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Taxation - Significant Components of Deferred Taxes (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Advertising expenses	¥ 4,337	¥ 2,707
Accumulated losses carryforward	32,052	27,654
Operating lease liabilities	899	3,487
Book/tax basis differences in revenue	29,370	18,377
Others	9,279	4,417
Less: valuation allowance	(38,169)	(44,087)	¥ (57,347)
Deferred tax assets before offset	37,768	12,555
Offset by deferred tax liabilities	(4,431)	(5,619)
Net deferred tax assets	33,337	6,936
Deferred tax liabilities
Accrued interest and fair value change	2,672	460
Operating lease right-of-use assets	1,016	3,079
Book/tax basis differences in revenue	25,968	33,777
Acquired intangible assets	14,476	14,333
Withholding tax	130,000
Deferred tax liabilities before offset	174,132	51,649
Offset by deferred tax assets	(4,431)	(5,619)
Net deferred tax liabilities	¥ 169,701	¥ 46,030
Deduction limitation for advertising expense (as a percentage)	15.00%	15.00%

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Information

Schedule of selected financial information regularly reviewed to assess performance of the group


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenue		2,045,152		3,284,525		4,373,153
Less:
Marketing and promotional expenses		(1,424,629)		(1,743,121)		(2,158,833)
Labor cost - Selling and marketing expenses		(37,144)		(46,787)		(58,326)
Labor cost - Operations and support expenses		(77,887)		(93,551)		(110,920)
Labor cost - Research and development expenses		(121,868)		(219,013)		(334,194)
Labor cost - General and administrative expenses		(98,122)		(193,488)		(221,894)
Other segment items ⁽ⁱ⁾		(80,316)		(122,719)		(181,446)

Consolidated net income from continuing operations		205,186		865,846		1,307,540

(i)	Includes channel fee, cloud service and bandwidth costs, utility fees, and other expenses.

Schedule of key revenue streams


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Insurance distribution services		711,849		1,081,291		1,446,843
Short-term insurance		681,972		1,064,059		1,440,894
- Medical insurance		504,178		776,424		1,018,798
- Critical illness insurance		164,274		256,436		397,451
- Others		13,520		31,199		24,645
Long-term insurance		29,877		17,232		5,949
- Life insurance and others		29,877		17,232		5,949

System services ⁽ⁱ⁾		1,320,816		2,194,189		2,922,724
- Marketing and related analytics services		1,256,576		2,138,826		2,512,403
- Post-sale support services		59,766		55,046		408,953
- Other system services		4,474		317		1,368

Others		12,487		9,045		3,586
Total		2,045,152		3,284,525		4,373,153

(i)	Due to the expansion of system service offerings, system services are classified into three categories: marketing and related analytics services, post-sale support services and other system services. Prior period amounts have been reclassified to conform to the current period presentation.

