Maase Inc. (MAAS) Balance Sheet

NASDAQ: MAASAssets, liabilities, debt and equity over 9 years.

MAAS balance sheet, FY2025

June 30, 2025 · Chinese yuan

CN¥3.37B assets = CN¥1.18B liabilities + CN¥2.19B equity

Both columns are drawn to the same scale: what MAAS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

MAAS financial health

Debt / equity0.21

Low leverage · CN¥0.21 of debt for each $1 of equity

Equity / assets20.3%

Balanced · of assets funded by shareholders

Cash / debt451.1%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

MAAS balance sheet trends, FY2017–FY2025

Maase Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥191.7MFY2017	CN¥3.37BFY2025	+43.1%/yr
Total liabilities	CN¥33.1MFY2017	CN¥1.18BFY2025	+56.3%/yr
Shareholders’ equity	CN¥148.7MFY2017	CN¥683.9MFY2025	+21.0%/yr
Cash & short-term investments	CN¥69.4MFY2017	CN¥637.0MFY2025	+31.9%/yr
Total debt	CN¥22.1MFY2020	CN¥141.2MFY2025	+44.9%/yr
Net cash (debt)	CN¥267.8MFY2020	CN¥495.8MFY2025	+CN¥228.0M
Working capital	CN¥152.0MFY2017	CN¥2.47BFY2025	+CN¥2.3B
Debt / equity	0.06FY2020	0.21FY2025	+0.15
Shares outstanding	56.0MFY2017	7.6MFY2025	−22.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MAAS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

