0001213900-26-048631 | 20-F | XBRL Viewer

[1]	Amount represented 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 recorded impairment loss on investment in debt securities of RMB125,000 as of December 31, 2025 in the consolidated statements of income (loss) and comprehensive income(loss).
[2]	Amount represented a term-loan (matures in September 2028) to a third party of RMB30,000 and corresponding interest receivable RMB3,063 as of December 31, 2025. The loan bears interest rate 4.5% per annum and is guaranteed by the ultimate controlling owner of the borrower, whom is jointly liable.

- Definition

Amount due from a third party.

+ References + Details

Property, Plant and Equipment, Net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment, Net [Abstract]
Depreciation expenses	¥ 5,326	¥ 10,446	¥ 12,761

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2025

Concentrations of Credit Risk [Abstract]

Concentrations of Credit Risk

(23) Concentrations of Credit Risk

Concentration risks

Customers accounting for 10% or more of total net revenues excluding estimated renewal commissions are as follows:

	Years ended December 31,
	2023		% of sales			2024		% of sales			2025		% of sales
	RMB					RMB					RMB
Sinatay Life Insurance Co., Ltd. (“Sinatay”)		438,026		15.9	%		177,868		12.8	%		99,290		13.5	%
Fanhua RONS Insurance Sales & Service Co., Ltd.		*		*			*		*			73,738		10.0	%
Aeon Life Insurance Co., Ltd. (“Aeon”).		295,217		10.7			*		*	%		*		*
Ping An Property & Casualty Insurance Company of China, Ltd. (“Ping An”)		*		*			175,205		12.6	%		*		*
Ruizhong Life Insurance Co., Ltd.		*		*			*		*			*		*
Subtotal		733,243		25.6	%		353,073		25.4	%		173,028		23.5	%

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

Customers which accounted for 10% or more of gross accounts receivable excluding estimated renewal commissions are as follows:

	As of December 31,
	2024		%			2025		%
Sinatay		29,567		30.7	%		14,136		20.9	%
Fanhua RONS Insurance Sales & Service Co., Ltd.		29,063		30.2	%		12,247		18.1	%
AVIVA-COFCO Life Insurance Co., Ltd.		*		*			9,795		14.5	%
Ruizhong Life Insurance Co., Ltd.		10,291		10.7	%		8,602		12.7	%
Subtotal		68,921		71.6	%		44,780		66.2	%

represented less than 10% of accounts receivable as of the year end.

The Group performs ongoing credit evaluations of its customers and generally does not require collateral on accounts receivable.

The Group places its cash and cash equivalents and short-term investments with financial institutions with low credit risk.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Goodwill, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill, Net [Abstract]

Schedule of Gross Amount of Goodwill and Accumulated Impairment Losses

The gross amount of goodwill and accumulated impairment losses by reporting unit as of December 31, 2024 and 2025 are as follows:

	Agency segment			Total
	RMB			RMB
Gross as of December 31, 2024		374,149			374,149
Addition in 2025 (Note 3)		—			—
Disposal in 2025 (Note 3)		—			—
Accumulated impairment loss as of December 31, 2024		(374,149	)		(374,149	)
Net, as of December 31, 2024		—			—
Net, as of December 31, 2025		—			—

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

CNY (¥)

¥ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

CNY (¥)

¥ / shares

Dec. 31, 2023

CNY (¥)

¥ / shares

Net revenues:

Total net revenues

¥ 556,567

$ 79,588

¥ 1,331,778

¥ 2,760,448

Operating costs and expenses:

Total operating costs

(282,300)

(40,369)

(799,781)

(1,868,672)

Selling expenses

(60,655)

(8,674)

(104,294)

(151,830)

General and administrative expenses

(252,669)

(36,131)

(470,700)

(563,473)

Impairment loss

(404,121)

Total operating costs and expenses

(595,624)

(85,174)

(1,778,896)

(2,583,975)

Income (Loss) from operations

(39,057)

(5,586)

(447,118)

176,473

Other income, net:

Gains (Losses) from fair value change

(24,976)

(3,572)

(78,499)

102,867

Investment income related to the realized gain on short term investments

39,483

5,646

42,288

48,250

(Losses) Gains from disposal of subsidiaries

(116,605)

(16,674)

897,306

(2,904)

Interest income, net

30,207

4,320

15,092

15,005

Financial cost

(3,710)

(531)

(3,315)

(10,055)

Provision for credit losses

(1,560,128)

(223,094)

(47,147)

(6,477)

Impairment loss on financial assets

(610,631)

(87,319)

Others, net

12,171

1,740

22,701

25,608

Income (Loss) before income taxes, share of income and impairment of affiliates, net

(2,273,246)

(325,070)

401,308

348,767

Income tax expense

(4,020)

(575)

(91,954)

(59,206)

Share of income of affiliates, net of impairment

(5,052)

(1,317)

Net income (loss) from continuing operations

(2,277,266)

(325,645)

304,302

288,244

Net income from discontinued operations, net of tax

3,230

462

5,172

855

Net income (loss)

(2,274,036)

(325,183)

309,474

289,099

Less: Net (loss) income attributable to the non-controlling interests

1,350

193

(145,486)

8,622

Continuing operations

1,350

193

(148,720)

4,773

Discontinued operations

3,234

3,849

Net income (loss) attributable to the shareholders of the Company

(2,275,386)

(325,376)

454,960

280,477

Continuing operations

(2,278,616)

(325,838)

453,022

283,471

Discontinued operations

¥ 3,230

$ 462

¥ 1,938

¥ (2,994)

Net income (loss) per share attributable to ordinary shareholders of the Company- Basic *:

Continuing operations (in Dollars per share and Yuan Renminbi per share) | (per share)

^[1]

¥ (224.87)

$ (32.16)

¥ 169.88

¥ 105.54

Discontinued operations (in Dollars per share and Yuan Renminbi per share) | (per share)

^[1]

0.32

0.05

0.73

(1.11)

Net income (loss) per share attributable to ordinary shareholders of the Company- Diluted *:

Continuing operations (in Dollars per share and Yuan Renminbi per share) | (per share)

^[1]

(224.87)

(32.16)

169.27

105.31

Discontinued operations (in Dollars per share and Yuan Renminbi per share) | (per share)

^[1]

¥ 0.32

$ 0.05

¥ 0.72

¥ (1.11)

Shares used in calculating net income per share*:

Basic: (in Shares)

^[1]

10,132,864

2,666,735

2,685,930

Diluted (in Shares)

^[1]

10,132,864

2,676,371

2,691,850

Net income (loss)

¥ (2,274,036)

$ (325,183)

¥ 309,474

¥ 289,099

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

(19,985)

(2,858)

1,688

2,249

Unrealized net gains (loss) on available-for-sale investments

(33,562)

(4,799)

(11,418)

2,458

Total comprehensive income (loss)

(2,327,583)

(332,840)

299,744

293,806

Less: comprehensive income (loss) attributable to the non-controlling interests

1,350

193

(145,486)

8,622

Comprehensive income (loss) attributable to the Company’s shareholders

(2,328,933)

(333,033)

445,230

285,184

Non-Life insurance business

Net revenues:

Total net revenues

556,567

79,588

1,331,778

2,760,448

Operating costs and expenses:

Total operating costs

(282,300)

(40,369)

(799,781)

(1,868,672)

Non-Life insurance business | Life insurance business [Member]

Net revenues:

Total net revenues

515,557

73,724

1,186,462

2,593,803

Operating costs and expenses:

Total operating costs

(258,784)

(37,006)

(693,065)

(1,749,475)

Non-Life insurance business | Non-Life insurance business [Member]

Net revenues:

Total net revenues

41,010

5,864

145,316

166,645

Operating costs and expenses:

Total operating costs

¥ (23,516)

$ (3,363)

¥ (106,716)

¥ (119,197)

[1]	Retrospectively restated for the 1-for-400 reverse share split effected on May 2121, 2025.

Related-Party Balances and Transactions - Schedule of Related Party Balances (Details)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Amount due from related parties

Less: Allowance for credit loss

¥ (481)

$ (86)

Related Party [Member]

Amount due from related parties

Total

13,252

$ 1,895

Maas Inc. [Member]

Amount due from related parties

Total

^[1]

¥ 13,733

$ 1,981

[1]	Amount represents unsecured, interest-free loans due from related parties, which are repayable in two years. The loans were provided to supplement MAASE’s working capital.

Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Deferred tax assets:
Operating loss carryforward	¥ 357,343		¥ 78,810
Intangible assets, net	427		1,220
Less: valuation allowances	(348,868)		(70,054)
Total	8,902	$ 1,273	9,976
Deferred tax liabilities:
Fair value adjustments in relation to short-term investments	91,066		101,642
Estimated profit arising from future renewal commissions	69,422		87,743
PRC dividend withholding taxes	26,730		26,730
Total	¥ 187,218		¥ 216,115

Schedule I—Condensed Financial Information of the Company - Schedule of Balance Sheets (Details) - Parent [Member]	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 3,587	$ 513	¥ 20,014
Short term investments	2,746	393	3,694
Other receivables and amounts due from subsidiaries and affiliates	549,975	78,645	454,830
Amounts due from related parties	13,044	1,865
Total current assets	569,352	81,416	478,538
Non-current assets:
Investment in subsidiaries	1,198,615	171,399	2,512,999
Investment in an affiliate			1,004,683
Other non-current asset			17,549
Total assets	1,767,967	252,815	4,013,769
Current liabilities:
Other payables and accrued expenses and amounts due to subsidiaries	1,289,447	184,387	1,467,253
Total liabilities	1,289,447	184,387	1,467,253
Ordinary shares (US$0.4 par value; 8,000,000,000 shares authorized, 2,898,308 shares issued and 2,830,230 shares outstanding as of December 31, 2024；8,000,000,000 shares authorized, 13,435,271 shares issued and 13,435,271 shares outstanding as of December 31, 2025)	60,250	8,616	8,678
Treasury Stock			(197)
Additional paid-in capital	401,928	57,475	192,760
Retained earnings	107,555	15,380	2,382,941
Accumulated other comprehensive loss	(91,213)	(13,043)	(37,666)
Total shareholders’ equity	478,520	68,428	2,546,516
Total liabilities and shareholders’ equity	¥ 1,767,967	$ 252,815	¥ 4,013,769

Share-Based Compensation - Schedule of Activity of Service-Based RSUs (Details) - RSUs [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Activity of Service-Based RSUs [Line Items]
Number of restricted shares, unvested beginning balance	50,000	26,850
Weighted average grant-date fair value, unvested beginning balance
Number of restricted shares, granted	550,000	63,410
Weighted average grant-date fair value, granted	$ 3,351,000	$ 30,220
Number of restricted shares, vested	(565,000)	(40,000)
Weighted average grant-date fair value, vested
Number of restricted shares, forfeited		(260)
Weighted average grant-date fair value, forfeited
Number of restricted shares, unvested ending balance	35,000	50,000
Weighted average grant-date fair value, unvested ending balance

Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2025

Concentrations of Credit Risk [Abstract]

Schedule of Customer Concentration Estimated Renewal Commissions

Customers accounting for 10% or more of total net revenues excluding estimated renewal commissions are as follows:

	Years ended December 31,
	2023		% of sales			2024		% of sales			2025		% of sales
	RMB					RMB					RMB
Sinatay Life Insurance Co., Ltd. (“Sinatay”)		438,026		15.9	%		177,868		12.8	%		99,290		13.5	%
Fanhua RONS Insurance Sales & Service Co., Ltd.		*		*			*		*			73,738		10.0	%
Aeon Life Insurance Co., Ltd. (“Aeon”).		295,217		10.7			*		*	%		*		*
Ping An Property & Casualty Insurance Company of China, Ltd. (“Ping An”)		*		*			175,205		12.6	%		*		*
Ruizhong Life Insurance Co., Ltd.		*		*			*		*			*		*
Subtotal		733,243		25.6	%		353,073		25.4	%		173,028		23.5	%

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

Customers which accounted for 10% or more of gross accounts receivable excluding estimated renewal commissions are as follows:

	As of December 31,
	2024		%			2025		%
Sinatay		29,567		30.7	%		14,136		20.9	%
Fanhua RONS Insurance Sales & Service Co., Ltd.		29,063		30.2	%		12,247		18.1	%
AVIVA-COFCO Life Insurance Co., Ltd.		*		*			9,795		14.5	%
Ruizhong Life Insurance Co., Ltd.		10,291		10.7	%		8,602		12.7	%
Subtotal		68,921		71.6	%		44,780		66.2	%

represented less than 10% of accounts receivable as of the year end.

Subsequent Events (Details) - USD ($)
$ in Thousands, $ / shares in Millions

Dec. 12, 2025

Dec. 31, 2025

Dec. 31, 2024

Class A Ordinary Shares [Member]

Subsequent Events [Line Items]

Ordinary shares issued

^[1]

13,435,271

2,898,349

Nova Lumina Limited [Member]

Subsequent Events [Line Items]

Equity interest, percentage

100.00%

Nova Lumina Limited [Member] | Class A Ordinary Shares [Member]

Subsequent Events [Line Items]

Ordinary shares issued

102,578,839

Nova Lumina Limited [Member]

Subsequent Events [Line Items]

Cash payment (in Dollars)

$ 22,000

Nova Lumina Limited [Member] | Class A Ordinary Shares [Member]

Subsequent Events [Line Items]

Cash payament (in Dollars)

$ 22,000

Purchase price (in Dollars per share)

$ 1.0

Number of shares issued

96,526,648

YSM [Member] | Class A Ordinary Shares [Member]

Subsequent Events [Line Items]

Number of shares issued

6,052,191

[1]	Retrospectively restated for the 1-for-400 reverse share split effected on May 21, 2025.

Consolidated Balance Sheets
¥ in Thousands, $ in Thousands

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Current assets:

Cash and cash equivalents

¥ 31,095

$ 4,447

¥ 106,023

Restricted cash

3,102

444

34,601

Securities available for sale, at fair value

2,450

350

563,436

Equity securities, at fair value

2,746

393

Accounts receivable, net of allowances of RMB1,186 and RMB1,858 as of December 31, 2024 and 2025, respectively

65,533

9,371

95,138

Contract assets, net of allowances of nil and RMB164 as of December 31, 2024 and 2025, respectively

182,453

26,090

260,368

Other receivables, net

288,339

41,232

708,623

Other current assets

14,809

2,118

23,402

Current assets related to discontinued operation

248,104

Total current assets

603,779

86,340

2,039,695

Non-current assets:

Restricted bank deposit – non-current

16,059

2,296

16,541

Contract assets - non-current, net of allowances of nil and 509 as of December 31, 2024 and 2025, respectively

565,418

80,854

693,638

Property, plant, and equipment, net

62,876

8,991

71,011

Deferred tax assets

8,902

1,273

9,976

Investments in affiliates

1,004,683

Other non-current assets

237,475

33,959

225,498

Right-of-use assets

33,589

4,803

60,850

Non-current assets related to discontinued operation

29,122

Total non-current assets

924,319

132,176

2,111,319

Total assets

1,528,098

218,516

4,151,014

Current liabilities:

Short-term loans

56,000

8,008

134,976

Accounts payable

81,089

11,596

113,265

Accrued commissions

90,076

12,881

128,314

Insurance premium payables

312

Other payables and accrued expenses

184,722

26,415

177,083

Accrued payroll

17,940

2,565

19,167

Income taxes payable

67,020

9,584

63,325

Operating lease liabilities

15,308

2,189

30,054

Current liability related to discontinued operation

150,380

Total current liabilities

512,161

73,239

816,876

Non-current liabilities:

Accrued commissions

316,419

45,247

387,540

Tax liabilities

25,701

3,675

25,701

Deferred tax liabilities

187,218

26,772

216,115

Operating lease liabilities

15,463

2,211

27,918

Other non-current liabilities

33,374

Non-current liabilities related to discontinued operation

13,035

Total non-current liabilities

544,801

77,905

703,683

Total liabilities

1,056,962

151,144

1,520,559

Commitments and contingencies

Shareholders’ Equity:

Treasury stock

(197)

Additional paid-in capital

401,928

57,475

192,760

Statutory reserves

343,026

49,052

593,691

Retained earnings (accumulated deficit)

(235,471)

(33,672)

1,789,250

Accumulated other comprehensive loss

(91,213)

(13,043)

(37,666)

Total AIFU INC. shareholders’ equity

478,520

68,428

2,546,516

Non-controlling interests

(7,384)

(1,056)

83,939

Total shareholders’ equity

471,136

67,372

2,630,455

Total liabilities and shareholders’ equity

1,528,098

218,516

4,151,014

Class A Ordinary Shares

Shareholders’ Equity:

Ordinary shares value

^[1]

38,877

5,560

8,678

Class B Ordinary Shares

Shareholders’ Equity:

Ordinary shares value

^[1]

21,373

3,056

Related Party

Current assets:

Amounts due from a related party

¥ 13,252

$ 1,895

[1]	Retrospectively restated for the 1-for-400 reverse share split effected on May 21, 2025.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Income Taxes

(17) 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, 2023, 2024 and 2025.

The Group’s subsidiaries and former 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, 2023 and 2024, respectively.

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, 2026. 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, 2023, 2024 and 2025 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, 2024 and 2025, 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, 2023		32,142
Change in unrecognized tax benefits		—
Decrease in tax positions		(2,279	)
Balance as of December 31, 2023		29,863
Change in unrecognized tax benefits		—
Decrease in tax positions		(4,162	)
Balance as of December 31, 2024		25,701
Decrease in tax positions		—
Balance as of December 31, 2025		25,701

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 RMB25,701 when its statute of limitation expired in 2025.

Income tax expenses are comprised of the following:

	Years Ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Current tax expense		44,634		5,421		20,539
Deferred tax expense (benefit)		14,572		86,533		(16,519	)
Income tax expense		59,206		91,954		4,020

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

	As of December 31,
	2024			2025
	RMB			RMB
Deferred tax assets:
Operating loss carryforward		78,810			357,343
Intangible assets, net		1,220			427
Less: valuation allowances		(70,054	)		(348,868	)
Total		9,976			8,902
Deferred tax liabilities:
Fair value adjustments in relation to short-term investments		101,642			91,066
Estimated profit arising from future renewal commissions		87,743			69,422
PRC dividend withholding taxes		26,730			26,730
Total		216,115			187,218

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 RMB70,054 and RMB348,868 valuation allowance for the years ended December 31, 2024 and 2025, respectively.

The Group had total operating loss carry-forwards of RMB299,223 and RMB1,445,512 as of December 31, 2024 and 2025, respectively. As of December 31, 2025, all of the operating loss carry-forwards will expire in the years from 2026 to 2030. During the years ended December 31, 2023, 2024 and 2025, RMB44,091, RMB48,259 and RMB64,490, respectively, of tax loss carried forward has been expired and cancelled.

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:

	Years Ended December 31,
	2023						2024						2025
	RMB			%			RMB			%			RMB			%
Income (loss) from continuing operations before income taxes, share of income (loss) of affiliates, net		348,767						401,308						(2,273,246	)
Computed income tax expense at PRC EIT tax rate		87,192			25.0	%		100,327			25.0	%		(568,312	)		25.0	%
Expenses not deductible for tax purposes:
—Entertainment		2,417			0.7	%		703			0.2	%		793			(0.0	)%
—Impairment on goodwill		—			—			93,537			23.3	%		—			—
—Provision for expected credit losses on financial assets (i)		—			—			11,718			2.9	%		543,537			(23.9	)%
—Other		340			0.1	%		1,434			0.4	%		—			—
Effect of tax holidays on concessionary rates granted to PRC entities		(9,956	)		(2.9	)%		(507	)		(0.1	)%		—			—
Effect of different tax rates of subsidiaries operating in other jurisdictions		4,110			1.2	%		(135,440	)		(33.7	)%		16,764			(0.7	)%
Change in valuation allowance		2,713			0.8	%		15,645			3.9	%		28,622			(1.3	)%
Utilized of deferred income tax for dividend distribution		—			—			(2,500	)		(0.6	)%		—			—
Effect of non-taxable (income) loss (ii)		(25,709	)		(7.4	)%		29,969			7.5	%		—			—
Unrecognized tax benefits arising from certain transfer pricing arrangements		(2,279	)		(0.7	)%		(4,162	)		(1.0	)%		—			—
Deferred income tax reverse		—			—			(18,800	)		(4.7	)%		(16,799	)		0.7	%
Other		378			0.1	%		30			0.0	%		(585	)		0.0	%
Income tax expense		59,206			17.0	%		91,954			22.9	%		4,020			(0.2	)%

(1)	Provision for expected credit losses on financial assets for the year ended December 31,2025 is primarily relating to the expected credit losses of loan receivables,

(ii)	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. The effect of non-taxable loss for the year ended December 31, 2024 is primarily relating to the non-taxable loss 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 RMB9,956, RMB507 and nil for the years ended December 31, 2023, 2024 and 2025, respectively. Without such exemption, the Group’s basic net profit per share for the years ended December 31, 2023, 2024 and 2025 would have been decreased by RMB0.01, RMB0.00 and RMB0.00, and diluted net profit per share for the years ended December 31, 2023, 2024 and 2025 would have been decreased by RMB0.01, RMB0.00 and RMB0.00, 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 former VIEs in the PRC that are available for distribution to the Group of approximately RMB1,418,135 and RMB1,036,638 as of December 31, 2024 and 2025 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 RMB70,907 and RMB51,832, respectively.

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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, net

(6) Property, Plant and Equipment, net

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

	As of December 31,
	2024			2025
	RMB			RMB
Building		14,604			3,240
Office equipment, furniture and fixtures		118,145			109,767
Motor vehicles		5,275			4,163
Leasehold improvements		17,713			11,783
Total		155,737			128,953
Less: Accumulated depreciation		(138,366	)		(119,717	)
Construction in progress		53,640			53,640
		71,011			62,876

No impairment for property, plant and equipment was recorded for the years ended December 31, 2023, 2024 and 2025. The depreciation expenses was RMB12,761, RMB10,446 and RMB5,326 for the years ended December 31, 2023, 2024 and 2025, respectively.

Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ (2,275,386)	$ (325,376)	¥ 454,960	¥ 280,477

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Acquisitions and Disposals - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Acquisition of Zhongrong Smart Finance Information Technology Co Ltd [Member]
Assets acquired
Cash and cash equivalents and restricted cash	¥ 17,174
Intangible assets acquired	61,472
Accounts receivable and contract assets	163,396
Other assets	16,651
Total assets acquired	258,693
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
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
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
Acquisition of Jilin Zhongji Shi’An Insurance Agency Co Ltd [Member]
Assets acquired
Cash and cash equivalents and restricted cash	1,226
Intangible assets acquired	10,930
Accounts receivable and contract assets	7,188
Other assets	2,602
Total assets acquired	21,946
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
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
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

Summary of Significant Accounting Policies (Details) ¥ in Thousands, $ in Thousands				1 Months Ended	6 Months Ended			12 Months Ended
	May 31, 2025 CNY (¥)	Apr. 30, 2025 USD ($) shares	Nov. 27, 2024 shares	Nov. 30, 2024 USD ($)	Jun. 30, 2025 CNY (¥)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Summary of Significant Accounting Policies [Line Items]
Insurance premium receivables								¥ 3		¥ 131
Entrustment deposits										34,470
Guarantee balance								19,158		16,541
Impairment loss								125,000
Goodwill impairment loss										374,149
Others, net								12,171	$ 1,740	22,701	25,608
Non-controlling interests										6,438
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Others, net
Disposal loss	¥ 4,330
Impairment										5,200
Debt security								¥ 125,000		¥ 125,000
Fixed interest rate										6.00%
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]					Other non-current assets	Other non-current assets	Other non-current assets
Impairment on long-lived assets						¥ 39,307
Insurance policies								0.10%		0.10%	0.10%
Recognized contingent performance bonus								¥ 31		¥ 108	¥ 18,161
Tax amount								3,342		6,658	11,643
Value-added taxes paid								47,497		62,794	116,764
Impairment
Fair value of contingent consideration								17,627		4,088	6,650
Cash and cash equivalents and restricted cash								44,395		12,840
Advertising costs								¥ 3,849		17,465	19,852
Operating leases								1 year
Government grants								¥ 591		2,974	5,012
Operating Leases [Member]
Summary of Significant Accounting Policies [Line Items]
Operating leases								10 years
United States of America, Dollars
Summary of Significant Accounting Policies [Line Items]
Exchange rate								1
China, Yuan Renminbi
Summary of Significant Accounting Policies [Line Items]
Exchange rate								6.9931
Short-Term Investments [Member]
Summary of Significant Accounting Policies [Line Items]
Impairment loss
BGM [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of shares acquired			72.00%
Percentage of voting rights			3.40%					0.80%
Shares transferred amount (in Dollars) \| $		$ 106,900		$ 140,000
Class A Ordinary Shares [Member]
Summary of Significant Accounting Policies [Line Items]
Non-current assets shares (in Shares) \| shares		16,635,752
Class A Ordinary Shares [Member] \| BGM [Member]
Summary of Significant Accounting Policies [Line Items]
Shares acquire (in Shares) \| shares		53,466,331	69,995,661
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Credit loss rates								0.01%	0.01%
Operating lease term								2 years
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Credit loss rates								100.00%	100.00%
Operating lease term								10 years
BML and Avantech [Member]
Summary of Significant Accounting Policies [Line Items]
Others, net								¥ (79)
BML and Avantech [Member] \| Minority Shareholder [Member]
Summary of Significant Accounting Policies [Line Items]
Cash consideration	¥ (354)
Subsidiary [Member]
Summary of Significant Accounting Policies [Line Items]
Equity interest								50.00%

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We rely increasingly on information technology systems and network infrastructure to conduct operations and engage with our customers and business partners. As the complexity of our engagements grows, so do the potential threats from cyber intrusion, ransomware, denial of service, phishing, account takeover, data manipulation, and other cyber misconduct. To counter these threats, we have implemented comprehensive cybersecurity risk assessment procedures and taken various measures to ensure their effectiveness in reporting and managing cybersecurity risks. We have also integrated cybersecurity risk management procedures into our overall risk management system. We have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. This system encompasses various operational levels, including access management, network management, system maintenance, data integrity, and proper use of information resources. We strive to manage cybersecurity risks and protect sensitive information through various means and processes, including, but not limited to, the following: (i) an incident response team designated to assess, contain, and mitigate the potentially harmful effects of cybersecurity incidents, including developing a comprehensive plan outlining the appropriate steps of incident response and disciplinary measures to be implemented upon the occurrence of such incidents, (ii) access control protocols based on a “least privilege” principle, which allows user access only to the resources necessary to perform their respective function(s); (iii) network security monitoring, including firewalls, Intrusion Detection Systems (IDS) and other programs to monitor suspect activity on our network, (iii) regular updates to keep our software and systems current through the use of automated patching solutions, and monitor news sources, industry consortia, and vendors for updates and threat information, and (iv) periodic review of information security controls by internal and external staff, and regular training sessions on information security conducted for employees. addition, we work with third-party cybersecurity professionals to guide and support our cybersecurity management efforts.We have implemented information technology access control procedures to oversee and identify cybersecurity risks associated with our third-party service providers. For example, third-party access may be evaluated and approved by our chief digital officer on a case-by-case basis and granted strictly in accordance with the “least privilege” principle, after such third parties have undergone a background check or other due-diligence process. Any third-party service providers connecting to our network must demonstrate that they are capable of maintaining appropriate safeguards to comply with applicable cybersecurity laws and regulations. Although we have implemented various measures to mitigate cybersecurity threats, we cannot guarantee that cybersecurity risks will be completely eliminated, and we may from time to time be exposed to risks from cybersecurity threats. As of the date of this annual report, we have not experienced any cybersecurity incidents or identified any risks from cybersecurity threats that have affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. For more information regarding the risks associated with cybersecurity incidents, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—A computer system failure, cyber-attacks, any failure to protect the confidential information of our customers or other security breaches may disrupt our business, loss of customers, damage our reputation, result in potential liability and adversely affect our results of operations and financial condition.” Cybersecurity Oversight and Governance The audit committee of our board of directors is responsible for overseeing the Company’s risk management processes and the implementation of our cybersecurity policy. The board and the audit committee are aware of the rapidly evolving nature of threats presented by cybersecurity incidents and are committed to the prevention, timely detection, and mitigation of the effects of cybersecurity incidents on the Company. The audit committee shall review, approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of the Company. The audit committee routinely provides updates to the board on the matters related to cybersecurity, and is responsible for reviewing and evaluating the sufficiency of our cybersecurity policy and proposing any necessary changes to the board for approval. The audit committee also receives regular reports and updates from our chief digital officer, such as the internal and external cybersecurity threat landscape, material risks arising from cybersecurity threats, and any material cybersecurity incidents. Our management is committed to cybersecurity risk management. The head of our information technology department, who leads a dedicated cybersecurity team, is responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents related to our legacy IT system. He has over 18 years of experiences in in application, infrastructure, development, security and governance. He reports to our chief executive officer and provides timely and routine updates to the audit committee on any material cybersecurity incidents. Upon the identification of a cybersecurity incident, the head of our information technology department will organize an incident response team. The incident response team coordinates with internal and external IT personnel and advisors, and internal and external counsel, as appropriate, to minimize the threat of damage resulting from a cybersecurity incident.
Cybersecurity Risk Management Processes Integrated [Text Block]	We have also integrated cybersecurity risk management procedures into our overall risk management system.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As of the date of this annual report, we have not experienced any cybersecurity incidents or identified any risks from cybersecurity threats that have affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Oversight and Governance The audit committee of our board of directors is responsible for overseeing the Company’s risk management processes and the implementation of our cybersecurity policy. The board and the audit committee are aware of the rapidly evolving nature of threats presented by cybersecurity incidents and are committed to the prevention, timely detection, and mitigation of the effects of cybersecurity incidents on the Company. The audit committee shall review, approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of the Company. The audit committee routinely provides updates to the board on the matters related to cybersecurity, and is responsible for reviewing and evaluating the sufficiency of our cybersecurity policy and proposing any necessary changes to the board for approval. The audit committee also receives regular reports and updates from our chief digital officer, such as the internal and external cybersecurity threat landscape, material risks arising from cybersecurity threats, and any material cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee of our board of directors is responsible for overseeing the Company’s risk management processes and the implementation of our cybersecurity policy. The board and the audit committee are aware of the rapidly evolving nature of threats presented by cybersecurity incidents and are committed to the prevention, timely detection, and mitigation of the effects of cybersecurity incidents on the Company. The audit committee shall review, approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of the Company. The audit committee routinely provides updates to the board on the matters related to cybersecurity, and is responsible for reviewing and evaluating the sufficiency of our cybersecurity policy and proposing any necessary changes to the board for approval.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee also receives regular reports and updates from our chief digital officer, such as the internal and external cybersecurity threat landscape, material risks arising from cybersecurity threats, and any material cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management is committed to cybersecurity risk management. The head of our information technology department, who leads a dedicated cybersecurity team, is responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents related to our legacy IT system.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The head of our information technology department, who leads a dedicated cybersecurity team, is responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents related to our legacy IT system. He has over 18 years of experiences in in application, infrastructure, development, security and governance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	He reports to our chief executive officer and provides timely and routine updates to the audit committee on any material cybersecurity incidents.

