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MAAS

Highest Performances Holdings Inc. American Depository Shares

MAAS

Highest Performances Holdings Inc. American Depository Shares • NASDAQ
$3.95 ▲ 1.80% (+0.07)
Market Cap $1.24 B
52w High $26.40
52w Low $2.41
Dividend Yield 0%
P/E -1.28
Volume 5.75K
Outstanding Shares 313.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $879.611M ▼ $4.278B ▼ $1.638B ▼ $1.285B ▼
Q2-2024 $1.561B ▲ $4.975B ▲ $1.858B ▲ $1.513B ▲
Q4-2023 $164.47M ▲ $264.543M ▼ $47.509M ▼ $217.034M ▼
Q2-2023 $75.233M ▼ $324.302M ▼ $95.354M ▼ $228.948M ▼
Q4-2022 $199.259M $463.936M $203.885M $260.051M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Five-Year Company Overview

Income Statement

Income Statement Revenue has recently stepped up meaningfully from a very small base, showing that the new business lines are starting to contribute. Gross profit has improved, but the company is still losing money at the operating and net income levels. Losses have been fairly persistent over the last several years, even as the business model changes. The jump in reported loss per share also reflects share-structure effects, not just business performance. Overall, the income statement tells a story of an early-stage, restructuring company that is growing the top line but has not yet proven it can earn consistent profits.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly in the most recent year, mainly due to acquisitions and growth initiatives. Total assets and shareholders’ equity are much larger than in prior years, which gives the company more scale but also reflects how much it has had to invest to transform itself. Cash on hand is notable relative to the size of the business, but not large enough to remove funding concerns if losses continue. Debt remains modest but has risen, so leverage is no longer negligible. In short, the financial position has strengthened in size but still relies on successful execution to justify the new asset base.

Cash Flow

Cash Flow Cash flow has improved from consistent outflows to a small positive contribution from operations and free cash flow in the latest year. This suggests better cash discipline and some early benefits from the new business mix. However, the margin for error is thin: the positive cash flow is modest, and a setback in sales or higher costs could quickly push it back into negative territory. Capital spending has been light so far, but future growth in technology-heavy areas may require more investment. Overall, cash flow is moving in the right direction but is not yet robust or comfortably self-funding.

Competitive Edge

Competitive Edge The company is rebuilding its competitive position from the ground up, shifting away from traditional asset management toward health and wellness, new energy, and intelligent services. Its strengths lie in a handful of distinctive assets: patented extraction technology for bird’s nest products, control of scarce wild ginseng resources, mobile EV charging robots, and unmanned smart car wash systems. These are niche, differentiated offerings, but each sits in sectors with strong and well-funded competitors. The portfolio approach diversifies risk but also spreads management attention across very different markets. At this stage, the competitive position is more about potential and technology options than about proven market dominance.

Innovation and R&D

Innovation and R&D Innovation is now central to the story. Instead of building everything in-house, the company has used acquisitions to assemble a set of technologies: biotech-enhanced wellness products, mobile energy solutions for electric vehicles, and AI- and IoT-enabled car wash systems. The real innovation task ahead is integration—turning these separate technologies into cohesive platforms and ecosystems. There is also clear room to apply data analytics and artificial intelligence across the portfolio, from personalized wellness to optimized charging and car wash operations. That said, the disclosures emphasize strategic direction more than measured R&D spending, so it is still unclear how systematically and heavily the company will invest in ongoing research versus bolt-on acquisitions.

Summary

MAAS is in the middle of a major transformation, moving from a small financial services base into multiple technology-driven sectors. Financially, revenue is finally showing meaningful growth, but profitability remains elusive and the company is still in an investment and build-out phase. The balance sheet has scaled up, with more assets, more equity, and a bit more debt, reflecting the cost and ambition of this pivot. Cash flow has recently turned slightly positive but remains fragile. Strategically, MAAS now owns a collection of differentiated businesses in wellness, new energy, and intelligent services. This creates upside if the company can win customers, scale operations, and connect these offerings into broader ecosystems. At the same time, it increases execution, integration, and focus risk, especially given the company’s limited operating history in these fields and its small financial cushion. The overall picture is of an early-stage, high-change company: innovative and opportunistic, but with outcomes that are still highly uncertain and dependent on disciplined execution over the next several years.

NEWS

November 28, 2025 · 8:18 PM UTC

MAAS Announces Change to the Board of Directors

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