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YB

Yuanbao Inc. American Depositary Shares

YB

Yuanbao Inc. American Depositary Shares • NASDAQ
$20.03 ▲ 0.50% (+0.10)
Market Cap $169.99 M
52w High $31.00
52w Low $14.04
Dividend Yield 0%
P/E 4.1
Volume 6.97K
Outstanding Shares 8.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $1.07B ▲ $731.294M ▲ $304.691M ▲ 28.478% ▼ $164.13 ▲ $297.732M ▲
Q1-2025 $970.056M ▲ $635.888M ▲ $295.102M ▲ 30.421% ▼ $42.11 ▼ $289.412M ▼
Q4-2024 $888.757M ▲ $556.972M ▼ $292.299M ▲ 32.889% ▲ $83.2 ▲ $293.077M ▲
Q3-2024 $866.776M ▲ $567.573M ▼ $244.839M ▲ 28.247% ▲ $-11.7 ▼ $258.299M ▲
Q2-2024 $854.456M $624.753M $195.857M 22.922% $14.16 $188.912M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $3.404B ▲ $3.905B ▲ $1.297B ▼ $2.608B ▲
Q1-2025 $2.752B ▲ $3.248B ▲ $4.549B ▲ $-1.3B ▲
Q4-2024 $2.321B ▲ $2.78B ▲ $4.413B ▲ $-1.634B ▲
Q3-2024 $2.042B ▲ $2.426B ▲ $4.281B ▲ $-1.855B ▲
Q2-2024 $1.702B $2.171B $4.101B $-1.93B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $292.299M ▲ $277.187M ▼ $-153.436M ▼ $-6.313M ▼ $125.096M ▼ $276.852M ▼
Q3-2024 $244.839M ▲ $348.838M ▲ $121.09M ▲ $-2.8M ▼ $464.354M ▲ $348.107M ▲
Q4-2023 $89.22M ▲ $161.53M ▲ $-11.328M ▼ $0 $168.296M ▲ $161.492M ▲
Q3-2023 $43.444M ▲ $17.711M ▼ $-2.43M ▼ $0 $24.4M ▼ $16.331M ▼
Q4-2022 $13.422M $68.226M $2.598M $0 $68.152M $67.832M

Five-Year Company Overview

Income Statement

Income Statement Yuanbao’s income statement shows a young business moving quickly from “experimental” to “commercial.” Revenue has climbed sharply year after year, and profitability has improved in step. The company has shifted from losses a few years ago to solid profits more recently, with operating and net margins that look strong for a distributor in financial services. The pattern suggests good operating leverage: as volume grows, a larger share drops to the bottom line. The main watchpoint is that such rapid improvement can be sensitive to changes in growth, regulation, or partner behavior, so investors should view current high profitability as promising but not yet deeply time‑tested.

Balance Sheet

Balance Sheet The balance sheet reflects an asset‑light, cash‑rich, low‑debt model, but with a notable quirk: persistent negative equity. Total assets and cash holdings have expanded meaningfully, while debt remains very small, which reduces traditional balance‑sheet risk and provides a liquidity cushion. At the same time, negative equity signals accumulated past losses or other accounting effects that still outweigh retained profits, even though this deficit has been narrowing. The trend is moving in the right direction, but the capital structure remains unusual and is worth understanding in detail, especially in the context of regulatory capital requirements for insurance‑related businesses in China.

Cash Flow

Cash Flow Cash flow is a clear strength. Operating cash flow has moved from negative to comfortably positive and has grown alongside earnings, suggesting that reported profits are largely supported by real cash generation. Because the business requires very little investment in physical assets, free cash flow closely tracks operating cash flow, reinforcing the picture of an efficient, asset‑light platform. This gives the company flexibility to fund technology, marketing, or potential expansion without relying heavily on borrowing, though it also means that sustaining performance depends more on maintaining deal flow and customer acquisition than on large, tangible investments.

Competitive Edge

Competitive Edge Yuanbao appears to hold a strong competitive position in China’s online insurance distribution market. It combines deep data capabilities with a broad network of insurance carrier partners and has achieved a leadership role in certain life and health segments. Its technology platform allows for highly targeted marketing and streamlined service, which can translate into better conversion and lower operating costs than traditional agency models. However, competition from other insurtech players, large internet platforms, and insurers’ own digital channels remains intense. In addition, the company operates within China’s evolving regulatory environment for insurance and data, which can influence its business model and growth path over time.

Innovation and R&D

Innovation and R&D Innovation is at the core of Yuanbao’s story. The company’s AI‑driven “consumer service cycle engine,” large library of models and data features, and use of advanced tools like large language models and speech‑emotion recognition all point to a heavy emphasis on automation and personalization. This technology focus underpins its efficiency and differentiation, especially in underwriting, claims handling, and targeted marketing. Management appears committed to increasing R&D investment to deepen these capabilities and extend them across more of the value chain, and even into new regions. The opportunity is to widen the technology gap versus rivals; the risk is that high R&D spending must keep translating into commercial gains, not just cutting‑edge but unused tools.

Summary

Overall, Yuanbao looks like a fast‑growing, technology‑driven insurance distributor that has successfully crossed the line from loss‑making startup to profitable operator. Revenue growth, rising margins, strong cash generation, and low debt all paint a positive operational picture, while negative equity and dependence on continued high growth and strong partnerships are the main financial and strategic flags to study. The company’s competitive edge is tied closely to its AI and data capabilities and its carrier relationships in China’s online insurance market. Going forward, the key questions are whether it can sustain high profitability as it scales, navigate regulatory and competitive pressures, and continue turning heavy investment in technology and innovation into durable, cash‑backed results.

NEWS

November 19, 2025 · 5:00 AM UTC

Yuanbao Inc. to Announce Third Quarter 2025 Financial Results on Wednesday, December 3, 2025

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