Share-Based Compensation - Schedule of Share Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
2022 Options [Member]
Schedule of Share Options Outstanding [Line Items]
Number of options outstanding, beginning balance (in Shares)	10,000
Weighted average exercise price outstanding, beginning balance (in Dollars per share)	$ 0.2305
Weighted average remaining contractual life outstanding, beginning balance	4 years 2 months 8 days
Aggregate Intrinsic Value outstanding, beginning balance
Number of options, forfeited (in Shares)	(33)
Number of options outstanding, ending balance (in Shares)	9,967	10,000
Weighted average exercise price outstanding, ending balance (in Dollars per share)	$ 0.2305	$ 0.2305
Weighted average remaining contractual life outstanding, ending balance	3 years 2 months 8 days
Aggregate Intrinsic Value outstanding, ending balance
MDRT Options [Member]
Schedule of Share Options Outstanding [Line Items]
Number of options outstanding, beginning balance (in Shares)	68,671	28,250
Weighted average exercise price outstanding, beginning balance (in Dollars per share)		$ 20
Weighted average remaining contractual life outstanding, beginning balance		3 years 7 months 2 days
Aggregate Intrinsic Value outstanding, beginning balance	$ 57	$ 3,192
Number of options, granted (in Shares)		66,045
Weighted average exercise price, granted (in Dollars per share)		$ 38.2
Weighted average remaining contractual life, granted		3 years 2 months 8 days
Aggregate Intrinsic Value, granted		$ 1,778
Number of options, exercised (in Shares)		(525)
Aggregate Intrinsic Value, Exercised
Number of options, forfeited (in Shares)	(36,776)	(25,099)
Aggregate Intrinsic Value, Forfeited
Number of options outstanding, ending balance (in Shares)	31,895	68,671
Weighted average exercise price outstanding, ending balance (in Dollars per share)	$ 36.12
Weighted average remaining contractual life outstanding, ending balance	1 year 7 months 2 days	2 years 7 months 2 days
Aggregate Intrinsic Value outstanding, ending balance	$ 57	$ 57

Distribution of Profits

12 Months Ended

Dec. 31, 2025

Distribution of Profits [Abstract]

Distribution of Profits

(20) Distribution of Profits

As stipulated by the relevant PRC laws and regulations applicable to China’s foreign investment enterprise, the Group’s subsidiaries and former VIEs in the PRC are required to maintain non-distributable reserves which include a statutory surplus reserve as of December 31, 2024 and 2025. 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 former VIEs. The appropriations to statutory surplus reserve are required until the balance reaches 50% of the registered capital of respective subsidiaries and former 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 RMB593,691 and RMB343,026 as of December 31, 2024 and 2025, respectively.

Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries and former 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 former VIEs in which the Company has no legal ownership, totaling RMB1,495,385 and RMB1,244,719 as of December 31, 2024 and 2025, respectively, which were not eligible to be distributed.

Summary of Significant Accounting Policies - Schedule of Accounts Receivable and Contract Assets, Net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of accounts receivable and contract assets, net [Abstract]
Accounts receivable	¥ 67,391	¥ 96,324
Contract assets (See Note 2(q))	748,544	954,006
Allowance for expected credit losses	(2,531)	(1,186)
Accounts receivable and contract assets, net	¥ 813,404	¥ 1,049,144

Other Non-Current Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Other Non-Current Assets,net [Abstract]

Schedule of Other Non-Current Assets, Net

Other non-current assets, net consist of the following:

	As of December 31,
	2024			2025
	RMB			RMB
Equity investments without readily determinable fair value (Note 2(j))		20,491			236,819
Long-term hybrid instrument (Note 2(j))(i)		125,000			125,000
Amount due from a third party (ii)		31,709			33,063
Contingent considerations (Note 3)		17,549			—
Receivables from certain shareholders as guarantee deposit due to business combinations		33,374			—
Others		1,407			667
Less: Allowance for expected credit losses		(4,032	)		(33,074	)
Less: Impairment loss		—			(125,000	)
		225,498			237,475

(i)

Amount represented 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 recorded impairment loss on investment in debt securities of RMB125,000 as of December 31, 2025 in the consolidated statements of income (loss) and comprehensive income(loss).

(ii)

Amount represented a term-loan (matures in September 2028) to a third party of RMB30,000 and corresponding interest receivable RMB3,063 as of December 31, 2025. The loan bears interest rate 4.5% per annum and is guaranteed by the ultimate controlling owner of the borrower, whom is jointly liable.

Schedule of Allowance for Expected Credit Losses of Other Current Assets

The following table summarizes the movement of the Group’s allowance for expected credit losses of other current assets:

	As of December 31,
	2024		2025
	RMB		RMB
Balance at the beginning of the year		2,930		4,032
Current period allowance for expected credit losses		1,102		29,042
Balance at the end of the year		4,032		33,074

Other Payables and Accrued Expenses

12 Months Ended

Dec. 31, 2025

Other Payables and Accrued Expenses [Abstract]

Other Payables and Accrued Expenses

(14) Other Payables and Accrued Expenses

Components of other payables and accrued expenses are as follows:

	As of December 31,
	2024		2025
	RMB		RMB
Business and other tax payables		63,935		49,428
Refundable deposits from employees and agents		17,777		17,577
Professional fees		13,453		782
Accrued expenses to third parties		12,826		37,471
Contributions from members of eHuzhu mutual aid program (Note 2(c))		32,915		—
Accrued compensation to staff layoff		20,648		12,132
Payable to third parties(i)		14,714		62,333
Others		815		4,999
Total		177,083		184,722

(i)

Amount represented payables to divested subsidiaries, which are non-interest-bearing, unsecured and due within one year.

Discontinued Operations - Schedule of Balance Sheets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Balance Sheets [Abstract]
Cash and cash equivalents and restricted cash	¥ 88,579
Short term investments	52,025
Accounts receivable, net	75,763
Other receivables, net	24,073
Other current assets, net	9,211
Property, plant, and equipment, net	7,306	¥ 3,847	¥ 3,324
Other non-current assets, net	6,237
Right of use asset	14,032
Total assets	277,226
Other payable and accrued expenses	92,446
Accrued payroll	41,846
Income tax payable	10,104
Operating lease liabilities	13,538
Deferred tax liabilities	5,481
Total liabilities	163,415
Total net assets of the Disposal Group	113,811
Less: Non-controlling interests of the Disposal Group	(86,801)
Net assets of the Disposal Group contributable to the Group	27,010
Loss on disposal of the Disposal Group	¥ 3,230

Discontinued Operations - Schedule of Assets and Liabilities from the Discontinued Operations in the Consolidated Balance Sheets (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
Schedule of Assets and Liabilities from the Discontinued Operations in the Consolidated Balance Sheets [Abstract]
Consideration	¥ 30,240

Acquisitions and Disposals (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands										1 Months Ended		12 Months Ended
	Jun. 30, 2025 CNY (¥)	May 27, 2025 USD ($) shares	Apr. 30, 2025 USD ($)	Feb. 28, 2025 CNY (¥)	Nov. 30, 2024 $ / shares shares	Nov. 30, 2023 CNY (¥) shares	Mar. 01, 2023 CNY (¥) shares	Feb. 08, 2023	Jan. 03, 2023 CNY (¥) shares	Nov. 30, 2024 USD ($) $ / shares	Nov. 30, 2023	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	May 31, 2025 CNY (¥)	Nov. 27, 2024	Feb. 06, 2023
Acquisitions and Disposals [Line Items]
Contingent asset																	¥ 7,800
Loss on disposal												¥ 30,210
Recognized a loss	¥ 6,441											79,954
Disposal of these subsidiaries														¥ 891,052
Disposals of subsidiaries total consideration												¥ 30,240
Lock-up period												5 years	5 years
Others, net												¥ 12,171	$ 1,740	22,701		¥ 25,608
BGM [Member]
Acquisitions and Disposals [Line Items]
Cash consideration												¥ 359
Consideration settled (in Dollars) \| $													$ 359
Aggregate consideration (in Dollars) \| $			$ 106,900							$ 140,000
Business acquisition price (in Dollars per share) \| $ / shares					$ 2					$ 2
Equity interest percentage																		72.00%
Voting power												0.80%						3.40%
Zhejiang Fanhua Tongchuang Insurance Agency Co., Ltd [Member]
Acquisitions and Disposals [Line Items]
Cash consideration														1,866
Consideration settled (in Dollars) \| $															$ 1,766
Recognized gain														1,976
Wuhan Taiping Online Insurance Agency Co., Ltd. [Member]
Acquisitions and Disposals [Line Items]
Contingent asset							¥ 1,554
Disposals of subsidiaries total consideration														¥ 1,000,000
Equity interest percentage								51.00%
Lock-up period								3 years	3 years
Stock consideration							23,541
Purchase price												¥ 21,987
Assets acquired and liabilities assumed												¥ 10,420
Repurchased share (in Shares) \| shares						9,107,140
Others, net																¥ 139
BGM Group Limited [Member]
Acquisitions and Disposals [Line Items]
Aggregate consideration (in Dollars) \| $		$ 106,937
Shares transferred (in Shares) \| shares		53,466,331										16,635,752	16,635,752
Equity interest percentage												8.30%
Zhongrong Smart Finance Information Technology Co Ltd (“Zhongrong”) [Member]
Acquisitions and Disposals [Line Items]
Contingent asset									¥ 7,162
Equity interest percentage									57.73%
Stock consideration									¥ 153,732
Jilin Zhongji Shi’An Insurance Agency Co., Ltd. [Member]
Acquisitions and Disposals [Line Items]
Equity interest percentage																			51.00%
Stock consideration							35,311
Net contingent liability							¥ 74
Business Acquisition [Member]
Acquisitions and Disposals [Line Items]
Assets acquired and liabilities assumed												¥ 33,361
Other Acquisitions [Member]
Acquisitions and Disposals [Line Items]
Cash consideration						¥ 2,650
Equity interest percentage						100.00%					100.00%					100.00%
Percentage of fair value of gross assets											90.00%
Blueplus [Member]
Acquisitions and Disposals [Line Items]
Equity interest				100.00%
Beijing Fanlian Investment Co. Ltd [Member]
Acquisitions and Disposals [Line Items]
Equity interest	100.00%											100.00%
Blueplus [Member]
Acquisitions and Disposals [Line Items]
Cash consideration				¥ 3,030
Beijing Fanlian Investment Co. Ltd [Member]
Acquisitions and Disposals [Line Items]
Cash consideration	¥ 14,260
Qilinfu Capital (Shenzhen) Co.Ltd. [Member]
Acquisitions and Disposals [Line Items]
Subsidiary acquired																	100.00%
Shenzhen Dianlian Information Technology Co., Ltd., [Member]
Acquisitions and Disposals [Line Items]
Subsidiary acquired				100.00%
Ordinary Shares [Member] \| BGM [Member]
Acquisitions and Disposals [Line Items]
Shares transferred (in Shares) \| shares					69,995,661
Ordinary Shares [Member] \| Wuhan Taiping Online Insurance Agency Co., Ltd. [Member]
Acquisitions and Disposals [Line Items]
Number of shares issued (in Shares) \| shares							9,107,140
Ordinary Shares [Member] \| Zhongrong Smart Finance Information Technology Co Ltd (“Zhongrong”) [Member]
Acquisitions and Disposals [Line Items]
Number of shares issued (in Shares) \| shares									61,853,580
Ordinary Shares [Member] \| Jilin Zhongji Shi’An Insurance Agency Co., Ltd. [Member]
Acquisitions and Disposals [Line Items]
Number of shares issued (in Shares) \| shares							13,660,720

Investments in Affiliates

12 Months Ended

Dec. 31, 2025

Investments in Affiliates [Abstract]

Investments in Affiliates

(10) Investments in Affiliates

As of December 31, 2024 and 2025, the Group’s investments in affiliates accounted for under the equity method were as follows:

	As of December 31,
	2024		2025
	RMB		RMB
BGM (Note 2(i) and Note 3)		1,000,000		—
HK JVs (Note 2(i))		4,683		—
Total		1,004,683		—

Goodwill, Net

12 Months Ended

Dec. 31, 2025

Goodwill, Net [Abstract]

Goodwill, net

(8) Goodwill, net

The gross amount of goodwill and accumulated impairment losses by reporting unit as of December 31, 2024 and 2025 are as follows:

	Agency segment			Total
	RMB			RMB
Gross as of December 31, 2024		374,149			374,149
Addition in 2025 (Note 3)		—			—
Disposal in 2025 (Note 3)		—			—
Accumulated impairment loss as of December 31, 2024		(374,149	)		(374,149	)
Net, as of December 31, 2024		—			—
Net, as of December 31, 2025		—			—

The Group performs annual goodwill impairment test at each year end. In 2024 annual test, the Group noted the underperformance of insurance agency business, mainly due to the impact of newly released industrial regulatory rules capping the commission rates charged by insurance intermediaries, and determined that it was more likely than not that there were indications of impairment for the reporting unit of Insurance Agency. The Group utilized the discounted cash flow model to estimate the fair value of the reporting unit and concluded that the carrying amount of Insurance Agency exceeded its fair value. As a result, an impairment loss on goodwill of RMB374,149 was recognized in the consolidated statement of income(loss) and comprehensive income (loss) for the year ended December 31, 2024.

No impairment loss was recognized in goodwill for the years ended December 31, 2023 and 2025.

- Definition

The entire disclosure for goodwill.

+ References + Details

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Other Current Assets [Abstract]

Schedule of Other Current Assets

Other current assets consist of the following:

	As of December 31,
	2024		2025
	RMB		RMB
Prepaid operating costs and miscellaneous daily expenses		9,200		14,674
Equity investments with readily determinable fair value (i)		13,755		—
Other		447		135
		23,402		14,809

(i)

This amount mainly represents an equity investment of AIFU in Cheche Technology Inc. (“Cheche”), a Nasdaq-listed company. The Group measures the equity interests in Cheche at fair value and recorded a loss of RMB82,499 and RMB132 from fair value change in the consolidated statement of income (loss) and comprehensive income (loss) for the years ended December 31, 2024 and 2025, respectively.

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Statement of Cash Flows [Abstract]
Net income (loss)	¥ (2,274,036)	$ (325,183)	¥ 309,474	¥ 289,099
Adjustments to reconcile net income (loss) to net cash generated from operating activities:
Depreciation expense	5,326	761	12,516	16,192
Amortization of intangible assets			16,791	17,858
Non-cash operating lease expense	16,223	2,320	58,192	66,782
Loss on termination of operating lease	11,100	1,587	1,726	2,907
Allowance for credit losses on financial assets	1,561,435	223,282	43,650	24,647
Impairment loss on financial assets	610,631	87,319
Share-based compensation expenses	16,996	2,430	38,589	17,095
(Loss) Gain on disposal of property, plant and equipment	(6,618)	(947)	224	1,311
Property, plant and equipment written off			4,180
Change in fair value of equity investments	7,349	1,051	82,588	(96,217)
Derecognition of a contingent consideration	17,627	2,521	(4,088)	(6,650)
Investment income	(4,708)	(673)	(5,351)	(17,047)
Net loss (gain) on disposal of subsidiaries	113,376	16,213	(897,306)	2,904
Loss (gain) on disposal of investment in an associate	4,330	619
Share of loss of affiliates, net of impairment			10,252	1,317
Deferred taxes	(15,700)	(2,245)	111,498	14,544
Interest accrued for other receivables	(31,237)	(4,467)	(11,638)	(3,537)
Impairment of goodwill and intangible assets			404,121
Changes in operating assets and liabilities:
Accounts receivable	6,952	992	76,783	196,422
Contract assets	205,461	29,383	116,924	(327,419)
Insurance premium receivables				(16)
Other receivables	(211,449)	(30,237)	(272,392)	9,034
Other current assets	(4,463)	(638)	4,881	8,576
Other non-current assets	31,431	4,495	2,696	(4,933)
Accounts payable	(67,513)	(9,654)	(135,671)	(362,066)
Accrued commissions	(71,122)	(10,170)	(13,844)	364,026
Insurance premium payables	(305)	(44)	(7,596)	(1,637)
Other payables and accrued expenses	115,453	16,510	310,476	(2,115)
Accrued payroll	809	116	(30,299)	(8,799)
Income taxes payable	7,013	1,003	(24,071)	(29,947)
Lease liabilities	(27,266)	(3,899)	(55,709)	(68,265)
Tax liabilities	(33,368)	(4,772)	(4,744)	(2,279)
Net cash generated from (used in) operating activities	(16,273)	(2,327)	142,852	101,787
Cash flows from investing activities:
Purchase of short-term investments	(49,942)	(7,143)	(1,847,474)	(4,399,910)
Proceeds from disposal of short-term investments	84,714	12,114	2,150,410	4,226,001
Purchase of long-term investments				(135,462)
Purchase of property, plant and equipment	(3,338)	(477)	(8,450)	(12,996)
Proceeds from disposal of property, plant and equipment	13,697	1,959	3,117	3,047
Cash paid out for loan receivables from third parties			(824,800)	(160,000)
Cash received for loan receivables from third parties			141,000	229,000
Payment for business acquisitions, net of cash acquired				18,452
Proceeds as guarantee deposits from certain shareholders in business combinations				33,373
Payment as guarantee deposits to certain shareholders in business combinations				(33,373)
Disposal of subsidiaries, net of cash disposed	(143,172)	(20,473)	(50,393)
Loan to a related party	(15,482)	(2,214)
Loan from a related party	1,748	250
Cash received from disposal of an equity investment	354	51
Cash acquired on non-cash acquisitions	39	6
Others				(2,440)
Net cash used in investing activities	(111,382)	(15,927)	(436,590)	(234,308)
Cash flows from financing activities:
Proceeds from bank borrowings	74,000	10,582	134,976	182,301
Proceeds of issuance of ordinary shares	7,299	1,044	93
Repayment of bank and other borrowings	(152,976)	(21,875)	(164,300)	(62,789)
Dividend distributed to non-controlling interest			(29,500)
Proceeds on exercise of stock options	73	10
Capital contribution from non-controlling interests				7,330
Repurchase of ordinary shares from open market			(5,735)	(40,556)
Others			77	(110)
Net cash (used in) generated from financing activities	(71,604)	(10,239)	(64,389)	86,176
Net decrease in cash and cash equivalents, and restricted cash	(199,259)	(28,493)	(358,127)	(46,345)
Cash and cash equivalents and restricted cash at beginning of year	245,744	35,141	602,004	648,211
Effect of exchange rate changes on cash and cash equivalents	3,771	539	1,867	138
Cash and cash equivalents and restricted cash at the end of the year	50,256	7,187	245,744	602,004
Reconciliation in amounts on the consolidated balance sheets:
Cash and cash equivalents at the end of the year	31,095	4,447	192,117	521,538
Restricted cash at the end of the year	19,161	2,740	53,627	80,466
Total of cash and cash equivalents and restricted cash at the end of the year	50,256	7,187	245,744	602,004
Supplemental disclosure of cash flow information:
Income taxes paid	10,264	1,468	12,601	76,879
Interests paid	3,799	543	3,326	8,750
Supplemental disclosure of non-cash information:
Right-of-use assets obtained in exchange for lease liabilities	(699)	(100)	(1,872)	57,233
Acquisition of subsidiaries through issuing ordinary shares				(203,657)
Equity shares received as consideration of disposal of subsidiaries (Note3)			¥ 1,000,000

Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of the Group’s Assets and Liabilities that are Measured at Fair Value on a Recurring Basis in Periods Subsequent to their Initial Recognition (Details) - Fair Value, Recurring [Member] - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Fair Value Measurements of the Group’s Assets and Liabilities that are Measured at Fair Value on a Recurring Basis in Periods Subsequent to their Initial Recognition [Line Items]
Short-term investments - debt security	¥ 2,450	¥ 563,436
Investments – equity security recorded within other current assets and other non-current assets	239,565	13,755
Contingent consideration		17,549
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of Fair Value Measurements of the Group’s Assets and Liabilities that are Measured at Fair Value on a Recurring Basis in Periods Subsequent to their Initial Recognition [Line Items]
Short-term investments - debt security
Investments – equity security recorded within other current assets and other non-current assets	2,746	13,755
Contingent consideration
Significant Other Observable Inputs (Level 2) [Member]
Schedule of Fair Value Measurements of the Group’s Assets and Liabilities that are Measured at Fair Value on a Recurring Basis in Periods Subsequent to their Initial Recognition [Line Items]
Short-term investments - debt security	2,450	563,436
Investments – equity security recorded within other current assets and other non-current assets
Contingent consideration
Significant Unobservable Inputs (Level 3) [Member]
Schedule of Fair Value Measurements of the Group’s Assets and Liabilities that are Measured at Fair Value on a Recurring Basis in Periods Subsequent to their Initial Recognition [Line Items]
Short-term investments - debt security
Investments – equity security recorded within other current assets and other non-current assets	¥ 236,819
Contingent consideration		¥ 17,549

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Schedule of Unrecognized Tax Benefits

The movements of unrecognized tax benefits are as follows:

	RMB
Balance as of January 1, 2023		32,142
Change in unrecognized tax benefits		—
Decrease in tax positions		(2,279	)
Balance as of December 31, 2023		29,863
Change in unrecognized tax benefits		—
Decrease in tax positions		(4,162	)
Balance as of December 31, 2024		25,701
Decrease in tax positions		—
Balance as of December 31, 2025		25,701

Schedule of Income Tax Expenses

Income tax expenses are comprised of the following:

	Years Ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Current tax expense		44,634		5,421		20,539
Deferred tax expense (benefit)		14,572		86,533		(16,519	)
Income tax expense		59,206		91,954		4,020

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,
	2024			2025
	RMB			RMB
Deferred tax assets:
Operating loss carryforward		78,810			357,343
Intangible assets, net		1,220			427
Less: valuation allowances		(70,054	)		(348,868	)
Total		9,976			8,902
Deferred tax liabilities:
Fair value adjustments in relation to short-term investments		101,642			91,066
Estimated profit arising from future renewal commissions		87,743			69,422
PRC dividend withholding taxes		26,730			26,730
Total		216,115			187,218

Schedule of Effective Income Tax Rate Reconciliation

	Years Ended December 31,
	2023						2024						2025
	RMB			%			RMB			%			RMB			%
Income (loss) from continuing operations before income taxes, share of income (loss) of affiliates, net		348,767						401,308						(2,273,246	)
Computed income tax expense at PRC EIT tax rate		87,192			25.0	%		100,327			25.0	%		(568,312	)		25.0	%
Expenses not deductible for tax purposes:
—Entertainment		2,417			0.7	%		703			0.2	%		793			(0.0	)%
—Impairment on goodwill		—			—			93,537			23.3	%		—			—
—Provision for expected credit losses on financial assets (i)		—			—			11,718			2.9	%		543,537			(23.9	)%
—Other		340			0.1	%		1,434			0.4	%		—			—
Effect of tax holidays on concessionary rates granted to PRC entities		(9,956	)		(2.9	)%		(507	)		(0.1	)%		—			—
Effect of different tax rates of subsidiaries operating in other jurisdictions		4,110			1.2	%		(135,440	)		(33.7	)%		16,764			(0.7	)%
Change in valuation allowance		2,713			0.8	%		15,645			3.9	%		28,622			(1.3	)%
Utilized of deferred income tax for dividend distribution		—			—			(2,500	)		(0.6	)%		—			—
Effect of non-taxable (income) loss (ii)		(25,709	)		(7.4	)%		29,969			7.5	%		—			—
Unrecognized tax benefits arising from certain transfer pricing arrangements		(2,279	)		(0.7	)%		(4,162	)		(1.0	)%		—			—
Deferred income tax reverse		—			—			(18,800	)		(4.7	)%		(16,799	)		0.7	%
Other		378			0.1	%		30			0.0	%		(585	)		0.0	%
Income tax expense		59,206			17.0	%		91,954			22.9	%		4,020			(0.2	)%

(1)	Provision for expected credit losses on financial assets for the year ended December 31,2025 is primarily relating to the expected credit losses of loan receivables,

(ii)	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. The effect of non-taxable loss for the year ended December 31, 2024 is primarily relating to the non-taxable loss from changes in fair value of equity interests held by the Group.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table shows the Group’s operations by business segment for the years ended December 31, 2023, 2024 and 2025. Other represents revenue and expenses that are not allocated to reportable segments and corporate related items.