Parent Company Only Condensed Financial Information - Balance Sheet (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 $ / shares	May 01, 2025 $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares
Current assets:
Cash and cash equivalents \| ¥	¥ 860,455			¥ 1,904,674		¥ 863,118
Prepayments and other current assets, net \| ¥	29,768			75,964
Total current assets \| ¥	4,458,040			2,672,813
Non-current assets:
Total non-current assets \| ¥	197,528			106,827
TOTAL ASSETS \| ¥	4,655,568			2,779,640
Current liabilities
Accrued expenses and other current liabilities \| ¥	777,416			586,990
Total current liabilities \| ¥	1,138,726			940,811
TOTAL LIABILITIES \| ¥	1,309,273			992,555
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				3,420,882		2,990,951	¥ 2,454,892
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		0
Accumulated other comprehensive income \| ¥	9,321			18,621
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY: \| ¥	3,346,295			(1,633,797)		¥ (2,137,385)	¥ (1,880,347)
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY \| ¥	¥ 4,655,568			¥ 2,779,640
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				151,086,581		151,086,581	151,086,581
Ordinary shares, par value (in dollars per share) \| $ / shares					$ 0.0001
Ordinary shares, shares authorized (in shares) \| shares			500,000,000	348,913,419
Ordinary shares, shares issued (in shares) \| shares				106,994,625
Ordinary shares, shares outstanding (in shares) \| shares				106,994,625
Series Seed convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 692,051		¥ 563,088	¥ 430,851
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		$ 0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				30,769,231
Convertible redeemable preferred shares, shares issued (in shares) \| shares				30,769,231
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				30,769,231		30,769,231	30,769,231
Series Angel convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 495,921		¥ 406,113	¥ 312,510
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				21,978,022
Convertible redeemable preferred shares, shares issued (in shares) \| shares				21,978,022
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				21,978,022		21,978,022	21,978,022
Series B convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 1,028,888		¥ 867,956	¥ 685,325
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				45,315,510
Convertible redeemable preferred shares, shares issued (in shares) \| shares				45,315,510
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				45,315,510		45,315,510	45,315,510
Series C1 convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 851,362		¥ 816,130	¥ 726,861
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				37,373,616
Convertible redeemable preferred shares, shares issued (in shares) \| shares				37,373,616
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				37,373,616		37,373,616	37,373,616
Series C2 convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 352,660		¥ 337,664	¥ 299,345
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				15,650,202
Convertible redeemable preferred shares, shares issued (in shares) \| shares				15,650,202
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				15,650,202		15,650,202	15,650,202
Class A ordinary shares
SHAREHOLDERS' (DEFICIT)/EQUITY:
Ordinary shares \| ¥	¥ 135
Ordinary shares, par value (in dollars per share) \| $ / shares		0.0001	$ 0.0001		0.0001
Ordinary shares, shares authorized (in shares) \| shares	300,000,000		300,000,000
Ordinary shares, shares issued (in shares) \| shares	194,348,706
Ordinary shares, shares outstanding (in shares) \| shares	194,348,706
Class B ordinary shares
SHAREHOLDERS' (DEFICIT)/EQUITY:
Ordinary shares \| ¥	¥ 55
Ordinary shares, par value (in dollars per share) \| $ / shares		0.0001	$ 0.0001		0.0001
Ordinary shares, shares authorized (in shares) \| shares	100,000,000		100,000,000
Ordinary shares, shares issued (in shares) \| shares	82,132,500
Ordinary shares, shares outstanding (in shares) \| shares	82,132,500
Parent company \| Reportable legal entity
Current assets:
Cash and cash equivalents \| ¥	¥ 175,993			¥ 274,478
Prepayments and other current assets, net \| ¥	451			11,556
Amounts due from subsidiaries \| ¥	310,097			18,101
Total current assets \| ¥	486,541			304,135
Non-current assets:
Investment in subsidiaries and the VIE \| ¥	2,971,039			1,571,061
Total non-current assets \| ¥	2,971,039			1,571,061
TOTAL ASSETS \| ¥	3,457,580			1,875,196
Current liabilities
Accrued expenses and other current liabilities \| ¥	5,780			16,227
Amounts due to subsidiaries \| ¥	105,505			71,884
Total current liabilities \| ¥	111,285			88,111
TOTAL LIABILITIES \| ¥	111,285			88,111
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 \| ¥	¥ 3,457,580			¥ 1,875,196
Ordinary shares, par value (in dollars per share) \| $ / shares					0.0001
Ordinary shares, shares authorized (in shares) \| shares				348,913,419
Ordinary shares, shares issued (in shares) \| shares				106,994,625
Ordinary shares, shares outstanding (in shares) \| shares				106,994,625
Parent company \| Reportable legal entity \| Series Seed convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 692,051
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				30,769,231
Convertible redeemable preferred shares, shares issued (in shares) \| shares				30,769,231
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				30,769,231
Parent company \| Reportable legal entity \| Series Angel convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 495,921
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				21,978,022
Convertible redeemable preferred shares, shares issued (in shares) \| shares				21,978,022
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				21,978,022
Parent company \| Reportable legal entity \| Series B convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 1,028,888
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				45,315,510
Convertible redeemable preferred shares, shares issued (in shares) \| shares				45,315,510
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				45,315,510
Parent company \| Reportable legal entity \| Series C1 convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 851,362
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				37,373,616
Convertible redeemable preferred shares, shares issued (in shares) \| shares				37,373,616
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				37,373,616
Parent company \| Reportable legal entity \| Series C2 convertible redeemable preferred shares
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY \| ¥				¥ 352,660
SHAREHOLDERS' (DEFICIT)/EQUITY:
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares) \| shares				15,650,202
Convertible redeemable preferred shares, shares issued (in shares) \| shares				15,650,202
Convertible redeemable preferred shares, shares outstanding (in shares) \| shares				15,650,202
Parent company \| Reportable legal entity \| Class A ordinary shares
SHAREHOLDERS' (DEFICIT)/EQUITY:
Ordinary shares \| ¥	¥ 135
Ordinary shares, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Ordinary shares, shares authorized (in shares) \| shares	300,000,000			0
Ordinary shares, shares issued (in shares) \| shares	194,348,706			0
Ordinary shares, shares outstanding (in shares) \| shares	194,348,706			0
Parent company \| Reportable legal entity \| Class B ordinary shares
SHAREHOLDERS' (DEFICIT)/EQUITY:
Ordinary shares \| ¥	¥ 55
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.0001			$ 0.0001
Ordinary shares, shares authorized (in shares) \| shares	100,000,000			0
Ordinary shares, shares issued (in shares) \| shares	82,132,500			0
Ordinary shares, shares outstanding (in shares) \| shares	82,132,500			0

