$YB

Yuanbao Inc.

CIK:0001995520|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Revenues	¥ 4,373,153	¥ 3,284,525	¥ 2,045,152
Operating costs and expenses:
Operations and support	(167,458)	(166,331)	(137,962)
Selling and marketing expenses	(2,217,159)	(1,789,908)	(1,461,773)
General and administrative expenses	(286,843)	(238,639)	(141,531)
Research and development expenses	(365,113)	(231,041)	(128,528)
Total operating costs and expenses	(3,036,573)	(2,425,919)	(1,869,794)
Other income:
Interest income	22,092	24,310	19,697
Exchange gains/(losses)	(4,246)	320	860
Investment income	45,197	6,423	628
Others, net	9,088	1,755	8,934
Income before income taxes	1,408,711	891,414	205,477
Income tax expenses	(101,171)	(25,568)	(291)
Net income from continuing operations	1,307,540	865,846	205,186
Net loss from discontinued operations			(2,069)
Net income	1,307,540	865,846	203,117
Accretion to preferred shares redemption value	700,795	(429,931)	(536,059)
Net (loss)/income attributable to Yuanbao Inc.'s ordinary shareholders	2,008,335	435,915	(332,942)
Net (loss)/income from continuing operations attributable to Yuanbao Inc.'s ordinary shareholders	2,008,335	435,915	(330,873)
Net loss from discontinued operations attributable to Yuanbao Inc.'s ordinary shareholders			(2,069)
Other comprehensive income/(loss):
Foreign currency translation adjustments	(9,300)	3,326	3,495
Total comprehensive income	1,298,240	869,172	206,612
Accretion to preferred shares redemption value	700,795	(429,931)	(536,059)
Comprehensive (loss)/income attributable to Yuanbao Inc.'s ordinary shareholders	¥ 1,999,035	¥ 439,241	¥ (329,447)
Net (loss)/income attributable to the Yuanbao Inc.'s ordinary shareholders per share, basic
- from continuing operations	¥ 9.29	¥ 4.34	¥ (4.68)
- from discontinued operations			(0.03)
Net (loss)/income attributable to the Yuanbao Inc.'s ordinary shareholders per share, diluted
- from continuing operations	¥ 4.57	¥ 3.19	(4.68)
- from discontinued operations			¥ (0.03)
Weighted average number of ordinary shares
Basic	216,250,148	100,343,557	70,710,325
Diluted	285,902,414	271,314,436	70,710,325

CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	¥ 1,307,540	¥ 865,846	¥ 203,117
Net loss from discontinued operations			(2,069)
Net income from continuing operations	1,307,540	865,846	205,186
Adjustments to reconcile net income to net cash used in operating activities:
Expected credit losses	(1,003)	3,887	827
Share-based compensation	74,319	64,017	37,110
Amortization of right-of-use assets	13,336	11,849	12,630
Other depreciation and amortization	4,339	3,099	3,508
Deferred income tax	97,127	24,740	22
Fair value change of financial instruments	(45,197)	(1,544)	(288)
Others, net	(1,931)	(1,003)	(2,234)
Changes in operating assets and liabilities:
Accounts receivable, net	(179,268)	(16,169)	(20,369)
Prepayments and other current assets	34,895	(43,661)	(7,178)
Amount due from related parties		2,814	(4,597)
Amount due to related parties		(33,191)	33,191
Accounts payable	6,702	(6,400)	7,362
Lease liabilities	(13,805)	(12,223)	(16,407)
Contract liabilities	(54,108)	50,173	21,039
Salary and welfare payable	69,349	83,220	31,748
Taxes payable	(8,107)	41,901	2,249
Other non-current assets	(179)		(3,423)
Accrued expenses and other current liabilities	191,129	170,246	126,231
Net cash provided by continuing operating activities	1,495,138	1,207,601	426,607
Net cash provided by discontinued operating activities			15,365
Net cash provided by operating activities	1,495,138	1,207,601	441,972
Cash flows from investing activities:
Cash paid to acquire property and equipment and intangible assets	(19,040)	(3,341)	(4,644)
Cash paid on short-term investments and time deposits	(10,383,987)	(3,896,231)	(1,000,898)
Cash prepaid for assets acquisition	(6,900)
Cash paid for loans to staff			(14,677)
Cash received from disposal of short-term investments	7,359,462	2,247,320	10,191
Cash received from maturity of time deposits	327,370	1,494,619	996,472
Cash received from disposal of property and equipment	216	63
Net cash used in continuing investing activities	(2,722,879)	(157,570)	(13,556)
Net cash used in discontinued investing activities			(31,699)
Net cash used in investing activities	(2,722,879)	(157,570)	(45,255)
Cash flows from financing activities:
Proceeds from exercise of share options	26		18,046
Proceeds from initial public offering, net of offering costs	204,880
Cash paid for initial public offering costs	(8,062)	(9,113)
Net cash provided by/(used in) financing activities	196,844	(9,113)	18,046
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash	(4,797)	4,846	6,588
Net increase/(decrease) in cash and cash equivalents and restricted cash	(1,035,694)	1,045,764	421,351
Cash and cash equivalents and restricted cash at beginning of the year	1,919,674	873,910	452,559
Cash and cash equivalents and restricted cash at end of the year	883,980	1,919,674	873,910
Supplemental disclosure of cash flow information:
Cash paid for income tax	657	596	2,001
Supplemental schedule of non-cash investing and financing activities:
Accretion to preferred shares redemption value	(700,795)	¥ 429,931	¥ 536,059
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon IPO	¥ 2,720,087

CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	¥ 860,455	¥ 1,904,674
Time deposits	273,416	80,000
Restricted cash	23,525	15,000
Short-term investments	2,829,462	336,217
Accounts receivable, net (allowance for credit losses: as of December 31, 2024: RMB2,894; as of December 31, 2025: RMB1,706)	441,414	260,958
Prepayments and other current assets, net	29,768	75,964
Total current assets	4,458,040	2,672,813
Non-current assets:
Property and equipment, net	13,784	4,896
Intangible assets, net	64,553	58,049
Long-term bank deposits	52,492
Right-of-use assets	8,566	19,335
Deferred tax assets, net	33,337	6,936
Other non-current assets, net	24,796	17,611
Total non-current assets	197,528	106,827
TOTAL ASSETS	4,655,568	2,779,640
Current liabilities
Accounts payable	17,378	10,676
Contract liabilities	63,541	117,649
Salary and welfare payable	230,039	160,690
Taxes payable	43,275	51,359
Current lease liabilities	7,077	13,447
Accrued expenses and other current liabilities	777,416	586,990
Total current liabilities	1,138,726	940,811
Non-current liabilities
Non-current lease liabilities	846	5,714
Deferred tax liabilities, net	169,701	46,030
Total non-current liabilities	170,547	51,744
TOTAL LIABILITIES	1,309,273	992,555
Commitments and contingencies (Note 16)
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY		3,420,882
SHAREHOLDERS' (DEFICIT)/EQUITY:
Ordinary shares		71
Additional paid-in capital	3,179,602	198,664
Accumulated deficit	(72,851)	(1,932,128)
Statutory reserves	230,033	80,975
Accumulated other comprehensive income	9,321	18,621
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY:	3,346,295	(1,633,797)
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY	4,655,568	2,779,640
Series Seed convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY		692,051
Series Angel convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY		495,921
Series B convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY		1,028,888
Series C1 convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY		851,362
Series C2 convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY		¥ 352,660
Class A ordinary shares
SHAREHOLDERS' (DEFICIT)/EQUITY:
Ordinary shares	135
Class B ordinary shares
SHAREHOLDERS' (DEFICIT)/EQUITY:
Ordinary shares	¥ 55