0001213900-24-098740 | 20-F | XBRL Viewer | Highest Performances Holdings INC

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Property, Plant and Equipment, Net

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, net

(7)

Property, Plant and Equipment, net

Property, plant and equipment, net, is comprised of the following:

	As of June 30,
	2023			2024
	RMB			RMB
Cost:
Building		-			11,242
Office equipment, furniture and fixtures		3,920			12,189
Motor vehicles		1,932			7,122
Leasehold improvements		737			8,342
Sub-total		6,589			38,895
Accumulated depreciation		(5,023	)		(5,759	)
		1,566			33,136
Construction in progress		-			53,640
		1,566			86,776

Depreciation expenses charged were RMB5,603, RMB3,545 and RMB8,368 for the years ended June 30, 2022, 2023 and 2024, respectively. In the year ended June 30, 2024, the Group recorded a loss of RMB1,293 (2023: RMB2,951) related to disposal of furniture, office equipment, fixtures and leasehold improvements due to termination of rental offices in others, net of the consolidated statements of operations and comprehensive loss.

No impairment for property, plant and equipment was recorded for the years ended June 30, 2022, 2023 and 2024.

Other Non-Current Assets, Net (Details) ¥ in Thousands	Jun. 30, 2024 CNY (¥)
Other Non-Current Assets, Net [Line Items]
Principal amount	¥ 30,000
Net of allowance	1,047
Third Party [Member]
Other Non-Current Assets, Net [Line Items]
Interest receivable	¥ 1,032
Fanhua Inc. [Member]
Other Non-Current Assets, Net [Line Items]
Interest rate percentage	4.50%

Income Taxes

12 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Income Taxes

(16)

Income Taxes

The Company is a tax exempted company incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon any payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is imposed.

Subsidiaries in Hong Kong are subject to Hong Kong Profits Tax rate at 16.5%, and foreign-derived income is exempted from income tax. Under the two-tiered profits tax rates regime, the provision for current income taxes of the subsidiaries operating in Hong Kong has been calculated by applying the current rate of taxation of 8.25% for the years ended June 30, 2022, 2023 and 2024.

The Group’s subsidiaries and VIEs incorporated in the PRC are subject to the PRC Enterprise Income Tax (“EIT”) and a unified 25% enterprise income tax rate, except for certain entities that are entitled to preferential tax treatments.

Preferential EIT rates at 15% is available for qualified enterprises located in the western China regions in an industry sector encouraged by the PRC government. Fanhua Lianxing Insurance Sales Co., Ltd., the Group’s wholly-owned subsidiary, which is the holding entity of the Group’s life insurance operations, was entitled to a preferential tax rate of 15% for the year ended June 30, 2024.

Pursuant to the relevant laws and regulations in the PRC, Shenzhen Huazhong United Technology Co., Ltd. (“Shenzhen Huazhong”), a subsidiary of the Group, was regarded as a software company and thus exempted from PRC Income Tax for two years starting from its first profit-making year, followed by a 50% reduction for the next three years. For Shenzhen Huazhong, year 2017 was the first profit-making year and accordingly it has made a 12.5% tax provision for its profits for the year ended June 30, 2021, Shenzhen Huazhong no longer enjoys such a preferential rate from 2022.

The Group’s subsidiaries that are the PRC tax resident are required to withhold the PRC withholding tax of 10% on dividend payment to their non-PRC resident immediate holding company, unless such dividend payment is qualified for the 5% reduced tax rate under the Arrangement between Mainland China and Hong Kong for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the “PRC-HK DTA”).

The Group accounts for uncertain income tax positions by prescribing a minimum recognition threshold in the financial statements. The Group’s liabilities for unrecognized tax benefits were included in other tax liabilities. As of June 30, 2023, the balance of unrecognized tax benefits is comprised of amounts mainly arising from certain transfer pricing arrangements. During the year ended June 30, 2024, the Group recorded an addition of unrecognized tax benefits amounting to RMB34,368 due to acquisition of AIX.

The movements of unrecognized tax benefits are as follows:

	RMB
Balance as of June 30, 2021		12,100
Increase in unrecognized tax benefits		1,400
Decrease in tax positions		-
Balance as of June 30, 2022		13,500
Increase in unrecognized tax benefits		260
Decrease in tax positions		-
Balance as of June 30, 2023		13,760
Increase due to acquisition of AIX		34,368
Increase in unrecognized tax benefits		1,883
Decrease in tax positions		(4,646	)
Balance as of June 30, 2024		45,365

The uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities. Based on the outcome of any future examinations, or as a result of the expiration of statute of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized tax benefits for tax positions taken regarding previously filed tax returns, might materially change from those recorded as liabilities for uncertain tax positions in the Group’s consolidated financial statements. In addition, the outcome of these examinations may impact the valuation of certain deferred tax assets (such as net operating losses) in future periods. The Group’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits, if any, as a component of income tax expense. The Group does not anticipate any significant increases or decreases to its liability for unrecognized tax benefits within the next twelve months.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100 is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. During the current year, the Group reversed transfer pricing related uncertain tax position amounting to RMB4,646 when its statute of limitation expired in 2024.

Income tax (benefit) expense are comprised of the following:

	Year Ended June 30,
	2022			2023		2024
	RMB			RMB		RMB
Current tax expense		1,464			1,160		3,634
Deferred tax (benefit) expense		(2,389	)		7,425		9,311
Income tax (benefit) expense		(925	)		8,585		12,945

The principal components of the deferred income tax assets and liabilities are as follows:

	As of June 30,
	2023			2024
	RMB			RMB
Deferred tax assets:
Operating loss carryforward		26,104			139,726
Deductible research and development expenses		628			5,204
Advertising expense		7,931			6,538
Allowance for doubtful accounts, credit losses and impairment losses		1,723			-
Other temporary book/tax differences		1,850			-
Valuation allowances		(21,684	)		(116,218	)
Total		16,552			35,250
Deferred tax liabilities:
Fair value adjustments in relation to short-term investments		-			13,954
Estimated profit arising from future renewal commissions		-			92,964
PRC dividend withholding taxes		-			26,730
Fair value adjustments of long-lived assets from business acquisition		-			103,426
Total		-			237,074

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law.

The Group had total operating loss carry-forwards of RMB149,477 and RMB607,324 as of June 30, 2023 and 2024, respectively. As of June 30, 2024, the operating loss carry-forwards amounting to RMB120,646 can be carried forward to offset future taxable income and RMB486,678 will expire in the years from 2025 to 2029. During the years ended June 30, 2022, 2023 and 2024, nil, nil and RMB35,403, respectively, of tax loss carried forward has been expired and canceled.

Reconciliation between the provision for income taxes computed by applying the PRC enterprise income rate of 25% to net income before income taxes and income of affiliates, and the actual provision for income taxes is as follows:

	Year Ended June 30,
	2022			2023			2024
	RMB			RMB			RMB
Loss from operations in mainland China		(60,049	)		(32,676	)		64,307
Loss from operations in Hong Kong and others		(1,543	)		(2,316	)		(562,312	)
Loss from continuing operations before income taxes and share of loss of affiliates		(61,592	)		(34,992	)		(498,005	)
Statutory tax rate		25	%		25	%		25	%
Income tax benefits at statutory tax rate		(15,398	)		(8,748	)		(124,501	)
Deferred tax effect of tax rate change		768			(5,751	)		-
True-up temporary book/tax differences		-			2,123			-
Disposal of a subsidiary		-			(6,561	)		-
Expenses not deductible for tax purposes:
—Entertainment		-			-			1,192
—Other		695			500			350
Effect of tax holidays on concessionary rates granted to PRC entities		7,186			3,262			(2,861	)
Effect of different tax rates of entities operating in other jurisdictions		385			579			112,158
Change in valuation allowance		3,775			23,051			24,671
Net effect of fair value changes*		-			-			19,672
Unrecognized tax benefits arising from certain transfer pricing arrangements		1,400			260			(18,096	)
Other		264			(130	)		360
Income tax (benefit) expense		(925	)		8,585			12,945

*	The net effect of fair value changes for the year ended June 30, 2024 is primarily arising from fair value changes in contingent consideration and equity interests held by the Group.

Additional PRC income taxes that would have been payable without the tax exemption amounted to approximately nil, nil and RMB2,861 for the years ended June 30, 2022, 2023 and 2024, respectively.

If the entities were to be non-resident for PRC tax purposes, dividends paid to it out of profits earned after January 1, 2008 would be subject to a withholding tax. In the case of dividends paid by PRC subsidiaries, the withholding tax would be 10%, whereas in the case of dividends paid by PRC subsidiaries which are 25% or more directly owned by tax residents in the Hong Kong Special Administrative Region, the withholding tax would be 5%. The Group’s subsidiary, CNinsure Holdings Limited qualified as Hong Kong resident and was entitled to enjoy a 5% reduced tax rate under Bulletin [2018] No. 9 promulgated by the State Taxation Administration for the years ended June 30, 2022, 2023 and 2024.

Aggregate undistributed earnings of the Group’s subsidiaries and VIEs in the PRC that are available for distribution to the Group of approximately RMB90,570 and RMB868,929 as of June 30, 2023 and 2024, respectively, are considered to be indefinitely reinvested. If those earnings were to be distributed or they were determined to be no longer permanently reinvested, the Group would have to record a deferred tax liability in respect of those undistributed earnings of approximately RMB4,529 and RMB43,496, respectively.

Under applicable accounting principles, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting over tax basis, including those differences attributable to a more-than-50-percent-owned domestic subsidiary. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use that means.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Share-Based Compensation (Details) - Schedule of Activity of the Service-Based RSUs - RSU [Member] - $ / shares	1 Months Ended	12 Months Ended
	Aug. 31, 2023	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Unvested Beginning Balance
Weighted Average Grant-Date Fair Value, Unvested Beginning Balance
Number of shares, Granted	536,990
Weighted Average Grant-Date Fair Value, Granted
Number of shares, Addition due to acquisition of AIX		536,990
Weighted Average Grant-Date Fair Value, Addition due to acquisition of AIX		$ 3,410
Number of shares, Vested
Weighted Average Grant-Date Fair Value,Vested
Number of shares, Forfeited
Weighted Average Grant-Date Fair Value, Forfeited
Number of shares, Unvested Ending Balance		536,990
Weighted Average Grant-Date Fair Value, Unvested Ending Balance		$ 3,410

Share-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2024

Share-Based Compensation [Abstract]

Schedule of Total Outstanding Options

For the year ended June 30, 2024, changes in the status of total outstanding options, were as follows:

	Number of options		Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—		—		—		—
Addition due to acquisition of AIX		4,000,000		0.2305		4.69		—
Outstanding as of June 30, 2024		4,000,000		0.2305		4.69		—

Schedule of Activity of the Service-Based RSUs

A summary of the activity of the service-based RSUs for the year ended June 30, 2024 is presented as follows:

	Number of restricted shares		Weighted average grant-date fair value US$

Unvested as of June 30, 2023		—		—
Granted		—		—
Addition due to acquisition of AIX		536,990		3,410
vested		—		—
Forfeited		—		—
Unvested as of June 30, 2024		536,990		3,410

Schedule of Share Options Outstanding and Activity

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options			Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—			—		—		—
Granted		—			—		—		—
Addition due to acquisition of AIX		11,300,000			0.0500		3.59		3,192
Exercised		-			—		—		—
Forfeited		(1,861,820	)		—		—		—
Outstanding as of June 30, 2024		9,438,180			0.0500		3.09		467

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options			Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—			—		—		—
Granted		9,017,413			0.0007		4.11		40.753
Addition due to acquisition of AIX		—			—		—		—
Exercised		-			—		—		—
Forfeited		(7,537,960	)		—		—		—
Outstanding as of June 30, 2024		1,479,453			0.0007		3.75		1,962

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options		Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—		—		—		—
Granted		18,088,000		0.1181		3.29		921
Addition due to acquisition of AIX		—		—		—		—
Exercised		—		—		—		—
Forfeited		5,607,280		—		—		—
Outstanding as of June 30, 2024		12,480,720		0.1181		3.09		—

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options		Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—		—		—		—
Granted		800,000		0.05		3.29		95
Addition due to acquisition of AIX		—		—		—		—
Exercised		—		—		—		—
Forfeited		320,000		—		—		—
Outstanding as of June 30, 2024		480,000		0.05		3.09		24

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options		Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—		—		—		—
Granted		4,930,000		0.05		3.10		323
Addition due to acquisition of AIX		—		—		—		—
Exercised		—		—		—		—
Forfeited		1,972,000		—		—		—
Outstanding as of June 30, 2024		2,958,000		0.05		3.09		146

Schedule of Fair Value Options on the Grant Date

The assumptions used in determining the fair value of the 2024 Options on the grant date were as follows:

Assumptions	February 20, 2024
Expected dividend yield (Note i)		0.00	%
Risk-free interest rates (Note ii)		4.31	%
Expected volatility (Note iii)		70.10	%
Expected life in years (Note iv)		4.11
Exercise multiple (Note v)		1
Fair value of options on grant date	US$	4.52

Assumptions	April 16, 2024
Expected dividend yield (Note i)		3.22	%
Risk-free interest rates (Note ii)		4.81	%
Expected volatility (Note iii)		59.78	%
Expected life in years (Note iv)		3.29
Exercise multiple (Note v)		1
Fair value of options on grant date		US$0.0834~US$0.0839

Assumptions	April 16, 2024
Expected dividend yield (Note i)		3.22	%
Risk-free interest rates (Note ii)		4.81	%
Expected volatility (Note iii)		59.78	%
Expected life in years (Note iv)		3.29
Exercise multiple (Note v)		1
Fair value of options on grant date		US$0.1182~US$0.1204

Assumptions	June 25, 2024
Expected dividend yield (Note i)		3.22	%
Risk-free interest rates (Note ii)		4.44	%
Expected volatility (Note iii)		60.61	%
Expected life in years (Note iv)		3.1
Exercise multiple (Note v)		1
Fair value of options on grant date		US$0.0711~US$0.0719

Income Taxes (Details) - Schedule of Income Tax (Benefits) Expenses ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Schedule of Income Tax (Benefits) Expenses [Abstract]
Current tax expense	¥ 3,634		¥ 1,160	¥ 1,464
Deferred tax (benefit) expense	9,311		7,425	(2,389)
Income tax (benefit) expense	¥ 12,945	$ 1,781	¥ 8,585	¥ (925)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Allowance for Expected Credit Losses ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Schedule of Allowance for Expected Credit Losses [Abstract]
Balance at the beginning of the year	¥ 6,892		¥ 6,892
Current period provision of expected credit losses	3,196
Write-offs	(6,892)
Balance at the end of the year	¥ 3,196	$ 3,175	¥ 6,892

Other Current Assets (Details) - Schedule of Other Current Assets
¥ in Thousands, $ in Thousands

Jun. 30, 2024

CNY (¥)

Jun. 30, 2024

USD ($)

Jun. 30, 2023

CNY (¥)

Schedule of Other Current Assets [Abstract]

Prepaid operating costs

¥ 4,210

Prepaid miscellaneous daily expenses

28,452

4,523

Equity investments with readily determinable fair value

^[1]

13,776

Excess input value-added tax (“VAT”) credits

^[2]

1,832

1,268

Prepaid contributions of staff employee benefit

483

589

Other current assets

¥ 48,753

$ 6,708

¥ 6,380

[1]

This is an amount representing an equity investment of AIX in Cheche Technology Inc. (“Cheche”), which was listed in Nasdaq on September 18, 2023. As of June 30, 2024, the Group holds 3.1645% equity interests in Cheche. The Group measures the equity security in Cheche at fair value and recorded a loss of RMB82,527 from fair value change in the consolidated statement of operations and comprehensive loss for the year ended June 30, 2024.

[2]

The excess input VAT credits represented VAT already paid or borne by the Group’s PRC entities that are qualified as general VAT taxpayers on the goods purchased which will be utilized to offset against future output VAT when calculating the VAT payable. The VAT balance is recorded either in other current liabilities or other current assets on the consolidated balance sheets. As discussed in Note 2 (ad), the Group reclassified the balance of excess input VAT credits as of June 30, 2023 from other payables and accrued expenses to other current assets in order to achieve comparability in the consolidated balance sheets.

Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date - $ / shares	Jun. 25, 2024	Apr. 16, 2024	Feb. 20, 2024
2024 Share Options [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Expected dividend yield (Note i)			0.00%
Risk-free interest rates (Note ii)			4.31%
Expected volatility (Note iii)			70.10%
Expected life in years (Note iv)			4 years 1 month 9 days
Exercise multiple (Note v) (in Dollars per share)			$ 1
Fair value of options on grant date (in Dollars per share)			$ 4.52
2024 Fanhua Option 1 [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Expected dividend yield (Note i)		3.22%
Risk-free interest rates (Note ii)		4.81%
Expected volatility (Note iii)		59.78%
Expected life in years (Note iv)		3 years 3 months 14 days
Exercise multiple (Note v) (in Dollars per share)		$ 1
2024 Fanhua Option 1 [Member] \| Minimum [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Fair value of options on grant date (in Dollars per share)		0.0834
2024 Fanhua Option 1 [Member] \| Maximum [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Fair value of options on grant date (in Dollars per share)		0.0839
2024 Fanhua Option 2 [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Fair value of options on grant date (in Dollars per share)		0.1204
2024 Fanhua Option 2 [Member] \| Minimum [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Fair value of options on grant date (in Dollars per share)		$ 0.1182
2024 Fanhua Option 2 [Member] \| Maximum [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Expected dividend yield (Note i)		3.22%
Risk-free interest rates (Note ii)		4.81%
Expected volatility (Note iii)		59.78%
Expected life in years (Note iv)		3 years 3 months 14 days
Exercise multiple (Note v) (in Dollars per share)		$ 1
2024 Fanhua Option 3 [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Expected dividend yield (Note i)	3.22%
Risk-free interest rates (Note ii)	4.44%
Expected volatility (Note iii)	60.61%
Expected life in years (Note iv)	3 years 1 month 6 days
Exercise multiple (Note v) (in Dollars per share)	$ 1
2024 Fanhua Option 3 [Member] \| Minimum [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Fair value of options on grant date (in Dollars per share)	0.0711
2024 Fanhua Option 3 [Member] \| Maximum [Member]
Share-Based Compensation (Details) - Schedule of Fair Value Options on the Grant Date [Line Items]
Fair value of options on grant date (in Dollars per share)	$ 0.0719

Consolidated Statements of Shareholders’ Equity ¥ in Thousands, $ in Thousands	Cumulative-effect adjustment Share Capital CNY (¥) shares	Cumulative-effect adjustment Share Capital USD ($) shares	Cumulative-effect adjustment Additional Paid-in Capital CNY (¥)	Cumulative-effect adjustment Additional Paid-in Capital USD ($)	Cumulative-effect adjustment Treasury Stock CNY (¥) shares	Cumulative-effect adjustment Treasury Stock USD ($) shares	Cumulative-effect adjustment Statutory Reserves CNY (¥)	Cumulative-effect adjustment Statutory Reserves USD ($)	Cumulative-effect adjustment Retained Earnings CNY (¥)	Cumulative-effect adjustment Retained Earnings USD ($)	Cumulative-effect adjustment Accumulated Other Comprehensive Loss CNY (¥)	Cumulative-effect adjustment Accumulated Other Comprehensive Loss USD ($)	Cumulative-effect adjustment Noncontrolling Interests CNY (¥)	Cumulative-effect adjustment Noncontrolling Interests USD ($)	Cumulative-effect adjustment CNY (¥)	Cumulative-effect adjustment USD ($)	Share Capital CNY (¥) shares	Additional Paid-in Capital CNY (¥)	Statutory Reserves CNY (¥)	Retained Earnings CNY (¥)	Accumulated Other Comprehensive Loss CNY (¥)	CNY (¥) shares	USD ($) shares
Balance (in Dollars)																	¥ 600	¥ 224,694	¥ 23,103	¥ 72,714	¥ (810)	¥ 320,301
Balance (in Shares) \| shares																	90,472,014
Balance at Jun. 30, 2021																	¥ 600	224,694	23,103	72,714	(810)	320,301
Balance (in Shares) at Jun. 30, 2021 \| shares																	90,472,014
Net loss																				(60,667)		(60,667)
Foreign currency translation																					417	417
Unrealized net loss on available-for-sale investments
Accretion of redeemable ordinary shares
Provision for statutory reserves																			211	(211)
Balance at Jun. 30, 2022																	¥ 600	224,694	23,314	11,836	(393)	260,051
Balance (in Shares) at Jun. 30, 2022 \| shares																	90,472,014
Balance (in Dollars)																	¥ 600	224,694	23,314	11,836	(393)	260,051
Balance (in Shares) \| shares																	90,472,014
Net loss																				(43,577)		(43,577)
Disposal of subsidiaries																			(250)	250
Foreign currency translation																					560	560
Unrealized net loss on available-for-sale investments
Accretion of redeemable ordinary shares
Provision for statutory reserves																			7	(7)
Balance at Jun. 30, 2023									¥ (93)						¥ (93)		¥ 600	224,694	23,071	(31,498)	167	¥ 217,034
Balance (in Shares) at Jun. 30, 2023 \| shares																	90,472,014					90,472,014	90,472,014
Balance (in Dollars)									(93)						(93)		¥ 600	¥ 224,694	¥ 23,071	¥ (31,498)	¥ 167	¥ 217,034
Balance (in Shares) \| shares																	90,472,014					90,472,014	90,472,014
Net loss									(289,670)				(222,401)		(512,071)							¥ (512,071)	$ (70,463)
Disposal of subsidiaries													(6,438)		(6,438)							(6,438)
Foreign currency translation											583		378		961							583	80
Unrealized net loss on available-for-sale investments											(3,043)		(2,927)		(5,970)							(3,043)	(419)
Issuance of shares for business combination (Note 3(a))	¥ 2,017		1,339,405										1,336,190		2,677,612
Issuance of shares for business combination (Note 3(a)) (in Shares) \| shares	284,113,314	284,113,314
Addition in non-controlling interests due to business combination (Note 3(a))													266,255		266,255
Acquisition of non-controlling interests in AIX Inc.			21,697										(42,320)		(20,623)
Share-based compensation			13,188										10,148		23,336
Dividend declared to non-controlling interests													(29,500)		(29,500)
Repurchase 4.46% equity interests held by AIX Inc. (Note 1)			(12,952)		¥ (29)								(2,782)		(15,763)
Repurchase 4.46% equity interests held by AIX Inc. (Note 1) (in Shares) \| shares					4,033,600	4,033,600
Accretion of redeemable ordinary shares			(826)												(826)							(826)	(114)
Partial disposal of equity interests in a subsidiary			(2,189)				(7)		7				2,189
Balance at Jun. 30, 2024	¥ 2,617	$ 360	1,583,017	$ 217,830	¥ (29)	$ (4)	23,064	$ 3,174	(321,254)	$ (44,206)	(2,293)	$ (316)	1,308,792	$ 180,097	2,593,914	$ 356,935						¥ 2,593,914	$ 356,935
Balance (in Shares) at Jun. 30, 2024 \| shares	374,585,328	374,585,328			4,033,600	4,033,600											370,551,728					370,551,728	370,551,728
Balance (in Dollars)	¥ 2,617	$ 360	¥ 1,583,017	$ 217,830	¥ (29)	$ (4)	¥ 23,064	$ 3,174	¥ (321,254)	$ (44,206)	¥ (2,293)	$ (316)	¥ 1,308,792	$ 180,097	¥ 2,593,914	$ 356,935						¥ 2,593,914	$ 356,935
Balance (in Shares) \| shares	374,585,328	374,585,328			4,033,600	4,033,600											370,551,728					370,551,728	370,551,728

Other Payables and Accrued Expenses

12 Months Ended

Jun. 30, 2024

Other Payables and Accrued Expenses [Abstract]

Other Payables and Accrued Expenses

(13)

Other Payables and Accrued Expenses

Components of other payables and accrued expenses are as follows:

	As of June 30,
	2023		2024
	RMB		RMB
Business and other tax payables		493		84,874
Refundable deposits from employees and agents		-		17,762
Professional fees		-		8,539
Accrued expenses to third parties		1,600		26,082
Contributions from members of eHuzhu mutual aid program (Note 2(c))		-		36,460
Others		673		6,792
Total		2,766		180,509

Segment Reporting (Tables)

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Group’s Operations by Business Segment

The following table shows the Group’s operations by business segment for the years ended June 30, 2022, 2023 and 2024.

	Year ended June 30,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
Net revenues
Insurance Agency		-			-			900,246			123,877
Claims Adjusting		-			-			222,114			30,564
Wealth Management		188,741			114,440			62,966			8,663
Total net revenues		188,741			114,440			1,185,326			163,104
Operating costs and expenses
Insurance Agency		-			-			(889,185	)		(122,356	)
Claims Adjusting		-			-			(219,417	)		(30,193	)
Wealth Management		(262,844	)		(173,244	)		(111,077	)		(15,283	)
Subtotal		(262,844	)		(173,244	)		(1,219,679	)		(167,832	)
Loss from operations before goodwill impairment
Insurance Agency		-			-			11,061			1,521
Claims Adjusting		-			-			2,697			371
Wealth Management		(74,103	)		(58,804	)		(48,111	)		(6,620	)
Subtotal		(74,103	)		(58,804	)		(34,353	)		(4,728	)
Impairment loss on goodwill		-			-			(426,410	)		(58,676	)
Loss from operations		(74,103	)		(58,804	)		(460,763	)		(63,404	)
Total other income (loss)		12,511			23,812			(37,242	)		(5,124	)
Loss before income taxes and share of loss of affiliates		(61,592	)		(34,992	)		(498,005	)		(68,528	)
Income tax benefit (expense)		925			(8,585	)		(12,945	)		(1,781	)
Share of loss of affiliates		-			-			(1,121	)		(154	)
Net loss		(60,667	)		(43,577	)		(512,071	)		(70,463	)

	As of June 30,
	2023		2024		2024
	RMB		RMB		US$
Segment assets
Insurance Agency		-		3,678,861		506,229
Claims Adjusting		-		359,374		49,452
Wealth Management		264,543		239,643		32,976
Total assets		264,543		4,277,878		588,657

Subsequent Event

12 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent event

(26)

Subsequent event

In accordance with AIX’s 2022 Share Inventive Plan, on July 2, 2024 the board of directors of AIX (the “Board of AIX”) authorized the issuance of share options to purchase up to 6,900,000 ADS to certain key employees. The share options are immediately exercisable until July 15, 2024, subject to certain conditions. AIX offered these key employees a loan at an interest rate of 3% per annum to facilitate the exercise of the share options. The share options granted were fully exercised through cash payment at an exercise price of US$1.92 per ADS before the expiration date. Through the loan agreements, AIX has the right to the ADSs held by the grantees as collateral to the loans issued to them until the loans are fully paid. The Group is in the process of assessing the accounting treatment.

Income Taxes (Details) - Schedule of Deferred Income Tax Assets and Liabilities - CNY (¥) ¥ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Deferred tax assets:
Operating loss carryforward	¥ 139,726	¥ 26,104
Deductible research and development expenses	5,204	628
Advertising expense	6,538	7,931
Allowance for doubtful accounts, credit losses and impairment losses		1,723
Other temporary book/tax differences		1,850
Valuation allowances	(116,218)	(21,684)
Total	35,250	16,552
Deferred tax liabilities:
Fair value adjustments in relation to short-term investments	13,954
Estimated profit arising from future renewal commissions	92,964
PRC dividend withholding taxes	26,730
Fair value adjustments of long-lived assets from business acquisition	103,426
Total	¥ 237,074

Summary of Significant Accounting Policies (Details) - Schedule of Effect of the Revisions on the Affected Line Items within the Consolidated Statements of Operations and Comprehensive Loss - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
As reported [Member]
Operating costs and expenses:
Cost of sales	¥ (16,136)	¥ (33,834)
Selling expenses	(64,709)	(126,743)
Total operating costs and expenses	(173,244)	(262,844)
Loss from operations	(58,804)	(74,103)
Net loss attributable to owners of the Company	(43,577)	(60,667)
Adjustment [Member]
Operating costs and expenses:
Cost of sales	(4,149)	(21,224)
Selling expenses	4,149	21,224
Total operating costs and expenses
Loss from operations
Net loss attributable to owners of the Company
As Corrected [Member]
Operating costs and expenses:
Cost of sales	(20,285)	(55,058)
Selling expenses	(60,560)	(105,519)
Total operating costs and expenses	(173,244)	(262,844)
Loss from operations	(58,804)	(74,103)
Net loss attributable to owners of the Company	¥ (43,577)	¥ (60,667)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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-Section 45
-Paragraph 28
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Disaggregation of Revenue ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	¥ 1,185,326	$ 163,104	¥ 114,440	¥ 188,741
Wealth Management and Others [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	62,966	8,663	114,440	188,741
Agency [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	900,246
Life Insurance Business [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	827,803
Non-life insurance business [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	72,443
Claims Adjusting [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	222,114	$ 30,564
Point in Time [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	1,135,354		51,358	97,719
Point in Time [Member] \| Wealth Management and Others [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	22,787		51,358	97,719
Point in Time [Member] \| Agency [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	890,453
Point in Time [Member] \| Life Insurance Business [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	827,803
Point in Time [Member] \| Non-life insurance business [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	62,650
Point in Time [Member] \| Claims Adjusting [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	222,114
Over Time [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	49,972		63,082	91,022
Over Time [Member] \| Wealth Management and Others [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	40,179		¥ 63,082	¥ 91,022
Over Time [Member] \| Agency [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	9,793
Over Time [Member] \| Life Insurance Business [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues
Over Time [Member] \| Non-life insurance business [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues	9,793
Over Time [Member] \| Claims Adjusting [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total net revenues

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Other Non-Current Assets, Net

12 Months Ended

Jun. 30, 2024

Other Non-Current Assets, Net [Abstract]

Other non-current assets, net

(10)

Other non-current assets, net

Other non-current assets consist of the following:

	As of June 30,
	2023		2024
	RMB		RMB
Equity investments without readily determinable fair value (Note 2(j))		-		11,401
Instrument in debt securities with embedded features (Note 2(j))		-		123,227
Amount due from a third party (i)		-		29,985
Contingent considerations (ii)		-		22,267
Receivables from certain shareholders as guarantee deposit due to business combinations		-		33,373
Others		22		5,128
Sub-total		22		225,381
Allowance for current expected credit losses:
Balance at the beginning of the year		-		-
Cumulative-effect adjustment upon adoption of ASU 2016-13		-		(18	)
Provision		-		(9	)
Balance at the end of the year		-		(27	)
Other non-current assets, net		22		225,354

(i)

The amount represented the fair value of a term-loan (matures in September 2028) to a third party by AIX as of the acquisition date which is comprised of a principal of RMB30,000 and a corresponding interest receivable of RMB1,032 net of allowance of RMB1,047. The loan bears interest rate 4.5% per annum and is guaranteed by the ultimate controlling owner of the borrower, whom is jointly liable.

