0001213900-24-037144 | 20-F | XBRL Viewer

¥ 733,243

¥ 497,143

¥ 1,212,772

Sinatay Life Insurance Co., Ltd. (“Sinatay”) [Member]

25.60%

19.60%

40.20%

Schedule of Concentration of Total Net Revenue [Line Items]

¥ 438,026

¥ 497,143

¥ 451,840

Aeon Life Insurance Co., Ltd. (“Aeon”). [Member]

15.30%

19.60%

15.00%

Schedule of Concentration of Total Net Revenue [Line Items]

¥ 295,217

^[1]

¥ 437,132

Huaxia Life Insurance Company Limited (“Huaxia”) [Member]

10.30%

^[1]

14.50%

Schedule of Concentration of Total Net Revenue [Line Items]

^[1]

¥ 323,800

Investments in Affiliates [Abstract]

^[1]

10.70%

[1]	represented less than 10% of total net revenues for the year.

Organization and Description of Business (Details)	Dec. 27, 2023 shares
Organization and Description of Business (Details) [Line Items]
Ordinary shares	568,226,628
Highest Performances Holdings Inc. [Member]
Organization and Description of Business (Details) [Line Items]
Percentage of equity interests	50.07%
Highest Performances Holdings Inc. [Member]
Organization and Description of Business (Details) [Line Items]
Ordinary shares	284,113,314

Investments in Affiliates

12 Months Ended

Dec. 31, 2023

Investments in Affiliates

(9) Investments in Affiliates

As of December 31, 2022 and 2023, the Group’s investments accounted for under the equity method were as follows:

	As of December 31,
	2022		2023
	RMB		RMB
CNFinance		—		—
Others		4,035		—
Total		4,035		—

Investment in CNFinance Holdings Limited (“CNFinance”)

The Group held 18.5% equity interest of CNFinance which was accounted for using the equity method. The Group recognized an other-than-temporary impairment of RMB29,316 and RMB78,277 for years ended December 31, 2021 and 2022, respectively, to reduce the carrying value of the investment to reflect the market value of the shares held by the Group.

On June 28, 2022, the Group completed the distribution of 252,995,600 ordinary shares of CNFinance to its shareholders on a pro rata basis, after which the Group’s equity stake in CNFinance decreased from approximately 18.5% to approximately 0.01%. Upon the completion of the distribution, the Company ceased to account for the remaining equity investment in CNFinance using equity method as the Company no longer has significant influence over this investee.

Investment in Highest Performances Holdings Inc. (“HPH”)

The Group held 4.46% equity interests in HPH before HPH’s listing in Nasdaq (symbol: HPH, formerly known as “PUYI”) in 2018. HPH is a leading third-party wealth management services provider in China. Investment in HPH is accounted for using the equity method as the Group has significant influence by the right to nominate one board member out of seven.

In December 2023, the Group entered into a share repurchase agreement with HPH, pursuant to which the Group agreed to transfer all of its 4.46% equity interests in HPH back to HPH. Concurrently, a wholly-owned subsidiary of the Group entered into a share transfer agreement with HPH to acquire 15.41% equity interests in Fanhua Puyi Fund Sales Co., Ltd. (“Puyi Fund”), a wholly-owned subsidiary of HPH, at the aggregate consideration of the aforementioned 4.46% equity interests in HPH and cash of RMB10,463.

Upon the completion of the disposals of CNFinance and HPH, the carrying amount of remaining investee is at nil due to continuously losses as of December 31, 2023.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net, is comprised of the following:

	As of December 31,
	2022			2023
	RMB			RMB
Building		12,317			15,572
Office equipment, furniture and fixtures		162,573			165,802
Motor vehicles		18,641			19,206
Leasehold improvements		39,993			34,969
Total		233,524			235,549
Less: Accumulated depreciation		(191,945	)		(197,530	)
Construction in progress		56,880			53,640
		98,459			91,659

Organization and Description of Business

12 Months Ended

Dec. 31, 2023

Organization and Description of Business [Abstract]

Organization and Description of Business

(1) Organization and Description of Business

Fanhua Inc. (the “Company”) (formally known as “CNinsure Inc.”) was incorporated in the Cayman Islands on April 10, 2007 and listed on the Nasdaq on October 31, 2007. The Company, its subsidiaries and the consolidated variable interest entities (the “VIEs”) are collectively referred to as the “Group”. The Group is principally engaged in the provision of agency services and insurance claims adjusting services in the People’s Republic of China (the “PRC”).

On December 27, 2023, securities exchange agreements (the “Agreements”) were entered into by and among Highest Performances Holdings Inc. (“HPH”, formerly known as “Puyi Inc.”) and certain shareholders of the Company (the “Selling Shareholders”). Upon the terms and subject to the conditions of the Agreements, HPH issued and allotted to the Selling Shareholders an aggregate of 284,113,314 HPH ordinary shares, and in exchange therefor, the Selling Shareholders sold to HPH an aggregate of 568,226,628 ordinary shares of the Company they beneficially owned (the “Transaction through Exchange of Equity Interests”). The transaction was closed on December 31, 2023. As a result of the Transaction through Exchange of Equity Interests, HPH owns approximately 50.07% of the Company’s equity interests.

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Net Income Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Ordinary Share

The computation of basic and diluted net income per ordinary share is as follows:

	Year Ended December 31,
	2021		2022			2023
	RMB		RMB			RMB
Basic:
Net income		259,941		85,723			289,099
Less: Net income (loss) attributable to the noncontrolling interests		8,952		(14,549	)		8,622
Net income attributable to the Company’s shareholders		250,989		100,272			280,477
Weighted average number of ordinary shares outstanding*		1,073,891,784		1,074,196,310			1,074,372,067
Basic net income per ordinary share		0.23		0.09			0.26
Basic net income per ADS		4.67		1.87			5.22

	Year Ended December 31,
	2021		2022			2023
	RMB		RMB			RMB
Diluted:
Net income		259,941		85,723			289,099
Less: Net income (loss) attributable to the noncontrolling interests		8,952		(14,549	)		8,622
Net income attributable to the Company’s shareholders		250,989		100,272			280,477
Weighted average number of ordinary shares outstanding		1,073,891,784		1,074,196,310			1,074,372,067
Weighted average number of dilutive potential ordinary shares from share options and restricted share units		399,410		261,511			2,368,131
Total		1,074,291,194		1,074,457,821			1,076,740,198
Diluted net income per ordinary share		0.23		0.09			0.26
Diluted net income per ADS		4.67		1.87			5.21

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income Taxes

(16) Income Taxes

The Company is a tax exempted company incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon any payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is imposed.

Subsidiaries in Hong Kong are subject to Hong Kong Profits Tax rate at 16.5%, and foreign-derived income is exempted from income tax. Under the two-tiered profits tax rates regime, the provision for current income taxes of the subsidiaries operating in Hong Kong has been calculated by applying the current rate of taxation of 8.25% for the years ended December 31, 2021, 2022 and 2023.

The Group’s subsidiaries and VIEs incorporated in the PRC are subject to the PRC Enterprise Income Tax and a unified 25% enterprise income tax rate, except for certain entities that are entitled to preferential tax treatments.

Preferential EIT rates at 15% is available for qualified enterprises located in the western China regions in an industry sector encouraged by the PRC government. Fanhua Lianxing Insurance Sales Co., Ltd., the Group’s wholly-owned subsidiary, which is the holding entity of the Group’s life insurance operations, was entitled to a preferential tax rate of 15% for the years ended December 31, 2021, 2022 and 2023, respectively.

Pursuant to the relevant laws and regulations in the PRC, Shenzhen Huazhong United Technology Co., Ltd. (“Shenzhen Huazhong”), a subsidiary of the Group, was regarded as a software company and thus exempted from PRC Income Tax for two years starting from its first profit-making year, followed by a 50% reduction for the next three years. For Shenzhen Huazhong, year 2017 was the first profit-making year and accordingly it has made a 12.5% tax provision for its profits for the year ended December 31, 2021, Shenzhen Huazhong no longer enjoys such a preferential rate from 2022 to 2023.

The Group’s subsidiaries that are the PRC tax resident are required to withhold the PRC withholding tax of 10% on dividend payment to their non-PRC resident immediate holding company, unless such dividend payment is qualified for the 5% reduced tax rate under the Arrangement between Mainland China and Hong Kong for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the “PRC-HK DTA”).

One of the Group’s wholly-owned subsidiaries, CNinsure Holdings Limited, was determined by Hong Kong Taxation Bureau to be a Hong Kong resident enterprise since July 2018. The Hong Kong resident certificate was issued by the Hong Kong Inland Revenue Department valid till the year ending December 31, 2023. Accordingly, CNinsure Holdings Limited qualified as a Hong Kong resident and was entitled to enjoy a reduced tax rate of 5% for the dividends paid by PRC subsidiaries for the years ended December 31, 2021, 2022 and 2023 under Bulletin [2018] No. 9 (e.g. beneficial ownership, shareholding percentage and holding period).

The Group accounts for uncertain income tax positions by prescribing a minimum recognition threshold in the financial statements. The Group’s liabilities for unrecognized tax benefits were included in other tax liabilities. As of December 31, 2022 and 2023, the balance of unrecognized tax benefits is comprised of amounts mainly arising from gain on disposal of subsidiaries and certain transfer pricing arrangements.

The movements of unrecognized tax benefits are as follows:

	RMB
Balance as of January 1, 2021		67,219
Change in unrecognized tax benefits		—
Increase in tax positions		5,994
Balance as of December 31, 2021		73,213
Change in unrecognized tax benefits		—
Decrease in tax positions		(36,566	)
Balance as of December 31, 2022		36,647
Change in unrecognized tax benefits		—
Decrease in tax positions		(2,279	)
Balance as of December 31, 2023		34,368

The uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities. Based on the outcome of any future examinations, or as a result of the expiration of statute of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized tax benefits for tax positions taken regarding previously filed tax returns, might materially change from those recorded as liabilities for uncertain tax positions in the Group’s consolidated financial statements. In addition, the outcome of these examinations may impact the valuation of certain deferred tax assets (such as net operating losses) in future periods. The Group’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits, if any, as a component of income tax expense. The Group does not anticipate any significant increases or decreases to its liability for unrecognized tax benefits within the next twelve months.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100 is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. During the current year, the Group reversed transfer pricing related uncertain tax position amounting to RMB3,963 when its statute of limitation expired in 2023.

Income tax expenses are comprised of the following:

	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Current tax expense		66,665		13,169		44,836
Deferred tax expense		23,909		27,847		14,566
Income tax expense		90,574		41,016		59,402

The principal components of the deferred income tax assets and liabilities are as follows:

	As of December 31,
	2022			2023
	RMB			RMB
Deferred tax assets:
Operating loss carryforward		96,173			117,072
Intangible assets, net		2,856			5,003
Less: valuation allowances		(78,627	)		(81,340	)
Total		20,402			40,735
Deferred tax liabilities:
Fair value adjustments in relation to short-term investments		13,954			15,944
Estimated profit arising from future renewal commissions		59,271			91,428
PRC dividend withholding taxes		29,230			29,230
Identifiable intangible assets		—			12,549
Total		102,455			149,151

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. The Group has provided RMB78,627 and RMB81,340 valuation allowance for the years ended December 31, 2022 and 2023, respectively.

The Group had total operating loss carry-forwards of RMB385,155 and RMB468,715 as of December 31, 2022 and 2023, respectively. As of December 31, 2023, all of the operating loss carry-forwards will expire in the years from 2024 to 2028. During the years ended December 31, 2021, 2022 and 2023, RMB8,314, RMB18,349 and RMB44,091, respectively, of tax loss carried forward has been expired and canceled.

Reconciliation between the provision for income taxes computed by applying the PRC enterprise income rate of 25% to net income before income taxes and income of affiliates, and the actual provision for income taxes is as follows:

	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Income from continuing operations before income taxes, share of income of affiliates, net		371,088			196,335			349,818
PRC statutory tax rate		25	%		25	%		25	%
Income tax at statutory tax rate		92,772			49,084			87,455
Expenses not deductible for tax purposes:
—Entertainment		2,950			2,099			2,417
—Other		81			479			340
Effect of tax holidays on concessionary rates granted to PRC entities		(13,523	)		(12,671	)		(9,956	)
Effect of different tax rates of subsidiaries operating in other jurisdictions		2,070			2,342			4,110
Change in valuation allowance		2,999			40,501			2,713
Deferred income tax for dividend distribution		10,349			—			—
Effect of non-taxable income*		(13,777	)		(4,620	)		(25,709	)
Unrecognized tax benefits arising from certain transfer pricing arrangements		5,994			(36,566	)		(2,279	)
Other		659			368			311
Income tax expense		90,574			41,016			59,402

The effect of non-taxable income for years ended December 31, 2021 and 2022 represents an income tax exemption according to the Notice (Cai Shui [2002] No. 128) promulgated by the State Administration of Taxation and Ministry of Finance in China on dividend income derived from a purchased open-end securities investment fund product that the Group recorded as short term investment. The effect of non-taxable income for the year ended December 31, 2023 is primarily relating to the non-taxable gains from changes in fair value of equity interests held by the Group.

Additional PRC income taxes that would have been payable without the tax exemption amounted to approximately RMB13,523, RMB12,671 and RMB9,956 for the years ended December 31, 2021, 2022 and 2023, respectively. Without such exemption, the Group’s basic net profit per share for the years ended December 31, 2021, 2022 and 2023 would have been decreased by RMB0.01, RMB0.01 and RMB0.01, and diluted net profit per share for the years ended December 31, 2021, 2022 and 2023 would have been decreased by RMB0.01, RMB0.01 and RMB0.01, respectively.

If the entities were to be non-resident for PRC tax purposes, dividends paid to it out of profits earned after January 1, 2008 would be subject to a withholding tax. In the case of dividends paid by PRC subsidiaries, the withholding tax would be 10%, whereas in the case of dividends paid by PRC subsidiaries which are 25% or more directly owned by tax residents in the Hong Kong Special Administrative Region, the withholding tax would be 5%. The Group’s subsidiary, CNinsure Holdings Limited qualified as Hong Kong resident and was entitled to enjoy a 5% reduced tax rate under Bulletin [2018] No. 9 for the years ended December 31, 2021.

Aggregate undistributed earnings of the Group’s subsidiaries and VIEs in the PRC that are available for distribution to the Group of approximately RMB1,399,701 and RMB1,664,408 as of December 31, 2022 and 2023 respectively, are considered to be indefinitely reinvested. If those earnings were to be distributed or they were determined to be no longer permanently reinvested, the Group would have to record a deferred tax liability in respect of those undistributed earnings of approximately RMB69,985 and RMB83,220, respectively.

During the years ended December 31, 2021，2022 and 2023, the Group provided RMB10,349, nil and nil, respectively, deferred income tax for the declared dividend distribution based on a 5% withholding tax rate.

Under applicable accounting principles, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting over tax basis, including those differences attributable to a more-than-50-percent-owned domestic subsidiary. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use that means.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

(24) Segment Reporting

As of December 31, 2022 and 2023, the Group operated two segments: (1) the insurance agency segment, which mainly consists of providing agency services for distributing life and P&C insurance products on behalf of insurance companies, and (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. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the Group’s chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Chief Executive Officer.

The following table shows the Group’s operations by business segment for the years ended December 31, 2021, 2022 and 2023. Other represents revenue and expenses that are not allocated to reportable segments and corporate related items.

	Year ended December 31,
	2021			2022			2023			2023
	RMB			RMB			RMB			US$
Net revenues
Agency		2,811,936			2,376,851			2,760,448			388,801
Claims Adjusting		459,178			404,763			437,941			61,683
Total net revenues		3,271,114			2,781,614			3,198,389			450,484
Operating costs and expenses
Agency		(2,418,444	)		(2,068,194	)		(2,422,386	)		(341,187	)
Claims Adjusting		(442,349	)		(416,619	)		(418,589	)		(58,958	)
Other		(108,416	)		(128,126	)		(161,589	)		(22,758	)
Total operating costs and expenses		(2,969,209	)		(2,612,939	)		(3,002,564	)		(422,903	)
Income (loss) from operations
Agency		393,492			308,657			338,062			47,614
Claims Adjusting		16,829			(11,856	)		19,352			2,725
Other		(108,416	)		(128,126	)		(161,589	)		(22,758	)
Income from operations		301,905			168,675			195,825			27,581

	As of December 31,
	2022		2023		2023
	RMB		RMB		US$
Segment assets
Agency		1,513,449		2,515,467		354,296
Claims Adjusting		252,130		259,325		36,524
Other		1,323,937		1,276,092		179,735
Total assets		3,089,516		4,050,884		570,555

Substantially all of the Group’s revenues for the three years ended December 31, 2021, 2022 and 2023 were generated from the PRC. A substantial portion of the identifiable assets of the Group is located in the PRC. Accordingly, no geographical segments are presented.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Segment Reporting (Details) - Schedule of Segment Reporting Information, by Segment ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Net revenues
Total net revenues	¥ 3,198,389	$ 450,484	¥ 2,781,614	¥ 3,271,114
Operating costs and expenses
Total operating costs and expenses	(3,002,564)	(422,903)	(2,612,939)	(2,969,209)
Income (loss) from operations
Income from operations	195,825	27,581	168,675	301,905
Agency [Member]
Net revenues
Total net revenues	2,760,448	388,801	2,376,851	2,811,936
Operating costs and expenses
Total operating costs and expenses	(2,422,386)	(341,187)	(2,068,194)	(2,418,444)
Income (loss) from operations
Income from operations	338,062	47,614	308,657	393,492
Claims Adjusting [Member]
Net revenues
Total net revenues	437,941	61,683	404,763	459,178
Operating costs and expenses
Total operating costs and expenses	(418,589)	(58,958)	(416,619)	(442,349)
Income (loss) from operations
Income from operations	19,352	2,725	(11,856)	16,829
Other [Member]
Operating costs and expenses
Total operating costs and expenses	(161,589)	(22,758)	(128,126)	(108,416)
Income (loss) from operations
Income from operations	¥ (161,589)	$ (22,758)	¥ (128,126)	¥ (108,416)

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Acquisitions and Disposals [Abstract]

Intangible Assets, Net (Details) - Schedule of Intangible Assets - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	¥ 74,620
Less: Accumulated amortization	(16,304)
Intangible assets, net	58,316
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	5,900
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	9,773
Agent resources [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	35,929
Brokerage license [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	¥ 23,018

Employee Benefit Plans (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans [Abstract]
Employee group contributed and accrued	¥ 131,228	¥ 131,385	¥ 118,837

Short-term Loans

12 Months Ended

Dec. 31, 2023

Short-term Loans [Abstract]

Short-term loans

(14) Short-term loans

Short-term loans and total outstanding balance as of December 31, 2022 and 2023 amounted to RMB35,679 and RMB164,300, respectively, which are RMB-denominated borrowings made by the Company’s subsidiaries from financial institutions in mainland China. The Group borrowed RMB35,679 and RMB182,301 one-year loans for its general working capital purposes in 2022 and 2023, respectively.