MAAS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

MAAS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

MAAS balance sheet in Chinese yuan

Maase Inc. annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Assets
Cash & short-term investments	CN¥637.0M	CN¥879.6M	CN¥164.5M	CN¥199.3M	CN¥260.6M	CN¥289.9M	CN¥380.4M	CN¥118.9M	CN¥69.4M
Cash & equivalents	CN¥89.0M	CN¥295.7M	CN¥164.5M	CN¥194.3M	CN¥260.6M	CN¥285.9M	CN¥378.4M	CN¥103.2M	CN¥55.2M
Short-term investments	CN¥548.0M	CN¥583.9M	CN¥0	CN¥5.0M	CN¥0	CN¥4.0M	CN¥2.0M	CN¥15.7M	CN¥14.2M
Receivables	CN¥1.95B	CN¥1.39B	CN¥57.6M	CN¥62.4M	CN¥56.7M	CN¥94.5M	CN¥28.8M	CN¥81.5M	CN¥109.3M
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other current assets	CN¥0	CN¥111.2M	CN¥8.9M	CN¥133.1M	CN¥86.1M	CN¥8.8M	CN¥57.8M	CN¥14.2M	CN¥6.4M
Total current assets	CN¥2.58B	CN¥2.39B	CN¥231.0M	CN¥394.8M	CN¥403.3M	CN¥393.2M	CN¥467.1M	CN¥214.6M	CN¥185.1M
Property, plant & equipment (net)	CN¥132.5M	CN¥209.0M	CN¥15.2M	CN¥43.5M	CN¥41.3M	CN¥26.9M	CN¥4.0M	CN¥890,000	CN¥1.0M
Goodwill & intangible assets	CN¥845,805	CN¥660.7M	CN¥1.8M	CN¥1.1M	CN¥1.6M	CN¥363,000	CN¥733,000	CN¥700,000	CN¥1.5M
Long-term investments	CN¥0	CN¥8.6M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥649.1M	CN¥1.01B	CN¥16.6M	CN¥24.5M	CN¥21.6M	CN¥12.2M	CN¥7.5M	CN¥9.7M	CN¥4.0M
Total assets	CN¥3.37B	CN¥4.28B	CN¥264.5M	CN¥463.9M	CN¥467.9M	CN¥432.7M	CN¥479.4M	CN¥225.9M	CN¥191.7M
Liabilities
Accounts payable	—	CN¥194.4M	CN¥6.3M	CN¥11.7M	CN¥12.3M	CN¥9.0M	CN¥5.9M	CN¥3.7M	—
Short-term debt	CN¥111.3M	CN¥152.6M	CN¥4.8M	CN¥11.9M	CN¥13.7M	CN¥7.4M	—	—	—
Deferred revenue	—	—	CN¥803,000	—	CN¥72.2M	CN¥421,000	CN¥180,000	—	CN¥1.5M
Total current liabilities	CN¥111.3M	CN¥851.0M	CN¥24.1M	CN¥167.1M	CN¥130.3M	CN¥47.5M	CN¥75.8M	CN¥32.2M	CN¥33.1M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	—	CN¥117.2M	CN¥14.5M	CN¥35.1M	CN¥31.0M	—	—	—	—
Other long-term liabilities	CN¥1.07B	CN¥787.2M	CN¥23.4M	CN¥36.8M	CN¥17.3M	CN¥14.7M	CN¥0	CN¥0	CN¥0
Total liabilities	CN¥1.18B	CN¥1.64B	CN¥47.5M	CN¥203.9M	CN¥147.6M	CN¥62.2M	CN¥75.8M	CN¥32.2M	CN¥33.1M
Shareholders' equity
Common stock & paid-in capital	CN¥10.3M	CN¥2.6M	CN¥600,000	CN¥600,000	CN¥600,000	CN¥600,000	CN¥600,000	CN¥529,000	CN¥529,000
Retained earnings (deficit)	−CN¥517.3M	−CN¥321.3M	−CN¥31.5M	CN¥11.8M	CN¥72.7M	CN¥120.3M	CN¥155.3M	CN¥107.4M	CN¥48.6M
Accumulated other comprehensive income	CN¥17.2M	CN¥20.8M	CN¥23.2M	CN¥22.9M	CN¥22.3M	CN¥22.3M	CN¥19.8M	CN¥14.2M	CN¥8.3M
Minority interest	CN¥1.50B	CN¥1.31B	CN¥0	CN¥0	—	—	—	—	—
Total shareholders' equity	CN¥683.9M	CN¥1.29B	CN¥217.0M	CN¥260.1M	CN¥320.3M	CN¥368.0M	CN¥400.4M	CN¥184.8M	CN¥148.7M
Key figures
Total debt	CN¥141.2M	CN¥215.6M	CN¥14.5M	CN¥35.1M	CN¥31.0M	CN¥22.1M	—	—	—
Net cash (debt)	CN¥495.8M	CN¥664.0M	CN¥150.0M	CN¥164.1M	CN¥229.6M	CN¥267.8M	—	—	—
Working capital	CN¥2.47B	CN¥1.53B	CN¥206.9M	CN¥227.6M	CN¥273.0M	CN¥345.7M	CN¥391.3M	CN¥182.4M	CN¥152.0M
Tangible book value	CN¥683.0M	CN¥624.4M	CN¥215.2M	CN¥258.9M	CN¥318.7M	CN¥367.6M	CN¥399.7M	CN¥184.1M	CN¥147.2M
Shares outstanding	7.6M	60.3M	60.3M	60.3M	60.3M	60.3M	56.7M	56.0M	56.0M
Current ratio	23.21	2.80	9.59	2.36	3.10	8.27	6.16	6.66	5.59
Quick ratio	23.21	2.67	9.22	1.57	2.43	8.09	5.40	6.22	5.40
Debt / equity	0.21	0.17	0.07	0.14	0.10	0.06	—	—	—
Equity / assets	20.3%	30.0%	82.0%	56.1%	68.5%	85.0%	83.5%	81.8%	77.6%