(ii)

Contingent considerations represented the fair value as of June 30, 2024 of the partial contingent considerations transferred by AIX to certain selling shareholders of Zhongrong Smart Finance Information Technology Co., Ltd. (“Zhongrong”) and Jilin Zhongji Shi’An Insurance Agency Co., Ltd. (“Zhongji”) in business combinations completed in 2023. Pursuant to the share purchase agreement, the selling shareholders shall return certain numbers of ordinary shares back to the Group and/or the Group may incur future payments if necessary conditions have not been satisfied respectively by the end of a lock-up period of three years. The contingent considerations were subsequently measured with changes in fair value reflected in the consolidated statements of operations and comprehensive loss.

Other Receivables, Net (Tables)

12 Months Ended

Jun. 30, 2024

Other Receivables, Net [Abstract]

Schedule of Other Receivables, Net

Other receivables, net consist of the following:

	As of June 30,
	2023		2024
	RMB		RMB
Receivables from staff (i)		-		16,221
Receivables from a third party channel vendor (ii)		-		706
Deposits related to short-term leases		2,554		14,571
Consideration receivable from disposal of a subsidiary		20,000		-
Amount receivable from a third party				6,397
Other		-		1,614
Sub-total		22,554		39,509
Allowance for current expected credit losses		-		-
Balance at the beginning of the year		-		-
Cumulative-effect adjustment upon adoption of ASU 2016-13		-		(75	)
Current period provision for expected credit losses		-		(615	)
Balance at the end of the year		-		(690	)
Other receivables, net		22,554		38,819

(i)	Amounts represented advances to staff or entrepreneurial agents of the Group for daily business operations, which are unsecured, interest-free and repayable on demand.

(ii)

Amount represented pre-acquisition receivables of RMB27,386 and an incremental post-acquisition amount of RMB706 from Shenzhen Chetong Technology Co., Ltd. (“Chetong”) who provided platform services to AIX. The pre-acquisition amount of RMB27,386 was fully recorded an allowance for credit loss as of the acquisition date (i.e., December 31, 2023). The receivables were unsecured, interest-free and repayable on demand. The Group estimated the net amount expected to be collected was nil as of June 30, 2024, and accordingly recorded an allowance for credit losses of RMB706 in others, net of the consolidated statement of operations and comprehensive loss for the year ended June 30, 2024.

Summary of Significant Accounting Policies (Details) - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis - CNY (¥)
¥ in Thousands

Jun. 30, 2024

Jun. 30, 2023

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]

Short-term investments - debt security

¥ 580,231

Investments – equity security recorded within other current assets

^[1]

13,776

Contingent consideration

22,267

Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]

Short-term investments - debt security

Investments – equity security recorded within other current assets

13,776

Contingent consideration

Significant Other Observable Inputs (Level 2) [Member]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]

Short-term investments - debt security

580,231

Investments – equity security recorded within other current assets

Contingent consideration

Significant Unobservable Inputs (Level 3) [Member]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]

Short-term investments - debt security

Investments – equity security recorded within other current assets

Contingent consideration

¥ 22,267

[1]

Other Current Assets

12 Months Ended

Jun. 30, 2024

Other Current Assets [Abstract]

Other current assets

(6)

Other current assets

Other current assets consist of the following:

	As of June 30,
	2023		2024
	RMB		RMB
Prepaid operating costs		-		4,210
Prepaid miscellaneous daily expenses		4,523		28,452
Equity investments with readily determinable fair value (i)		-		13,776
Excess input value-added tax (“VAT”) credits (ii)		1,268		1,832
Prepaid contributions of staff employee benefit		589		483
		6,380		48,753

(i)

(ii)

Concentrations of Credit Risk (Tables)

12 Months Ended

Jun. 30, 2024

Net Revenues [Member]

Concentrations of Credit Risk [Line Items]

Schedule of Concentration Risks

Customers accounting for 10% or more of total net revenues excluding estimated renewal commissions are as follows:

	Year ended June 30,
	2022		% of sales			2023		% of sales			2024		% of sales
	RMB					RMB					RMB
Company A		35,611		18.9	%		*		*			*		*
Company B		47,642		25.2	%		15,360		13.4	%		*		*
Company C		*		*			14,631		12.8	%		*		*
Company D		—		—			—		—			132,995		11.2	%
Subtotal		83,253		44.1	%		29,991		26.2	%		132,995		11.2	%

*	represented less than 10% of total net revenues for the year.

Accounts Receivable [Member]

Concentrations of Credit Risk [Line Items]

Schedule of Concentration Risks

Customers which accounted for 10% or more of gross accounts receivable plus certain amount of contract assets that are accounted for on a customer-base (“Such Accounts Receivable”) are as follows:

	As of June 30,
	2023		%			2024		%
	RMB					RMB
Company A		20,311		54.0	%		*		*
Company D		—		—			41,117		12.2	%
Subtotal		20,311		54.0	%		41,117		12.2	%

*	represented less than 10% of Such Accounts Receivable as of the year end.

Share-Based Compensation (Details) - Schedule of Share Options Outstanding and Activity - USD ($)		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
MDRT 2023 Option [Member]
Schedule of Share Options Outstanding and Activity [Line Items]
Number of options, Outstanding		9,438,180
Weighted average exercise price, Outstanding		$ 0.05
Weighted average remaining contractual life, Outstanding		3 years 1 month 2 days
Aggregate Intrinsic Value, Outstanding		$ 467,000
Number of options, Granted
Weighted average exercise price in USD, Granted
Weighted average remaining contractual life (In years), Granted
Aggregate Intrinsic Value, Granted
Number of options, Addition due to acquisition of AIX		11,300,000
Weighted average exercise price, Addition due to acquisition of AIX		$ 0.05
Weighted average remaining contractual life, Addition due to acquisition of AIX		3 years 7 months 2 days
Aggregate Intrinsic Value , Addition due to acquisition of AIX		$ 3,192,000
Number of options, Exercised
Weighted average exercise price in USD, Exercised
Weighted average remaining contractual life (In years), Exercised
Aggregate Intrinsic Value, Exercised
Number of options, Forfeited		(1,861,820)
Weighted average exercise price in USD, Forfeited
Weighted average remaining contractual life (In years), Forfeited
Aggregate Intrinsic Value, Forfeited
Option 2024 [Member]
Schedule of Share Options Outstanding and Activity [Line Items]
Number of options, Outstanding		1,479,453
Weighted average exercise price, Outstanding		$ 0.0007
Weighted average remaining contractual life, Outstanding		3 years 9 months
Aggregate Intrinsic Value, Outstanding		$ 1,962,000
Number of options, Granted		9,017,413
Weighted average exercise price in USD, Granted		$ 0.0007
Weighted average remaining contractual life (In years), Granted		4 years 1 month 9 days
Aggregate Intrinsic Value, Granted		$ 40,753
Number of options, Addition due to acquisition of AIX
Weighted average exercise price, Addition due to acquisition of AIX
Weighted average remaining contractual life, Addition due to acquisition of AIX
Aggregate Intrinsic Value , Addition due to acquisition of AIX
Number of options, Exercised
Weighted average exercise price in USD, Exercised
Weighted average remaining contractual life (In years), Exercised
Aggregate Intrinsic Value, Exercised
Number of options, Forfeited		(7,537,960)
Weighted average exercise price in USD, Forfeited
Weighted average remaining contractual life (In years), Forfeited
Aggregate Intrinsic Value, Forfeited
2024 Fanhua Option 1 [Member]
Schedule of Share Options Outstanding and Activity [Line Items]
Number of options, Outstanding		12,480,720
Weighted average exercise price, Outstanding		$ 0.1181
Weighted average remaining contractual life, Outstanding		3 years 1 month 2 days
Aggregate Intrinsic Value, Outstanding
Number of options, Granted		18,088,000
Weighted average exercise price in USD, Granted		$ 0.1181
Weighted average remaining contractual life (In years), Granted		3 years 3 months 14 days
Aggregate Intrinsic Value, Granted		$ 921,000
Number of options, Addition due to acquisition of AIX
Weighted average exercise price, Addition due to acquisition of AIX
Weighted average remaining contractual life, Addition due to acquisition of AIX
Aggregate Intrinsic Value , Addition due to acquisition of AIX
Number of options, Exercised
Weighted average exercise price in USD, Exercised
Weighted average remaining contractual life (In years), Exercised
Aggregate Intrinsic Value, Exercised
Number of options, Forfeited		5,607,280
Weighted average exercise price in USD, Forfeited
Weighted average remaining contractual life (In years), Forfeited
Aggregate Intrinsic Value, Forfeited
2024 Fanhua Option 2 [Member]
Schedule of Share Options Outstanding and Activity [Line Items]
Number of options, Outstanding		480,000
Weighted average exercise price, Outstanding		$ 0.05
Weighted average remaining contractual life, Outstanding		3 years 1 month 2 days
Aggregate Intrinsic Value, Outstanding		$ 24,000
Number of options, Granted		800,000
Weighted average exercise price in USD, Granted		$ 0.05
Weighted average remaining contractual life (In years), Granted		3 years 3 months 14 days
Aggregate Intrinsic Value, Granted		$ 95,000
Number of options, Addition due to acquisition of AIX
Weighted average exercise price, Addition due to acquisition of AIX
Weighted average remaining contractual life, Addition due to acquisition of AIX
Aggregate Intrinsic Value , Addition due to acquisition of AIX
Number of options, Exercised
Weighted average exercise price in USD, Exercised
Weighted average remaining contractual life (In years), Exercised
Aggregate Intrinsic Value, Exercised
Number of options, Forfeited		320,000
Weighted average exercise price in USD, Forfeited
Weighted average remaining contractual life (In years), Forfeited
Aggregate Intrinsic Value, Forfeited
2024 Fanhua Option 3 [Member]
Schedule of Share Options Outstanding and Activity [Line Items]
Number of options, Outstanding		2,958,000
Weighted average exercise price, Outstanding		$ 0.05
Weighted average remaining contractual life, Outstanding		3 years 1 month 2 days
Aggregate Intrinsic Value, Outstanding		$ 146,000
Number of options, Granted		4,930,000
Weighted average exercise price in USD, Granted		$ 0.05
Weighted average remaining contractual life (In years), Granted		3 years 1 month 6 days
Aggregate Intrinsic Value, Granted		$ 323,000
Number of options, Addition due to acquisition of AIX
Weighted average exercise price, Addition due to acquisition of AIX
Weighted average remaining contractual life, Addition due to acquisition of AIX
Aggregate Intrinsic Value , Addition due to acquisition of AIX
Number of options, Exercised
Weighted average exercise price in USD, Exercised
Weighted average remaining contractual life (In years), Exercised
Aggregate Intrinsic Value, Exercised
Number of options, Forfeited		1,972,000
Weighted average exercise price in USD, Forfeited
Weighted average remaining contractual life (In years), Forfeited
Aggregate Intrinsic Value, Forfeited

Commitments and Contingencies

12 Months Ended

Jun. 30, 2024

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(22)

Commitments and Contingencies

On April 16, 2024, the Group entered into a share purchase agreement (the “GEM Agreement”) with GEM Global Yield LLC SCS (“GEM”). Under the GEM Agreement, the Group has the option to issue and sell up to a number of ordinary shares (as represented by and delivered as ADSs) of the Company with an aggregate value of US$500,000 (the “Aggregate Limit”) which can be further increased to up to US$1,000,000, subject to certain terms and conditions. During the three years from the date of signing the GEM Agreement (the “Investment Period”), the Group can control the timing and maximum amount of the drawdown under this facility and has no minimum drawdown obligation. The Group has the option to issue the Company’s shares to GEM at its own discretion within the Investment Period. A commitment fee will be paid to GEM equal to 1.8% of the Aggregate Limit, in either cash, from the proceeds of the drawdowns, or in ordinary shares of the Company. Simultaneously, the Group and GEM entered into a selling agent agreement with Wilson-Davis & Company which will act as investment banker and as selling agent for GEM and will receive a fee of 0.2 % of the Aggregate Limit. As of the date of this report, no drawdown has been made.

As of June 30, 2024, there was no pending legal proceeding to which the Group is a party that will have a material effect on the Group’s business, results of operations or cash flows.

Net Loss Per Share

12 Months Ended

Jun. 30, 2024

Net Loss Per Share [Abstract]

Net Loss per Share

(19)

Net Loss per Share

As of June 30, 2024, there were 178,684 ordinary shares related to employee and non-employee share options or non-vested ordinary shares which could potentially dilute basic net earnings per share in the future, but which were excluded from the computation of diluted net loss per share for the year ended June 30, 2024, as their effects would have been anti-dilutive.

The computation of basic and diluted net income per ordinary share is as follows:

	Year Ended June 30,
	2022			2023			2024
	RMB			RMB			RMB
Basic:
Net loss		(60,667	)		(43,577	)		(512,071	)
Less: Net loss attributable to the noncontrolling interests		-			-			(222,401	)
Net loss attributable to owners of the Company		(60,667	)		(43,577	)		(289,670	)
Less: Distributed earnings to New Dragon (Note 17)		-			-			826
Net loss attributable to ordinary shares of the Company		(60,667	)		(43,577	)		(290,496	)
Weighted average number of ordinary shares outstanding		90,472,014			90,472,014			232,761,359
Basic net loss per ordinary share		(0.671	)		(0.482	)		(1.244	)
Basic net loss per ADS		(1.006	)		(0.722	)		(1.867	)

	Year Ended June 30,
	2022			2023			2024
	RMB			RMB			RMB
Diluted:
Net loss		(60,667	)		(43,577	)		(512,071	)
Less: Net loss attributable to the noncontrolling interests		-			-			(222,401	)
Net loss attributable to owners of the Company		(60,667	)		(43,577	)		(289,670	)
Less: Distributed earnings to New Dragon (Note 17)		-			-			826
Less: Net impact on the net income attributable to the Company’s shareholders arising from the share-based compensation schemes of AIX		-			-			3,164
Net loss attributable to ordinary shares of the Company		(60,667	)		(43,577	)		(293,660	)
Weighted average number of ordinary shares outstanding		90,472,014			90,472,014			232,761,359
Weighted average number of dilutive potential ordinary shares from share options and restricted share units		-			-			-
Total		90,472,014			90,472,014			232,761,359
Diluted net loss per ordinary share		(0.671	)		(0.482	)		(1.262	)
Diluted net loss per ADS		(1.006	)		(0.722	)		(1.892	)

Organization and Description of Business

12 Months Ended

Jun. 30, 2024

Organization and Description of Business [Abstract]

Organization and Description of Business

(1)

Organization and Description of Business

Highest Performances Holdings Inc. (the “Company”) (formerly known as “Puyi Inc.”) was incorporated in the Cayman Islands in July 2018 and listed on the Nasdaq on March 29, 2019.

AIX Inc. (“AIX”) (formerly known as “Fanhua Inc.”) held approximately 4.46% of the Company’s equity interests since September 2018. On December 22, 2023, the Company entered into a share repurchase agreement with AIX, pursuant to which the Company agreed to repurchase all of the 4.46% equity interests (see details in Note 18). Concurrently, a wholly-owned subsidiary of AIX entered into a share transfer agreement with the Company to acquire15.41% equity interests in Fanhua Puyi Fund Sales Co., Ltd. (“Puyi Fund”), a wholly-owned subsidiary of the Company, at an aggregate consideration including a transfer price for the aforementioned 4.46% equity interests and cash of RMB10,463 which was accounted for as a partial disposal of the Group’s equity interests in Puyi Fund to AIX without losing its control over Puyi Fund. No disposal gain or loss was recognized.

On December 27, 2023, the Company and certain shareholders of AIX Inc. (the “Selling Shareholders”) entered into securities exchange agreements (the “Agreements”). According to the terms and conditions set forth in the Agreements, the Company issued an aggregate of 284,113,314 ordinary shares to the Selling Shareholders, and in exchange therefor, the Selling Shareholders transferred to the Company an aggregate of 568,226,628 ordinary shares of AIX that they beneficially owned (the “Transaction through Exchange of Equity Interests”). The transaction was completed on December 31, 2023. As a result of the Transaction through Exchange of Equity Interests, the Company owns approximately 50.10% of AIX’s equity interests and the Selling Shareholders collectively obtained around 76.67% of the Company’s equity interests. Upon the closing of the transaction, the Company directly owns a majority equity interest as well as the voting rights in AIX through which the Company possesses a controlling financial interest. On the other hand, the 76.67% of the Company’s equity interests were dispersed amongst the individual Selling Shareholders with none holding a majority equity interest in the Company. The transaction is accounted for as a business combination using the acquisition method (see details in Note 3). The Company, as a legal acquirer, is determined as the accounting acquirer while AIX is identified as the legal and accounting acquiree. In identifying the accounting acquirer, management’s assessment gives more weight to the factor in which the Company obtained control over more than 50% of the voting interests in AIX.

As of June 30, 2024, the Company has increased its shareholding in AIX to 51.65% through directly purchasing American depositary shares (“ADSs”) in the open market.

The Company, its subsidiaries and the consolidated variable interest entities (see Note 2(a) for details) are collectively referred to as the “Group”. The Group is principally engaged in the provision of agency services, insurance claims adjusting services and wealth management services in the People’s Republic of China (the “PRC”).

Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment, Net ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Cost:
Building	¥ 11,242
Office equipment, furniture and fixtures	12,189		3,920
Motor vehicles	7,122		1,932
Leasehold improvements	8,342		737
Sub-total	38,895		6,589
Accumulated depreciation	(5,759)		(5,023)
Property, plant and equipment, Cost	33,136		1,566
Construction in progress	53,640
Property, plant and equipment, net	¥ 86,776	$ 11,941	¥ 1,566

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment, Net [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net, is comprised of the following:

	As of June 30,
	2023			2024
	RMB			RMB
Cost:
Building		-			11,242
Office equipment, furniture and fixtures		3,920			12,189
Motor vehicles		1,932			7,122
Leasehold improvements		737			8,342
Sub-total		6,589			38,895
Accumulated depreciation		(5,023	)		(5,759	)
		1,566			33,136
Construction in progress		-			53,640
		1,566			86,776

Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives of Property, Plant and Equipment	12 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Estimated residual value	0.00%
Estimated useful life (Years)	Shorter of the remaining lease terms and estimated useful lives
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated residual value	0.00%
Minimum [Member] \| Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (Years)	20 years
Minimum [Member] \| Office equipment, furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (Years)	3 years
Estimated residual value	0.00%
Minimum [Member] \| Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (Years)	3 years
Estimated residual value	0.00%
Maximum [Member] \| Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (Years)	36 years
Maximum [Member] \| Office equipment, furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (Years)	5 years
Estimated residual value	3.00%
Maximum [Member] \| Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (Years)	10 years
Estimated residual value	3.00%

Commitments and Contingencies (Details) $ in Thousands	Apr. 16, 2024 USD ($)
Commitments and Contingencies (Details) [Line Items]
Aggregate value	$ 500,000
Percentage of fee recieved	0.20%
Maximum [Member]
Commitments and Contingencies (Details) [Line Items]
Aggregate value	$ 1,000,000

Schedule I—Condensed Financial Information of the Company

12 Months Ended

Jun. 30, 2024

Schedule I—Condensed Financial Information of the Company [Abstract]

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE COMPANY

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE COMPANY

Balance Sheets

(In thousands, except for shares and per share data)

	As of June 30,
	2023			2024			2024
	RMB			RMB			US$

ASSETS:
Current assets:
Cash and cash equivalents		2,605			11,792			1,623
Amounts due from subsidiaries		809			1,210			167
Total current assets		3,414			13,002			1,790
Investments in subsidiaries		213,620			1,318,077			181,373
Total assets		217,034			1,331,079			183,163

LIABILITIES AND EQUITY:
LIABILITIES:
Current liabilities:
Accrued payroll		-			163			24
Total current liabilities		-			163			24
Total liabilities		-			163			24

Mezzanine equity		-			45,794			6,301
EQUITY:
Ordinary shares (Authorized shares:1,950,000,000 at US$0.001 each; issued 90,472,014 and 376,581,138 shares, of which 90,472,014 and 370,551,728 shares were outstanding as of June 30, 2023 and 2024, respectively)		600			2,617			360
Treasury stock		-			(29	)		(4	)
Additional paid-in capital		224,694			1,583,017			217,830
Retained earnings		(8,427	)		(298,190	)		(41,032	)
Accumulated other comprehensive income		167			(2,293	)		(316	)
Total equity		217,034			1,285,122			176,838
Total liabilities, mezzanine equity and equity		217,034			1,331,079			183,163

Statements of Operations and Comprehensive Loss

(In thousands)

	Years ended June 30,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$

General and administrative expenses		(1,610	)		(2,084	)		(5,759	)		(792	)
Other income, net		227			286			681			93
Equity in loss of subsidiaries		(59,220	)		(41,771	)		(284,592	)		(39,161	)
Loss before income taxes		(60,603	)		(43,569	)		(289,670	)		(39,860	)
Income tax expense		(64	)		(8	)		-			-
Net loss		(60,667	)		(43,577	)		(289,670	)		(39,860	)
Other comprehensive income, net of tax: Foreign currency translation adjustments		417			560			(2,460	)		(339	)
Total Comprehensive loss		(60,250	)		(43,017	)		(292,130	)		(40,199	)

Statements of Cash Flows

(In thousands)

	Year Ended June 30,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
Cash flow from operating activities:
Net loss		(60,667	)		(43,577	)		(289,670	)		(39,860	)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in earnings of subsidiaries and an affiliate		59,282			41,791			284,592			39,161
Compensation expenses associated with stock options		-			-			-			-
Other non-cash adjustments		-			-			6			1
Changes in operating assets and liabilities:		-			-			-			-
Other receivables		(78	)		(731	)		(401	)		(55	)
Other payables and accrued expense		8			(218	)		163			23
Net cash used in operating activities		(1,455	)		(2,735	)		(5,310	)		(730	)
Cash flows from investing activities:
Capital contribution to a subsidiary		-			(6,952	)		-			-
Net cash used in investing activities		-			(6,952	)		-			-
Cash flows from financing activities:
Proceeds on exercise of stock options		-			-			44,968			6,188
Payment for purchase of non-controlling interests		-			-			(20,623	)		(2,838	)
Payment for repurchase of ordinary shares		-			-			(10,028	)		(1,380	)
Net cash generated from financing activities		-			-			14,317			1,970
Net (decrease) increase in cash and cash equivalents		(1,455	)		(9,687	)		9,007			1,240
Cash and cash equivalents and restricted cash at beginning of year		12,770			11,732			2,605			358
Effect of exchange rate changes on cash and cash equivalents		417			560			180			25
Cash and cash equivalents and restricted cash at the end of the year		11,732			2,605			11,792			1,623

Schedule I has been provided pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to the financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries (including variable interest entities) together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

As of June 30, 2024, RMB1,901,745 of the restricted capital and reserves are not available for distribution, and as such, the condensed financial information of the Company has been presented for the years ended June 30, 2022, 2023 and 2024.

As of June 30, 2024, there were no material contingencies, significant provisions of long-term obligations, and mandatory dividend or redemption requirements of redeemable shares or guarantees of the Company except for those which have been separately disclosed in the consolidated financial statements, if any.

Basis of preparation

The condensed financial information of the Company has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Group as of June 30, 2023 and 2024 and the years ended 2022, 2023 and 2024.

Schedule I—Condensed Financial Information of the Company (Details) - Schedule of Statements of Operations and Comprehensive Loss - Subsidiaries [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Schedule of Statements of Operations and Comprehensive Loss [Line Items]
General and administrative expenses	¥ (5,759)	$ (792)	¥ (2,084)	¥ (1,610)
Other income, net	681	93	286	227
Equity in loss of subsidiaries	(284,592)	(39,161)	(41,771)	(59,220)
Loss before income taxes	(289,670)	(39,860)	(43,569)	(60,603)
Income tax expense			(8)	(64)
Net loss attributable to owners of the Company	(289,670)	(39,860)	(43,577)	(60,667)
Other comprehensive income, net of tax: Foreign currency translation adjustments	(2,460)	(339)	560	417
Total comprehensive loss	¥ (292,130)	$ (40,199)	¥ (43,017)	¥ (60,250)

Loan Receivables, Net (Tables)

12 Months Ended

Jun. 30, 2024

Loan Receivables, Net [Abstract]

Schedule of Loan Receivables, Net

Loan receivables, net consist of the following:

	As of June 30,
	2024
	RMB
Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) (i)		97,984
Loan receivables from a third-party company (ii)		685,287
Interest receivable from a third-party		279
Sub-total		783,550
Allowance for current expected credit losses:
Balance at the beginning of the year		-
Cumulative-effect adjustment upon adoption of ASU 2016-13		-
Current period provision for expected credit losses		(9,499	)
Balance at the end of the year		(9,499	)
Loan receivables, net		774,051

(i)

The amount represented the term-loan (matures in June 2025) to Sichuan Tianyi, a third-party, of RMB95,000 and corresponding interest receivable RMB4,259 as of June 30, 2024. The loan is guaranteed by the ultimate controlling owner of Sichuan Tianyi, whom is jointly liable, with interest rate 6% per annum. This loan receivable is expected to be settled within one year.

(ii)

The amount represented the term-loans (mature in June 2025) principal to a third-party company principally engaged in provision of education service of RMB679,300 and corresponding interest receivable RMB6,060 as of June 30, 2024. The loans bear an interest rate of 5% per annum. The loans have been subsequently pledged with equity interests as collaterals and fully guaranteed by the controlling shareholder of the debtor.

Segment Reporting (Details) - Schedule of Group’s Operations by Business Segment ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2024 USD ($)
Net revenues
Total net revenues	¥ 1,185,326	$ 163,104	¥ 114,440	¥ 188,741
Loss from operations before goodwill impairment
Impairment loss on goodwill	(426,410)	(58,676)
Loss from operations	(460,763)	(63,404)	(58,804)	(74,103)
Total other income (loss)	(37,242)	(5,124)	23,812	12,511
Loss before income taxes and share of loss of affiliates	(498,005)	(68,528)	(34,992)	(61,592)
Income tax benefit (expense)	(12,945)	(1,781)	(8,585)	925
Share of loss of affiliates	(1,121)	(154)
Net loss	(512,071)	(70,463)	(43,577)	(60,667)
Segment assets
Total assets	4,277,878		264,543		$ 588,657
Insurance Agency [Member]
Net revenues
Total net revenues	900,246	123,877
Operating costs and expenses
Total operating costs and expenses	(889,185)	(122,356)
Loss from operations before goodwill impairment
Total loss from operations before goodwill impairment	11,061	1,521
Segment assets
Total assets	3,678,861				506,229
Claims Adjusting [Member]
Net revenues
Total net revenues	222,114	30,564
Operating costs and expenses
Total operating costs and expenses	(219,417)	(30,193)
Loss from operations before goodwill impairment
Total loss from operations before goodwill impairment	2,697	371
Segment assets
Total assets	359,374				49,452
Wealth Management [Member]
Net revenues
Total net revenues	62,966	8,663	114,440	188,741
Operating costs and expenses
Total operating costs and expenses	(111,077)	(15,283)	(173,244)	(262,844)
Loss from operations before goodwill impairment
Total loss from operations before goodwill impairment	(48,111)	(6,620)	(58,804)	(74,103)
Segment assets
Total assets	239,643		264,543		$ 32,976
Subtotal [Member]
Loss from operations before goodwill impairment
Total loss from operations before goodwill impairment	(34,353)	(4,728)	(58,804)	(74,103)
Subtotal [Member]
Operating costs and expenses
Total operating costs and expenses	¥ (1,219,679)	$ (167,832)	¥ (173,244)	¥ (262,844)

Distribution of Profits

12 Months Ended

Jun. 30, 2024

Distribution of Profits [Abstract]

Distribution of Profits

(20)

Distribution of Profits

As stipulated by the relevant PRC laws and regulations applicable to China’s foreign investment enterprise, the Group’s subsidiaries and VIEs in the PRC are required to maintain non-distributable reserves which include a statutory surplus reserve as of June 30, 2023 and 2024. Appropriations to the statutory surplus reserve are required to be made at not less than 10% of individual company’s net profit as reported in the PRC statutory financial statements of the Company’s subsidiaries and VIEs. The appropriations to statutory surplus reserve are required until the balance reaches 50% of the registered capital of respective subsidiaries and VIEs.

The statutory surplus reserve is used to offset future losses. These reserves represent appropriations of retained earnings determined according to PRC law and may not be distributed. The accumulated amounts contributed to the statutory reserves were RMB23,071 and RMB23,064 as of June 30, 2023 and 2024, respectively.

Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries and VIEs with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Amounts of restricted net assets include paid in capital and statutory surplus reserve of the Company’s PRC subsidiaries and the net assets of the VIEs in which the Company has no legal ownership, totaling RMB1,901,745 as of June 30, 2024, which were not eligible to be distributed.