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Significant Accounting Policies

Significant Accounting Policies

2.	Significant Accounting Policies

a)	Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Since June 2023, the knowledge sharing and related business has no longer been part of our business. The knowledge sharing and related business is presented as discontinued operations. The Group presents a disposal of a component or a group of components as discontinued operations when the disposal represents a strategic shift that has or will have a major effect on the Group’s operations and financial results. The financial information of discontinued operations is presented separately from continuing operations in the consolidated financial statements when applicable.

b)	Principles of consolidation

The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE and subsidiaries of the VIE for which the Company is the ultimate primary beneficiary.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of the board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the ultimate primary beneficiary of the entity.

All transactions and balances among the Company, its subsidiaries, the VIE and subsidiaries of the VIE have been eliminated upon consolidation.

c)	Use of estimates

The preparation of the Group’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Group’s financial statements include, but are not limited to, variable consideration of revenue recognition and valuation of ordinary shares, preferred shares and share-based compensation. Actual results could differ from such estimates.

d)	Functional currency and foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and Yuanbao HK is United States dollars (“US$”). The functional currency of the Group’s PRC entities is RMB and the functional currency of HK Insurance Brokers is Hong Kong dollars (“HK$”).

In the consolidated financial statements, the financial information of the Company and other entities located outside of the PRC have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, and expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income/ (loss) in the consolidated statements of operations and comprehensive income.

2.	Significant Accounting Policies (Continued)

d)	Functional currency and foreign currency translation (Continued)

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in foreign exchange gains or losses in the consolidated statements of operations and comprehensive income.

e)	Fair value measurements

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

●

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

●

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

●

Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

f)	Cash and cash equivalents

Cash and cash equivalents mainly represent bank deposits and short-term, highly liquid investments, with original maturities of less than three months that are readily convertible to known amounts of cash, and have insignificant risk of changes in value related to changes in interest rates.

Bank deposits with original maturities of three months or more are recorded as time deposits in the consolidated balance sheet.

g)	Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the consolidated balance sheets as restricted cash.

As of December 31, 2024, restricted cash of the Group was mainly guaranteed deposits required by National Administration of Financial Regulation (“NAFR”) amounted to RMB15.0 million. As of December 31, 2025, restricted cash of the Group was mainly guaranteed deposits required by NAFR amounted to RMB15.0 million and guaranteed deposit related to foreign exchange settlement contracts amounted to RMB 8.4 million.

2.	Significant Accounting Policies (Continued)

h)	Short-term investments

In accordance with ASC 825, for investments in financial instruments with a variable interest rate indexed to the performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive income. To estimate fair value, the Group refers to the quoted rate of return provided by financial institutions at the end of each period and classifies the valuation techniques that use these inputs as level 2 of fair value measurement. Since these investments’ maturity dates are within one year, they are classified as short-term investments, and the related changes in fair value are recorded as investment income. The Group recorded investment income from its short-term investments of RMB0.6 million, RMB6.4 million and RMB45.2 million in the consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2024 and 2025, respectively.

Short-term investments as of December 31, 2024 and 2025, consisted primarily of investments in financial products issued by banks.

i)	Expected credit losses of receivables

The Group’s accounts receivable and deposits, loans to staff (included in “other non-current assets”), amount due from related parties and others (included in “prepayments and other current assets”) are within the scope of Accounting Standards Codification (“ASC”) 326. To estimate current expected credit losses, the Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type, industry of the services the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Group’s customer collection trends. This is assessed at each quarter based on the Group’s specific facts and circumstances. The allowance for current expected credit losses and corresponding receivables were written off when they are determined to be uncollectible.

Accounts receivable is recorded at the invoiced amount and do not bear interest. The Group’s accounts receivable mainly consist of insurance distribution and services fees receivable from insurance institutions. For the years ended December 31, 2023, 2024 and 2025, the Group recognized a current expected credit loss provision of RMB0.1 million, RMB2.3 million and reversed RMB1.2 million of such previously recognized loss provision (due to improved collectability assessments), respectively.

j)	Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the following estimated useful lives and residual value:


Category	Estimated useful life	Residual value
Electronic equipment	3 years	0	%
Motor vehicles	4 years	0%~5	%
Leasehold improvement	Shorter of the lease term or estimated economic life	Nil

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations and comprehensive income.

