurance products, such as accident and homeowners insurance, are generally recognized at the time of sale. In addition, the Company earns advisory fees and commissions from insurance and reinsurance brokerage services.

To support the sustainable development of its insurance distribution model, AIFU has established an integrated support system encompassing advisor training, customer service, digital platforms, and policy administration. These capabilities are designed to enhance the professional expertise and productivity of its advisor network while continuously improving the customer experience and strengthening long-term customer relationships.

AIFU strategically focuses on term life and health insurance products, including whole life insurance, critical illness insurance, annuity insurance, term life insurance, endowment insurance, and participating insurance.

The Company also distributes non-life insurance products, including accident insurance, travel insurance, homeowners insurance, and indemnity medical insurance.

In fiscal year 2025, commission and fee income generated from life insurance agency services and non-life insurance agency services accounted for 92.6% and 7.4%, respectively, of the Company’s total commission and fee income.

For the year ended December 31, 2025, the Company’s product mix consisted of 40.3% participating insurance, 24.6% whole life insurance, 29.0% annuity insurance, 2.6% critical illness insurance, and 1.9% long-term care insurance.

AIFU generates revenue primarily from its insurance agency and brokerage businesses.

Its principal revenue sources include first-year and renewal commissions from long-term life insurance policies, one-time sales commissions from non-life insurance products such as accident and homeowners insurance, and advisory fees and commissions from insurance and reinsurance brokerage services. Revenue from brokerage activities is included in the non-life insurance segment.

In 2025, the Company generated total net revenues of RMB556.6 million, or approximately US$79.6 million, of which life insurance accounted for 92.6% and non-life insurance accounted for 7.4%.

AIFU conducts its insurance agency and brokerage operations in mainland China.

The Company primarily serves individual customers by distributing life, health, and non-life insurance products. It also provides corporate clients with insurance brokerage and risk management solutions, while offering family office consulting and related services to affluent and high-net-worth families.

As of March 31, 2026, the Company’s sales and service network covered 23 provinces across China and consisted of one insurance sales and service group, three insurance agencies, and two insurance brokerage companies. The network included 313 sales and service outlets and 42,170 registered independent insurance sales advisors.

Technology is integrated throughout AIFU’s business operations, supporting key functions including customer acquisition, needs analysis, advisor enablement, policy administration, marketing, compliance and risk management, and ongoing customer service.

The Company applies artificial intelligence, big data analytics, and digital tools to identify and match customer protection needs more accurately and to generate insurance protection gap analyses. These technologies also empower advisors by improving the efficiency and professionalism of customer engagement, streamlining policy administration, accelerating the creation of marketing content, and strengthening compliance review and operational efficiency.

As of December 31, 2025, the Company had established business relationships with 67 insurance companies in China and connected with 275 third-party distribution channels through its MGA platform.

In 2025, the Company’s five largest insurance company partners by net revenue were Trust Mutual Life Insurance Co., Ltd., Fanhua Rongshu, Changsheng Life Insurance Co., Ltd., Ruizhong Life Insurance Co., Ltd., and Aviva-COFCO Life Insurance Co., Ltd.

AIFU’s long-term growth strategy is centered on two principal dimensions.

First, the Company intends to strengthen the competitiveness of its core insurance distribution business. It seeks to accomplish this by developing highly qualified professional advisor teams, advancing digital transformation, deepening relationships with insurance company partners, and optimizing an efficient sales and service network.

Second, the Company intends to pursue incremental growth opportunities. AIFU will prudently evaluate strategic partnerships, investments, and acquisitions that could complement its core business, broaden the scope of its services, or diversify its revenue base.

The Company will also continue to monitor long-term demand for life, health, retirement, and financial protection products, expand value-added services for families, affluent customers, and institutional partners, and, subject to the completion of relevant transactions, explore 

AIFU’s long-term growth is supported by several key factors.

These include the continued expansion and increasing penetration of China’s insurance market; growing consumer awareness of insurance and long-term financial protection; the ongoing recruitment and development of productive professional advisors; and deeper relationships with insurance company partners, which support access to high-quality products and enhance distribution competitiveness.

In addition, the Company seeks to use artificial intelligence and digital tools to improve advisor productivity, customer engagement, operating efficiency, and customer retention.

AIFU also prudently evaluates strategic partnerships, investments, and acquisition opportunities that may complement its core business, expand its service capabilities, or diversify its revenue sources, thereby providing additional drivers of long-term growth.

AIFU’s principal competitive advantage lies in the integration of an established independent insurance distribution network with advisor support, technology, and customer service capabilities. Key differentiators include:

• Established operating history and service network.

 AIFU has a long operating history in China’s insurance intermediary industry and has established a broad sales and service network that provides a solid foundation for business development.

• Independent platform and diversified product offering

 Unlike tied agents that primarily sell products from a single insurer, AIFU works with multiple insurance companies and offers a diversified portfolio of life, health, and non-life insurance solutions to address a broad range of customer protection needs.

• Advisor network and training capabilities

 The Company has a sizeable network of registered independent insurance sales advisors, supported by structured training, customer service, and value-added service capabilities designed to continuously enhance professional service standards.

• Technology and digital enablement

 AIFU uses artificial intelligence, data analytics, and digital tools to support customer matching, marketing, policy custody, compliance and risk management, and advisor productivity, enabling more precise needs identification and more efficient operations.