	For the year ended December 31, 2025
	Agency			Other			Consolidated			Consolidated
	RMB			RMB			RMB			USD
	(In thousands)
Total revenues		556,567			—			556,567			79,588
Operating costs and expenses:
Cost of revenues		(282,300	)		—			(282,300	)		(40,369	)
Selling expenses		(60,655	)		—			(60,655	)		(8,674	)
General and administrative expenses		(182,016	)		(70,653	)		(252,669	)		(36,131	)
Total operating costs and expenses		(524,971	)		(70,653	)		(595,624	)		(85,174	)
Operating profit (loss)		31,596			(70,653	)		(39,057	)		(5,586	)
Loss from fair value change		—			(24,976	)		(24,976	)		(3,572	)
Investment income		—			39,483			39,483			5,646
Gains from disposal of subsidiaries		(25,084	)		(91,521	)		(116,605	)		(16,674	)
Interest income		63			30,144			30,207			4,320
Financial cost		(3,686	)		(24	)		(3,710	)		(531	)
Others,net		13,960			(2,172,548	)		(2,158,588	)		(308,673	)
Income (Loss) before income taxes		16,849			(2,290,095	)		(2,273,246	)		(325,070	)
Income Tax expense		(1,063	)		(2,957	)		(4,020	)		(575	)
Net income (loss)		15,786			(2,293,052	)		(2,277,266	)		(325,645	)
Less: net income (loss) attributable to non-controlling interests		1,350			—			1,350			193
Net income (loss) attributable to AIFU Inc.		14,436			(2,293,052	)		(2,278,616	)		(325,838	)

	For the year ended December 31, 2024
	Agency			Other			Consolidated
	RMB			RMB			RMB
	(In thousands)
Total revenues		1,331,778			—			1,331,778
Operating costs and expenses:
Cost of revenues		(799,781	)		—			(799,781	)
Selling expenses		(86,372	)		(17,922	)		(104,294	)
General and administrative expenses		(329,519	)		(141,181	)		(470,700	)
Impairment loss		(404,121	)		—			(404,121	)
Total operating costs and expenses		(1,619,793	)		(159,103	)		(1,778,896	)
Operating loss		(288,015	)		(159,103	)		(447,118	)
Loss from fair value change		—			(78,499	)		(78,499	)
Investment income		42,288			—			42,288
Gains from disposal of subsidiaries		—			897,306			897,306
Interest income		2,144			12,948			15,092
Financial cost		(4,450	)		1,135			(3,315	)
Others,net		(136,875	)		112,429			(24,446	)
(Loss) Income before income taxes		(384,908	)		786,216			401,308
Income tax expense		11,867			(103,821	)		(91,954	)
Share of loss of affiliates		—			(5,052	)		(5,052	)
Net (loss) income		(373,041	)		677,343			304,302
Less: net loss attributable to non-controlling interests		(148,720	)		—			(148,720	)
Net (loss) income attributable to AIFU Inc.		(224,321	)		677,343			453,022

	For the year ended December 31, 2023
	Agency			Other			Consolidated
	RMB			RMB			RMB
Net revenues:	(In thousands)
Total net revenues		2,760,448			—			2,760,448
Operating costs and expenses:
Total operating costs		(1,868,672	)		—			(1,868,672	)
Selling expenses		(131,934	)		(19,896	)		(151,830	)
General and administrative expenses		(421,780	)		(141,693	)		(563,473	)
Impairment loss		—			—			—
Total operating costs and expenses		(2,422,386	)		(161,589	)		(2,583,975	)
Income (Loss) from operations		338,062			(161,589	)		176,473
Other income, net:
Gains from fair value change		—			102,867			102,867
Investment income related to the realized gain on available-for-sale investments		7,221			41,029			48,250
Losses from disposal of subsidiaries		(2,904	)		—			(2,904	)
Interest income		1,448			13,557			15,005
Financial cost		(10,055	)		—			(10,055	)
Others, net		3,457			15,674			19,131
Income before income taxes, share of income and impairment of affiliates, net		337,229			11,538			348,767
Income tax expense		(57,086	)		(2,120	)		(59,206	)
Share of income of affiliates, net of impairment		(1,317	)		—			(1,317	)
Net income		278,826			9,418			288,244
Less: net income attributable to the noncontrolling interests		4,773			—			4,773
Net income attributable to the Company’s shareholders		274,053			9,418			283,471

Related-Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

The principal related-party balances as of December 31, 2024 and 2025, and transactions for the years ended December 31, 2023, 2024 and 2025 are as follows:

Name of Related Party		Relationship to the Group
Maase Inc. (“MAASE”)		A shareholder of the Group (formerly known as “Puyi Inc.” and “Highest Performances Holdings Inc.”)
Chengdu Puyi Bohui Information Technology Co.,		Controlled by MAASE before September 30,2025
Puyi Enterprise Management Consulting Co., Ltd		Controlled by MAASE before September 30,2025

Schedule of Related Party Balances

Related-party Balances:

	As of December 31,			As of December 31,
	2025			2025
Amount due from related parties	RMB			USD
Maase Inc.(i)		13,733			1,981
Less: Allowance for credit loss		(481	)		(86	)
Total		13,252			1,895

(i)

Amount represents unsecured, interest-free loans due from related parties, which are repayable in two years. The loans were provided to supplement MAASE’s working capital.

Goodwill, Net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Goodwill, Net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill, Net [Abstract]
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating profit (loss)
Goodwill impairment loss		¥ 374,149

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Compensation [Abstract]

Schedule of Share Options Outstanding

For the year ended December 31, 2025, 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, 2025		10,000			0.2305		4.19		—
Forfeited		(33	)
Outstanding as of December 31, 2025		9,967			0.2305		3.19		—

A summary of share options outstanding as of December 31, 2025, 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, 2024		28,250			20		3.59		3,192
Granted		66,045			38.2		3.19		1,778
Exercised		(525	)		—		—		—
Forfeited		(25,099	)		—		—		—
Outstanding as of December 31, 2024		68,671					2.59		57
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		(36,776	)		—		—		—
Outstanding as of December 31, 2025		31,895			36.12		1.59		57

Schedule of Activity of Service-Based RSUs

A summary of the activity of the service-based RSUs for the year ended December 31, 2025 is presented as follows:

	Number of restricted shares			Weighted average grant-date fair value
				US$
Unvested as of January 1, 2024		26,850			—
Granted		63,410			30,220
Vested		(40,000	)		—
Forfeited		(260	)		—
Unvested as of December 31, 2024		50,000			—
Granted		550,000			3,351,000
Vested		(565,000	)		—
Forfeited		—			—
Unvested as of December 31, 2025		35,000			—

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date

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

Assumptions	2023 MDRT	2024 MDRT 1	2024 MDRT 2
Expected dividend yield (Note i)	3.69%	3.22%	3.22%
Risk-free interest rates (Note ii)	3.88%	4.81%	4.44-4.81%
Expected volatility (Note iii)	51.41%	59.78%	59.78-60.61%
Expected life in years (Note iv)	4.49	3.29	3.1-3.29
Exercise multiple (Note v)	2.80	1.0	1.0
Fair value of options on grant date	US$115.84~US$119.88	US$33.36~US$33.56	US$28.44~US$48.16

(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 Options plan.

(v)

Exercise multiple:

The exercise multiple was estimated based on empirical studies.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Table]
Auditor Name	Enrome LLP
Auditor Firm ID	6907
Auditor Location	Singapore, Singapore
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of AIFU Inc. (formally known as “AIX Inc.” and “Fanhua Inc.”) (the “Company”) and its subsidiaries (the “Group”) as of December 31, 2024 and 2025, the related consolidated statements of income (loss) and comprehensive income (loss), changes in shareholders’ equity and cash flows, for the years ended December 31, 2024 and 2025, and the related notes and schedule I (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2024 and 2025, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2025, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Group’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 28, 2026, expressed an unqualified opinion on the Group’s internal control over financial reporting.

Net Income/(Loss) Per Share (Details) - shares	12 Months Ended
Net Income/(Loss) Per Share (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Ordinary Shares [Member] \| Employee Share Options [Member]
Net Income Per Share [Line Items]
Shares excluded from computation of earnings per share	35,000	28,315

Other Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2025

Other Receivables, Net [Abstract]

Schedule of Other Receivables, Net

Other receivables, net consist of the following:

	As of December 31,
	2024			2025
	RMB			RMB
Advances to staff (i)		2,533			2,270
Rental deposits		8,134			5,439
Loan receivable to third parties (ii)		743,793			804,834
Consideration receivable from disposal of long-term investments(iii)		—			816,653
Receivables consideration from share issuance(iv)		—			234,688
Other		1,305			2,165
Less: Allowance for expected credit losses - other receivables		(47,142	)		(1,577,710	)
Other receivables, net		708,623			288,339
The following table summarizes the movement of the Group’s allowance for expected credit losses of other receivable:
Balance at the beginning of the year		3,028			47,142
Write-off		(1,469	)		—
Current period allowance for expected credit losses		45,583			1,530,568
Balance at the end of the year		47,142			1,577,710

(i)	Amount 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 mainly represented 1) term-loan (matures in June 2025 with extension) to Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) of RMB65,000 and RMB25,000 as of December 31, 2024 and 2025 respectively, and corresponding interest receivable of RMB4,089 and RMB2,016 as of December 31, 2024 and 2025, respectively. The loan is guaranteed by the ultimate controlling owner of Sichuan Tianyi, whom is jointly liable, with the interest rate of 6% per annum; 2) term-loan (matured in 2025) to a third party company principally engaged in provision of education service of RMB670,300 and RMB670,300 as of December 31, 2024 and 2025, respectively, with the interest rate of 5% per annum, and corresponding interest receivable of RMB5,782 and RMB33,515 as of December 31, 2024 and 2025, respectively; 3) term-loan (matures in 2026) to a third party company of RMB12,000 as of December 31, 2025, with the interest rate of 3% per annum; and 4)) term-loan (matured in March 2026) to third parties of RMB40,000 as of December 31, 2025, with the interest rate of 5% per annum. Based on the Group’s evaluation of the collectibility of all term loan receivables, a full provision amounting to RMB 804,834 was accrued as at December 31, 2025.

(iii)	Amount as of December 31, 2025 primarily represented:1) the outstanding receivable of RMB47,630 from the divestiture of subsidiaries, of which RMB38,240 was settled in April 2026; 2) the receivable from third-party investment firms as the Group transferred 53,466,331 Class A ordinary shares of BGM to third-party investment firms in May 2025. The shares transfer consideration is to be settled in two equal installments within two years. Following the assessment on the recoverability of outstanding receivables, the Group recorded a provision of RMB 772,153 as of December 31, 2025.

(iv)	Amount mainly represented subscription consideration receivable in connection with the share issuance completed in 2025, which was fully settled in April 2026.

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

(25) Segment Reporting

During the fiscal year December 31, 2025, the Group disposed of Meidiya and its subsidiaries including the operating entity of its former claims adjusting business, which constituted a discontinued operation. As the discontinued operation previously formed the claims adjusting reportable segment, the comparative segment information has been retrospectively revised to reflect continuing operations only. As of December 31, 2025, the Group operated two segments: (1) the insurance agency segment, which mainly consists of providing agency services for distributing life and non-life insurance products on behalf of insurance companies.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.

	For the year ended December 31, 2025
	Agency			Other			Consolidated			Consolidated
	RMB			RMB			RMB			USD
	(In thousands)
Total revenues		556,567			—			556,567			79,588
Operating costs and expenses:
Cost of revenues		(282,300	)		—			(282,300	)		(40,369	)
Selling expenses		(60,655	)		—			(60,655	)		(8,674	)
General and administrative expenses		(182,016	)		(70,653	)		(252,669	)		(36,131	)
Total operating costs and expenses		(524,971	)		(70,653	)		(595,624	)		(85,174	)
Operating profit (loss)		31,596			(70,653	)		(39,057	)		(5,586	)
Loss from fair value change		—			(24,976	)		(24,976	)		(3,572	)
Investment income		—			39,483			39,483			5,646
Gains from disposal of subsidiaries		(25,084	)		(91,521	)		(116,605	)		(16,674	)
Interest income		63			30,144			30,207			4,320
Financial cost		(3,686	)		(24	)		(3,710	)		(531	)
Others,net		13,960			(2,172,548	)		(2,158,588	)		(308,673	)
Income (Loss) before income taxes		16,849			(2,290,095	)		(2,273,246	)		(325,070	)
Income Tax expense		(1,063	)		(2,957	)		(4,020	)		(575	)
Net income (loss)		15,786			(2,293,052	)		(2,277,266	)		(325,645	)
Less: net income (loss) attributable to non-controlling interests		1,350			—			1,350			193
Net income (loss) attributable to AIFU Inc.		14,436			(2,293,052	)		(2,278,616	)		(325,838	)

	For the year ended December 31, 2024
	Agency			Other			Consolidated
	RMB			RMB			RMB
	(In thousands)
Total revenues		1,331,778			—			1,331,778
Operating costs and expenses:
Cost of revenues		(799,781	)		—			(799,781	)
Selling expenses		(86,372	)		(17,922	)		(104,294	)
General and administrative expenses		(329,519	)		(141,181	)		(470,700	)
Impairment loss		(404,121	)		—			(404,121	)
Total operating costs and expenses		(1,619,793	)		(159,103	)		(1,778,896	)
Operating loss		(288,015	)		(159,103	)		(447,118	)
Loss from fair value change		—			(78,499	)		(78,499	)
Investment income		42,288			—			42,288
Gains from disposal of subsidiaries		—			897,306			897,306
Interest income		2,144			12,948			15,092
Financial cost		(4,450	)		1,135			(3,315	)
Others,net		(136,875	)		112,429			(24,446	)
(Loss) Income before income taxes		(384,908	)		786,216			401,308
Income tax expense		11,867			(103,821	)		(91,954	)
Share of loss of affiliates		—			(5,052	)		(5,052	)
Net (loss) income		(373,041	)		677,343			304,302
Less: net loss attributable to non-controlling interests		(148,720	)		—			(148,720	)
Net (loss) income attributable to AIFU Inc.		(224,321	)		677,343			453,022

	For the year ended December 31, 2023
	Agency			Other			Consolidated
	RMB			RMB			RMB
Net revenues:	(In thousands)
Total net revenues		2,760,448			—			2,760,448
Operating costs and expenses:
Total operating costs		(1,868,672	)		—			(1,868,672	)
Selling expenses		(131,934	)		(19,896	)		(151,830	)
General and administrative expenses		(421,780	)		(141,693	)		(563,473	)
Impairment loss		—			—			—
Total operating costs and expenses		(2,422,386	)		(161,589	)		(2,583,975	)
Income (Loss) from operations		338,062			(161,589	)		176,473
Other income, net:
Gains from fair value change		—			102,867			102,867
Investment income related to the realized gain on available-for-sale investments		7,221			41,029			48,250
Losses from disposal of subsidiaries		(2,904	)		—			(2,904	)
Interest income		1,448			13,557			15,005
Financial cost		(10,055	)		—			(10,055	)
Others, net		3,457			15,674			19,131
Income before income taxes, share of income and impairment of affiliates, net		337,229			11,538			348,767
Income tax expense		(57,086	)		(2,120	)		(59,206	)
Share of income of affiliates, net of impairment		(1,317	)		—			(1,317	)
Net income		278,826			9,418			288,244
Less: net income attributable to the noncontrolling interests		4,773			—			4,773
Net income attributable to the Company’s shareholders		274,053			9,418			283,471

Substantially all of the Group’s revenues for the three years ended December 31, 2023, 2024 and 2025 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.

- Definition

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.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: 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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Investments in Affiliates - Schedule of Investments in Affiliates Accounted (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Total investments		¥ 1,004,683
BGM [Member]
Schedule of Equity Method Investments [Line Items]
Total investments		1,000,000
HK JVs [Member]
Schedule of Equity Method Investments [Line Items]
Total investments		¥ 4,683

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives, Taking into Account Residual Value (Details)	Dec. 31, 2025
Building [Member]
Schedule of Property, Plant and Equipment Depreciation Calculated Using the Straight-line Method [Line Items]
Estimated residual value	0.00%
Building [Member] \| Minimum [Member]
Schedule of Property, Plant and Equipment Depreciation Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	20 years
Building [Member] \| Maximum [Member]
Schedule of Property, Plant and Equipment Depreciation Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	36 years
Office equipment, furniture and fixtures [Member] \| Minimum [Member]
Schedule of Property, Plant and Equipment Depreciation 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]
Schedule of Property, Plant and Equipment Depreciation Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	5 years
Estimated residual value	3.00%
Motor vehicles [Member] \| Minimum [Member]
Schedule of Property, Plant and Equipment Depreciation Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	4 years
Estimated residual value	0.00%
Motor vehicles [Member] \| Maximum [Member]
Schedule of Property, Plant and Equipment Depreciation Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	10 years
Estimated residual value	3.00%
Leasehold improvements [Member]
Schedule of Property, Plant and Equipment Depreciation Calculated Using the Straight-line Method [Line Items]
Estimated useful life (Years)	5 years
Estimated residual value	0.00%

Other Current Assets

12 Months Ended

Dec. 31, 2025

Other Current Assets [Abstract]

Other Current Assets

(7) Other Current Assets

Other current assets consist of the following:

	As of December 31,
	2024		2025
	RMB		RMB
Prepaid operating costs and miscellaneous daily expenses		9,200		14,674
Equity investments with readily determinable fair value (i)		13,755		—
Other		447		135
		23,402		14,809

(i)

Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net [Abstract]

Intangible Assets, net

(9) Intangible Assets, net

Intangible assets, net, are comprised of the following:

	As of December 31,
	2024			2025
	RMB			RMB
Software		5,900			—
Non-compete agreements		9,773			—
Agent resources		35,929			—
Brokerage license		23,018			—
Sub-total		74,620			—
Disposal		(2,218	)		—
Total		72,402			—
Less: Accumulated amortization		(33,094	)		—
Less: Accumulated impairment loss		(39,308	)		—
Intangible asset, net		—			—

In 2023, the Company acquired intangible assets amounting to RMB85,040 (of which RMB8,868 was subsequently disposed in 2023), in connection with business combinations, which were measured at fair value upon acquisition. In 2024, the Group disposed of an insurance brokerage license for RMB2,218. The license was owned by a majority-owned subsidiary in Hong Kong which was deconsolidated as the Group has lost its control over the subsidiary effective April 1, 2024 (see details in Note 2(i)). Details of intangible assets acquired in connection with business combinations and disposed are included in Note 3.

The Group performs annual intangible assets impairment test at each year end. In 2024 annual test, the Group noted the underperformance of acquired insurance agency business as compared to the projected results from acquisition, mainly due to the impact of newly released industrial regulatory rules capping the commission rates charged by insurance intermediaries, and determined that it was more likely than not that there were indications of impairment for the reporting unit of Insurance Agency. The Group utilized the discounted cash flow model to estimate the fair value of the intangible assets and concluded that the carrying amount of intangible assets exceeded its fair value. As a result, an impairment loss on intangible assets of RMB39,307 was recognized in the consolidated statements of income (loss) and comprehensive income (loss) for the year ended December 31, 2024.

Amortization expenses for intangible assets recognized for the years ended December 31, 2023, 2024 and 2025 were RMB17,858, RMB16,791 and nil, respectively. The intangible assets are impaired in full cost as of December 31, 2024 and no amortization expenses are expected in next year.

There were no impairment charges for intangible assets recorded for the years ended December 31, 2023 and 2025.

Leases - Schedule of Maturities of Lease Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Schedule of Maturities of Lease Liabilities [Abstract]
2026	¥ 16,099
2027	8,876
2028	4,790
2029	2,368
Total remaining undiscounted lease payments	32,133
Less: Interest	1,362
Total present value of lease liabilities	30,771		¥ 57,972
Less: Current operating lease liabilities	15,308	$ 2,189	30,054
Non-current operating lease liabilities	¥ 15,463	$ 2,211	¥ 27,918

Net Income/(Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Net Income/(Loss) Per Share [Abstract]

Schedule of Basic and Diluted Net Income/(Loss) Per Ordinary Share

The computation of basic and diluted net income/(loss) per ordinary share is as follows:

	Years Ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Basic:
Net income (loss) from continuing operations		288,244			304,302			(2,277,266	)
Less: Net income (loss) attributable to the non-controlling interests		4,773			(148,720	)		1,350
Net gain (loss) attributable to owners of the Company from continuing operations		283,471			453,022			(2,278,616	)
Net gain from discontinued operations		855			5,172			3,230
Less: Net income attributable to the non-controlling interests		3,849			3,234			—
Net income attributable to the Company’s shareholders from discontinued operations		(2,994	)		1,938			3,230
Weighted average number of ordinary shares outstanding*		2,685,930			2,666,735			10,132,864
Basic net income (loss) per ordinary share from continuing operations		105.54			169.88			(224.87	)
Basic net income (loss) per ordinary share from discontinued operations		(1.11	)		0.73			0.32

The weighted average number of ordinary shares outstanding excludes the number of ordinary shares issued in business combinations occurred in 2023 through an exchange of equity interests that are treated in the same manner as contingently issuable shares because the holders must return all or part if all necessary conditions have not been satisfied by the end of the period.

	Years Ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Diluted:
Net income (loss) from continuing operations		288,244			304,302			(2,277,266	)
Less: Net income (loss) attributable to the noncontrolling interests		4,773			(148,720	)		1,350
Net income (loss) attributable to owners of the Company from continuing operations		283,471			453,022			(2,278,616	)
Net gain (loss) from discontinued operations		855			5,172			3,230
Less: Net income attributable to the noncontrolling interests		3,849			3,234			—
Net income(loss) attributable to the Company’s shareholders from discontinued operations		(2,994	)		1,938			3,230
Weighted average number of ordinary shares outstanding		2,685,930			2,666,735			10,132,864
Weighted average number of dilutive potential ordinary shares from share options and restricted share units		5,920			9,636			—
Total		2,691,850			2,676,371			10,132,864
Diluted net income (loss) per ordinary share from continuing operations		105.31			169.27			(224.87	)
Diluted net income (loss) per ordinary share from discontinued operations		(1.11	)		0.72			0.32

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Compensation [Abstract]

Share-based Compensation

(24) Share-based Compensation

(a) 2022 Options

On August 12, 2022, the Group granted share options (“2022 Options”) to its independent directors to purchase up to 4,000,000 ordinary shares of the Group (equivalent to 10,000 Class A ordinary shares giving effect to AIFU’s 1-for-400 reverse share split effected on May 21, 2025). Pursuant to the option agreements entered into between the Group 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) (equivalent to US$92.2 (RMB672) per Class A ordinary shares giving effect to AIFU’s 1-for-400 reverse share split effected on May 21, 2025) and an intrinsic value of US$0.0020 (RMB0.01) (equivalent to US$0.80 (RMB4) per Class A ordinary shares giving effect to AIFU’s 1-for-400 reverse share split effected on May 21, 2025) 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, 2025, 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, 2025		10,000			0.2305		4.19		—
Forfeited		(33	)
Outstanding as of December 31, 2025		9,967			0.2305		3.19		—

As certain independent director resigned from the board during the year, with the board approval, the vesting of the options granted to such independent director has been accelerated on the date of resignation. Options to purchase 33 shares were forfeited for the year ended December 31, 2025. For the years ended December 31, 2024 and 2025, share-based compensation expenses of RMB2,409 and nil were recognized in connection with the 2022 Options, respectively. As of December 31, 2024 and 2025, unrecognized share-based compensation expense related to unvested share options granted to the independent directors totaled RMB312 and nil, respectively. As of December 31, 2025, unrecognized share-based compensation expense related to unvested share options granted to the independent directors was nil.

(b) Restricted Share Units (“RSUs”)

On August 16, 2023, the board of directors of the Group granted restricted share units of 536,990 ADSs (“RSUs”) to one of our former executive offices. Giving effect to the subsequent termination of AIFU’s ADS facility and its 1-for-400 reverse share split, the grant was adjusted to 26,850 RSUs, with each RSU representing the right to receive one post-consolidation Class A ordinary share. Pursuant to the agreement entered into between the Group and the grantee, the ADSs vest over a five-year service period starting from the date of grant, with 5,000 RSUs, 5,000 RSUs, 6,850 RSUs, 5,000 RSUs and the remaining 5,000 RSUs to be vested on June 30 of each of the years starting from 2024 to 2028, respectively, subject to the continuous service of the grantee. The fair value of the RSUs was measured as the grant-date market price of the Group’s stock at US$6.35/ADS (equivalent to US$127 per Class A ordinary shares giving effect to AIFU’s 1-for-400 reverse share split effected on May 21, 2025).

On July 15, 2024, the board of directors of the Group granted an additional RSUs of 268,200 RSUs to the former executive office. Giving effect to the subsequent termination of AIFU’s ADS facility and its 1-for-400 reverse share split, the grant was adjusted to 13,410 RSUs, with each RSU representing the right to receive one post-consolidation Class A ordinary share. Pursuant to the agreement entered into between the Group and the grantee, the RSUs vest over a two-year service period starting from the date of grant. Upon resignation of this executive office in September 30, 2024, the board has approved that a total of RSUs of 40,000 post-split Class A ordinary shares will be immediately vested to him with a lock up period of 30 months and the remaining RSUs granted to him were forfeited. The fair value of the RSUs was measured as the grant-date market price of the Group’s stock at US$1.42/ADS (equivalent to US$28.4 per post-split Class A ordinary shares).

On November 17, 2024, the board of directors of the Group granted RSUs of 1,000,000 RSUs to the new chair of the board. Giving effect to the subsequent ADR facility termination and 1-for-400 reverse share split, the grant was adjusted to 50,000 RSUs, with each RSU representing a right to receive one post-split Class A ordinary share. Pursuant to the agreement entered into between the Group and the grantee, the RSUs shall vest over a three-year service period starting from the date of grant, with 30%, 30% and 40% to vest on grant date of each of the years starting from 2025 to 2027, respectively, subject to the continuous service of the grantee. The fair value of the RSUs was measured as the grant-date market price of the Group’s stock at US$1.13/ADS (equivalent to US$22.6 per post-split Class A ordinary shares).

From February to April 2025, the board of the directors of the Group approved the grant of a total of 550,000 RSUs to certain departing management and employees as severance compensation, representing rights to receive 550,000 Class A ordinary shares. The RSUs were fully vested upon grant. The fair value was measured based on the grant-date market price of the Group’s stock.