Maase Inc. quarterly balance sheet
	Dec '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22	Jun '22	Dec '21	Jun '21	Dec '20
Assets
Cash & short-term investments	CN¥34.6M	CN¥889.0M	CN¥879.6M	CN¥1.56B	CN¥164.5M	CN¥75.2M	CN¥199.3M	CN¥221.2M	CN¥260.6M	CN¥327.6M
Cash & equivalents	CN¥1.5M	CN¥270.2M	CN¥295.7M	CN¥593.0M	CN¥164.5M	CN¥75.2M	CN¥194.3M	CN¥216.2M	CN¥260.6M	CN¥327.6M
Short-term investments	CN¥33.1M	CN¥618.8M	CN¥583.9M	CN¥968.4M	—	—	CN¥5.0M	CN¥5.0M	—	—
Receivables	CN¥234.5M	CN¥1.28B	CN¥1.39B	CN¥850.7M	CN¥57.6M	CN¥165.2M	CN¥62.4M	CN¥72.7M	CN¥56.7M	CN¥47.6M
Inventory	CN¥1.98B	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other current assets	CN¥2.2M	CN¥72.8M	CN¥111.2M	CN¥179.7M	CN¥8.9M	CN¥25.4M	CN¥133.1M	CN¥98.8M	CN¥86.1M	CN¥13.6M
Total current assets	CN¥2.25B	CN¥2.24B	CN¥2.39B	CN¥2.59B	CN¥231.0M	CN¥265.8M	CN¥394.8M	CN¥392.6M	CN¥403.3M	CN¥388.9M
Property, plant & equipment (net)	CN¥18.8M	CN¥160.5M	CN¥209.0M	CN¥240.6M	CN¥15.2M	CN¥30.5M	CN¥43.5M	CN¥49.4M	CN¥41.3M	CN¥27.6M
Goodwill & intangible assets	CN¥1.07B	CN¥218.2M	CN¥660.7M	CN¥1.14B	CN¥1.8M	CN¥1.0M	CN¥1.1M	CN¥1.5M	CN¥1.6M	CN¥2.0M
Long-term investments	CN¥113.3M	CN¥1.01B	CN¥8.6M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥0	CN¥934.3M	CN¥1.01B	CN¥1.00B	CN¥16.6M	CN¥27.0M	CN¥24.5M	CN¥25.6M	CN¥21.6M	CN¥12.7M
Total assets	CN¥3.45B	CN¥4.56B	CN¥4.28B	CN¥4.98B	CN¥264.5M	CN¥324.3M	CN¥463.9M	CN¥469.1M	CN¥467.9M	CN¥431.1M
Liabilities
Accounts payable	CN¥682,000	CN¥116.7M	CN¥194.4M	CN¥410.4M	CN¥6.3M	CN¥14.6M	CN¥11.7M	CN¥12.1M	CN¥12.3M	CN¥12.1M
Short-term debt	CN¥12.8M	CN¥175.1M	CN¥152.6M	CN¥225.9M	CN¥4.8M	CN¥8.9M	CN¥11.9M	CN¥11.3M	CN¥13.7M	CN¥8.4M
Deferred revenue	CN¥7.4M	—	—	—	CN¥803,000	—	—	CN¥98.8M	CN¥72.2M	—
Total current liabilities	CN¥42.4M	CN¥832.6M	CN¥851.0M	CN¥1.04B	CN¥24.1M	CN¥64.3M	CN¥167.1M	CN¥159.9M	CN¥130.3M	CN¥63.6M
Long-term debt	CN¥1.2M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥1.9M	CN¥78.6M	CN¥117.2M	CN¥140.1M	—	—	—	—	—	—
Other long-term liabilities	CN¥17.6M	CN¥821.6M	CN¥787.2M	CN¥813.2M	CN¥23.4M	CN¥31.1M	CN¥36.8M	CN¥28.3M	CN¥17.3M	CN¥14.4M
Total liabilities	CN¥61.1M	CN¥1.65B	CN¥1.64B	CN¥1.86B	CN¥47.5M	CN¥95.4M	CN¥203.9M	CN¥188.2M	CN¥147.6M	CN¥78.0M
Shareholders' equity
Common stock & paid-in capital	CN¥205.6M	CN¥49.5M	CN¥2.6M	CN¥2.6M	CN¥600,000	CN¥600,000	CN¥600,000	CN¥600,000	CN¥600,000	CN¥600,000
Retained earnings (deficit)	−CN¥1.50B	−CN¥89.3M	−CN¥321.3M	−CN¥64.8M	−CN¥31.5M	−CN¥19.6M	CN¥11.8M	CN¥33.2M	CN¥72.7M	CN¥106.0M
Accumulated other comprehensive income	CN¥2.6M	CN¥18.3M	CN¥20.8M	CN¥23.3M	CN¥23.2M	CN¥23.3M	CN¥22.9M	CN¥22.4M	CN¥22.3M	CN¥21.9M
Minority interest	CN¥0	CN¥1.52B	—	—	—	—	—	—	—	—
Total shareholders' equity	CN¥3.34B	CN¥1.39B	CN¥1.29B	CN¥1.51B	CN¥217.0M	CN¥228.9M	CN¥260.1M	CN¥280.9M	CN¥320.3M	CN¥353.1M
Key figures
Total debt	CN¥15.2M	CN¥213.6M	CN¥215.6M	CN¥304.4M	CN¥14.5M	CN¥26.4M	CN¥35.1M	CN¥39.6M	CN¥31.0M	CN¥22.8M
Net cash (debt)	CN¥19.3M	CN¥675.5M	CN¥664.0M	CN¥1.26B	CN¥150.0M	CN¥48.8M	CN¥164.1M	CN¥181.6M	CN¥229.6M	CN¥304.9M
Working capital	CN¥2.21B	CN¥1.41B	CN¥1.53B	CN¥1.55B	CN¥206.9M	CN¥201.5M	CN¥227.6M	CN¥232.8M	CN¥273.0M	CN¥325.2M
Tangible book value	CN¥2.27B	CN¥1.17B	CN¥624.4M	CN¥373.4M	CN¥215.2M	CN¥227.9M	CN¥258.9M	CN¥279.4M	CN¥318.7M	CN¥351.1M
Shares outstanding	184.2M	—	370.6M	18K	—	—	—	—	—	—
Current ratio	53.07	2.69	2.80	2.48	9.59	4.14	2.36	2.46	3.10	6.11
Quick ratio	6.34	2.61	2.67	2.31	9.22	3.74	1.57	1.84	2.43	5.90
Debt / equity	0.00	0.15	0.17	0.20	0.07	0.12	0.14	0.14	0.10	0.06
Equity / assets	96.8%	30.4%	30.0%	30.4%	82.0%	70.6%	56.1%	59.9%	68.5%	81.9%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed October 29, 2025); data from EODHD.

