Exhibit 21.1
List of Subsidiaries and Affiliated Entities
(As of August 7, 2026)
| Subsidiaries and Affiliated Entities (1) | Percentage Attributable to Our Company | Place of Incorporation | ||||||
| Oriental Grove Ltd. (2) | 100 | % | BVI | |||||
| Carve Group Ltd. (2) | 100 | % | BVI | |||||
| Guardian Blue Limited (2) | 100 | % | BVI | |||||
| Yunshang Management Company Limited. (3) | 100 | % | HK | |||||
| Real Prospect Limited (3) | 100 | % | HK | |||||
| Times Good Limited (4) | 100 | % | HK | |||||
| Shenzhen Hillstar Management Consulting Co., Ltd. (5) | 100 | % | PRC | |||||
| Puyi Dake Information Technology Co., Ltd. (6) | 100 | % | PRC | |||||
| Zhongshen Resources Development (Liaoning) Co., Ltd.(6) | 100 | % | PRC | |||||
| Glyken Bird Nest Technology (Shenzhen) Co., Ltd.(6) | 100 | % | PRC | |||||
| Puyidake Information Technology Co., Ltd. Guangdong Branch (7) | 100 | % | PRC | |||||
| Guangxi Free Trade Zone Yanwo Bio-technology Co., Ltd. (8) | 90 | % | PRC | |||||
| Yanwa Brand Operation (Shenzhen) Co., Ltd. (9) | 100 | % | PRC | |||||
| Yanwo Health Food Technology (Shenzhen) Co., Ltd. (9) | 100 | % | PRC | |||||
| Yan Ben Se Food Technologies (Shenzhen) Co., Ltd. (10) | 40 | % | PRC | |||||
| QizeXing Biotechnology (Shenzhen) Co., Ltd. (11) | 51 | % | PRC | |||||
| Changsha Juqun Health Technology Co., Ltd (11) | 51 | % | PRC | |||||
| Shenzhen Shuangxinkanghe Biotechnology Co., Ltd. (11) | 51 | % | PRC | |||||
| Shenzhen Pioneer Silver Age Health Technology Co., Ltd (12) | 51 | % | PRC | |||||
| Shenzhen Guibao Intelligent Management Co., Ltd.(13) | 100 | % | PRC | |||||
| Qingdao Maisi Intelligent Technology Co., Ltd. (14) | 100 | % | PRC | |||||
| Shenzhen Huazhixing Management Consulting Co. Ltd. (15) | 100 | % | PRC | |||||
| Consolidated variable interest entity and its subsidiaries (1) (16) | Percentage Attributable to Huazhi Future | Place of Incorporation | ||||||
| Huazhi Future (Chongqing) Technology Co. Ltd. (“Huazhi Future”) | PRC | |||||||
| Huarong Future (Sichuan) Technology Co. Ltd. (17) | 100 | % | PRC | |||||
| Huayuan Future (Shanxi) Technology Co. Ltd. (17) | 100 | % | PRC | |||||
| Chongqing Fangzhen Technology Co. Ltd. (17) | 100 | % | PRC | |||||
| Huasheng Yuan (Shenzhen) Technology Co. Ltd. (17) | 100 | % | PRC | |||||
| Zhiqi Xingchen (Chongqing) Technology Co. Ltd. (18) | 51 | % | PRC | |||||
| (1) | The official names of those companies registered in PRC are in Chinese. The English translation is for reference only. |
| (2) | 100% of the equity interests in these companies are held directly by Maase Inc. |
| (3) | 100% of the equity interests in these companies are held directly by Carve Group Ltd. |
| (4) | 100% of the equity interests in this company are held directly by Guardian Blue Limited. |
| (5) | 100% of the equity interests in this company are held directly by Yunshang Management Company Limited. |
| (6) | 100% of the equity interests in these companies are held directly by Shenzhen Hillstar Management Consulting Co., Ltd. |
| (7) | 100% of the equity interests in the company are held directly by Puyidake Information Technology Co., Ltd.. |
| (8) | 90% of the equity interests in this company are held directly by Glyken Bird Nest Technology (Shenzhen) Co., Ltd. |
| (9) | 100% of the equity interests in these companies are held directly by Glyken Bird Nest Technology (Shenzhen) Co., Ltd. |
| (10) | 40% of the equity interests in this company are held directly by Glyken Bird Nest Technology (Shenzhen) Co., Ltd. |
| (11) | 51% of the equity interests in these companies are held directly by Glyken Bird Nest Technology (Shenzhen) Co., Ltd. |
| (12) | 51% of the equity interests in this company are held directly by Yanwa Brand Operation (Shenzhen) Co., Ltd. |
| (13) | 100% of the equity interests in this company are held directly by Real Prospect Limited. |
| (14) | 100% of the equity interests in this company are held directly by Shenzhen Guibao Intelligent Management Co., Ltd. |
| (15) | 100% of the equity interests in this company are held directly by Times Good Limited. |
| (16) | We rely on the certain contractual arrangements with Huazhi Future and its shareholders for purposes of consolidating Huazhi Group as a VIE under U.S. GAAP. We do not hold direct equity ownership on Huazhi Future and its subsidiaries. |
| (17) | 100% of the equity interests in this company are held directly by Huazhi Future. |
| (18) | 100% of the equity interests in this company are held directly by Chongqing Fangzhen Technology Co. Ltd. |