Other Receivables, Net

12 Months Ended

Jun. 30, 2024

Other Receivables, Net [Abstract]

Other Receivables, net

(4)

Other Receivables, net

Other receivables, net consist of the following:

	As of June 30,
	2023		2024
	RMB		RMB
Receivables from staff (i)		-		16,221
Receivables from a third party channel vendor (ii)		-		706
Deposits related to short-term leases		2,554		14,571
Consideration receivable from disposal of a subsidiary		20,000		-
Amount receivable from a third party				6,397
Other		-		1,614
Sub-total		22,554		39,509
Allowance for current expected credit losses		-		-
Balance at the beginning of the year		-		-
Cumulative-effect adjustment upon adoption of ASU 2016-13		-		(75	)
Current period provision for expected credit losses		-		(615	)
Balance at the end of the year		-		(690	)
Other receivables, net		22,554		38,819

(i)	Amounts represented advances to staff or entrepreneurial agents of the Group for daily business operations, which are unsecured, interest-free and repayable on demand.

(ii)

Concentrations of Credit Risk

12 Months Ended

Jun. 30, 2024

Concentrations of Credit Risk [Line Items]

Concentrations of Credit Risk

(23)

Concentrations of Credit Risk

Concentration risks

Customers accounting for 10% or more of total net revenues excluding estimated renewal commissions are as follows:

	Year ended June 30,
	2022		% of sales			2023		% of sales			2024		% of sales
	RMB					RMB					RMB
Company A		35,611		18.9	%		*		*			*		*
Company B		47,642		25.2	%		15,360		13.4	%		*		*
Company C		*		*			14,631		12.8	%		*		*
Company D		—		—			—		—			132,995		11.2	%
Subtotal		83,253		44.1	%		29,991		26.2	%		132,995		11.2	%

*	represented less than 10% of total net revenues for the year.

	As of June 30,
	2023		%			2024		%
	RMB					RMB
Company A		20,311		54.0	%		*		*
Company D		—		—			41,117		12.2	%
Subtotal		20,311		54.0	%		41,117		12.2	%

*	represented less than 10% of Such Accounts Receivable as of the year end.

The Group performs ongoing credit evaluations of its customers and generally does not require collateral on Such Accounts Receivable.

The Group places its cash and cash equivalents and short-term investments with financial institutions with low credit risk.

Leases (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of ROU Assets and Related Lease Liabilities

The following represents the aggregate ROU assets and related lease liabilities as of June 30, 2023 and 2024:

	As of June 30,
	2023		2024
	RMB		RMB
Operating lease ROU assets		13,607		122,239
Current operating lease liability		4,793		54,233
Non-current operating lease liability		9,673		62,954
Total operating lease liabilities		14,466		117,187

The weighted average lease term and discount rate as of June 30, 2023 and 2024 were as follows:

	As of June 30,
	2023			2024
Weighted average lease term in years:
Operating leases		3.25			2.74
Weighted average discount rate:
Operating leases		4.75	%		3.72	%

The components of lease expenses for the years ended June 30, 2023 and 2024 were as follows:

	As of June 30,
	2023		2024
	RMB		RMB
Operating lease expense		8,107		39,006
Short term lease expense		2,403		2,421
Total		10,510		41,427

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the years ended June 30, 2023 and 2024 were as follows:

	As of June 30,
	2023			2024
	RMB			RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		7,059			37,415
Supplemental noncash information:
Right-of-use assets obtained in exchange for lease obligations net of decrease in right-of-use assets for early determinations		(8,008	)		9,666

Schedule of Maturities of Lease Liabilities

The following table provides maturities of lease liabilities at June 30, 2024:

	Minimum Lease Payment
	RMB
Year ending June 30:
2025		57,681
2026		40,243
2027		16,478
2028		5,087
2029		2,190
Thereafter		1,593
Total remaining undiscounted lease payments		123,272
Less: Interest		6,085
Total present value of lease liabilities		117,187
Less: Current operating lease liability		54,233
Non-current operating lease liability		62,954

Summary of Significant Accounting Policies (Details) - Schedule of Accounts Receivable and Contract Assets ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Schedule of Accounts Receivable and Contract Assets [Abstract]
Accounts receivable	¥ 276,104		¥ 44,493
Contract assets (See Note 2(r))	1,050,124
Allowance for doubtful accounts	(3,196)	$ (3,175)	(6,892)	¥ (6,892)
Accounts receivable and contract assets, net	¥ 1,323,032		¥ 37,601

Short-Term Loan

12 Months Ended

Jun. 30, 2024

Short-Term Loan [Abstract]

Short-term loan

(14)

Short-term loan

The Group repaid the outstanding balance of RMB164,300 under a revolving line of credit which was expired and terminated upon the Group’s repayment of the borrowings in February 2024. The repaid borrowings bore a fixed interest rate of 3.5% per annum.

During the year ended June 30, 2024, the Group entered into a new RMB denominated revolving credit facility with a financial institution in mainland China for a total credit of up to RMB200,000 without any guarantee or collateral. Under the credit facility, RMB98,375 was drawn down on March 5, 2024 for general working capital purpose and outstanding as short-term loan as of June 30, 2024 bearing a fixed interest rate of 3.5% per annum. The outstanding loan will become due on March 4, 2025.

As of June 30, 2024, the unused line of credit for the short-term loan was RMB101,625. Interest on the bank borrowing amounting to RMB926 was recorded in interest income, net of the consolidated statement of operations and comprehensive loss for the year ended June 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
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+ Details

Share-Based Compensation (Details)											1 Months Ended		12 Months Ended
Share-Based Compensation (Details)	Jul. 25, 2024 CNY (¥) $ / shares shares	Jul. 25, 2024 CNY (¥) $ / shares shares	Apr. 16, 2024 CNY (¥) ¥ / shares shares	Apr. 16, 2024 CNY (¥) $ / shares shares	Feb. 20, 2024 CNY (¥) ¥ / shares shares	Feb. 20, 2024 CNY (¥) $ / shares shares	Feb. 06, 2023 CNY (¥) ¥ / shares shares	Feb. 06, 2023 CNY (¥) $ / shares shares	Aug. 12, 2022 ¥ / shares shares	Aug. 12, 2022 $ / shares shares	Aug. 31, 2023 CNY (¥) shares	Aug. 31, 2023 $ / shares	Jun. 30, 2024 CNY (¥) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)	Jul. 25, 2024 USD ($)	Jun. 30, 2024 USD ($)	Apr. 16, 2024 USD ($)	Feb. 20, 2024 USD ($)	Feb. 06, 2023 USD ($)
Share-based Compensation [Line Items]
Exercise price per share \| (per share)									¥ 1.68	$ 0.2305
Intrinsic value per share \| (per share)									¥ 0.01	$ 0.002
Share-based compensation expenses													¥ 23,335,000	$ 3,211,000
Unrecognized share-based compensation expense													¥ 1,635,000					$ 225,000
Weighted-average period													2 years 1 month 6 days	2 years 1 month 6 days
Aggregate intrinsic value \| $																		0
Share-based compensation expense \| ¥													¥ 2,734,000
Unrecognized share-based compensation expense related to unvested RSUs granted \| $																		$ 2,775,000
Weighted average period													9 months	9 months
Granted share options \| shares							13,680,000	13,680,000
Exercise price \| (per share)					¥ 0.0048	$ 0.0007	¥ 0.36	$ 0.05
Intrinsic value					¥ 32,842.9000	$ 32,842.9000	¥ 2,270	$ 2,270												$ 4,519.3000	$ 312.5000
Unrecognized share-based compensation expense related to unvested options \| ¥													¥ 523,000
Percentage high-performing agents													84.00%	84.00%
Option 2022 [Member]
Share-based Compensation [Line Items]
Granted share options \| shares									4,000,000	4,000,000
Share-based compensation expenses \| ¥													¥ 1,103,000
RSU [Member]
Share-based Compensation [Line Items]
Shares granted \| shares											536,990
Restricted stock grant \| $ / shares
Share-based compensation expense \| ¥											¥ 2,600,000		¥ 2,600,000
Market price per ADS \| $ / shares												$ 6,350
Unrecognized share-based compensation expense related to unvested RSUs granted \| ¥													¥ 20,166,000
Weighted average period													4 years	4 years
ADR [Member]
Share-based Compensation [Line Items]
Granted share options \| shares					9,017,413	9,017,413
AIX Share Option 1 [Member]
Share-based Compensation [Line Items]
Granted share options \| shares			18,088,000	18,088,000
Exercise price \| (per share)			¥ 0.8582	$ 0.1181
Intrinsic value			¥ 0.37	$ 0.37															$ 0.05
Share options grant			50.00%	50.00%
Share options vested			50.00%	50.00%
AIX Share Option 2 [Member]
Share-based Compensation [Line Items]
Granted share options \| shares			800,000	800,000
Exercise price \| (per share)			¥ 0.3634	$ 0.05
Intrinsic value			¥ 0.86	$ 0.86															$ 0.12
Share options grant			50.00%	50.00%
Share options vested			50.00%	50.00%
AIX Share Option 3 [Member]
Share-based Compensation [Line Items]
Granted share options \| shares	4,930,000	4,930,000
Exercise price \| (per share)	$ 0.05	$ 0.3634
Intrinsic value	$ 0.48	$ 0.48															$ 0.07
Share options grant	50.00%	50.00%
Share options vested	50.00%	50.00%
First Year [Member]
Share-based Compensation [Line Items]
Percentage of vested							50.00%	50.00%
First Year [Member] \| RSU [Member]
Share-based Compensation [Line Items]
Restricted stock grant \| $ / shares												100,000
Second Year [Member]
Share-based Compensation [Line Items]
Share-based compensation expense \| ¥													¥ 15,606,000
Percentage of vested							50.00%	50.00%
Second Year [Member] \| RSU [Member]
Share-based Compensation [Line Items]
Restricted stock grant \| $ / shares												100,000
Third Year [Member] \| RSU [Member]
Share-based Compensation [Line Items]
Restricted stock grant \| $ / shares												136,990
Fourth Year [Member] \| RSU [Member]
Share-based Compensation [Line Items]
Restricted stock grant \| $ / shares												100,000
Fifth Year [Member] \| RSU [Member]
Share-based Compensation [Line Items]
Restricted stock grant \| $ / shares												$ 100,000
Option D1 [Member]
Share-based Compensation [Line Items]
Options vest period									30.00%	30.00%
Option D2 [Member]
Share-based Compensation [Line Items]
Options vest period									30.00%	30.00%
Option D2 [Member] \| RSU [Member]
Share-based Compensation [Line Items]
Weighted average period													9 months	9 months
Unrecognized share-based compensation expense related to unvested options \| ¥													¥ 3,467,000
Percentage high-performing agents													31.00%	31.00%
Option D3 [Member]
Share-based Compensation [Line Items]
Options vest period									20.00%	20.00%
Option D4 [Member]
Share-based Compensation [Line Items]
Options vest period									20.00%	20.00%

Subsequent Event (Details) - Subsequent Event [Member]	Jul. 02, 2024 USD ($) $ / shares shares
Subsequent Event (Details) [Line Items]
Issuance of share options \| shares	6,900,000
Interest rate \| $	$ 3
Exercise price \| $ / shares	$ 1.92

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 295,693	$ 40,689	¥ 164,470
Restricted cash (including restricted cash of the consolidated VIEs and VIEs’ subsidiaries that can only be used to settle obligations of the VIEs of nil and RMB10,409 as of June 30, 2023 and 2024, respectively)	47,920	6,594
Short term investments (including investments measured at fair value of nil and RMB576,919 as of June 30, 2023 and 2024, respectively)	583,918	80,350
Accounts receivable, net of allowances of RMB6,892 and RMB3,175 as of June 30, 2023 and 2024, respectively	272,931	37,557	37,601
Contract assets, net of allowances of RMB nil and RMB21 as of June 30, 2023 and 2024, respectively	323,222	44,477
Other receivables, net	38,819	5,342	22,554
Loan receivables, net	774,051	106,513
Other current assets	48,753	6,708	6,380
Total current assets	2,385,307	328,230	231,005
Non-current assets:
Restricted bank deposit - non-current (including restricted cash of the consolidated VIEs and VIEs’ subsidiaries that can only be used to settle obligations of the VIEs of nil and RMB7,804 as of June 30, 2023 and 2024, respectively)	26,783	3,685
Contract assets - non-current, net of allowances of nil and nil as of June 30, 2023 and 2024, respectively	726,879	100,022
Property, plant, and equipment, net	86,776	11,941	1,566
Intangible assets, net	417,567	57,459	1,791
Goodwill, net	243,109	33,453
Deferred tax assets	35,250	4,851	16,552
Investments in affiliates	8,614	1,185
Other non-current assets	225,354	31,010	22
Right of use assets	122,239	16,821	13,607
Total non-current assets	1,892,571	260,427	33,538
Total assets	4,277,878	588,657	264,543
Current liabilities:
Short-term loan	98,375	13,536
Accounts payable (including accounts payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB3,668 and RMB5,053 as of June 30, 2023 and 2024, respectively)	194,358	26,745	6,292
Accrued commissions (including accrued commissions of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of nil and RMB535 as of June 30, 2023 and 2024, respectively)	148,134	20,384
Other payables and accrued expenses (including other payables and accrued expenses of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB2,677 and RMB4,175 as of June 30, 2023 and 2024, respectively)	180,509	24,839	2,766
Accrued payroll (including accrued payroll of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB4,991 and RMB6,242 as of June 30, 2023 and 2024, respectively)	68,093	9,370	7,665
Income taxes payable (including income taxes payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB1,753 and RMB7,132 as of June 30, 2023 and 2024, respectively)	96,780	13,317	1,757
Current operating lease liability (including current operating lease liability of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB2,527 and RMB4,967 as of June 30, 2023 and 2024, respectively)	54,233	7,463	4,793
Other current liabilities (including other current liabilities of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of nil and RMB10,212 as of June 30, 2023 and 2024, respectively)	10,505	1,446	803
Total current liabilities	850,987	117,100	24,076
Non-current liabilities:
Accrued commissions – non-current (including accrued commissions of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of nil and RMB1,768 as of June 30, 2023 and 2024, respectively)	408,416	56,200
Other tax liabilities (including other tax liability of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB11,897 and RMB33,502 as of June 30, 2023 and 2024, respectively)	45,365	6,242	13,760
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of nil and RMB4,317 as of June 30, 2023 and 2024, respectively)	237,074	32,623
Non-current operating lease liability (including non-current operating lease liability of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of 4,810 and RMB3,306 as of June 30, 2023 and 2024, respectively)	62,954	8,664	9,673
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of nil and RMB639 as of June 30, 2023 and 2024, respectively)	33,374	4,592
Total non-current liabilities	787,183	108,321	23,433
Total liabilities	1,638,170	225,421	47,509
Commitments and contingencies
Mezzanine equity:
Redeemable ordinary shares (US$0.001 par value, nil and 1,995,810 shares issued and outstanding as of June 30, 2023 and 2024, respectively) (Note 17)	45,794	6,301
Equity:
Ordinary shares (Authorized shares:1,950,000,000 at US$0.001 each; issued 90,472,014 and 376,581,138 shares, of which 90,472,014 and 370,551,728 shares were outstanding as of June 30, 2023 and 2024, respectively)	2,617	360	600
Treasury stock	(29)	(4)
Additional paid-in capital	1,583,017	217,830	224,694
Statutory reserves	23,064	3,174	23,071
Retained earnings	(321,254)	(44,206)	(31,498)
Accumulated other comprehensive income (loss)	(2,293)	(316)	167
Total shareholders’ equity	1,285,122	176,838	217,034
Noncontrolling interests	1,308,792	180,097
Total equity	2,593,914	356,935	217,034
Total liabilities, mezzanine equity and shareholders’ equity	¥ 4,277,878	$ 588,657	¥ 264,543

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Schedule of Movements of Unrecognized Tax Benefits

The movements of unrecognized tax benefits are as follows:

	RMB
Balance as of June 30, 2021		12,100
Increase in unrecognized tax benefits		1,400
Decrease in tax positions		-
Balance as of June 30, 2022		13,500
Increase in unrecognized tax benefits		260
Decrease in tax positions		-
Balance as of June 30, 2023		13,760
Increase due to acquisition of AIX		34,368
Increase in unrecognized tax benefits		1,883
Decrease in tax positions		(4,646	)
Balance as of June 30, 2024		45,365

Schedule of Income Tax (Benefits) Expenses

Income tax (benefit) expense are comprised of the following:

	Year Ended June 30,
	2022			2023		2024
	RMB			RMB		RMB
Current tax expense		1,464			1,160		3,634
Deferred tax (benefit) expense		(2,389	)		7,425		9,311
Income tax (benefit) expense		(925	)		8,585		12,945

Schedule of Deferred Income Tax Assets and Liabilities

The principal components of the deferred income tax assets and liabilities are as follows:

	As of June 30,
	2023			2024
	RMB			RMB
Deferred tax assets:
Operating loss carryforward		26,104			139,726
Deductible research and development expenses		628			5,204
Advertising expense		7,931			6,538
Allowance for doubtful accounts, credit losses and impairment losses		1,723			-
Other temporary book/tax differences		1,850			-
Valuation allowances		(21,684	)		(116,218	)
Total		16,552			35,250
Deferred tax liabilities:
Fair value adjustments in relation to short-term investments		-			13,954
Estimated profit arising from future renewal commissions		-			92,964
PRC dividend withholding taxes		-			26,730
Fair value adjustments of long-lived assets from business acquisition		-			103,426
Total		-			237,074

Schedule of Reconciliation between the Provision for Income Taxes

	Year Ended June 30,
	2022			2023			2024
	RMB			RMB			RMB
Loss from operations in mainland China		(60,049	)		(32,676	)		64,307
Loss from operations in Hong Kong and others		(1,543	)		(2,316	)		(562,312	)
Loss from continuing operations before income taxes and share of loss of affiliates		(61,592	)		(34,992	)		(498,005	)
Statutory tax rate		25	%		25	%		25	%
Income tax benefits at statutory tax rate		(15,398	)		(8,748	)		(124,501	)
Deferred tax effect of tax rate change		768			(5,751	)		-
True-up temporary book/tax differences		-			2,123			-
Disposal of a subsidiary		-			(6,561	)		-
Expenses not deductible for tax purposes:
—Entertainment		-			-			1,192
—Other		695			500			350
Effect of tax holidays on concessionary rates granted to PRC entities		7,186			3,262			(2,861	)
Effect of different tax rates of entities operating in other jurisdictions		385			579			112,158
Change in valuation allowance		3,775			23,051			24,671
Net effect of fair value changes*		-			-			19,672
Unrecognized tax benefits arising from certain transfer pricing arrangements		1,400			260			(18,096	)
Other		264			(130	)		360
Income tax (benefit) expense		(925	)		8,585			12,945

*	The net effect of fair value changes for the year ended June 30, 2024 is primarily arising from fair value changes in contingent consideration and equity interests held by the Group.

Consolidated Balance Sheets (Parentheticals) ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥) ¥ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 CNY (¥) ¥ / shares shares
Short term investments, fair value	¥ 576,919
Accounts receivable, net of allowances	3,196	$ 3,175	6,892
Contract assets, net of allowances	21
Restricted bank deposit - non-current	26,783	3,685
Contract assets - non-current, net of allowances
Accounts payable	194,358	26,745	6,292
Accrued commissions	148,134	20,384
Other payables and accrued expenses	180,509	24,839	2,766
Accrued payroll	68,093	9,370	7,665
Income taxes payable	96,780	13,317	1,757
Lease liabilities, current	54,233	7,463	4,793
Other current liabilities	10,505	1,446	803
Accrued commissions – non-current	408,416	56,200
Other tax liabilities, non-current	45,365	6,242	13,760
Deferred tax liabilities	237,074	32,623
Lease liabilities, non-current	62,954	8,664	9,673
Other non-current liabilities	¥ 33,374	$ 4,592
Redeemable ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ 0.001	$ 0.001	¥ 0.001
Redeemable ordinary shares, shares issued (in Shares) \| shares	1,995,810	1,995,810
Redeemable ordinary shares, shares outstanding (in Shares) \| shares	1,995,810	1,995,810
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ 0.001	$ 0.001	¥ 0.001
Ordinary shares authorized (in Shares) \| shares	1,950,000,000	1,950,000,000	1,950,000,000
Ordinary shares, issued (in Shares) \| shares	376,581,138	376,581,138	90,472,014
Ordinary shares, outstanding (in Shares) \| shares	370,551,728	370,551,728	90,472,014
VIEs
Restricted cash	¥ 10,409
Restricted bank deposit - non-current	7,804
Accounts payable	5,053		3,668
Accrued commissions	535
Other payables and accrued expenses	4,175		2,677
Accrued payroll	6,242		4,991
Income taxes payable	7,132		1,753
Lease liabilities, current	4,967		2,527
Other current liabilities	10,212
Accrued commissions – non-current	1,768
Other tax liabilities, non-current	33,502		11,897
Deferred tax liabilities	4,317
Lease liabilities, non-current	3,306		4,810
Other non-current liabilities	¥ 639

Other Non-Current Assets, Net (Tables)

12 Months Ended

Jun. 30, 2024

Other Non-Current Assets, Net [Abstract]

Schedule of Other Non-Current Assets

Other non-current assets consist of the following:

	As of June 30,
	2023		2024
	RMB		RMB
Equity investments without readily determinable fair value (Note 2(j))		-		11,401
Instrument in debt securities with embedded features (Note 2(j))		-		123,227
Amount due from a third party (i)		-		29,985
Contingent considerations (ii)		-		22,267
Receivables from certain shareholders as guarantee deposit due to business combinations		-		33,373
Others		22		5,128
Sub-total		22		225,381
Allowance for current expected credit losses:
Balance at the beginning of the year		-		-
Cumulative-effect adjustment upon adoption of ASU 2016-13		-		(18	)
Provision		-		(9	)
Balance at the end of the year		-		(27	)
Other non-current assets, net		22		225,354

(i)

(ii)

Share-Based Compensation

12 Months Ended

Jun. 30, 2024

Share-Based Compensation [Abstract]

Share-Based Compensation

(24)

Share-based Compensation

(a)

2022 Options

On August 12, 2022, AIX granted share options (“2022 Options”) to its independent directors to purchase up to 4,000,000 ordinary shares of AIX. Pursuant to the option agreements entered into between AIX and the option grantees, the options vest over a four-year service period starting from the date of grant, with 30% (“Option D1”), 30% (“Option D2”), 20% (“Option D3”) and the remaining 20% (“Option D4”) of the options being vested on August 31 of each of the years starting from 2023 to 2026, respectively, subject to the continuous service of the option grantees. The 2022 Options expire no later than August 1, 2032, subject to earlier termination upon an optionee’s cessation of service. The 2022 Options had an exercise price of US$0.2305 (RMB1.68) and an intrinsic value of US$0.0020 (RMB0.01) per ordinary share on the date of grant. The fair value of the options was determined by using the Black-Scholes option pricing model.

For the year ended June 30, 2024, changes in the status of total outstanding options, were as follows:

	Number of options		Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—		—		—		—
Addition due to acquisition of AIX		4,000,000		0.2305		4.69		—
Outstanding as of June 30, 2024		4,000,000		0.2305		4.69		—

For the year ended June 30 2024, share-based compensation expenses of RMB 1,103 were recognized in connection with the 2022 Options, respectively. No actual forfeitures occurred for the independent directors for the year ended June 30, 2024.

As of June 30, 2024, unrecognized share-based compensation expense related to unvested share options granted to the independent directors totaled US$225 (RMB1,635), which is expected to be recognized over a weighted-average period of 2.1 years. The aggregate intrinsic value of the share options as of June 30, 2024 was US$0.

(b)

Restricted Share Units (“RSUs”)

In August of 2023, AIX granted 536,990 RSUs at par value to one of its executive officers. Pursuant to the option agreement entered into between AIX and the RSUs grantee, the RSUs vest over a five-year service period starting from the date of grant, with 100,000 RSUs, 100,000 RSUs, 136,990 RSUs, 100,000 RSUs and the remaining 100,000 RSUs being vested on June 30 of each of the years starting from 2024 to 2028, respectively, subject to the continuous service of the RSU grantee. The Group recorded the share-based compensation of RMB2,600 based on the market price of ADS at US$6.35 on the respective grant date in general and administrative expenses in the consolidated statements of operations and comprehensive loss for the 6 months period ended June 30, 2024.

A summary of the activity of the service-based RSUs for the year ended June 30, 2024 is presented as follows:

	Number of restricted shares		Weighted average grant-date fair value US$

Unvested as of June 30, 2023		—		—
Granted		—		—
Addition due to acquisition of AIX		536,990		3,410
vested		—		—
Forfeited		—		—
Unvested as of June 30, 2024		536,990		3,410

The Group recorded share-based compensation expense of RMB2,600 in connection with the RSUs for the year ended June 30, 2024. As of June 30, 2024, unrecognized share-based compensation expense related to unvested RSUs granted to the executive officer totaled US$2,775 (RMB20,166), which is expected to be recognized over a weighted-average period of 4.0 years on a straight-line basis at an amount which at least equals the portion of the grant-date fair value of the RSUs that are vested at that date.

(c)

2023 Million Dollar Round Table Options (“2023 MDRT Options”)

On February 6, 2023, AIX granted share options (“2023 MDRT Options “) to its independent high-performing agents to purchase up to 13,680,000 ordinary shares of AIX. Pursuant to the option agreements entered into between AIX and the option grantees, the options vest over a two-year service period starting from the date of grant, with 50% and the remaining 50% of the options being vested on March 31 of each of the years starting from 2024 to 2025, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions. The 2023 MDRT Options expire no later than August 1, 2027, subject to earlier termination upon an optionee’s cessation of service. The 2023 MDRT Options had an exercise price of US$0.0500 (RMB0.36) and an intrinsic value of US$0.3125 (RMB2.27) per ordinary share on the date of grant.

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options			Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—			—		—		—
Granted		—			—		—		—
Addition due to acquisition of AIX		11,300,000			0.0500		3.59		3,192
Exercised		-			—		—		—
Forfeited		(1,861,820	)		—		—		—
Outstanding as of June 30, 2024		9,438,180			0.0500		3.09		467

For the year ended June 30, 2024, share-based compensation expense of RMB2,734 was recognized in connection with the 2023 MDRT Options. As of June 30, 2024, unrecognized share-based compensation expense related to unvested 2023 MDRT Options totaled RMB3,467, which is expected to be recognized over a weighted-average period of 0.75 years on a straight-line basis. The Group estimates that approximately 31% of the independent high-performing agents will not probably meet the vesting conditions for the year ended June 30, 2024.

(d)

2024 Share Options (“2024 Options”)

On February 20, 2024, the Company granted share options (“2024 Options”), to certain directors, executive officers, employees and top agents of the Group to purchase up to 9,017,413 ordinary shares of the Company as a supplement of salary and benefit packages. Pursuant to the share incentive program entered into between the Company and the option grantees, the options vest over a one-year service period starting from March 31, 2025, subject to the achievement of certain key performance indicators by the option grantees and their continuous service with the Group. The 2024 Options expire no later than March 31, 2028, subject to earlier termination upon an optionee’s cessation of service or achievement of the performance conditions. The 2024 Options had an exercise price of US$0.0007 (RMB0.0048) and an intrinsic value of US$4.5193 (RMB32.8429) per ordinary share on the date of grant. The fair value of the 2024 Options was determined by using the binomial option pricing model.

The Group used the binomial option pricing model in determining the fair value of the options granted, which requires the input of highly subjective assumptions, including the expected life of the stock option, stock price volatility, dividend rate and risk-free interest rate. The assumptions used in determining the fair value of the 2024 Options on the grant date were as follows:

Assumptions	February 20, 2024
Expected dividend yield (Note i)		0.00	%
Risk-free interest rates (Note ii)		4.31	%
Expected volatility (Note iii)		70.10	%
Expected life in years (Note iv)		4.11
Exercise multiple (Note v)		1
Fair value of options on grant date	US$	4.52

(i)

Expected dividend yield:

The expected dividend yield was estimated by the Group based on its historical dividend policy.

(ii)

Risk-free interest rate:

Risk-free interest rate was estimated based on the US Government Bond yield and pro-rated according to the tenor of the options as of the valuation date.

(iii)

Expected volatility:

The volatility of the underlying ordinary shares was estimated based on the annualized standard deviation of the continuously compounded rate of return on the daily average adjusted share price of the Group as of the Valuation Date.

(iv)

Expected life:

The expected life was estimated based on the end of the vesting period and the contractual term of the award of the 2024 Options.

(v)

Exercise multiple:

The exercise multiple was estimated based on empirical studies.

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options			Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—			—		—		—
Granted		9,017,413			0.0007		4.11		40.753
Addition due to acquisition of AIX		—			—		—		—
Exercised		-			—		—		—
Forfeited		(7,537,960	)		—		—		—
Outstanding as of June 30, 2024		1,479,453			0.0007		3.75		1,962

For the year ended June 30, 2024, share-based compensation expense of RMB15,606 was recognized in connection with the 2024 Options. As of June 30, 2024, unrecognized share-based compensation expense related to unvested 2024 Options totaled USD4,523, which is expected to be recognized over a weighted-average period of 0.75 years on a straight-line basis. The Group estimates that approximately 84% of the employees of the Group and top agents will not probably meet the performance target for the year ended June 30, 2024.

(e)

2024 AIX Share Option 1 (“2024 AIX Option 1”)

On April 16, 2024, AIX granted share options (“2024 AIX Option 1”) to certain MDRT agents to purchase up to 18,088,000 ordinary shares of AIX. Pursuant to the option agreements entered into between AIX and the option grantees, the options vest over a two-year service period starting from the date of grant, with 50% and the remaining 50% of the options being vested on March 31 of each of the years starting from 2025 to 2026, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions. The 2024 AIX Option 1 expire no later than August 1, 2027, subject to earlier termination upon an optionee’s cessation of service. The 2024 AIX Option 1 has an exercise price of US$0.1181 (RMB0.8582) and an intrinsic value of US$0.05 (RMB0.37) per ordinary share on the date of grant.