A summary of the activity of the service-based RSUs for the year ended December 31, 2025 is presented as follows:

	Number of restricted shares			Weighted average grant-date fair value
				US$
Unvested as of January 1, 2024		26,850			—
Granted		63,410			30,220
Vested		(40,000	)		—
Forfeited		(260	)		—
Unvested as of December 31, 2024		50,000			—
Granted		550,000			3,351,000
Vested		(565,000	)		—
Forfeited		—			—
Unvested as of December 31, 2025		35,000			—

The Group recorded share-based compensation expense of RMB25,329 and RMB26,796 in connection with the RSUs for the years ended December 31, 2024 and 2025, respectively. As of December 31, 2025, unrecognized share-based compensation expense related to RSUs granted to former executive officers and directors is RMB4,955, which is expected to be recognized over a weighted-average period of 1.9 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.

(c) Million Dollar Round Table Options (“MDRT Options”)

2023 Million Dollar Round Table Options (“2023 MDRT Options”)

On February 6, 2023, the board of directors of the Group 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 Group (equivalent to 34,000 Class A ordinary shares giving effect to AIFU’s 1-for-400 reverse share split effected on May 21, 2025). Pursuant to the option agreements entered into between the Group 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$20.0 (RMB140.0) and an intrinsic value of US$125.0 (RMB888.0) per ordinary share on the date of grant giving effect to AIFU’s 1-for-400 reverse share split effected on May 21, 2025.

2024 Million Dollar Round Table Options1 (“2024 MDRT Options 1”)

On April 16, 2024, the board of directors of the Group granted share options to certain MDRT agents or the 2024 MDRT Option to purchase up to 18,088,000 ordinary shares of the Group (equivalent to 45,220 Class A ordinary shares giving effect to AIFU’s 1-for-400 reverse share split effected on May 21, 2025). Pursuant to the option agreements entered into between the Group 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 of each of the years starting from 2025 to 2026, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions. 2024 MDRT Option expire no later than August 1, 2027, subject to earlier termination upon an optionee’s cessation of service. 2024 MDRT Option has an exercise price of US$47.24 (RMB343.28) and an intrinsic value of US$20.0 (RMB148.0) per ordinary share on the date of grant giving effect to the Group’s 1-for-400 reverse share split effected on May 21, 2025.

2024 Million Dollar Round Table Options 2 (“2024 MDRT Options 2”)

During the year of 2024, the board of directors of the Group granted share options to certain newly recruited agents and sales team leaders to purchase up to 8,330,000 ordinary shares of the Group (equivalent to 20,825 Class A ordinary shares giving effect to the Group’s 1-for-400 reverse share split effected on May 21, 2025). Pursuant to the option agreements entered into between the Group 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 to be vested on March 31 of each of the years starting from 2025 to 2026, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions. 2024 MDRT Option expire no later than August 1, 2027, subject to earlier termination upon an optionee’s cessation of service. 2024 MDRT Option has an exercise price of US$20.0 (RMB145.36) and an intrinsic value with rang of US$28 (RMB192) to US$64 (RMB344) 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 MDRT Options on the grant date were as follows:

Assumptions	2023 MDRT	2024 MDRT 1	2024 MDRT 2
Expected dividend yield (Note i)	3.69%	3.22%	3.22%
Risk-free interest rates (Note ii)	3.88%	4.81%	4.44-4.81%
Expected volatility (Note iii)	51.41%	59.78%	59.78-60.61%
Expected life in years (Note iv)	4.49	3.29	3.1-3.29
Exercise multiple (Note v)	2.80	1.0	1.0
Fair value of options on grant date	US$115.84~US$119.88	US$33.36~US$33.56	US$28.44~US$48.16

(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:

(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 Options plan.

(v)

Exercise multiple:

The exercise multiple was estimated based on empirical studies.

A summary of share options outstanding as of December 31, 2025, 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, 2024		28,250			20		3.59		3,192
Granted		66,045			38.2		3.19		1,778
Exercised		(525	)		—		—		—
Forfeited		(25,099	)		—		—		—
Outstanding as of December 31, 2024		68,671					2.59		57
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		(36,776	)		—		—		—
Outstanding as of December 31, 2025		31,895			36.12		1.59		57

For the years ended December 31, 2024, share-based compensation expense of RMB10,851 was recognized in connection with the MDRT Options. During the year ended December 31, 2025, as the performance conditions for the outstanding share options were not met, the remaining unvested MDRT Options were forfeited, leading to the reversal of related share-based compensation expense of RMB9,800 which had initially been recognized in fiscal year 2024. As of December 31, 2025, unrecognized share-based compensation expense related to unvested MDRT Options is nil.

(d) 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 MAASE as a supplement of salary and benefit packages. Pursuant to the share incentive program, the exercise price of these options was US$0.001 per MAASE’s ADS. The options were 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. The performance indicators were not met during the year of 2024 and all of the share options were forfeited. Share-based compensation expense was recognized in the first half of 2024 and reversed in the second half of 2024

On July 2, 2024, the board of directors of the Group granted share options to certain key employees (“2024 Option 4”) to purchase up to 138,000,000 ordinary shares of the Group. On July 14, 2024, Option 4 were fully exercised at an exercise price of US$0.096 per ordinary share with cash borrowed by the Grantees from the Group. As of December 4, 2024, all of the shares exercised under 2024 Option 4 have been repurchased by the Group at a price of US$0.096 per ordinary share and the loans to the Grantees for option exercise was fully repaid.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Other Receivables, Net - Schedule of Other Receivables, Net (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Schedule of Other Receivables, Net [Abstract]

Advances to staff

^[1]

¥ 2,270

¥ 2,533

Rental deposits

5,439

8,134

Loan receivable to third parties

^[2]

804,834

743,793

Consideration receivable from disposal of long-term investments

^[3]

816,653

Receivables consideration from share issuance

^[4]

234,688

Other

2,165

1,305

Less: Allowance for expected credit losses - other receivables

(1,577,710)

(47,142)

Other receivables, net

288,339

708,623

Balance at the beginning of the year

47,142

3,028

Write-off

(1,469)

Current period allowance for expected credit losses

1,530,568

45,583

Balance at the end of the year

¥ 1,577,710

¥ 47,142

[1]	Amount represented advances to staffs or entrepreneurial agents of the Group for daily business operations, which are unsecured, interest-free and repayable on demand.
[2]	Amount mainly represented 1) term-loan (matures in June 2025 with extension) to Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) of RMB65,000 and RMB25,000 as of December 31, 2024 and 2025 respectively, and corresponding interest receivable of RMB4,089 and RMB2,016 as of December 31, 2024 and 2025, respectively. The loan is guaranteed by the ultimate controlling owner of Sichuan Tianyi, whom is jointly liable, with the interest rate of 6% per annum; 2) term-loan (matured in 2025) to a third party company principally engaged in provision of education service of RMB670,300 and RMB670,300 as of December 31, 2024 and 2025, respectively, with the interest rate of 5% per annum, and corresponding interest receivable of RMB5,782 and RMB33,515 as of December 31, 2024 and 2025, respectively; 3) term-loan (matures in 2026) to a third party company of RMB12,000 as of December 31, 2025, with the interest rate of 3% per annum; and 4)) term-loan (matured in March 2026) to third parties of RMB40,000 as of December 31, 2025, with the interest rate of 5% per annum. Based on the Group’s evaluation of the collectibility of all term loan receivables, a full provision amounting to RMB 804,834 was accrued as at December 31, 2025.
[3]	Amount as of December 31, 2025 primarily represented:1) the outstanding receivable of RMB47,630 from the divestiture of subsidiaries, of which RMB38,240 was settled in April 2026; 2) the receivable from third-party investment firms as the Group transferred 53,466,331 Class A ordinary shares of BGM to third-party investment firms in May 2025. The shares transfer consideration is to be settled in two equal installments within two years. Following the assessment on the recoverability of outstanding receivables, the Group recorded a provision of RMB 772,153 as of December 31, 2025.
[4]	Amount mainly represented subscription consideration receivable in connection with the share issuance completed in 2025, which was fully settled in April 2026.

Other Current Assets - Schedule of Other Current Assets (Details) - CNY (¥)
¥ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Schedule of Current Assets [Abstract]

Prepaid operating costs and miscellaneous daily expenses

¥ 14,674

¥ 9,200

Equity investments with readily determinable fair value

^[1]

13,755

Other

135

447

Total

¥ 14,809

¥ 23,402

[1]

Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2025

Investments in Affiliates [Abstract]

Schedule of Investments in Affiliates Accounted

As of December 31, 2024 and 2025, the Group’s investments in affiliates accounted for under the equity method were as follows:

	As of December 31,
	2024		2025
	RMB		RMB
BGM (Note 2(i) and Note 3)		1,000,000		—
HK JVs (Note 2(i))		4,683		—
Total		1,004,683		—

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Schedule of property, plant and equipment, net [Line Items]
Property, plant and equipment, gross	¥ 128,953		¥ 155,737
Less: Accumulated depreciation	(119,717)		(138,366)
Construction in progress	53,640		53,640
Property, plant and equipment, net	62,876	$ 8,991	71,011
Building [Member]
Schedule of property, plant and equipment, net [Line Items]
Property, plant and equipment, gross	3,240		14,604
Office equipment, furniture and fixtures [Member]
Schedule of property, plant and equipment, net [Line Items]
Property, plant and equipment, gross	109,767		118,145
Motor vehicles [Member]
Schedule of property, plant and equipment, net [Line Items]
Property, plant and equipment, gross	4,163		5,275
Leasehold improvements [Member]
Schedule of property, plant and equipment, net [Line Items]
Property, plant and equipment, gross	¥ 11,783		¥ 17,713

Other Payables and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Other Payables and Accrued Expenses [Abstract]

Schedule of Other Payables and Accrued Expenses

Components of other payables and accrued expenses are as follows:

	As of December 31,
	2024		2025
	RMB		RMB
Business and other tax payables		63,935		49,428
Refundable deposits from employees and agents		17,777		17,577
Professional fees		13,453		782
Accrued expenses to third parties		12,826		37,471
Contributions from members of eHuzhu mutual aid program (Note 2(c))		32,915		—
Accrued compensation to staff layoff		20,648		12,132
Payable to third parties(i)		14,714		62,333
Others		815		4,999
Total		177,083		184,722

(i)

Amount represented payables to divested subsidiaries, which are non-interest-bearing, unsecured and due within one year.

Schedule I—Condensed Financial Information of the Company - Schedule of Statements of Income and Comprehensive Income (Details) - Parent Company [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Schedule of Statements of Income and Comprehensive Income [Line Items]
General and administrative expenses	¥ (30,462)	$ (4,356)	¥ (34,232)	¥ (11,018)
Selling expenses	9,800	1,401	(11,927)	(13,627)
Interest income	71	10	353	1,201
Others, net	(50,403)	(7,208)	13,028	17,009
Equity in earnings of subsidiaries and an affiliate	(2,204,392)	(315,224)	487,738	286,912
Net income attributable to the Company’s shareholders	(2,275,386)	(325,377)	454,960	280,477
Foreign currency translation adjustments	(19,985)	(2,858)	1,688	2,249
Unrealized net gain (loss) on available-for-sale investments	(33,562)	(4,799)	(11,418)	2,458
Comprehensive income(loss) attributable to the Company’s shareholders	¥ (2,328,933)	$ (333,034)	¥ 445,230	¥ 285,184

Related-Party Balances and Transactions - Schedule of Related Party Transactions (Details)	12 Months Ended
	Dec. 31, 2025
Maase Inc. (“MAASE”) [Member]
Schedule of Related Party Transactions [Line Items]
Relationship to the Group	A shareholder of the Group (formerly known as “Puyi Inc.” and “Highest Performances Holdings Inc.”)
Chengdu Puyi Bohui Information Technology Co., [Member]
Schedule of Related Party Transactions [Line Items]
Relationship to the Group	Controlled by MAASE before September 30,2025
Puyi Enterprise Management Consulting Co., Ltd [Member]
Schedule of Related Party Transactions [Line Items]
Relationship to the Group	Controlled by MAASE before September 30,2025

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

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)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-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)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: 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/1943274/2147479134/946-220-S99-1

+ Details

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net [Abstract]

Schedule of Intangible Assets

Intangible assets, net, are comprised of the following:

	As of December 31,
	2024			2025
	RMB			RMB
Software		5,900			—
Non-compete agreements		9,773			—
Agent resources		35,929			—
Brokerage license		23,018			—
Sub-total		74,620			—
Disposal		(2,218	)		—
Total		72,402			—
Less: Accumulated amortization		(33,094	)		—
Less: Accumulated impairment loss		(39,308	)		—
Intangible asset, net		—			—

Related-Party Balances and Transactions

12 Months Ended

Dec. 31, 2025

Related-party Balances and Transactions

(21) Related-party Balances and Transactions

The principal related-party balances as of December 31, 2024 and 2025, and transactions for the years ended December 31, 2023, 2024 and 2025 are as follows:

Name of Related Party		Relationship to the Group
Maase Inc. (“MAASE”)		A shareholder of the Group (formerly known as “Puyi Inc.” and “Highest Performances Holdings Inc.”)
Chengdu Puyi Bohui Information Technology Co.,		Controlled by MAASE before September 30,2025
Puyi Enterprise Management Consulting Co., Ltd		Controlled by MAASE before September 30,2025

Related party transactions:

(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 MAASE. 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, 2023, the Group incurred RMB1,590 commission cost to Puyi Consulting and the balance of account payable as of December 31, 2023 was nil. For the years ended December 31, 2024 and 2025, the Group incurred nil commission cost to Puyi Consulting and the balance of account payable as of December 31, 2024 and 2025 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 MAASE’s clients, the Group referred MAASE’s financial advisors to their clients and MAASE’s financial advisors will be responsible for providing product information and handling purchasing procedures. For the year ended December 31, 2023, the Group incurred RMB530 referral service fee from MAASE and the balance of account receivable as of December 31, 2023 was nil. For the year ended December 31, 2024, the Group incurred RMB943 referral service fee from MAASE and the balance of account receivable as of December 31, 2024 was RMB173. For the year ended December 31, 2025, the Group incurred RMB413 referral service fee from MAASE and the balance of account receivable as of December 31, 2025 was nil.

(ii)

During 2025, the Group provided a loan of RMB15,481 to Maase Inc., of which RMB1,748 had been repaid and the outstanding receivables was RMB13,733 as at December 31, 2025.

(iii)

As disclosed in Note (3), in June 2025, the Group disposed of 100% equity interests in Beijing Fanlian Investment Co., Ltd. to Chengdu Puyi Bohui Information Technology Co., Ltd., for a cash consideration of RMB14,260.

Related-party Balances:

	As of December 31,			As of December 31,
	2025			2025
Amount due from related parties	RMB			USD
Maase Inc.(i)		13,733			1,981
Less: Allowance for credit loss		(481	)		(86	)
Total		13,252			1,895

(i)

Amount represents unsecured, interest-free loans due from related parties, which are repayable in two years. The loans were provided to supplement MAASE’s working capital.

- Definition

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.

+ References

Reference 1: 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 2: 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 3: 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 4: 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 5: 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/1943274/2147477968/946-235-50-2

Reference 6: 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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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

+ Details

Other Payables and Accrued Expenses - Schedule of Other Payables and Accrued Expenses (Details) - CNY (¥)
¥ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Schedule of Other Payables and Accrued Expenses [Abstract]

Business and other tax payables

¥ 49,428

¥ 63,935

Refundable deposits from employees and agents

17,577

17,777

Professional fees

782

13,453

Accrued expenses to third parties

37,471

12,826

Contributions from members of eHuzhu mutual aid program (Note 2(c))

32,915

Accrued compensation to staff layoff

12,132

20,648

Payable to third parties

^[1]

62,333

14,714

Others

4,999

815

Total

¥ 184,722

¥ 177,083

[1]	Amount represented payables to divested subsidiaries, which are non-interest-bearing, unsecured and due within one year.

Discontinued Operations - Schedule of Assets and Liabilities for Discontinued Operations of the Disposal Group Comprised (Details) - Discontinued Operations [Member] ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Current assets for discontinued operations
Cash and cash equivalents and restricted cash	¥ 76,888
Short term investments	54,547
Accounts receivable and contract assets, net	70,516
Other receivables, net	17,789
Other current assets, net	8,588
Total current assets	228,328
Non-current assets for discontinued operations
Restricted bank deposit - non-current	1,527
Property, plant, and equipment, net	8,822
Deferred tax assets	5,000
Other non-current assets, net	6,523
Right of use asset	13,629
Total non-current assets	35,501
Total assets	263,829
Current liabilities for discontinued operations
Other payable and accrued expenses	24,339
Accrued payroll	37,286
Current operating lease liabilities	6,209
Income tax payable	7,912
Total current liabilities	75,746
Non-current liabilities for discontinued operations
Non-current operating lease liability	6,463
Deferred tax liabilities	1,563
Other liabilities	4,505
Total non-current liabilities	12,531
Total liabilities	88,277
Total net assets of the Disposal Group	¥ 175,552

Other Receivables, Net (Details)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Apr. 30, 2026

CNY (¥)

Other Receivables, Net [Line Items]

Interest receivable

¥ 33,515

Repaymebt to third party

152,976

$ 21,875

¥ 164,300

¥ 62,789

Amount of provision

^[1]

804,834

743,793

Financing Receivables, before Allowance for Credit Loss, Average Amount Outstanding

772,153

Forecast [Member]

Other Receivables, Net [Line Items]

Outstanding receivable

¥ 38,240

Sichuan Tianyi [Member]

Other Receivables, Net [Line Items]

Principal amount

25,000

65,000

Interest receivable

¥ 2,016

4,089

Interest rate

6.00%

Sichuan Tianyi Real Estate Development Co Ltd [Member]

Other Receivables, Net [Line Items]

Interest receivable

5,782

Interest rate

5.00%

Education fee

¥ 670,300

Matures in 2026 [Member]

Other Receivables, Net [Line Items]

Repaymebt to third party

¥ 12,000

Matures in 2026 [Member] | Sichuan Tianyi Real Estate Development Co Ltd [Member]

Other Receivables, Net [Line Items]

Interest rate

3.00%

Matures in March 2026 [Member]

Other Receivables, Net [Line Items]

Interest rate

5.00%

Repaymebt to third party

¥ 40,000

Amount of provision

804,834

Third Party Investment [Member]

Other Receivables, Net [Line Items]

Outstanding receivable

¥ 47,630

Class A Ordinary Shares [Member] | BGM [Member]

Other Receivables, Net [Line Items]

Number of shares transferred (in Shares) | shares

53,466,331

[1]

Amount mainly represented 1) term-loan (matures in June 2025 with extension) to Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) of RMB65,000 and RMB25,000 as of December 31, 2024 and 2025 respectively, and corresponding interest receivable of RMB4,089 and RMB2,016 as of December 31, 2024 and 2025, respectively. The loan is guaranteed by the ultimate controlling owner of Sichuan Tianyi, whom is jointly liable, with the interest rate of 6% per annum; 2) term-loan (matured in 2025) to a third party company principally engaged in provision of education service of RMB670,300 and RMB670,300 as of December 31, 2024 and 2025, respectively, with the interest rate of 5% per annum, and corresponding interest receivable of RMB5,782 and RMB33,515 as of December 31, 2024 and 2025, respectively; 3) term-loan (matures in 2026) to a third party company of RMB12,000 as of December 31, 2025, with the interest rate of 3% per annum; and 4)) term-loan (matured in March 2026) to third parties of RMB40,000 as of December 31, 2025, with the interest rate of 5% per annum. Based on the Group’s evaluation of the collectibility of all term loan receivables, a full provision amounting to RMB 804,834 was accrued as at December 31, 2025.

Other Non-Current Assets, Net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Other Non-Current Assets [Line Items]
Debt security value	¥ 125,000	¥ 125,000
Debt securities fixed return rate	6.00%
	¥ 125,000
Interest receivable	¥ 33,515
Third Party [Member]
Other Non-Current Assets [Line Items]
Term-loan matures	matures in September 2028
Term-loan	¥ 30,000
Interest receivable	¥ 3,063
Loan bears interest rate	4.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	Dec. 31, 2025
Software [Member]
Schedule of Estimated Useful Lives Intangible Assets [Line Items]
Intangible assets	3 years
Non-compete agreements [Member] \| Minimum [Member]
Schedule of Estimated Useful Lives Intangible Assets [Line Items]
Intangible assets	5 years 9 months 18 days
Non-compete agreements [Member] \| Maximum [Member]
Schedule of Estimated Useful Lives Intangible Assets [Line Items]
Intangible assets	6 years
Agent resources [Member] \| Minimum [Member]
Schedule of Estimated Useful Lives Intangible Assets [Line Items]
Intangible assets	2 years 9 months 18 days
Agent resources [Member] \| Maximum [Member]
Schedule of Estimated Useful Lives Intangible Assets [Line Items]
Intangible assets	3 years
Brokerage license [Member]
Schedule of Estimated Useful Lives Intangible Assets [Line Items]
Intangible assets	20 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Short-term Loans

12 Months Ended

Dec. 31, 2025

Short-term Loans [Abstract]

Short-term loans

(15) Short-term loans

Short-term loans and total outstanding balance as of December 31, 2024 and 2025 amounted to RMB134,976 and RMB56,000, respectively, which are RMB-denominated borrowings made by the Company’s subsidiaries from financial institutions in mainland China. The Group borrowed RMB134,976 and RMB74,000 one-year loans for its general working capital purposes in 2024 and 2025, respectively.

As of December 31, 2024 and 2025, the weighted average interest rates for the outstanding borrowings were approximately 3.50% and 3.5%, respectively, and the unused lines of credit for the short-term loans was RMB65,024 and nil, respectively.

Discontinued Operations (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Discontinued Operations (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Jan. 31, 2025
Discontinued Operations [Line Items]
Cash consideration (in Yuan Renminbi)	¥ 30,240
Guangdong Meidiya Investment Co., Ltd. [Member]
Discontinued Operations [Line Items]
Percentage of equity interests		100.00%
Fanhua Insurance Surveyors & Loss Adjustors Co., Ltd. [Member]
Discontinued Operations [Line Items]
Percentage of equity interests	44.70%	44.70%

Acquisitions and Disposals - Schedule of Purchase Price to the Assets Acquired and Liabilities Assumed (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Acquisition of Zhongrong Smart Finance Information Technology Co Ltd [Member]
Schedule of Purchase Price to the Assets Acquired and Liabilities Assumed [Line Items]
Stock consideration	¥ 153,732
Contingent consideration	(7,162)
Total	146,570
Add: Non-controlling interests	107,318
Purchase price	253,888
Acquisition of Jilin Zhongji Shi’An Insurance Agency Co Ltd [Member]
Schedule of Purchase Price to the Assets Acquired and Liabilities Assumed [Line Items]
Stock consideration	35,311
Contingent consideration	74
Total	35,385
Add: Non-controlling interests	33,998
Purchase price	¥ 69,383

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

(12) Leases

The Group’s lease for office space includes only fixed rental payments with no variable lease payment terms. As of December 31, 2024 and 2025, there were no leases that have not yet commenced.

The following represents the aggregate ROU assets and related lease liabilities as of December 31, 2024 and 2025:

	As of December 31,
	2024		2025
	RMB		RMB
Operating lease ROU assets		60,850		33,589
Current operating lease liabilities		30,054		15,308
Non-current operating lease liabilities		27,918		15,463
Total operating lease liabilities		57,972		30,771

The weighted average lease term and discount rate as of December 31, 2024 and 2025 were as follows:

	As of December 31,
	2024			2025
Weighted average lease term:
Operating leases		2.09 years			2.66 years
Weighted average discount rate:
Operating leases		2.98	%		2.88	%

The components of lease expenses for the years ended December 31, 2023, 2024 and 2025 were as follows:

	For the years ended December 31,
	2023		2024		2025
			RMB		RMB
Operating lease expense		66,782		58,192		16,223
Short term lease expense		4,697		4,253		7,283
Total		71,479		62,445		23,506

Maturities of lease liabilities at December 31, 2025:

	Minimum Lease Payment
	RMB
Years ending December 31:
2026		16,099
2027		8,876
2028		4,790
2029		2,368
Total remaining undiscounted lease payments		32,133
Less: Interest		1,362
Total present value of lease liabilities		30,771
Less: Current operating lease liabilities		15,308
Non-current operating lease liabilities		15,463

Variable Interest Entities (“VIEs”) (Tables)

12 Months Ended

Dec. 31, 2025

Variable Interest Entities (“VIEs”) [Abstract]

Schedule of Variable Interest Entities

Summarized below is the information related to former VIEs, including net revenues, total operating costs and expenses, net income (loss) and cash flows after intercompany elimination are as follows:

	Years Ended December 31,
	2023			2024		2025
	RMB			RMB		RMB
Net revenues		122,880			123,593		—
Operating costs and expenses		100,957			92,617		—
Net (loss) income		(13,085	)		20,870		—
Net cash generated from operating activities		3,754			1,618		—

- Definition

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.

+ References + Details

Other Current Assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Other Current Assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Current Assets [Abstract]
Fair value loss	¥ 132	¥ 82,499

Schedule I—Condensed Financial Information of the Company - Schedule of Balance Sheets (Parentheticals) (Details) - Parent [Member] - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Schedule of Balance Sheet [Line Items]
Ordinary shares, authorized (in Shares)	8,000,000,000	8,000,000,000
Ordinary shares, par value (in Dollars per share)	$ 0.4
Ordinary shares, issued (in Shares)	13,435,271	2,898,308
Ordinary shares, outstanding (in Shares)	13,435,271	2,830,230

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 5
-Subsection 04
-Paragraph c
-Subparagraph Schedule I
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 7
-Subsection 05
-Paragraph c
-Subparagraph Schedule II
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 9
-Subsection 06
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 7
-Subparagraph (SAB Topic 1.B.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480922/205-10-S99-7

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481003/205-10-S50-2

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Schedule of Future Minimum Lease Payments

As of December 31, 2025, the total future minimum lease payments under non-cancellable short-term leases, including the agreed property management fee, with respect to the office are payable as follows:

	Lease Commitment
	RMB
Within 1 year		3,450
2-5 years		3,187
Total		6,637

Other Non-Current Assets, Net - Schedule of Allowance for Expected Credit Losses of Other Current Assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Allowance for Expected Credit Losses of Other Current Assets [Abstract]
Balance at the beginning of the year	¥ 4,032	¥ 2,930
Current period allowance for expected credit losses	29,042	1,102
Balance at the end of the year	¥ 33,074	¥ 4,032

Income Taxes (Details) - CNY (¥)
¥ / shares in Units, ¥ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Taxes [Line Items]

Enterprise income tax rate

25.00%

Dividend payment percentage

10.00%

Reduced tax rate percentage

5.00%

Underpayment of income tax liability (in Yuan Renminbi)

¥ 100

Uncertain tax position (in Yuan Renminbi)

25,701

Valuation allowance (in Yuan Renminbi)

348,868

¥ 70,054

Operating loss carry-forwards (in Yuan Renminbi)

1,445,512

299,223

Tax loss carried forward expired and cancelled (in Yuan Renminbi)

¥ 64,490

¥ 48,259

¥ 44,091

Provision for income taxes, percentage

25.00%

PRC income taxes payable without tax exemption amount (in Yuan Renminbi)

^[1]

¥ 29,969

¥ (25,709)

Withholdings tax rate

10.00%

Undistributed earnings of group's subsidiaries and VIEs (in Yuan Renminbi)

¥ 1,036,638

1,418,135

Undistributed earnings of deferred tax liability (in Yuan Renminbi)

¥ 51,832

¥ 70,907

Fanhua Lianxing Insurance Sales Co Ltd [Member]

Income Taxes [Line Items]

Preferential tax rate percentage

15.00%

Hong Kong [Member]

Income Taxes [Line Items]

Profits tax rate

16.50%

Current rate of taxation

8.25%

Reduced tax rate percentage

5.00%

Withholdings tax rate

5.00%

Tax residents rate

25.00%

PRC [Member]

Income Taxes [Line Items]

Dividend distribution withholding tax rate

5.00%

Provision for income taxes, percentage

25.00%

PRC income taxes payable without tax exemption amount (in Yuan Renminbi)

¥ 507

¥ 9,956

Decreased basic net profit per share (in Yuan Renminbi per share)

¥ 0

¥ 0.01

Diluted net profit per share (in Yuan Renminbi per share)

¥ 0

¥ 0.01

[1]

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. The effect of non-taxable loss for the year ended December 31, 2024 is primarily relating to the non-taxable loss from changes in fair value of equity interests held by the Group.