MAAS financial position

At the end of fiscal 2025 (June 30, 2025), Maase had total assets of CN¥3.4 billion (down 21.3% from a year earlier), total liabilities of CN¥1.2 billion and shareholders' equity of CN¥683.9 million. It held CN¥637.0 million in cash and short-term investments against CN¥141.2 million of debt, a net cash position of CN¥495.8 million. Its current ratio was 23.21. In the latest quarter (ended December 31, 2025) total assets were CN¥3.5 billion and equity CN¥3.3 billion.

Related: MAAS income statement, MAAS cash flow statement, MAAS key metrics. See the MAAS stock overview for the latest quote and news.

MAAS balance sheet FAQ

What are Maase's total assets?

Maase reported total assets of CN¥3.4 billion at the end of fiscal 2025 (June 30, 2025), compared with CN¥4.3 billion a year earlier.

How much debt does Maase have?

Maase had CN¥141.2 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.21.

How much cash does Maase have?

Maase held CN¥637.0 million in cash and short-term investments at the end of fiscal 2025; with CN¥141.2 million of debt that is net cash of CN¥495.8 million.

What is Maase's book value?

Maase's shareholders' equity (book value) was CN¥683.9 million at the end of fiscal 2025.

What is Maase's current ratio?

Maase had current assets of CN¥2.6 billion and current liabilities of CN¥111.3 million, a current ratio of 23.21 (it can cover its short-term obligations).

How much goodwill does Maase have?

Maase carried CN¥0.8 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.