Assumptions	April 16, 2024
Expected dividend yield (Note i)		3.22	%
Risk-free interest rates (Note ii)		4.81	%
Expected volatility (Note iii)		59.78	%
Expected life in years (Note iv)		3.29
Exercise multiple (Note v)		1
Fair value of options on grant date		US$0.0834~US$0.0839

(i)

Expected dividend yield:

The expected dividend yield was estimated by AIX based on its historical dividend policy.

(ii)

Risk-free interest rate:

Risk-free interest rate was estimated based on the US Government Bond yield and pro-rated according to the tenor of the options as of the valuation date.

(iii)

Expected volatility:

(iv)

Expected life:

The expected life was estimated based on the end of the vesting period and the contractual term of the award of the 2024 AIX Option 1.

(v)

Exercise multiple:

The exercise multiple was estimated based on empirical studies.

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options		Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—		—		—		—
Granted		18,088,000		0.1181		3.29		921
Addition due to acquisition of AIX		—		—		—		—
Exercised		—		—		—		—
Forfeited		5,607,280		—		—		—
Outstanding as of June 30, 2024		12,480,720		0.1181		3.09		—

(f)

2024 AIX Share Option 2 (“2024 AIX Option 2”)

On April 16, 2024, AIX granted share options (“2024 AIX Option 2”) to certain newly recruited agents to purchase up to 800,000 ordinary shares of AIX. Pursuant to the option agreements entered into between AIX and the option grantees, the options vest over a two-year service period starting from the date of grant, with 50% and the remaining 50% of the options being vested on March 31 of each of the years starting from 2025 to 2026, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions. The 2024 AIX Option 2 expire no later than August 1, 2027, subject to earlier termination upon an optionee’s cessation of service. The 2024 AIX Option 2 has an exercise price of US$0.05 (RMB0.3634) and an intrinsic value of US$0.12 (RMB0.86) per ordinary share on the date of grant.

Assumptions	April 16, 2024
Expected dividend yield (Note i)		3.22	%
Risk-free interest rates (Note ii)		4.81	%
Expected volatility (Note iii)		59.78	%
Expected life in years (Note iv)		3.29
Exercise multiple (Note v)		1
Fair value of options on grant date		US$0.1182~US$0.1204

(i)

Expected dividend yield:

The expected dividend yield was estimated by AIX based on its historical dividend policy.

(ii)

Risk-free interest rate:

Risk-free interest rate was estimated based on the US Government Bond yield and pro-rated according to the tenor of the options as of the valuation date.

(iii)

Expected volatility:

(iv)

Expected life:

The expected life was estimated based on the end of the vesting period and the contractual term of the award of the 2024 AIX Option 2.

(v)

Exercise multiple:

The exercise multiple was estimated based on empirical studies.

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options		Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—		—		—		—
Granted		800,000		0.05		3.29		95
Addition due to acquisition of AIX		—		—		—		—
Exercised		—		—		—		—
Forfeited		320,000		—		—		—
Outstanding as of June 30, 2024		480,000		0.05		3.09		24

(g)

2024 AIX Share Option 3 (“2024 AIX Option 3”)

On June 25, 2024, AIX granted share options (“2024 AIX Option 3”) to certain sales team leaders to purchase up to 4,930,000 ordinary shares of AIX. Pursuant to the option agreements entered into between AIX and the option grantees, the options vest over a two-year service period starting from the date of grant, with 50% and the remaining 50% of the options being vested on March 31 of each of the years starting from 2025 to 2026, respectively, subject to the continuous service of the option grantees and the achievement of the performance conditions. The 2024 AIX Option 3 expire no later than August 1, 2027, subject to earlier termination upon an optionee’s cessation of service. The 2024 AIX Option 3 has an exercise price of US$0.05 (RMB0.3634) and an intrinsic value of US$0.07 (RMB0.48) per ordinary share on the date of grant.

Assumptions	June 25, 2024
Expected dividend yield (Note i)		3.22	%
Risk-free interest rates (Note ii)		4.44	%
Expected volatility (Note iii)		60.61	%
Expected life in years (Note iv)		3.1
Exercise multiple (Note v)		1
Fair value of options on grant date		US$0.0711~US$0.0719

(i)

Expected dividend yield:

The expected dividend yield was estimated by AIX based on its historical dividend policy.

(ii)

Risk-free interest rate:

Risk-free interest rate was estimated based on the US Government Bond yield and pro-rated according to the tenor of the options as of the valuation date.

(iii)

Expected volatility:

(iv)

Expected life:

The expected life was estimated based on the end of the vesting period and the contractual term of the award of the 2024 AIX Option 3.

(v)

Exercise multiple:

The exercise multiple was estimated based on empirical studies.

A summary of share options outstanding as of June 30, 2024, and activity during the year then ended, is presented below:

	Number of options		Weighted average exercise price in USD		Weighted average remaining contractual life (In years)		Aggregate Intrinsic Value USD
Outstanding as of June 30, 2023		—		—		—		—
Granted		4,930,000		0.05		3.10		323
Addition due to acquisition of AIX		—		—		—		—
Exercised		—		—		—		—
Forfeited		1,972,000		—		—		—
Outstanding as of June 30, 2024		2,958,000		0.05		3.09		146

Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives of Intangible Assets	Jun. 30, 2024
Software and operating system [Member]
Schedule of Estimated Useful Lives of Intangible Assets [Line Items]
Estimated useful life (Years)	3 years
Insurance brokerage licenses [Member]
Schedule of Estimated Useful Lives of Intangible Assets [Line Items]
Estimated useful life (Years)	20 years
Trade names [Member]
Schedule of Estimated Useful Lives of Intangible Assets [Line Items]
Estimated useful life (Years)	5 years
Minimum [Member] \| Non-compete agreements [Member]
Schedule of Estimated Useful Lives of Intangible Assets [Line Items]
Estimated useful life (Years)	5 years 9 months 18 days
Minimum [Member] \| Agent Resources [Member]
Schedule of Estimated Useful Lives of Intangible Assets [Line Items]
Estimated useful life (Years)	2 years 9 months 18 days
Maximum [Member] \| Non-compete agreements [Member]
Schedule of Estimated Useful Lives of Intangible Assets [Line Items]
Estimated useful life (Years)	6 years
Maximum [Member] \| Agent Resources [Member]
Schedule of Estimated Useful Lives of Intangible Assets [Line Items]
Estimated useful life (Years)	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Capital Structure (Details) $ / shares in Units, ¥ in Thousands						12 Months Ended
	Feb. 29, 2024 CNY (¥) shares	Feb. 29, 2024 USD ($) shares	Dec. 31, 2023 shares	Dec. 27, 2023 shares	Mar. 13, 2014 USD ($) $ / shares shares	Jun. 30, 2024 CNY (¥) shares	Dec. 22, 2023	Jun. 30, 2023 shares	Jun. 30, 2022 shares	Jun. 30, 2021 shares
Capital Structure [Line Items]
Authorized share capital					2,000,000,000
Par value (in Dollars per share) \| $ / shares					$ 0.001
Dividend (in Dollars) \| $					$ 2,000,000
Shares structure description					(1) 1,950,000,000 Ordinary Shares of a nominal or par value of US$0.001 each and (2) 50,000,000 Preference Shares of a nominal or par value of US$0.001 each, and each holder of the Preference Shares shall have twenty (20) votes for each Preference Share.
Ordinary shares outstanding						370,551,728		90,472,014
Share issued			284,113,314
Repurchased aggregate shares			4,033,600
Shares outstanding, rate						1.00%
Cash consideration (in Yuan Renminbi) \| ¥						¥ 10,463,000
Fanhua Puyi Fund Sales Co., Ltd. [Member]
Capital Structure [Line Items]
Owned subsidiary rate						15.41%	15.41%
Common Stock [Member]
Capital Structure [Line Items]
Ordinary shares outstanding						370,551,728		90,472,014	90,472,014	90,472,014
New Dragon Group [Member]
Capital Structure [Line Items]
Share issued	1,995,810	1,995,810
Amount of exchange	¥ 44,968	$ 6,253,538,000
AIX [Member]
Capital Structure [Line Items]
Equity interests percentage			50.10%
AIX [Member]
Capital Structure [Line Items]
Share issued			284,113,314	568,226,628
Redeemable Ordinary Shares [Member]
Capital Structure [Line Items]
Ordinary shares outstanding						1,995,810

Insider Trading Policies and Procedures	3 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Variable Interest Entities (“VIEs”) (Details) - Schedule of Variable Interest Entities - VIE [Member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Schedule of Variable Interest Entities [Line Items]
Total assets	¥ 424,525	¥ 184,438
Total current liabilities	176,951	64,796
Total liabilities	220,483	81,504
Net revenues	144,024	87,728	¥ 159,181
Operating costs and expenses	(170,787)	(126,620)	(199,230)
Net loss	(37,038)	(23,041)	(33,613)
Net cash generated from (used in) operating activities	¥ (69,861)	¥ (54,828)	¥ 6,120

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Distribution of Profits (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Distribution of Profits [Line Items]
Statutory reserves	¥ 23,064	$ 3,174	¥ 23,071
Net assets	¥ 1,901,745
Subsidiaries and VIEs [Member]
Distribution of Profits [Line Items]
Ownership percentage	50.00%	50.00%
Subsidiaries and VIEs [Member] \| PRC [Member]
Distribution of Profits [Line Items]
Ownership percentage	10.00%	10.00%

Acquisition and Disposal (Details) ¥ in Thousands, $ in Thousands			12 Months Ended
	Dec. 31, 2023 CNY (¥) shares	Mar. 31, 2023	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Acquisition and Disposal [Line Items]
Aggregate ordinary share (in Shares) \| shares	284,113,314
Acquisition related costs	¥ 1,369
Reveune			¥ 1,185,326	$ 163,104	¥ 114,440	¥ 188,741
Net loss attributable to owners of the Company			(289,670)	(39,860)	(43,577)	(60,667)
Equity interest		100.00%
Total consideration			20,000
Disposal of subsidiary			329	$ 45	¥ 13,737
AIX [Member]
Acquisition and Disposal [Line Items]
Equity interests percentage	50.10%
Acquisition of AIX [Member]
Acquisition and Disposal [Line Items]
Aggregate ordinary share (in Shares) \| shares	568,226,628
Reveune	¥ 1,123,177
Net loss attributable to owners of the Company	¥ 2,230
Discontinued Operations [Member]
Acquisition and Disposal [Line Items]
Disposal of subsidiary			¥ 13,737

Net Loss Per Share (Details)	Jun. 30, 2024 shares
Net Loss Per Share [Abstract]
Ordinary shares related to employee	178,684

Mezzanine Equity (Details) - New Dragon Group [Member] ¥ in Thousands, $ in Thousands	Feb. 29, 2024 CNY (¥) shares	Feb. 29, 2024 USD ($) shares
Mezzanine Equity [Line Items]
Issued ordinary shares	1,995,810	1,995,810
Exchange investment	¥ 44,968	$ 6,253,538

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Other Receivables, Net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Other Receivables, Net (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Other Receivables, Net [Line Items]
Pre-acquisition receivables	¥ 27,386
Allowance for credit losses	690
Net amount
Allowance for credit losses other	706
Shenzhen Chetong Technology Co., Ltd. [Member]
Other Receivables, Net [Line Items]
Pre-acquisition receivables	27,386
Allowance for credit losses	¥ 706

Other Payables and Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2024

Other Payables and Accrued Expenses [Abstract]

Schedule of Components of Other Payables and Accrued Expenses

Components of other payables and accrued expenses are as follows:

	As of June 30,
	2023		2024
	RMB		RMB
Business and other tax payables		493		84,874
Refundable deposits from employees and agents		-		17,762
Professional fees		-		8,539
Accrued expenses to third parties		1,600		26,082
Contributions from members of eHuzhu mutual aid program (Note 2(c))		-		36,460
Others		673		6,792
Total		2,766		180,509

Cover	12 Months Ended
Cover	Jun. 30, 2024 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Document Shell Company Report	false
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	true
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	Highest Performances Holdings Inc.
Entity Central Index Key	0001750264
Entity File Number	001-38813
Entity Incorporation, State or Country Code	E9
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Incorporation, Date of Incorporation	Mar. 29, 2019
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	61F, Pearl River Tower
Entity Address, Address Line Two	No. 15 Zhujiang West Road
Entity Address, Address Line Three	Zhujiang New Town, Tianhe
Entity Address, City or Town	Guangzhou
Entity Address, Country	CN
Entity Address, Postal Zip Code	00000
Entity Listings [Line Items]
Title of 12(b) Security	Ordinary Shares, par value $0.001 per share
Trading Symbol	HPH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	372,547,538
Business Contact [Member]
Entity Contact Personnel [Line Items]
Contact Personnel Name	Yang Yuanfen
Entity Address, Address Line One	61F, Pearl River Tower
Entity Address, Address Line Two	No. 15 Zhujiang West Road
Entity Address, Address Line Three	Zhujiang New Town, Tianhe
Entity Address, City or Town	Guangzhou
Entity Address, Country	CN
Entity Address, Postal Zip Code	00000
Entity Phone Fax Numbers [Line Items]
City Area Code	+86
Local Phone Number	020-28381666

Net Loss Per Share (Details) - Schedule of Basic and Diluted Net Income Per Ordinary Share ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥) ¥ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 CNY (¥) ¥ / shares shares	Jun. 30, 2022 CNY (¥) ¥ / shares shares
Basic:
Net loss	¥ (512,071)	$ (70,463)	¥ (43,577)	¥ (60,667)
Less: Net loss attributable to the noncontrolling interests	(222,401)	(30,603)
Net loss attributable to owners of the Company	(289,670)	(39,860)	(43,577)	(60,667)
Less: Distributed earnings to New Dragon	826	114
Less: Net impact on the net income attributable to the Company’s shareholders arising from the share-based compensation schemes of AIX \| ¥	3,164
Net loss attributable to ordinary shares of the Company \| ¥	(293,660)		(43,577)	(60,667)
Net loss attributable to ordinary shares of the Company	¥ (290,496)	$ (39,974)	¥ (43,577)	¥ (60,667)
Weighted average number of ordinary shares outstanding (in Shares) \| shares	232,761,359	232,761,359	90,472,014	90,472,014
Weighted average number of dilutive potential ordinary shares from share options and restricted share units (in Shares) \| shares
Basic net loss per ordinary share (in Yuan Renminbi per share) \| (per share)	¥ (1.244)	$ (0.171)	¥ (0.482)	¥ (0.671)
Basic net loss per ADS (in Yuan Renminbi per share) \| (per share)	¥ (1.244)	$ (0.171)	¥ (0.482)	¥ (0.671)
Total (in Shares) \| shares	232,761,359	232,761,359	90,472,014	90,472,014
Diluted net loss per ordinary share (in Yuan Renminbi per share) \| (per share)	¥ (1.262)	$ (0.174)	¥ (0.482)	¥ (0.671)
Diluted net loss per ADS (in Yuan Renminbi per share) \| (per share)	(1.262)	$ (0.174)	(0.482)	(0.671)
ADS [Member]
Basic:
Basic net loss per ordinary share (in Yuan Renminbi per share)	(1.867)		(0.722)	(1.006)
Basic net loss per ADS (in Yuan Renminbi per share)	(1.867)		(0.722)	(1.006)
Diluted net loss per ordinary share (in Yuan Renminbi per share)	(1.892)		(0.722)	(1.006)
Diluted net loss per ADS (in Yuan Renminbi per share)	¥ (1.892)		¥ (0.722)	¥ (1.006)

Schedule I—Condensed Financial Information of the Company (Details) - Schedule of Statements of Cash Flows - Subsidiaries [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Schedule of Statements of Cash Flows [Line Items]
Net loss	¥ (289,670)	$ (39,860)	¥ (43,577)	¥ (60,667)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in earnings of subsidiaries and an affiliate	284,592	39,161	41,791	59,282
Compensation expenses associated with stock options
Other non-cash adjustments	6	1
Changes in operating assets and liabilities:
Other receivables	(401)	(55)	(731)	(78)
Other payables and accrued expense	163	23	(218)	8
Net cash generated from operating activities	(5,310)	(730)	(2,735)	(1,455)
Cash flows from investing activities:
Capital contribution to a subsidiary			(6,952)
Net cash used in investing activities			(6,952)
Cash flows from financing activities:
Proceeds on exercise of stock options	44,968	6,188
Payment for purchase of non-controlling interests	(20,623)	(2,838)
Payment for repurchase of ordinary shares	(10,028)	(1,380)
Net cash used in financing activities	14,317	1,970
Net (decrease) increase in cash and cash equivalents, and restricted cash	9,007	1,240	(9,687)	(1,455)
Cash and cash equivalents and restricted cash at beginning of year	2,605	358	11,732	12,770
Cash and cash equivalents and restricted cash at the end of the year	11,792	1,623	2,605	11,732
Effect of exchange rate changes on cash and cash equivalents	¥ 180	$ 25	¥ 560	¥ 417

Other Payables and Accrued Expenses (Details) - Schedule of Components of Other Payables and Accrued Expenses ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Schedule of Components of Other Payables and Accrued Expenses [Abstract]
Business and other tax payables	¥ 84,874		¥ 493
Refundable deposits from employees and agents	17,762
Professional fees	8,539
Accrued expenses to third parties	26,082		1,600
Contributions from members of eHuzhu mutual aid program (Note 2(c))	36,460
Others	6,792		673
Total	¥ 180,509	$ 24,839	¥ 2,766

Variable Interest Entities (“VIEs”)

12 Months Ended

Jun. 30, 2024

Variable Interest Entities (“VIEs”) [Abstract]

Variable Interest Entities (“VIEs”)

(12)

Variable Interest Entities (“VIEs”)

Foreign ownership of certain parts of the Group’s businesses including fund management services is subject to restrictions under current PRC laws and regulations. The Company is a Cayman Islands company and the government of the Cayman Islands has not entered into a memorandum of understanding on bilateral regulatory cooperation with the China Securities Regulatory Commission (the “CSRC”). Accordingly, the Company is not eligible to conduct the fund management business by directly establishing a foreign-invested fund management company. To comply with PRC laws and regulations and utilize the ability in providing fund management services, the Group currently conducts its business activities through the VIE, Puyi Bohui in which the Group owns 0.96% equity interests and its subsidiaries in China.

The Measures on the Supervision of Internet Insurance Business implemented in February 2021 requires an insurance institution conducts online insurance business through its own online platform who owns the domain name.

AIX conducts its online insurance business through an online platform (www.baoxian.com). To comply with the newly implemented rules, AIX operates the internet business through its consolidated VIEs of Xinbao Investment in which AIX owns 49% equity interests and Fanhua RONS Technologies and their subsidiaries.

The following is a summary of the contractual agreements that the Group, through the WFOEs, entered into with the consolidated VIEs including Puyi Bohui, Xinbao Investment, Fanhua RONS Technologies and their individual Nominee Shareholders:

Agreements that Provide the Group Effective Control over Puyi Bohui, Xinbao Investment and Fanhua RONS Technologies

●

Loan Agreement

The WFOEs entered into a loan agreement with relevant Nominee Shareholders to provide them loans solely for the purpose of contribution of registered capital of these VIEs, or the PRC domestic companies. The principal loan amounts equal to the capital contributions to the PRC domestic companies. The WFOEs have the sole discretion to determine the method of repayment, including requiring the Nominee Shareholders to transfer their equity interests in these PRC domestic companies to the WFOEs or its designated person.

The term of the loan agreement is for ten years, which may be extended only upon written agreement of the parties. If the loan is not extended, then upon its expiration and subject to then applicable PRC laws, the loan can be repaid only with the proceeds from a transfer of the individual shareholder’s equity interests in the PRC domestic companies to the WFOEs or another person or entity designated by them. The WFOEs may accelerate the loan repayment upon certain events, including but not limited to if the individual shareholder resigns or is dismissed from employment by us or if the WFOEs exercise its option to purchase the Nominee Shareholders’ equity interests in the PRC domestic companies pursuant to the Exclusive Option Agreement described below.

●

Equity Interest Pledge Agreement

Relevant Nominee Shareholders of these PRC domestic companies entered into an equity interest pledge agreement, pledging all of their respective equity interests in these PRC domestic companies as collateral to ensure that these PRC domestic companies fully perform its obligations under the Exclusive Technical and Consulting Services Agreement, Exclusive Option Agreement and Loan Agreement, and pay the technology and consulting service fees and repay the loan and the accrued interests to the WFOEs when the same becomes due. Relevant Nominee Shareholders also agreed not to transfer or create any encumbrances adverse to the WFOEs on their equity interests in these PRC domestic companies. During the term of the equity pledge agreement, relevant PRC entities are entitled to all the dividends declared on the pledged equity interests. The agreement became effective on such date when the pledge of the equity interest contemplated herein is registered with relevant administration for industry and commerce (the “AIC”) and will remain in effect until all of the obligations of these PRC domestic companies under the Exclusive Technical and Consulting Services Agreement, Exclusive Option Agreement and Loan Agreement have been duly performed or terminated.

●

Power of Attorney

Relevant Nominee Shareholders of these PRC domestic companies irrevocably authorized the WFOEs to exercise the rights related to their shareholdings, including attending shareholders’ meetings and voting on their behalf on all matters, including but not limited to matters related to the transfer, pledge or disposition of their respective equity interests in these PRC domestic companies, and appointment of the executive directors and senior management of these PRC domestic companies. The WFOEs have the right to appoint any individual or entity to exercise the power of attorney on its behalf. until the shareholder ceases to hold any equity interest in these PRC domestic companies. Each power of attorney will remain in effect for ten years unless the Nominee Shareholders cease to hold any equity interest in these PRC domestic companies.

Agreements that Transfer Economic Benefits to the Group

●

Exclusive Option Agreement

Relevant Nominee Shareholders of these PRC domestic companies entered into an exclusive purchase option agreement to irrevocably grant the WFOEs an exclusive option to purchase, or designate one or more persons to purchase, part or all of their equity interests in these PRC domestic companies at the WFOEs’ sole and absolute discretion, when and to the extent permitted by PRC laws. The purchase price is equal to the higher of: (i) the amount of registered capital actually contributed by the equity holder; or (ii) a minimum price permitted under applicable PRC laws. The Exclusive Option Agreement will remain effective permanently.

●

Exclusive Technology and Consulting Services Agreement

Pursuant to Exclusive Technical and Consulting Services Agreement between (i) the WFOEs, and (ii) these PRC domestic companies, the WFOEs agreed to provide these PRC domestic companies with comprehensive business support, technical, consulting and other services including such as training services and other services relating to IT platform and internal control compliance. In exchange, these PRC domestic companies agree to pay a quarterly fee calculated primarily based on a percentage of its revenues. The agreement has a term of one year and can be renewed each year upon mutual agreement or remains effective unless otherwise terminated when all of the equity interest in these PRC domestic companies or all the assets of these PRC domestic companies have been legally transferred to the WFOEs and/or its designee.

Because of contractual arrangements with VIEs and their Nominee Shareholders, the Group is the primary beneficiary of VIEs and their subsidiaries and consolidated them into consolidated financial statements.

Risks in relation to the VIE Arrangement

In the opinion of the Company’s legal counsel, (i) the ownership structure relating to the consolidated VIEs of the Company is in compliance with PRC laws and regulations; (ii) the contractual arrangements with the consolidated VIEs and the individual shareholders are legal, valid and binding obligation of such party, and enforceable against such party in accordance with their respective terms; and (iii) the execution, delivery and performance of the consolidated VIEs and its shareholders do not result in any violation of the provisions of the articles of association and business licenses of the VIEs, and any violation of any current PRC laws and regulations.

Uncertainties in the PRC legal system could cause the Company’s current corporate structure to be found in violation of any existing and/or future PRC laws or regulations and could limit the Company’s ability, through the Primary Beneficiary, to enforce its rights under these contractual arrangements. Furthermore, the shareholders of the VIEs may have interests that are different from those of the Company, which could potentially increase the risk that the shareholders would seek to breach the existing terms of the aforementioned agreements.

In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC laws, the Company may be subject to penalties, which may include but not be limited to, the cancellation or revocation of the Company’s business and operating licenses, being required to restructure the Company’s operations or discontinue the Company’s operating activities. The imposition of any of these or other penalties may result in a material and adverse effect on the Company’s ability to conduct its operations. In such case, the Company may not be able to operate or control VIEs, which may result in deconsolidation of VIEs.

Summarized below is the information related to VIEs, including total assets, total current liabilities, total liabilities, net revenues, total operating costs and expenses, net income (loss) and cash flows after intercompany elimination are as follows:

	As of June 30,
	2023		2024
	RMB		RMB
Total assets		184,438		424,525
Total current liabilities		64,796		176,951
Total liabilities		81,504		220,483

	Year Ended June 30,
	2022			2023			2024
	RMB			RMB			RMB
Net revenues		159,181			87,728			144,024
Operating costs and expenses		(199,230	)		(126,620	)		(170,787	)
Net loss		(33,613	)		(23,041	)		(37,038	)
Net cash generated from (used in) operating activities		6,120			(54,828	)		(69,861	)

As of June 30, 2024 there were no consolidated VIE assets that are collateral for the VIE’s obligations or are restricted solely to settle the VIEs’ obligations, other than aforementioned in the restricted cash as described in Note 2(c). In the year ended June 30, 2024, aggregate revenues derived from these VIEs contributed 10.02% of the total consolidated net revenues, based on the corporate structure as of the end of 2024. As of June 30, 2024, the VIEs accounted for an aggregate of 9.92% of the consolidated total assets. The creditors of the VIEs’ third-party liabilities did not have recourse to the general credit of the Company in normal course of business. The Company has not provided any financial support that it was not previously contractually required to provide to the VIEs.

Acquisition and Disposal (Details) - Schedule of Fair Value of the Purchase Price - Acquisition of Fanhua [Member] ¥ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)
Business Acquisition [Line Items]
Consideration transferred	¥ 1,341,422
Add: Non-controlling interest	1,336,190
Total fair value of purchase price	¥ 2,677,612

Goodwill, Net

12 Months Ended

Jun. 30, 2024

Goodwill, Net [Abstract]

Goodwill, net

(8)

Goodwill, net

The gross amount of goodwill and accumulated impairment losses by reporting unit as of June 30, 2023 and 2024 are as follows:

	Wealth Management		Insurance Agency			Claims Adjusting		Total
	RMB		RMB			RMB		RMB
Gross as of June 30, 2023	-		-			-		-
Addition for business combination (Note 3(a))		-		542,578			126,941		669,519
Gross as of June 30, 2024		-		542,578			126,941		669,519
Accumulated impairment loss as of June 30, 2023		-		-			-		-
Impairment loss		-		(426,410	)		-		(426,410	)
Accumulated impairment loss as of June 30, 2024		-		(426,410	)		-		(426,410	)
Net as of June 30, 2023		-		-			-		-
Net as of June 30, 2024		-		116,168			126,941		243,109

The Group performs annual goodwill impairment test at each year end. In 2024 annual test, the Group noted the underperformance of acquired insurance agency business as compared to the projected results from acquisition, mainly due to the impact of newly released industrial regulatory rules capping the commission rates charged by insurance intermediaries, and determined that it was more likely than not that there were indications of impairment for the reporting unit of Insurance Agency. The Group utilized the discounted cash flow model to estimate the fair value of the reporting unit and concluded that the carrying amount of Insurance Agency exceeded its fair value. As a result, an impairment loss on goodwill of RMB426,410 was recognized in the consolidated statement of operations and comprehensive loss for the year ended June 30, 2024.

Employee Benefit Plans

12 Months Ended

Jun. 30, 2024

Employee Benefit Plans [Abstract]

Employee Benefit Plans

(15)

Employee Benefit Plans

Employees of the Group located in the PRC are covered by the retirement schemes defined by local practice and regulations, which are essentially defined contribution plans.

In addition, the Group is required by law to contribute a certain percentage of applicable salaries for medical insurance benefits, unemployment and other statutory benefits. The contribution percentages may be different from district to district which is subject to the specific requirement of local regime government. The PRC government is directly responsible for the payments of the benefits to these employees.

For the years ended June 30, 2022, 2023 and 2024, the Group contributed and accrued RMB20,806, RMB16,092 and RMB72,551, respectively.