Consolidated Balance Sheets (Parentheticals)
¥ in Thousands

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

CNY (¥)

Accounts receivable, net of allowances | ¥

¥ 1,858

¥ 1,186

Contract assets, net of allowances | ¥

164

Non-current, net of allowances

¥ 509

Class A Ordinary Shares

Ordinary shares, authorized (in Shares)

^[1]

8,000,000,000

Ordinary shares, par value (in Dollars per share) | $ / shares

$ 0.4

Ordinary shares, issued (in Shares)

^[1]

13,435,271

2,898,349

Ordinary shares, outstanding (in Shares)

^[1]

13,435,271

2,898,349

Class B Ordinary Shares

Ordinary shares, authorized (in Shares)

^[1]

7,500,000

5,000,000

Ordinary shares, par value (in Dollars per share) | $ / shares

^[1]

$ 0.4

Ordinary shares, issued (in Shares)

^[1]

7,500,000

Ordinary shares, outstanding (in Shares)

^[1]

7,500,000

[1]	Retrospectively restated for the 1-for-400 reverse share split effected on May 21, 2025.

Intangible Assets, Net - Schedule of Intangible Assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Intangible Assets [Line Items]
Total		¥ 72,402
Less: Accumulated amortization		(33,094)
Less: Accumulated impairment loss		(39,308)
Intangible asset, net
Software [Member]
Schedule of Intangible Assets [Line Items]
Sub-total		5,900
Non-compete agreements [Member]
Schedule of Intangible Assets [Line Items]
Sub-total		9,773
Agent resources [Member]
Schedule of Intangible Assets [Line Items]
Sub-total		35,929
Brokerage license [Member]
Schedule of Intangible Assets [Line Items]
Sub-total		23,018
Sub-total [Member]
Schedule of Intangible Assets [Line Items]
Sub-total		74,620
Disposal [Member]
Schedule of Intangible Assets [Line Items]
Disposal		¥ (2,218)

Acquisitions and Disposals (Tables)

12 Months Ended

Dec. 31, 2025

Acquisitions and Disposals [Abstract]

Schedule of Purchase Price to the Assets Acquired and Liabilities Assumed

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

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 interests		33,998
		69,383

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

	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

	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, Net - Schedule of Gross Amount of Goodwill and Accumulated Impairment Losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025
Agency Segment [Member]
Schedule of Gross Amount and Accumulated Impairment Losses [Line Items]
Gross as of December 31, 2024	¥ 374,149
Addition in 2025 (Note 3)
Disposal in 2025 (Note 3)
Accumulated impairment loss as of December 31, 2024	(374,149)
Net, as of December 31, 2024
Net, as of December 31, 2025
Claims Adjusting Segment [Member]
Schedule of Gross Amount and Accumulated Impairment Losses [Line Items]
Gross as of December 31, 2024	374,149
Addition in 2025 (Note 3)
Disposal in 2025 (Note 3)
Accumulated impairment loss as of December 31, 2024	(374,149)
Net, as of December 31, 2024
Net, as of December 31, 2025

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Unrecognized Tax Benefits [Abstract]
Balance	¥ 25,701	¥ 29,863	¥ 32,142
Change in unrecognized tax benefits
Decrease in tax positions		(4,162)	(2,279)
Balance	¥ 25,701	¥ 25,701	¥ 29,863

Capital Structure

12 Months Ended

Dec. 31, 2025

Capital Structure [Abstract]

Capital Structure

(18) Capital Structure

Shares Structure

The Company was incorporated in the Cayman Islands on April 10, 2007. The original authorized share capital was US$10,000,000 divided into 10,000,000,000 ordinary shares with a par value of $0.001 per share.

On October 31, 2024, the Company held an extraordinary general meeting (“EGM”) and obtained requisite shareholders’ approval to adopt a dual-class share structure. Under this structure, the authorized share capital was US$10,000,000 divided into (1) 8,000,000,000 Class A Ordinary Shares of a nominal or par value of US$0.001 each and (2) 2,000,000,000 Class B Ordinary Shares of a nominal or par value of US$0.001 each.

On April 17, 2025, the Company obtained requisite shareholders’ approval to implement a share consolidation, under which every four hundreds authorized issued and unissued shares of par value US$0.001 each were consolidated into one share with a par value of US$0.4 each, effective on May 21, 2025. Immediately following the completion of the Share Consolidation, on May 21, 2025, our authorized share capital was increased to US$4,000,000,000 divided into 10,000,000,000 ordinary shares comprising of (i) 8,000,000,000 Class A ordinary shares of a nominal or par value of US$0.4 each, and (ii) 2,000,000,000 Class B ordinary shares of a nominal or par value of US$0.4 each.

As of December 31, 2025, 13,435,271 Class A ordinary shares were issued and outstanding. Concurrently, 7,500,000 Class B ordinary shares were issued and outstanding. Unless indicated or the context otherwise requires, all number of ordinary shares in this report has been retrospectively adjusted for the reverse share split, as if such reverse share split occurred on the first day of the years presented.

Issuance of new shares

During 2025, the Company issued (i) 2,500,000 Class B ordinary shares, at a price of US$0.4 per share, for a total consideration of US$1,000, of which 1,225,000 Class B ordinary shares to Infinew Limited and 1,275,000 Class B ordinary shares to MAASE Inc., (ii) 10,000,000 Class A ordinary shares, par value US$0.4 per share, of the Company, at a price of $3.156 per share, for a total consideration of US$31,560, to certain investors in relation to a private placement, and (iii) 5,000,000 Class B ordinary shares, at a price of US$0.4 per share, for a total consideration of US$2,000 to Expansion Group Ltd.

During 2024, the Company issued 500 Class A ordinary shares (as adjusted for the 1-for-400 reverse share split effective May 21, 2025) to shareholders on market price and 345,525 Class A ordinary shares (as adjusted for the 1-for-400 reverse share split effective May 21, 2025) for share option exercise, of which 345,000 Class A ordinary shares (as adjusted for the 1-for-400 reverse share split effective May 21, 2025) were repurchased on December 10, 2024.

During 2023, as disclosed in Note (3)(a), the Company issued 154,634 ordinary shares (as adjusted for the 1-for-400 reverse share split effective May 21, 2025) 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 (loss) and comprehensive income (loss) 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 34,152 ordinary shares (as adjusted for the 1-for-400 reverse share split effective May 21, 2025) 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 22,768 ordinary shares (as adjusted for the 1-for-400 reverse share split effective May 21, 2025) 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, 22,768 (as adjusted for the 1-for-400 reverse share split) 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

(i) During 2024, the Company repurchased an aggregate of 127,710 ADSs from the open market, representing 0.22% of the total shares outstanding as of December 31, 2024, at an average price of US$6.4 per ADS for a total amount of approximately RMB5,569, under the 2022 Share Buyback Program. The Company has also repurchased an aggregate of 345,000 Class A ordinary shares (as adjusted for the 1-for-400 reverse share split) at a price of US$38.4 per Class A ordinary shares on a post-share consolidation basis which was previously issued to certain employees for share option exercise on July 2, 2024. The repurchased price was equivalent to the exercise price of such share options.

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.

- Definition

The entire disclosure for equity.

+ References

+ Details

Capital Structure (Details)
$ / shares in Units, ¥ in Thousands

1 Months Ended

12 Months Ended

Jan. 02, 2025

Dec. 10, 2024

Jul. 02, 2024

$ / shares

Nov. 30, 2023

Mar. 31, 2023

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

CNY (¥)

Dec. 31, 2024

$ / shares

Dec. 31, 2023

CNY (¥)

Dec. 31, 2023

$ / shares

Apr. 17, 2025

USD ($)

$ / shares

Oct. 31, 2024

USD ($)

$ / shares

Aug. 31, 2023

CNY (¥)

Capital Structure [Line Items]

Authorized share capital, value (in Dollars) | $

$ 10,000,000,000

$ 4,000,000,000,000

$ 10,000,000,000

Authorized share capital

10,000,000,000

Par value (in Dollars per share) | $ / shares

$ 0.001

Authorized share capital, ordinary shares

Ordinary shares, par value per share (in Dollars per share) | $ / shares

$ 0.001

Authorized unissued

Shares issued per price (in Dollars per share) | $ / shares

$ 0.4

Consideration (in Dollars) | $

$ 1,000

Cash (in Yuan Renminbi) | ¥

¥ 11,513

Recognizing loss (in Yuan Renminbi) | ¥

¥ 3,043

Zhongrong [Member]

Capital Structure [Line Items]

Shares issued

154,634

Equity interests

57.73%

0.30%

Selling Shareholder [Member]

Capital Structure [Line Items]

Equity interests

1.56%

Zhongji [Member]

Capital Structure [Line Items]

Shares issued

34,152

Equity interests

51.00%

Taiping [Member]

Capital Structure [Line Items]

Shares issued

22,768

Equity interests

51.00%

Repurchased shares

22,768

2022 Share Buyback Program [Member]

Capital Structure [Line Items]

Aggregate of shares repurchased

127,710

634,946

Repurchase of ordinary shares outstanding percentage

0.22%

Shares repurchased, value (in Yuan Renminbi) | ¥

¥ 5,569

¥ 62,309

Stock repurchased, percentage of shares outstanding

2.00%

American Deposit Share [Member]

Capital Structure [Line Items]

Average price (in Dollars per share) | $ / shares

$ 6.4

$ 7.42

Aggregate repurchased shares

526,441

Class A Ordinary Shares [Member]

Capital Structure [Line Items]

Authorized share capital, ordinary shares

8,000,000,000

^[1]

8,000,000,000

^[1]

8,000,000,000

Ordinary shares, par value per share (in Dollars per share) | $ / shares

$ 0.4

$ 0.001

Ordinary shares issued

^[1]

13,435,271

2,898,349

Ordinary shares, outstanding

^[1]

13,435,271

2,898,349

Aggregate of shares repurchased

345,000

Stock repurchase per share (in Dollars per share) | $ / shares

$ 38.4

Class A Ordinary Shares [Member] | Shareholders [Member]

Capital Structure [Line Items]

Shares issued

500

Share option exercises

345,525

Aggregate of shares repurchased

345,000

Class B Ordinary Shares

Capital Structure [Line Items]

Authorized share capital, ordinary shares

7,500,000

^[1]

5,000,000

^[1]

2,000,000,000

Ordinary shares, par value per share (in Dollars per share) | $ / shares

$ 0.4

^[1]

$ 0.4

^[1]

$ 0.001

Shares issued per price (in Dollars per share) | $ / shares

$ 0.4

Ordinary shares issued

^[1]

7,500,000

Ordinary shares, outstanding

^[1]

7,500,000

Issuance shares

2,500,000

Shares issued

1,225,000

Class B Ordinary Shares | Expansion Group Ltd [Member]

Capital Structure [Line Items]

Shares issued

5,000,000

Total consideration (in Dollars) | $

$ 2,000,000

Ordinary Shares [Member]

Capital Structure [Line Items]

Repurchased shares

3,591,780

Private Placement [Member] | Class A Ordinary Shares [Member]

Capital Structure [Line Items]

Shares issued per price (in Dollars per share) | $ / shares

$ 0.4

Shares issued

10,000,000

Repurchase of ordinary shares average price

3.156%

Total consideration (in Dollars) | $

$ 31,560,000

Infinew Limited [Member] | Class B Ordinary Shares

Capital Structure [Line Items]

Issuance shares

1,225,000

MAASE Inc. [Member] | Class B Ordinary Shares

Capital Structure [Line Items]

Issuance shares

1,275,000

[1]	Retrospectively restated for the 1-for-400 reverse share split effected on May 21, 2025.

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

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Schedule of Effective Income Tax Rate Reconciliation [Abstract]

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

¥ (2,273,246)

$ (325,070)

¥ 401,308

¥ 348,767

Computed income tax expense at PRC EIT tax rate

¥ (568,312)

¥ 100,327

¥ 87,192

Computed income tax expense at PRC EIT tax rate

25.00%

Expenses not deductible for tax purposes:

—Entertainment

¥ 793

¥ 703

¥ 2,417

—Entertainment

0.00%

0.20%

0.70%

—Impairment on goodwill

¥ 93,537

—Impairment on goodwill

23.30%

—Provision for expected credit losses on financial assets

^[1]

¥ 543,537

¥ 11,718

—Provision for expected credit losses on financial assets

^[1]

(23.90%)

2.90%

—Other

¥ 1,434

¥ 340

—Other

0.40%

0.10%

Effect of tax holidays on concessionary rates granted to PRC entities

¥ (507)

¥ (9,956)

Effect of tax holidays on concessionary rates granted to PRC entities

(0.10%)

(2.90%)

Effect of different tax rates of subsidiaries operating in other jurisdictions

¥ 16,764

¥ (135,440)

¥ 4,110

Effect of different tax rates of subsidiaries operating in other jurisdictions

(0.70%)

(33.70%)

1.20%

Change in valuation allowance

¥ 28,622

¥ 15,645

¥ 2,713

Change in valuation allowance

(1.30%)

3.90%

0.80%

Utilized of deferred income tax for dividend distribution

¥ (2,500)

Utilized of deferred income tax for dividend distribution

(0.60%)

Effect of non-taxable (income) loss

^[2]

¥ 29,969

¥ (25,709)

Effect of non-taxable (income) loss

^[2]

7.50%

(7.40%)

Unrecognized tax benefits arising from certain transfer pricing arrangements

¥ (4,162)

¥ (2,279)

Unrecognized tax benefits arising from certain transfer pricing arrangements

(1.00%)

(0.70%)

Deferred income tax reverse

¥ (16,799)

¥ (18,800)

Deferred income tax reverse

0.70%

(4.70%)

Other

¥ (585)

¥ 30

¥ 378

Other

0.00%

0.10%

Income tax expense

¥ 4,020

$ 575

¥ 91,954

¥ 59,206

Income tax expense

(0.20%)

22.90%

17.00%

[1]	Provision for expected credit losses on financial assets for the year ended December 31,2025 is primarily relating to the expected credit losses of loan receivables,
[2]	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. The effect of non-taxable loss for the year ended December 31, 2024 is primarily relating to the non-taxable loss from changes in fair value of equity interests held by the Group.

Net Income/(Loss) Per Share

12 Months Ended

Dec. 31, 2025

Net Income/(Loss) Per Share [Abstract]

Net Income/(loss) per Share

(19) Net Income/(loss) per Share

As of December 31, 2023, 2024 and 2025, there were nil, 28,315 and 35,000 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/(loss) per ordinary share is as follows:

	Years Ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Basic:
Net income (loss) from continuing operations		288,244			304,302			(2,277,266	)
Less: Net income (loss) attributable to the non-controlling interests		4,773			(148,720	)		1,350
Net gain (loss) attributable to owners of the Company from continuing operations		283,471			453,022			(2,278,616	)
Net gain from discontinued operations		855			5,172			3,230
Less: Net income attributable to the non-controlling interests		3,849			3,234			—
Net income attributable to the Company’s shareholders from discontinued operations		(2,994	)		1,938			3,230
Weighted average number of ordinary shares outstanding*		2,685,930			2,666,735			10,132,864
Basic net income (loss) per ordinary share from continuing operations		105.54			169.88			(224.87	)
Basic net income (loss) per ordinary share from discontinued operations		(1.11	)		0.73			0.32

	Years Ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Diluted:
Net income (loss) from continuing operations		288,244			304,302			(2,277,266	)
Less: Net income (loss) attributable to the noncontrolling interests		4,773			(148,720	)		1,350
Net income (loss) attributable to owners of the Company from continuing operations		283,471			453,022			(2,278,616	)
Net gain (loss) from discontinued operations		855			5,172			3,230
Less: Net income attributable to the noncontrolling interests		3,849			3,234			—
Net income(loss) attributable to the Company’s shareholders from discontinued operations		(2,994	)		1,938			3,230
Weighted average number of ordinary shares outstanding		2,685,930			2,666,735			10,132,864
Weighted average number of dilutive potential ordinary shares from share options and restricted share units		5,920			9,636			—
Total		2,691,850			2,676,371			10,132,864
Diluted net income (loss) per ordinary share from continuing operations		105.31			169.27			(224.87	)
Diluted net income (loss) per ordinary share from discontinued operations		(1.11	)		0.72			0.32

Schedule I—Condensed Financial Information of the Company (Tables)

12 Months Ended

Dec. 31, 2025

Schedule I—Condensed Financial Information of the Company [Abstract]

Schedule of Balance Sheets

	As of December 31,
	2024			2025			2025
	RMB			RMB			US$
							Note2(u)
ASSETS:
Current assets:
Cash and cash equivalents		20,014			3,587			513
Short term investments		3,694			2,746			393
Other receivables and amounts due from subsidiaries and affiliates		454,830			549,975			78,645
Amounts due from related parties		—			13,044			1,865
Total current assets		478,538			569,352			81,416
Non-current assets:
Investment in subsidiaries		2,512,999			1,198,615			171,399
Investment in an affiliate		1,004,683			—			—
Other non-current asset		17,549			—			—
Total assets		4,013,769			1,767,967			252,815

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Other payables and accrued expenses and amounts due to subsidiaries		1,467,253			1,289,447			184,387
Total liabilities		1,467,253			1,289,447			184,387
Ordinary shares (US$0.4 par value; 8,000,000,000 shares authorized, 2,898,308 shares issued and 2,830,230 shares outstanding as of December 31, 2024；8,000,000,000 shares authorized, 13,435,271 shares issued and 13,435,271 shares outstanding as of December 31, 2025)		8,678			60,250			8,616
Treasury Stock		(197	)		—			—
Additional paid-in capital		192,760			401,928			57,475
Retained earnings		2,382,941			107,555			15,380
Accumulated other comprehensive loss		(37,666	)		(91,213	)		(13,043	)
Total shareholders’ equity		2,546,516			478,520			68,428
Total liabilities and shareholders’ equity		4,013,769			1,767,967			252,815

Schedule of Statements of Income and Comprehensive Income

	Years Ended December 31,
	2023			2024			2025			2025
	RMB			RMB			RMB			US$
General and administrative expenses		(11,018	)		(34,232	)		(30,462	)		(4,356	)
Selling expenses		(13,627	)		(11,927	)		9,800			1,401
Interest income		1,201			353			71			10
Others, net		17,009			13,028			(50,403	)		(7,208	)
Equity in earnings of subsidiaries and an affiliate		286,912			487,738			(2,204,392	)		(315,224	)
Net income attributable to the Company’s shareholders		280,477			454,960			(2,275,386	)		(325,377	)
Other comprehensive income (loss):
Foreign currency translation adjustments		2,249			1,688			(19,985	)		(2,858	)
Unrealized net gain (loss) on available-for-sale investments		2,458			(11,418	)		(33,562	)		(4,799	)
Comprehensive income(loss) attributable to the Company’s shareholders		285,184			445,230			(2,328,933	)		(333,034	)

Schedule of Statements of Cash Flows

	Years Ended December 31,
	2023			2024			2025			2025
	RMB			RMB			RMB			US$
Cash flows from operating activities:
Net income		280,477			454,960			(2,275,386	)		(325,377	)
Adjustments to reconcile net income to net cash used in operating activities:
Equity in earnings of subsidiaries and an affiliate		(312,323	)		(509,951	)		2,238,238			320,065
Compensation expenses associated with stock options		17,095			38,589			16,996			2,430
Other non-cash adjustments		(22,569	)		(4,088	)		13,219			1,891
Changes in operating assets and liabilities:
Other receivables		(20	)		18			—			—
Accrued payroll and other payables		820			(2,432	)		(150	)		(22	)
Net cash used in operating activities		(36,520	)		(22,904	)		(7,083	)		(1,013	)
Cash flows from investing activities:
Changes in investment in subsidiaries and an affiliate		2,458			(11,418	)		12,265			1,753
Advances to subsidiaries and affiliates		(10,005	)		11,087			(13,044	)		(1,865	)
Purchase of short-term investments		—			(3,650	)		(33,733	)		(4,824	)
Proceeds from disposal of subsidiaries		—			—			354			51
Proceeds from disposal of short-term investments		27,639			—			32,076			4,587
Others		—			44			—			—
Net cash generated from (used in) investing activities		20,092			(3,937	)		(2,082	)		(298	)
Cash flows used in financing activities:
Proceeds on exercise of stock options		—			—			73			10
Repurchase of ordinary shares from open market		(29,044	)		(5,735	)		—			—
Proceeds from share issuances		—			93			7,299			1,044
Net cash (used in) generated from financing activities		(29,044	)		(5,642	)		7,372			1,054
Net decrease in cash and cash equivalents		(45,472	)		(32,483	)		(1,793	)		(257	)
Cash and cash equivalents and restricted cash at beginning of year		38,512			23,595			20,014			2,862
Effect of exchange rate changes on cash and cash equivalents		30,555			28,902			(14,634	)		(2,092	)
Cash and cash equivalents and restricted cash at end of the year		23,595			20,014			3,587			513

Variable Interest Entities (“VIEs”) - Schedule of Variable Interest Entities (Details) - VIE [Member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Variable Interest Entities [Line Items]
Net revenues		¥ 123,593	¥ 122,880
Operating costs and expenses		92,617	100,957
Net income (loss)		20,870	(13,085)
Net cash generated from operating activities		¥ 1,618	¥ 3,754

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Short-term Loans (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Short-term Loans (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Short-Term Loans [Line Items]
Short-term loan	¥ 56,000	$ 8,008	¥ 134,976
Short term debt term	1 year
Weighted average interest rate	3.50%	3.50%	3.50%
Lines of credit for the short-term loans			¥ 65,024
Loans Payable [Member]
Short-Term Loans [Line Items]
Short-term loan	¥ 74,000		¥ 134,976

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Schedule of Accounts Receivable and Contract Assets, Net

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

	As of December 31,
	2024			2025
	RMB			RMB
Accounts receivable		96,324			67,391
Contract assets (See Note 2(q))		954,006			748,544
Allowance for expected credit losses		(1,186	)		(2,531	)
Accounts receivable and contract assets, net		1,049,144			813,404

Schedule of Group’s Allowance for Expected Credit Losses of Accounts Receivables

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

	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at the beginning of the year		328			1,965			1,186
Current period provision for expected credit losses		1,674			1,392			1,345
Write-offs		(37	)		(2,171	)		—
Balance at the end of the year		1,965			1,186			2,531

Schedule of Estimated Useful Lives, Taking into Account Residual Value

Depreciation are calculated using the straight-line method over the following estimated useful lives, taking into account residual value:

	Estimated useful lives (Years)	Estimated residual value
Building	20-36	0%
Office equipment, furniture and fixtures	3-5	0%-3%
Motor vehicles	4-10	0%-3%
Leasehold improvements	5	0%

Schedule of Depreciation Expense Recognized in the Consolidated Statements of Income and Comprehensive Income(Loss)

The following table summarizes the depreciation expense recognized in the consolidated statements of income (loss) and comprehensive income(loss):

	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Selling expenses		2,647		190		54
General and administrative expenses		10,114		10,256		5,272
Depreciation expense		12,761		10,446		5,326

Schedule of Estimated Useful Lives

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

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

Schedule of Fair Value Measurements of the Group’s Assets and Liabilities that are Measured at Fair Value on a Recurring Basis in Periods Subsequent to their Initial Recognition

As of December 31, 2024 and 2025, information about inputs into the fair value measurements of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows.

			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2024		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		563,436		—		563,436		—
Investments – equity security recorded within other current assets		13,755		13,755		—		—
Contingent consideration		17,549		—		—		17,549

			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2025		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		2,450		—		2,450		—
Investments – equity security recorded within other current assets and other non-current assets		239,565		2,746		—		236,819

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of ROU Assets and Related Lease Liabilities

The following represents the aggregate ROU assets and related lease liabilities as of December 31, 2024 and 2025:

	As of December 31,
	2024		2025
	RMB		RMB
Operating lease ROU assets		60,850		33,589
Current operating lease liabilities		30,054		15,308
Non-current operating lease liabilities		27,918		15,463
Total operating lease liabilities		57,972		30,771

The weighted average lease term and discount rate as of December 31, 2024 and 2025 were as follows:

	As of December 31,
	2024			2025
Weighted average lease term:
Operating leases		2.09 years			2.66 years
Weighted average discount rate:
Operating leases		2.98	%		2.88	%

The components of lease expenses for the years ended December 31, 2023, 2024 and 2025 were as follows:

	For the years ended December 31,
	2023		2024		2025
			RMB		RMB
Operating lease expense		66,782		58,192		16,223
Short term lease expense		4,697		4,253		7,283
Total		71,479		62,445		23,506

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities at December 31, 2025:

	Minimum Lease Payment
	RMB
Years ending December 31:
2026		16,099
2027		8,876
2028		4,790
2029		2,368
Total remaining undiscounted lease payments		32,133
Less: Interest		1,362
Total present value of lease liabilities		30,771
Less: Current operating lease liabilities		15,308
Non-current operating lease liabilities		15,463

Distribution of Profits (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Distribution of Profits (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Distribution of Profits [Line Items]
Appropriations to statutory surplus reserve percentage	50.00%
Restricted net assets	¥ 1,244,719	¥ 1,495,385
PRC [Member]
Distribution of Profits [Line Items]
Appropriations to statutory surplus reserve percentage	10.00%
Statutory reserves	¥ 343,026	¥ 593,691

Employee Benefit Plans (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Benefit Plans [Abstract]
Contributed and accrued	¥ 26,150	¥ 47,669	¥ 116,109

Variable Interest Entities (“VIEs”) (Details)	12 Months Ended
Variable Interest Entities (“VIEs”) (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 27, 2024
Variable Interest Entities (“VIEs”) [Line Items]
Description of revenue derived from VIE	In the year ended December 31, 2024, aggregate revenues derived from these VIEs contributed 6.8% of the total consolidated net revenues, based on the corporate structure before disposed the former VIEs. As of December 31, 2024, the Group has terminated the VIE Contractual Arrangements, and the VIEs accounted for nil of the consolidated total assets of the Group.
VIE’s [Member]
Variable Interest Entities (“VIEs”) [Line Items]
Total consolidated net revenue percentage		6.80%
BGM Group Ltd.’s [Member]
Variable Interest Entities (“VIEs”) [Line Items]
Exchange for issued and outstanding percentage			72.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - Lease Commitment [Member] ¥ in Thousands	Dec. 31, 2025 CNY (¥)
Schedule of Future Minimum Lease Payments [Line Items]
Within 1 year	¥ 3,450
2-5 years	3,187
Total	¥ 6,637

Discontinued Operations - Schedule of Condensed Cash Flows of Disposal Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Condensed Cash Flows of Disposal Group [Abstract]
Net cash generated from (used in) operating activities	$ (11,434)	$ 30,963
Net cash (used in) generated from investing activities	454	(39,956)
Net cash generated from financing activities	$ 22,818

Concentrations of Credit Risk - Schedule of Customer Concentration Estimated Renewal Commissions (Details) - Customer Concentration Risk [Member] - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

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

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

¥ 99,290

¥ 177,868

¥ 438,026

Concentration risk percentage

13.50%

12.80%

15.90%

Fanhua RONS Insurance Sales & Service Co., Ltd. [Member] | Net Revenues [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

¥ 73,738

^[1]

Concentration risk percentage

10.00%

^[1]

Fanhua RONS Insurance Sales & Service Co., Ltd. [Member] | Accounts Receivable [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

¥ 12,247

¥ 29,063

Concentration risk percentage

18.10%

30.20%

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

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

^[1]

¥ 295,217

Concentration risk percentage

^[1]

10.70%

Ping An Property & Casualty Insurance Company of China, Ltd. (“Ping An”) [Member] | Net Revenues [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

^[1]

¥ 175,205

^[1]

Concentration risk percentage

^[1]

12.60%

^[1]

Ruizhong Life Insurance Co., Ltd. [Member] | Net Revenues [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

^[1]

Concentration risk percentage

^[1]

Ruizhong Life Insurance Co., Ltd. [Member] | Accounts Receivable [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

¥ 8,602

¥ 10,291

Concentration risk percentage

12.70%

10.70%

Other Customer [Member] | Net Revenues [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

¥ 173,028

¥ 353,073

¥ 733,243

Concentration risk percentage

23.50%

25.40%

25.60%

Sinatay [Member] | Accounts Receivable [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

¥ 14,136

¥ 29,567

Concentration risk percentage

20.90%

30.70%

AVIVA-COFCO Life Insurance Co., Ltd. [Member] | Accounts Receivable [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

¥ 9,795

^[2]

Concentration risk percentage

14.50%

^[2]

Customer [Member] | Accounts Receivable [Member]

Schedule of Customer Concentration Estimated Renewal Commissions [Line Items]

Concentration risk percentage, amount

¥ 44,780

¥ 68,921

Concentration risk percentage

66.20%

71.60%

[1]	represented less than 10% of total net revenues for the year.
[2]	represented less than 10% of accounts receivable as of the year end.

