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Yuanbao Inc.

In its 2026 annual report (Form 20-F) the company says: “Yuanbao Inc. is an exempted company with limited liability incorporated in the Cayman Islands in December 2019.”4 It is headquartered in Beijing, China.1 Its shares trade on Nasdaq under the symbol YB.1

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Last updated Oct 21, 2026.

Overview

4.4BRevenue, fiscal 20252
1.3BNet income, fiscal 20252

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  • TickerYB on Nasdaq1
  • IndustryInsurance Agents, Brokers & Service1
  • HeadquartersBeijing, China1
  • Incorporated inCayman Islands3
  • Business addressBuilding 2, No.8 Beichen West Road, Chaoyang District, Beijing, F4 1001013
  • Filer categoryNon-accelerated filer, Emerging growth company3

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Yuanbao Inc. is an exempted company with limited liability incorporated in the Cayman Islands in December 2019.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CNY, the currency the company reports in.

Key numbers, fiscal 2025

29.9%Net margin2
33.1%Revenue growth, 20252
39.1%Return on equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Marketing And Related Analytical Services brought in 57% of the revenue Yuanbao Inc. broke down this way in fiscal 2025.

  1. Marketing And Related Analytical Services2.5B CNY257%up 17% from 2024
  2. Medical Insurance1.0B CNY223%up 31% from 2024
  3. Post Sale Support Services409.0M CNY29%up 643% from 2024
  4. Critical Illness Insurance397.5M CNY29%up 55% from 2024
  5. Short-Duration Insurance, Other24.6M CNY21%down 21% from 2024
  6. Life Insurance And Other Long-Term Insurance5.9M CNY20%down 65% from 2024
  7. Long-Term Insurance5.9M CNY20%down 65% from 2024
  8. Other System Services1.4M CNY20%up 332% from 2024
Products and services by year
Products and services202320242025
Marketing And Related Analytical Services1.3B CNY2.1B CNY2.5B CNY
Medical Insurance504.2M CNY776.4M CNY1.0B CNY
Post Sale Support Services59.8M CNY55.0M CNY409.0M CNY
Critical Illness Insurance164.3M CNY256.4M CNY397.5M CNY
Short-Duration Insurance, Other13.5M CNY31.2M CNY24.6M CNY
Life Insurance And Other Long-Term Insurance29.9M CNY17.2M CNY5.9M CNY
Long-Term Insurance29.9M CNY17.2M CNY5.9M CNY
Other System Services4.5M CNY317.0K CNY1.4M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue4¢167.5M CNY
  • Research and development8¢365.1M CNY
  • Other costs56¢2.4B CNY
  • Income tax2¢101.2M CNY
  • Profit30¢1.3B CNY

Out of 4.4B CNY in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢1.5B CNY

Out of 1.5B CNY of cash from operations.2

Financial statements

Revenue24.4B CNY in 2025+114% since 2023
02.0B CNY4.0B CNY6.0B CNY2023: 2.0B CNY2.0B CNY20232024: 3.3B CNY3.3B CNY2024+61%2025: 4.4B CNY4.4B CNY2025+33%
Net income21.3B CNY in 2025+544% since 2023
0500.0M CNY1.0B CNY1.5B CNY2023: 203.1M CNY203.1M CNY20232024: 865.8M CNY865.8M CNY2024+326%2025: 1.3B CNY1.3B CNY2025+51%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenues4.4B CNY3.3B CNY2.0B CNY
Operations and support-167.5M CNY-166.3M CNY-138.0M CNY
Selling and marketing expenses-2.2B CNY-1.8B CNY-1.5B CNY
General and administrative expenses-286.8M CNY-238.6M CNY-141.5M CNY
Research and development expenses-365.1M CNY-231.0M CNY-128.5M CNY
Total operating costs and expenses-3.0B CNY-2.4B CNY-1.9B CNY
Interest income22.1M CNY24.3M CNY19.7M CNY
Exchange gains/(losses)-4.2M CNY320.0K CNY860.0K CNY
Investment income45.2M CNY6.4M CNY628.0K CNY
Others, net9.1M CNY1.8M CNY8.9M CNY
Income before income taxes1.4B CNY891.4M CNY205.5M CNY
Income tax expenses-101.2M CNY-25.6M CNY-291.0K CNY
Net income from continuing operations1.3B CNY865.8M CNY205.2M CNY
Net loss from discontinued operations-2.1M CNY
Net income1.3B CNY865.8M CNY203.1M CNY
Accretion to preferred shares redemption value700.8M CNY-429.9M CNY-536.1M CNY
Net (loss)/income attributable to Yuanbao Inc.'s ordinary shareholders2.0B CNY435.9M CNY-332.9M CNY
Net (loss)/income from continuing operations attributable to Yuanbao Inc.'s ordinary shareholders2.0B CNY435.9M CNY-330.9M CNY
Net loss from discontinued operations attributable to Yuanbao Inc.'s ordinary shareholders-2.1M CNY
Foreign currency translation adjustments-9.3M CNY3.3M CNY3.5M CNY
Total comprehensive income1.3B CNY869.2M CNY206.6M CNY
Accretion to preferred shares redemption value700.8M CNY-429.9M CNY-536.1M CNY
Comprehensive (loss)/income attributable to Yuanbao Inc.'s ordinary shareholders2.0B CNY439.2M CNY-329.4M CNY
- from continuing operations9 CNY4 CNY-5 CNY
- from discontinued operations-0 CNY
- from continuing operations5 CNY3 CNY-5 CNY
- from discontinued operations-0 CNY
Basic216.3M shares100.3M shares70.7M shares
Diluted285.9M shares271.3M shares70.7M shares

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Corporate structure

Yuanbao Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Yuanbao Inc.