As of December 31, 2022 and 2023, the weighted average interest rates for the outstanding borrowings were approximately 4.50% and 4.50%, respectively, and the unused lines of credit for the short-term loans was RMB164,321 and RMB35,700, respectively.

Acquisitions and Disposals

12 Months Ended

Dec. 31, 2023

Acquisitions and disposals

(3) Acquisitions and disposals

Acquisitions and disposal in 2023

The Group made certain acquisitions during the year ended December 31, 2023 as follows:

(a)

Acquisition of Zhongrong Smart Finance Information Technology Co., Ltd. (“Zhongrong”)

On January 3, 2023, the Group entered into share purchase agreement with the shareholders of Zhongrong Smart Finance Information Technology Co., Ltd. (“Zhongrong”), an insurance intermediary primarily engaging for delivering life insurance products in China, to acquire 57.73% of the equity interests of Zhongrong. The total purchase price consisted of stock consideration valued at RMB153,732 through issuing 61,853,580 of the Company’s ordinary shares and a contingent asset of RMB7,162. Pursuant to the share purchase agreement, the selling shareholders shall return certain numbers of ordinary shares back to the Group and/or the Group may incur future payments if necessary conditions have not been satisfied respectively by the end of a lock-up period of three years.

The acquisition of Zhongrong was accounted for using the acquisition method of accounting, and the purchase price allocation was made based on the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including cost approach and income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections for Zhongrong and the discount rate applied to those cash flows as well as management’s assessment on probability of achieving required performance targets. The excess of the consideration transferred and the fair value of any non-controlling interests over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. For goodwill reporting purposes, the operations and goodwill for Zhongrong are included in the agency segment as they are in similar businesses. Contingent consideration, included in other non-current asset in the consolidated balance sheets, is initially and subsequently measured with changes in fair value reflected in the consolidated statements of income and comprehensive Income. The Fair value of the non-controlling interest was estimated with reference to the purchase price per share as of the acquisition date.

The following is a summary of the fair value of the purchase price and the final allocation of the purchase price to the assets acquired and liabilities assumed:

	RMB
Consideration transferred
Stock consideration		153,732
Contingent consideration		(7,162	)
Total		146,570
Add: Non-controlling interest		107,318
		253,888

	RMB
Assets acquired
Cash and cash equivalents and restricted cash		17,174
Intangible assets acquired		61,472
- software		5,900
- Non-compete agreements		8,423
- Agent resources		28,749
- Insurance broker license		18,400
Accounts receivable and contract assets		163,396
Other assets		16,651
Total assets acquired		258,693

Liabilities Assumed
Accounts payable and accrued commissions		(173,194	)
Deferred tax liabilities		(16,651	)
Other payables and accrued expenses		(12,167	)
Other liabilities		(9,477	)
Total liabilities assumed		(211,489	)
Net assets acquired		47,204
Goodwill		206,684

Goodwill arising from the acquisition of this insurance intermediate was attributable to the benefit of expected synergies as of the date of acquisition and recorded in insurance agency segment. The resulted goodwill is not expected to be tax deductible for tax purposes.

The result of operation of aforementioned acquisition has been consolidated by the Group from January 3, 2023, and the results of operations for the aforementioned acquisition is not material to the Group’s consolidated financial statements as a whole.

Pro forma financial information is not presented for the acquisition of Zhongrong as it is immaterial to the reported results.

(b)

Acquisition of Jilin Zhongji Shi’An Insurance Agency Co., Ltd. (“Zhongji”)

On February 6, 2023, the Group entered into share purchase agreement with the shareholders of Jilin Zhongji Shi’An Insurance Agency Co., Ltd. (“Zhongji”), an insurance intermediary primarily engaging for delivering life insurance products in China, to acquire 51% of the equity interests of Zhongji. The total purchase price as of the acquisition date, i.e., March 1, 2023 consisted of a stock consideration valued at RMB35,311 through issuing 13,660,720 of the Company’s ordinary shares and a contingent liability of RMB74. Pursuant to the share purchase agreement, the selling shareholders shall return certain numbers of ordinary shares back to the Group and/or the Group may incur a future payments if necessary conditions have not been satisfied by the end of a lock-up period of three years.

The acquisition of Zhongji was accounted for using the acquisition method, and the purchase price allocation was based on the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including cost approach and income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections for Zhongji and the discount rate applied to those cash flows as well as management’s assessment on probability of achieving required performance targets. The excess of the consideration transferred and the fair value of any non-controlling interests over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. For goodwill reporting purposes, the operations and goodwill for Zhongji are included in the agency segment as they are in similar businesses. Contingent consideration included in other non-current asset in the consolidated balance sheets is initially and subsequently measured with changes in fair value reflected in the consolidated statements of income and comprehensive Income. The Fair value of the non-controlling interest was estimated with reference to the purchase price per share as of the acquisition date.

The following is a summary of the fair value of the purchase price and the final allocation of the purchase price to the assets acquired and liabilities assumed:

	RMB
Consideration transferred
Stock consideration		35,311
Contingent consideration		74
Total		35,385
Add: Non-controlling interest		33,998
		69,383

	RMB
Assets acquired
Cash and cash equivalents and restricted cash		1,226
Intangible assets acquired		10,930
-    Non-compete agreements		1,350
-    Agent resources		7,180
-    Insurance distribution license		2,400
Accounts receivable and contract assets, net		7,188
Other assets		2,602
Total assets acquired		21,946

Liabilities Assumed
Accounts payable and accrued commissions		(1,922	)
Deferred tax liabilities		(2,732	)
Other payables and accrued expenses		(3,777	)
Other liabilities		(1,600	)
Total liabilities assumed		(10,031	)
Net assets acquired		11,915
Goodwill		57,468

Goodwill arising from the acquisition of this agency intermediate was attributable to the benefit of expected synergies as of the date of acquisition and recorded in insurance agency segment. The resulted goodwill is not expected to be tax deductible for tax purposes.

The result of operation of aforementioned acquisition has been consolidated by the Group from March 1, 2023, and the results of operations for the aforementioned acquisition is not material to the Group’s consolidated financial statements as a whole.

Pro forma financial information is not presented for the acquisition of Zhongji as it is immaterial to the reported results.

(c)

Acquisition and disposal of Wuhan Taiping Online Insurance Agency Co., Ltd. (“Taiping”)

On February 8, 2023, the Group entered into share purchase agreement with the shareholders of Wuhan Taiping Online Insurance Agency Co., Ltd. (“Taiping”), an insurance intermediary primarily engaging for delivering life insurance products in China, to acquire 51% of the equity interests of Taiping. The total purchase price as of the acquisition date, i.e., March 1, 2023 consisted of a stock consideration valued at RMB23,541 through issuing 9,107,140 of the Company’s ordinary shares and a contingent asset of RMB1,554. Pursuant to the share purchase agreement, the selling shareholders shall return certain numbers of ordinary shares back to the Group and/or the Group may incur a future payments if all necessary conditions have not been satisfied by the end of a lock-up period of three years.

The acquisition of Taiping was accounted for using the acquisition method of accounting, and the purchase price allocation was based on the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including cost approach and income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections for Taiping and the discount rate applied to those cash flows as well as management’s assessment on probability of achieving required performance targets. The excess of the consideration transferred and the fair value of any non-controlling interests over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. For goodwill reporting purposes, the operations and goodwill for Taiping are included in the agency segment as they are similar businesses. The Fair value of the non-controlling interest was estimated with reference to the purchase price per share as of the acquisition date.

The fair value of the purchase price was RMB21,987 as of the acquisition date which has been allocated based on the fair value of the assets acquired and liabilities assumed. RMB33,361 and RMB10,420 were allocated to goodwill and identified intangible assets, respectively. Contingent consideration is included in other non-current asset in the consolidated balance sheets is initially and subsequently measured with changes in fair value reflected in the consolidated statements of income and comprehensive Income. The result of operation has been consolidated by the Group from March 1, 2023 which is not material to the Group’s consolidated financial statements as a whole.

Pro forma financial information is not presented for the acquisition of Taiping as it is immaterial to the reported results.

Given that Taiping failed to meet certain performance targets in due course, 9,107,140 ordinary shares previously issued were repurchased by the Company whom in turn surrendered its equity interests of Taiping, pursuant to a supplementary agreement entered on November 30, 2023. A disposal gain of RMB139 was recorded in others, net for the year ended December 31, 2023.

The business of Taiping was not integrated into insurance agency segment as it was disposed of shortly after it has been acquired and thus the benefits of the acquired goodwill were never realized by the rest of the reporting unit. The current carrying amount of the goodwill arising from the acquisition of Taiping that has been assigned to the agency segment was included in the carrying amount of Taiping to be disposed of.

(d)

Other Acquisitions

In November of 2023, to implement Group’s overseas expansion strategy, the Group, through its subsidiary acquired 100% equity interest in Aasure Insurance Broker Limited, a Hong Kong insurance intermediate for cash consideration of RMB2,650. As close to 90% of the fair value of the gross assets acquired by the Group is associated with the brokerage license, the acquisition is considered an asset acquisition.

The Group acquired 100% equity interest in Puyi Family Office (Chengdu) Enterprises Management Consulting Co., Ltd., or Puyi Family Office (Chengdu) from HPH for a nominal consideration on December 31, 2023. Puyi Family Office (Chengdu) primarily engages in family office business.

Pro forma results of operations for all the individually immaterial business combinations have not been presented because they are not material collectively to the reported results for the year ended December 31, 2023.

Acquisition of an agency intermediate company in 2022

In August of 2022, the Group acquired 100% equity interest in an agency intermediate for cash consideration of RMB31,390. The Group accounted for this acquisition as business combination.

The consideration, fair value of assets acquired and liabilities assumed, as well as goodwill resulted from the acquisition are as follows:

	RMB
Consideration:
Cash		31,390
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		9,819
Short term investments		5,360
Accounts receivables		401
Other receivable and current assets		33,192
Property and equipment		11
Right of use assets		521
Total assets acquired		49,304
Accounts payables		(4,532	)
Accrued expenses and other current liabilities		(13,045	)
Lease liability		(465	)
Total liabilities assumed		(18,042	)
Net assets acquired		31,262
Goodwill		128

The result of operation of aforementioned acquisition has been consolidated by the Group from August 2022, and the results of operations for the aforementioned acquisition is not material to the Group’s consolidated financial statements as a whole.

Pro forma financial information is not presented for the aforementioned business acquisition in the fiscal year 2022 as it is immaterial to the reported results.

Disposal of subsidiaries in 2021

In 2021, the Group disposed of two subsidiaries for a total consideration of RMB3,600 and recognized a gain of RMB2,051 in aggregate. As of December 31, 2021, RMB600 of the consideration remained outstanding as a payable which was subsequently settled in 2022.

Schedule I—Condensed Financial Information of the Company (Details) - Schedule of Statements of Income and Comprehensive Income - Parent Company [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed Income Statements, Captions [Line Items]
General and administrative expenses	¥ (11,018)	$ (1,552)	¥ (11,318)	¥ (331)
Selling expenses	(13,627)	(1,919)
Interest income	1,201	169	5	2
Others, net	17,009	2,395	17,495
Equity in earnings of subsidiaries and an affiliate	286,912	40,411	94,090	251,318
Net Income attributable to the Company’s shareholders	280,477	39,504	100,272	250,989
Other comprehensive income (loss):
Foreign currency translation adjustments	2,249	317	3,728	(9,116)
Unrealized net gains on available-for-sale investments	2,458	346	(1,919)	6,252
Share of other comprehensive (loss) gain of affiliates			4,688	(1,281)
Comprehensive income attributable to the Company’s shareholders	¥ 285,184	$ 40,167	¥ 106,769	¥ 246,844

Income Taxes (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Income taxes rate	8.25%	8.25%	8.25%
Income tax rate	25.00%
Preferential tax rate percentage	15.00%
Income tax reduction	50.00%
Provision for income taxes, Percentage	25.00%	25.00%	25.00%
Dividend payment percentage	10.00%
Reduced tax rate percentage	5.00%
Dividend distribution withholding tax rate	5.00%
Income taxes, Description	According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100 is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. During the current year, the Group reversed transfer pricing related uncertain tax position amounting to RMB3,963 when its statute of limitation expired in 2023.
Valuation allowance (in Yuan Renminbi)	¥ 81,340	¥ 78,627
Operating loss carry-forwards (in Yuan Renminbi)	468,715	385,155
Tax loss carried forward expired and cancelled (in Yuan Renminbi)	44,091	18,349	¥ 8,314
PRC income taxes payable without tax exemption amount (in Yuan Renminbi)	¥ 9,956	12,671	13,523
Dividend paid, Description	If the entities were to be non-resident for PRC tax purposes, dividends paid to it out of profits earned after January 1, 2008 would be subject to a withholding tax. In the case of dividends paid by PRC subsidiaries, the withholding tax would be 10%, whereas in the case of dividends paid by PRC subsidiaries which are 25% or more directly owned by tax residents in the Hong Kong Special Administrative Region, the withholding tax would be 5%. The Group’s subsidiary, CNinsure Holdings Limited qualified as Hong Kong resident and was entitled to enjoy a 5% reduced tax rate under Bulletin [2018] No. 9 for the years ended December 31, 2021.
Undistributed earnings of Group's subsidiaries and VIEs (in Yuan Renminbi)	¥ 1,664,408	1,399,701
Undistributed earnings of deferred tax liability (in Yuan Renminbi)	83,220	69,985
Deferred income tax (in Yuan Renminbi)			¥ 10,349
Fanhua Lianxing Insurance Sales Co Ltd [Member]
Income Taxes [Line Items]
Preferential tax rate percentage	15.00%	15.00%	15.00%
Hong Kong [Member]
Income Taxes [Line Items]
Profits tax rate	16.50%
Prc [Member]
Income Taxes [Line Items]
Provision for income taxes, Percentage	25.00%
Dividend distribution withholding tax rate	5.00%	5.00%	5.00%
Basic net profit per share (in Yuan Renminbi per share)	¥ 0.01	¥ 0.01	¥ 0.01
Diluted net profit per share (in Yuan Renminbi per share)	¥ 0.01	¥ 0.01	¥ 0.01
Prc [Member] \| Shenzhen Huazhong [Member]
Income Taxes [Line Items]
Provision for income taxes, Percentage			12.50%

Income Taxes (Details) - Schedule of Income Tax Expenses ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Schedule of Income Tax Expenses [Abstract]
Current tax expense	¥ 44,836		¥ 13,169	¥ 66,665
Deferred tax expense	14,566		27,847	23,909
Income tax expense	¥ 59,402	$ 8,367	¥ 41,016	¥ 90,574

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Related-Party Balances and Transactions (Details) ¥ in Thousands		12 Months Ended
	Dec. 22, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 22, 2023 USD ($)	Dec. 31, 2018
Related-Party Balances and Transactions [Line Items]
Commission cost		¥ 1,590	¥ 13,548	¥ 5,386
Accounts payable			4,987	¥ 2,894
Service fee		530	1,166
Account receivable			1
Services expense		3,231	7,017
Other payable		¥ 1,579
Additional cash consideration amount	¥ 10,463
HPH [Member]
Related-Party Balances and Transactions [Line Items]
Equity interests		4.46%			4.46%	4.46%
Puyi Consulting [Member]
Related-Party Balances and Transactions [Line Items]
Equity interests		100.00%
FANHUA Puyi Fund Sales Co Ltd [Member]
Related-Party Balances and Transactions [Line Items]
Acquire equity interest percentage					15.41%
Highest Performances Holdings Inc. [Member]
Related-Party Balances and Transactions [Line Items]
Other payable \| $					$ 4.46
Related Party [Member]
Related-Party Balances and Transactions [Line Items]
Other payable			¥ 4,177

Other Non-Current Assets

12 Months Ended

Dec. 31, 2023

Other Non-Current Assets [Abstract]

Other non-current assets

(10) Other non-current assets

Other non-current assets consist of the following:

	As of December 31,
	2022		2023
	RMB		RMB
Equity investments without readily determinable fair value (Note 2(j))		11,400		31,892
Long-term hybrid instrument (Note 2(j))		—		125,000
Amount due from a third party (i)		—		30,359
Contingent considerations (Note 3)		—		13,461
Receivables from certain shareholders as guarantee deposit due to business combinations		—		33,373
Others		—		4,597
Less: Allowance for current expected credit losses		—		(2,930	)
		11,400		235,752

(i)

Amount represented a term-loan (matures in September 2028) to a third party of RMB30,000 and corresponding interest receivable RMB359 as of December 31, 2023. The loan bears interest rate 4.5% per annum and is guaranteed by the ultimate controlling owner of the borrower, whom is jointly liable.