Intangible Assets, Net (Details) ¥ in Thousands	12 Months Ended
Intangible Assets, Net (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Intangible Assets, Net [Line Items]
Intangible assets				¥ 85,040
Disposal of intangible assets				8,868
Disposed intangible assets			¥ 72,402
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Impairment of goodwill and intangible assets
Impairment loss on intangible assets			¥ 39,307
Amortization expenses for intangible assets			¥ 16,791	17,858
Hong Kong [Member] \| Insurance Brokerage License [Member]
Intangible Assets, Net [Line Items]
Disposed intangible assets				¥ 2,218

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - Business Segment [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Segment Reporting Information [Line Items]
Total revenues	¥ 556,567	$ 79,588	¥ 1,331,778	¥ 2,760,448
Cost of revenues	(282,300)	(40,369)	(799,781)
Selling expenses	(60,655)	(8,674)	(104,294)	(151,830)
General and administrative expenses	(252,669)	(36,131)	(470,700)	(563,473)
Impairment loss			(404,121)
Total operating costs				(1,868,672)
Total operating costs and expenses	(595,624)	(85,174)	(1,778,896)	(2,583,975)
Operating profit (loss)	(39,057)	(5,586)	(447,118)	176,473
Loss from fair value change	(24,976)	(3,572)	(78,499)	102,867
Investment income	39,483	5,646	42,288
Gains from disposal of subsidiaries	(116,605)	(16,674)	897,306	(2,904)
Interest income	30,207	4,320	15,092	15,005
Financial cost	(3,710)	(531)	(3,315)	(10,055)
Others,net	(2,158,588)	(308,673)	(24,446)	19,131
Other income, net:
Investment income related to the realized gain on available-for-sale investments				48,250
Income (Loss) before income taxes	(2,273,246)	(325,070)	401,308	348,767
Income Tax expense	(4,020)	(575)	(91,954)	(59,206)
Share of loss of affiliates			(5,052)	(1,317)
Net income (loss)	(2,277,266)	(325,645)	304,302	288,244
Less: net income (loss) attributable to non-controlling interests	1,350	193	(148,720)	4,773
Net income (loss) attributable to AIFU Inc.	(2,278,616)	$ (325,838)	453,022	283,471
Agency [Member]
Segment Reporting Information [Line Items]
Total revenues	556,567		1,331,778	2,760,448
Cost of revenues	(282,300)		(799,781)
Selling expenses	(60,655)		(86,372)	(131,934)
General and administrative expenses	(182,016)		(329,519)	(421,780)
Impairment loss			(404,121)
Total operating costs				(1,868,672)
Total operating costs and expenses	(524,971)		(1,619,793)	(2,422,386)
Operating profit (loss)	31,596		(288,015)	338,062
Loss from fair value change
Investment income			42,288
Gains from disposal of subsidiaries	(25,084)			(2,904)
Interest income	63		2,144	1,448
Financial cost	(3,686)		(4,450)	(10,055)
Others,net	13,960		(136,875)	3,457
Other income, net:
Investment income related to the realized gain on available-for-sale investments				7,221
Income (Loss) before income taxes	16,849		(384,908)	337,229
Income Tax expense	(1,063)		11,867	(57,086)
Share of loss of affiliates				(1,317)
Net income (loss)	15,786		(373,041)	278,826
Less: net income (loss) attributable to non-controlling interests	1,350		(148,720)	4,773
Net income (loss) attributable to AIFU Inc.	14,436		(224,321)	274,053
Others [Member]
Segment Reporting Information [Line Items]
Total revenues
Cost of revenues
Selling expenses			(17,922)	(19,896)
General and administrative expenses	(70,653)		(141,181)	(141,693)
Impairment loss
Total operating costs
Total operating costs and expenses	(70,653)		(159,103)	(161,589)
Operating profit (loss)	(70,653)		(159,103)	(161,589)
Loss from fair value change	(24,976)		(78,499)	102,867
Investment income	39,483
Gains from disposal of subsidiaries	(91,521)		897,306
Interest income	30,144		12,948	13,557
Financial cost	(24)		1,135
Others,net	(2,172,548)		112,429	15,674
Other income, net:
Investment income related to the realized gain on available-for-sale investments				41,029
Income (Loss) before income taxes	(2,290,095)		786,216	11,538
Income Tax expense	(2,957)		(103,821)	(2,120)
Share of loss of affiliates			(5,052)
Net income (loss)	(2,293,052)		677,343	9,418
Less: net income (loss) attributable to non-controlling interests
Net income (loss) attributable to AIFU Inc.	¥ (2,293,052)		¥ 677,343	¥ 9,418

Schedule I—Condensed Financial Information of the Company - Schedule of Statements of Cash Flows (Details) - Parent Company [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income	¥ (2,275,386)	$ (325,377)	¥ 454,960	¥ 280,477
Adjustments to reconcile net income to net cash used in operating activities:
Equity in earnings of subsidiaries and an affiliate	2,238,238	320,065	(509,951)	(312,323)
Compensation expenses associated with stock options	16,996	2,430	38,589	17,095
Other non-cash adjustments	13,219	1,891	(4,088)	(22,569)
Changes in operating assets and liabilities:
Other receivables			18	(20)
Accrued payroll and other payables	(150)	(22)	(2,432)	820
Net cash used in operating activities	(7,083)	(1,013)	(22,904)	(36,520)
Cash flows from investing activities:
Changes in investment in subsidiaries and an affiliate	12,265	1,753	(11,418)	2,458
Advances to subsidiaries and affiliates	(13,044)	(1,865)	11,087	(10,005)
Purchase of short-term investments	(33,733)	(4,824)	(3,650)
Proceeds from disposal of subsidiaries	354	51
Proceeds from disposal of short-term investments	32,076	4,587		27,639
Others			44
Net cash generated from (used in) investing activities	(2,082)	(298)	(3,937)	20,092
Cash flows used in financing activities:
Proceeds on exercise of stock options	73	10
Repurchase of ordinary shares from open market			(5,735)	(29,044)
Proceeds from share issuances	7,299	1,044	93
Net cash (used in) generated from financing activities	7,372	1,054	(5,642)	(29,044)
Net decrease in cash and cash equivalents	(1,793)	(257)	(32,483)	(45,472)
Cash and cash equivalents and restricted cash at beginning of year	20,014	2,862	23,595	38,512
Effect of exchange rate changes on cash and cash equivalents	(14,634)	(2,092)	28,902	30,555
Cash and cash equivalents and restricted cash at the end of the year	¥ 3,587	$ 513	¥ 20,014	¥ 23,595

Commitments and Contingencies (Details)	Dec. 31, 2025
Commitments and Contingencies [Abstract]
Operating leases term	1 year

Organization

12 Months Ended

Dec. 31, 2025

Organization [Abstract]

Organization

(1) Organization

(a)

History of the Company and Reorganization

AIFU Inc. (the “Company”) (formally known as “AIX Inc.” and “Fanhua Inc.”) was incorporated in the Cayman Islands on April 10, 2007 and listed on the Nasdaq on October 31, 2007. On October 31, 2024, the Company changed its name from Fanhua Inc. to AIX Inc. On April 17, 2025, the Company changed its name from AIX Inc. to AIFU Inc. The Company, its subsidiaries and the former consolidated variable interest entities (the “former VIEs”) are collectively referred to as the “Group”. The Group is principally engaged in the provision of agency services in the People’s Republic of China (the “PRC”). It also offered insurance claims adjusting services until January 2025.

In January 2025, the Group disposed of 100% equity interests in Guangdong Meidiya Investment Co., Ltd. (“Meidiya”) to a third party for cash consideration of RMB30,240. Meidiya holds approximately 44.7% of the equity interests of Fanhua Insurance Surveyors & Loss Adjustors Co., Ltd. (“FHISLA”) and its subsidiaries (collectively referred to as the “Disposal Group”). The Disposed Group historically constituted the Group’s claims-adjusting segment, over which the Group exercised control through a series of act-in-concert arrangements. Accordingly, the Group deconsolidated the Disposed Group with effect from January 1, 2025 and no longer conducts any material operations in the claims-adjusting business.

On December 27, 2024, the Group transferred all of our interests in Fanhua RONs (Beijing) Technology Co., Ltd. (“Fanhua RONS Technologies”) and Shenzhen Xinbao Investment Co., Ltd. (“Xinbao Investment”) and its subsidiaries (the “former VIEs”) to BGM Group Ltd. (“BGM”) in exchange for BGM’s Class A ordinary shares. Prior to the transaction, the Group performed a series of restructuring to transfer equity interest of Fanhua RONS Technologies and Xinbao Investment to a newly incorporated wholly owned subsidiary through contractual arrangements. The historical contractual arrangements among (x) the Group’s wholly-owned PRC subsidiary Fanhua Group Company and Fanlian Investment, (y) the former consolidated VIEs, and (z) the individual nominee shareholders of the consolidated VIEs (the “Contractual Arrangements”) were terminated at the date of closing the transaction with BGM. Since then the Group owned no VIEs subsidiaries.

On December 27, 2023, securities exchange agreements (the “Agreements”) were entered into by and among MAASE Inc. (“MAASE”, formerly known as “Highest Performances Holdings Inc.” and “Puyi Inc.”) and certain shareholders of the Company (the “Selling Shareholders”). Upon the terms and subject to the conditions of the Agreements, MAASE issued and allotted to the Selling Shareholders an aggregate of 284,113,314 MAASE ordinary shares (equivalent to 3,156,814 Class A ordinary shares giving effect to MAASE’s 1-for-90 reverse share split effective on June 20, 2025), and in exchange, the Selling Shareholders sold to MAASE an aggregate of 568,226,628 ordinary shares of the Company (equivalent to 1,420,567 Class A ordinary shares giving effect to the Company’s 1-for-400 reverse share split effective on May 21, 2025) that they beneficially owned (the “Transaction”). The transaction was closed on December 31, 2023. As a result, MAASE became the controlling shareholder of the Company, owning approximately 50.07% of the Company’s equity interests at that date.

Change in control in 2025

During the year ended December 31, 2025, the Group completed the following transactions: (i) on January 2,2025, issuance of 2,500,000 Class B ordinary shares (as adjusted for the 1-for-400 reverse share split effective May 21, 2025), of which 1,225,000 Class B ordinary shares to Infinew Limited and 1,275,000 Class B ordinary shares to MAASE Inc; (ii) on July 23, 2025, a private placement offering of 10,000,000 Class A ordinary shares; (ii) on January 2,2025, 2,500,000 Class B ordinary shares, of which 1,225,000 Class B ordinary shares to Infinew Limited and 1,275,000 Class B ordinary shares to MAASE Inc.and (ii) on December 22, 2025, issuance of 5,000,000 Class B ordinary shares to Expansion Group Ltd.

As a result of the Class B Share Issuance, Expansion Group Ltd acquired 23.88% of the Group’s equity interests and 65.49% of the Group’s voting power and became the new controlling shareholder. As a result of both transactions, MAASE’s shareholding was diluted to 7.85% and its voting power to 16.75%, and MAASE ceased to be a controlling shareholder.

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Description of CODM	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.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer
NumberOfReportableSegmentsNotDisclosedFlag	true

Other Receivables, Net

12 Months Ended

Dec. 31, 2025

Other Receivables, Net [Abstract]

Other Receivables, net

(5) Other Receivables, net

Other receivables, net consist of the following:

	As of December 31,
	2024			2025
	RMB			RMB
Advances to staff (i)		2,533			2,270
Rental deposits		8,134			5,439
Loan receivable to third parties (ii)		743,793			804,834
Consideration receivable from disposal of long-term investments(iii)		—			816,653
Receivables consideration from share issuance(iv)		—			234,688
Other		1,305			2,165
Less: Allowance for expected credit losses - other receivables		(47,142	)		(1,577,710	)
Other receivables, net		708,623			288,339
The following table summarizes the movement of the Group’s allowance for expected credit losses of other receivable:
Balance at the beginning of the year		3,028			47,142
Write-off		(1,469	)		—
Current period allowance for expected credit losses		45,583			1,530,568
Balance at the end of the year		47,142			1,577,710

(i)	Amount 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 mainly represented 1) term-loan (matures in June 2025 with extension) to Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) of RMB65,000 and RMB25,000 as of December 31, 2024 and 2025 respectively, and corresponding interest receivable of RMB4,089 and RMB2,016 as of December 31, 2024 and 2025, respectively. The loan is guaranteed by the ultimate controlling owner of Sichuan Tianyi, whom is jointly liable, with the interest rate of 6% per annum; 2) term-loan (matured in 2025) to a third party company principally engaged in provision of education service of RMB670,300 and RMB670,300 as of December 31, 2024 and 2025, respectively, with the interest rate of 5% per annum, and corresponding interest receivable of RMB5,782 and RMB33,515 as of December 31, 2024 and 2025, respectively; 3) term-loan (matures in 2026) to a third party company of RMB12,000 as of December 31, 2025, with the interest rate of 3% per annum; and 4)) term-loan (matured in March 2026) to third parties of RMB40,000 as of December 31, 2025, with the interest rate of 5% per annum. Based on the Group’s evaluation of the collectibility of all term loan receivables, a full provision amounting to RMB 804,834 was accrued as at December 31, 2025.

(iii)	Amount as of December 31, 2025 primarily represented:1) the outstanding receivable of RMB47,630 from the divestiture of subsidiaries, of which RMB38,240 was settled in April 2026; 2) the receivable from third-party investment firms as the Group transferred 53,466,331 Class A ordinary shares of BGM to third-party investment firms in May 2025. The shares transfer consideration is to be settled in two equal installments within two years. Following the assessment on the recoverability of outstanding receivables, the Group recorded a provision of RMB 772,153 as of December 31, 2025.

(iv)	Amount mainly represented subscription consideration receivable in connection with the share issuance completed in 2025, which was fully settled in April 2026.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net [Abstract]

Schedule of Property, Plant and Equipment, Net

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

	As of December 31,
	2024			2025
	RMB			RMB
Building		14,604			3,240
Office equipment, furniture and fixtures		118,145			109,767
Motor vehicles		5,275			4,163
Leasehold improvements		17,713			11,783
Total		155,737			128,953
Less: Accumulated depreciation		(138,366	)		(119,717	)
Construction in progress		53,640			53,640
		71,011			62,876

Schedule I—Condensed Financial Information of the Company

12 Months Ended

Dec. 31, 2025

Schedule I—Condensed Financial Information of the Company [Abstract]

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE COMPANY

	As of December 31,
	2024			2025			2025
	RMB			RMB			US$
							Note2(u)
ASSETS:
Current assets:
Cash and cash equivalents		20,014			3,587			513
Short term investments		3,694			2,746			393
Other receivables and amounts due from subsidiaries and affiliates		454,830			549,975			78,645
Amounts due from related parties		—			13,044			1,865
Total current assets		478,538			569,352			81,416
Non-current assets:
Investment in subsidiaries		2,512,999			1,198,615			171,399
Investment in an affiliate		1,004,683			—			—
Other non-current asset		17,549			—			—
Total assets		4,013,769			1,767,967			252,815

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Other payables and accrued expenses and amounts due to subsidiaries		1,467,253			1,289,447			184,387
Total liabilities		1,467,253			1,289,447			184,387
Ordinary shares (US$0.4 par value; 8,000,000,000 shares authorized, 2,898,308 shares issued and 2,830,230 shares outstanding as of December 31, 2024；8,000,000,000 shares authorized, 13,435,271 shares issued and 13,435,271 shares outstanding as of December 31, 2025)		8,678			60,250			8,616
Treasury Stock		(197	)		—			—
Additional paid-in capital		192,760			401,928			57,475
Retained earnings		2,382,941			107,555			15,380
Accumulated other comprehensive loss		(37,666	)		(91,213	)		(13,043	)
Total shareholders’ equity		2,546,516			478,520			68,428
Total liabilities and shareholders’ equity		4,013,769			1,767,967			252,815

	Years Ended December 31,
	2023			2024			2025			2025
	RMB			RMB			RMB			US$
General and administrative expenses		(11,018	)		(34,232	)		(30,462	)		(4,356	)
Selling expenses		(13,627	)		(11,927	)		9,800			1,401
Interest income		1,201			353			71			10
Others, net		17,009			13,028			(50,403	)		(7,208	)
Equity in earnings of subsidiaries and an affiliate		286,912			487,738			(2,204,392	)		(315,224	)
Net income attributable to the Company’s shareholders		280,477			454,960			(2,275,386	)		(325,377	)
Other comprehensive income (loss):
Foreign currency translation adjustments		2,249			1,688			(19,985	)		(2,858	)
Unrealized net gain (loss) on available-for-sale investments		2,458			(11,418	)		(33,562	)		(4,799	)
Comprehensive income(loss) attributable to the Company’s shareholders		285,184			445,230			(2,328,933	)		(333,034	)

	Years Ended December 31,
	2023			2024			2025			2025
	RMB			RMB			RMB			US$
Cash flows from operating activities:
Net income		280,477			454,960			(2,275,386	)		(325,377	)
Adjustments to reconcile net income to net cash used in operating activities:
Equity in earnings of subsidiaries and an affiliate		(312,323	)		(509,951	)		2,238,238			320,065
Compensation expenses associated with stock options		17,095			38,589			16,996			2,430
Other non-cash adjustments		(22,569	)		(4,088	)		13,219			1,891
Changes in operating assets and liabilities:
Other receivables		(20	)		18			—			—
Accrued payroll and other payables		820			(2,432	)		(150	)		(22	)
Net cash used in operating activities		(36,520	)		(22,904	)		(7,083	)		(1,013	)
Cash flows from investing activities:
Changes in investment in subsidiaries and an affiliate		2,458			(11,418	)		12,265			1,753
Advances to subsidiaries and affiliates		(10,005	)		11,087			(13,044	)		(1,865	)
Purchase of short-term investments		—			(3,650	)		(33,733	)		(4,824	)
Proceeds from disposal of subsidiaries		—			—			354			51
Proceeds from disposal of short-term investments		27,639			—			32,076			4,587
Others		—			44			—			—
Net cash generated from (used in) investing activities		20,092			(3,937	)		(2,082	)		(298	)
Cash flows used in financing activities:
Proceeds on exercise of stock options		—			—			73			10
Repurchase of ordinary shares from open market		(29,044	)		(5,735	)		—			—
Proceeds from share issuances		—			93			7,299			1,044
Net cash (used in) generated from financing activities		(29,044	)		(5,642	)		7,372			1,054
Net decrease in cash and cash equivalents		(45,472	)		(32,483	)		(1,793	)		(257	)
Cash and cash equivalents and restricted cash at beginning of year		38,512			23,595			20,014			2,862
Effect of exchange rate changes on cash and cash equivalents		30,555			28,902			(14,634	)		(2,092	)
Cash and cash equivalents and restricted cash at end of the year		23,595			20,014			3,587			513

Schedule I has been provided pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to the financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries (including variable interest entities) together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

As of December 31, 2025, RMB1,244,719 of the restricted capital and reserves are not available for distribution, and as such, the condensed financial information of the Company has been presented for the years ended December 31, 2023, 2024 and 2025.

As of December 31, 2025, there were no material contingencies, significant provisions of long-term obligations, and mandatory dividend or redemption requirements of redeemable shares or guarantees of the Company except for those which have been separately disclosed in the consolidated financial statements, if any.

Basis of preparation

The condensed financial information of the Company has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Group as of December 31, 2024 and 2025 and the years ended 2023, 2024 and 2025.

Discontinued Operations - Schedule of Discontinued Operations in the Consolidated Statements of Operations and Comprehensive Income (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025
Schedule of Discontinued Operations in the Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Net revenues	¥ 477,054	¥ 437,941
Operating costs	(313,085)	(276,744)
Selling expenses	(104,289)	(98,393)
General and administrative expenses	(48,405)	(43,452)
Investment income		856
Interest expense, net	(2,669)	(9,315)
Others, net	3,327	(9,842)
Gain from discontinued operations, before income tax	11,933	1,051
Income tax expense	(6,761)	(196)
Net income from discontinued operations	5,172	855
Depreciation and amortization	3,302	3,431
Loss (Gain) on disposal of property, plant and equipment	(283)	357
Purchase of property, plant and equipment	(3,847)	(3,324)	¥ (7,306)
Proceeds from disposal of property, plant and equipment	¥ 1,891	¥ 1,024

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2025

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. A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders.

Before December 27, 2024, 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 former 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 13 for details.

Use of Estimates

(b)

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Group to revise its estimates. In accordance with ASC 250, the changes in estimates will be recognized in the same period of changes in facts and circumstances. The Group bases its estimates on past experiences and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when accounting for items and matters including, but not limited to, estimates on variable renewal commissions for long-term life insurance products, allowance for credit losses, valuation and recognition of share-based compensation expenses, the useful lives of property, plant and equipment, impairment of long-lived assets, short term investment and valuation allowance for deferred tax assets. 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 and bank deposits , 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 RMB131 and RMB3 as of December 31, 2024 and 2025, 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 RMB34,470 and nil as of December 31, 2024 and 2025, respectively, as the group disposed the subsidiary in first half of 2025. 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 RMB16,541 and RMB19,158 as of December 31, 2024 and 2025, 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 Group 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.

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 sheets with corresponding adjustment in the consolidated statements of income (loss) and comprehensive income (loss). 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 (loss) as a component of shareholder’s equity. As of December 31, 2025, there were no investments held by the Group that had been in continuous unrealized loss position.

An impairment loss on short term investments of nil, nil and RMB485,631 was identified for the years ended December 31, 2023, 2024 and 2025, respectively.

Accounts Receivable and Contract Assets, net

(e)

Accounts Receivable and Contract Assets,net

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 services primarily from insurance companies. 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. 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 allowance 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 (loss) and comprehensive income (loss). 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,
	2024			2025
	RMB			RMB
Accounts receivable		96,324			67,391
Contract assets (See Note 2(q))		954,006			748,544
Allowance for expected credit losses		(1,186	)		(2,531	)
Accounts receivable and contract assets, net		1,049,144			813,404

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

	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at the beginning of the year		328			1,965			1,186
Current period provision for expected credit losses		1,674			1,392			1,345
Write-offs		(37	)		(2,171	)		—
Balance at the end of the year		1,965			1,186			2,531

Property, Plant and Equipment, net

(f)

Property, Plant and Equipment, net

Property, plant and equipment are stated at cost. Depreciation are calculated using the straight-line method over the following estimated useful lives, taking into account residual value:

	Estimated useful lives (Years)	Estimated residual value
Building	20-36	0%
Office equipment, furniture and fixtures	3-5	0%-3%
Motor vehicles	4-10	0%-3%
Leasehold improvements	5	0%

Direct costs that are related to the construction of property, plant and equipment incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, plant and equipment items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2024 and 2025, construction in progress were primarily relating to the office buildings under construction.

The depreciation methods and estimated useful lives are reviewed regularly. The following table summarizes the depreciation expense recognized in the consolidated statements of income (loss) and comprehensive income(loss):

	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Selling expenses		2,647		190		54
General and administrative expenses		10,114		10,256		5,272
Depreciation expense		12,761		10,446		5,326

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 (loss) and comprehensive income (loss).

For the Group’s majority-owned subsidiaries and subsidiaries of former 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 (loss) and comprehensive income (loss) 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 purchase price over fair value of the identifiable net assets of businesses acquired in a business combination. Goodwill is not amortized and the Group assesses goodwill for impairment in accordance with ASC Subtopic 350-20, Intangibles-Goodwill and Other: Goodwill (“ASC 350-20”), which requires goodwill to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20. The Group operated in two reporting units for the years ended December 31, 2023 and 2024. Starting from January 2025, the Group operated in one reporting units.

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 2024, it was determined that the carrying amount of the insurance agency reporting unit exceeded its fair value and, therefore, the Group recorded an impairment loss on goodwill of RMB374,149 and nil for the years ended December 31, 2024 and 2025, 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 lives (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 the controlling ability.

On April 1, 2024, BWWS Limited (“BWW”), a wholly-owned subsidiary of the Group, disposed of its controlling financial interests in its majority-owned subsidiaries Brave Moon Limited (“BML”) and Avantech Solutions Limited (“Avantech”) to the minority shareholder through entering into a supplement joint venture agreement (the “Joint Venture Agreement”) to share the power with the other shareholder to jointly control the strategic operating, investing, and financing decisions over BML and Avantech. The Group accounted for the investments using the equity method and the fair value of the retained interests as of the date of joint control forms the basis for the initial measurement. The Group therefore recorded an investment loss of RMB79 in others, net in the consolidated statement of income and comprehensive income (loss) and derecognized the non-controlling interests in BML and Avantech which are not attributable, directly or indirectly, to the Group amounting to RMB6,438 in the consolidated statement of changes in shareholders’ equity for the year ended December 31, 2024. In May 2025, The Group disposed all its shares of BML and Avantech to the minority shareholder for a cash consideration of RMB354 and records disposal loss of RMB4,330.