Schedule I—Condensed Financial Information of the Company (Details) - Schedule of Balance Sheets - Subsidiaries [Member] ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 11,792	$ 1,623	¥ 2,605
Amounts due from subsidiaries	1,210	167	809
Total current assets	13,002	1,790	3,414
Investments in subsidiaries	1,318,077	181,373	213,620
Total assets	1,331,079	183,163	217,034
Current liabilities:
Accrued payroll	163	24
Total current liabilities	163	24
Total liabilities	163	24
Mezzanine equity	45,794	6,301
EQUITY:
Ordinary shares (Authorized shares:1,950,000,000 at US$0.001 each; issued 90,472,014 and 376,581,138 shares, of which 90,472,014 and 370,551,728 shares were outstanding as of June 30, 2023 and 2024, respectively)	2,617	360	600
Treasury stock	(29)	(4)
Additional paid-in capital	1,583,017	217,830	224,694
Retained earnings	(298,190)	(41,032)	(8,427)
Accumulated other comprehensive income	(2,293)	(316)	167
Total shareholders’ equity	1,285,122	176,838	217,034
Total liabilities, mezzanine equity and shareholders’ equity	¥ 1,331,079	$ 183,163	¥ 217,034

Other Current Assets (Details) ¥ in Thousands	12 Months Ended
Other Current Assets (Details) ¥ in Thousands	Jun. 30, 2024 CNY (¥)
Other Current Assets [Line Items]
Loss of fair vaule change	¥ 82,527
Cheche Technology Inc., [Member]
Other Current Assets [Line Items]
Equity interests percentage	3.1645%

Schedule I—Condensed Financial Information of the Company (Tables)

12 Months Ended

Jun. 30, 2024

Schedule I—Condensed Financial Information of the Company [Abstract]

Schedule of Balance Sheets

Balance Sheets

	As of June 30,
	2023			2024			2024
	RMB			RMB			US$

ASSETS:
Current assets:
Cash and cash equivalents		2,605			11,792			1,623
Amounts due from subsidiaries		809			1,210			167
Total current assets		3,414			13,002			1,790
Investments in subsidiaries		213,620			1,318,077			181,373
Total assets		217,034			1,331,079			183,163

LIABILITIES AND EQUITY:
LIABILITIES:
Current liabilities:
Accrued payroll		-			163			24
Total current liabilities		-			163			24
Total liabilities		-			163			24

Mezzanine equity		-			45,794			6,301
EQUITY:
Ordinary shares (Authorized shares:1,950,000,000 at US$0.001 each; issued 90,472,014 and 376,581,138 shares, of which 90,472,014 and 370,551,728 shares were outstanding as of June 30, 2023 and 2024, respectively)		600			2,617			360
Treasury stock		-			(29	)		(4	)
Additional paid-in capital		224,694			1,583,017			217,830
Retained earnings		(8,427	)		(298,190	)		(41,032	)
Accumulated other comprehensive income		167			(2,293	)		(316	)
Total equity		217,034			1,285,122			176,838
Total liabilities, mezzanine equity and equity		217,034			1,331,079			183,163

Schedule of Condensed Statements of Operations and Comprehensive Income (loss)

Statements of Operations and Comprehensive Loss

	Years ended June 30,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$

General and administrative expenses		(1,610	)		(2,084	)		(5,759	)		(792	)
Other income, net		227			286			681			93
Equity in loss of subsidiaries		(59,220	)		(41,771	)		(284,592	)		(39,161	)
Loss before income taxes		(60,603	)		(43,569	)		(289,670	)		(39,860	)
Income tax expense		(64	)		(8	)		-			-
Net loss		(60,667	)		(43,577	)		(289,670	)		(39,860	)
Other comprehensive income, net of tax: Foreign currency translation adjustments		417			560			(2,460	)		(339	)
Total Comprehensive loss		(60,250	)		(43,017	)		(292,130	)		(40,199	)

Schedule of Statements of Cash Flows

Statements of Cash Flows

	Year Ended June 30,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
Cash flow from operating activities:
Net loss		(60,667	)		(43,577	)		(289,670	)		(39,860	)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in earnings of subsidiaries and an affiliate		59,282			41,791			284,592			39,161
Compensation expenses associated with stock options		-			-			-			-
Other non-cash adjustments		-			-			6			1
Changes in operating assets and liabilities:		-			-			-			-
Other receivables		(78	)		(731	)		(401	)		(55	)
Other payables and accrued expense		8			(218	)		163			23
Net cash used in operating activities		(1,455	)		(2,735	)		(5,310	)		(730	)
Cash flows from investing activities:
Capital contribution to a subsidiary		-			(6,952	)		-			-
Net cash used in investing activities		-			(6,952	)		-			-
Cash flows from financing activities:
Proceeds on exercise of stock options		-			-			44,968			6,188
Payment for purchase of non-controlling interests		-			-			(20,623	)		(2,838	)
Payment for repurchase of ordinary shares		-			-			(10,028	)		(1,380	)
Net cash generated from financing activities		-			-			14,317			1,970
Net (decrease) increase in cash and cash equivalents		(1,455	)		(9,687	)		9,007			1,240
Cash and cash equivalents and restricted cash at beginning of year		12,770			11,732			2,605			358
Effect of exchange rate changes on cash and cash equivalents		417			560			180			25
Cash and cash equivalents and restricted cash at the end of the year		11,732			2,605			11,792			1,623

Summary of Significant Accounting Policies (Details) - Schedule of Impact from the adoption of ASU 2016-13 ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jul. 01, 2023 CNY (¥)	Jun. 30, 2023 CNY (¥)
Schedule of Impact from the adoption of ASU 2016-13 [Line Items]
Accounts receivable, net	¥ 272,931	$ 37,557	¥ 37,601	¥ 37,601
Other receivable, net	38,819	5,342	22,479	22,554
Other non-current asset	225,354	31,010	4	22
Total assets			264,450	264,543
Retained earnings	¥ (321,254)	$ (44,206)	¥ (31,591)	(31,498)
Transition Adjustments [Member]
Schedule of Impact from the adoption of ASU 2016-13 [Line Items]
Accounts receivable, net
Other receivable, net				(75)
Other non-current asset				(18)
Total assets				(93)
Retained earnings				¥ (93)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Consolidated Statements of Shareholders’ Equity (Parentheticals)	12 Months Ended
	Jun. 30, 2024
Cumulative-effect adjustment
Equity interest	4.46%

Loan Receivables, Net (Details) ¥ in Thousands	Jun. 30, 2024 CNY (¥)
Loans Receivables, Net [Line Items]
Term-loan	¥ 774,051
Interest rate	6.00%
Loans bear of interest rate	5.00%
Third Party [Member] \| Education Service [Member]
Loans Receivables, Net [Line Items]
Term-loan	¥ 679,300
Corresponding interest receivable	6,060
Sichuan Tianyi [Member] \| Third Party [Member]
Loans Receivables, Net [Line Items]
Term-loan	95,000
Corresponding interest receivable	¥ 4,259

- Definition

Rate of interest on investment.

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+ Details

Variable Interest Entities (“VIEs”) (Tables)

12 Months Ended

Jun. 30, 2024

Variable Interest Entities (“VIEs”) [Abstract]

Schedule of Variable Interest Entities

	As of June 30,
	2023		2024
	RMB		RMB
Total assets		184,438		424,525
Total current liabilities		64,796		176,951
Total liabilities		81,504		220,483

	Year Ended June 30,
	2022			2023			2024
	RMB			RMB			RMB
Net revenues		159,181			87,728			144,024
Operating costs and expenses		(199,230	)		(126,620	)		(170,787	)
Net loss		(33,613	)		(23,041	)		(37,038	)
Net cash generated from (used in) operating activities		6,120			(54,828	)		(69,861	)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Organization and Description of Business (Details) - CNY (¥) ¥ in Thousands				12 Months Ended
	Dec. 31, 2023	Dec. 27, 2023	Sep. 01, 2018	Jun. 30, 2024	Dec. 22, 2023
Organization and Description of Business [Line Items]
Incorporation date				Mar. 29, 2019
Ordinary shares issued (in Shares)	284,113,314
Shares issued		76.67%
Voting interest		50.00%
Fanhua Puyi Fund Sales Co., Ltd. [Member]
Organization and Description of Business [Line Items]
Equity interest percentage				15.41%	15.41%
Selling Shareholders Agreements [Member]
Organization and Description of Business [Line Items]
Ordinary shares issued (in Shares)		284,113,314
AIX [Member]
Organization and Description of Business [Line Items]
Equity interests owned			4.46%
Percentage of equity interest repurchases					4.46%
Percentage of equity interests		50.10%
Equity interests (in Yuan Renminbi)					¥ 10,463
Ordinary shares issued (in Shares)	284,113,314	568,226,628
American depositary shares percentage				51.65%
Selling Shareholders [Member]
Organization and Description of Business [Line Items]
Percentage of equity interests		76.67%
Puyi Fund to Fanhua [Member] \| Fanhua Puyi Fund Sales Co., Ltd. [Member]
Organization and Description of Business [Line Items]
Percentage of equity interests					4.46%

Goodwill, Net (Tables)

12 Months Ended

Jun. 30, 2024

Goodwill, Net [Abstract]

Schedule of Goodwill and Accumulated Impairment Losses

The gross amount of goodwill and accumulated impairment losses by reporting unit as of June 30, 2023 and 2024 are as follows:

	Wealth Management		Insurance Agency			Claims Adjusting		Total
	RMB		RMB			RMB		RMB
Gross as of June 30, 2023	-		-			-		-
Addition for business combination (Note 3(a))		-		542,578			126,941		669,519
Gross as of June 30, 2024		-		542,578			126,941		669,519
Accumulated impairment loss as of June 30, 2023		-		-			-		-
Impairment loss		-		(426,410	)		-		(426,410	)
Accumulated impairment loss as of June 30, 2024		-		(426,410	)		-		(426,410	)
Net as of June 30, 2023		-		-			-		-
Net as of June 30, 2024		-		116,168			126,941		243,109

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ (289,670)	$ (39,860)	¥ (43,577)	¥ (60,667)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment Reporting

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

(25)

Segment Reporting

The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews the operating profit or loss for each reporting units when making decisions about allocating resources and assessing performance of the Group.

As of June 30, 2023, the Group managed its business as a single operating segment engaged in the provision of distribution and managing wealth management services in the PRC (the “wealth management segment”).

As of June 30, 2024, after the acquisition of AIX, the Group operated three segments: (1) the insurance agency segment, which mainly consists of providing agency services for distributing life and non-life insurance products on behalf of insurance companies, (2) the claims adjusting segment, which consists of providing pre-underwriting survey services, claim adjusting services, disposal of residual value services, loading and unloading supervision services, and consulting services, and (3) the wealth management segment.

The following table shows the Group’s operations by business segment for the years ended June 30, 2022, 2023 and 2024.

	Year ended June 30,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
Net revenues
Insurance Agency		-			-			900,246			123,877
Claims Adjusting		-			-			222,114			30,564
Wealth Management		188,741			114,440			62,966			8,663
Total net revenues		188,741			114,440			1,185,326			163,104
Operating costs and expenses
Insurance Agency		-			-			(889,185	)		(122,356	)
Claims Adjusting		-			-			(219,417	)		(30,193	)
Wealth Management		(262,844	)		(173,244	)		(111,077	)		(15,283	)
Subtotal		(262,844	)		(173,244	)		(1,219,679	)		(167,832	)
Loss from operations before goodwill impairment
Insurance Agency		-			-			11,061			1,521
Claims Adjusting		-			-			2,697			371
Wealth Management		(74,103	)		(58,804	)		(48,111	)		(6,620	)
Subtotal		(74,103	)		(58,804	)		(34,353	)		(4,728	)
Impairment loss on goodwill		-			-			(426,410	)		(58,676	)
Loss from operations		(74,103	)		(58,804	)		(460,763	)		(63,404	)
Total other income (loss)		12,511			23,812			(37,242	)		(5,124	)
Loss before income taxes and share of loss of affiliates		(61,592	)		(34,992	)		(498,005	)		(68,528	)
Income tax benefit (expense)		925			(8,585	)		(12,945	)		(1,781	)
Share of loss of affiliates		-			-			(1,121	)		(154	)
Net loss		(60,667	)		(43,577	)		(512,071	)		(70,463	)

	As of June 30,
	2023		2024		2024
	RMB		RMB		US$
Segment assets
Insurance Agency		-		3,678,861		506,229
Claims Adjusting		-		359,374		49,452
Wealth Management		264,543		239,643		32,976
Total assets		264,543		4,277,878		588,657

Substantially all of the Group’s revenues for the three years ended June 30, 2022, 2023 and 2024 were generated from the PRC. Substantially all long-lived assets of the Group are located in the PRC. Accordingly, no geographical segments are presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2024
Auditor [Table]
Auditor Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Auditor Firm ID	1113
Auditor Location	Shenzhen, the People’s Republic of China

Other Current Assets (Tables)

12 Months Ended

Jun. 30, 2024

Other Current Assets [Abstract]

Schedule of Other Current Assets

Other current assets consist of the following:

	As of June 30,
	2023		2024
	RMB		RMB
Prepaid operating costs		-		4,210
Prepaid miscellaneous daily expenses		4,523		28,452
Equity investments with readily determinable fair value (i)		-		13,776
Excess input value-added tax (“VAT”) credits (ii)		1,268		1,832
Prepaid contributions of staff employee benefit		589		483
		6,380		48,753

(i)

(ii)

Leases (Details) - Schedule of Maturities of Lease Liabilities ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Schedule of Maturities of Lease Liabilities [Abstract]
2025	¥ 57,681
2026	40,243
2027	16,478
2028	5,087
2029	2,190
Thereafter	1,593
Total remaining undiscounted lease payments	123,272
Less: Interest	6,085
Total operating lease liabilities	117,187		¥ 14,466
Less: Current operating lease liabilities	54,233	$ 7,463	4,793
Non-current operating lease liabilities	¥ 62,954	$ 8,664	¥ 9,673

Concentrations of Credit Risk (Details) - Schedule of Concentration Risks - Customer Concentration Risk [Member] - Accounts Receivable [Member] - CNY (¥)
¥ in Thousands

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Company A [Member]

Schedule of Concentration Risks [Line Items]

Accounts receivable

^[1]

¥ 20,311

Accounts receivable, percentage

^[1]

54.00%

Company B [Member]

Schedule of Concentration Risks [Line Items]

Accounts receivable

¥ 41,117

Accounts receivable, percentage

12.20%

Customers [Member]

Schedule of Concentration Risks [Line Items]

Accounts receivable

¥ 41,117

¥ 20,311

Accounts receivable, percentage

12.20%

54.00%

[1]	represented less than 10% of Such Accounts Receivable as of the year end.

Accounting Policies, by Policy (Policies)

12 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Consolidation

(a)

Basis of Presentation and Consolidation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements include the financial statements of the Company, all its subsidiaries and those variable interest entities (the “VIEs”) of which the Company is the primary beneficiary from the dates they were acquired or incorporated. All intercompany balances and transactions have been eliminated in consolidation.

In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content and other restricted businesses, the Group operates certain of its businesses which are subject to restrictions in the PRC through PRC domestic companies, whose equity interests are held by certain individuals (“Nominee Shareholders”). The Group, through its wholly foreign owned PRC subsidiaries (“WFOEs”), entered into a series of contractual arrangements with certain PRC domestic companies and the Nominee Shareholders, pursuant to which the Group is entitled to have the power to direct the activities that most significantly impact the VIEs, and receive effectively all economic benefits generated from the Nominee Shareholders’ equity interests in these VIEs, and therefore the Group consolidated these VIEs. By entering into a series of contractual arrangements through the WFOEs including Puyi Enterprises Management Consulting Co., Ltd. (“Puyi Consulting”), Fanhua Insurance Sales Service Group Company Limited (“Fanhua Group Company”) and Beijing Fanlian Investment Co., Ltd. (“Fanlian Investment”), the Group consolidates three sets of VIEs: (i) Chengdu Puyi Bohui Information Technology Co., Ltd. (“Puyi Bohui”); (ii) Shenzhen Xinbao Investment Management Co., Ltd. (“Xinbao Investment”); and (iii) Fanhua RONS (Beijing) TechnologiesCo., Ltd. (“Fanhua RONS Technologies”). Management concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Group is the primary beneficiary. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements. See Note 12 for details.

Use of Estimates

(b)

Use of Estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Group to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. The Group evaluates estimates, including those related to the amounts of variable considerations of revenue contracts with respect to long-term life insurance products, fair values of identifiable assets acquired, liabilities assumed and consideration transferred in business combinations, share-based payments, goodwill impairment and deferred tax valuation allowance among others. The Group, bases these estimates on historical experience, anticipated results and trends and various other assumptions that it believes are reasonable under the circumstances including assumptions as to future events. Actual results could differ from those estimates.

Cash and Cash Equivalents and Restricted Cash

(c)

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash on hand, bank deposits and short-term, highly liquid investments, which have original maturities of three months or less, and that are readily convertible to known amounts of cash and have insignificant risk of changes in value related to changes in interest rates.

Regarding the insurance agent service, the Group collects premiums from the insureds and remits the premiums to the appropriate insurance companies. Accordingly, as reported in Other current liabilities of the consolidated balance sheets, “premiums” are receivables from the insureds of RMB10,416 as of June 30, 2024. Unremitted net insurance premiums are held in a fiduciary capacity until disbursed by the Group. The Group invests these unremitted funds only in cash accounts held for a short term and reports such amounts as Restricted cash in the consolidated balance sheets. Also, restricted cash balance includes the entrustment deposit received from the members of eHuzhu, an online mutual aid platform operated by the Group, which is to be used during the one-year operating cycle and is therefore classified as a current asset. The balance for entrustment deposit was nil and RMB37,504 as of June 30, 2023 and 2024, respectively. Further, restricted cash balance includes guarantee deposit required by the National Financial Regulatory Administration which replaces the China Banking and Insurance Regulatory Commission as the regulatory body since May 2023 in order to protect insurance premium appropriation by insurance agency which is restricted as to withdrawal for other than current operations. Thus, the Group classifies the balance for guarantee deposit as a non-current asset. The balance for guarantee was nil and RMB26,783 as of June 30, 2023 and 2024, respectively.

Short Term Investments

(d)

Short Term Investments

All investments with original maturities less than twelve months or investments that are expected to be realized in cash during the next twelve months are classified as short-term investments. The Group accounts for short-term debt investments in accordance with ASC Topic 320, Investments – Debt Securities (“ASC 320”). The Company classifies the short-term investments in debt securities as held-to-maturity or available-for-sale, whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized.

Securities that the Group has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost less allowance for credit losses. The Group has no debt investments classified as trading. The Group’s short term investments are mainly available-for-sale debt securities that do not have a quoted market price in an active market. Available-for-sale investments are carried at fair values and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income or loss. The Group benchmarks the values of its other investments against fair values of comparable investments and reference to product valuation reports as of the balance sheet date and categorizes all fair value measures of short term investments as level 2 of the fair value hierarchy.

The Group evaluates each individual available-for-sale debt securities periodically for impairment. For investments where the Group does not intend to sell, the Group evaluates whether a decline in fair value is due to deterioration in credit risk. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through an allowance for credit losses on the consolidated balance sheet with corresponding adjustment in others, net of the consolidated statements of operations and comprehensive loss. Subsequent increases in fair value due to credit improvement are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss. Any decline in fair value that is non-credit related is recorded in accumulated other comprehensive income as a component of shareholder’s equity. As of June 30, 2024, there were no investments held by the Group that had been in continuous unrealized loss position.

The Group monitors the investments for impairment indicators and makes appropriate reduction in carrying values as required whenever events or changes in circumstances indicate that the assets may be impaired. If the cost of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group’s intent and ability to hold the investment to determine whether an impairment has occurred.

No impairment loss on short term investments was identified for years ended June 30, 2022, 2023 and 2024, respectively.

Accounts Receivable and Contract Assets, net

(e)

Accounts Receivable and Contract Assets, net

Accounts receivable are recorded at the amount that the Group expects to collect and do not bear interest. Accounts receivable primarily consists of fees predominantly due from insurance companies for agency and claims adjusting services and amounts due from fund product providers for wealth management services. Contract assets are recorded when a long-term life insurance policy becomes effective, of which, the portion in relation to initial commissions earned is reclassified to accounts receivable upon the expiration of the hesitation period; and the remaining portion arising from estimated renewal commissions will be reclassified to accounts receivable once the initial policy has been renewed and/or the Group has achieved certain renewal targets in subsequent years within the renewal term of the policy. Accounts receivable are generally settled within 90 days since the initial recognition pursuant to the payment terms in the contract with customers, of which a minor portion relating to bonus earned based on annual performance condition is settled within one year.

The Group evaluates the collectability of its accounts receivable and contract assets based on a combination of factors. The Group generally does not require collateral on trade receivables and contract assets as the majority of the Group’s customers are large insurance companies and fund product producers. The provision of credit losses for accounts receivable and contract assets is based upon the current expected credit losses (“CECL”) model by pooling accounts receivable and contract assets into various age buckets. The entire contract assets balance is included in the bucket of within 1 year. The expected credit loss rates applied range from 0.01% to 100%. In assessing the CECL, the Group considers both quantitative and qualitative information that is reasonable and supportable, including relevant available information from internal and external sources, related to past events, historical credit loss experience, current and future economic events as well as other conditions that may be beyond the Group’s control. Credit loss expenses are assessed periodically and included in general and administrative expense on the consolidated statements of operations and comprehensive loss. Accounts receivable that are deemed uncollectible when all collection efforts have been exhausted are written off against the allowance for credit loss.

Accounts receivable and contract assets, net is analyzed as follows:

	As of June 30,
	2023			2024
	RMB			RMB
Accounts receivable		44,493			276,104
Contract assets (See Note 2(r))		-			1,050,124
Allowance for doubtful accounts		(6,892	)		(3,196	)
Accounts receivable and contract assets, net		37,601			1,323,032

The following table summarizes the movement of the Group’s allowance for expected credit losses of accounts receivable and contract assets:

	2023		2024
	RMB		RMB
Balance at the beginning of the year		6,892		6,892
Current period provision of expected credit losses		-		3,196
Write-offs		-		(6,892	)
Balance at the end of the year		6,892		3,196

Property, Plant and Equipment

(f)

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, taking into account residual value:

	Estimated useful life (Years)	Estimated residual value
Building	20-36	0%
Office equipment, furniture and fixtures	3-5	0%-3%
Motor vehicles	3-10	0%-3%
Leasehold improvements	Shorter of the remaining lease terms and estimated useful lives	0%

The depreciation methods and estimated useful lives are reviewed regularly. The following table summarizes the depreciation expense recognized in the consolidated statements of operations and comprehensive loss:

	2022		2023		2024
	RMB		RMB		RMB
Operating costs		-		-		392
Selling expenses		3,166		3,026		2,036
General and administrative expenses		2,437		519		5,940
Depreciation expense		5,603		3,545		8,368

Business combinations and non-controlling interests

(g)

Business combinations and non-controlling interests

The Group evaluates acquisitions of assets to assess whether or not the transaction should be accounted for as a business combination or asset acquisition. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group applies a ’screen test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

Transactions in which the acquired is considered a business are accounted for as a business combination as described below. Conversely, transactions not considered as business acquisition are accounted for as acquisition of assets and liabilities. In such transactions, the cost of acquisition is allocated proportionately to the acquired identifiable assets and liabilities, based on their proportionate fair value on the acquisition date. In an asset acquisition, no goodwill is recognized.

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations”. The consideration transferred in a business combination is measured as the aggregate of the acquisition-date fair value of the assets transferred, liabilities incurred by the Group to the selling shareholders of the acquiree, and the equity interests issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the consideration transferred, the fair value of any non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill.

The consideration for the Group’s business acquisitions may include future payments that are contingent upon the occurrence of a particular event or events. Contingent consideration also takes the form of a right of the Group to the returns of previously transferred assets or issued equity interests from the sellers of the acquired business. Both the rights and obligations for such contingent consideration returns and payments are recorded at fair value on the acquisition date. The Group’s contingent right to receive a return of some equity interests issued (i.e., contingently returnable shares) is recognized as an asset and measured at fair value. The Group’s obligation to pay contingent consideration is recognized and classified as a liability and measured at fair value. The contingent consideration rights and obligations are subsequently evaluated each reporting period with changes in fair value recognized as a gain or loss and recorded within change in the fair value of contingent assets and liabilities in the consolidated statements of income and comprehensive income.

For the Group’s majority-owned subsidiaries and subsidiaries of VIEs, a non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. Consolidated net income (loss) on the consolidated statements of operations and comprehensive income (loss) includes the net income (loss) attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests, are recorded as non-controlling interests on the Group’s consolidated balance sheets.

Goodwill and Other Intangible Assets

(h)

Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of costs over fair value of net assets of businesses acquired in a business combination. Goodwill is not amortized, but is tested for impairment at the reporting unit level at least on an annual basis at the balance sheet date or more frequently if certain indicators arise. The Group operated in three reporting units starting from December 31, 2024 upon the completion of a business combination transaction (See details in Note 3(a)). For the years ended June 30, 2022 and 2023, the Group operated one reporting unit.

The impairment test for goodwill is performed as of year-end or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount by comparing the fair value of a reporting unit with its carrying value. In testing goodwill for impairment, the Group elects to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

The impairment review is highly judgmental and involves the use of significant estimates and assumptions. These estimates and assumptions have a significant impact on the amount of any impairment charge recorded. Estimates of fair value are primarily determined by using discounted cash flows. Discounted cash flows method is dependent upon assumptions of future sales trends, market conditions and cash flows of each reporting unit over several years. Actual cash flows in the future may differ significantly from those previously forecasted. Other significant assumptions include growth rates, operating margins and the discount rates applicable to future cash flows. Based on this quantitative test in 2024, it was determined that the carrying amount of the insurance agency reporting unit exceeded its fair value and, therefore, the Group recorded an impairment loss on goodwill of RMB426,410 (see details in Note 8) for the year ended June 30, 2024.

Intangible Assets

Identifiable intangibles assets are required to be determined separately from goodwill based on their fair values. In particular, an intangible asset acquired in a business combination should be recognized as an asset separate from goodwill if it satisfies either the “contractual-legal” or “separability” criterion. Intangible assets with a finite economic life are carried at cost less accumulated amortization. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets that are not considered to have an indefinite useful life are amortized over their estimated useful lives on a straight-line basis.

The estimated useful lives for the Group’s intangible assets are as follows:

		Estimated useful life (Years)
Software and operating system		3
Non-compete agreements		5.8 - 6
Agent resources		2.8 - 3
Insurance brokerage licenses		20
Trade names		5

Investments in Affiliates

(i)

Investments in Affiliates

The Group uses the equity method of accounting for investments in which the Group has the ability to exercise significant influence, but does not have a controlling interest.

On April 1, 2024, the Group’s one majority-owned subsidiary in Hong Kong, i.e., BWWS Limited (“BWW”) disposed its controlling financial interests in subsidiaries of Brave Moon Limited (“BML”) and Avantech Solutions Limited (“Avantech”) to the minority shareholder through entering into a supplement joint venture agreement (the “Joint Venture Agreement”) to share the power with the other shareholder to jointly control the strategic operating, investing, and financing decisions over BML and Avantech. The Group accounted for the investments using the equity method and the fair value of the retained interests as of the date of joint control forms the basis for the initial measurement. The Group therefore recorded an investment loss of RMB79 in others, net in the consolidated statement of operations and comprehensive loss and derecognized the non-controlling interests in BML and Avantech which are not attributable, directly or indirectly, to the Group amounting to RMB6,438 in the consolidated statement of shareholders’ equity for the year ended June 30, 2024.

The Group continually reviews its investment in equity investees to determine whether a decline in fair value to an amount below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value; the financial condition, operating performance and the prospects of the equity investee; and other company specific information such as the stock price of the investee and its corresponding volatility, if publicly traded, the Group’s intent and ability to hold the investment until recovery, and changes in the macro-economic, competitive and operational environment of the investee. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value.

Long-term Investments

(j)

Long-term Investments

Other non-current assets mainly represent long-term equity investments accounted for under the measurement alternative method, contingent consideration measured at fair value through profit or loss (see Note 2 (g) and Note 3 for details) and an investment in debt securities classified as held-to-maturity which is measured at amortized cost.

Equity securities without readily determinable fair value

The Group has long-term investments in equity security of certain privately held companies which the Group exerts no significant influence or a controlling interest. As a result of adoption of “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”) in January 1, 2019, equity securities without readily determinable fair values that do not qualify for the practical expedient in ASC 820, Fair Value Measurements and Disclosure to estimate fair value using the net asset value per share (or its equivalent) of the investment, are measured and recorded using a measurement alternative that measures the securities at cost less impairment, if any, plus or minus changes resulting from qualifying observable price changes. Significant judgments are required to determine whether observable price changes are orderly transactions and identical or similar to an investment held by the Group.

During each reporting period, the Group makes a qualitative assessment considering impairment indicators to separately evaluate whether each of its equity securities without readily determinable fair value is impaired. Impairment indicators that the Group considers include, but are not limited to a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, factors such as negative cash flows from operations and working capital deficiencies that raise significant concerns about the investee’s ability to continue as a going concern, current economic and market conditions and other specific information. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value.

Investment in debt securities with embedded features

As of June 30, 2024, the Group held a two-year-term debt security with a principal amount valued at RMB125,000 with a fixed return rate of 6% and an additional earning right contingent upon the satisfaction of certain conditions within the contract term. The Group considered the host contract as a debt security and classified the investment as a held-to-maturity security which is measured subsequently at amortized cost as the Group has the positive intent and ability to hold it to maturity. As of June 30, 2024, the current portion of the held-to-maturity security was recorded in short term investment and the non-current portion was recorded in other non-current assets, net of the consolidated balance sheet, respectively.

The Group evaluated the additional earning right as a derivative instrument that is “embedded” to the host contract in accordance with ASC 815. The Group considered the stated and implied substantive features of the contract as well as the economic characteristics and risks of the hybrid instrument and determined that the additional earning right be considered as an embedded derivative separated from the host contract and accounted it for as a derivative instrument. The Group classified the embedded derivative measured at fair value and change in fair value is charged through profit or loss. As of June 30, 2024, the fair value of the embedded derivative was immaterial.

Impairment of Long-Lived Assets

(k)

Impairment of Long-Lived Assets

Property, plant, and equipment and intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying value of the asset exceeds the fair value of the asset. No impairment of long-lived assets was recognized for the years ended June 30, 2022, 2023 and 2024.

Insurance Premium Payables

(l)

Insurance Premium Payables

Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates.

Redeemable ordinary shares

(m) Redeemable ordinary shares

The Company accounts for ordinary shares subject to possible redemption in accordance with ASC 480 “Distinguishing Liabilities from Equity. ” Ordinary shares subject to conditional redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the control of the Company is classified as mezzanine equity. The Company evaluates the probability of these redeemable ordinary shares becoming redeemable at each reporting date. If it is probable that the redeemable ordinary shares will become redeemable, the Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of the instrument to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares shall be affected by charges against retained earnings. Accordingly, if the ordinary shares are not currently redeemable and it is not probable that the ordinary shares will become redeemable, subsequent adjustment of the amount presented in temporary equity is unnecessary.