Share-Based Compensation (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands				12 Months Ended
	Feb. 06, 2023 shares	Aug. 12, 2022 ¥ / shares shares	Aug. 12, 2022 $ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 $ / shares
Share-Based Compensation [Line Items]
Purchase ordinary shares (in Shares) \| shares		4,000,000	4,000,000
Exercise price per share \| (per share)		¥ 1.64	$ 0.2305
Intrinsic value \| (per share)		¥ 0.01	$ 0.002
Share-based compensation expenses					$ 1,987	¥ 13,627
Unvested share options granted				¥ 2,684	$ 22,258	3,942
Restricted share agreement description				the Company granted 536,990 ADSs to an executive office. Pursuant to the agreement entered into between the Company and the grantee, the ADSs vest over a five-year service period starting from the date of grant, with 100,000 ADSs, 100,000 ADSs, 136,990 ADSs, 100,000 ADSs and the remaining 100,000 ADSs being vested on June 30 of each of the years starting from 2024 to 2028, respectively, subject to the continuous service of the grantee (“RSUs”).	the Company granted 536,990 ADSs to an executive office. Pursuant to the agreement entered into between the Company and the grantee, the ADSs vest over a five-year service period starting from the date of grant, with 100,000 ADSs, 100,000 ADSs, 136,990 ADSs, 100,000 ADSs and the remaining 100,000 ADSs being vested on June 30 of each of the years starting from 2024 to 2028, respectively, subject to the continuous service of the grantee (“RSUs”).
Restricted share units market price (in Dollars per share) \| $ / shares					$ 6.35
Recognized over a weighted-average period				4 years 6 months	4 years 6 months
Options granted \| ¥				¥ 9,918
Weighted-average period				1 year 3 months	1 year 3 months
Forfeiture rate				17.00%	17.00%
2012 Option G [Member]
Share-Based Compensation [Line Items]
Share-based compensation expenses \| ¥				¥ 1,481		¥ 461
521 Plan [Member]
Share-Based Compensation [Line Items]
Termination of employment or agency contract				The unvested share options expense relating to the share options with a graded vesting schedule is expected to be recognized over a weighted-average period of 2.6 years on a straight-line basis at an amount which at least equals the portion of the grant-date fair value of the 2022 Options that are vested at that date.	The unvested share options expense relating to the share options with a graded vesting schedule is expected to be recognized over a weighted-average period of 2.6 years on a straight-line basis at an amount which at least equals the portion of the grant-date fair value of the 2022 Options that are vested at that date.
Option D1 [Member]
Share-Based Compensation [Line Items]
Options grant percentage		30.00%	30.00%
Option D2 [Member]
Share-Based Compensation [Line Items]
Options grant percentage		30.00%	30.00%
Option D3 [Member]
Share-Based Compensation [Line Items]
Options grant percentage		20.00%	20.00%
Option D4 [Member]
Share-Based Compensation [Line Items]
Options grant percentage		20.00%	20.00%
Directors And Employees [Member] \| 2012 Option G [Member]
Share-Based Compensation [Line Items]
Options to purchase ordinary shares (in Shares) \| shares	13,680,000
Description of option grantees				Pursuant to the option agreements entered into between the Company and the option grantees, the options vest over a two-year service period starting from the date of grant, with 50% and the remaining 50% of the options being vested on March 31, 2024 and March 31, 2025, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions.	Pursuant to the option agreements entered into between the Company and the option grantees, the options vest over a two-year service period starting from the date of grant, with 50% and the remaining 50% of the options being vested on March 31, 2024 and March 31, 2025, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions.
Exercise price of options \| (per share)				¥ 0.35			$ 0.05
Intrinsic value of per ordinary share \| (per share)				¥ 2.22			$ 0.3125

Capital Structure

12 Months Ended

Dec. 31, 2023

Capital Structure [Abstract]

Capital Structure

(17) Capital Structure

Issuance of new shares

As disclosed in Note (3)(a), the Company issued 61,853,580 ordinary shares to the shareholders of Zhongrong to acquire 57.73% equity interests of Zhongrong in March 2023. The consideration, adjustable based on the achievement of certain performance targets in the next three years by Zhongrong, is subject to a lock-up period of three years and will be released from lock-up in two batches after 2025. On August 31, 2023, one of the selling shareholders who previously sold 1.56% equity interests in Zhongrong in exchange for 0.3% equity interests of the Group, entered into a supplemental agreement with the Group to modify the payment terms from ordinary shares of the Company to RMB11,513 in cash. As a result, 3,591,780 ordinary shares previously issued to the selling shareholder were repurchased by the Company in December 2023 which resulted in recognizing a loss of RMB3,043 in others, net in the consolidated statements of income and comprehensive income for the year ended December 31, 2023. The repurchased shares were included in treasury stock as of December 31, 2023.

As disclosed in Note (3)(b), the Company issued 13,660,720 ordinary shares to the shareholders of Zhongji to acquire 51% of the equity interests of Zhongji in March 2023. The consideration, adjustable based on the achievement of certain performance targets in the next three years by Zhongji, is subject to a lock-up period of three years and will be released from lock-up in two batches after 2025.

As stated in Note (3)(b), the Company issued 9,107,140 ordinary shares to the existing shareholder of Taiping to acquire 51% of the equity interests of Taiping in March 2023. As Taiping failed to meet certain performance targets, 9,107,140 previously issued ordinary shares were repurchased by the Company and the Company surrendered the acquired 51% equity interests of Taiping, pursuant to a supplementary agreement entered on November 30, 2023. The repurchased shares were included in treasury stock as of December 31, 2023.

The Group accounts for the repurchased ordinary shares under the par value method and includes such treasury stock as a component of the shareholders’ equity.

Repurchase of ordinary shares

During 2022, the Company repurchased an aggregate of 72,465 ADSs from the open market, representing 0.1% of the total shares outstanding as of December 31, 2022,at an average price of US$7.85 per ADS for a total amount of approximately RMB3,984, under its share buyback program (“2022 Share Buyback Program”) to repurchase up to US$20 million ADSs, as previously announced by its board of directors in December 2022.

During 2023, the Company repurchased an aggregate of 526,441 ADSs from the open market and 634,946 ADSs from certain shareholders, representing 2% of the total shares outstanding as of December 31, 2023, at an average price of US$7.42 per ADS for a total amount of approximately RMB62,309, under the 2022 Share Buyback Program.

The Group accounts for repurchased ordinary shares under the par value method and includes such treasury stock as a component of the shareholders’ equity.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Other Current Assets, Net [Abstract]

Summary of Significant Accounting Policies (Details) - Schedule of Group’s Allowance for Expected Credit Losses of Accounts Receivables - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of group’s allowance for expected credit losses of accounts receivables [Abstract]
Balance at the beginning of the year	¥ 15,361	¥ 28,025	¥ 29,000
Current period provision for (reversal of) expected credit losses	4,036	(1,378)	2,095
Write-offs	(3,613)	(11,286)	(3,070)
Balance at the end of the year	¥ 15,784	¥ 15,361	¥ 28,025

Other Current Assets, Net (Details) - Schedule of Current Assets - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Current Assets [Abstract]
Prepayment for acquisition of short-term investments		¥ 390,000
Prepaid operating costs	7,828	12,594
Prepaid miscellaneous daily expenses	12,974	16,146
Equity investments with readily determinable fair value	96,343	126
Other	4,186	2,664
Less: Allowance for current expected credit losses		(1,795)
Total	¥ 121,331	¥ 419,735

Leases (Details) - Schedule of Maturities of Lease Liabilities ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Schedule of Maturities of Lease Liabilities [Abstract]
2024	¥ 58,924
2025	43,048
2026	23,747
2027	5,941
2028	2,423
Thereafter	1,351
Total remaining undiscounted lease payments	135,434
Less: Interest	6,959
Total present value of lease liabilities	128,475		¥ 136,494
Less: Current operating lease liability	57,164	$ 8,051	62,304
Non-current operating lease liability	¥ 71,311	$ 10,044	¥ 74,190

Other Current Assets, Net

12 Months Ended

Dec. 31, 2023

Other current assets, net

(6) Other current assets, net

Other current assets consist of the following:

	As of December 31,
	2022			2023
	RMB			RMB
Prepayment for acquisition of short-term investments		390,000			—
Prepaid operating costs		12,594			7,828
Prepaid miscellaneous daily expenses		16,146			12,974
Equity investments with readily determinable fair value		126			96,343
Other		2,664			4,186
Less: Allowance for current expected credit losses		(1,795	)		—
		419,735			121,331

Variable Interest Entities (“VIEs”) (Tables)

12 Months Ended

Dec. 31, 2023

Variable Interest Entities (“VIEs”) [Abstract]

Schedule of Variable Interest Entities

	As of December 31,
	2022			2023
	RMB			RMB
Total assets		102,965			139,541
Total current liabilities		(50,457	)		(39,996	)
Total liabilities		(77,990	)		(68,430	)

	Year Ended December 31,
	2021		2022			2023
	RMB		RMB			RMB
Net revenues		16,267		141,086			122,880
Operating costs and expenses		1,814		67,788			100,957
Net income (loss)		14,431		(4,136	)		(13,085	)
Net cash generated from operating activities		48,923		98,715			3,754

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Other Current Assets, Net [Abstract]

Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method	Dec. 31, 2023
Building [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method [Line Items]
Estimated residual value	0.00%
Building [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	20 years
Building [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	36 years
Office equipment, furniture and fixtures [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	3 years
Estimated residual value	0.00%
Office equipment, furniture and fixtures [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	5 years
Estimated residual value	3.00%
Motor vehicles [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	5 years
Estimated residual value	0.00%
Motor vehicles [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	10 years
Estimated residual value	3.00%
Leasehold improvements [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Depreciation and Amortization are Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	5 years
Estimated residual value	0.00%

Goodwill, Net (Details) - Schedule of Gross Amount and Accumulated Impairment Losses - CNY (¥) ¥ in Thousands		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2023
Goodwill, Net (Details) - Schedule of Gross Amount and Accumulated Impairment Losses [Line Items]
Gross as of December 31, 2022	¥ 153,242
Addition in 2023 (Note 3)		¥ 297,413
Disposal in 2023 (Note 3)		(33,261)
Accumulated impairment loss as of December 31, 2022 and 2023	(43,245)	(43,245)
Net as of December 31, 2022	109,997	109,997	¥ 374,149
Agency Segment [Member]
Goodwill, Net (Details) - Schedule of Gross Amount and Accumulated Impairment Losses [Line Items]
Gross as of December 31, 2022	132,105
Addition in 2023 (Note 3)		297,413
Disposal in 2023 (Note 3)		(33,261)
Accumulated impairment loss as of December 31, 2022 and 2023	(22,108)	(22,108)
Net as of December 31, 2022	109,997	109,997	374,149
Claims Adjusting Segment [Member]
Goodwill, Net (Details) - Schedule of Gross Amount and Accumulated Impairment Losses [Line Items]
Gross as of December 31, 2022	21,137
Addition in 2023 (Note 3)
Disposal in 2023 (Note 3)
Accumulated impairment loss as of December 31, 2022 and 2023	(21,137)	(21,137)
Net as of December 31, 2022

Short-term Loans (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Short-term Loans (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
Short-term Loans [Abstract]
Short-term loan	¥ 164,300	¥ 35,679	$ 23,141
Segment borrowed	¥ 182,301	¥ 35,679
Weighted average interest rate	4.50%	4.50%
Lines of credit for short-term loans	¥ 35,700	¥ 164,321

Schedule I—Condensed Financial Information of the Company (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Schedule I—Condensed Financial Information of the Company [Abstract]
Maximum percentage of consolidated net assets	25.00%
Restricted capital and reserves	¥ 1,510,070

Other Current Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Current Assets

Other current assets consist of the following:

	As of December 31,
	2022			2023
	RMB			RMB
Prepayment for acquisition of short-term investments		390,000			—
Prepaid operating costs		12,594			7,828
Prepaid miscellaneous daily expenses		16,146			12,974
Equity investments with readily determinable fair value		126			96,343
Other		2,664			4,186
Less: Allowance for current expected credit losses		(1,795	)		—
		419,735			121,331

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Unrecognized Tax Benefits

The movements of unrecognized tax benefits are as follows:

	RMB
Balance as of January 1, 2021		67,219
Change in unrecognized tax benefits		—
Increase in tax positions		5,994
Balance as of December 31, 2021		73,213
Change in unrecognized tax benefits		—
Decrease in tax positions		(36,566	)
Balance as of December 31, 2022		36,647
Change in unrecognized tax benefits		—
Decrease in tax positions		(2,279	)
Balance as of December 31, 2023		34,368

Schedule of Income Tax Expenses

Income tax expenses are comprised of the following:

	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Current tax expense		66,665		13,169		44,836
Deferred tax expense		23,909		27,847		14,566
Income tax expense		90,574		41,016		59,402

Schedule of Deferred Income Tax Assets and Liabilities

The principal components of the deferred income tax assets and liabilities are as follows:

	As of December 31,
	2022			2023
	RMB			RMB
Deferred tax assets:
Operating loss carryforward		96,173			117,072
Intangible assets, net		2,856			5,003
Less: valuation allowances		(78,627	)		(81,340	)
Total		20,402			40,735
Deferred tax liabilities:
Fair value adjustments in relation to short-term investments		13,954			15,944
Estimated profit arising from future renewal commissions		59,271			91,428
PRC dividend withholding taxes		29,230			29,230
Identifiable intangible assets		—			12,549
Total		102,455			149,151

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Income from continuing operations before income taxes, share of income of affiliates, net		371,088			196,335			349,818
PRC statutory tax rate		25	%		25	%		25	%
Income tax at statutory tax rate		92,772			49,084			87,455
Expenses not deductible for tax purposes:
—Entertainment		2,950			2,099			2,417
—Other		81			479			340
Effect of tax holidays on concessionary rates granted to PRC entities		(13,523	)		(12,671	)		(9,956	)
Effect of different tax rates of subsidiaries operating in other jurisdictions		2,070			2,342			4,110
Change in valuation allowance		2,999			40,501			2,713
Deferred income tax for dividend distribution		10,349			—			—
Effect of non-taxable income*		(13,777	)		(4,620	)		(25,709	)
Unrecognized tax benefits arising from certain transfer pricing arrangements		5,994			(36,566	)		(2,279	)
Other		659			368			311
Income tax expense		90,574			41,016			59,402

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

Share-based compensation

(23) Share-based Compensation

(a) 2022 Options

On August 12, 2022, the Company granted share options (“2022 Options”) to its independent directors to purchase up to 4,000,000 ordinary shares of the Company. Pursuant to the option agreements entered into between the Company and the option grantees, the options vest over a four-year service period starting from the date of grant, with 30% (“Option D1”), 30% (“Option D2”), 20% (“Option D3”) and the remaining 20% (“Option D4”) of the options being vested on August 31 of each of the years starting from 2023 to 2026, respectively, subject to the continuous service of the option grantees. The 2022 Options expire no later than August 1, 2032, subject to earlier termination upon an optionee’s cessation of service. The 2022 Options had an exercise price of US$0.2305 (RMB1.64) and an intrinsic value of US$0.0020 (RMB0.01) per ordinary share on the date of grant. The fair value of the options was determined by using the Black-Scholes option pricing model.

For the year ended December 31, 2023, changes in the status of total outstanding options, were as follows:

		Number of options				Weighted average exercise price in USD				Weighted average remaining contractual life (In years)				Aggregate Intrinsic Value USD
Outstanding as of January 1, 2023 and December 31, 2023			4,000,000				0.2305				5.19				408

For the years ended December 31, 2022 and 2023, share-based compensation expenses of RMB461 and RMB1,481 were recognized in connection with the 2022 Options, respectively. As of December 31, 2022 and 2023, unrecognized share-based compensation expense related to unvested share options granted to the independent directors totaled RMB3,942 and RMB2,684, respectively. The unvested share options expense relating to the share options with a graded vesting schedule is expected to be recognized over a weighted-average period of 2.6 years on a straight-line basis at an amount which at least equals the portion of the grant-date fair value of the 2022 Options that are vested at that date.

(b) Restricted Share Units (“RSUs”)

In August of 2023, the Company granted 536,990 ADSs to an executive office. Pursuant to the agreement entered into between the Company and the grantee, the ADSs vest over a five-year service period starting from the date of grant, with 100,000 ADSs, 100,000 ADSs, 136,990 ADSs, 100,000 ADSs and the remaining 100,000 ADSs being vested on June 30 of each of the years starting from 2024 to 2028, respectively, subject to the continuous service of the grantee (“RSUs”). The fair value of the RSUs was measured as the grant-date market price of the Company’s stock at US$6.35/ADS.

A summary of the activity of the service-based RSUs for the year ended December 31, 2023 is presented as follows:

	Number of restricted shares		Weighted average grant-date fair value
			US$
Unvested as of January 1, 2023		—		—
Granted		536,990		3,410
vested		—		—
Forfeited		—		—
Unvested as of December 31, 2023		536,990		3,410

The Company recorded share-based compensation expense of RMB1,987 in connection with the RSUs for the year ended December 31, 2023. As of December 31, 2023, unrecognized share-based compensation expense related to unvested RSUs granted to the executive officer with a graded vesting schedule totaled RMB22,258, which is expected to be recognized over a weighted-average period of 4.5 years on a straight-line basis at an amount which at least equals the portion of the grant-date fair value of the RSUs that are vested at that date.

