v3.26.1
Discontinued Operations (Tables)
 6 Months Ended
Dec. 31, 2025
Discontinued Operations [Abstract]  
Schedule of Assets and Liabilities from the Discontinued Operations

Reconciliation of the carrying amounts of the major classes of assets and liabilities from the discontinued operations in the consolidated balance sheets as of September 30, 2025 is as follow.

 

    RMB  
Consideration     70,000  

 

   As of
September 30,
2025		 
Assets   RMB 
Cash and cash equivalents and restricted cash   10,501 
Accounts receivable   8,423 
Other receivables   2,533 
Other current assets   3,412 
Loan receivables, net   91,116 
Property, plant, and equipment, net   253 
Intangible asset   669 
Other non-current assets   948 
Right of use asset   3,570 
Total assets   121,425 
   As of
September 30,
2025		 
Liabilities    
Accounts payables   2,568 
Accrued payroll   1,310 
Other payable and accrued expenses   30,453 
Operating lease liabilities   3,627 
Other tax liabilities,non-current   4,460 
Total liabilities   42,418 
Total net assets of the Disposed Puyi Group   79,007 
Net assets of the Disposed Puyi Group contributable to the Group   79,007 
Loss on disposal of the Disposed Puyi Group   (9,007)

 

The assets and liabilities for discontinued operations of the Disposed Puyi Group comprised the following items as of June 30, 2025:

 

   As of
June 30,
2025		 
   RMB 
Current assets for discontinued operations     
Cash and cash equivalents and restricted cash   8,434 
Accounts receivable and contract assets   10,617 
Other receivables   54,519 
Other current assets   3,696 
Total current assets   77,266 
Non-current assets for discontinued operations     
Property, plant, and equipment, net   98 
Intangible assets,net   846 
Other non-current assets   949 
Right of use asset   3,888 
Total non-current assets   5,781 
Total assets   83,047 
      
Current liabilities for discontinued operations     
Accounts payable   2,362 
Accrued payroll   2,299 
Other payable and accrued expenses   1,618 
Current operating lease liabilities   1,257 

Total current liabilities

   7,536 
      
Non-current liabilities for discontinued operations     
Non-current operating lease liabilities   2,646 
Other tax liabilities,non-current   4,460 

Total non-current liabilities

   7,106 
Total liabilities   14,642 
Total net assets of the Disposed Puyi Group   68,405 
   Six months ended
December 31,		 
   2024   2025 
   RMB   RMB 
Major classes of line items constituting pre-tax profit of discontinued operations        
Net revenues   30,480    9,483 
Operating costs   (4,489)   (1,172)
Selling expenses   (5,683)   (198)
General and administrative expenses   (30,904)   (7,978)
Investment income   241    
-
 
Interest income, net   4,859    2,415 
Others, net   (5,966)   (1,395)
Gain(loss) from discontinued operations, before income tax   (11,462)   1,155 
Income tax benefit   1,884    
-
 
Share of gain (loss) of affiliates   
-
    
-
 
Net (loss) income from discontinued operations   (9,578)   1,155 

 

The condensed cash flows of the Disposed Puyi Group were as follows for the six months ended December 31, 2024 and 2025:

 

   Six months ended
December 31,		 
   2024   2025 
   RMB   RMB 
Net cash (used in) generated from operating activities   (11,346)   2,579 
Net cash used in investing activities   (5,651)   (244)
Net cash used in financing activities   (3,794)   
-
 

 

   Six months ended
December 31,		 
   2024   2025 
   RMB   RMB 
Significant non-cash operating items:        
Depreciation and amortization   42,108    204 
Provision for allowance for credit losses on financial assets   6,011    
-
 
Loss on disposal of property and equipment   773    
-
 
Gain on disposal of subsidiaries   
-
    (2,492)
Significant investing activities:          
Purchase of property, plant and equipment   (15)   (183)
Proceeds from disposal of property, plant and equipment   247    
-
 
Purchase of short term investments   (60,000)   
-
 
Proceeds from disposal of short term investments   60,241    
-
 

Reconciliation of the carrying amounts of the major classes of assets and liabilities from the discontinued operations in the consolidated balance sheets as of December 31, 2025 is as follow.

