SCHEDULE: Maase Inc. Stake in AIFU Diluted to 7.85% After Share Issuance

Maase Inc.'s beneficial ownership and voting power in AIFU INC. significantly decreased following AIFU's issuance of 5 million Class B ordinary shares to a third party.

Summary

• Maase Inc. filed an Amendment No. 5 to its Schedule 13D, reporting a dilution of its beneficial ownership and voting power in AIFU INC.
• The dilution occurred because AIFU INC. issued 5,000,000 Class B ordinary shares to Expansion Group Ltd on December 22, 2025.
• Maase Inc. did not acquire or dispose of any shares in this transaction and continues to beneficially own 1,642,774 ordinary shares of AIFU INC.
• Maase Inc.'s holdings consist of 367,774 Class A ordinary shares and 1,275,000 Class B ordinary shares.
• As a direct result of the share issuance, Maase Inc.'s aggregate beneficial ownership was diluted from approximately 10.35% to approximately 7.85%.
• Maase Inc.'s aggregate voting power was substantially diluted from approximately 48.55% to approximately 16.75%.
• The percentage calculations are based on 20,935,271 ordinary shares of AIFU INC. outstanding as of December 22, 2025, which includes 13,435,271 Class A and 7,500,000 Class B ordinary shares.
• Each Class A ordinary share is entitled to one (1) vote, while each Class B ordinary share is entitled to one hundred (100) votes.

Sentiment

Score: 3

Explanation: The sentiment is negative for Maase Inc. as the reporting person due to a significant dilution of both its beneficial ownership and, more critically, its voting power in AIFU INC. This reduction in influence is generally viewed unfavorably for a major investor.

Positives

• Maase Inc. maintains its position as a significant shareholder in AIFU INC., holding 1,642,774 shares.
• Maase Inc. explicitly states its intention to hold shares for investment purposes and may engage with AIFU's management or board to make suggestions regarding operations and strategy.

Negatives

• Maase Inc.'s beneficial ownership in AIFU INC. was significantly diluted from approximately 10.35% to 7.85%.
• Maase Inc.'s aggregate voting power in AIFU INC. was substantially reduced from approximately 48.55% to 16.75%, indicating a significant loss of influence.

Risks

• Reduced influence over AIFU INC.'s strategic direction and corporate governance due to the significant decrease in voting power.
• Potential for further dilution of ownership and voting power if AIFU INC. issues additional shares in the future.
• Investment performance is subject to AIFU INC.'s business, prospects, financial position, strategic direction, and general market and industry conditions.

Future Outlook

Maase Inc. intends to continuously review its investment in AIFU INC. and may change its current intentions based on various factors, including AIFU's business, prospects, financial position, strategic direction, and market conditions. Maase Inc. may engage in communications with AIFU's shareholders, management, or board of directors to make suggestions concerning operations, strategies, and financial matters. It may also make additional purchases or dispose of its investment in AIFU INC. depending on its evaluation of the Issuer and market opportunities.

Industry Context

Maase Inc. operates as a leading provider of intelligent technology-driven family and enterprise services in China. This filing details its investment position in AIFU INC., an issuer whose principal business is not explicitly detailed in this filing, but the context suggests Maase Inc. is an investor in a company that may or may not be directly in its core operational industry.

Legal Proceedings

• Maase Inc. has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• Maase Inc. has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such law, during the last five years.

Stakeholder Impact

• **Maase Inc. (Shareholder):** Experiences a significant reduction in its beneficial ownership and voting power in AIFU INC., potentially diminishing its influence over the company's strategic decisions.
• **AIFU INC. (Issuer):** The issuance of new shares to Expansion Group Ltd alters its capital structure and shareholder base, potentially shifting the balance of power among its investors.
• **Other AIFU INC. Shareholders:** The dilution of Maase Inc.'s stake and the introduction of Expansion Group Ltd as a new significant Class B shareholder could impact the overall shareholder dynamics and control structure.

Next Steps

• Maase Inc. will continue to review its investment in AIFU INC. on an ongoing basis.
• Maase Inc. may engage in communications with AIFU's shareholders, management, or board of directors.
• Maase Inc. may make suggestions concerning AIFU's operations, prospects, business and financial strategies, and strategic direction.
• Maase Inc. may make additional purchases of AIFU's ordinary shares or other convertible securities, or dispose of all or part of its investment.

Key Dates

Keywords

AIFU INC., Maase Inc., Schedule 13D, beneficial ownership, voting power, share dilution, Class A ordinary shares, Class B ordinary shares, investment, SEC filing