On February 6, 2023, the Company granted share options, or the 2023 MDRT Options, to its independent high-performing agents to purchase up to 13,680,000 ordinary shares of the Company. Pursuant to the option agreements entered into between the Company and the option grantees, the options vest over a two-year service period starting from the date of grant, with 50% and the remaining 50% of the options being vested on March 31, 2024 and March 31, 2025, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions. The 2023 MDRT Options expire no later than August 1, 2027, subject to earlier termination upon an optionee’s cessation of service. The 2023 MDRT Options had an exercise price of US$0.0500 (RMB0.35) and an intrinsic value of US$0.3125 (RMB2.22) per ordinary share on the date of grant.

The Group used the binomial option pricing model in determining the fair value of the options granted, which requires the input of highly subjective assumptions, including the expected life of the stock option, stock price volatility, dividend rate and risk-free interest rate. The assumptions used in determining the fair value of the 2023 MDRT Options on the grant date were as follows:

Assumptions		February 6, 2023
Expected dividend yield (Note i)		3.69%
Risk-free interest rates (Note ii)		3.88%
Expected volatility (Note iii)		51.41%
Expected life in years (Note iv)		4.49
Exercise multiple (Note v)		2.80
Fair value of options on grant date		US$0.2896 ~ US$0.2997

(i)

Expected dividend yield:

The expected dividend yield was estimated by the Group based on its historical and future dividend policy.

(ii)

Risk-free interest rate:

Risk-free interest rate was estimated based on the US Government Bond yield and pro-rated according to the tenor of the options as of the valuation date.

(iii)

Expected volatility:

The volatility of the underlying ordinary shares was estimated based on the annualized standard deviation of the continuously compounded rate of return on the daily average adjusted share price of the Group as of the Valuation Date.

(iv)

Expected life:

The expected life was estimated based on the end of the vesting period and the contractual term of the award of the 2023 MDRT Options.

(v)

Exercise multiple:

The exercise multiple was estimated based on empirical studies.

A summary of share options outstanding as of December 31, 2023, and activity during the year then ended, is presented below:

	Number of options			Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of January 1, 2023		—			—		—		—
Granted		13,680,000			0.0500		4.49		4,275
Exercised		—			—		—		—
Forfeited		(2,380,000	)		—		—		—
Outstanding as of December 31, 2023		11,300,000			0.0500		3.59		3,192

For the year ended December 31, 2023, share-based compensation expense of RMB13,627 was recognized in connection with the 2023 MDRT Options. As of December 31, 2023, unrecognized share-based compensation expense related to unvested 2023 MDRT Options totaled RMB9,918, which is expected to be recognized over a weighted-average period of 1.25 years on a straight-line basis. The Group estimates that the forfeiture rate for the independent high-performing agents will be approximately 17% for the year ended December 31, 2023.

Net Income Per Share (Details) - CNY (¥)	12 Months Ended
Net Income Per Share (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Income Per Share [Abstract]
Employee share options

Net Income Per Share

12 Months Ended

Dec. 31, 2023

Net Income Per Share [Abstract]

Net Income per Share

(18) Net Income per Share

As of December 31, 2021, 2022 and 2023, there were nil, nil and nil employee share options or non-vested ordinary shares, respectively, which could potentially dilute basic net earnings per share in the future, but which were excluded from the computation of diluted net earnings per share in the periods presented, as their effects would have been anti-dilutive.

The computation of basic and diluted net income per ordinary share is as follows:

	Year Ended December 31,
	2021		2022			2023
	RMB		RMB			RMB
Basic:
Net income		259,941		85,723			289,099
Less: Net income (loss) attributable to the noncontrolling interests		8,952		(14,549	)		8,622
Net income attributable to the Company’s shareholders		250,989		100,272			280,477
Weighted average number of ordinary shares outstanding*		1,073,891,784		1,074,196,310			1,074,372,067
Basic net income per ordinary share		0.23		0.09			0.26
Basic net income per ADS		4.67		1.87			5.22

	Year Ended December 31,
	2021		2022			2023
	RMB		RMB			RMB
Diluted:
Net income		259,941		85,723			289,099
Less: Net income (loss) attributable to the noncontrolling interests		8,952		(14,549	)		8,622
Net income attributable to the Company’s shareholders		250,989		100,272			280,477
Weighted average number of ordinary shares outstanding		1,073,891,784		1,074,196,310			1,074,372,067
Weighted average number of dilutive potential ordinary shares from share options and restricted share units		399,410		261,511			2,368,131
Total		1,074,291,194		1,074,457,821			1,076,740,198
Diluted net income per ordinary share		0.23		0.09			0.26
Diluted net income per ADS		4.67		1.87			5.21

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans [Abstract]

Employee Benefit Plans

(15) Employee Benefit Plans

Employees of the Group located in the PRC are covered by the retirement schemes defined by local practice and regulations, which are essentially defined contribution plans.

In addition, the Group is required by law to contribute a certain percentage of applicable salaries for medical insurance benefits, unemployment and other statutory benefits. The contribution percentages may be different from district to district which is subject to the specific requirement of local regime government. The PRC government is directly responsible for the payments of the benefits to these employees.

For the years ended December 31, 2021, 2022 and 2023, the Group contributed and accrued RMB118,837, RMB131,385 and RMB131,228, respectively.

Other Receivables, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other Receivables, Net [Line Items]
Allowance for credit losses			$ 27,386	¥ 8,082
Corresponding interest receivable \| ¥		¥ 607
Education fee \| $	$ 20,000
Third party Interest rate		6.00%	6.00%
Manufacturing cost \| $	$ 21,000
Sichuan Tianyi Real Estate Development Co Ltd [Member]
Other Receivables, Net [Line Items]
Interest rate	6.00%
Shenzhen Chetong Technology Co Ltd [Member]
Other Receivables, Net [Line Items]
Loan receivable				¥ 14,736
Sichuan Tianyi Real Estate Development Co Ltd [Member]
Other Receivables, Net [Line Items]
Loan receivable \| ¥		¥ 40,000
Third party Interest rate		5.00%	5.00%
Third Party [Member]
Other Receivables, Net [Line Items]
Third party Interest rate		5.00%	5.00%

Goodwill, Net

12 Months Ended

Dec. 31, 2023

Goodwill, Net [Abstract]

Goodwill, net

(7) Goodwill, net

The gross amount of goodwill and accumulated impairment losses by reporting unit as of December 31, 2022 and 2023 are as follows:

	Agency segment			Claims Adjusting segment			Total
	RMB			RMB			RMB
Gross as of December 31, 2022		132,105			21,137			153,242
Addition in 2023 (Note 3)		297,413			—			297,413
Disposal in 2023 (Note 3)		(33,261	)		—			(33,261	)
Accumulated impairment loss as of December 31, 2022 and 2023		(22,108	)		(21,137	)		(43,245	)
Net as of December 31, 2022		109,997			—			109,997
Net as of December 31, 2023		374,149			—			374,149

The Group performed annual impairment analysis as of the balance sheet date. No impairment loss was recognized in goodwill for the years ended December 31, 2021, 2022 and 2023.

Leases (Details) - Schedule of Rou Assets and Related Lease Liabilities ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Schedule of Rou Assets and Related Lease Liabilities [Abstract]
Operating lease ROU assets	¥ 136,056	$ 19,163	¥ 145,086
Current operating lease liability	57,164	8,051	62,304
Non-current operating lease liability	71,311	$ 10,044	74,190
Total operating leased liabilities	¥ 128,475		¥ 136,494

Intangible Assets, Net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Intangible Assets, Net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net [Line Items]
Intangible assets						¥ 85,040
Disposal of intangible assets						8,866
Amortization expenses						¥ 17,858		¥ 44
Forecast [Member]
Intangible Assets, Net [Line Items]
Amortization expenses	¥ 2,780	¥ 2,788	¥ 2,788	¥ 16,816	¥ 16,901

Investments in Affiliates (Details) - Schedule of Equity Method Investments - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total investments		¥ 4,035
CNFinance [Member]
Schedule of Equity Method Investments [Line Items]
Total investments
Others [Member]
Schedule of Equity Method Investments [Line Items]
Total investments		¥ 4,035

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Non-Current Assets [Abstract]

Schedule of Other Non Current Assets

Other non-current assets consist of the following:

	As of December 31,
	2022		2023
	RMB		RMB
Equity investments without readily determinable fair value (Note 2(j))		11,400		31,892
Long-term hybrid instrument (Note 2(j))		—		125,000
Amount due from a third party (i)		—		30,359
Contingent considerations (Note 3)		—		13,461
Receivables from certain shareholders as guarantee deposit due to business combinations		—		33,373
Others		—		4,597
Less: Allowance for current expected credit losses		—		(2,930	)
		11,400		235,752

(i)

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of operating segments	2	2

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Consolidation

(a)

Basis of Presentation and Consolidation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements include the financial statements of the Company, all its subsidiaries and those VIEs of which the Company is the primary beneficiary from the dates they were acquired or incorporated. All intercompany balances and transactions have been eliminated in consolidation.

In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content and other restricted businesses, the Group operates certain of its businesses which are subject to restrictions in the PRC through PRC domestic companies, whose equity interests are held by certain individuals (“Nominee Shareholders”). The Group obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. Management concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Group is the primary beneficiary. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements. See Note 12 for details.

Use of Estimates

(b)

Use of Estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Group to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. The Group evaluates estimates, including those related to the amounts of variable considerations of revenue contracts with respect to long-term life insurance products, the allowance for credit losses of accounts receivable, contract assets and other receivables, fair values of identifiable assets acquired, liabilities assumed and consideration transferred in business combinations, share-based payments and certain debt and equity investments, the useful lives of intangible assets and property, plant and equipment, impairment of long-lived assets, goodwill, and other long-term equity investments, and deferred tax valuation allowance among others. The Group, based their estimates on historical experience and various other factors, believed to be reasonable under the circumstances, that the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Cash and Cash Equivalents and Restricted Cash

(c)

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash on hand, bank deposits and short-term, highly liquid investments, which have original maturities of three months or less, and that are readily convertible to known amounts of cash and have insignificant risk of changes in value related to changes in interest rates.

In its capacity as an insurance agent, the Group collects premiums from the insureds and remits the premiums to the appropriate insurance companies. Accordingly, as reported in the consolidated balance sheets, “premiums” are receivables from the insureds of RMB15,847 and RMB14,986 as of December 31, 2022 and 2023, respectively. Unremitted net insurance premiums are held in a fiduciary capacity until disbursed by the Group. The Group invests these unremitted funds only in cash accounts held for a short term and reports such amounts as restricted cash in the consolidated balance sheets. Also, restricted cash balance includes the entrustment deposit received from the members of eHuzhu, an online mutual aid platform operated by the Group, which is to be used during the one-year operating cycle and is therefore classified as a current asset. The balance for entrustment deposit was RMB44,110 and RMB38,252 as of December 31, 2022 and 2023, respectively. Further, restricted cash balance includes guarantee deposit required by the National Financial Regulatory Administration which replaces the China Banking and Insurance Regulatory Commission as the regulatory body since May 2023 in order to protect insurance premium appropriation by insurance agency which is restricted as to withdrawal for other than current operations. Thus, the Group classified the balance for guarantee deposit as a non-current asset. The balance for guarantee was RMB20,729 and RMB27,228 as of December 31, 2022 and 2023, respectively.

Short Term Investments

(d)

Short Term Investments

All investments with original maturities less than twelve months or investments that are expected to be realized in cash during the next twelve months are classified as short-term investments. The Group accounts for short-term debt investments in accordance with ASC Topic 320, Investments – Debt Securities (“ASC 320”). The Company classifies the short-term investments in debt securities as held-to-maturity or available-for-sale, whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized.

Securities that the Group has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost less allowance for credit losses. The Group has no debt investments classified as trading. The Group’s short term investments are mainly available-for-sale debt securities that do not have a quoted market price in an active market. Available-for-sale investments are carried at fair values and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income or loss. The Group benchmarks the values of its other investments against fair values of comparable investments and reference to product valuation reports as of the balance sheet date and categorizes all fair value measures of short term investments as level 2 of the fair value hierarchy.

The Group evaluates each individual available-for-sale debt securities periodically for impairment. For investments where the Group does not intend to sell, the Group evaluates whether a decline in fair value is due to deterioration in credit risk. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through an allowance for credit losses on the consolidated balance sheet with corresponding adjustment in the consolidated statements of income and comprehensive income. Subsequent increases in fair value due to credit improvement are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss. Any decline in fair value that is non-credit related is recorded in accumulated other comprehensive income as a component of shareholder’s equity. As of December 31, 2023, there were no investments held by the Group that had been in continuous unrealized loss position.

No impairment loss on short term investments was identified for years ended December 31, 2021, 2022 and 2023, respectively.

Accounts Receivable and Contract Assets

(e)

Accounts Receivable and Contract Assets

Accounts receivable are recorded at the amount that the Group expects to collect and do not bear interest. Accounts receivables represent fees receivable on agency and claims adjusting services primarily from insurance companies. Contract assets are recorded when a long-term life insurance policy becomes effective, of which, the portion in relation to initial commissions earned is reclassified to accounts receivable upon the hesitation period expires; and the remaining portion arising from estimated renewal commissions will be reclassified to accounts receivable once the initial policy has been renewed and/or the Group has achieved certain renewal target in subsequent years within the renewal term of the policy. Accounts receivable are generally settled within 90 days since the initial recognition pursuant to the payment terms in the contract with customers, of which a minor portion relating to bonus earned based on annual performance condition is settled within one year.

The Group evaluates the collectability of its accounts receivable and contract assets based on a combination of factors. The Group generally does not require collateral on trade receivables and contract assets as the majority of the Group’s customers are large, well-established insurance companies. The provision of credit losses for accounts receivable and contract assets is based upon the current expected credit losses (“CECL”) model by pooling accounts receivable and contract assets into various age buckets. The entire contract assets balance is included in the bucket of within 1 year. The expected credit loss rates applied range from 0.01% to 100%. In assessing the CECL, the Group considers both quantitative and qualitative information that is reasonable and supportable, including relevant available information from internal and external sources, related to past events, historical credit loss experience, current and future economic events as well as other conditions that may be beyond the Group’s control. Credit loss expenses are assessed quarterly and included in general and administrative expense on the consolidated statements of income and comprehensive income. Accounts receivable that are deemed uncollectible when all collection efforts have been exhausted are written off against the allowance for credit loss.

Accounts receivable and contract assets, net is analyzed as follows:

	As of December 31,
	2022			2023
	RMB			RMB
Accounts receivable		408,961			295,562
Contract assets (See Note 2(q))		659,788			1,071,064
Allowance for doubtful accounts		(15,361	)		(15,784	)
Accounts receivable and contract assets, net		1,053,388			1,350,842

The following table summarizes the movement of the Group’s allowance for expected credit losses of accounts receivable and contract assets:

	2021			2022			2023
	RMB			RMB			RMB
Balance at the beginning of the year		29,000			28,025			15,361
Current period provision for (reversal of) expected credit losses		2,095			(1,378	)		4,036
Write-offs		(3,070	)		(11,286	)		(3,613	)
Balance at the end of the year		28,025			15,361			15,784

Property, Plant and Equipment

(f)

Property, Plant and Equipment

	Estimated useful life (Years)		Estimated residual value
Building		20-36		0%
Office equipment, furniture and fixtures		3-5		0%-3%
Motor vehicles		5-10		0%-3%
Leasehold improvements		5		0%

	2021		2022		2023
	RMB		RMB		RMB
Operating costs		791		822		576
Selling expenses		5,778		5,106		4,368
General and administrative expenses		11,773		13,545		11,248
Depreciation expense		18,342		19,473		16,192

Business combinations and non-controlling interests

(g)

Business combinations and non-controlling interests

The Group evaluates acquisitions of assets to assess whether or not the transaction should be accounted for as a business combination or asset acquisition. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group applies a ‘screen test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

Transactions in which the acquired is considered a business are accounted for as a business combination as described below. Conversely, transactions not considered as business acquisition are accounted for as acquisition of assets and liabilities. In such transactions, the cost of acquisition is allocated proportionately to the acquired identifiable assets and liabilities, based on their proportionate fair value on the acquisition date. In an asset acquisition, no goodwill is recognized.

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations”. The consideration transferred in a business combination is measured as the aggregate of the acquisition-date fair value of the assets transferred, liabilities incurred by the Group to the selling shareholders of the acquiree, and the equity interests issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the consideration transferred, the fair value of any non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill.

The consideration for the Group’s business acquisitions may include future payments that are contingent upon the occurrence of a particular event or events. Contingent consideration also takes the form of a right of the Group to the returns of previously transferred assets or issued equity interests from the sellers of the acquired business. Both the rights and obligations for such contingent consideration returns and payments are recorded at fair value on the acquisition date. The Group’s contingent right to receive a return of some equity interests issued (i.e., contingently returnable shares) is recognized as an asset and measured at fair value. The Group’s obligation to pay contingent consideration is recognized and classified as a liability and measured at fair value. The contingent consideration rights and obligations are subsequently evaluated each reporting period with changes in fair value recognized as a gain or loss and recorded within change in the fair value of contingent assets and liabilities in the consolidated statements of income and comprehensive income.

For the Group’s majority-owned subsidiaries and subsidiaries of VIEs, a non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statements of income and comprehensive income includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests, are recorded as non-controlling interests on the Group’s consolidated balance sheets.

Goodwill and Other Intangible Assets

(h)

Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of costs over fair value of net assets of businesses acquired in a business combination. Goodwill is not amortized, but is tested for impairment at the reporting unit level at least on an annual basis at the balance sheet date or more frequently if certain indicators arise. The Group operated in two reporting units for the years ended December 31, 2022 and 2023.