  • Yuanbao Inc. Beijing, China

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Yuanbao Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net13.8M CNY2 Dec 31, 20254.9M CNY2 Dec 31, 2024+181.5%
Operating-lease assets (leased space)8.6M CNY2 Dec 31, 202519.3M CNY2 Dec 31, 2024−55.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents860.5M CNY2 Dec 31, 20251.9B CNY2 Dec 31, 2024−54.8%
Marketable securities, current2.8B CNY2 Dec 31, 2025336.2M CNY2 Dec 31, 2024+741.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)64.6M CNY2 Dec 31, 202558.0M CNY2 Dec 31, 2024+11.2%
Indefinite-lived intangibles (excluding goodwill)59.1M CNY2 Dec 31, 202557.3M CNY2 Dec 31, 2024+3.0%
Finite-lived intangibles, gross6.8M CNY2 Dec 31, 20251.8M CNY2 Dec 31, 2024+268.2%
Accumulated amortization1.3M CNY2 Dec 31, 20251.1M CNY2 Dec 31, 2024+14.8%

Leadership

Who has led Yuanbao Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Rui Fang2026–now

Chief financial officer

  1. Hui Rui Wan2026–now

Chief operating officer

  1. Ying Dana Li2026–now
Board members and other officers (7)

Timeline

  1. Mar 18, 2026New chief executive Rui Fang becomes CEO5

Calendar

Coming up

  1. Dec 2, 2026Reports results for the quarter ending Sep/202612

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

92 filings to the SEC since October 2021: 1 annual reports, 27 insider forms, 11 large holders, 53 other. The latest 20:

  1. Sep 25, 20264/A OWNERSHIP DOCUMENT EDGAR
  2. Sep 25, 20264/A OWNERSHIP DOCUMENT EDGAR
  3. Sep 25, 20264/A OWNERSHIP DOCUMENT EDGAR
  4. Sep 25, 20264/A OWNERSHIP DOCUMENT EDGAR
  5. Sep 25, 20264/A OWNERSHIP DOCUMENT EDGAR
  6. Sep 25, 20264/A OWNERSHIP DOCUMENT EDGAR
  7. Sep 25, 20264/A OWNERSHIP DOCUMENT EDGAR
  8. Sep 18, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Sep 18, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Sep 18, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Sep 18, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Sep 18, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Sep 18, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Sep 18, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Sep 10, 2026144 EDGAR
  16. Sep 10, 20266-K EDGAR
  17. Aug 11, 2026SCHEDULE 13G/A EDGAR
  18. Jun 29, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jun 10, 20266-K EDGAR
  20. May 28, 20264 OWNERSHIP DOCUMENT EDGAR

The 92 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Susquehanna International Group, Llp3,035,308$46.3M0.0%No change
Franchise GP Ltd1,214,593$18.5M8.6%+680,756
Lighthouse Investment Partners, LLC153,224$2.3M0.1%+60,666
Point72 Asset Management, L.P.104,705$1.6M0.0%−10,795
Barclays PLC62,322$949.8K0.0%+2,858
Morgan Stanley39,990$609.4K0.0%−1,708
Millennium Management LLC35,321$538.3K0.0%New
Citadel Advisors LLC19,235$293.1K0.0%New
Jpmorgan Chase & Co19,309$288.9K0.0%−4,727
XTX Topco Ltd13,688$208.6K0.0%New
Jane Street Group, LLC13,285$202.5K0.0%New
Marshall Wace, Llp10,913$166.3K0.0%New
Ramsey Quantitative Systems10,489$159.9K0.1%New
UBS Group AG7,512$114.5K0.0%−12,595
Royal Bank Of Canada5,913$90.0K0.0%+1,834
National Bank Of Canada /fi/3,000$45.3K0.0%No change
Rhumbline Advisers386$5.9K0.0%No change
WealthCollab, LLC164$2.5K0.0%No change
Quarry LP135$2.1K0.0%New
Nisa Investment Advisors, LLC33$5030.0%+1
Caitong International Asset Management Co., Ltd3$460.0%New
Osaic Holdings, Inc.2$300.0%−152
Persistent Asset Partners Ltd0$00.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Yuanbao Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARYuanbao Inc.1
  • CIK0001995520
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6411 Insurance Agents, Brokers & Service1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business addressBuilding 2, No.8 Beichen West Road, Chaoyang District, Beijing, F4 1001011
  • Phone86-10-6484-99011
  • Shares outstanding194,348,706 Common Class A shares; 82,132,500 Common Class B shares as of Dec 31, 20254
  • AuditorPricewaterhouseCoopers Zhong Tian LLP, Beijing, the People’s Republic of China PCAOB ID 1424; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceNov 22, 20231
  • Filings92 in all: 3 (10), 4 (10), 144 (7), 4/A (7), CORRESP (7), UPLOAD (7), 6-K (6), SCHEDULE 13G (6)1
    All 23 form types

    DRS/A (5), DRSLTR (5), SCHEDULE 13G/A (5), F-1/A (4), EFFECT (2), SEC STAFF LETTER (2), 20-F (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-6 (1), F-6/A (1), S-8 (1)

  • Latest filingsAnnual report (20-F) Apr 30, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each representing six Class A ordinary shares, par value US$0.0001 per shareYBNasdaq
Class A ordinary shares, par value US$0.0001 per share*

From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).4

Sources

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