Treasury Shares

(n)

Treasury Shares

Treasury shares represent ordinary shares repurchased by the Group that are no longer outstanding and are held by the Group. The repurchased ordinary shares are recorded whereby the total par value of shares acquired is recorded as treasury stock and the difference between the par value and the amount of cash paid is recorded in additional paid-in capital. If additional paid-in capital is not available or is not sufficient, the remaining amount is to reduce retained earnings.

Income Taxes

(o)

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carryforwards and credits by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Group records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Group recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Group recognizes interest and penalties related to unrecognized tax benefits, if any, on the income tax expense line in the accompanying consolidated statement of operations and comprehensive loss. Accrued interest or penalties are included on the other tax liabilities line in the consolidated balance sheets.

Share-based Compensation

(p)

Share-based Compensation

All forms of share-based payments to employees and nonemployees, including restricted share units, stock options and stock purchase plans, are treated the same as any other form of compensation by recognizing the related cost in the consolidated statements of operations and comprehensive loss. The Group recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the amount of compensation cost recognized at any date must at least equal to the portion of the grant-date value of the award that is vested at that date. For awards with both service and performance conditions, if each tranche has an independent performance condition for a specified period of service, the Group recognizes the compensation cost of each tranche as a separate award on a straight-line basis; if each tranche has performance conditions that are dependent of activities that occur in the prior service periods, the Group recognizes the compensation cost on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Group has made an accounting policy election to account for forfeitures when they occur for an award with only service conditions. For an award with a performance condition, the Group continues to assess at each reporting period whether it is probable that the performance condition will be achieved. No compensation cost is recognized for instruments that employees and nonemployees forfeit because a service condition or a performance condition is not satisfied.

Employee share-based compensation

Compensation cost related to employee stock options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. If an award requires satisfaction of one or more performance or service conditions (or any combination thereof), compensation cost is recognized if the requisite service is rendered, while no compensation cost is recognized if the requisite service is not rendered.

Nonemployee share-based compensation

Consistent with the accounting requirement for employee share-based compensation, nonemployee share-based compensation within the scope of Topic 718 are measured at grant-date fair value of the equity instruments, which the Group is obligated to issue when the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.

Employee Benefit Plans

(q)

Employee Benefit Plans

As stipulated by the regulations of the PRC, the Group’s subsidiaries in the PRC participate in various defined contribution plans organized by municipal and provincial governments for its employees. The Group is required to make contributions to these plans at a percentage of the salaries, bonuses and certain allowances of the employees. Under these plans, certain pension, medical and other welfare benefits are provided to employees. The Group has no other material obligation for the payment of employee benefits associated with these plans other than the annual contributions described above. The contributions are charged to the consolidated statements of operations and comprehensive loss as they become payable in accordance with the rules of the above mentioned defined contribution plans.

Revenue Recognition

(r)

Revenue Recognition

The Group’s revenue from contracts with insurance companies is derived principally from the provision of agency and claims adjusting services, while revenue from contracts with fund product providers or issuers is derived principally from wealth management service. Insurance companies and fund product providers are defined as the Group’s customers under ASC 606 “Revenue from Contracts with Customers” (“ASC 606”).

The following is a description of the accounting policy for the principal revenue streams of the Group.

Insurance agency services revenue

The Group derives agency revenue serving as a sales agent to distribute various life insurance products and a wide rage of non-life insurance products on behalf of insurance companies by which the Group is entitled to receive an initial commission from the insurance companies based on the premium paid by the policyholders for the related insurance policy sold. For life insurance agency, the Group is also entitled to renewal commissions when the policyholder renews the policy within the renewal term of the original policy as such life insurance products are typically long-term products.

The Group has identified its promise to sell insurance products on behalf of an insurance company as the performance obligation in its contracts with the insurance companies. The Group’s performance obligation to the insurance company is satisfied and revenue is recognized at a point in time when an insurance policy becomes effective. Specifically for life insurance agency business, certain contracts include the promise to provide certain post-sales administrative services to policyholders on behalf of the insurance companies, such as responding to the policyholder inquiries, facilitating the renewal process and/or gathering information from the policyholder to assist the insurance companies to update the contact information of the policy holder, the Group has concluded such services are administrative in nature and immaterial, and none of these activities on their own results in a transfer of a good or services to the insurance company in the context of the contract. Accordingly, no performance obligation exists after a policy becomes effective.

Initial placement of an insurance policy

The Group recognizes agency revenue related non-life insurance products (which is short term in nature and related premiums are collected upfront) when an insurance policy becomes effective. The commission to be earned is required to be partially refunded contingently on policy cancellations. Based on its past experience, subsequent commission adjustments in connection with non-life insurance policy cancellations have been de minims to date, and are recognized upon notification from the insurance carriers.

For life insurance products, there is generally a 10 to 15 days hesitation period after an initial placement of a life insurance policy, during which the policyholder has a legal right to unconditionally cancel the effective policy regardless of the reasons. According to relevant terms of the insurance agency contracts with customers, the Group reconciles information of policies sold which also includes policies that have been cancelled by policyholders within the hesitation period, with the insurance companies on a monthly basis. Therefore, the Group estimates cancellation of policies that have become effective but are still within the hesitation period based on subsequent actual data at each reporting date. The cancellation of an effective life insurance policy by the policyholder after the hesitation period does not require the Group to refund initial commission to insurance companies, but rather impacts the Group’s estimate on future commission related to renewal(s) of the policy.

In addition, for life insurance agency, the Group may receive a performance bonus from insurance companies as agreed and per contract provisions. Once the Group achieves a certain sales volume based on respective agency agreements, the bonus will become due. Performance bonus represents a form of variable consideration associated with certain sales volume, for which the Group earns commissions. The Group estimates the amount of consideration with a constraint applied that it will be received in the coming year such that a significant reversal of revenue is not probable, and includes the performance bonus as part of the transaction price. For the years ended June 30, 2022, 2023 and 2024, the Group recognized contingent performance bonus of nil, nil and RMB3,675, respectively.

Renewals of a life insurance policy

For the long-term life insurance products, in addition to the initial commission earned, the Group is also entitled to subsequent renewal commission and compensation, and renewal performance bonus which represents variable considerations and are contingent on future renewals of initial policies or the Group achieves its performance target.

When making estimates of the amount of variable consideration to which the Group expects to be entitled, the Group uses the expected value method and evaluates many factors, including but not limited to, insurance companies mix, product mix, renewal term of various products, renewal premium rates and commission rates, to determine the method(s) of measurement, relevant inputs and the underlying assumptions. The Group considers constraints as well when determining the amount which should be included in the transaction price.

The Group performs an ongoing evaluation of the appropriateness of the constraint applied and will consider the sufficiency of evidence that would suggest that the underlying the assumptions has changed. The Group makes an estimate of variable considerations over the portfolio of contracts based on accumulated historical data and experiences. The estimated renewal commissions are contingent on future renewals of initial policies or achievement of certain performance targets. Given the material uncertainty around the future renewals of the insurance policies, the estimated renewal commissions expected to be collected are recognized as revenue only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved. The judgment and assumptions are continuously re-evaluated and adjusted as needed along with the accumulation of historical experiences and data when new information becomes available. Actual renewal commissions in the future may differ significantly from those previously estimated.

Insurance claims adjusting services revenue

For insurance claims adjusting services, performance obligations are considered met and revenue is recognized when the services are rendered and completed, at the time loss adjusting reports are confirmed being received by insurance companies. The Group does not accrue any service fee before the receipt of an insurance company’s acknowledgement of receiving the adjusting reports. Any subsequent adjustments in connection with discounts which have been de minims to date are recognized in revenue upon receiving notifications from the insurance companies.

Wealth management service revenue

The Group derives wealth management revenue serving as a sales agent to distribute and manage various fund products on behalf of fund product producers or issuers (typically referred to as “fund managers”). The fund products include publicly raised fund products, privately raised fund products and portfolio fund products. The Group is entitled to receive transaction-based commissions when product purchasers (the “investors”) purchase fund products, and scale-based management fees during the period when the investors are continuously holding their shares of fund products they purchase. For the privately raised fund products, the Group is also entitled to receive performance-based distribution commissions. The Group enters into distribution agreements with fund managers which specify the key terms and conditions of the arrangement. Such agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges.

For the distribution service, the Group has identified its promise to sell fund products on behalf of a fund manager as the performance obligation in its contracts with the fund manager. The Group’s performance obligation to the fund manager is satisfied and revenue is recognized at a point in time when both of the following two criteria are met: (i) the investors have entered into a purchase or subscription contract with the fund manager and the investor has transferred the subscription fund to an escrow account designated by the fund manager and (ii) the fund manager has issued a formal notice to confirm the distribution of the fund product. Distribution commissions are calculated by multiplying a pre-agreed charge rate with the fund managers on the amount of products transacted, such as purchasing or redemption. Such commissions are typically paid on or shortly after the transaction is completed.

For the management service, the Group’s performance obligation to the fund manager is continuously providing the investors with investment advices through circulating latest information of the net value of the fund products in a timely manner and giving advices for a long-term holding of the fund products, and satisfying investors’ all other needs related to the fund products they purchase and hold. The aforementioned performance obligation is satisfied and revenue is recognized over the investors’ holding period of the products they purchase. Management commissions are calculated based on pre-agreed contracts with the fund mangers as either (i) pre-agreed percentage with the daily outstanding balance confirmed with the fund manager, prorated daily, (ii) pre-agreed charge rate on the amount of products transacted, prorated by the actual period length of the product held by investors, or (iii) as a percentage of the fair value of the total investment in the fund products, calculated daily. Management fees are typically paid on a regular basis (typically quarterly or annually) and are not subject to clawback once determined.

In addition, the Group earns performance-based commissions from the fund manager for distribution of privately raised fund products, which are dependent on the extent by which the fund’s investment performance exceeds a certain threshold at the end of the contract term. Such performance-based fees earned based on the performance of the underlying fund are a form of variable consideration in its contracts with customers to provide investment management services. Those performance-based income is typically calculated and distributed when the cumulative return of the fund can be determined. Performance-based income will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. At each reporting date, the Group updates its estimate of the transaction price and concludes that it cannot include its estimate of performance-based income in the transaction price because performance-based income has various possible consideration amounts and the experience that the Group has with similar contracts is of little predictive value in determining the future performance of the funds, thus the Group cannot conclude that it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur.

Disaggregation of revenue

The following tables show, by timing of revenue recognition, revenue from contracts with customers disaggregated by service lines for the years ended June 30, 2022, 2023 and 2024:

	Year Ended June 30, 2022
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Wealth management and others		97,719		91,022		188,741
Total net revenues		97,719		91,022		188,741

	Year Ended June 30, 2023
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Wealth management and others		51,358		63,082		114,440
Total net revenues		51,358		63,082		114,440

	Year Ended June 30, 2024
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Agency		890,453		9,793		900,246
Life insurance business		827,803		-		827,803
Non-life insurance business		62,650		9,793		72,443
Claims adjusting		222,114		-		222,114
Wealth management and others		22,787		40,179		62,966
Total net revenues		1,135,354		49,972		1,185,326

Contract balances

The Group’s contract balances include accounts receivable and contract asset which derives only from the insurance agency business. The balances of accounts receivable and contract asset as of June 30, 2023 and 2024 are all derived from contracts with customers. The Group presented contract assets separately in the consolidated balance sheets which include both the amount derived from estimated renewal commissions and the amount of commissions in relation to policies that are still within the hesitation period by the year-end date.

Practical expedients and exemptions

The Group generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling expenses in the consolidated statements of operations and comprehensive loss, as the amortization period is less than one year and the Group has elected the practical expedient included in ASC 606.

The Group has applied the optional exemption provided by ASC 606 to not disclose the value of remaining performance obligations not yet satisfied as of period end for contracts with original expected duration of one year or less.

Contract liability

Contract liability relates to unsatisfied performance obligations at the end of each reporting period and consists of cash payment received in advance and was recorded as “other current liabilities” in the consolidated balance sheets. The amount of revenue recognized during the years ended June 30, 2023 and 2024 that was previously included in the contract liabilities balance as of June 30, 2022 and 2023 was RMB1,500 and RMB803, respectively.

Value-added tax and surcharges

The Group presents revenue net of tax surcharges and value-added taxes incurred. The tax surcharges amounted to RMB906, RMB326 and RMB6,089 for the years ended June 30, 2022, 2023 and 2024, respectively.

Total value-added taxes paid by the Group during the years ended June 30, 2022, 2023 and 2024 amounted to RMB6,668, RMB4,293 and RMB57,593 respectively.

Fair Value of Financial Instruments

(s)

Fair Value of Financial Instruments

Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs may be used to measure fair value include:

Level 1

Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying values of the Group’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, insurance premium payables, other receivables, short-term loan, accounts payable and other payables, approximate their fair values due to the short-term nature of these instruments.

The carrying amounts of the long-term receivables and payables approximate their fair value as the interest rates are comparable to the prevailing interest rates in the market.

Measured at fair value on a recurring basis

As of June 30, 2023 and 2024, information about inputs into the fair value measurements of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows.

Fair Value Measurements
at Reporting Date Using

Description

As of
June 30,
2023

Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investments - debt security

Investments - equity security recorded within other current assets

Contingent consideration

			Fair Value Measurements at Reporting Date Using
Description	As of June 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments - debt security		580,231		-		580,231		-
Investments – equity security recorded within other current assets		13,776		13,776		-		-
Contingent consideration		22,267		-		-		22,267

The majority of debt security consists of investments in bank financial products, trust products and asset management plans that normally pay a prospective fixed rate of return. These investments are recorded at fair values on a recurring basis. The Group measured these investments at fair values and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income or loss, at the balance sheet date. It is classified as Level 2 of the fair value hierarchy since fair value measurement at the reporting date is benchmarked against fair value of comparable investments.

The Group measures its equity investments with readily determinable fair value at its quoted price in active markets. There were no transfers into or out of Level 1 and Level 2 as of June 30, 2024.

Level 3 fair value of contingent consideration arising from business combination is determined using the Monte Caro simulation model and significant assumptions including the probability of achieving performance targets for each scenario and estimated share price during the specified period. For the year ended June 30, 2024, the Group recorded gains on changes in fair value of contingent consideration of RMB22,267.

Measured at fair value on a non-recurring basis

The Group measures certain assets, including equity securities without readily determinable fair values, equity method investments and intangible assets, at fair value on a nonrecurring basis when they are deemed to be impaired. The fair values of these investments and intangible assets are determined based on valuation techniques using the best information available, and may include management judgments, future performance projections, etc. An impairment charge to these investments is recorded when the cost of the investment exceeds its fair value and for equity method investments, this condition is determined to be other-than-temporary. Impairment charge to the intangible assets is recorded when their carrying amounts may not be recoverable.

Goodwill (Note 8) is measured at fair value on a nonrecurring basis, and they are recorded at fair value only when impairment is recognized by applying unobservable inputs such as forecasted financial performance of the acquired business, discount rate, etc. to the discounted cash flow valuation methodology that are significant to the measurement of the fair value of these assets (Level 3).

Investments in affiliates are measured at fair value on a nonrecurring basis, and they are recorded at fair value only when there is other-than-temporary-impairment. The fair value of investment in an affiliate that is publicly listed is determined based on the market value of its share (Level 1) on the date such impairment is recorded.

Foreign Currencies

(t)

Foreign Currencies

The functional currency of the Company and AIX is the United States dollar (“USD”). Hong Kong dollar is the functional currency of the majority offshore subsidiaries. The functional currency of all the other significant subsidiaries and the consolidated VIEs is Renminbi (“RMB”). Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income or loss in the consolidated statements of operations and comprehensive loss. The Group has chosen the RMB as their reporting currency.

The functional currency of most of the Company’s subsidiaries is RMB. Transactions in other currencies are recorded in RMB at the rates of exchange prevailing when the transactions occur. Monetary assets and liabilities denominated in other currencies are translated into RMB at rates of exchange in effect at the balance sheet dates. Exchange gains and losses are recorded in the consolidated statements of operations and comprehensive loss.

Foreign Currency Risk

(u)

Foreign Currency Risk

The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and international economic and political developments that affect supply and demand in the China Foreign Exchange Trading System market of cash and cash equivalents and restricted cash. The Group had aggregate amounts of RMB153,915 and RMB327,932 of cash and cash equivalents and restricted cash denominated in RMB as of June 30, 2023 and 2024, respectively.

Translation into USD

(v)

Translation into USD

The consolidated financial statements of the Group are stated in RMB. Translations of amounts from RMB into USD are solely for the convenience of the readers outside of China and were calculated at the rate of US$1.00 = RMB7.2672, representing the noon buying rate in the City of New York for cable transfers of RMB on June 30, 2024, the last business day in fiscal year 2024, as set forth in H.10 statistical release of the Federal Reserve Bank of New York. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into USD at such rate.

Segment Reporting

(w)

Segment Reporting

As of June 30, 2023, the Group managed its business as a single operating segment engaged in the provision of distribution and managing wealth management services in the PRC. On December 31, 2023, the Group identified two additional operating segments upon the acquisition of AIX which are insurance agency and claims adjusting. As a result, as of June 30, 2024, the Group operated three segments: (1) the insurance agency segment, which mainly consists of providing agency services for a wide range of life and non-life insurance products to individual clients, (2) the claims adjusting segment, which consists of providing pre-underwriting survey services, claim adjusting services, disposal of residual value services, loading and unloading supervision services, and consulting services, and (3) the wealth management segment, which mainly consists of providing distribution and managing wealth management services. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the Group’s chief operating decision maker in deciding how to allocate resources and in assessing performance.

Substantially all revenues of the Group are derived in the PRC and all long-lived assets are located in the PRC.

Earnings per Share (“EPS”) or ADS

(x)

Earnings per Share (“EPS”) or ADS

Basic EPS is calculated by dividing the net income available to common shareholders by the weighted average number of ordinary shares /ADS outstanding during the year. Diluted EPS is calculated by using the weighted average number of ordinary shares /ADS outstanding adjusted to include the potentially dilutive effect of outstanding share-based awards, unless their inclusion in the calculation is anti-dilutive.

The weighted average number of ordinary shares outstanding excludes the number of ordinary shares issued in business combinations (see Note 3 for details) through an exchange of equity interests that are outstanding but contingently returnable, all or partial, if necessary conditions are not satisfied by specific periods.

Advertising Costs

(y)

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs amounted to RMB3,970, RMB3,733 and RMB12,797 for the years ended June 30, 2022, 2023 and 2024, respectively.

Leases

(z)

Leases

The Group leases office space, vehicles and certain equipment under operating leases for terms ranging from short term (under 12 months) to 7 years. The Group does not have options to extend or terminate leases, as the renewal or termination of relevant lease is on negotiation basis. As a lessee, the Group does not have any financing leases and none of the leases contain material residual value guarantees or material restrictive covenants. The Group’s office space leases typically have initial lease terms of 2 to 7 years, and vehicles and equipment leases typically have an initial term of 12 months or less. The Group’s office space leases include fixed rental payments. The lease payments for the Group’s office space leases do not consist of variable lease payments that depend on an index or a rate.

The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset. At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes a right-of-use (“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term in the consolidated statements of balance sheets at commencement date. As all of the leases do not have implicit rates available, the Group uses incremental borrowing rates based on the information available at lease commencement date in determining the present value of future payments. The incremental borrowing rates are estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased assets are located.

The ROU asset is measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. For office space leases, the Group identifies the lease and non-lease components (e.g., common-area maintenance costs) and accounts for non-lease components separately from lease component. The Group’s office space lease contracts have only one separate lease component and have no non-components (e.g., property tax or insurance). Most of the office space lease contracts have no non-lease components. For the office space lease contracts include non-lease components, the fixed lease payment is typically itemized in the office space lease contract for separate lease component and non-lease components. Therefore, the Group does not allocate the consideration in the contract to the separate lease component and the non-lease components.

Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Group has made an accounting policy election to exempt leases with an initial term of 12 months or less without a purchase option that is likely to be exercised from being recognized on the balance sheet. Payments related to those leases continue to be recognized in the consolidated statement of operations and comprehensive loss on a straight-line basis over the lease term.

In addition, the Group does not have any related-party leases or sublease transactions.

Accumulated Other Comprehensive Loss

(aa)

Accumulated Other Comprehensive Loss

The Group presents comprehensive loss in the consolidated statements of operations and comprehensive loss with net loss in a continuous statement.

Accumulated other comprehensive loss mainly represents foreign currency translation adjustments and changes in fair value of available-for-sale debt securities for the period.

Government grants

(ab)

Government grants

Government grants primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. The Group records such government subsidies as other income or reduction of expenses or cost of revenues when it has fulfilled all of its obligation related to the subsidy. The Group recognized RMB4,528, RMB1,682 and RMB2,653 in the years ended June 30, 2022, 2023 and 2024.

Recently accounting pronouncements

(ac)

Recently accounting pronouncements

Recently Adopted Accounting Pronouncements

Financial Instruments – Credit Losses (Topic 326) – In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. It also requires credit losses on available-for-sale debt securities to be presented as an allowance, rather than reducing the carrying amount. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. ASU 2016-13 adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses.

The Group adopted ASU 2016-13 from July 1, 2023, including applicable amendments in other ASUs issued subsequent to ASU 2016-13 on January 1, 2020 under a modified-retrospective basis resulting in a cumulative-effect adjustment of RMB93 reduction to the opening retained earnings balance and the recognition of a RMB93 allowance for credit losses in the consolidated balance sheet as of July 1, 2023. Results for periods after July 1, 2023 are presented under ASU 2016-13 while prior period amounts continue to be reported under the previous accounting standards.

The Group evaluates each individual investment periodically for impairment. For investments where the Group does not intend to sell, the Company evaluates whether a decline in fair value is due to deterioration in credit risk. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through an allowance for credit losses on the consolidated balance sheets with corresponding adjustment in the consolidated statements of operations and comprehensive loss. Subsequent increases in fair value due to credit improvement are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss. Any decline in fair value that is non-credit related is recorded in accumulated other comprehensive income as a component of shareholder’s equity. As of June 30, 2024, there were no investments held by the Group that had been in continuous unrealized loss position.

The impact from the adoption of ASU 2016-13 is summarized as follows:

	June 30, 2023			Transition Adjustments			July 1, 2023
	RMB			RMB			RMB
Accounts receivable, net		37,601			-			37,601
Other receivable, net		22,554			(75	)		22,479
Other non-current asset		22			(18	)		4
Total assets		264,543			(93	)		264,450
Retained earnings		(31,498	)		(93	)		(31,591	)

Business Combinations (Topic 805) – In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which provides guidance on the acquirer’s accounting for acquired revenue contracts with customers in a business combination. The amendments require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination at the acquisition date in accordance with ASC 606 as if it had originated the contracts. This guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The new guidance should be applied prospectively to business combinations occurring on or after the date of adoption. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods therein. Early adoption is permitted. The Group adopted the new standard beginning July 1, 2023 with no material impact on the consolidated financial statements.

Recently Adopted Accounting Pronouncements issued not yet adopted

Segment Reporting (Topic 280) – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which provides guidance on the enhanced disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of this guidance should be applied retrospectively to all prior periods presented. Early adoption is permitted. The Group does not expect to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

Income Taxes (Topic 740) – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which provides guidance on the disaggregation information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Group does not expect to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

Revision to Previously Issued Financial Statements

(ad) Revision to Previously Issued Financial Statements

In 2024, the Group identified an error related to recording funds it held temporarily for the investors as its asset, yet it did not have control over. The Group assessed the materiality of this error individually and in the aggregate with other identified errors to prior periods’ consolidated financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 “Materiality” codified in ASC 250 “Accounting Changes and Error Corrections.” The Group concluded that the errors were immaterial to its previously issued financial statements and restatement of previously filed financial statements is not required. However, the Group determined it was appropriate to correct the prior periods errors by revising the financial statement line item amounts previously disclosed in SEC filings in order to achieve comparability in the consolidated financial statements. The impact of this revision of the Group’s previously reported consolidated financial statements are detailed below.

In connection with this revision, the Group also corrected other immaterial errors in the prior periods which include a classification error for commission expense that was reported previously under selling expense but should have been under cost of sales as well as a classification error for excess input value-added tax credit that was reported previously as a current liability but should have been reported as a current asset.

The following table summarizes the effect of the revisions on the affected line items within the consolidated balance sheets related to funds it held temporarily for the investors and input value-added tax credit:

	June 30, 2023
	As reported		Adjustment			As corrected
Current assets:
Restricted cash		8,258		(8,258	)		-
Other current assets		5,112		1,268			6,380
Total current assets		237,995		(6,990	)		231,005
Total assets		271,533		(6,990	)		264,543
Current liabilities:
Investors’ deposit		8,258		(8,258	)		-
Other payables and accrued expenses		1,498		1,268			2,766
Total current liabilities		31,066		(6,990	)		24,076
Total liabilities		54,499		(6,990	)		47,509
Total equity		217,034		-			217,034

To conform to current period presentation, the previously reported lines of Other receivables and current assets, and Other payables and accrued expenses have been stated separately to lines of Other receivables, net and Other current assets, Other payables and accrued expenses and Accrued payroll, respectively.

The following table summarizes the effect of the revisions on the affected line items within the consolidated statements of operations and comprehensive loss related to classification error for commission:

	Year Ended June 30, 2022									Year Ended June 30, 2023
	As reported			Adjustment			As corrected			As reported			Adjustment			As corrected
Operating costs and expenses:
Cost of sales		(33,834	)		(21,224	)		(55,058	)		(16,136	)		(4,149	)		(20,285	)
Selling expenses		(126,743	)		21,224			(105,519	)		(64,709	)		4,149			(60,560	)
Total operating costs and expenses		(262,844	)		-			(262,844	)		(173,244	)		-			(173,244	)
Loss from operations		(74,103	)		-			(74,103	)		(58,804	)		-			(58,804	)
Net loss and net loss attributable to shareholders		(60,667	)		-			(60,667	)		(43,577	)		-			(43,577	)

The following table summarizes the effect of the revisions on the affected line items within the consolidated statements of cash flows related to funds it held temporarily for the investors:

	Year Ended June 30, 2022									Year Ended June 30, 2023
	As reported			Adjustment			As corrected			As reported			Adjustment			As corrected
Cash flows from operating activities:
Change in investors’ deposit		46,607			(46,607	)		-			(110,538	)		110,538			-
Net cash used in operating activities		(9,548	)		(46,607	)		(56,155	)		(135,901	)		110,538			(25,363	)
Net decrease in cash and cash equivalents, and restricted cash		(20,144	)		(46,607	)		(66,751	)		(140,887	)		110,538			(30,349	)
Cash and cash equivalents, and restricted cash at beginning of year		332,782			(72,189	)		260,593			313,055			(118,796	)		194,259
Cash and cash equivalents, and restricted cash at end of year		313,055			(118,796	)		194,259			172,728			(8,258	)		164,470

Property, Plant and Equipment, Net (Details) ¥ in Thousands	12 Months Ended
Property, Plant and Equipment, Net (Details) ¥ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2022 USD ($)
Property and Equipment, Net [Line Items]
Depreciation expenses	¥ 8,368	$ 1,151,000	¥ 3,545		¥ 5,603
Impairment for property, plant and equipment (in Dollars) \| $		$ 0		$ 0		$ 0
Furniture, office equipment, fixtures and leasehold improvements [Member]
Property and Equipment, Net [Line Items]
Disposal loss of due to termination of rental offices \| ¥	¥ 1,293		¥ 2,951

Summary of Significant Accounting Policies (Details) - Schedule of Effect of the Revisions on the Affected Line Items within the Consolidated Balance Sheets $ in Thousands	Jun. 30, 2023 USD ($)
As reported [Member]
Current assets:
Restricted cash	$ 8,258
Other current assets	5,112
Total current assets	237,995
Total assets	271,533
Current liabilities:
Investors’ deposit	8,258
Other payables and accrued expenses	1,498
Total current liabilities	31,066
Total liabilities	54,499
Total shareholders’ equity	217,034
Adjustment [Member]
Current assets:
Restricted cash	(8,258)
Other current assets	1,268
Total current assets	(6,990)
Total assets	(6,990)
Current liabilities:
Investors’ deposit	(8,258)
Other payables and accrued expenses	1,268
Total current liabilities	(6,990)
Total liabilities	(6,990)
Total shareholders’ equity
As corrected [Member]
Current assets:
Restricted cash
Other current assets	6,380
Total current assets	231,005
Total assets	264,543
Current liabilities:
Investors’ deposit
Other payables and accrued expenses	2,766
Total current liabilities	24,076
Total liabilities	47,509
Total shareholders’ equity	$ 217,034

Leases (Details) - Schedule of ROU Assets and Related Lease Liabilities ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2024 USD ($)
Schedule of ROU Assets and Related Lease Liabilities [Abstract]
Operating lease ROU assets	¥ 122,239	¥ 13,607	$ 16,821
Current operating lease liability	54,233	4,793	7,463
Non-current operating lease liability	62,954	9,673	$ 8,664
Total operating lease liabilities	¥ 117,187	¥ 14,466
Weighted average lease term in years, Operating leases	2 years 8 months 26 days	3 years 3 months	2 years 8 months 26 days
Weighted average discount rate, Operating leases	3.72%	4.75%	3.72%
Operating lease expense	¥ 39,006	¥ 8,107
Short term lease expense	2,421	2,403
Total	¥ 41,427	¥ 10,510

Intangible Assets, Net (Tables)

12 Months Ended

Jun. 30, 2024

Intangible Assets, Net [Abstract]

Schedule of Intangible Assets Net

Intangible assets, net, are comprised of the following:

	As of June 30,
	2023			2024
	RMB			RMB
Software and operating system		4,823			96,001
Non-compete agreements		-			8,175
Agent resources		-			137,944
Insurance brokerage licenses		-			89,071
Trade names		-			142,464
Sub-total		4,823			473,655
Disposal		-			(2,218	)
		4,823			471,437
Accumulated amortization		(3,032	)		(53,870	)
		1,791			417,567

Concentrations of Credit Risk (Details) - Schedule of Concentration Risks - Customer Concentration Risk [Member] - Revenue Benchmark [Member] - CNY (¥)
¥ in Thousands

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Company A [Member]

Schedule of Concentration Risks [Line Items]

Total net revenues

^[1]

¥ 35,611

Net revenues, percentage

^[1]

18.90%

Company B [Member]

Schedule of Concentration Risks [Line Items]

Total net revenues

^[1]

¥ 15,360

¥ 47,642

Net revenues, percentage

^[1]

13.40%

25.20%

Company C [Member]

Schedule of Concentration Risks [Line Items]

Total net revenues

^[1]

¥ 14,631

^[1]

Net revenues, percentage

^[1]

12.80%

^[1]

Company D [Member]

Schedule of Concentration Risks [Line Items]

Total net revenues

¥ 132,995

Net revenues, percentage

11.20%

Customers [Member]

Schedule of Concentration Risks [Line Items]

Total net revenues

¥ 132,995

¥ 29,991

¥ 83,253

Net revenues, percentage

11.20%

26.20%

44.10%

[1]	represented less than 10% of total net revenues for the year.