2.	Significant Accounting Policies (Continued)

k)	Intangible assets other than goodwill

Intangible assets with an indefinite useful life represent the insurance brokerage license and insurance agency license (“Insurance Distribution and Service-Related Licenses”). Intangible assets with an indefinite life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired.

Intangible assets with finite lives mainly comprise software and system. These assets are amortized on a straight-line basis over their estimated useful lives of respective assets. Below table sets forth the estimated useful life and residual value:


Category	Estimated useful life	Residual value
Software and system	3~10 years	0	%

l)Long-term bank deposits

Long-term bank deposits are certificates of deposits placed with banks, all of which have contractual maturities more than one year from the balance sheet dates.

As of December 31, 2024, the Group did not hold any long-term bank deposits. As of December 31, 2025, long-term bank deposit of the Group comprised a certificate of deposit amounted to RMB52.5 million, which was measured at amortized cost. The Group has the positive intent and ability to hold this certificate of deposit to maturity.

m)	Other non-current assets, net

Other non-current assets mainly represent interest-free long-term loans receivable from certain staff with a payment term of 5 years and prepayments for assets acquisition. The loans receivable is initially measured at amortized cost, equaling to the present value of the total future cashflows discounted using effective interest rate by reference to the market interest rate for the corresponding period, net of an allowance for credit losses. The difference between present value and principal amount of loans is treated as prepaid compensation to staff and is amortized over five years by using the effective interest method.

The loans receivable discount is amortized as interest income over its five-year loan period.

n)	Impairment of long-lived assets

Long-lived assets including intangible assets other than goodwill, property and equipment, are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Group measures the carrying amount of long-lived assets against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value.

There was no impairment for such long-lived assets for the years ended December 31, 2023, 2024 and 2025, respectively.

2.	Significant Accounting Policies (Continued)

o)	Revenue recognition

Revenue is the transaction price the Group expects to be entitled to in exchange for the promised services in a contract in the common course of the Group’s activities and is recorded net of value-added tax (“VAT”). The services to be accounted for mainly include insurance distribution and services and knowledge sharing services.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the Group applies the following steps:

●

Step 1: Identify the contract(s) with a customer

●

Step 2: Identify the performance obligations in the contract

●

Step 3: Determine the transaction price

●

Step 4: Allocate the transaction price to the performance obligations in the contract

●

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

The Group provides insurance distribution and services through its platform to facilitate insurance carriers’ sales of insurance products. The Group considers insurance carriers its customers.

Insurance distribution services

The Group distributes insurance policies underwritten by insurance carriers on its insurance distribution platform and earns commission fees determined as a percentage of premiums paid by insurance policyholders based on the terms specified in the distribution service contracts. Insurance distribution service fees are generally billed to insurance carriers monthly. The payment term is generally 30 days. The term for the majority of insurance policies distributed by the Group on its platform is 12 months. Insurance policyholders generally pay premium monthly during the policy term. Those insurance policies are cancellable at any time during the policy term and premiums paid in advance are refundable. The Group’s contract terms can give rise to variable consideration such as refund of commission due to refund of premium to policyholders. Such refund period is typically within 1 month. The Group applies the guidance on constraining estimates of variable consideration under ASC 606. Revenue is recognized when a signed insurance policy is in place and the premium is collected from the insurance policyholders since the Group has fulfilled its performance obligation to distribute an insurance policy signed with insurance carriers.

System services

The Group also generates revenue by providing insurance carriers with system services. The Group utilizes its full consumer service cycle engine to generate multi-dimensional and personalized consumer insights which can optimize efficiency of insurance products distribution. There are three categories of system services: marketing and related analytics services, post-sale support services, and other system services. Marketing and related analytics services included services which are designed for insurance product promotion and consumer behavior analysis. Post-sale support services included services aimed at improving consumer satisfaction and delivering consumer value-added services. The insurance carriers are charged by various means based on the terms specified in the system service contracts, such as effective clicks on their insurance product display, effective responses to the insurance carriers’ request of consumer behavior insights, the number of notifications sent to consumers, etc. Revenue is recognized when the performance obligation to provide those services is satisfied (such as when effective clicks on insurance product display or effective responses to insurance carriers’ requests of consumer behavior insights occur, or notifications are sent to consumers). System service fees are generally billed to insurance carriers monthly. The payment term is generally 30 days.

2.	Significant Accounting Policies (Continued)

o)	Revenue recognition (Continued)

Accounts receivable

Accounts receivable mainly represent amounts due from insurance carriers for insurance distribution and services fees, when the Group has satisfied its performance obligations and has the unconditional right to payment.