• Distribution channels and strategic relationships

 The Company has established long-term relationships with a broad range of insurance companies and institutional distribution channels, supporting access to quality products and maintaining its distribution competitiveness.

Management evaluates the Company’s performance using a range of operating and financial indicators, including gross written premiums, first-year premiums, renewal premiums, net revenues, revenue mix, commission rates, advisor headcount and productivity, policy persistency rates, operating expenses, operating margin, and cash flow.

Key trends affecting the insurance and financial services industry include:

• Increasing consumer awareness of insurance and long-term financial protection.

• Growing demand related to population aging, healthcare costs, and retirement planning.

• Continued professionalization of insurance advisors.

• Broader adoption of artificial intelligence, automation, and data analytics.

• Increasing regulatory scrutiny of product pricing, commissions, customer suitability, and sales practices.

• The impact of a low-interest-rate environment on life insurance product design and investment returns.

• Increasing competition from insurers’ direct distribution channels, banks, digital platforms, and other insurance intermediaries.

The Company’s fiscal year ends on December 31.

As a foreign private issuer, AIFU reports its audited annual financial results through Form 20-F filings with the U.S. Securities and Exchange Commission and reports interim financial results and other material information through Form 6-K filings and press releases.

Since its listing in 2007, the Company has remained committed to returning value to shareholders. AIFU has distributed an aggregate of approximately US$268.3 million in cash dividends, approximately US$38.5 million in stock dividends, and approximately US$112.4 million through share repurchases. Collectively, these shareholder returns represent more than 50% of the Company’s cumulative operating cash flows since its listing.

The Company currently intends to retain most or all of its available funds and future earnings to support business operations and development and therefore does not expect to declare or pay cash dividends in the foreseeable future.

Any future declaration and payment of dividends will be determined at the discretion of the Board of Directors, taking into account applicable Cayman Islands law, the Company’s financial condition, cash flows, capital requirements, contractual restrictions, and other relevant factors.

AIFU seeks to create long-term shareholder value by strengthening its core insurance distribution business, improving advisor productivity, leveraging technology to enhance customer service and operating efficiency, maintaining disciplined cost management, and selectively pursuing business opportunities that may expand the Company’s capabilities or diversify its revenue base.

Management seeks to balance investment in growth with execution risk, regulatory requirements, capital needs, and the preservation of the Company’s financial position.

AIFU’s Class A ordinary shares are listed on the Nasdaq Global Select Market under the ticker symbol “AIFU.”

The Company terminated our ADR program on May 20, 2025. On May 21, 2025, our Class A ordinary shares commenced trading on Nasdaq in substitution for the ADSs, under the same symbol “AIFU.”

The Company has a dual-class share structure consisting of Class A ordinary shares and Class B ordinary shares.

Each Class A ordinary share is entitled to one vote, while each Class B ordinary share is entitled to 100 votes.

Class B ordinary shares may be converted into Class A ordinary shares on a one-for-one basis, subject to approval by the Board of Directors. Class A ordinary shares may not be converted into Class B ordinary shares under any circumstances.

In addition, Class B ordinary shares do not carry any economic rights, including rights to dividends, distributions, or residual assets upon liquidation, and may not be sold, transferred, pledged, or used as collateral for loans.

As of June 30, 2026, the Company had 6,175,706 shares outstanding, consisting of 5,925,706 Class A ordinary shares and 250,000 Class B ordinary shares.

AIFU is committed to maintaining high standards of corporate governance. The Board of Directors serves as the central governing body of the Company, overseeing management and fulfilling its fiduciary responsibilities to shareholders.

The Company’s governance framework includes a Board composed of a majority of independent directors, independent Board committees, and annual Board self-assessments.

AIFU has also established a comprehensive internal policy framework covering business ethics, whistleblower protection, anti-corruption, diversity, compensation clawbacks, and risk management to ensure that its operations are conducted within a clear and disciplined governance structure.

The Audit Committee plays an important oversight role within this framework. Its responsibilities include overseeing the quality of financial reporting, the effectiveness of internal controls, risk management processes, and cybersecurity governance, thereby supporting the integrity and transparency of the Company’s operations.

The Company embeds social responsibility and employee growth into its core operations through robust corporate governance, customer-centric service, and a strong emphasis on talent development.

Employee Development

To foster continuous professional growth, the Company offers comprehensive online and in-person training programs for both new and tenured insurance sales advisors. Curricula span product knowledge, sales techniques, career progression, team leadership, and service excellence. Additionally, employees can further enhance their expertise through advanced courses offered via the Company’s internal e-learning platforms and the Insurance Academy, ensuring they remain at the forefront of industry competencies.

Corporate governance and workplace practices

AIFU has established policies addressing anti-discrimination, anti-harassment, whistleblower protection, ethical conduct, and Board diversity, with the objective of maintaining a fair, inclusive, and compliant working environment.

Customer service and social contribution

The Company supports customers through insurance protection solutions, policy custody services, financial education, and long-term customer service, reflecting its commitment to a customer-centric service philosophy.

Enrome LLP has served as AIFU’s independent auditor since January 2025.

Transhare Corporation

 Bayside Center 1

 17755 US Highway 19 N

 Suite 140

 Clearwater, FL 33764Office: (303) 662-1112

 Fax: (727) 269-5616

 Email: info@transhare.com

Investors may subscribe to email alerts through the “Email Alerts” page on AIFU’s Investor Relations website.

Available alert categories include SEC filings,,quarterly and annual reports, calendar events, general press releases .