AIFU Inc. - Class A Ordinary Share

AIFU historically derived strength from a large agent network and renewal commissions that can create modest switching costs.

As of June 30, 2025, management reported 360 sales outlets in 24 provinces, but the footprint was shrinking and the life insurance business faced commission pressure under the PRC policy to align reported and actual expenses. There are no meaningful network effects, and brand-based intangible advantages appear limited.

The cost structure is not a structural advantage versus peers. The pivot toward industrial AI has not yet established any proprietary data or platform effects that would constitute a durable moat.

Component view: Intangibles ~25/100, Switching Costs ~35/100 (renewals), Network Effects ~5/100, Cost Advantage ~10/100, Efficient Scale ~25/100. Weighted overall ~24.