Contract assets

Contract assets represent revenue that has been recognized for satisfied performance obligations for which the Group does not have an unconditional right to consideration. The Group does not have any contract assets as of December 31, 2024 and December 31, 2025, respectively.

Contract liabilities

Contract liabilities primarily consist of customer advances which relates to the payments received for insurance distribution and services.

For the years ended December 31, 2024 and 2025, the additions to the contract liabilities balance were primary cash payments received or due in advance of satisfying the Group’s performance obligations, while the reductions to the contract liabilities balance were primarily due to the recognition of revenues upon fulfillment of the Group’s performance obligations, both of which were in the ordinary course of business.

During the years ended December 31, 2023, 2024 and 2025, the Group recognized revenue amounted to RMB43.2 million, RMB64.2 million and RMB97.2 million, that was included in the corresponding opening contract liabilities balance on December 31, 2022, 2023 and 2024, respectively.


		December 31, 2024		December 31, 2025
		RMB		RMB
Contract liabilities
- Insurance distribution services		115,490		61,353
- System services		2,159		2,188
Total		117,649		63,541

p)	Selling and marketing expenses

Selling and marketing expenses consist primarily of marketing expenses for user acquisition and brand building, salary and welfare benefits to the Group’s sales and marketing personnel. The Group recognized all selling and marketing expenses as incurred.

q)	General and administrative expenses

General and administrative expenses consist primarily of salaries, bonuses and benefits, rental and related expenses for employees involved in general corporate functions, including finance, legal and human resources, as well as expenses associated with use of facilities and equipment, such as depreciation and amortization expenses and other general corporate related expenses.

r)	Research and development expenses

Research and development expenses mainly consist of salary and welfare benefits, and cloud service expenses incurred for the development and enhancement to the Group’s websites and platform of applications.

2.	Significant Accounting Policies (Continued)

s)	Operations and support

Operations and support mainly consist of (i) costs for customer service personnel and insurance policy acquisition personnel; (ii) channel fee, which is service fee paid to user traffic channels based on successful sales; (iii) cloud service and bandwidth costs, (iv) transaction fees charged by third-party payment platforms related to insurance distribution and services, and (v) other direct costs related to the operation of business.

t)	Others, net

Others, net, mainly consist of non-operating income and expenses, such as government subsidies. During the years ended December 31, 2023, 2024 and 2025, government subsidies recognized in the others, net was RMB6.2 million, RMB3.0 million and RMB10.0 million, respectively.

u)	Leases

The Group determines whether an arrangement constitutes a lease at inception and records lease liabilities and right-of-use assets (“ROU”) on its consolidated balance sheets at the lease commencement. The Group measures its lease liabilities based on the present value of the total lease payments not yet paid discounted based on its incremental borrowing rate, as the rates implicit in its leases are not determinable. The Group’s incremental borrowing rate is the estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. The Group estimates its incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to its own. The Group measures right-of-use assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing rent expense when the lessor makes the underlying asset available to the Group.

When a lease is terminated in its entirety, there is no remaining lease liability or right-of-use asset left. Any difference between the carrying amounts of the right-of-use asset and the lease liability is recorded in the consolidated statements of operations and comprehensive income as a gain or loss; if a termination penalty is paid, that amount is included in the gain or loss on termination. A modification of a lease may result in a partial termination of the lease. The Group records partial termination of a lease by adjusting the lease liability and right-of-use asset. The right-of-use asset is decreased on a basis proportionate to the partial termination of the existing lease. The difference between the decrease in the carrying amount of the lease liability resulting from the modification and the proportionate decrease in the carrying amount of the right-of-use asset is recorded in the consolidated statements of operations and comprehensive income.

The Group has made an accounting policy election to exempt leases with an initial term of 12 months or less without a purchase option that is likely to be exercised from being recognized on the balance sheets. Payments related to those leases continue to be recognized in the consolidated statements of operations and comprehensive income on a straight-line basis over the lease term.

2.	Significant Accounting Policies (Continued)

v)	Share-based compensation

Share-based compensation expenses arise from share-based awards, including share options and restricted share units (“RSUs”) for the purchase of ordinary shares and restricted shares.

The Group accounts for share-based awards granted to employee and non-employee in accordance with ASC 718 Stock Compensation. For share options for the purchase of ordinary shares determined to be equity classified awards, the related share-based compensation expenses are recognized in the consolidated financial statements based on their grant date fair values which are calculated using the binomial option pricing model. The determination of the fair value is affected by the fair value of ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected volatility of the fair value of ordinary shares, actual and projected employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of the ordinary shares is assessed using the income approach/discounted cash flow method, with a discount for lack of marketability, given that the shares underlying the awards were not publicly traded at the time of grant. Share-based compensation expenses are recorded net of actual forfeitures using straight-line method during the service period requirement.