On November 27, 2024, the Group’s wholly owned subsidiary entered into transaction agreements with BGM to exchange its equity shares in Xinbao Investment and Fanhua RONS Technologies. At the completion of the transaction, the Group acquired 69,995,661 Class A ordinary shares of BGM, accounting for 72% of its equity interest and 3.4% of voting right.

On April 30, 2025, the Group transferred 53,466,331 Class A ordinary shares of BGM to third parties for US$106,900. Following the transaction, the Group no longer exerted significant influence over BGM and accounted for the remaining 16,635,752 Class A ordinary shares as non-current assets, measured at the fair value of the equity interests exchanged (see Note 3 for details).

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, RMB5,200 and nil during the years ended December 31, 2023, 2024 and 2025, respectively, in the consolidated statements of income (loss) and comprehensive income (loss).

Investment in debt securities with embedded features

As of December 31, 2024, the Group held 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 considered the host contract as a debt security and classified the investment as a held-to-maturity security which is measured subsequently at amortized cost as the Group has the positive intent and ability to hold it to maturity. As of December 31, 2024, the debt security was recorded in other non-current assets, net of the consolidated balance sheets.

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. As of December 31, 2025, the fair value of the embedded derivative was immaterial.

The Group recorded impairment loss on investment in debt securities of nil, nil and RMB125,000 during the years ended December 31, 2023, 2024 and 2025, respectively, in the consolidated statements of income (loss) and comprehensive income(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. The Group recorded impairment on long-lived assets of nil,RMB39,307 and nil for the years ended December 31, 2023, 2024 and 2025.

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 Group are also accounted for treasury shares (see Note 3 “Acquisitions and disposal in 2023” 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 (loss). 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 (loss) and comprehensive income (loss). 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 (loss) and comprehensive income (loss) 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 25 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 goods 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, 2023, 2024 and 2025, 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, 2023, 2024 and 2025, the Group recognized contingent performance bonus of RMB18,161, RMB108 and RMB31, 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. In January 2025, the Group divested its entire equity interest in Guangdong Meidiya Investment Co., Ltd. and its subsidiaries, which comprised the Group’s claims-adjusting segment. Since completion of the disposal, the Group has ceased providing claims adjusting services (see Note 3 for details)

Contract balances

The Group’s contract balances include accounts receivable and contract asset. The balances of accounts receivable as of December 31, 2024 and 2025 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 are 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 (loss) and comprehensive income (loss), 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 RMB11,643, RMB6,658 and RMB3,342 for the years ended December 31, 2023, 2024 and 2025, respectively.

Total value-added taxes paid by the Group during the years ended December 31, 2023, 2024 and 2025 amounted to RMB116,764, RMB62,794 and RMB47,497 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, 2024		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		563,436		—		563,436		—
Investments – equity security recorded within other current assets		13,755		13,755		—		—
Contingent consideration		17,549		—		—		17,549

			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2025		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		2,450		—		2,450		—
Investments – equity security recorded within other current assets and other non-current assets		239,565		2,746		—		236,819

Measured at fair value on a recurring basis

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 (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 identified credit-related impairment losses of nil, nil and RMB485,631 on trust products during the years ended December 31, 2023, 2024 and 2025, reflecting reduced liquidity and lower recovery expectations for the underlying assets.

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, 2025.

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 years ended December 31, 2023and 2024, the Group recorded gains on changes in fair value of contingent consideration of RMB6,650 and 4,088, respectively and recorded losses on changes in fair value of contingent consideration of RMB17,627 for the years ended December 31, 2025.

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 8) 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 10) 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(loss) or loss in the consolidated statements of income (loss) and comprehensive income (loss). 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 (loss) and comprehensive income (loss).

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 RMB128,40 and RMB44,395 of cash and cash equivalents and restricted cash denominated in RMB as of December 31, 2024 and 2025, 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 = RMB 6.9931, representing the noon buying rate in the City of New York for cable transfers of RMB on December 31, 2025, the last business day in fiscal year 2025, 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

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. In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. The Group’s CODM has been identified as the chief executive officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.

In January 2025 the Group divested its entire equity interest in Guangdong Meidiya Investment Co., Ltd. and its subsidiaries, which comprised the Group’s claims-adjusting segment. Since completion of the disposal, the Group has ceased providing claims-adjusting services (see Note 4 for details). Consequently, as of December 31, 2025, the Group operated one segment: the insurance agency segment, which mainly consists of providing agency services for a wide range of life and non-life insurance products to individual clients.

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 RMB19,852, RMB17,465 and RMB3,849 for the years ended December 31, 2023, 2024 and 2025, respectively.

Lease

(y)

Lease

The Group leases office space, vehicles and certain equipment under operating leases for terms ranging from short term (under 12 months) to 10 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 10 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 sheet 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(loss) 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(loss)

(z)

Accumulated other comprehensive income(loss)

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

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

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 RMB5,012, RMB2,974 and RMB591 in the years ended December 31, 2023, 2024 and 2025.

Recently adopted accounting pronouncements

(ab)

Recently adopted accounting pronouncements

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 has adopted ASU 2023-09 in 2025 retrospectively and updated the income tax disclosure in Note 17.

In March 2024, the FASB issued ASU 2024-01, “Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and similar Awards”. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group has adopted ASU 2024-01 in 2025 with no material impact on the consolidated financial statements.

Recently accounting pronouncements issued not yet adopted

(ac)

Recently accounting pronouncements issued not yet adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting comprehensive income(loss) (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This pronouncement introduces new disclosure requirements aimed at enhancing transparency in financial reporting by requiring disaggregation of specific income statement expense captions. Under the new guidance, entities are required to disclose a breakdown of certain expense categories, such as: employee compensation; depreciation; amortization, and other material components. The disaggregated information can be presented either on the face of the income statement or in the notes to the financial statements, often using a tabular format. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. The Group is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In January 2025, the FASB issued ASU 2025-01, which revises the effective date of ASU 2024-03 (on disclosures about disaggregation of income statement expenses) “to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.” Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. The Group is in the process of evaluating the impact of the new guidance. This ASU will likely result in the required additional disclosures being included in the Group’s consolidated financial statements, once adopted.

In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversion of Convertible Debt Instruments (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. The Group is in the process of evaluating the impact of adopting this new guidance on its consolidated financial statements.

In February 2025, the FASB issued ASU 2025-02, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122 (“ASU 2025-02”), amends the Accounting Standards Codification to remove the text of SEC Staff Accounting Bulletin (“SAB”) 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Its Platform Users, as it has been rescinded by the issuance of SAB 122. ASU 2025-02 is effective immediately and is not expected to have an impact on the Group’s financial statements.

In July 2025, the FASB issued ASU 2025-05 - Financial Instruments—Credit Losses (Topic 326). The amendments in this Update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity that elects the practical expedient and the accounting policy election, if applicable, should apply the amendments in this Update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Group is evaluating the impact of the adoption of this guidance. We believe the future adoption of this ASU is not expected to have a material impact on its financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (“Topic 815”) and Revenue from Contracts with Customers (“Topic 606”): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07, expands an existing scope exception under Topic 815 to exclude non-exchange-traded contracts where the underlying is based on the operations or activities specific to one of the contract parties. The Group is currently evaluating the impact of this ASU on its financial statements.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments — Credit Losses (“Topic 326”): Purchased Loans (“ASU 2025-08”). The amendments expand the population of acquired loans subject to the gross-up approach, treating non-credit-deteriorated loans (excluding credit cards) as “seasoned” if purchased at least 90 days after origination or acquired in a business combination. ASU 2025-08 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is currently evaluating the impact that adoption of this ASU will have on its interim financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, which clarifies the scope and disclosure requirements for interim financial reporting under ASC 270. The amendments introduce a principle requiring disclosure of events and transactions occurring after the end of the most recent annual reporting period that have a material impact on the entity and consolidate certain interim disclosure requirements. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group is currently evaluating the impact that adoption of this ASU will have on its interim financial statement disclosures.

Variable Interest Entities (“VIEs”)

12 Months Ended

Dec. 31, 2025

Variable Interest Entities (“VIEs”) [Abstract]

Variable Interest Entities (“VIEs”)

(13) Variable Interest Entities (“VIEs”)

PRC laws, regulations, and rules restrict and impose conditions on direct foreign investment in value-added telecommunication services, and therefore prior to December 27, 2024, the Group operated the internet-based insurance distribution business through Xinbao Investment, and Fanhua RONS Technologies, which we refer to as the former consolidated VIEs in this annual report. There were historical contractual arrangements among (x) our wholly-owned PRC subsidiaries Fanhua Group Company and Fanlian Investment, (y) the former consolidated VIEs, and (z) the individual nominee shareholders of the former consolidated VIEs (the “VIE Contractual Arrangements”). Our historical contractual agreements included:(i) technology consulting and service agreements and consulting and service agreements, which enabled us to receive all of the economic benefits of the former consolidated VIEs and their subsidiaries, (ii) loan agreements, powers of attorney and equity pledge agreements, which provided us with effective control over the former consolidated VIEs and their subsidiaries, and (iii) exclusive purchase option agreements, which provided us with the option to purchase all of the equity interests in the consolidated VIEs, and(iv) equity pledge agreements, in combination of the aforementioned loan agreements, we are able to control over the former consolidated VIEs and their subsidiaries. As a result of the Contractual Arrangements, we were able to direct the activities of and derive economic benefits from the former consolidated VIEs and were considered the primary beneficiary of the former consolidated VIEs for accounting purposes. Accordingly, we have consolidated the financial results of the former consolidated VIEs in our consolidated financial statements in accordance with U.S. GAAP prior to December 2024.

On December 27, 2024, the Group transferred all of the interests in Fanhua RONS Technologies, Xinbao Investment and its subsidiaries to BGM in exchange for 72% of BGM Group Ltd.’s issued and outstanding ordinary shares. The VIE Contractual Arrangements were subsequently terminated on December 27, 2024. As a result, Xinbao Investment and RONS Technologies have been deconsolidated from our consolidated financial statements since December 31, 2024.

Risks in relation to the Former VIE Arrangement

In the opinion of the Company’s PRC legal counsel, (i) the ownership structure relating to the former consolidated VIEs of the Company did not violate the existing PRC laws and regulations; (ii) the Contractual Arrangements with the former consolidated VIEs and the individual shareholders were legal, valid and binding obligation of such party, and enforceable against such party in accordance with their respective terms; and (iii) the execution, delivery and performance of the former consolidated VIEs and their respective shareholders did not result in any violation of the provisions of the articles of association and business licenses of the former consolidated VIEs, and any violation of any current PRC laws and regulations.

As of December 31, 2025 and December 31, 2024, the Group had no total assets or total liabilities related to former VIE.

Summarized below is the information related to former VIEs, including net revenues, total operating costs and expenses, net income (loss) and cash flows after intercompany elimination are as follows:

	Years Ended December 31,
	2023			2024		2025
	RMB			RMB		RMB
Net revenues		122,880			123,593		—
Operating costs and expenses		100,957			92,617		—
Net (loss) income		(13,085	)		20,870		—
Net cash generated from operating activities		3,754			1,618		—

As of December 31, 2023, there were no consolidated VIE assets that were collateral for the VIE’s obligations or were restricted solely to settle the VIEs’ obligations, other than aforementioned in the restricted cash as described in Note 2(c).

In the year ended December 31, 2024, aggregate revenues derived from these VIEs contributed 6.8% of the total consolidated net revenues, based on the corporate structure before disposed the former VIEs. As of December 31, 2024, the Group has terminated the VIE Contractual Arrangements, and the VIEs accounted for nil of the consolidated total assets of the Group.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

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

An impairment loss on short term investments of nil, nil and RMB485,631 was identified for the years ended December 31, 2023, 2024 and 2025, respectively.

(e)

Accounts Receivable and Contract Assets,net

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

	As of December 31,
	2024			2025
	RMB			RMB
Accounts receivable		96,324			67,391
Contract assets (See Note 2(q))		954,006			748,544
Allowance for expected credit losses		(1,186	)		(2,531	)
Accounts receivable and contract assets, net		1,049,144			813,404

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

	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at the beginning of the year		328			1,965			1,186
Current period provision for expected credit losses		1,674			1,392			1,345
Write-offs		(37	)		(2,171	)		—
Balance at the end of the year		1,965			1,186			2,531

(f)

Property, Plant and Equipment, net

Property, plant and equipment are stated at cost. Depreciation are calculated using the straight-line method over the following estimated useful lives, taking into account residual value:

	Estimated useful lives (Years)	Estimated residual value
Building	20-36	0%
Office equipment, furniture and fixtures	3-5	0%-3%
Motor vehicles	4-10	0%-3%
Leasehold improvements	5	0%

	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Selling expenses		2,647		190		54
General and administrative expenses		10,114		10,256		5,272
Depreciation expense		12,761		10,446		5,326

(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 lives (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 the controlling ability.

(j)

Long-term Investments

Equity securities without readily determinable fair value

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, 2024 and 2025 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, 2023, 2024 and 2025 amounted to RMB116,764, RMB62,794 and RMB47,497 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, 2024		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		563,436		—		563,436		—
Investments – equity security recorded within other current assets		13,755		13,755		—		—
Contingent consideration		17,549		—		—		17,549

			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2025		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		2,450		—		2,450		—
Investments – equity security recorded within other current assets and other non-current assets		239,565		2,746		—		236,819

Measured at fair value on a recurring basis

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 RMB19,852, RMB17,465 and RMB3,849 for the years ended December 31, 2023, 2024 and 2025, respectively.

(y)

Lease

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

(z)

Accumulated other comprehensive income(loss)

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

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

(aa)

Government grants

(ab)

Recently adopted accounting pronouncements

(ac)

Recently accounting pronouncements issued not yet adopted

Income Taxes - Schedule of Income Tax Expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Schedule of Income Tax Expenses [Abstract]
Current tax expense	¥ 20,539		¥ 5,421	¥ 44,634
Deferred tax expense (benefit)	(16,519)		86,533	14,572
Income tax expense	¥ 4,020	$ 575	¥ 91,954	¥ 59,206

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Summary of Significant Accounting Policies - Schedule of Group’s Allowance for Expected Credit Losses of Accounts Receivables (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of group’s allowance for expected credit losses of accounts receivables [Abstract]
Balance at the beginning of the year	¥ 1,186	¥ 1,965	¥ 328
Current period provision for expected credit losses	1,345	1,392	1,674
Write-offs		(2,171)	(37)
Balance at the end of the year	¥ 2,531	¥ 1,186	¥ 1,965

Acquisitions and Disposals

12 Months Ended

Dec. 31, 2025

Acquisitions and Disposals [Abstract]

Acquisitions and disposals

(3) Acquisitions and disposals

Acquisitions in 2025

In May of 2025, the Group, through its subsidiary acquired 100% equity interest in Qilinfu Capital (Shenzhen) Co., Ltd., a professional capital operation enterprise engaged in capital investment, asset management and related financial consulting services in Shenzhen, at a consideration of RMB7.8 million, which is equivalent to the net assets of the target company as of the acquisition date.

Disposal of subsidiaries in 2025

Disposal of Fanhua Blueplus Health Management Co., Ltd. (“Blueplus”) and Shenzhen Dianlian Information Technology Co., Ltd. (“Dianlian”）

In February 2025, the group’s wholly-owned subsidiary transferred its 100% equity interests in Shenzhen Dianlian Information Technology Co., Ltd., the operator of eHuzhu mutual aid platform, to Fanhua Blueplus Health Management Co., Ltd. (“Blueplus”), another wholly-owned subsidiary of the Group. Immediately thereafter, the Group disposed of its 100% equity interest in Blueplus for a cash consideration of RMB3,030, which was based on its net asset value as of December 31, 2024. A loss on disposal of RMB30,210 was recognized, measured as the excess of consideration over the net book value at the time of disposal. This transaction is not considered a discontinued operation as it does not reflect a strategic change in the Group’s business.

Disposal of Beijing Fanlian Investment Co., Ltd.

In June 2025, the group disposed of 100% equity interests in Beijing Fanlian Investment Co., Ltd.,for a cash consideration of RMB14,260. The Group recognized a loss of RMB6,441, which was determined by the excess of the sales consideration over the net book value of the subsidiaries at the time of disposal.

3）

Disposal of two agency companies

During the fiscal year ended December 31, 2025, the Group disposed two agency companies, separately to independent third parties. The total cash consideration amounted to RMB359, of which 359 was settled as of December 31, 2025. The Group recognized a loss of RMB79,954 on disposal of these subsidiaries, which was determined by the excess of the sales consideration over the net book value of the subsidiaries at the time of disposal. Since the disposal did not represent any strategic change of the Group’s operation, the disposal was not presented as discontinued operations.

As of respective closing date of each of these disposals in FY2025, the Group has completed the closing procedures of all the above transactions and has effectively transferred its control of these subsidiaries to the respective buyers.

Disposal of subsidiaries in 2024

Disposal of Jiangsu Fanhua Lianchuang Insurance Agency Co., Ltd (“Lian Chuang”) and Zhejiang Fanhua Tongchuang Insurance Agency Co., Ltd (“Tongchuang”） and Guangdong Zhongqi Enterprise Management Consulting Co., Ltd.

During the year, the Group disposed of three subsidiaries, including two agencies and one investment company separately to third parties, for a total cash consideration of RMB1,866, of which 1,766 was settled as of December 31, 2024. The Group recognized a gain of RMB1,976 on disposal of these subsidiaries, which was determined by the excess of the sales consideration over the net book value of the subsidiaries at the time of disposal.

Disposal of Fanhua RONS (Beijing) Technology Co., Ltd (“RONS Technology”) and Shenzhen Xinbao Investment Management Co., Ltd. (“Xinbao Investment”) and its subsidiaries

In November 2024, the Group entered into a share transfer agreement with BGM Group Limited (“BGM”), a leading global provider of premium pharmaceutical products and services. Pursuant to the Agreement, the Group agreed to transfer the equity interests of its intelligent platform consisting of RONS Technology and Xinbao Investment, valued at approximately US$140,000, to BGM in exchange for 69,995,661 of BGM’s Class A ordinary shares (“consideration shares”), at a consideration valuation of US$2.00 per share. The consideration shares will be locked up for 60 months from the date of closing. The transaction is close by December 31, 2024.

The Group recognized a gain of RMB891,052 on disposal of these subsidiaries, which was determined by the excess of the sales consideration over the net book value of the subsidiary at the time of disposal. The sales consideration is recognized at RMB1,000,000. The Group consider using equity method to account for the investment in BGM, in which the Group has the ability to exercise significant influence, but does not have a controlling interest. As of December 31, 2024, the Group recognized investment in BGM as investment in affiliates.

Subsequently, on May 27, 2025, the Group transferred 53,466,331 Class A ordinary shares of BGM to third-party investment firms in exchange for an aggregate consideration of US$106,937, receivable in two equal installments within two years. Following this partial disposal, the Group’s shareholding in BGM fell to 16,635,752 Class A ordinary shares, accounting for 8.3% of its equity interest and 0.8%of voting right as of December 31, 2025. The Group accounted for the investments using the equity method on the fair value of equity share exchange out on December 31, 2024. Following the reduction in ownership and loss of significant influence, the remaining investment is classified as other non-current asset and measured at fair value considering the lock up period of 5 years and low liquidity of BGM.

As of respective closing date of each of these disposals in 2024, the Group has completed the closing procedures of all the above transactions and has effectively transferred its control of these subsidiaries to the respective buyers.

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 (loss) and comprehensive income (loss). 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 (loss) and comprehensive income (loss). 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 interests		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 (loss) and comprehensive income (loss). 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 MAASE 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.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Organization (Details) - CNY (¥) ¥ in Thousands								12 Months Ended
Organization (Details) - CNY (¥) ¥ in Thousands	Dec. 22, 2025	Jul. 23, 2025	Jun. 20, 2025	May 21, 2025	Jan. 31, 2025	Jan. 02, 2025	Dec. 27, 2023	Dec. 31, 2025
Organization [Line Items]
Date of incorporation								Apr. 10, 2007
Guangdong Meidiya Investment Co., Ltd. [Member]
Organization [Line Items]
Cash consideration (in Yuan Renminbi)					¥ 30,240
Percentage of equity interests					100.00%
Fanhua Insurance Surveyors & Loss Adjustors Co., Ltd. [Member]
Organization [Line Items]
Percentage of equity interests					44.70%			44.70%
Sale of shares							568,226,628
Highest Performances Holdings Inc. [Member]
Organization [Line Items]
Percentage of equity interests							50.07%
Sale of shares							284,113,314
Infinew Limited [Member]
Organization [Line Items]
Issuance of ordinary shares						1,225,000
Class A Ordinary Shares [Member]
Organization [Line Items]
Reverse share split effective			3,156,814	1,420,567
Class B Ordinary Shares [Member]
Organization [Line Items]
Sale of shares								2,500,000
Issuance of ordinary shares						1,225,000
Class B Ordinary Shares [Member] \| Infinew Limited [Member]
Organization [Line Items]
Issuance of ordinary shares						2,500,000
Class B Ordinary Shares [Member] \| MAASE Inc. [Member]
Organization [Line Items]
Issuance of ordinary shares						1,275,000
Class B Ordinary Shares [Member] \| MAASE Inc. [Member] \| MAASE Inc. [Member]
Organization [Line Items]
Issuance of ordinary shares						1,275,000
Private Placement Offering [Member] \| Class A Ordinary Shares [Member]
Organization [Line Items]
Issuance of ordinary shares								10,000,000
Private Placement Offering [Member] \| Class A Ordinary Shares [Member] \| MAASE Inc. [Member]
Organization [Line Items]
Sale of shares		10,000,000
Expansion Group Ltd [Member] \| Class B Ordinary Shares [Member]
Organization [Line Items]
Number of percentage								23.88%
Equity interests								65.49%
Diluted								7.85%
Voting power								16.75%
Expansion Group Ltd [Member] \| Class B Ordinary Shares [Member] \| MAASE Inc. [Member]
Organization [Line Items]
Sale of shares	5,000,000
Guangdong Meidiya Investment Co., Ltd. [Member]
Organization [Line Items]
Equity interests					100.00%

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Employee Benefit Plans [Abstract]

Employee Benefit Plans

(16) 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, 2023, 2024 and 2025, the Group contributed and accrued RMB116,109, RMB47,669 and RMB26,150, respectively.

Other Non-Current Assets, Net

12 Months Ended

Dec. 31, 2025

Other Non-Current Assets,net [Abstract]

Other Non-Current Assets,net

(11) Other Non-Current Assets, net

Other non-current assets, net consist of the following:

	As of December 31,
	2024			2025
	RMB			RMB
Equity investments without readily determinable fair value (Note 2(j))		20,491			236,819
Long-term hybrid instrument (Note 2(j))(i)		125,000			125,000
Amount due from a third party (ii)		31,709			33,063
Contingent considerations (Note 3)		17,549			—
Receivables from certain shareholders as guarantee deposit due to business combinations		33,374			—
Others		1,407			667
Less: Allowance for expected credit losses		(4,032	)		(33,074	)
Less: Impairment loss		—			(125,000	)
		225,498			237,475

The following table summarizes the movement of the Group’s allowance for expected credit losses of other current assets:

	As of December 31,
	2024		2025
	RMB		RMB
Balance at the beginning of the year		2,930		4,032
Current period allowance for expected credit losses		1,102		29,042
Balance at the end of the year		4,032		33,074

(i)

(ii)

Summary of Significant Accounting Policies - Schedule of Depreciation Expense Recognized in the Consolidated Statements of Income and Comprehensive Income(Loss) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Depreciation Expense Recognized in the Consolidated Statements of Income and Comprehensive Income (Loss) [Line Items]
Depreciation expense	¥ 5,326	¥ 10,446	¥ 12,761
Selling expenses [Member]
Schedule of Depreciation Expense Recognized in the Consolidated Statements of Income and Comprehensive Income (Loss) [Line Items]
Depreciation expense	54	190	2,647
General and administrative expenses [Member]
Schedule of Depreciation Expense Recognized in the Consolidated Statements of Income and Comprehensive Income (Loss) [Line Items]
Depreciation expense	¥ 5,272	¥ 10,256	¥ 10,114

Cover	12 Months Ended
Cover	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Document Shell Company Report	false
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	AIFU Inc.
Entity Central Index Key	0001413855
Entity File Number	001-33768
Entity Incorporation, State or Country Code	E9
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Incorporation, Date of Incorporation	Apr. 10, 2007
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	Room 1, Building 10
Entity Address, Address Line Two	Jinzhong Guobin Hui Qinyuan 2nd Road
Entity Address, Address Line Three	Lihu Community, Xili Street
Entity Address, City or Town	Shenzhen
Entity Address, Country	CN
Entity Address, Postal Zip Code	518055
Entity Listings [Line Items]
Title of 12(b) Security	Class A Ordinary shares, par value US$0.4 per share
Trading Symbol	AIFU
Security Exchange Name	NASDAQ
Class A Ordinary Shares
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	13,435,271
Class B Ordinary Shares
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	7,500,000
Business Contact [Member]
Entity Contact Personnel [Line Items]
Contact Personnel Name	Mingxiu Luan
Contact Personnel Email Address	luanmx@aifugroup.com
Entity Address, Address Line One	Room 1, Building 10
Entity Address, Address Line Two	Jinzhong Guobin Hui Qinyuan 2nd Road
Entity Address, Address Line Three	Lihu Community, Xili Street
Entity Address, City or Town	Shenzhen
Entity Address, Country	CN
Entity Address, Postal Zip Code	518055
Entity Phone Fax Numbers [Line Items]
City Area Code	+86 755
Local Phone Number	22671879

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(22) Commitments and Contingencies

Lease commitments

The Group has entered into operating lease agreements for certain offices. Future minimum lease payments under non-cancellable operating leases with initial terms more than one year are included in Note 12.

	Lease Commitment
	RMB
Within 1 year		3,450
2-5 years		3,187
Total		6,637

Contingencies

As of December 31, 2025, the Group may be involved in certain legal proceedings, claims, and other disputes arising from the commercial operations, projects, employees, and other matters which, in general, are subject to uncertainties and in which the outcomes are not predictable. The Group determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the outcomes of these legal proceedings cannot be predicted, the Group does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations, or liquidity.

