AIFU Inc.

AIFU Inc. distributes insurance products through contracts with insurance company partners. These contracts define AIFU Inc.'s authority, product pricing, and fee rates. The contracts typically have a one-year term and can sometimes be terminated by insurance companies with short notice. Renewal of these contracts may involve changes to material terms, including commission and fee amounts, which could impact AIFU Inc.'s revenues. For the year ended December 31, 2025, AIFU Inc.'s top five insurance company partners by net revenues were Sinatay Life Insurance Co., Ltd. (Sinatay), Aeon Life Insurance Co., Ltd. (Aeon), Ruizhong Life Insurance Co., Ltd. (Ruizhong), Aviva-COFCO Life insurance Co., Ltd. (Aviva-COFCO), and Greatwall Life Insurance Co., Ltd (Greatwall). Sinatay accounted for 13.5% of AIFU Inc.'s total net revenues, excluding estimated renewal commissions, in 2025. A substantial portion of AIFU Inc.'s insurance product sales are conducted through its individual sales agents. AIFU Inc. actively recruits entrepreneurial agents, who are typically able to assemble and lead sales teams. These entrepreneurial agents have been important to the development of AIFU Inc.'s life insurance business. As of December 31, 2025, AIFU Inc. had 42,170 registered sales agents.