For an award with a performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award’s fair value on the grant date. Performance and service conditions should be considered when the Group is estimating the quantity of awards that will vest. Compensation expenses will reflect the number of awards that are expected to vest and will be adjusted to reflect those awards that do ultimately vest. The Group recognizes compensation expenses for awards with performance conditions if and when the Group concludes that it is probable that the performance condition will be achieved, net of actual pre-vesting forfeitures over the requisite service period. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation expenses based on its probability assessment, unless on certain situations, the Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs. The vesting of the share options granted by the Group historically till December 31, 2025 are only subject to service condition.

w)	Taxation

Income taxes

Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.

The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, and (iii) specific known trend of profits expected to be reflected within the industry.

2.	Significant Accounting Policies (Continued)

w)	Taxation (Continued)

Uncertain tax positions

In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under “accrued expenses and other current liabilities” on its consolidated balance sheet and under “others, net” in its consolidated statement of operations and comprehensive income. The Group did not recognize any income tax due to uncertain tax position or incur any material interest payments or penalty in connection with tax positions for the years ended December 31, 2023, 2024 and 2025.

x)	Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

y)	Net income per share

In accordance with ASC 260, the two-class method is used for computing net income per share in the event the Group has net income available for distribution. Under the two-class method, net income is allocated between ordinary shares and participating securities based on dividends declared (or accumulated) and participating rights in undistributed earnings as if all the earnings for the reporting period had been distributed. The Company’s preferred shares are participating securities because they are entitled to receive dividends or distributions. While when the Group is in a net loss position, net loss is not allocated to other participating securities because in accordance with their contractual terms they are not obligated to share in the losses.

Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted net income per share is computed by dividing net income attributable to ordinary shareholders, adjusted for the effects of the presumed issuance of potential ordinary shares, by the number of (1) weighted average number of ordinary shares outstanding, plus (2) potentially issuable shares. The Group had convertible redeemable preferred shares, share options and restricted shares which could potentially dilute basic income per ordinary share. To calculate the number of shares for diluted net income per ordinary share, the effect of convertible redeemable preferred shares is computed using the if-converted method and the effect of share options and restricted shares is computed using the treasury stock method. The computation of diluted net income per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e., an increase in earnings per share amounts or a decrease in loss per share amounts) on net loss/income per share.

The dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting rights. Therefore, this dual class share structure has no impact to the net income per share calculation. Basic net income per share and diluted net income per share are the same for each Class A ordinary shares and Class B ordinary shares.

2.	Significant Accounting Policies (Continued)

z)	Statutory reserves

In accordance with China’s Company Laws, the Company’s subsidiary, the VIE and subsidiaries of the VIE in PRC must make appropriations from their after-tax profit, if any (as determined under the accounting principles generally acceptable in the People’s Republic of China (“PRC GAAP”)) to non-distributable reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiaries that are foreign investment enterprises in China have to make appropriations from their after-tax profit, if any (as determined under PRC GAAP) to reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the subsidiary. Appropriations to the other two reserve funds are at the subsidiary’s discretion.

Amounts appropriated to statutory reserves, as determined pursuant to PRC GAAP, were nil, RMB81.0 million and RMB230.0 million as of December 31, 2023, 2024 and 2025, respectively.

aa)

Comprehensive income

Comprehensive income is defined to include all changes in deficit of the Group during a period arising from transactions and other events and circumstances from non-owner resources. Other comprehensive income, as presented on the consolidated balance sheets, consists of accumulated foreign currency translation adjustments.

ab)

Segment reporting

The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making operating decisions, allocating resources and assessing performance as the source for determining the Group’s reportable segments. The Group’s CODM has been identified as Mr. Fang, Chairman of the Board of Directors and Chief Executive Officer.

ac)

Significant risk and uncertainties

Currency risk

RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, has the administration authority for the conversion of RMB into foreign currencies. The value of RMB is subject to changes in global and local economic and political developments that affect supply and demand in the China Foreign Exchange Trading System market of cash and cash equivalents and restricted cash.

As of December 31, 2024 and 2025, there were cash at bank denominated in US dollars amounting to approximately US$43.9 million (RMB315.5 million) and US$25.2 million (RMB177.0 million), respectively, denominated in HKD amounting to approximately nil and HKD0.8 million (RMB0.7 million), respectively, and denominated in RMB amounting to approximately RMB1,589.2 million and RMB682.7 million, respectively.