 

   RMB 
AIFU stock fair value on December 22, 2025   29,362 
Historical cost of the Company's equity interest in AIFU   325,765 

 

   As of
December 31,
2025		 
Assets  RMB 
Cash and cash equivalents and restricted cash   50,256 
Short term investments   5,196 
Accounts receivable and contract assets,net   813,404 
Other receivables, net   288,339 
Other current assets   14,809 
Amount due from a related party   13,252 
Property, plant, and equipment, net   62,876 
Right of use asset   33,589 
Deferred tax assets   8,902 
Other non-current assets   237,475 
Total assets   1,528,098 
   As of
December 31,
2025		 
   RMB 
Liabilities     
Short-term loan   56,000 
Accounts payables and accrued commissions   487,590 
Accrued payroll   17,940 
Other payable and accrued expenses   184,722 
Operating lease liabilities   30,771 
Income tax payable   67,020 
Tax liabilities   25,701 
Deferred tax liabilities   187,218 
Total liabilities   1,056,962 
Total net assets of the Deconsolidated AIFU Group   471,136 
Less: Non-controlling interest of the Deconsolidated AIFU Group   (7,384)
Net assets of the Deconsolidated AIFU Group contributable to the Group   478,520 
Loss on disposal of the Deconsolidated AIFU Group   (8,202)*

The assets and liabilities for discontinued operations of the Deconsolidated AIFU Group comprised the following items as of June 30, 2025:

 

   As of
June 30,
2025		 
   RMB 
Current assets for discontinued operations     
Cash and cash equivalents and restricted cash   80,301 
Short term investments   543,846 
Accounts receivable and contract assets, net   290,972 
Other receivables, net   1,154,873 
Other current assets   19,793 
Total current assets   2,089,785 
Non-current assets for discontinued operations     
Restricted bank deposit - non-current   16,338 
Accounts receivable, net - non current   612,918 
Property, plant, and equipment, net   70,432 
Deferred tax assets   9,407 
Other non-current assets   391,617 
Right of use asset   58,070 
Total non-current assets   1,158,782 
Total assets   3,248,567 
   As of
June 30,
2025		 
   RMB 
Current liabilities for discontinued operations     
Short-term loan   82,050 
Accounts payable and accrued commissions   214,226 
Other payable and accrued expenses   148,981 
Income taxes payable   77,305 
Accrued payroll   10,894 
Current operating lease liabilities   28,013 
Other current liabilities   34 

Total current liabilities

   561,503 
      
Non-current liabilities for discontinued operations     
Other tax liabilities,non-current   25,700 
Non-current operating lease liability   27,278 

Accrued commissions – non-current

   339,481 
Deferred income tax liabilities   204,310 
Total non-current liabilities   596,769 
Total liabilities   1,158,272 
Total net assets of the Deconsolidated AIFU Group   2,090,295 

 

Reconciliation of the major classes of losses from discontinued operations in the consolidated statements of operations and comprehensive loss for the six months ended December 31, 2024 and 2025 is as follow:

 

   Six months ended
December 31,		 
   2024   2025 
   RMB   RMB 
Major classes of line items constituting pre-tax profit of discontinued operations        
Net revenues   685,281    259,121 
Operating costs   (414,287)   (139,733)
Selling expenses   (98,462)   (37,484)
General and administrative expenses   (300,954)   (113,162)
Impairment loss   (355,903)   
-
 
Gain (loss) on disposal of subsidiaries   896,085    (122,919)
Net loss from fair value change   (4,738)   (7,016)
Investment income   21,651    34,458 
Interest income, net   4,799    12,084 
Others, net   (23,808)   (1,693,651)
Gain (loss) from discontinued operations, before income tax   409,664    (1,808,302)
Income tax (expense) benefit   (81,665)   4,380 
Share of loss of affiliates   (3,931)   
-
 
Net income (loss) from discontinued operations   324,068    (1,803,922)

The condensed cash flows of Deconsolidated AIFU Group were as follows for the six months ended December 31, 2024 and 2025:

 

   Six months ended
December 31,		 
   2024   2025 
   RMB   RMB 
Net cash generated from (used in) operating activities   109,926    (17,758)
Net cash used in investing activities   (166,355)   (6,970)
Net cash generated from (used in) financing activities   36,770    (25,977)

 

   Six months ended
December 31,		 
   2024   2025 
   RMB   RMB 
Significant non-cash operating items:        
Depreciation and amortization   13,520    2,893 
Provision for allowance for credit losses on financial assets   39,173    1,685,332 
Impairment of goodwill and intangible assets   404,121    
-
 
Loss (gain) on disposal of property and equipment   (1,180)   (5,422)
Property, plant and equipment written off   4,180    
-
 
(Gain) loss on disposal of subsidiaries   (896,977)   30,169 
Significant investing activities:          
Purchase of property, plant and equipment   (4,226)   (2,266)
Proceeds from disposal of property and equipment   2,875    12,323 
Proceeds from disposal of an investment   
-
    11,629