Income Taxes (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Income Taxes (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Line Items]
Profits tax rate	15.00%
Current rate of taxation	8.25%	8.25%	8.25%
PRC income tax rate	25.00%
Preferential EIT rates	15.00%
Tax reduction rate	5.00%	5.00%	5.00%
Tax provision rate				12.50%
Withholding tax rate	10.00%
Addition of unrecognized tax benefits (in Yuan Renminbi)	¥ 34,368
Underpayment of income tax liability (in Yuan Renminbi)	100
Uncertain tax position (in Yuan Renminbi)	4,646
Operating loss carry-forwards (in Yuan Renminbi)	607,324	¥ 149,477
Future taxable income (in Yuan Renminbi)	120,646
Tax loss carried forward (in Yuan Renminbi)	35,403
Tax exemption amount (in Yuan Renminbi)	2,861
Aggregate undistributed earnings (in Yuan Renminbi)	868,929	90,570
Undistributed earnings (in Yuan Renminbi)	¥ 43,496	¥ 4,529
Shenzhen Huazhong [Member]
Income Taxes [Line Items]
Tax reduction rate	50.00%
PRC [Member]
Income Taxes [Line Items]
PRC income tax rate	25.00%
Withholding tax rate	10.00%
Hong Kong [Member]
Income Taxes [Line Items]
Profits tax rate	16.50%
PRC income tax rate	25.00%
Tax reduction rate	5.00%
Withholding tax rate	5.00%
From 2025 to 2029 [Member]
Income Taxes [Line Items]
Operating loss carry-forwards (in Yuan Renminbi)	¥ 486,678

Loan Receivables, Net

12 Months Ended

Jun. 30, 2024

Loan Receivables, Net [Abstract]

Loan Receivables, net

(5)

Loan Receivables, net

Loan receivables, net consist of the following:

	As of June 30,
	2024
	RMB
Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) (i)		97,984
Loan receivables from a third-party company (ii)		685,287
Interest receivable from a third-party		279
Sub-total		783,550
Allowance for current expected credit losses:
Balance at the beginning of the year		-
Cumulative-effect adjustment upon adoption of ASU 2016-13		-
Current period provision for expected credit losses		(9,499	)
Balance at the end of the year		(9,499	)
Loan receivables, net		774,051

(i)

(ii)

Income Taxes (Details) - Schedule of Reconciliation between the Provision for Income Taxes
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2024

CNY (¥)

Jun. 30, 2024

USD ($)

Jun. 30, 2023

CNY (¥)

Jun. 30, 2022

CNY (¥)

Schedule of Reconciliation between the Provision for Income Taxes [Abstract]

Loss from operations in mainland China

¥ 64,307

¥ (32,676)

¥ (60,049)

Hong Kong and others

(562,312)

(2,316)

(1,543)

Loss from continuing operations before income taxes and share of loss of affiliates

¥ (498,005)

¥ (34,992)

¥ (61,592)

Statutory tax rate

25.00%

Income tax benefits at statutory tax rate

¥ (124,501)

¥ (8,748)

¥ (15,398)

Deferred tax effect of tax rate change

(5,751)

768

True-up temporary book/tax differences

2,123

Disposal of a subsidiary

(6,561)

Expenses not deductible for tax purposes:

Entertainment

1,192

Other

350

500

695

Effect of tax holidays on concessionary rates granted to PRC entities

(2,861)

3,262

7,186

Effect of different tax rates of subsidiaries operating in other jurisdictions

112,158

579

385

Change in valuation allowance

24,671

23,051

3,775

Net effect of fair value changes

^[1]

19,672

Unrecognized tax benefits arising from certain transfer pricing arrangements

(18,096)

260

1,400

Other

360

(130)

264

Income tax (benefit) expense

¥ 12,945

$ 1,781

¥ 8,585

¥ (925)

[1]	The net effect of fair value changes for the year ended June 30, 2024 is primarily arising from fair value changes in contingent consideration and equity interests held by the Group.

Intangible Assets, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Intangible Assets, Net [Abstract]
Brokerage expenses	¥ 2,218		¥ 468,832
Amortization expense	50,837	$ 6,995	¥ 848	¥ 832
Intangible asset, expected amortization, year one	100,447
Intangible asset, expected amortization, year two	99,322
Intangible asset, expected amortization, year three	74,963
Intangible asset, expected amortization, year four	51,972
Intangible asset, expected amortization, year five	¥ 28,175

Goodwill, Net (Details) - Schedule of Goodwill and Accumulated Impairment Losses ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Schedule of Goodwill and Accumulated Impairment Losses [Line Items]
Gross Beginning
Addition for business combination	669,519
Gross Ending	669,519
Accumulated impairment loss Beginning
Impairment loss	(426,410)	$ (58,676)
Accumulated impairment loss Ending	(426,410)
Net Amount of goodwill Beginning
Net Amount of goodwill Ending	243,109	$ 33,453
Wealth Management [Member]
Schedule of Goodwill and Accumulated Impairment Losses [Line Items]
Gross Beginning
Addition for business combination
Gross Ending
Accumulated impairment loss Beginning
Impairment loss
Accumulated impairment loss Ending
Net Amount of goodwill Beginning
Net Amount of goodwill Ending
Insurance Agency [Member]
Schedule of Goodwill and Accumulated Impairment Losses [Line Items]
Gross Beginning
Addition for business combination	542,578
Gross Ending	542,578
Accumulated impairment loss Beginning
Impairment loss	(426,410)
Accumulated impairment loss Ending	(426,410)
Net Amount of goodwill Beginning
Net Amount of goodwill Ending	116,168
Claims Adjusting [Member]
Schedule of Goodwill and Accumulated Impairment Losses [Line Items]
Gross Beginning
Addition for business combination	126,941
Gross Ending	126,941
Accumulated impairment loss Beginning
Impairment loss
Accumulated impairment loss Ending
Net Amount of goodwill Beginning
Net Amount of goodwill Ending	¥ 126,941

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Net Loss Per Share (Tables)

12 Months Ended

Jun. 30, 2024

Net Loss Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Ordinary Share

The computation of basic and diluted net income per ordinary share is as follows:

	Year Ended June 30,
	2022			2023			2024
	RMB			RMB			RMB
Basic:
Net loss		(60,667	)		(43,577	)		(512,071	)
Less: Net loss attributable to the noncontrolling interests		-			-			(222,401	)
Net loss attributable to owners of the Company		(60,667	)		(43,577	)		(289,670	)
Less: Distributed earnings to New Dragon (Note 17)		-			-			826
Net loss attributable to ordinary shares of the Company		(60,667	)		(43,577	)		(290,496	)
Weighted average number of ordinary shares outstanding		90,472,014			90,472,014			232,761,359
Basic net loss per ordinary share		(0.671	)		(0.482	)		(1.244	)
Basic net loss per ADS		(1.006	)		(0.722	)		(1.867	)

	Year Ended June 30,
	2022			2023			2024
	RMB			RMB			RMB
Diluted:
Net loss		(60,667	)		(43,577	)		(512,071	)
Less: Net loss attributable to the noncontrolling interests		-			-			(222,401	)
Net loss attributable to owners of the Company		(60,667	)		(43,577	)		(289,670	)
Less: Distributed earnings to New Dragon (Note 17)		-			-			826
Less: Net impact on the net income attributable to the Company’s shareholders arising from the share-based compensation schemes of AIX		-			-			3,164
Net loss attributable to ordinary shares of the Company		(60,667	)		(43,577	)		(293,660	)
Weighted average number of ordinary shares outstanding		90,472,014			90,472,014			232,761,359
Weighted average number of dilutive potential ordinary shares from share options and restricted share units		-			-			-
Total		90,472,014			90,472,014			232,761,359
Diluted net loss per ordinary share		(0.671	)		(0.482	)		(1.262	)
Diluted net loss per ADS		(1.006	)		(0.722	)		(1.892	)

Summary of Significant Accounting Policies (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)	Jul. 01, 2023 CNY (¥)
Summary of Significant Accounting Policies [Line Items]
Premiums receivables	¥ 10,416
Entrustment deposit	37,504
Guarantee deposits	26,783
Impairment loss on goodwill	426,410	$ 58,676
Investment loss	79
Disposal of subsidiaries	(6,438)
Principal amount	125,000
Contingent performance bonus	3,675
Contract liabilities			803	1,500
Tax surcharges amount	6,089		326	906
Total value-added taxes	57,593		4,293	6,668
Fair value of contingent consideration	22,267
Cash and cash equivalents			153,915
Restricted cash	¥ 327,932
Operated segments	3	3
Advertising costs	¥ 12,797		3,733	3,970
Government grants	¥ 2,653		¥ 1,682	¥ 4,528
Opening retained earnings					¥ 93
Recognition of allowance for credit losses					¥ 93
Debt Securities Embedded Features [Member]
Summary of Significant Accounting Policies [Line Items]
Fixed return rate	6.00%	6.00%
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Percenatge of expected credit loss	0.01%	0.01%
Lease terms	2 years
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Percenatge of expected credit loss	100.00%	100.00%
Lease terms	7 years
US [Member]
Summary of Significant Accounting Policies [Line Items]
Exchange rate	1,000
RMB [Member]
Summary of Significant Accounting Policies [Line Items]
Exchange rate	7,267.2000

Employee Benefit Plans (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Employee Benefit Plans [Abstract]
Employee contribute and accrued amount	¥ 72,551	¥ 16,092	¥ 20,806

Capital Structure

12 Months Ended

Jun. 30, 2024

Capital Structure [Abstract]

Capital Structure

(18)

Capital Structure

Shares Structure

On March 13, 2014, the Company held an extraordinary general meeting and obtained requisite shareholders’ approval to adopt a dual-class share structure. Under this structure, the authorized share capital was amended into 2,000,000,000 Ordinary Shares of a nominal or par value of US$0.001 each to US$2,000,000 divided into (1) 1,950,000,000 Ordinary Shares of a nominal or par value of US$0.001 each and (2) 50,000,000 Preference Shares of a nominal or par value of US$0.001 each, and each holder of the Preference Shares shall have twenty (20) votes for each Preference Share. As of June 30, 2024, no preference shares were outstanding, while 370,551,728 ordinary shares and 1,995,810 redeemable ordinary shares were outstanding.

Issuance of new shares

As disclosed in Note 3(a), the Company issued 284,113,314 ordinary shares to the shareholders of AIX to acquire 50.10% equity interests of AIX in December 2023.

As disclosed in Note 17, the Company issued 1,995,810 ordinary shares to New Dragon Group (Far East) Limited in exchange for US$6,253,538 (approximately RMB44,968) investment in the Company in February 2024, which were classified as mezzanine equity.

Repurchase of ordinary shares

As disclosed in Note 1, in December 2023, the Company repurchased an aggregate of 4,033,600 ordinary shares from AIX, representing 1% of the total shares outstanding as of June 30, 2024. Concurrently, the Group entered into a share transfer agreement with AIX, pursuant to which AIX, through its wholly-owned subsidiary in China, to acquire 15.41% of the equity interests in Fanhua Puyi Fund Sales Co., Ltd. (“Puyi Fund”), a wholly-owned subsidiary of the Group, for a consideration consisting of the share repurchase price and a cash consideration of approximately RMB10,463.

The Group accounts for repurchased ordinary shares under the par value method and includes such treasury stock as a component of the shareholders’ equity.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Schedule I—Condensed Financial Information of the Company (Details) ¥ in Thousands	Jun. 30, 2024 CNY (¥)
Schedule I—Condensed Financial Information of the Company [Abstract]
Restricted capital	¥ 1,901,745

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Schedule of Accounts Receivable and Contract Assets

Accounts receivable and contract assets, net is analyzed as follows:

	As of June 30,
	2023			2024
	RMB			RMB
Accounts receivable		44,493			276,104
Contract assets (See Note 2(r))		-			1,050,124
Allowance for doubtful accounts		(6,892	)		(3,196	)
Accounts receivable and contract assets, net		37,601			1,323,032

Schedule of Allowance for Expected Credit Losses

The following table summarizes the movement of the Group’s allowance for expected credit losses of accounts receivable and contract assets:

	2023		2024
	RMB		RMB
Balance at the beginning of the year		6,892		6,892
Current period provision of expected credit losses		-		3,196
Write-offs		-		(6,892	)
Balance at the end of the year		6,892		3,196

Schedule of Estimated Useful Lives of Property, Plant and Equipment

	Estimated useful life (Years)	Estimated residual value
Building	20-36	0%
Office equipment, furniture and fixtures	3-5	0%-3%
Motor vehicles	3-10	0%-3%
Leasehold improvements	Shorter of the remaining lease terms and estimated useful lives	0%

Schedule of Depreciation Expense

	2022		2023		2024
	RMB		RMB		RMB
Operating costs		-		-		392
Selling expenses		3,166		3,026		2,036
General and administrative expenses		2,437		519		5,940
Depreciation expense		5,603		3,545		8,368

Schedule of Estimated Useful Lives of Intangible Assets

The estimated useful lives for the Group’s intangible assets are as follows:

		Estimated useful life (Years)
Software and operating system		3
Non-compete agreements		5.8 - 6
Agent resources		2.8 - 3
Insurance brokerage licenses		20
Trade names		5

Schedule of Disaggregation of Revenue

The following tables show, by timing of revenue recognition, revenue from contracts with customers disaggregated by service lines for the years ended June 30, 2022, 2023 and 2024:

	Year Ended June 30, 2022
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Wealth management and others		97,719		91,022		188,741
Total net revenues		97,719		91,022		188,741

	Year Ended June 30, 2023
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Wealth management and others		51,358		63,082		114,440
Total net revenues		51,358		63,082		114,440

	Year Ended June 30, 2024
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Agency		890,453		9,793		900,246
Life insurance business		827,803		-		827,803
Non-life insurance business		62,650		9,793		72,443
Claims adjusting		222,114		-		222,114
Wealth management and others		22,787		40,179		62,966
Total net revenues		1,135,354		49,972		1,185,326

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Fair Value Measurements
at Reporting Date Using

Description

As of
June 30,
2023

Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investments - debt security

Investments - equity security recorded within other current assets

Contingent consideration

			Fair Value Measurements at Reporting Date Using
Description	As of June 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments - debt security		580,231		-		580,231		-
Investments – equity security recorded within other current assets		13,776		13,776		-		-
Contingent consideration		22,267		-		-		22,267

Schedule of Impact from the adoption of ASU 2016-13

The impact from the adoption of ASU 2016-13 is summarized as follows:

	June 30, 2023			Transition Adjustments			July 1, 2023
	RMB			RMB			RMB
Accounts receivable, net		37,601			-			37,601
Other receivable, net		22,554			(75	)		22,479
Other non-current asset		22			(18	)		4
Total assets		264,543			(93	)		264,450
Retained earnings		(31,498	)		(93	)		(31,591	)

Schedule of Effect of the Revisions on the Affected Line Items within the Consolidated Balance Sheets

	June 30, 2023
	As reported		Adjustment			As corrected
Current assets:
Restricted cash		8,258		(8,258	)		-
Other current assets		5,112		1,268			6,380
Total current assets		237,995		(6,990	)		231,005
Total assets		271,533		(6,990	)		264,543
Current liabilities:
Investors’ deposit		8,258		(8,258	)		-
Other payables and accrued expenses		1,498		1,268			2,766
Total current liabilities		31,066		(6,990	)		24,076
Total liabilities		54,499		(6,990	)		47,509
Total equity		217,034		-			217,034

Schedule of Effect of the Revisions on the Affected Line Items within the Consolidated Statements of Operations and Comprehensive Loss

	Year Ended June 30, 2022									Year Ended June 30, 2023
	As reported			Adjustment			As corrected			As reported			Adjustment			As corrected
Operating costs and expenses:
Cost of sales		(33,834	)		(21,224	)		(55,058	)		(16,136	)		(4,149	)		(20,285	)
Selling expenses		(126,743	)		21,224			(105,519	)		(64,709	)		4,149			(60,560	)
Total operating costs and expenses		(262,844	)		-			(262,844	)		(173,244	)		-			(173,244	)
Loss from operations		(74,103	)		-			(74,103	)		(58,804	)		-			(58,804	)
Net loss and net loss attributable to shareholders		(60,667	)		-			(60,667	)		(43,577	)		-			(43,577	)

Schedule of Effect of the Revisions on the Affected Line Items within the Consolidated Statements of Cash Flows

The following table summarizes the effect of the revisions on the affected line items within the consolidated statements of cash flows related to funds it held temporarily for the investors:

	Year Ended June 30, 2022									Year Ended June 30, 2023
	As reported			Adjustment			As corrected			As reported			Adjustment			As corrected
Cash flows from operating activities:
Change in investors’ deposit		46,607			(46,607	)		-			(110,538	)		110,538			-
Net cash used in operating activities		(9,548	)		(46,607	)		(56,155	)		(135,901	)		110,538			(25,363	)
Net decrease in cash and cash equivalents, and restricted cash		(20,144	)		(46,607	)		(66,751	)		(140,887	)		110,538			(30,349	)
Cash and cash equivalents, and restricted cash at beginning of year		332,782			(72,189	)		260,593			313,055			(118,796	)		194,259
Cash and cash equivalents, and restricted cash at end of year		313,055			(118,796	)		194,259			172,728			(8,258	)		164,470

Leases (Details) - Schedule of Supplemental Cash Flow Information Related to Leases - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	¥ 37,415	¥ 7,059
Supplemental noncash information:
Right-of-use assets obtained in exchange for lease obligations net of decrease in right-of-use assets for early determinations	¥ 9,666	¥ (8,008)

Acquisition and Disposal (Tables)

12 Months Ended

Jun. 30, 2024

Acquisition and Disposal [Abstract]

Schedule of Fair Value of the Purchase Price

The following is a summary of the fair value of the purchase price and the final allocation of the purchase price to the assets acquired and liabilities assumed:

	RMB
Consideration transferred		1,341,422
Add: Non-controlling interest		1,336,190
Total fair value of purchase price		2,677,612

Schedule of Assets Acquired and Liabilities Assumed

Assets acquired	RMB
Cash and cash equivalents and restricted cash		601,925
Short term investments		928,270
Accounts receivable and contract assets		1,350,421
Other receivables and current assets		231,853
Property, plant, and equipment, net		91,659
Intangible asset (Note 2(h) and Note 9)		468,832
- Software		91,178
- Non-compete agreements		8,175
- Agent resources		137,944
- Insurance broker licenses		89,071
- Trade names		142,464
Deferred tax assets		40,735
Other non-current assets		235,752
Right of use asset		136,056
Total assets acquired		4,085,503

Liabilities Assumed
Short-term loan		164,300
Accounts payables and accrued commissions		806,770
Other payable and accrued expenses		183,187
Accrued payroll		93,697
Income tax payable		100,260
Operating lease liabilities		128,475
Deferred tax liabilities		251,780
Other liabilities		82,686
Total liabilities assumed		1,811,155
Total identifiable net assets acquired		2,274,348
Less: Non-controlling interest of certain subsidiaries of AIX		(266,255	)
Goodwill		669,519

Schedule of Unaudited Pro Forma Information

It is based on historical information and does not purport to represent the actual results that may have occurred had the Group consummated the acquisitions on July 1, 2022, nor is it necessarily indicative of future results of operations of the consolidated enterprises:

	Year Ended June 30,
	2023		2024
	RMB		RMB
Total net revenues		3,452,208		2,419,634
Income (loss) from operations		116,065		(453,560	)
Net income (loss)		131,771		(397,718	)
Net income (loss) attributable to the Company’s shareholders		11,784		(250,192	)

Income Taxes (Details) - Schedule of Movements of Unrecognized Tax Benefits - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Schedule of Movements of Unrecognized Tax Benefits [Abstract]
Balance as of beginning	¥ 13,760	¥ 13,500	¥ 12,100
Increase in unrecognized tax benefits	1,883	260	1,400
Decrease in tax positions	(4,646)
Balance as of ending	45,365	¥ 13,760	¥ 13,500
Increase due to acquisition of AIX	¥ 34,368

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (512,071)	$ (70,463)	¥ (43,577)	¥ (60,667)
Adjustments to reconcile net loss to net cash generated from operating activities:
Depreciation expense	8,368	1,151	3,545	5,603
Amortization of intangible assets	50,837	6,995	848	832
Non-cash operating lease expense	37,091	5,104	8,753	13,636
Loss on termination of operating lease	1,031	142
Provision for allowance for credit losses on financial assets	6,821	939
Impairment loss on goodwill	426,410	58,676
Share-based compensation expenses	23,335	3,211
Loss on disposal of property, plant and equipment	1,293	178	2,951
Change in fair value of equity investments and contingent consideration	73,761	10,150
Provision (reversal) on uncertain tax liability	(2,763)	(380)	260	1,400
Investment income	(5,779)	(795)	177
Net gain on disposal of subsidiaries	(329)	(45)	(13,737)
Share of loss of affiliates	1,121	154
Deferred taxes	9,298	1,279	15,625	3,775
Interest accrued for other receivables and loan receivables	(10,924)	(1,503)		697
Changes in operating assets and liabilities:
Accounts receivable and contract assets	67,368	9,270	21,905	(4,353)
Other receivables and current assets	8,793	1,210	5,354	5,335
Other non-current assets	19,900	2,738
Accounts payable and accrued commissions	(61,592)	(8,475)	(5,376)	(631)
Other payables and accrued expenses	(38,109)	(5,244)	(6,336)	(2,674)
Other current liabilities	(4,439)	(611)	(6,293)	(6,547)
Income taxes payable	(5,236)	(720)	(1,779)	(5)
Lease liability	(36,451)	(5,016)	(7,683)	(12,556)
Net cash (used in) generated from operating activities	57,734	7,945	(25,363)	(56,155)
Cash flows from investing activities:
Purchase of short term investments	(1,745,980)	(240,255)		(5,000)
Proceeds from disposal of short term investments	2,088,111	287,334	4,823
Purchase of long-term investments
Purchase of property, plant and equipment	(4,305)	(593)	(881)	(4,741)
Proceeds from disposal of property and equipment	470	65
Cash paid out for loan receivables from third parties	(838,800)	(115,423)	(110,000)	(130,000)
Cash received for loan receivables from third parties	145,500	20,021	110,000	130,000
Prepaid for intangible assets			(20)	(508)
Purchase of intangible assets			(977)	(347)
Proceeds from disposal of subsidiaries, net of cash disposed	(12,761)	(1,756)	(7,931)
Cash acquired on non-cash acquisitions	601,925	82,828
Net cash (used in) generated from investing activities	234,160	32,221	(4,986)	(10,596)
Cash flows from financing activities:
Proceeds of issuance of ordinary shares upon private placement	44,968	6,188
Proceeds from bank borrowings	98,377	13,538
Repayment of bank borrowings and other borrowings	(164,300)	(22,608)
Dividend distributed to noncontrolling interest	(29,500)	(4,059)
Repurchase of ordinary shares from open market	(10,028)	(1,380)
Acquisition of non-controlling interests in subsidiaries	(26,358)	(3,627)
Net cash used in financing activities	(86,841)	(11,948)
Net (decrease) increase in cash and cash equivalents, and restricted cash	205,053	28,218	(30,349)	(66,751)
Cash and cash equivalents and restricted cash at beginning of year	164,470	22,632	194,259	260,593
Effect of exchange rate changes on cash and cash equivalents	873	118	560	417
Cash and cash equivalents and restricted cash at the end of the year	370,396	50,968	164,470	194,259
Reconciliation in amounts on the consolidated balance sheets:
Cash and cash equivalents at the end of the year	295,693	40,689	164,470	194,259
Restricted cash at the end of the year	74,703	10,279
Cash and cash equivalents and restricted cash at the end of the year	370,396	50,968	164,470	194,259
Supplemental disclosure of cash flow information:
Income taxes paid	5,236	720	4	5
Interests paid	960	132
Supplemental disclosure of non-cash investing activities:
Right-of-use assets obtained in exchange for lease obligations, net of decrease of right-of-use assets for early terminations	9,666	1,330	8,008	16,690
Acquisition of subsidiaries through issuing ordinary shares	¥ 2,341,942	$ 322,262

Acquisition and Disposal (Details) - Schedule of Assets Acquired and Liabilities Assumed ¥ in Thousands	Jun. 30, 2024 CNY (¥)
Acquisition and Disposal (Details) - Schedule of Assets Acquired and Liabilities Assumed [Line Items]
Cash and cash equivalents and restricted cash	¥ 601,925
Short term investments	928,270
Accounts receivable and contract assets	1,350,421
Other receivables and current assets	231,853
Property, plant, and equipment, net	91,659
Intangible asset	468,832
Deferred tax assets	40,735
Other non-current assets	235,752
Right of use asset	136,056
Total assets acquired	4,085,503
Liabilities Assumed
Short-term loan	164,300
Accounts payables and accrued commissions	806,770
Other payable and accrued expenses	183,187
Accrued payroll	93,697
Income tax payable	100,260
Operating lease liabilities	128,475
Deferred tax liabilities	251,780
Other liabilities	82,686
Total liabilities assumed	1,811,155
Total identifiable net assets acquired	2,274,348
Less: Non-controlling interest of certain subsidiaries of AIX	(266,255)
Goodwill	669,519
Software [Member]
Acquisition and Disposal (Details) - Schedule of Assets Acquired and Liabilities Assumed [Line Items]
Intangible asset	91,178
Non-compete agreements [Member]
Acquisition and Disposal (Details) - Schedule of Assets Acquired and Liabilities Assumed [Line Items]
Intangible asset	8,175
Agent resources [Member]
Acquisition and Disposal (Details) - Schedule of Assets Acquired and Liabilities Assumed [Line Items]
Intangible asset	137,944
Insurance broker licenses [Member]
Acquisition and Disposal (Details) - Schedule of Assets Acquired and Liabilities Assumed [Line Items]
Intangible asset	89,071
Trade names [Member]
Acquisition and Disposal (Details) - Schedule of Assets Acquired and Liabilities Assumed [Line Items]
Intangible asset	¥ 142,464

Summary of Significant Accounting Policies (Details) - Schedule of Depreciation Expense ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Schedule of Depreciation Expense [Abstract]
Operating costs	¥ 392
Selling expenses	2,036		3,026	3,166
General and administrative expenses	5,940		519	2,437
Depreciation expense	¥ 8,368	$ 1,151	¥ 3,545	¥ 5,603

Short-Term Loan (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Short-Term Loan (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2024	Mar. 05, 2024
Short Term Debt [Line Items]
Annual interest rate, percentage	3.50%
Interest income	¥ 926
Revolving Credit Facility [Member]
Short Term Debt [Line Items]
Outstanding balance	¥ 164,300
Repaid borrowings bore a fixed interest rate	3.50%
Total line of credit	¥ 200,000
Line of Credit [Member]
Short Term Debt [Line Items]
Credit facility draw down amount		¥ 98,375
Unused line of credit for the short-term loan	¥ 101,625

Schedule I—Condensed Financial Information of the Company (Details) - Schedule of Balance Sheets (Parentheticals) - Subsidiaries [Member] - ¥ / shares	Jun. 30, 2024	Jun. 30, 2023
Schedule of Balance Sheets [Line Items]
Ordinary shares, shares authorized	1,950,000,000	1,950,000,000
Ordinary shares, shares issued	90,472,014	376,581,138
Ordinary shares, shares outstanding	90,472,014	376,581,138
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share)	¥ 0.001	¥ 0.001

Other Receivables, Net (Details) - Schedule of Other Receivables, Net
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2024

CNY (¥)

Jun. 30, 2023

CNY (¥)

Jun. 30, 2024

USD ($)

Jul. 01, 2023

CNY (¥)

Schedule of Other Receivables, Net [Abstract]

Receivables from staff

^[1]

¥ 16,221

Receivables from a third party channel vendor

^[2]

706

Deposits related to short-term leases

14,571

2,554

Consideration receivable from disposal of a subsidiary

20,000

Amount receivable from a third party

6,397

Other

1,614

Sub-total

39,509

22,554

Allowance for current expected credit losses

Balance at the beginning of the year

Cumulative-effect adjustment upon adoption of ASU 2016-13

(75)

Current period provision for expected credit losses

(615)

Balance at the end of the year

(690)

Other receivables, net

¥ 38,819

¥ 22,554

$ 5,342

¥ 22,479

[1]

Amounts represented advances to staff or entrepreneurial agents of the Group for daily business operations, which are unsecured, interest-free and repayable on demand.

[2]

- Definition

Amount receivable from a third party.

+ References + Details

- Definition

Receivables from a third party channel vendor.