2.	Significant Accounting Policies (Continued)

ac)

Significant risk and uncertainties (Continued)

Concentration of credit risk

Financial instruments that potentially subject the Group to the concentration of credit risk mainly consist of cash and cash equivalents, restricted cash, time deposits, accounts receivable, long-term bank deposits, amounts due from related parties and others (included in “Prepayments and other current assets” and “Other non-current assets”).

As of December 31, 2024 and 2025, substantially all of the Group’s cash and cash equivalents, time deposits and restricted cash and long-term bank deposits were held in financial institutions located in China, which management considers being of high credit quality.

As of December 31, 2024 and 2025, the Group had approximately RMB1,625.3 million and RMB682.6 million cash and cash equivalents held by its PRC subsidiaries and the VIE, representing 85.3% and 79.3% of total cash and cash equivalents of the Group, respectively. Cash transfers from the Company’s PRC subsidiaries and the VIE to companies outside of China are subject to relevant laws and regulations. Shortages in the availability of foreign currency may temporarily restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

Details of the customers accounting for 10% or more of revenue of the Group are as follows:


		For the year ended December 31,
		2023				2024				2025
		RMB		%		RMB		%		RMB		%
Customer A		539,136		26	%	950,542		29	%	1,477,333		34	%
Customer B		207,350		10	%	594,564		18	%	987,973		23	%
Customer C		*		*		*		*		458,931		10	%
Customer D		229,038		11	%	410,875		13	%	*		*
Customer E		385,860		19	%	*		*		*		*

*	represented less than 10% of revenue for the year.

Details of the customers which accounted for 10% or more of accounts receivable are as follows:


		As of December 31, 2024				As of December 31, 2025
		RMB		%		RMB		%
Customer B		119,962		46	%	173,719		39	%
Customer A		*		*		100,284		23	%

*	represented less than 10% of accounts receivable as of the year end.

The Group performs ongoing credit evaluations of its customers and generally does not require collateral on accounts receivable.

2.	Significant Accounting Policies (Continued)

ad)

Recently issued accounting pronouncements adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve transparency of income tax disclosure by requiring income tax disclosures to contain consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. Specifically, public business entities are required to disclose a tabular reconciliation, using both percentages and reporting currency amounts. This standard affects the disclosure of income taxes, not the accounting for income taxes. This standard is effective for the Group for the annual period beginning after December 15, 2025, with early adoption permitted. The Group early adopted ASU 2023-09 on a prospective basis in the annual financial statements for the year ended December 31, 2025, as permitted by the standard. Refer to Note 8 for the expanded income tax disclosures.

ae)

Recently issued accounting pronouncements not yet adopted

The Group qualifies as an “emerging growth company”, or “EGC”, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act, that is the Group does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated balance sheets, consolidated statements of operations and comprehensive income, and consolidated statements of cash flows.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), requiring additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This guidance applies to all public business entities (PBEs) and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Group is currently evaluating the potential impact of the adoption of ASU 2024-03 on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU relates to estimating credit losses under CECL for current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC 606, Revenue from Contracts with Customers, including those acquired in a transaction accounted for under ASC 805, Business Combinations. The ASU does not apply to other types of accounts receivable and loans. For all entities, the ASU provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets, entities other than public business entities can also make an accounting policy election to consider subsequent collections of balances received after the balance sheet date through a date selected by the entity. This policy election is available only if the entity elects the practical expedient. The date selected must be when or before financial statements are available to be issued. Under this accounting policy election, no credit loss would be recorded on balances that have been collected through subsequent receipts. Remaining uncollected amounts would be evaluated for credit losses using the practical expedient. If elected, the practical expedient and the accounting policy election (if applicable) must be applied consistently to all eligible current accounts receivable and current contract assets. Entities will be required to disclose if they have elected the practical expedient and the related accounting policy election as well as the date utilized to evaluate subsequent receipts (if the policy is elected). For all entities, the amendments are effective for annual reporting periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. The Group is currently evaluating the potential impact of the adoption of ASU 2025-05 on its consolidated financial statements.

2.	Significant Accounting Policies (Continued)

ae)

Recently issued accounting pronouncements not yet adopted (Continued)

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities. This ASU establishes a comprehensive recognition, measurement, presentation, and disclosure model for government grants received by business entities, applicable to all nonrefundable transfers of assets from a government to a business entity. The core principle requires recognition when there is a present right to receive the grant, and it is probable that the entity will comply with the grant’s conditions. For grants related to assets, an entity can choose either the deferred income approach (recognize as deferred income and amortize to income) or the cost accumulation approach (reduce the carrying amount of the related asset). Grants related to income are recognized systematically over the periods when related costs are recognized. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2028, including interim periods within those annual periods. Early adoption is permitted. The Group is currently evaluating the potential impact of adopting ASU 2025-10 on its consolidated financial statements.