The impairment test is performed as of year-end or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount by comparing the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

The impairment review is highly judgmental and involves the use of significant estimates and assumptions. These estimates and assumptions have a significant impact on the amount of any impairment charge recorded. Estimates of fair value are primarily determined by using discounted cash flows. Discounted cash flows method is dependent upon assumptions of future sales trends, market conditions and cash flows of each reporting unit over several years. Actual cash flows in the future may differ significantly from those previously forecasted. Other significant assumptions include growth rates and the discount rate applicable to future cash flows. Based on this quantitative test in 2022 and 2023, it was determined that the fair value of each reporting unit tested exceeded its carrying amount and, therefore, the management concluded that goodwill was not impaired as of December 31, 2022 and 2023, respectively.

Intangible Assets

Identifiable intangibles assets are required to be determined separately from goodwill based on their fair values. In particular, an intangible asset acquired in a business combination should be recognized as an asset separate from goodwill if it satisfies either the “contractual-legal” or “separability” criterion. Intangible assets with a finite economic life are carried at cost less accumulated amortization. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets that are not considered to have an indefinite useful life are amortized over their estimated useful lives on a straight-line basis.

The estimated useful lives for the Group’s intangible assets are as follows:

		Estimated useful life (Years)
Software		3
Non-compete agreements		5.8 - 6
Agent resources		2.8 - 3
Brokerage license		20

Investment in Affiliates

(i)

Investment in Affiliates

The Group uses the equity method of accounting for investments in which the Group has the ability to exercise significant influence, but does not have a controlling interest.

The Group continually reviews its investment in equity investees to determine whether a decline in fair value to an amount below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value; the financial condition, operating performance and the prospects of the equity investee; and other company specific information such as the stock price of the investee and its corresponding volatility, if publicly traded, the Group’s intent and ability to hold the investment until recovery, and changes in the macro-economic, competitive and operational environment of the investee. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value.

Long-term Investments

(j)

Long-term Investments

Other non-current assets mainly represent long-term equity investments accounted for under the measurement alternative method, contingent consideration measured at fair value through profit or loss (see Note 2 (g) and Note 3 for details) and an investment in debt securities classified as held-to-maturity which is measured at amortized cost.

Equity securities without readily determinable fair value

The Group has long-term investments in equity security of certain privately held companies which the Group exerts no significant influence or a controlling interest. As a result of adoption of “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”) in January 1, 2019, equity securities without readily determinable fair values that do not qualify for the practical expedient in ASC 820, Fair Value Measurements and Disclosure to estimate fair value using the net asset value per share (or its equivalent) of the investment, are measured and recorded using a measurement alternative that measures the securities at cost less impairment, if any, plus or minus changes resulting from qualifying observable price changes. Significant judgments are required to determine whether observable price changes are orderly transactions and identical or similar to an investment held by the Group.

During each reporting period, the Group makes a qualitative assessment considering impairment indicators to separately evaluate whether each of its equity securities without readily determinable fair value is impaired. Impairment indicators that the Group considers include, but are not limited to a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, factors such as negative cash flows from operations and working capital deficiencies that raise significant concerns about the investee’s ability to continue as a going concern, current economic and market conditions and other specific information. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value.

The Group recorded an impairment of nil, RMB20,110 and nil during the years ended December 31, 2021, 2022 and 2023, respectively, in the consolidated statements of income and comprehensive income.

Investment in debt securities with embedded features

In 2023, the Group invested in a two-year-term debt security valued at RMB125,000 with a fixed return rate of 6% and an additional earning right contingently upon certain conditions met within the contract term. The Group evaluated the additional earning right as a derivative instrument that is “embedded” to the host contract in accordance with ASC 815. The Group considered the stated and implied substantive features of the contract as well as the economic characteristics and risks of the hybrid instrument and determined that the additional earning right be considered as an embedded derivative separated from the host contract and accounted it for as a derivative instrument. The Group classified the embedded derivative measured at fair value and change in fair value is charged through profit or loss.

Impairment of Long-Lived Assets

(k)

Impairment of Long-Lived Assets

Property, plant, and equipment and intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying value of the asset exceeds the fair value of the asset.

Insurance Premium Payables

(l)

Insurance Premium Payables

Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates.

Treasury shares

(m)

Treasury Shares

Treasury shares represent ordinary shares repurchased by the Group that are no longer outstanding and are held by the Group. The repurchased ordinary shares are recorded whereby the total par value of shares acquired is recorded as treasury stock and the difference between the par value and the amount of cash paid is recorded in additional paid-in capital. If additional paid-in capital is not available or is not sufficient, the remaining amount is to reduce retained earnings. Ordinary shares issued in business combinations through an exchange of equity interests that are subsequently returned to the Company are also accounted for treasury shares (see Note 3(a) and 3(c) for details).

Income Taxes

(n)

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carryforwards and credits by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Group records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Group recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Group recognizes interest and penalties related to unrecognized tax benefits, if any, on the income tax expense line in the accompanying consolidated statement of income and comprehensive income. Accrued interest or penalties are included on the other tax liabilities line in the consolidated balance sheets.

Share-based Compensation

(o)

Share-based Compensation

All forms of share-based payments to employees and nonemployees, including restricted share units, stock options and stock purchase plans, are treated the same as any other form of compensation by recognizing the related cost in the consolidated statements of income and comprehensive income. The Group recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the amount of compensation cost recognized at any date must at least equal to the portion of the grant-date value of the award that is vested at that date. For awards with both service and performance conditions, if each tranche has an independent performance condition for a specified period of service, the Group recognizes the compensation cost of each tranche as a separate award on a straight-line basis; if each tranche has performance conditions that are dependent of activities that occur in the prior service periods, the Group recognizes the compensation cost on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Group has made an accounting policy election to account for forfeitures when they occur for an award with only service conditions. For an award with a performance condition, the Group continues to assess at each reporting period whether it is probable that the performance condition will be achieved. No compensation cost is recognized for instruments that employees and nonemployees forfeit because a service condition or a performance condition is not satisfied.

Employee share-based compensation

Compensation cost related to employee stock options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. If an award requires satisfaction of one or more performance or service conditions (or any combination thereof), compensation cost is recognized if the requisite service is rendered, while no compensation cost is recognized if the requisite service is not rendered.

Nonemployee share-based compensation

Consistent with the accounting requirement for employee share-based compensation, nonemployee share-based compensation within the scope of Topic 718 are measured at grant-date fair value of the equity instruments, which the Group is obligated to issue when the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.

Employee Benefit Plans

(p)

Employee Benefit Plans

As stipulated by the regulations of the PRC, the Group’s subsidiaries in the PRC participate in various defined contribution plans organized by municipal and provincial governments for its employees. The Group is required to make contributions to these plans at a percentage of the salaries, bonuses and certain allowances of the employees. Under these plans, certain pension, medical and other welfare benefits are provided to employees. The Group has no other material obligation for the payment of employee benefits associated with these plans other than the annual contributions described above. The contributions are charged to the consolidated statements of income and comprehensive income as they become payable in accordance with the rules of the above mentioned defined contribution plans.

Revenue Recognition

(q)

Revenue Recognition

The Group’s revenue from contracts with insurance companies is derived principally from the provision of agency and claims adjusting services, and insurance companies are defined as the Group’s customers under ASC 606 “Revenue from Contracts with Customers” (“ASC 606”). The Group disaggregates its revenue from different types of service contracts with customers by principal service categories, as the Group believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See Note 24 for detailed disaggregated revenue information that is disclosed for each reportable segment.

The following is a description of the accounting policy for the principal revenue streams of the Group.

Insurance agency services revenue

The Group derives agency revenue serving as a sales agent to distribute various life insurance and property and casualty (“P&C”) insurance products on behalf of insurance companies by which the Group is entitled to receive an initial commission from the insurance companies based on the premium paid by the policyholders for the related insurance policy sold. For life insurance agency, the Group is also entitled to renewal commissions when the policyholder renews the policy within the renewal term of the original policy as such life insurance products are typically long-term products.

The Group has identified its promise to sell insurance products on behalf of an insurance company as the performance obligation in its contracts with the insurance companies. The Group’s performance obligation to the insurance company is satisfied and revenue is recognized at a point in time when an insurance policy becomes effective. Specifically for life insurance agency business, certain contracts include the promise to provide certain post-sales administrative services to policyholders on behalf of the insurance company, such as responding to the policyholder inquiries, facilitating the renewal process and/or gathering information from the policyholder to assist the insurance companies to update the contact information of the policy holder, the Group has concluded such services are administrative in nature and immaterial, and none of these activities on their own results in a transfer of a good or services to the insurance company in the context of the contract. Accordingly, no performance obligation exists after a policy becomes effective.

Initial placement of an insurance policy

The Group recognizes agency revenue related P&C insurance products (which is short term in nature and related premiums are collected upfront) when an insurance policy becomes effective. The commission to be earned is required to be partially refunded contingently on policy cancellations. Based on its past experience, subsequent commission adjustments in connection with P&C insurance policy cancellations have been de minims to date, and are recognized upon notification from the insurance carriers. Actual commission and fee adjustments in connection with the cancellation of P&C insurance policies were 0.1%, 0.1% and 0.1% of the total commission and fee revenues during years ended December 31, 2021, 2022 and 2023, respectively.

For life insurance products, there is generally a 10 to 15 days hesitation period after an initial placement of a life insurance policy, during which the policyholder has a legal right to unconditionally cancel the effective policy regardless of the reasons. According to relevant terms of the insurance agency contracts with customers, the Group reconciles information of policies sold which also includes policies that have been cancelled by policyholders within the hesitation period, with the insurance companies on a monthly basis. Therefore, the Group estimates cancellation of policies that have become effective but are still within the hesitation period based on subsequent actual data at each reporting date. The cancellation of an effective life insurance policy by the policyholder after the hesitation period does not require the Group to refund initial commission to insurance companies, but rather impacts the Group’s estimate on future commission related to renewal(s) of the policy.

In addition, for life insurance agency, the Group may receive a performance bonus from insurance companies as agreed and per contract provisions. Once the Group achieves a certain sales volume based on respective agency agreements, the bonus will become due. Performance bonus represents a form of variable consideration associated with certain sales volume, for which the Group earns commissions. The Group estimates the amount of consideration with a constraint applied that will be received in the coming year such that a significant reversal of revenue is not probable, and includes performance bonus as part of the transaction price. For the years ended December 31, 2021, 2022 and 2023, the Group recognized contingent performance bonus of RMB3,887, RMB11,387 and RMB18,161, respectively.

Renewals of a life insurance policy

For the long-term life insurance products, in addition to the initial commission earned, the Group is also entitled to subsequent renewal commission and compensation, and renewal performance bonus which represents variable considerations and are contingent on future renewals of initial policies or the Group achieves its performance target.

When making estimates of the amount of variable consideration to which the Group expects to be entitled, the Group uses the expected value method and evaluates many factors, including but not limited to, insurance companies mix, product mix, renewal term of various products, renewal premium rates and commission rates, to determine the method(s) of measurement, relevant inputs and the underlying assumptions. The Group considers constraints as well when determining the amount which should be included in the transaction price.

The Group performs ongoing evaluation of the appropriateness of the constraint applied and will consider the sufficiency of evidence that would suggest that the long-term expectation underlying the assumptions has changed. The Group makes an estimate of variable considerations over the portfolio of contracts based on accumulated historical data and experiences. The estimated renewal commissions are contingent on future renewals of initial policies or achievement of certain performance targets. Given the material uncertainty around the future renewal of the insurance policies, the estimated renewal commissions expected to be collected are recognized as revenue only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved. The judgment and assumptions are continuously re-evaluated and adjusted as needed along with the accumulation of historical experiences and data when new information becomes available. Actual renewal commissions in the future may differ significantly from those previously estimated.

Insurance claims adjusting services revenue

For insurance claims adjusting services, performance obligations are considered met and revenue is recognized when the services are rendered and completed, at the time loss adjusting reports are confirmed being received by insurance companies. The Group does not accrue any service fee before the receipt of an insurance company’s acknowledgement of receiving the adjusting reports. Any subsequent adjustments in connection with discounts which have been de minims to date are recognized in revenue upon notification from the insurance companies.

Contract balances

The Group’s contract balances include accounts receivable and contract asset. The balances of accounts receivable as of December 31, 2022 and 2023 are all derived from contracts with customers.

The Group recognized revenues and correspondent contract assets derived from estimated renewal commissions for selling long-term life insurance products because it is entitled to payments of the subsequent renewal commissions which is contingent on future renewals of initial policies and/or the achievement of its performance target set forth in relation to future renewals other than the passage of time. Accordingly, the Group presented contract assets separately in the consolidated balance sheets which include both the amount derived from estimated renewal commissions and the amount of commissions in relation to policies that are still within the hesitation period by the year-end date. The contract assets balance will be reclassified to accounts receivable once the initial policies have been renewed and/or the Group has achieved certain renewal target in subsequent years within the renewal term of the policies, or upon the hesitation period expires.

Practical expedients and exemptions

The Group generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses in the consolidated statements of income and comprehensive income, as the amortization period is less than one year and the Group has elected the practical expedient included in ASC 606.

The Group has applied the optional exemption provided by ASC 606 to not disclose the value of remaining performance obligations not yet satisfied as of period end for contracts with original expected duration of one year or less.

Value-added tax and surcharges

The Group presents revenue net of tax surcharges and value-added taxes incurred. The tax surcharges amounted to RMB19,235, RMB14,681 and RMB14,258 for the years ended December 31, 2021, 2022 and 2023, respectively.

Total value-added taxes paid by the Group during the years ended December 31, 2021, 2022 and 2023 amounted to RMB179,183, RMB130,743 and RMB138,234 respectively.

Fair Value of Financial Instruments

(r)

Fair Value of Financial Instruments

Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs may be used to measure fair value include:

	Level 1	Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

	Level 2	Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

	Level 3	Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying values of the Group’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, insurance premium payables, other receivables, short-term loan, accounts payable and other payables, approximate their fair values due to the short-term nature of these instruments.

The carrying amounts of the long-term receivables and payables approximate their fair value as the interest rates are comparable to the prevailing interest rates in the market.

Measured at fair value on a recurring basis

Fair Value Measurements
at Reporting Date Using

Description

As of
December 31,
2022

Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investments - debt security

331,228

—

331,228

—

			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments - debt security		925,678		—		925,678		—
Investments – equity security recorded within other current assets		96,343		96,343		—		—
Contingent consideration		13,461		—		—		13,461

The majority of debt security consists of investments in bank financial products, trust products and asset management plans that normally pay a prospective fixed rate of return. These investments are recorded at fair values on a recurring basis. The Group measured these investments at fair values and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income or loss, at the balance sheet date. It is classified as Level 2 of the fair value hierarchy since fair value measurement at the reporting date is benchmarked against fair value of comparable investments.

The Group measures its equity investments with readily determinable fair value at its quoted price in active markets. There were no transfers into or out of Level 1 and Level 2 as of December 31, 2023.

Level 3 fair value of contingent consideration arising from business combination is determined using the Monte Caro simulation model and significant assumptions including the probability of achieving performance targets for each scenario and estimated share price during the specified period. For the year ended December 31, 2023, the Group recorded gains on changes in fair value of contingent consideration of RMB6,650.

Measured at fair value on a non-recurring basis

The Group measures certain assets, including equity securities without readily determinable fair values, equity method investments and intangible assets, at fair value on a nonrecurring basis when they are deemed to be impaired. The fair values of these investments and intangible assets are determined based on valuation techniques using the best information available, and may include management judgments, future performance projections, etc. An impairment charge to these investments is recorded when the cost of the investment exceeds its fair value and for equity method investments, this condition is determined to be other-than-temporary. Impairment charge to the intangible assets is recorded when their carrying amounts may not be recoverable.

Goodwill (Note 7) is measured at fair value on a nonrecurring basis, and they are recorded at fair value only when impairment is recognized by applying unobservable inputs such as forecasted financial performance of the acquired business, discount rate, etc. to the discounted cash flow valuation methodology that are significant to the measurement of the fair value of these assets (Level 3).

Investments in affiliates (Note 9) are measured at fair value on a nonrecurring basis, and they are recorded at fair value only when there is other-than-temporary-impairment. The fair value of investment in an affiliate that is publicly listed is determined based on the market value of its share (Level 1) on the date such impairment is recorded.

Foreign Currencies

(s)

Foreign Currencies

The functional currency of the Company is the United States dollar (“USD”). Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income or loss in the consolidated statements of income and comprehensive income. The Group has chosen the Renminbi (“RMB”) as their reporting currency.

The functional currency of most of the Company’s subsidiaries is RMB. Transactions in other currencies are recorded in RMB at the rates of exchange prevailing when the transactions occur. Monetary assets and liabilities denominated in other currencies are translated into RMB at rates of exchange in effect at the balance sheet dates. Exchange gains and losses are recorded in the consolidated statements of income and comprehensive income.

Foreign Currency Risk

(t)

Foreign Currency Risk

The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and international economic and political developments that affect supply and demand in the China Foreign Exchange Trading System market of cash and cash equivalents and restricted cash. The Group had aggregate amounts of RMB600,901 and RMB557,585 of cash and cash equivalents and restricted cash denominated in RMB as of December 31, 2022 and 2023, respectively.

Translation into USD

(u)

Translation into USD

The consolidated financial statements of the Group are stated in RMB. Translations of amounts from RMB into USD are solely for the convenience of the readers outside of China and were calculated at the rate of US$1.00 = RMB7.0999, representing the noon buying rate in the City of New York for cable transfers of RMB on December 29, 2023, the last business day in fiscal year 2023, as set forth in H.10 statistical release of the Federal Reserve Bank of New York. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into USD at such rate.