Share-Based Compensation - Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date (Details) - $ / shares

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

MDRT [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Expected dividend yield (Note i)

^[1]

3.69%

Risk-free interest rates (Note ii)

^[2]

3.88%

Expected volatility (Note iii)

^[3]

51.41%

Expected life in years (Note iv)

^[4]

4 years 5 months 26 days

Exercise multiple (Note v) (in Dollars per share)

^[5]

$ 2.8

MDRT [Member] | Maximum [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Fair value of options on grant date (in Dollars per share)

119.88

MDRT 1 [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Expected dividend yield (Note i)

^[1]

3.22%

Risk-free interest rates (Note ii)

^[2]

4.81%

Expected volatility (Note iii)

^[3]

59.78%

Expected life in years (Note iv)

^[4]

3 years 3 months 14 days

Exercise multiple (Note v) (in Dollars per share)

^[5]

$ 1

MDRT 1 [Member] | Minimum [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Fair value of options on grant date (in Dollars per share)

33.36

MDRT 1 [Member] | Maximum [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Fair value of options on grant date (in Dollars per share)

$ 33.56

MDRT 2 [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Expected dividend yield (Note i)

^[1]

3.22%

Exercise multiple (Note v) (in Dollars per share)

^[5]

$ 1

MDRT 2 [Member] | Minimum [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Risk-free interest rates (Note ii)

^[2]

4.44%

Expected volatility (Note iii)

^[3]

59.78%

Expected life in years (Note iv)

^[4]

3 years 1 month 6 days

Fair value of options on grant date (in Dollars per share)

$ 28.44

MDRT 2 [Member] | Maximum [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Risk-free interest rates (Note ii)

^[2]

4.81%

Expected volatility (Note iii)

^[3]

60.61%

Expected life in years (Note iv)

^[4]

3 years 3 months 14 days

Fair value of options on grant date (in Dollars per share)

$ 48.16

Minimum [Member]

Schedule of Assumptions used in Determining Fair Value of MDRT Options on Grant Date [Line Items]

Fair value of options on grant date (in Dollars per share)

$ 115.84

[1]	Expected dividend yield: The expected dividend yield was estimated by the Group based on its historical and future dividend policy.
[2]	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.
[3]	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.
[4]	Expected life: The expected life was estimated based on the end of the vesting period and the contractual term of the award of the Options plan.
[5]	Exercise multiple: The exercise multiple was estimated based on empirical studies.

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations [Abstract]

Discontinued operations

(4) Discontinued operations

Disposal of Meidiya and its subsidiaries

A disposal is categorized as a discontinued operation if the disposal group is a component of an entity or group of components that meets the held for sale criteria, is disposed of by sale or other than by sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. The results of disposals that qualify as a discontinued operation are presented as such for all reporting periods presented. Results of discontinued operations include all revenues and expenses directly derived from such disposal group; general corporate overhead is not allocated to a discontinued operation. For disposals other than by sale, results of operations of a business would not be recorded as a discontinued operation until the period in which the business is actually disposed of other than by sale.

In January 2025, the Group disposed of 100% equity interests in Guangdong Meidiya Investment Co., Ltd. (“Meidiya”) to a third party for cash consideration of RMB 30,240. Meidiya holds approximately 44.7% of the equity interests of Fanhua Insurance Surveyors & Loss Adjustors Co., Ltd. (“FHISLA”) and its subsidiaries (collectively referred to as the “Disposal Group”). The Disposed Group historically constituted the Group’s claims-adjusting segment, over which the Group exercised control through a series of act-in-concert arrangements. As a result of the divesture, the Group deconsolidated the Disposed Group with effect from January 1, 2025 and no longer conducts any material operations in the claims-adjusting business. Concurrently, the act-in-concert arrangements among Meidiya and the other shareholders of FHISLA were mutually terminated by all parties effective February 1, 2025.

The Company’s sales of the Disposal Group represented a strategic business shift having a major effect on the Group’s operations and financial results. The results of operations for the Disposal Group are presented as discontinued operations on the consolidated statements of income (loss) and comprehensive loss, and assets and liabilities are reflected as “Assets and Liabilities of Discontinued Operations” on the consolidated balance sheets for all periods presented. Amounts for all periods discussed below reflect the results of operations, financial condition and cash flows from the Company’s continuing operations, unless otherwise noted.

On January 1, 2025, the Group calculated a loss resulting from such disposition as follows:

Reconciliation of the carrying amounts of the major classes of assets and liabilities from the discontinued operations in the consolidated balance sheets as of January 1, 2025 is as follow.

		RMB
Consideration			30,240

	As of
	January 1,
	2025
Assets	RMB
Cash and cash equivalents and restricted cash		88,579
Short term investments		52,025
Accounts receivable, net		75,763
Other receivables, net		24,073
Other current assets, net		9,211
Property, plant, and equipment, net		7,306
Other non-current assets, net		6,237
Right of use asset		14,032
Total assets		277,226

Liabilities
Other payable and accrued expenses		92,446
Accrued payroll		41,846
Income tax payable		10,104
Operating lease liabilities		13,538
Deferred tax liabilities		5,481
Total liabilities		163,415
Total net assets of the Disposal Group		113,811
Less: Non-controlling interests of the Disposal Group		(86,801	)
Net assets of the Disposal Group contributable to the Group		27,010
Loss on disposal of the Disposal Group		3,230

The assets and liabilities for discontinued operations of the Disposal Group comprised the following items as of December 31, 2023:

	As of December 31,
	2023
	RMB
Current assets for discontinued operations
Cash and cash equivalents and restricted cash		76,888
Short term investments		54,547
Accounts receivable and contract assets, net		70,516
Other receivables, net		17,789
Other current assets, net		8,588
Total current assets		228,328
Non-current assets for discontinued operations
Restricted bank deposit - non-current		1,527
Property, plant, and equipment, net		8,822
Deferred tax assets		5,000
Other non-current assets, net		6,523
Right of use asset		13,629
Total non-current assets		35,501
Total assets		263,829
Current liabilities for discontinued operations
Other payable and accrued expenses		24,339
Accrued payroll		37,286
Current operating lease liabilities		6,209
Income tax payable		7,912
Total current liabilities		75,746
Non-current liabilities for discontinued operations
Non-current operating lease liability		6,463
Deferred tax liabilities		1,563
Other liabilities		4,505
Total non-current liabilities		12,531
Total liabilities		88,277
Total net assets of the Disposal Group		175,552

The condensed cash flows of Disposal Group were as follows for the fiscal years ended December 31, 2023 and 2024:

	Years end December 31
	2023			2024
	RMB			RMB
Net cash generated from (used in) operating activities		30,963			(11,434	)
Net cash (used in) generated from investing activities		(39,956	)		454
Net cash generated from financing activities		—			22,818

Reconciliation of the major classes of losses from discontinued operations in the consolidated statements of income (loss) and comprehensive income (loss) for the fiscal years ended December 31, 2023 and 2024 is as follow:

	Years ended December 31,
	2023			2024
	RMB			RMB
Major classes of line items constituting pre-tax profit of discontinued operations
Net revenues		437,941			477,054
Operating costs		(276,744	)		(313,085	)
Selling expenses		(98,393	)		(104,289	)
General and administrative expenses		(43,452	)		(48,405	)
Investment income		856
Interest expense, net		(9,315	)		(2,669	)
Others, net		(9,842	)		3,327
Gain from discontinued operations, before income tax		1,051			11,933
Income tax expense		(196	)		(6,761	)
Net income from discontinued operations		855			5,172
Significant non-cash operating items:
Depreciation and amortization		3,431			3,302
Loss (Gain) on disposal of property, plant and equipment		357			(283	)
Significant investing activities:
Purchase of property, plant and equipment		(3,324	)		(3,847	)
Proceeds from disposal of property, plant and equipment		1,024			1,891

Share-Based Compensation (Details) ¥ / shares in Units, ¥ in Thousands														12 Months Ended
	Dec. 04, 2024 $ / shares	Nov. 17, 2024 $ / shares shares	Sep. 30, 2024 $ / shares shares	Jul. 15, 2024 shares	Jul. 02, 2024 shares	Apr. 16, 2024 $ / shares shares	Apr. 16, 2024 ¥ / shares shares	Feb. 02, 2024 $ / shares shares	Aug. 16, 2023 $ / shares shares	Feb. 06, 2023 $ / shares shares	Feb. 06, 2023 $ / shares ¥ / shares shares	Aug. 12, 2022 $ / shares shares	Aug. 12, 2022 ¥ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Apr. 30, 2025 shares	Dec. 31, 2024 $ / shares	Jul. 14, 2024 $ / shares	Dec. 31, 2023 shares	Feb. 06, 2023 ¥ / shares
Share-Based Compensation [Line Items]
Purchase of shares				13,410
Reverse share split												1-for-400	1-for-400
Intrinsic value \| $ / shares												$ 0.002
Option to purchase														33
Share-based compensation expenses (in Yuan Renminbi) \| ¥
Unvested share options granted \| $
Restricted share units granted		50,000
Intrinsic value \| (per share)						$ 20	¥ 148
Option excercise price \| (per share)						$ 47.24	¥ 343.28
2022 Options [Member]
Share-Based Compensation [Line Items]
Purchase of shares												4,000,000	4,000,000
Exercise price per share \| (per share)												$ 0.2305	¥ 1.64
Intrinsic value \| ¥ / shares													¥ 0.01
Share-based compensation expenses (in Yuan Renminbi) \| ¥															¥ 2,409
2022 Options [Member] \| Director [Member]
Share-Based Compensation [Line Items]
Unvested share options granted \| ¥															312
RSUs [Member]
Share-Based Compensation [Line Items]
Purchase of shares									26,850									550,000
Reverse share split									1-for-400
Share-based compensation expenses (in Yuan Renminbi) \| ¥														¥ 26,796	¥ 25,329
Restricted share units granted		1,000,000		268,200					536,990
Shares expected to vest over service period			40,000											35,000	50,000		35,000				26,850
Restricted share units market price (in Dollars per share) \| $ / shares		$ 1.13	$ 1.42						$ 6.35
Unvested share options granted (in Yuan Renminbi) \| ¥														¥ 4,955
Weighted average period														1 year 10 months 24 days
2023 MDRT Options [Member]
Share-Based Compensation [Line Items]
Percentage of units expected to vest										50.00%	50.00%
Share options granted										34,000	34,000
Options, exercise price \| (per share)										$ 20	$ 20											¥ 140
Intrinsic value \| (per share)										$ 125	$ 888
2023 MDRT Options [Member] \| Independent High-Performing Agents [Member]
Share-Based Compensation [Line Items]
Share options granted										13,680,000	13,680,000
2024 MDRT Options 1 [Member]
Share-Based Compensation [Line Items]
Percentage of units expected to vest						50.00%	50.00%
Share options granted						18,088,000	18,088,000
2024 MDRT Options 1 [Member] \| Board of Directors [Member]
Share-Based Compensation [Line Items]
Share options granted						45,220	45,220
Year Two Thousand Twenty Four Million Dollar Round Table Options Two [Member]
Share-Based Compensation [Line Items]
Percentage of units expected to vest															50.00%	50.00%
Share options granted															8,330,000	8,330,000
Share options exercise price per ordinary share \| (per share)															¥ 145.36				$ 20
MDRT Options [Member]
Share-Based Compensation [Line Items]
Share-based compensation expenses (in Yuan Renminbi) \| ¥															¥ 10,851
Share options granted															66,045	66,045
Unvested options expected to be recognized, value (in Yuan Renminbi) \| ¥															¥ 9,800
Unrecognized share-based compensation expense (in Dollars) \| $
2024 Share Option Grants [Member]
Share-Based Compensation [Line Items]
Share options granted					138,000,000			5,799,925
Share options exercise price per ordinary share \| $ / shares																				$ 0.096
Options, exercise price per share (in Dollars per share) \| $ / shares								$ 0.001
Shares exercised, repurchases (in Dollars per share) \| $ / shares	$ 0.096
Vesting Period One [Member] \| RSUs [Member]
Share-Based Compensation [Line Items]
Shares expected to vest over service period									5,000
Percentage of units expected to vest		30.00%
Vesting Period Two [Member] \| RSUs [Member]
Share-Based Compensation [Line Items]
Shares expected to vest over service period									5,000
Percentage of units expected to vest		30.00%
Vesting Period Three [Member] \| RSUs [Member]
Share-Based Compensation [Line Items]
Shares expected to vest over service period									6,850
Percentage of units expected to vest		40.00%
Vesting Period Four [Member] \| RSUs [Member]
Share-Based Compensation [Line Items]
Shares expected to vest over service period									5,000
Vesting Period Five [Member] \| RSUs [Member]
Share-Based Compensation [Line Items]
Shares expected to vest over service period									5,000
Option D1 [Member] \| 2022 Options [Member]
Share-Based Compensation [Line Items]
Options grant percentage												30.00%	30.00%
Option D2 [Member] \| 2022 Options [Member]
Share-Based Compensation [Line Items]
Options grant percentage												30.00%	30.00%
Option D3 [Member] \| 2022 Options [Member]
Share-Based Compensation [Line Items]
Options grant percentage												20.00%	20.00%
Option D4 [Member] \| 2022 Options [Member]
Share-Based Compensation [Line Items]
Options grant percentage												20.00%	20.00%
Minimum [Member] \| Year Two Thousand Twenty Four Million Dollar Round Table Options Two [Member]
Share-Based Compensation [Line Items]
Intrinsic value \| (per share)															¥ 192	$ 28
Maximum [Member] \| Year Two Thousand Twenty Four Million Dollar Round Table Options Two [Member]
Share-Based Compensation [Line Items]
Intrinsic value \| (per share)															¥ 344	$ 64
Class A Ordinary Shares [Member]
Share-Based Compensation [Line Items]
Purchase of shares												10,000	10,000
Exercise price per share \| (per share)												$ 92.2	¥ 672
Intrinsic value \| (per share)												$ 0.8	¥ 4
Class A Ordinary Shares [Member] \| RSUs [Member]
Share-Based Compensation [Line Items]
Restricted share units market price (in Dollars per share) \| $ / shares		$ 22.6	$ 28.4						$ 127
Class A Ordinary Shares [Member] \| Year Two Thousand Twenty Four Million Dollar Round Table Options Two [Member]
Share-Based Compensation [Line Items]
Share options granted															20,825	20,825

Related-Party Balances and Transactions (Details)	12 Months Ended
Related-Party Balances and Transactions (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Jun. 30, 2025
Related-Party Balances and Transactions [Line Items]
Commission cost				¥ 1,590,000
Accounts payable
Service fee	413,000		943,000	530,000
Account receivable			173,000
Loan provided (in Dollars) \| $		$ 15,481
Receivables from loan provided	1,748
Outstanding receivables (in Dollars)	¥ 288,339,000		¥ 708,623,000		$ 41,232,000
Beijing Fanlian Investment Co. Ltd [Member]
Related-Party Balances and Transactions [Line Items]
Equity interests	100.00%				100.00%	100.00%
Mass Inc [Member]
Related-Party Balances and Transactions [Line Items]
Outstanding receivables (in Dollars) \| $					$ 13,733
Cash consideration	¥ 14,260

Schedule I—Condensed Financial Information of the Company (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)
Schedule I—Condensed Financial Information of the Company [Abstract]
Maximum percentage of consolidated net assets	25.00%
Statutory reserves	¥ 1,244,719

Net Income/(Loss) Per Share - Schedule of Basic and Diluted Net Income/(Loss) Per Ordinary Share (Details) - Non-Vested Ordinary Shares [Member] - CNY (¥)
¥ / shares in Units, ¥ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Basic:

Net income (loss) from continuing operations

¥ (2,277,266)

¥ 304,302

¥ 288,244

Less: Net income (loss) attributable to the non-controlling interests

1,350

(148,720)

4,773

Net gain (loss) attributable to owners of the Company from continuing operations

(2,278,616)

453,022

283,471

Net gain from discontinued operations

3,230

5,172

855

Less: Net income attributable to the non-controlling interests

3,234

3,849

Net income attributable to the Company’s shareholders from discontinued operations

¥ 3,230

¥ 1,938

¥ (2,994)

Weighted average number of ordinary shares outstanding (in Shares)

^[1]

10,132,864

2,666,735

2,685,930

Basic net income (loss) per ordinary share from continuing operations (in Yuan Renminbi per share)

¥ (224.87)

¥ 169.88

¥ 105.54

Basic net income (loss) per ordinary share from discontinued operations (in Yuan Renminbi per share)

¥ 0.32

¥ 0.73

¥ (1.11)

Diluted:

Net income (loss) from continuing operations

¥ (2,277,266)

¥ 304,302

¥ 288,244

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

1,350

(148,720)

4,773

Net income (loss) attributable to owners of the Company from continuing operations

(2,278,616)

453,022

283,471

Net gain (loss) from discontinued operations

3,230

5,172

855

Less: Net income attributable to the noncontrolling interests

3,234

3,849

Net income(loss) attributable to the Company’s shareholders from discontinued operations

¥ 3,230

¥ 1,938

¥ (2,994)

Weighted average number of ordinary shares outstanding (in Shares)

^[1]

10,132,864

2,666,735

2,685,930

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

9,636

5,920

Total (in Shares)

10,132,864

2,676,371

2,691,850

Diluted net income (loss) per ordinary share from continuing operations (in Yuan Renminbi per share)

¥ (224.87)

¥ 169.27

¥ 105.31

Diluted net income (loss) per ordinary share from discontinued operations (in Yuan Renminbi per share)

¥ 0.32

¥ 0.72

¥ (1.11)

[1]

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent events

(26) Subsequent events

(i) On December 12, 2025, we entered into a transaction agreement with Nova Lumina Limited (“Nova”), and its existing shareholders, YS Management Company Limited (“YSM”) and Ethereal Group Ltd (“Ethereal”) (collectively the “Sellers”) to acquire 100% of the equity interest of Nova from the Sellers. The total consideration consists of 102,578,839 Class A ordinary shares of the Company (the “Consideration Shares”) and a cash payment of US$22,000, based on a purchase price of US$1.0 per share of the Company (the “Transaction”). 96,526,648 Class A ordinary shares and 6,052,191 Class A ordinary shares will be issued to YSM and Ethereal, respectively, with an additional cash payment of US$22,000 payable to Ethereal within 365 days after the closing of the Transaction. The Consideration Shares issued to YSM will be subject to a lock-up period of five years from the closing date. The share issuance has been completed on January 9, 2026.

Consolidated Statements of Changes in Shareholders’ Equity
¥ in Thousands, $ in Thousands

Share Capital

Class A

CNY (¥)

Share Capital

Class A

USD ($)

Share Capital

Class B

CNY (¥)

Share Capital

Class B

USD ($)

Additional Paid-in Capital

CNY (¥)

Additional Paid-in Capital

USD ($)

Treasury stock

CNY (¥)

Treasury stock

USD ($)

Statutory Reserves

CNY (¥)

Statutory Reserves

USD ($)

Retained Earnings (Accumulated Deficit)

CNY (¥)

Retained Earnings (Accumulated Deficit)

USD ($)

Accumulated Other Comprehensive Loss

CNY (¥)

Accumulated Other Comprehensive Loss

USD ($)

Non-controlling Interests

CNY (¥)

Non-controlling Interests

USD ($)

CNY (¥)

USD ($)

Balance (in Dollars)

¥ 8,091

¥ 461

¥ (10)

¥ 559,520

¥ 1,087,984

¥ (32,643)

¥ 107,928

¥ 1,731,331

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

2,685,770

Balance (in Shares) at Dec. 31, 2022 | shares

3,623

Net (loss) income

280,477

8,622

289,099

Foreign currency translation

2,249

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

211,554

Repurchase of ordinary shares from open market

(28,968)

¥ (75)

(29,043)

Repurchase of ordinary shares from open market (in Shares) | shares

26,322

Repurchase of ordinary shares from certain selling shareholder (Note 18)

(8,720)

¥ (25)

(8,745)

Repurchase of ordinary shares from certain selling shareholder (Note 18) (in Shares) | shares

8,979

Ordinary shares received upon disposal of a newly acquired subsidiary (Note 3 and Note 18)

(24,452)

¥ (68)

(21,557)

(46,077)

Ordinary shares received upon disposal of a newly acquired subsidiary (Note 3 and Note 18) (in Shares) | shares

22,768

Share-based compensation

17,095

Provision for statutory reserves

48,856

(48,856)

Unrealized net gain on available-for-sale investments

2,458

Acquisition of non-controlling interests of a subsidiary

(1,601)

1,491

(110)

Balance at Dec. 31, 2023

¥ 8,675

162,721

¥ (178)

608,376

1,319,605

(27,936)

266,255

2,337,518

Balance (in Shares) at Dec. 31, 2023 | shares

2,897,324

Balance (in Shares) at Dec. 31, 2023 | shares

61,692

Balance (in Dollars)

¥ 8,675

162,721

¥ (178)

608,376

1,319,605

(27,936)

266,255

2,337,518

Net (loss) income

454,960

(145,486)

309,474

Foreign currency translation

1,688

Exercise of share options

¥ 2

Exercise of share options (in Shares) | shares

525

Repurchase of ordinary shares from open market

(5,716)

¥ (19)

(5,735)

Repurchase of ordinary shares from open market (in Shares) | shares

6,386

Disposal of a subsidiary

(3,000)

(17,073)

17,073

(7,330)

(10,330)

Fair value changes

(11,418)

Share-based compensation

38,589

Provision for statutory reserves

2,388

(2,388)

Distribution of dividend

(29,500)

Issuance of Class A ordinary shares

¥ 1

Issuance of Class A ordinary shares (in Shares) | shares

500

Unrealized net gain on available-for-sale investments

(11,418)

Balance at Dec. 31, 2024

¥ 8,678

192,760

¥ (197)

593,691

1,789,250

(37,666)

83,939

2,630,455

Balance (in Shares) at Dec. 31, 2024 | shares

2,898,349

^[1]

2,898,349

^[1]

Balance (in Shares) at Dec. 31, 2024 | shares

68,078

Balance (in Dollars)

¥ 8,678

192,760

¥ (197)

593,691

1,789,250

(37,666)

83,939

2,630,455

Net (loss) income

(2,275,386)

1,350

(2,274,036)

$ (325,183)

Foreign currency translation

6,523

Disposal of a subsidiary

(3,399)

(48,078)

48,078

(26,508)

(92,673)

(122,580)

Subscriptions receivable for issuance of new shares

¥ 28,639

¥ 21,373

197,328

247,340

Subscriptions receivable for issuance of new shares (in Shares) | shares

10,000,000

^[1]

10,000,000

^[1]

7,500,000

Fair value changes

(33,562)

Share-based compensation

16,996

Provision for statutory reserves

(202,587)

202,587

Exercise of restricted share units

¥ 1,560

(1,757)

¥ 197

Exercise of restricted share units (in Shares) | shares

536,922

^[1]

536,922

^[1]

(68,078)

Unrealized net gain on available-for-sale investments

(33,562)

(4,799)

Balance at Dec. 31, 2025

¥ 38,877

$ 5,560

¥ 21,373

$ 3,056

401,928

$ 57,475

343,026

$ 49,052

(235,471)

$ (33,672)

(91,213)

$ (13,043)

(7,384)

$ (1,056)

471,136

67,372

Balance (in Shares) at Dec. 31, 2025 | shares

13,435,271

^[1]

13,435,271

^[1]

7,500,000

Balance (in Dollars)

¥ 38,877

$ 5,560

¥ 21,373

$ 3,056

¥ 401,928

$ 57,475

¥ 343,026

$ 49,052

¥ (235,471)

$ (33,672)

¥ (91,213)

$ (13,043)

¥ (7,384)

$ (1,056)

¥ 471,136

$ 67,372

[1]	Retrospectively restated for the 1-for-400 reverse share split effected on May 21, 2025

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations [Abstract]

Schedule of Assets and Liabilities from the Discontinued Operations in the Consolidated Balance Sheets

Reconciliation of the carrying amounts of the major classes of assets and liabilities from the discontinued operations in the consolidated balance sheets as of January 1, 2025 is as follow.

		RMB
Consideration			30,240

Schedule of Balance Sheets

	As of
	January 1,
	2025
Assets	RMB
Cash and cash equivalents and restricted cash		88,579
Short term investments		52,025
Accounts receivable, net		75,763
Other receivables, net		24,073
Other current assets, net		9,211
Property, plant, and equipment, net		7,306
Other non-current assets, net		6,237
Right of use asset		14,032
Total assets		277,226

Liabilities
Other payable and accrued expenses		92,446
Accrued payroll		41,846
Income tax payable		10,104
Operating lease liabilities		13,538
Deferred tax liabilities		5,481
Total liabilities		163,415
Total net assets of the Disposal Group		113,811
Less: Non-controlling interests of the Disposal Group		(86,801	)
Net assets of the Disposal Group contributable to the Group		27,010
Loss on disposal of the Disposal Group		3,230

Schedule of Assets and Liabilities for Discontinued Operations of the Disposal Group Comprised

The assets and liabilities for discontinued operations of the Disposal Group comprised the following items as of December 31, 2023:

	As of December 31,
	2023
	RMB
Current assets for discontinued operations
Cash and cash equivalents and restricted cash		76,888
Short term investments		54,547
Accounts receivable and contract assets, net		70,516
Other receivables, net		17,789
Other current assets, net		8,588
Total current assets		228,328
Non-current assets for discontinued operations
Restricted bank deposit - non-current		1,527
Property, plant, and equipment, net		8,822
Deferred tax assets		5,000
Other non-current assets, net		6,523
Right of use asset		13,629
Total non-current assets		35,501
Total assets		263,829
Current liabilities for discontinued operations
Other payable and accrued expenses		24,339
Accrued payroll		37,286
Current operating lease liabilities		6,209
Income tax payable		7,912
Total current liabilities		75,746
Non-current liabilities for discontinued operations
Non-current operating lease liability		6,463
Deferred tax liabilities		1,563
Other liabilities		4,505
Total non-current liabilities		12,531
Total liabilities		88,277
Total net assets of the Disposal Group		175,552

Schedule of Condensed Cash Flows of Disposal Group

The condensed cash flows of Disposal Group were as follows for the fiscal years ended December 31, 2023 and 2024:

	Years end December 31
	2023			2024
	RMB			RMB
Net cash generated from (used in) operating activities		30,963			(11,434	)
Net cash (used in) generated from investing activities		(39,956	)		454
Net cash generated from financing activities		—			22,818

Schedule of Discontinued Operations in the Consolidated Statements of Operations and Comprehensive Income

	Years ended December 31,
	2023			2024
	RMB			RMB
Major classes of line items constituting pre-tax profit of discontinued operations
Net revenues		437,941			477,054
Operating costs		(276,744	)		(313,085	)
Selling expenses		(98,393	)		(104,289	)
General and administrative expenses		(43,452	)		(48,405	)
Investment income		856
Interest expense, net		(9,315	)		(2,669	)
Others, net		(9,842	)		3,327
Gain from discontinued operations, before income tax		1,051			11,933
Income tax expense		(196	)		(6,761	)
Net income from discontinued operations		855			5,172
Significant non-cash operating items:
Depreciation and amortization		3,431			3,302
Loss (Gain) on disposal of property, plant and equipment		357			(283	)
Significant investing activities:
Purchase of property, plant and equipment		(3,324	)		(3,847	)
Proceeds from disposal of property, plant and equipment		1,024			1,891

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Leases - Schedule of ROU Assets and Related Lease Liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Schedule of ROU Assets and Related Lease Liabilities [Abstract]
Operating lease ROU assets	¥ 33,589	¥ 60,850		$ 4,803
Current operating lease liabilities	15,308	30,054		2,189
Non-current operating lease liabilities	15,463	27,918		$ 2,211
Total operating lease liabilities	¥ 30,771	¥ 57,972
Weighted average lease term:
Operating leases	2 years 7 months 28 days	2 years 1 month 2 days		2 years 7 months 28 days
Weighted average discount rate:
Operating leases	2.88%	2.98%		2.88%
Operating lease expense	¥ 16,223	¥ 58,192	¥ 66,782
Short term lease expense	7,283	4,253	4,697
Total	¥ 23,506	¥ 62,445	¥ 71,479