+ References + Details

Summary of Significant Accounting Policies (Details) - Schedule of Effect of the Revisions on the Affected Line Items within the Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
As reported [Member]
Cash flows from operating activities:
Change in investors’ deposit	$ (110,538)	$ 46,607
Net cash used in operating activities	(135,901)	(9,548)
Net decrease in cash and cash equivalents, and restricted cash	(140,887)	(20,144)
Cash and cash equivalents and restricted cash at beginning of year	313,055	332,782
Cash and cash equivalents and restricted cash at the end of the year	172,728	313,055
Adjustment [Member]
Cash flows from operating activities:
Change in investors’ deposit	110,538	(46,607)
Net cash used in operating activities	110,538	(46,607)
Net decrease in cash and cash equivalents, and restricted cash	110,538	(46,607)
Cash and cash equivalents and restricted cash at beginning of year	(118,796)	(72,189)
Cash and cash equivalents and restricted cash at the end of the year	(8,258)	(118,796)
As corrected [Member]
Cash flows from operating activities:
Change in investors’ deposit
Net cash used in operating activities	(25,363)	(56,155)
Net decrease in cash and cash equivalents, and restricted cash	(30,349)	(66,751)
Cash and cash equivalents and restricted cash at beginning of year	194,259	260,593
Cash and cash equivalents and restricted cash at the end of the year	$ 164,470	$ 194,259

Other Non-Current Assets, Net (Details) - Schedule of Other Non-Current Assets
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2024

CNY (¥)

Jun. 30, 2023

CNY (¥)

Jun. 30, 2024

USD ($)

Jul. 01, 2023

CNY (¥)

Schedule of Other Non-Current Assets [Abstract]

Equity investments without readily determinable fair value

¥ 11,401

Instrument in debt securities with embedded features

123,227

Amount due from a third party

^[1]

29,985

Contingent considerations

^[2]

22,267

Receivables from certain shareholders as guarantee deposit due to business combinations

33,373

Others

5,128

Sub-total

225,381

Balance at the beginning of the year

Cumulative-effect adjustment upon adoption of ASU 2016-13

(18)

Provision

(9)

Balance at the end of the year

(27)

Other non-current assets, net

¥ 225,354

¥ 22

$ 31,010

¥ 4

[1]

[2]

Intangible Assets, Net (Details) - Schedule of Intangible Assets Net - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Intangible Assets Net [Abstract]
Software and operating system	¥ 96,001	¥ 4,823
Non-compete agreements	8,175
Agent resources	137,944
Insurance brokerage licenses	89,071
Trade names	142,464
Sub-total	473,655	4,823
Disposal	(2,218)
Intangible assets gross	471,437	4,823
Accumulated amortization	(53,870)	(3,032)
Intangible assets net	¥ 417,567	¥ 1,791

Goodwill, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Goodwill, Net (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Goodwill, Net [Abstract]
Impairment loss on goodwill	¥ 426,410	$ 58,676

Related-Party Balances and Transactions (Details) ¥ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 22, 2023 CNY (¥)
Related-party Balances and Transactions [Line Items]
Account receivable		¥ 37,601		¥ 1,323,032
Selling expense			¥ 1,243
Equity interests percentage						15.41%
Cash						¥ 10,463
Puyi Enterprise Management Consulting Co., Ltd [Member]
Related-party Balances and Transactions [Line Items]
Other revenues derived from the provided service	¥ 3,704	14,651	10,864
Account receivable			¥ 2,895
Related Party [Member]
Related-party Balances and Transactions [Line Items]
Due to related payable		¥ 292
AIX [Member]
Related-party Balances and Transactions [Line Items]
Repurchase equity interests percentage						4.46%
Fanhua Puyi Fund Sales Co., Ltd. [Member]
Related-party Balances and Transactions [Line Items]
Subsidiary rate						4.46%

Share-Based Compensation (Details) - Schedule of Total Outstanding Options	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Schedule of Share Options Outstanding and Activity [Abstract]
Number of options, Outstanding \| shares
Weighted average exercise price, Outstanding \| $ / shares
Weighted average remaining contractual life, Outstanding
Aggregate Intrinsic Value, Outstanding \| $
Number of options, Addition due to acquisition of AIX \| shares	4,000,000
Weighted average exercise price, Addition due to acquisition of AIX \| $ / shares	$ 0.2305
Weighted average remaining contractual life, Addition due to acquisition of AIX	4 years 8 months 8 days
Aggregate Intrinsic Value , Addition due to acquisition of AIX \| $
Number of options, Outstanding \| shares	4,000,000
Weighted average exercise price , Outstanding \| $ / shares	$ 0.2305
Weighted average remaining contractual life, Outstanding	4 years 8 months 8 days
Aggregate Intrinsic Value , Outstanding \| $

Mezzanine Equity

12 Months Ended

Jun. 30, 2024

Mezzanine Equity [Abstarct]

Mezzanine Equity

(17)

Mezzanine Equity

On February 6, 2024, the Company issued 1,995,810 ordinary shares to New Dragon Group (Far East) Limited (“New Dragon” or the “Holder”) in exchange for US$6,253,538 (approximately RMB44,968) investment in the Company. In 30 days following the expiration of lock-up period of four years, both the Holder and the Company have the option to request to repurchase the shares at 1.2 times of the purchase price paid by New Dragon. The ordinary shares issued to New Dragon features the investor’s put right that is considered to be outside of the Company’s control and subject to the Holder’s option and the occurrence of uncertain future events such as the future trend of the stock price of the Company.

The Group accounted for these redeemable ordinary shares in accordance with ASC 480 “Distinguishing Liabilities from Equity” and recorded such ordinary shares in mezzanine equity between total liabilities and equity, as temporary equity in the Company’s consolidated balance sheets.

Given the redemption of these redeemable ordinary shares are subject to the option of the Holder after the lock-up period, the Group subsequently assessed that it is probable that these redeemable ordinary shares will become currently redeemable, and the Group elects to consistently using interest method to accrete changes in the redemption value to the redemption amount over the period from the date of issuance which is the same date that it becomes probable that these shares will become redeemable to the expiration date of the lock-up period. The subsequent increase in the carrying amount of these redeemable ordinary shares is treated as a dividend to the Holder.

As disclosed in in Note 19, the Group considered the shares of redeemable ordinary shares that are legally issued and outstanding as outstanding in the calculation of the weighted-average number of ordinary shares outstanding since such shares represent ordinary shares in both legal form and substance.

Acquisition and Disposal (Details) - Schedule of Unaudited Pro Forma Information - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Unaudited Pro Forma Information [Abstract]
Total net revenues	¥ 2,419,634	¥ 3,452,208
Income (loss) from operations	(453,560)	116,065
Net income (loss)	(397,718)	131,771
Net income (loss) attributable to the Company’s shareholders	¥ (250,192)	¥ 11,784

Loan Receivables, Net (Details) - Schedule of Loan Receivables, Net
¥ in Thousands

12 Months Ended

Jun. 30, 2024

CNY (¥)

Schedule of Loan Receivables, Net [Line Items]

Sub-total

¥ 783,550

Allowance for current expected credit losses:

Balance at the beginning of the year

Cumulative-effect adjustment upon adoption of ASU 2016-13

Current period provision for expected credit losses

(9,499)

Balance at the end of the year

(9,499)

Loan receivables, net

774,051

Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) [Member]

Schedule of Loan Receivables, Net [Line Items]

Sub-total

97,984

^[1]

Loan receivables from a third-party company [Member]

Schedule of Loan Receivables, Net [Line Items]

Sub-total

685,287

^[2]

Interest receivable from a third-party [Member]

Schedule of Loan Receivables, Net [Line Items]

Sub-total

¥ 279

[1]

[2]

- Details

Name:	us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=hph_LoanReceivablesFromAThirdpartyCompanyMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

- Details

Name:	us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=hph_InterestReceivableFromAThirdpartyMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

Leases

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

(11)

Leases

The Group’s lease for office space include only fixed rental payments with no variable lease payment terms. As of June 30, 2023 and 2024, there were no leases that have not yet commenced.

The following represents the aggregate ROU assets and related lease liabilities as of June 30, 2023 and 2024:

	As of June 30,
	2023		2024
	RMB		RMB
Operating lease ROU assets		13,607		122,239
Current operating lease liability		4,793		54,233
Non-current operating lease liability		9,673		62,954
Total operating lease liabilities		14,466		117,187

The weighted average lease term and discount rate as of June 30, 2023 and 2024 were as follows:

	As of June 30,
	2023			2024
Weighted average lease term in years:
Operating leases		3.25			2.74
Weighted average discount rate:
Operating leases		4.75	%		3.72	%

The components of lease expenses for the years ended June 30, 2023 and 2024 were as follows:

	As of June 30,
	2023		2024
	RMB		RMB
Operating lease expense		8,107		39,006
Short term lease expense		2,403		2,421
Total		10,510		41,427

Supplemental cash flow information related to leases for the years ended June 30, 2023 and 2024 were as follows:

	As of June 30,
	2023			2024
	RMB			RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		7,059			37,415
Supplemental noncash information:
Right-of-use assets obtained in exchange for lease obligations net of decrease in right-of-use assets for early determinations		(8,008	)		9,666

The following table provides maturities of lease liabilities at June 30, 2024:

	Minimum Lease Payment
	RMB
Year ending June 30:
2025		57,681
2026		40,243
2027		16,478
2028		5,087
2029		2,190
Thereafter		1,593
Total remaining undiscounted lease payments		123,272
Less: Interest		6,085
Total present value of lease liabilities		117,187
Less: Current operating lease liability		54,233
Non-current operating lease liability		62,954

Related-Party Balances and Transactions

12 Months Ended

Jun. 30, 2024

Related-Party Balances and Transactions

(21)

Related-party Balances and Transactions

The principal related-party balances as of June 30, 2023 and 2024, and transactions for the years ended June 30, 2022, 2023 and 2024 are as follows:

(i)

On December 28, 2020, Puyi Enterprise Management Consulting Co., Ltd (“Puyi Consulting”), one wholly-owned subsidiary of the Company entered into a framework strategic partnership agreement, or, the “Agreement”, with AIX. Pursuant to the Agreement, both parties, on the basis of full compliance with relevant regulatory and legal requirements will share customer and channel resources and explore collaboration opportunities on the provision of value-added asset management services to Chinese households, by leveraging both parties’ respective strength in insurance and financial services. On March 7, 2022, Puyi Consulting entered into a supplementary agreement with AIX. For the years ended June 30, 2022 and 2023 and the period from July 1, 2023 to December 31, 2023, Puyi Consulting recorded other revenues derived from the provided consulting services of RMB10,864, RMB14,651 and RMB3,704, respectively from AIX and the balance of amounts due from related party as of June 30, 2022 and 2023 and December 31, 2023 was RMB2,895, nil and nil, respectively.

(ii)

In 2022, AIX provided referral service to one of our wholly-owned subsidiaries. The Group recorded an amount RMB1,243 as selling expense for the year ended June 30, 2022. The balance of amount due to related payable was RMB292 which was fully settled in 2023.

(iii)

As disclosed in Note 1, the Company entered into a share repurchase agreement with AIX on December 22, 2023, pursuant to which the Company agreed to repurchase all of the 4.46% equity interests. Concurrently, a wholly-owned subsidiary of the AIX entered into a share transfer agreement with the Company to acquire 15.41% equity interests in Fanhua Puyi Fund Sales Co., Ltd. (“Puyi Fund”), a wholly-owned subsidiary of the Company, at an aggregate consideration including a transfer price for the aforementioned 4.46% equity interests and cash of RMB10,463.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
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-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Operations and Comprehensive Loss ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 CNY (¥) ¥ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 CNY (¥) ¥ / shares shares	Jun. 30, 2022 CNY (¥) ¥ / shares shares
Net revenues:
Total net revenues	¥ 1,185,326	$ 163,104	¥ 114,440	¥ 188,741
Operating costs and expenses:
Total operating costs	(715,611)	(98,471)	(20,285)	(55,058)
Selling expenses	(127,936)	(17,604)	(60,560)	(105,519)
General and administrative expenses	(376,132)	(51,757)	(92,399)	(102,267)
Total operating costs and expenses	(1,219,679)	(167,832)	(173,244)	(262,844)
Impairment loss on goodwill	(426,410)	(58,676)
Loss from operations	(460,763)	(63,404)	(58,804)	(74,103)
Other income (loss), net:
Net loss from fair value change	(73,761)	(10,150)
Investment income related to the realized gain on available-for-sale investments	22,382	3,080	13,561
Interest income, net	16,619	2,287	8,591	7,474
Others, net	(2,482)	(341)	1,660	5,037
Loss before income taxes and share of loss of affiliates	(498,005)	(68,528)	(34,992)	(61,592)
Income tax benefit (expense)	(12,945)	(1,781)	(8,585)	925
Share of loss of affiliates	(1,121)	(154)
Net loss	(512,071)	(70,463)	(43,577)	(60,667)
Less: net loss attributable to the noncontrolling interests	(222,401)	(30,603)
Net loss attributable to owners of the Company	(289,670)	(39,860)	(43,577)	(60,667)
Distributed earnings:
Accretion of redeemable ordinary shares	(826)	(114)
Net loss attributable to ordinary shareholders of the Company	¥ (290,496)	$ (39,974)	¥ (43,577)	¥ (60,667)
Net loss per share attributable to ordinary shareholders of the Company:
Basic (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (1.244)	$ (0.171)	¥ (0.482)	¥ (0.671)
Diluted: (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (1.262)	$ (0.174)	¥ (0.482)	¥ (0.671)
Shares used in calculating net income per share:
Basic: (in Shares)	232,761,359	232,761,359	90,472,014	90,472,014
Diluted (in Shares)	232,761,359	232,761,359	90,472,014	90,472,014
Net loss	¥ (512,071)	$ (70,463)	¥ (43,577)	¥ (60,667)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	583	80	560	417
Unrealized net loss on available-for-sale investments	(3,043)	(419)
Total comprehensive loss	(514,531)	(70,802)	(43,017)	(60,250)
Less: Comprehensive loss attributable to the noncontrolling interests	(222,401)	(30,603)
Comprehensive loss attributable to ordinary shareholders the Company	(292,130)	(40,199)	(43,017)	(60,250)
Agency
Net revenues:
Total net revenues	900,246	123,877
Operating costs and expenses:
Total operating costs	(551,247)	(75,854)
Life insurance business
Net revenues:
Total net revenues	827,803	113,909
Operating costs and expenses:
Total operating costs	(504,866)	(69,472)
Non-life insurance business
Net revenues:
Total net revenues	72,443	9,968
Operating costs and expenses:
Total operating costs	(46,381)	(6,382)
Claims adjusting
Net revenues:
Total net revenues	222,114	30,564
Operating costs and expenses:
Total operating costs	(147,333)	(20,274)
Wealth management and others
Net revenues:
Total net revenues	62,966	8,663	114,440	188,741
Operating costs and expenses:
Total operating costs	¥ (17,031)	$ (2,343)	¥ (20,285)	¥ (55,058)

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2)

Summary of Significant Accounting Policies

(a)

Basis of Presentation and Consolidation

(b)

Use of Estimates

(c)

Cash and Cash Equivalents and Restricted Cash

(d)

Short Term Investments

No impairment loss on short term investments was identified for years ended June 30, 2022, 2023 and 2024, respectively.

(e)

Accounts Receivable and Contract Assets, net

Accounts receivable and contract assets, net is analyzed as follows:

	As of June 30,
	2023			2024
	RMB			RMB
Accounts receivable		44,493			276,104
Contract assets (See Note 2(r))		-			1,050,124
Allowance for doubtful accounts		(6,892	)		(3,196	)
Accounts receivable and contract assets, net		37,601			1,323,032

The following table summarizes the movement of the Group’s allowance for expected credit losses of accounts receivable and contract assets:

	2023		2024
	RMB		RMB
Balance at the beginning of the year		6,892		6,892
Current period provision of expected credit losses		-		3,196
Write-offs		-		(6,892	)
Balance at the end of the year		6,892		3,196

(f)

Property, Plant and Equipment

	Estimated useful life (Years)	Estimated residual value
Building	20-36	0%
Office equipment, furniture and fixtures	3-5	0%-3%
Motor vehicles	3-10	0%-3%
Leasehold improvements	Shorter of the remaining lease terms and estimated useful lives	0%

	2022		2023		2024
	RMB		RMB		RMB
Operating costs		-		-		392
Selling expenses		3,166		3,026		2,036
General and administrative expenses		2,437		519		5,940
Depreciation expense		5,603		3,545		8,368

(g)

Business combinations and non-controlling interests

(h)

Goodwill and Other Intangible Assets

Goodwill

Intangible Assets

The estimated useful lives for the Group’s intangible assets are as follows:

		Estimated useful life (Years)
Software and operating system		3
Non-compete agreements		5.8 - 6
Agent resources		2.8 - 3
Insurance brokerage licenses		20
Trade names		5

(i)

Investments in Affiliates

The Group uses the equity method of accounting for investments in which the Group has the ability to exercise significant influence, but does not have a controlling interest.

(j)

Long-term Investments

Equity securities without readily determinable fair value

Investment in debt securities with embedded features

(k)

Impairment of Long-Lived Assets

(l)

Insurance Premium Payables

Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates.

(m) Redeemable ordinary shares

(n)

Treasury Shares

(o)

Income Taxes

(p)

Share-based Compensation

Employee share-based compensation

Nonemployee share-based compensation

(q)

Employee Benefit Plans

(r)

Revenue Recognition

The following is a description of the accounting policy for the principal revenue streams of the Group.

Insurance agency services revenue

Initial placement of an insurance policy

Renewals of a life insurance policy

Insurance claims adjusting services revenue

Wealth management service revenue

Disaggregation of revenue

The following tables show, by timing of revenue recognition, revenue from contracts with customers disaggregated by service lines for the years ended June 30, 2022, 2023 and 2024:

	Year Ended June 30, 2022
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Wealth management and others		97,719		91,022		188,741
Total net revenues		97,719		91,022		188,741

	Year Ended June 30, 2023
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Wealth management and others		51,358		63,082		114,440
Total net revenues		51,358		63,082		114,440

	Year Ended June 30, 2024
	Point in Time		Over Time		Total
	RMB		RMB		RMB
Agency		890,453		9,793		900,246
Life insurance business		827,803		-		827,803
Non-life insurance business		62,650		9,793		72,443
Claims adjusting		222,114		-		222,114
Wealth management and others		22,787		40,179		62,966
Total net revenues		1,135,354		49,972		1,185,326

Contract balances

Practical expedients and exemptions

Contract liability

Value-added tax and surcharges

Total value-added taxes paid by the Group during the years ended June 30, 2022, 2023 and 2024 amounted to RMB6,668, RMB4,293 and RMB57,593 respectively.

(s)

Fair Value of Financial Instruments

Level 1

Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 3

Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying amounts of the long-term receivables and payables approximate their fair value as the interest rates are comparable to the prevailing interest rates in the market.

Measured at fair value on a recurring basis

Fair Value Measurements
at Reporting Date Using

Description

As of
June 30,
2023

Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investments - debt security

Investments - equity security recorded within other current assets

Contingent consideration

			Fair Value Measurements at Reporting Date Using
Description	As of June 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments - debt security		580,231		-		580,231		-
Investments – equity security recorded within other current assets		13,776		13,776		-		-
Contingent consideration		22,267		-		-		22,267

The Group measures its equity investments with readily determinable fair value at its quoted price in active markets. There were no transfers into or out of Level 1 and Level 2 as of June 30, 2024.

Measured at fair value on a non-recurring basis

(t)

Foreign Currencies

(u)

Foreign Currency Risk

(v)

Translation into USD

(w)

Segment Reporting

Substantially all revenues of the Group are derived in the PRC and all long-lived assets are located in the PRC.

(x)

Earnings per Share (“EPS”) or ADS

(y)

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs amounted to RMB3,970, RMB3,733 and RMB12,797 for the years ended June 30, 2022, 2023 and 2024, respectively.

(z)

Leases

In addition, the Group does not have any related-party leases or sublease transactions.

(aa)

Accumulated Other Comprehensive Loss

The Group presents comprehensive loss in the consolidated statements of operations and comprehensive loss with net loss in a continuous statement.

Accumulated other comprehensive loss mainly represents foreign currency translation adjustments and changes in fair value of available-for-sale debt securities for the period.

(ab)

Government grants

(ac)

Recently accounting pronouncements

Recently Adopted Accounting Pronouncements

The impact from the adoption of ASU 2016-13 is summarized as follows:

	June 30, 2023			Transition Adjustments			July 1, 2023
	RMB			RMB			RMB
Accounts receivable, net		37,601			-			37,601
Other receivable, net		22,554			(75	)		22,479
Other non-current asset		22			(18	)		4
Total assets		264,543			(93	)		264,450
Retained earnings		(31,498	)		(93	)		(31,591	)

Recently Adopted Accounting Pronouncements issued not yet adopted

(ad) Revision to Previously Issued Financial Statements

	June 30, 2023
	As reported		Adjustment			As corrected
Current assets:
Restricted cash		8,258		(8,258	)		-
Other current assets		5,112		1,268			6,380
Total current assets		237,995		(6,990	)		231,005
Total assets		271,533		(6,990	)		264,543
Current liabilities:
Investors’ deposit		8,258		(8,258	)		-
Other payables and accrued expenses		1,498		1,268			2,766
Total current liabilities		31,066		(6,990	)		24,076
Total liabilities		54,499		(6,990	)		47,509
Total equity		217,034		-			217,034

	Year Ended June 30, 2022									Year Ended June 30, 2023
	As reported			Adjustment			As corrected			As reported			Adjustment			As corrected
Operating costs and expenses:
Cost of sales		(33,834	)		(21,224	)		(55,058	)		(16,136	)		(4,149	)		(20,285	)
Selling expenses		(126,743	)		21,224			(105,519	)		(64,709	)		4,149			(60,560	)
Total operating costs and expenses		(262,844	)		-			(262,844	)		(173,244	)		-			(173,244	)
Loss from operations		(74,103	)		-			(74,103	)		(58,804	)		-			(58,804	)
Net loss and net loss attributable to shareholders		(60,667	)		-			(60,667	)		(43,577	)		-			(43,577	)

The following table summarizes the effect of the revisions on the affected line items within the consolidated statements of cash flows related to funds it held temporarily for the investors:

	Year Ended June 30, 2022									Year Ended June 30, 2023
	As reported			Adjustment			As corrected			As reported			Adjustment			As corrected
Cash flows from operating activities:
Change in investors’ deposit		46,607			(46,607	)		-			(110,538	)		110,538			-
Net cash used in operating activities		(9,548	)		(46,607	)		(56,155	)		(135,901	)		110,538			(25,363	)
Net decrease in cash and cash equivalents, and restricted cash		(20,144	)		(46,607	)		(66,751	)		(140,887	)		110,538			(30,349	)
Cash and cash equivalents, and restricted cash at beginning of year		332,782			(72,189	)		260,593			313,055			(118,796	)		194,259
Cash and cash equivalents, and restricted cash at end of year		313,055			(118,796	)		194,259			172,728			(8,258	)		164,470

Intangible Assets, Net

12 Months Ended

Jun. 30, 2024

Intangible Assets, Net [Abstract]

Intangible assets, net

(9)

Intangible assets, net

Intangible assets, net, are comprised of the following:

	As of June 30,
	2023			2024
	RMB			RMB
Software and operating system		4,823			96,001
Non-compete agreements		-			8,175
Agent resources		-			137,944
Insurance brokerage licenses		-			89,071
Trade names		-			142,464
Sub-total		4,823			473,655
Disposal		-			(2,218	)
		4,823			471,437
Accumulated amortization		(3,032	)		(53,870	)
		1,791			417,567

As disclosed in in Note 3(a), the recognized intangible assets including software, non-compete agreements, agent resources, insurance brokerage license and trade names amounting to RMB468,832 in the aggregate were acquired through a business combination transaction on December 31, 2023 and were individually measured at their respective fair values as of the acquisition date. In 2024, the Group disposed an insurance brokerage license amounting to RMB2,218 owned by a majority-owned subsidiary in Hong Kong which was deconsolidated as the Group has lost its control over the subsidiary starting from April 1, 2024 (see details in Note 2(i)).

Amortization expenses for intangible assets recognized for the years ended June 30, 2022, 2023 and 2024 were RMB832, RMB848 and RMB50,837, respectively. Amortization expenses are expected to be at RMB100,447, RMB99,322, RMB74,963, RMB51,972 and RMB28,175 for the years ending June 30, 2025, 2026, 2027, 2028 and 2029, respectively.

There were no impairment charges for intangible assets recorded for the years ended June 30, 2022, 2023 and 2024.

Acquisition and Disposal

12 Months Ended

Jun. 30, 2024

Acquisition and Disposal [Abstract]

Acquisition and disposal

(3)

Acquisition and disposal

(a)

Acquisition in 2024

Acquisition of AIX

As disclosed in Note 1, upon the completion of the Transaction through Exchange of Equity Interests on December 31, 2023, the Company acquired 50.10% of AIX’s equity interests through issuing an aggregate of 284,113,314 ordinary shares in exchange for an aggregate of 568,226,628 ordinary shares of AIX beneficially owned by the Selling Shareholders of AIX. Although AIX is larger in size, and the Selling Shareholders of AIX holds more than 50% equity interest in the Group after the Transaction, none of the individual Selling Shareholders of AIX holds controlling financial interests in the Group, and nor do they act-in-concert. Management considered all factors and determined that, the Company obtained control of AIX and was therefore considered the accounting acquirer in this business combination transaction (see details in Note 1). The total purchase price consisted of stock.

The acquisition of AIX was accounted for using the acquisition method, and the purchase price allocation was made based on the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the identifiable intangible assets acquired were determined using various valuation techniques, including cost approach and income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections for AIX and the discount rate applied to those cash flows. Identifiable intangible assets with finite lives are amortized over their useful lives. The carrying value of the other tangible assets acquired and liabilities assumed approximate their fair value. The excess of the consideration transferred and the fair value of any non-controlling interests over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. The Fair value of the non-controlling interest was estimated with reference to the price per share as of the acquisition date.

The following is a summary of the fair value of the purchase price and the final allocation of the purchase price to the assets acquired and liabilities assumed:

	RMB
Consideration transferred		1,341,422
Add: Non-controlling interest		1,336,190
Total fair value of purchase price		2,677,612

Assets acquired	RMB
Cash and cash equivalents and restricted cash		601,925
Short term investments		928,270
Accounts receivable and contract assets		1,350,421
Other receivables and current assets		231,853
Property, plant, and equipment, net		91,659
Intangible asset (Note 2(h) and Note 9)		468,832
- Software		91,178
- Non-compete agreements		8,175
- Agent resources		137,944
- Insurance broker licenses		89,071
- Trade names		142,464
Deferred tax assets		40,735
Other non-current assets		235,752
Right of use asset		136,056
Total assets acquired		4,085,503

Liabilities Assumed
Short-term loan		164,300
Accounts payables and accrued commissions		806,770
Other payable and accrued expenses		183,187
Accrued payroll		93,697
Income tax payable		100,260
Operating lease liabilities		128,475
Deferred tax liabilities		251,780
Other liabilities		82,686
Total liabilities assumed		1,811,155
Total identifiable net assets acquired		2,274,348
Less: Non-controlling interest of certain subsidiaries of AIX		(266,255	)
Goodwill		669,519

The Group had only one reporting unit (i.e., wealth management) prior to the acquisition of AIX and two additional reporting units including insurance agency and claims adjusting were identified due to the acquisition of AIX as of the acquisition date. The reporting unit of wealth management is not expected to benefit from the synergies associated with the acquisition of AIX. As a result, goodwill recorded in the acquisition is assigned to the applicable reporting units of insurance agency and claims adjusting to which the assets and liabilities of AIX are assigned. The resulted goodwill is not expected to be tax deductible for tax purposes.

Acquisition-related costs for AIX were approximately RMB1,369. These were expensed as incurred and are included in general and administrative expenses within the consolidated statement of operations and comprehensive loss.

The result of operation of aforementioned acquisition has been consolidated by the Group from December 31, 2023. Revenues and net income of AIX in the amount of RMB1,123,177 and RMB2,230, respectively, were included in the Group’s consolidated statement of operations and comprehensive loss since the acquisition date.

Pro forma financial information

The following is the pro forma information as if the business acquisition occurred on July 1, 2022. For the business acquisition depreciation and amortization have been included in the calculation of the pro forma information provided below, based on the results of purchase price allocation. Depreciation is computed on the straight-line method over the estimated remaining economic lives of the assets, ranging from three to thirty-six years. Amortization is computed on the straight-line method over the estimated useful lives of the assets ranging from three to twenty years.

This pro forma information is presented for information purposes only. It is based on historical information and does not purport to represent the actual results that may have occurred had the Group consummated the acquisitions on July 1, 2022, nor is it necessarily indicative of future results of operations of the consolidated enterprises:

	Year Ended June 30,
	2023		2024
	RMB		RMB
Total net revenues		3,452,208		2,419,634
Income (loss) from operations		116,065		(453,560	)
Net income (loss)		131,771		(397,718	)
Net income (loss) attributable to the Company’s shareholders		11,784		(250,192	)

(b)

Disposal in 2023

In March 2023, the Group disposed of 100% equity interest in Shenzhen Puyi Zhongxiang Information Technology Co., Ltd. to a third party for a total consideration of RMB20,000, which has been settled as of June 30, 2024. The Group recognized a gain of RMB13,737 on disposal of this subsidiary, which was determined based on the excess of the sales consideration over the net book value of the subsidiary at the time of disposal.

Variable Interest Entities (“VIEs”) (Details)	12 Months Ended
Variable Interest Entities (“VIEs”) (Details)	Jun. 30, 2024
Variable Interest Entities (“VIEs”) (Details) [Line Items]
Percentage of net revenues	10.02%
Percentage of assets	9.92%
Puyi Bohui [Member]
Variable Interest Entities (“VIEs”) (Details) [Line Items]
Equity interests	0.96%
Xinbao Investment [Member]
Variable Interest Entities (“VIEs”) (Details) [Line Items]
Equity interests	49.00%