Segment Reporting

(v)

Segment Reporting

As of December 31, 2022 and 2023, the Group operated two segments: (1) the insurance agency segment, which mainly consists of providing agency services for P&C insurance products and life insurance products to individual clients, and (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. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the Group’s chief operating decision maker in deciding how to allocate resources and in assessing performance.

Substantially all revenues of the Group are derived in the PRC and all long-lived assets are located in the PRC.

Earnings per Share (“EPS”) or ADS

(w)

Earnings per Share (“EPS”) or ADS

Basic EPS is calculated by dividing the net income available to common shareholders by the weighted average number of ordinary shares /ADS outstanding during the year. Diluted EPS is calculated by using the weighted average number of ordinary shares /ADS outstanding adjusted to include the potentially dilutive effect of outstanding share-based awards, unless their inclusion in the calculation is anti-dilutive.

The weighted average number of ordinary shares outstanding excludes the number of ordinary shares issued in business combinations (see Note 3 for details) through an exchange of equity interests that are outstanding but contingently returnable, all or partial, if necessary conditions are not satisfied by specific periods.

Advertising Costs

(x)

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs amounted to RMB35,300, RMB18,822 and RMB19,935 for the years ended December 31, 2021, 2022 and 2023, respectively.

Leases

(y)

Leases

The Group leases office space, vehicles and certain equipment under operating leases for terms ranging from short term (under 12 months) to 7 years. The Group does not have options to extend or terminate leases, as the renewal or termination of relevant lease is on negotiation basis. As a lessee, the Group does not have any financing leases and none of the leases contain material residual value guarantees or material restrictive covenants. The Group’s office space leases typically have initial lease terms of 2 to 7 years, and vehicles and equipment leases typically have an initial term of 12 months or less. The Group’s office space leases include fixed rental payments. The lease payments for the Group’s office space leases do not consist of variable lease payments that depend on an index or a rate.

The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset. At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes a right-of-use (“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term in the consolidated statements of balance sheets at commencement date. As all of the leases do not have implicit rates available, the Group uses incremental borrowing rates based on the information available at lease commencement date in determining the present value of future payments. The incremental borrowing rates are estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased assets are located.

The ROU asset is measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. For office space leases, the Group identifies the lease and non-lease components (e.g., common-area maintenance costs) and accounts for non-lease components separately from lease component. The Group’s office space lease contracts have only one separate lease component and have no non-components (e.g., property tax or insurance). Most of the office space lease contracts have no non-lease components. For the office space lease contracts include non-lease components, the fixed lease payment is typically itemized in the office space lease contract for separate lease component and non-lease components. Therefore, the Group does not allocate the consideration in the contract to the separate lease component and the non-lease components.

Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Group has made an accounting policy election to exempt leases with an initial term of 12 months or less without a purchase option that is likely to be exercised from being recognized on the balance sheet. Payments related to those leases continue to be recognized in the consolidated statement of income and comprehensive income on a straight-line basis over the lease term.

In addition, the Group does not have any related-party leases or sublease transactions.

Accumulated Other Comprehensive Income

(z)

Accumulated Other Comprehensive Income

The Group presents comprehensive income in the consolidated statements of income and comprehensive income with net income in a continuous statement.

Accumulated other comprehensive income mainly represents foreign currency translation adjustments and changes in fair value of short term investments for the period.

Government grants

(aa) Government grants

Government grants primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. The Group records such government subsidies as other income or reduction of expenses or cost of revenues when it has fulfilled all of its obligation related to the subsidy. The Group recognized RMB17,448, RMB10,396 and RMB6,009 in the year ended December 31, 2021, 2022 and 2023.

Recently accounting pronouncements issued not yet adopted

(ab) Recently accounting pronouncements issued not yet adopted

In October 2023, the FASB issued ASU 2023-06, “Codification Amendments in Response to the United States Securities and Exchange Commission (“SEC)’s Disclosure Update and Simplification Initiative”. The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The amendments in this ASU should be applied prospectively. The Group does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

Segment Reporting (Topic 280) – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which provides guidance on the enhanced disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of this guidance should be applied retrospectively to all prior periods presented. Early adoption is permitted. The Group does not expect to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

Income Taxes (Topic 740) – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which provides guidance on the disaggregation information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Group does not expect to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

Leases (Details) - Schedule of Supplemental Cash Flow Information Related to Leases ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	¥ 72,223		¥ 90,438
Supplemental noncash information:
Right-of-use assets obtained in exchange for lease obligations net of decrease in right-of-use assets for early determinations	¥ 57,233	$ 8,061	¥ 4,462	¥ 125,487

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a)

Basis of Presentation and Consolidation

(b)

Use of Estimates

(c)

Cash and Cash Equivalents and Restricted Cash

(d)

Short Term Investments

No impairment loss on short term investments was identified for years ended December 31, 2021, 2022 and 2023, respectively.

(e)

Accounts Receivable and Contract Assets

Accounts receivable and contract assets, net is analyzed as follows:

	As of December 31,
	2022			2023
	RMB			RMB
Accounts receivable		408,961			295,562
Contract assets (See Note 2(q))		659,788			1,071,064
Allowance for doubtful accounts		(15,361	)		(15,784	)
Accounts receivable and contract assets, net		1,053,388			1,350,842

The following table summarizes the movement of the Group’s allowance for expected credit losses of accounts receivable and contract assets:

	2021			2022			2023
	RMB			RMB			RMB
Balance at the beginning of the year		29,000			28,025			15,361
Current period provision for (reversal of) expected credit losses		2,095			(1,378	)		4,036
Write-offs		(3,070	)		(11,286	)		(3,613	)
Balance at the end of the year		28,025			15,361			15,784

(f)

Property, Plant and Equipment

	Estimated useful life (Years)		Estimated residual value
Building		20-36		0%
Office equipment, furniture and fixtures		3-5		0%-3%
Motor vehicles		5-10		0%-3%
Leasehold improvements		5		0%

	2021		2022		2023
	RMB		RMB		RMB
Operating costs		791		822		576
Selling expenses		5,778		5,106		4,368
General and administrative expenses		11,773		13,545		11,248
Depreciation expense		18,342		19,473		16,192

(g)

Business combinations and non-controlling interests

(h)

Goodwill and Other Intangible Assets

Goodwill

Intangible Assets

The estimated useful lives for the Group’s intangible assets are as follows:

		Estimated useful life (Years)
Software		3
Non-compete agreements		5.8 - 6
Agent resources		2.8 - 3
Brokerage license		20

(i)

Investment in Affiliates

The Group uses the equity method of accounting for investments in which the Group has the ability to exercise significant influence, but does not have a controlling interest.

(j)

Long-term Investments

Equity securities without readily determinable fair value

The Group recorded an impairment of nil, RMB20,110 and nil during the years ended December 31, 2021, 2022 and 2023, respectively, in the consolidated statements of income and comprehensive income.

Investment in debt securities with embedded features

(k)

Impairment of Long-Lived Assets

(l)

Insurance Premium Payables

Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates.

(m)

Treasury Shares

(n)

Income Taxes

(o)

Share-based Compensation

Employee share-based compensation

Nonemployee share-based compensation

(p)

Employee Benefit Plans

(q)

Revenue Recognition

The following is a description of the accounting policy for the principal revenue streams of the Group.

Insurance agency services revenue

Initial placement of an insurance policy

Renewals of a life insurance policy

Insurance claims adjusting services revenue

Contract balances

The Group’s contract balances include accounts receivable and contract asset. The balances of accounts receivable as of December 31, 2022 and 2023 are all derived from contracts with customers.

Practical expedients and exemptions

Value-added tax and surcharges

Total value-added taxes paid by the Group during the years ended December 31, 2021, 2022 and 2023 amounted to RMB179,183, RMB130,743 and RMB138,234 respectively.

(r)

Fair Value of Financial Instruments

	Level 1	Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

	Level 2	Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

	Level 3	Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying amounts of the long-term receivables and payables approximate their fair value as the interest rates are comparable to the prevailing interest rates in the market.

Measured at fair value on a recurring basis

Fair Value Measurements
at Reporting Date Using

Description

As of
December 31,
2022

Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investments - debt security

331,228

—

331,228

—

			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments - debt security		925,678		—		925,678		—
Investments – equity security recorded within other current assets		96,343		96,343		—		—
Contingent consideration		13,461		—		—		13,461

Measured at fair value on a non-recurring basis

(s)

Foreign Currencies

(t)

Foreign Currency Risk

(u)

Translation into USD

(v)

Segment Reporting

Substantially all revenues of the Group are derived in the PRC and all long-lived assets are located in the PRC.

(w)

Earnings per Share (“EPS”) or ADS

(x)

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs amounted to RMB35,300, RMB18,822 and RMB19,935 for the years ended December 31, 2021, 2022 and 2023, respectively.

(y)

Leases

In addition, the Group does not have any related-party leases or sublease transactions.

(z)

Accumulated Other Comprehensive Income

The Group presents comprehensive income in the consolidated statements of income and comprehensive income with net income in a continuous statement.

Accumulated other comprehensive income mainly represents foreign currency translation adjustments and changes in fair value of short term investments for the period.

(aa) Government grants

(ab) Recently accounting pronouncements issued not yet adopted

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

(5) Property, Plant and Equipment, net

Property, plant and equipment, net, is comprised of the following:

	As of December 31,
	2022			2023
	RMB			RMB
Building		12,317			15,572
Office equipment, furniture and fixtures		162,573			165,802
Motor vehicles		18,641			19,206
Leasehold improvements		39,993			34,969
Total		233,524			235,549
Less: Accumulated depreciation		(191,945	)		(197,530	)
Construction in progress		56,880			53,640
		98,459			91,659

No impairment for property, plant and equipment was recorded for the years ended December 31, 2021, 2022 and 2023.

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income	¥ 289,099	$ 40,719	¥ 85,723	¥ 259,941
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation expense	16,192	2,281	19,473	18,342
Amortization of intangible assets	17,858	2,515		45
Non-cash operating lease expense	69,689	9,816	90,419	101,448
(Reversal of) provision for allowance for credit losses on financial assets	24,647	3,471	30,701	(235)
Share-based compensation expenses	17,095	2,408	461
Loss on disposal of property, plant and equipment	1,311	185	2,825	1,394
Change in fair value of equity investments	(96,217)	(13,552)
Change in fair value of contingent consideration	(6,650)	(937)
Investment income	(17,047)	(2,401)	(10,963)	(3,171)
Net (gain) loss on disposal of subsidiaries	2,904	409		(2,051)
Share of (income) of affiliates, net of impairment	1,317	185	69,596	20,573
Deferred taxes	14,544	2,048	27,845	23,905
Interest accrued for other receivables (loan receivables)	(3,537)	(498)	(3,353)
Changes in operating assets and liabilities:
Accounts receivable	196,422	27,665	(1,491)	(5,528)
Contract assets	(327,419)	(46,115)	(204,249)	(257,182)
Insurance premium receivables	(16)	(2)
Other receivables	9,034	1,272	37,262	(31,066)
Other current assets	8,576	1,208	8,623	1,201
Other non-current assets	(4,933)	(695)	(51)	2,284
Accounts payable	(362,066)	(50,996)	22,099	(37,104)
Accrued commissions	364,026	51,272	127,643	139,706
Insurance premium payables	(1,637)	(231)	(7,375)	(1,367)
Other payables and accrued expenses	(2,115)	(298)	(16,264)	(131)
Accrued payroll	(8,799)	(1,239)	(15,771)	6,265
Income taxes payable	(29,947)	(4,218)	(262)	(15,880)
Lease liability	(68,265)	(9,615)	(88,573)	(101,186)
Other tax liabilities	(2,279)	(321)	(36,566)	5,995
Net cash generated from operating activities	101,787	14,336	137,752	126,198
Cash flows from investing activities:
Purchase of short term investments	(4,399,910)	(619,714)	(2,550,300)	(8,184,363)
Proceeds from disposal of short term investments	4,226,001	595,220	3,239,556	8,646,532
Purchase of long-term investments	(135,462)	(19,080)
Purchase of property, plant and equipment	(12,996)	(1,830)	(77,746)	(30,785)
Proceeds from disposal of property and equipment	3,047	429	3,799	1,025
Cash paid out for loan receivables from third parties	(160,000)	(22,536)	(205,800)
Cash received for loan receivables from third parties	229,000	32,254	24,500	6,830
Prepayment for purchase of short-term investments			(540,000)
Payment for business acquisitions, net of cash acquired	18,452	2,599	(21,571)
Proceeds as guarantee deposits from certain shareholders in business combinations	33,373	4,701
Payment as guarantee deposits to certain shareholders in business combinations	(33,373)	(4,701)
Others	(2,440)	(344)		11,160
Net cash generated from (used in) investing activities	(234,308)	(33,002)	(127,562)	450,399
Cash flows from financing activities:
Proceeds from bank borrowings	182,301	25,677	35,679
Repayment of bank borrowings and other borrowings	(62,789)	(8,844)
Dividends paid			(52,069)	(242,518)
Dividend distributed to noncontrolling interest				(7,580)
Capital contribution from non-controlling interests	7,330	1,032
Repurchase of ordinary shares from open market	(40,556)	(5,712)	(3,984)
Others	(110)	(15)	3	(10,200)
Net cash (used in) generated from financing activities	86,176	12,138	(20,371)	(260,298)
Net increase (decrease) in cash and cash equivalents, and restricted cash	(46,345)	(6,528)	(10,181)	316,299
Cash and cash equivalents and restricted cash at beginning of year	648,211	91,299	656,522	350,098
Cash and cash equivalents and restricted cash at the end of the year	602,004	84,790	648,211	656,522
Reconciliation in amounts on the consolidated balance sheets:
Cash and cash equivalents at the end of the year	521,538	73,457	567,525	564,624
Restricted cash at the end of the year	80,466	11,333	80,686	91,898
Total of cash and cash equivalents and restricted cash at the end of the year	602,004	84,790	648,211	656,522
Supplemental disclosure of cash flow information:
Income taxes paid	76,879	10,828	47,029	74,323
Interests paid	8,750	1,232
Supplemental disclosure of non-cash investing activities:
Right-of-use assets obtained in exchange for lease obligations, net of decrease of right-of-use assets for early terminations	57,233	8,061	4,462	125,487
Acquisition of subsidiaries through issuing ordinary shares	(203,657)	(28,684)
Supplemental disclosure of non-cash financing activities:
Dividend distribution in equity method investee’s shares			265,661
Effect of exchange rate changes on cash and cash equivalents	¥ 138	$ 19	¥ 1,870	¥ (9,875)

Share-Based Compensation (Details) - Schedule of Share Options Outstanding - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023
2022 Options [Member]
Share-Based Compensation (Details) - Schedule of Share Options Outstanding [Line Items]
Number of options, Outstanding Ending	4,000,000
Weighted average exercise price, Outstanding Ending	$ 0.2305
Weighted average remaining contractual life, Outstanding Ending	5 years 2 months 8 days
Aggregate Intrinsic Value, Outstanding Ending	$ 408
2023 MDRT Options [Member]
Share-Based Compensation (Details) - Schedule of Share Options Outstanding [Line Items]
Number of options, Outstanding Ending		11,300,000
Weighted average exercise price, Outstanding Ending		$ 0.05
Weighted average remaining contractual life, Outstanding Ending		3 years 7 months 2 days
Aggregate Intrinsic Value, Outstanding Ending		$ 3,192
Number of options, Granted		13,680,000
Weighted average exercise price, Granted		$ 0.05
Weighted average remaining contractual life, Granted		4 years 5 months 26 days
Aggregate Intrinsic Value, Granted		$ 4,275
Number of options, Exercised
Weighted average exercise price, Exercised
Aggregate Intrinsic Value, Exercised
Number of options, Forfeited		(2,380,000)
Weighted average exercise price, Forfeited

Distribution of Profits (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Distribution of Profits (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Distribution of Profits [Line Items]
Appropriations to the statutory surplus reserve percentage	50.00%
Statutory reserves	¥ 608,376	¥ 559,520
Net assets	¥ 1,510,070	¥ 1,461,214
PRC [Member]
Distribution of Profits [Line Items]
Appropriations to the statutory surplus reserve percentage	10.00%

Related-Party Balances and Transactions

12 Months Ended

Dec. 31, 2023

Related-party Balances and Transactions

(20) Related-party Balances and Transactions

The principal related-party balances as of December 31, 2022 and 2023, and transactions for the years ended December 31, 2021, 2022 and 2023 are as follows:

(i)

On December 28, 2020, the Group entered into a framework strategic partnership agreement, or, the “Agreement”, with Puyi Enterprise Management Consulting Co., Ltd (“Puyi Consulting”), which was controlled by HPH (formerly known as “Puyi”). Pursuant to the Agreement, both parties, on the basis of full compliance with relevant regulatory and legal requirements will share customer and channel resources and explore collaboration opportunities on the provision of value-added asset management services to Chinese households, by leveraging both parties’ respective strength in insurance and financial services. For the year ended December 31, 2021, the Group incurred RMB5,386 commission cost to Puyi Consulting and the balance of accounts payable as of December 31, 2021 was RMB2,894. For the year ended December 31, 2022, the Group incurred RMB13,548 commission cost to Puyi Consulting and the balance of account payable as of December 31, 2022 was RMB4,987. For the year ended December 31, 2023, the Group incurred RMB1,590 commission cost to Puyi Consulting and the balance of account payable as of December 31, 2023 was nil. In order to diversify the Group’s services and product offerings, the Group provided referral services of publicly-raised and privately-raised fund products provided by HPH’s clients, the Group referred HPH’s financial advisors to their clients and HPH’s financial advisors will be responsible for providing product information and handling purchasing procedures. For the year ended December 31, 2022, the Group incurred RMB1,166 referral service fee from HPH and the balance of account receivable as of December 31, 2022 was RMB1. For the year ended December 31, 2023, the Group incurred RMB530 referral service fee from HPH and the balance of account receivable as of December 31, 2023 was nil.

(ii)

On March 7, 2022, the Group entered into an agreement with Puyi Consulting. Pursuant to this agreement, Puyi Consulting provided training services and customer salon support services to the Group. For the year ended December 31, 2022, the Group incurred RMB7,017 services expense to Puyi Consulting and the balance of other payable as of December 31, 2022 was RMB4,177. For the year ended December 31, 2023, the Group incurred RMB3,231 services expense to Puyi Consulting and the balance of other payable as of December 31, 2023, was nil.

(iii)

As disclosed in Note (9), the Group entered into a share repurchase agreement with HPH, pursuant to which the Group agreed to transfer all of its 4.46% equity interests in HPH back to HPH on December 22, 2023. Concurrently, a wholly-owned subsidiary of the Group entered into a share transfer agreement with HPH to acquire 15.41% equity interests in Puyi Fund, a wholly-owned subsidiary of HPH, at the aggregate consideration of the aforementioned 4.46% equity interests in HPH and cash of RMB10,463.

(iv)

As disclosed in Note (3)(d), the Group acquired 100% equity interest in Puyi Family Office (Chengdu) from HPH for a nominal consideration on December 31, 2023.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Commitments and Contingencies [Abstract]

Concentrations of Credit Risk (Details) - Schedule of Concentration of Accounts Receivable - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Concentration of Accounts Receivable [Line Items]
Concentration risk amount	¥ 120,574	¥ 210,463
Concentration risk percentage	31.00%	39.40%
Sinatay [Member]
Schedule of Concentration of Accounts Receivable [Line Items]
Concentration risk amount	¥ 57,119	¥ 124,847
Concentration risk percentage	14.70%	23.40%
Greatwall Life Insurance Co., Ltd [Member]
Schedule of Concentration of Accounts Receivable [Line Items]
Concentration risk amount	¥ 63,455	¥ 85,616
Concentration risk percentage	16.30%	16.00%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

(21) Commitments and Contingencies

As of December 31, 2023, there was no pending legal proceeding to which the Group is a party that will have a material effect on the Group’s business, results of operations or cash flows.

Net Income Per Share (Details) - Schedule of Basic and Diluted Net Income Per Ordinary Share
¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

CNY (¥)

¥ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

Basic:

Net income

¥ 289,099

$ 40,719

¥ 85,723

¥ 259,941

Less: Net income (loss) attributable to the noncontrolling interests

8,622

$ 1,215

(14,549)

8,952

Net income attributable to the Company’s shareholders | ¥

¥ 280,477

¥ 100,272

¥ 250,989

Weighted average number of ordinary shares outstanding (in Shares)

^[1]

1,074,372,067

1,074,196,310

1,073,891,784

Basic net income per ordinary share (in Yuan Renminbi per share) | (per share)

¥ 0.26

$ 0.04

¥ 0.09

¥ 0.23

Basic net income per ADS (in Yuan Renminbi per share) | ¥ / shares

¥ 5.22

¥ 1.87

¥ 4.67

Diluted:

Net income

¥ 289,099

$ 40,719

¥ 85,723

¥ 259,941

Less: Net income (loss) attributable to the noncontrolling interests

8,622

1,215

(14,549)

8,952

Net income attributable to the Company’s shareholders

¥ 280,477

$ 39,504

¥ 100,272

¥ 250,989

Weighted average number of ordinary shares outstanding (in Shares)

^[1]

1,074,372,067

1,074,196,310

1,073,891,784

Weighted average number of dilutive potential ordinary shares from share options and restricted share units (in Shares)

2,368,131

261,511

399,410

Total (in Shares)

1,076,740,198

1,074,457,821

1,074,291,194

Diluted net income per ordinary share (in Yuan Renminbi per share) | (per share)

¥ 0.26

$ 0.04

¥ 0.09

¥ 0.23

Diluted net income per ADS (in Yuan Renminbi per share) | ¥ / shares

¥ 5.21

¥ 1.87

¥ 4.67

[1]

Income Taxes (Details) - Schedule of Unrecognized Tax Benefits - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Unrecognized Tax Benefits [Abstract]
Beginning balance	¥ 36,647	¥ 73,213	¥ 67,219
Change in unrecognized tax benefits
Increase/Decrease in tax positions	(2,279)	(36,566)	5,994
Ending balance	¥ 34,368	¥ 36,647	¥ 73,213

Other Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Receivables, Net [Abstract]

Schedule of Other Receivable Net

Other receivables, net consist of the following:

	As of December 31,
	2022			2023
	RMB			RMB
Advances to staff (i)		11,397			12,748
Advances to entrepreneurial agents (i)		81			—
Advances to a third party channel vendor (ii)		22,818			27,386
Rental deposits		19,535			11,820
Amount due from third parties (iii)		183,353			83,156
Other		4,841			7,058
Less: Allowance for current expected credit losses		(10,976	)		(30,414	)
Other receivables, net		231,049			111,754

(i)	Amounts represented advances to staffs or entrepreneurial agents of the Group for daily business operations, which are unsecured, interest-free and repayable on demand.

(ii)

Amount represented receivables from Shenzhen Chetong Technology Co., Ltd. (“Chetong”) who provides platform services to the Group. The receivables were unsecured, interest-free and repayable on demand. With the cease of cooperation with Chetong in 2022, the Group requested repayment of the advances. The Group estimated the net amount expected to be collected was RMB14,736 and nil as of December 31, 2022 and 2023, respectively, and accordingly recorded an allowance for credit losses of RMB8,082 and 27,386 in others, net of the consolidated statement of income and comprehensive income for the years ended December 31, 2022 and 2023, respectively.

(iii)

Amount mainly represented 1) term-loan (matures in June 2024 with extension) to Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) of RMB40,000 and corresponding interest receivable RMB607 as of December 31, 2023. The loan is guaranteed by the ultimate controlling owner of Sichuan Tianyi, whom is jointly liable, with interest rate 6% per annum. This loan receivable is expected to be settled within one year. 2) term-loan (matures in June 2024) to a third party company principally engaged in provision of education service of RMB20,000 as of December 31, 2023, with the interest rate 5% per annum. 3) term-loan (matures in December 2024) to a third party manufacturing company of RMB21,000 as of December 31, 2023, with the interest rate 5% per annum.

Goodwill, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill [Abstract]

Schedule of Gross Amount and Accumulated Impairment Losses

The gross amount of goodwill and accumulated impairment losses by reporting unit as of December 31, 2022 and 2023 are as follows:

	Agency segment			Claims Adjusting segment			Total
	RMB			RMB			RMB
Gross as of December 31, 2022		132,105			21,137			153,242
Addition in 2023 (Note 3)		297,413			—			297,413
Disposal in 2023 (Note 3)		(33,261	)		—			(33,261	)
Accumulated impairment loss as of December 31, 2022 and 2023		(22,108	)		(21,137	)		(43,245	)
Net as of December 31, 2022		109,997			—			109,997
Net as of December 31, 2023		374,149			—			374,149

Consolidated Statements of Shareholders’ Equity ¥ in Thousands, $ in Thousands	Share Capital CNY (¥) shares	Share Capital USD ($) shares	Additional Paid-in Capital CNY (¥)	Additional Paid-in Capital USD ($)	Treasury Stock CNY (¥) shares	Treasury Stock USD ($) shares	Statutory Reserves CNY (¥)	Statutory Reserves USD ($)	Retained Earnings CNY (¥)	Retained Earnings USD ($)	Accumulated Other Comprehensive Loss CNY (¥)	Accumulated Other Comprehensive Loss USD ($)	Noncontrolling Interests CNY (¥)	Noncontrolling Interests USD ($)	CNY (¥)	USD ($)
Balance (in Dollars)	¥ 8,089						¥ 553,911		¥ 1,306,554		¥ (34,995)		¥ 121,105		¥ 1,954,664
Balance (in Shares) \| shares	1,073,891,784	1,073,891,784
Balance at Dec. 31, 2020	¥ 8,089						553,911		1,306,554		(34,995)		121,105		1,954,664
Balance (in Shares) at Dec. 31, 2020 \| shares	1,073,891,784	1,073,891,784
Net income (loss)									250,989				8,952		259,941
Foreign currency translation											(9,116)				(9,116)
Provision for statutory reserves							3,310		(3,310)
Distribution of dividend									(242,518)				(7,580)		(250,098)
Unrealized net gain on available-for-sale investments											6,252				6,252
Share of other comprehensive gain of affiliates											(1,281)				(1,281)
Balance at Dec. 31, 2021	¥ 8,089						557,221		1,311,715		(39,140)		122,477		1,960,362
Balance (in Shares) at Dec. 31, 2021 \| shares	1,073,891,784	1,073,891,784
Balance (in Dollars)	¥ 8,089						557,221		1,311,715		(39,140)		122,477		1,960,362
Balance (in Shares) \| shares	1,073,891,784	1,073,891,784
Net income (loss)									100,272				(14,549)		85,723
Exercise of share options	¥ 2														2
Exercise of share options (in Shares) \| shares	400,000	400,000
Repurchase of ordinary shares from open market					¥ (10)				(3,974)						(3,984)
Repurchase of ordinary shares from open market (in Shares) \| shares					1,449,300	1,449,300
Share-based compensation			461												461
Cash dividend									(52,069)						(52,069)
Pro rata distribution of equity method investee’s shares to shareholders (Note 9)									(265,661)						(265,661)
Foreign currency translation											3,728				3,728
Provision for statutory reserves							2,299		(2,299)
Unrealized net gain on available-for-sale investments											(1,919)				(1,919)
Share of other comprehensive gain of affiliates											4,688				4,688
Share of other comprehensive gain of affiliates (in Shares) \| shares
Balance at Dec. 31, 2022	¥ 8,091		461		¥ (10)		559,520		1,087,984		(32,643)		107,928		1,731,331
Balance (in Shares) at Dec. 31, 2022 \| shares	1,074,291,784	1,074,291,784			1,449,300	1,449,300
Balance (in Dollars)	¥ 8,091		461		¥ (10)		559,520		1,087,984		(32,643)		107,928		1,731,331
Balance (in Shares) \| shares	1,074,291,784	1,074,291,784			1,449,300	1,449,300
Net income (loss)									280,477				8,622		289,099	$ 40,719
Ordinary shares issued for business combinations (Note 3)	¥ 584		208,906										169,771		379,261
Ordinary shares issued for business combinations (Note 3) (in Shares) \| shares	84,621,440	84,621,440
Repurchase of ordinary shares from open market			(28,968)		¥ (75)										(29,043)
Repurchase of ordinary shares from open market (in Shares) \| shares					10,528,820	10,528,820
Repurchase of ordinary shares from certain selling shareholder (Note 17)			(8,720)		¥ (25)										(8,745)
Repurchase of ordinary shares from certain selling shareholder (Note 17) (in Shares) \| shares					3,591,780	3,591,780
Ordinary shares received upon disposal of a newly acquired subsidiary (Note 3 and Note 17)			(24,452)		¥ (68)								(21,557)		(46,077)
Ordinary shares received upon disposal of a newly acquired subsidiary (Note 3 and Note 17) (in Shares) \| shares					9,107,140	9,107,140
Share-based compensation			17,095												17,095
Acquisition of non-controlling interests of a subsidiary			(1,601)										1,491		(110)
Foreign currency translation											2,249				2,249
Provision for statutory reserves							48,856		(48,856)
Unrealized net gain on available-for-sale investments											2,458				2,458	346
Share of other comprehensive gain of affiliates
Balance at Dec. 31, 2023	¥ 8,675	$ 1,222	162,721	$ 22,919	¥ (178)	$ (25)	608,376	$ 85,688	1,319,605	$ 185,862	(27,936)	$ (3,935)	266,255	$ 37,501	2,337,518	329,232
Balance (in Shares) at Dec. 31, 2023 \| shares	1,158,913,224	1,158,913,224			24,677,040	24,677,040
Balance (in Dollars)	¥ 8,675	$ 1,222	¥ 162,721	$ 22,919	¥ (178)	$ (25)	¥ 608,376	$ 85,688	¥ 1,319,605	$ 185,862	¥ (27,936)	$ (3,935)	¥ 266,255	$ 37,501	¥ 2,337,518	$ 329,232
Balance (in Shares) \| shares	1,158,913,224	1,158,913,224			24,677,040	24,677,040

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent events

(25) Subsequent events

Significant Investment from White Group

On February 2, 2024, the Group entered into a framework agreement with Singapore White Group Pte. Ltd. (“White Group”). Pursuant to the framework agreement, White Group and its partners intend to invest up to US$500 million in the Group. Subsequently, the Group and White Group entered into a supplementary agreement on February 20, 2024, according to which, in addition to the up to US$500 million investment, both parties will explore investments in certain high-quality assets including an Asia-based telehealth solution provider and an AI Humanoid hardware manufacturer. Up to the date the consolidated financial statements are issued, there is no substantial investment that has been initiated.

2023 Share Incentive Plan

On February 20, 2024, the board of directors (the “board”) adopted a share incentive plan under which the Group has reserved 113,423,618 ordinary shares for issuance, which was approximately 10% of the outstanding ordinary shares as of December 31, 2023. Up to the date the consolidated financial statements are issued, no options or RSUs have been granted under the share incentive plan.

2024 Share Option Grants

On February 2, 2024, share options were granted to certain employees of the Group and top agents to purchase 5,799,925 ADSs of HPH as a supplement of salary and benefit packages. Pursuant to the share incentive program, the exercise price of these options is US$0.001 per HPH’s ADS. The options are scheduled to vest over a one-year period starting from March 1, 2025, subject to the achievement of certain key performance indicators by the option holders and their continued service with the Group.

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

(11) Leases

The Group’s lease for office space include only fixed rental payments with no variable lease payment terms. As of December 31, 2022 and 2023, there were no leases that have not yet commenced.

The following represents the aggregate ROU assets and related lease liabilities as of December 31, 2022 and 2023:

	As of December 31,
	2022		2023
	RMB		RMB
Operating lease ROU assets		145,086		136,056
Current operating lease liability		62,304		57,164
Non-current operating lease liability		74,190		71,311
Total operating leased liabilities		136,494		128,475

The weighted average lease term and discount rate as of December 31, 2022 and 2023 were as follows:

	As of December 31,
	2022			2023
Weighted average lease term:
Operating leases		2.83			2.83
Weighted average discount rate:
Operating leases		4.28	%		3.89	%

The components of lease expenses for the years ended December 31, 2022 and 2023 were as follows:

	As of December 31,
	2022		2023
	RMB		RMB
Operating lease expense		97,576		74,819
Short term lease expense		1,227		7,748
Total		98,803		82,567

Supplemental cash flow information related to leases for the years ended December 31, 2022 and 2023 were as follows:

	As of December 31,
	2022		2023
	RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		90,438		72,223
Supplemental noncash information:
Right-of-use assets obtained in exchange for lease obligations net of decrease in right-of-use assets for early determinations		4,462		57,233

Maturities of lease liabilities at December 31, 2023:

	Minimum Lease Payment
	RMB
Year ending December 31:
2024	58,924
2025		43,048
2026		23,747
2027		5,941
2028		2,423
Thereafter		1,351
Total remaining undiscounted lease payments		135,434
Less: Interest		6,959
Total present value of lease liabilities		128,475
Less: Current operating lease liability		57,164
Non-current operating lease liability		71,311

Segment Reporting (Details) - Schedule of Segment Assets ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Segment assets
Total assets	¥ 4,050,884	$ 570,555	¥ 3,089,516
Agency [Member]
Segment assets
Total assets	2,515,467	354,296	1,513,449
Claims Adjusting [Member]
Segment assets
Total assets	259,325	36,524	252,130
Other [Member]
Segment assets
Total assets	¥ 1,276,092	$ 179,735	¥ 1,323,937

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Other Non-Current Assets (Details) - Schedule of Other Non Current Assets [Line Items]

Acquisitions and Disposals (Details) - Schedule of Purchase Price to the Assets Acquired and Liabilities Assumed ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Acquisition of Zhongrong Smart Finance Information Technology Co Ltd [Member]
Consideration transferred
Stock consideration	¥ 153,732
Contingent consideration	(7,162)
Total	146,570
Add: Non-controlling interest	107,318
Consideration transferred, total	253,888
Assets acquired
Cash and cash equivalents and restricted cash	17,174
Intangible assets acquired	61,472
Other assets	16,651
Total assets acquired	258,693
Liabilities Assumed
Accounts payable and accrued commissions	(173,194)
Deferred tax liabilities	(16,651)
Other payables and accrued expenses	(12,167)
Other liabilities	(9,477)
Total liabilities assumed	(211,489)
Net assets acquired	47,204
Goodwill	206,684
Acquisition of Zhongrong Smart Finance Information Technology Co Ltd [Member] \| Software [Member]
Assets acquired
Intangible assets acquired	5,900
Acquisition of Zhongrong Smart Finance Information Technology Co Ltd [Member] \| Non compete agreements [Member]
Assets acquired
Intangible assets acquired	8,423
Acquisition of Zhongrong Smart Finance Information Technology Co Ltd [Member] \| Agent resources [Member]
Assets acquired
Intangible assets acquired	28,749
Acquisition of Zhongrong Smart Finance Information Technology Co Ltd [Member] \| Insurance broker license [Member]
Assets acquired
Intangible assets acquired	18,400
Accounts receivable and contract assets	163,396
Acquisition of Jilin Zhongji Shi’An Insurance Agency Co Ltd [Member]
Consideration transferred
Stock consideration	35,311
Contingent consideration	74
Total	35,385
Add: Non-controlling interest	33,998
Consideration transferred, total	69,383
Assets acquired
Cash and cash equivalents and restricted cash	1,226
Intangible assets acquired	10,930
Other assets	2,602
Total assets acquired	21,946
Liabilities Assumed
Accounts payable and accrued commissions	(1,922)
Deferred tax liabilities	(2,732)
Other payables and accrued expenses	(3,777)
Other liabilities	(1,600)
Total liabilities assumed	(10,031)
Net assets acquired	11,915
Goodwill	57,468
Acquisition of Jilin Zhongji Shi’An Insurance Agency Co Ltd [Member] \| Non compete agreements [Member]
Assets acquired
Intangible assets acquired	1,350
Acquisition of Jilin Zhongji Shi’An Insurance Agency Co Ltd [Member] \| Agent resources [Member]
Assets acquired
Intangible assets acquired	7,180
Acquisition of Jilin Zhongji Shi’An Insurance Agency Co Ltd [Member] \|  Insurance distribution license [Member]
Assets acquired
Intangible assets acquired	2,400
Accounts receivable and contract assets	¥ 7,188

Acquisitions and Disposals (Details) ¥ in Thousands, $ in Thousands					12 Months Ended
	Mar. 01, 2023 CNY (¥) shares	Feb. 08, 2023	Feb. 06, 2023 CNY (¥) shares	Jan. 03, 2023 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2021 CNY (¥)	Nov. 30, 2023 HKD ($)	Aug. 31, 2022 CNY (¥)
Acquisitions and Disposals [Line Items]
Goodwill					¥ 33,361
Cash consideration amount							$ 2,755	¥ 31,390
Percentage of fair value of gross assets					90.00%
Recognized gain						¥ 2,051
Total consideration						600
Group Disposed of Two Subsidiaries [Member]
Acquisitions and Disposals [Line Items]
Disposals of subsidiaries total consideration						¥ 3,600
Zhongrong Smart Finance Information Technology Co Ltd (“Zhongrong”) [Member]
Acquisitions and Disposals [Line Items]
Equity interest percentage				57.73%
Stock consideration				¥ 153,732
Contingent asset				¥ 7,162
Lock-up period				3 years
Zhongrong Smart Finance Information Technology Co Ltd (“Zhongrong”) [Member] \| Common Stock [Member]
Acquisitions and Disposals [Line Items]
Number of shares issued (in Shares) \| shares				61,853,580
Wuhan Taiping Online Insurance Agency Co., Ltd. [Member]
Acquisitions and Disposals [Line Items]
Equity interest percentage		51.00%
Stock consideration	¥ 23,541
Contingent asset	¥ 1,554
Lock-up period		3 years
Purchase price					¥ 21,987
Intangible assets					¥ 10,420
Ordinary shares (in Shares) \| shares					9,107,140
Disposal gain					¥ 139
Wuhan Taiping Online Insurance Agency Co., Ltd. [Member] \| Common Stock [Member]
Acquisitions and Disposals [Line Items]
Number of shares issued (in Shares) \| shares	9,107,140
Jilin Zhongji Shi’An Insurance Agency Co., Ltd. [Member]
Acquisitions and Disposals [Line Items]
Equity interest percentage			51.00%
Stock consideration			¥ 35,311
Lock-up period			3 years
Net contingent liability			¥ 74
Jilin Zhongji Shi’An Insurance Agency Co., Ltd. [Member] \| Common Stock [Member]
Acquisitions and Disposals [Line Items]
Number of shares issued (in Shares) \| shares			13,660,720
Aasure Insurance Broker Limited [Member]
Acquisitions and Disposals [Line Items]
Equity interest percentage							100.00%
Other Acquisitions [Member]
Acquisitions and Disposals [Line Items]
Equity interest percentage					100.00%
Acquisition of an agency intermediate company [Member]
Acquisitions and Disposals [Line Items]
Equity interest percentage								100.00%

Leases (Details) - Schedule of Weighted Average Lease Term and Weighted Average Discount Rate	Dec. 31, 2023	Dec. 31, 2022
Weighted average lease term:
Weighted average lease term Operating leases	2 years 9 months 29 days	2 years 9 months 29 days
Weighted average discount rate:
Weighted average discount rate Operating leases	3.89%	4.28%

Other Non-Current Assets (Details) - Schedule of Other Non Current Assets - Other Noncurrent Assets [Member] - CNY (¥)
¥ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Equity investments without readily determinable fair value

¥ 31,892

¥ 11,400

Long-term hybrid instrument

125,000

Amount due from a third party

^[1]

30,359

Contingent considerations

13,461

Receivables from certain shareholders as guarantee deposit due to business combinations

33,373

Others

4,597

Less: Allowance for current expected credit losses

(2,930)

Other non-current assets

¥ 235,752

¥ 11,400

[1]	Amount represented a term-loan (matures in September 2028) to a third party of RMB30,000 and corresponding interest receivable RMB359 as of December 31, 2023. The loan bears interest rate 4.5% per annum and is guaranteed by the ultimate controlling owner of the borrower, whom is jointly liable.

Amount due from a third party.

Schedule of Rou Assets and Related Lease Liabilities

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

The following represents the aggregate ROU assets and related lease liabilities as of December 31, 2022 and 2023:

	As of December 31,
	2022		2023
	RMB		RMB
Operating lease ROU assets		145,086		136,056
Current operating lease liability		62,304		57,164
Non-current operating lease liability		74,190		71,311
Total operating leased liabilities		136,494		128,475

Schedule of Weighted Average Lease Term and Weighted Average Discount Rate

The weighted average lease term and discount rate as of December 31, 2022 and 2023 were as follows:

	As of December 31,
	2022			2023
Weighted average lease term:
Operating leases		2.83			2.83
Weighted average discount rate:
Operating leases		4.28	%		3.89	%

Schedule of Lease Expenses

The components of lease expenses for the years ended December 31, 2022 and 2023 were as follows:

	As of December 31,
	2022		2023
	RMB		RMB
Operating lease expense		97,576		74,819
Short term lease expense		1,227		7,748
Total		98,803		82,567

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the years ended December 31, 2022 and 2023 were as follows:

	As of December 31,
	2022		2023
	RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		90,438		72,223
Supplemental noncash information:
Right-of-use assets obtained in exchange for lease obligations net of decrease in right-of-use assets for early determinations		4,462		57,233

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities at December 31, 2023:

	Minimum Lease Payment
	RMB
Year ending December 31:
2024	58,924
2025		43,048
2026		23,747
2027		5,941
2028		2,423
Thereafter		1,351
Total remaining undiscounted lease payments		135,434
Less: Interest		6,959
Total present value of lease liabilities		128,475
Less: Current operating lease liability		57,164
Non-current operating lease liability		71,311

Other Receivables, Net

12 Months Ended

Dec. 31, 2023

Other Receivables, Net [Abstract]

Other Receivables, net

(4) Other Receivables, net

Other receivables, net consist of the following:

	As of December 31,
	2022			2023
	RMB			RMB
Advances to staff (i)		11,397			12,748
Advances to entrepreneurial agents (i)		81			—
Advances to a third party channel vendor (ii)		22,818			27,386
Rental deposits		19,535			11,820
Amount due from third parties (iii)		183,353			83,156
Other		4,841			7,058
Less: Allowance for current expected credit losses		(10,976	)		(30,414	)
Other receivables, net		231,049			111,754

(i)	Amounts represented advances to staffs or entrepreneurial agents of the Group for daily business operations, which are unsecured, interest-free and repayable on demand.

(ii)

(iii)

Schedule I—Condensed Financial Information of the Company (Details) - Schedule of Balance Sheet - Parent [Member] ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 23,595	$ 3,323	¥ 38,512
Short term investments			27,619
Other receivables and amounts due from subsidiaries and affiliates	450,933	63,513	417,613
Total current assets	474,528	66,836	483,744
Non-current assets:
Investment in subsidiaries	3,010,729	424,052	2,520,667
Investment in an affiliate			4,035
Other non-current asset	13,461	1,896
Total assets	3,498,718	492,784	3,008,446
Current liabilities:
Other payables and accrued expenses and amounts due to subsidiaries	1,427,456	201,053	1,385,043
Total liabilities	1,427,456	201,053	1,385,043
Ordinary shares (Authorized shares:10,000,000,000 at US$0.001 each; issued 1,074,291,784 and 1,158,913,224 shares, of which 1,072,842,484 and 1,134,236,184 shares were outstanding as of December 31, 2022 and 2023, respectively)	8,675	1,222	8,091
Treasury Stock	(178)	(25)	(10)
Additional paid-in capital	162,721	22,919	461
Retained earnings	1,927,981	271,550	1,647,504
Accumulated other comprehensive loss	(27,936)	(3,935)	(32,643)
Total equity	2,071,263	291,731	1,623,403
Total liabilities and shareholders’ equity	¥ 3,498,719	$ 492,784	¥ 3,008,446

Distribution of Profits

12 Months Ended

Dec. 31, 2023

Distribution of Profits [Abstract]

Distribution of Profits

(19) Distribution of Profits

As stipulated by the relevant PRC laws and regulations applicable to China’s foreign investment enterprise, the Group’s subsidiaries and VIEs in the PRC are required to maintain non-distributable reserves which include a statutory surplus reserve as of December 31, 2022 and 2023. Appropriations to the statutory surplus reserve are required to be made at not less than 10% of individual company’s net profit as reported in the PRC statutory financial statements of the Company’s subsidiaries and VIEs. The appropriations to statutory surplus reserve are required until the balance reaches 50% of the registered capital of respective subsidiaries and VIEs.

The statutory surplus reserve is used to offset future losses. These reserves represent appropriations of retained earnings determined according to PRC law and may not be distributed. The accumulated amounts contributed to the statutory reserves were RMB559,520 and RMB608,376 as of December 31, 2022 and 2023, respectively.

Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries and VIEs with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Amounts of restricted net assets include paid in capital and statutory surplus reserve of the Company’s PRC subsidiaries and the net assets of the VIEs in which the Company has no legal ownership, totaling RMB1,461,214 and RMB1,510,070 as of December 31, 2022 and 2023, respectively, which were not eligible to be distributed.

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2023 shares
Document Information Line Items
Entity Registrant Name	FANHUA INC.
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	1,134,236,184
Amendment Flag	false
Entity Central Index Key	0001413855
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-33768
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	60/F
Entity Address, Address Line Two	Pearl River Tower
Entity Address, Address Line Three	No. 15 West Zhujiang Road
Entity Address, City or Town	Guangzhou, Guangdong
Entity Address, Postal Zip Code	510623
Entity Address, Country	CN
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Auditor Firm ID	1113
Auditor Name	Deloitte Touche Tohmatsu
Auditor Location	Shenzhen, the People’s Republic of China
Business Contact
Document Information Line Items
Entity Address, Address Line One	60/F
Entity Address, Address Line Two	Pearl River Tower
Entity Address, Address Line Three	No. 15 West Zhujiang Road
Entity Address, City or Town	Guangzhou, Guangdong
Entity Address, Postal Zip Code	510623
Entity Address, Country	CN
Contact Personnel Name	Peng Ge
City Area Code	+86 20
Local Phone Number	83883033
Contact Personnel Email Address	gepeng@fanhgroup.com
Contact Personnel Fax Number	86 20 83883181
Ordinary shares, par value US$0.001 per share
Document Information Line Items
Trading Symbol	FANH
Title of 12(b) Security	Ordinary shares, par value US$0.001 per share
Security Exchange Name	NASDAQ
American depositary shares, each representing 20 ordinary shares
Document Information Line Items
Title of 12(b) Security	American depositary shares, each representing 20 ordinary shares
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

Schedule of Share Options Outstanding

For the year ended December 31, 2023, changes in the status of total outstanding options, were as follows:

		Number of options				Weighted average exercise price in USD				Weighted average remaining contractual life (In years)				Aggregate Intrinsic Value USD
Outstanding as of January 1, 2023 and December 31, 2023			4,000,000				0.2305				5.19				408

	Number of options			Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of January 1, 2023		—			—		—		—
Granted		13,680,000			0.0500		4.49		4,275
Exercised		—			—		—		—
Forfeited		(2,380,000	)		—		—		—
Outstanding as of December 31, 2023		11,300,000			0.0500		3.59		3,192

Schedule of Activity of Service-Based RSUs

A summary of the activity of the service-based RSUs for the year ended December 31, 2023 is presented as follows:

	Number of restricted shares		Weighted average grant-date fair value
			US$
Unvested as of January 1, 2023		—		—
Granted		536,990		3,410
vested		—		—
Forfeited		—		—
Unvested as of December 31, 2023		536,990		3,410

Schedule of Fair Value of the 2023 MDRT Options on the Grant

The assumptions used in determining the fair value of the 2023 MDRT Options on the grant date were as follows:

Assumptions		February 6, 2023
Expected dividend yield (Note i)		3.69%
Risk-free interest rates (Note ii)		3.88%
Expected volatility (Note iii)		51.41%
Expected life in years (Note iv)		4.49
Exercise multiple (Note v)		2.80
Fair value of options on grant date		US$0.2896 ~ US$0.2997

Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconciliation
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

CNY (¥)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

CNY (¥)

Dec. 31, 2021

CNY (¥)

Schedule of Effective Income Tax Rate Reconciliation [Abstract]

Income from continuing operations before income taxes, share of income of affiliates, net

¥ 349,818

$ 49,271

¥ 196,335

¥ 371,088

PRC statutory tax rate

25.00%

Income tax at statutory tax rate

¥ 87,455

¥ 49,084

¥ 92,772

Expenses not deductible for tax purposes:

Entertainment

2,417

2,099

2,950

Other

340

479

Effect of tax holidays on concessionary rates granted to PRC entities

(9,956)

(12,671)

(13,523)

Effect of different tax rates of subsidiaries operating in other jurisdictions

4,110

2,342

2,070

Change in valuation allowance

2,713

40,501

2,999

Deferred income tax for dividend distribution

10,349

Effect of non-taxable income

^[1]

(25,709)

(4,620)

(13,777)

Unrecognized tax benefits arising from certain transfer pricing arrangements

(2,279)

(36,566)

5,994

Other

311

368

659

Income tax expense

¥ 59,402

$ 8,367

¥ 41,016

¥ 90,574

[1]

Other Payables and Accrued Expenses (Details) - Schedule of Other Payables and Accrued Expenses ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Schedule of Other Payables and Accrued Expenses [Abstract]
Business and other tax payables	¥ 89,715		¥ 77,502
Refundable deposits from employees and agents	18,239		19,789
Professional fees	5,609		3,586
Accrued expenses to third parties	33,382		29,861
Contributions from members of eHuzhu mutual aid program (Note 2(c))	37,261		43,140
Others	1,793		448
Total	¥ 185,999	$ 26,197	¥ 174,326

Other Non-Current Assets (Details) ¥ in Thousands	12 Months Ended
Other Non-Current Assets (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Other Non-Current Assets [Line Items]
Third party loans	¥ 30,000
Interest receivable	¥ 359
Interest rate	4.50%
Third Party [Member]
Other Non-Current Assets [Line Items]
Term-loan matures	2028

Variable Interest Entities (“VIEs”) (Details)	12 Months Ended
Variable Interest Entities (“VIEs”) (Details)	Dec. 31, 2023	Dec. 31, 2021
Variable Interest Entities (“VIEs”) [Line Items]
Reduced percentage		49.00%
Foreign-invested enterprise equity interests		50.00%
Loan agreement	10 years
Power of attorney	10 years
Mutual agreement	1 year
Aggregate revenues	In the year ended December 31, 2023, aggregate revenues derived from these VIEs contributed 3.8% of the total consolidated net revenues, based on the corporate structure as of the end of 2023. As of December 31, 2023, the VIEs accounted for an aggregate of 3.2% of the consolidated total assets.
Xinbao Investment [Member]
Variable Interest Entities (“VIEs”) [Line Items]
Equity interests		51.00%

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

	Year ended December 31,
	2021			2022			2023			2023
	RMB			RMB			RMB			US$
Net revenues
Agency		2,811,936			2,376,851			2,760,448			388,801
Claims Adjusting		459,178			404,763			437,941			61,683
Total net revenues		3,271,114			2,781,614			3,198,389			450,484
Operating costs and expenses
Agency		(2,418,444	)		(2,068,194	)		(2,422,386	)		(341,187	)
Claims Adjusting		(442,349	)		(416,619	)		(418,589	)		(58,958	)
Other		(108,416	)		(128,126	)		(161,589	)		(22,758	)
Total operating costs and expenses		(2,969,209	)		(2,612,939	)		(3,002,564	)		(422,903	)
Income (loss) from operations
Agency		393,492			308,657			338,062			47,614
Claims Adjusting		16,829			(11,856	)		19,352			2,725
Other		(108,416	)		(128,126	)		(161,589	)		(22,758	)
Income from operations		301,905			168,675			195,825			27,581

Schedule of Segment Assets

	As of December 31,
	2022		2023		2023
	RMB		RMB		US$
Segment assets
Agency		1,513,449		2,515,467		354,296
Claims Adjusting		252,130		259,325		36,524
Other		1,323,937		1,276,092		179,735
Total assets		3,089,516		4,050,884		570,555

Variable Interest Entities (“VIEs”) (Details) - Schedule of Variable Interest Entities - VIE [Member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total assets	¥ 139,541	¥ 102,965
Total current liabilities	(39,996)	(50,457)
Total liabilities	(68,430)	(77,990)
Net revenues	122,880	141,086	¥ 16,267
Operating costs and expenses	100,957	67,788	1,814
Net income (loss)	(13,085)	(4,136)	14,431
Net cash generated from operating activities	¥ 3,754	¥ 98,715	¥ 48,923

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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