Organization and Principal Activities

12 Months Ended

Dec. 31, 2025

Organization and Principal Activities

Organization and Principal Activities

1.	Organization and Principal Activities

Yuanbao Inc. (the “Company”) was incorporated in the Cayman Islands in 2019. The Company is a holding company and conducts its business mainly through its subsidiaries, the variable interest entity (the “VIE”) and subsidiaries of the VIE (collectively referred to as the “Group”). The Group is primarily engaged in providing online insurance distribution and services in the People’s Republic of China (the “PRC” or “China”).

The Company’s consolidated subsidiaries, the VIE and major subsidiaries of the VIE are as follows:


		Place and		Percentage of
		year of		direct or indirect
Major subsidiaries		incorporation		economic ownership		Principal activities
Yuanbao (Hong Kong) Limited (“Yuanbao HK”)		Hong Kong, China Y2019		100	%	Investment holding
Hong Kong ASIA International Insurance Brokers Limited (“HK Insurance Brokers”)		Hong Kong, China Y2021		100	%	Insurance distribution services
Yuanbao Kechuang (Beijing) Technology Co., Ltd. (“Yuanbao Kechuang” or “primary beneficiary of the VIE”)		Beijing, China Y2020		100	%	System services


		Place and		Percentage of
		year of		direct or indirect
The VIE		incorporation		economic interest		Principal activities
Yuanbao Shuke (Beijing) Technology Co., Ltd. (“Yuanbao Shuke”)		Beijing, China Y2019		100	%	System services


		Place and
		year of		Percentage of
		incorporation /		direct or indirect
Major subsidiaries of the VIE		acquisition		economic interest		Principal activities
Yuanbao Insurance Brokerage (Beijing) Co., Ltd.		Beijing, China Y2005		100	%	Insurance distribution services
Shouxin Insurance Agency (Guangdong) Co., Ltd.		Beijing, China Y2010		100	%	Insurance distribution services

History of the Group

The Group’s history began with the commencement of operations of Yuanbao Shuke, a limited liability company established in Beijing, the PRC in September 2019, whose equity interests were directly hold by Mr. Rui Fang (the “Founder”) and Beijing Yibao Technology Limited Partnership by 79% and 21%, respectively.

Yuanbao Inc. is an exempted company with limited liability incorporated in the Cayman Islands in December 2019.

In March 2020, the Group entered into a series of contractual agreements and commenced its operations through Yuanbao Kechuang (Beijing), the Wholly Foreign Owned Enterprise (or the “WFOE”) in Chinese mainland, and Yuanbao Shuke, or the VIE, and the VIE’s subsidiaries in Chinese mainland.

During 2020 and 2021, the Company had successively issued Series Seed, Angel, B, C1 and C2 preferred shares to certain investors, respectively, the details of which are disclosed in Note 12.

The Company completed its initial public offering (“IPO”) on April 30, 2025. Its American Depositary Shares (“ADSs”) have been listed on the Nasdaq Stock Market since then and each ADS of the Company represents six Class A ordinary shares.

1.	Organization and Principal Activities (Continued)

Contractual arrangements with the VIE

PRC laws and regulations place certain restrictions on foreign investment in value-added telecommunication service businesses. The Group conducts a significant portion of its operations in the PRC through Yuanbao Shuke and its subsidiaries. The Company relies on a series of contractual arrangements among the WFOE, the VIE and the VIE’s shareholders to conduct the business operations of the VIE and the VIE’s subsidiaries.

As a result of these contractual arrangements, the Company’s wholly-owned subsidiary is entitled to substantially all of the economic benefits from the VIE and the VIE’s subsidiaries and is obligated to absorb all of the VIE and the VIE’s subsidiaries expected losses and therefore the Company has determined that it is the ultimate primary beneficiary of the VIE and subsidiaries of the VIE, and has consolidated the financial results of the VIE and subsidiaries of the VIE in its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for accounting purposes.

Below is a summary of the currently effective contractual arrangements by and among the Company’s wholly owned subsidiary Yuanbao Kechuang, the VIE and the VIE’s shareholders (also nominee shareholders).

Equity Interest Pledge Agreement (the “Pledge Agreement”)

Pursuant to the Equity Interest Pledge Agreement entered into amongst WFOE and Nominee Shareholders of the VIE, the shareholders of the VIE pledged all of their equity interests in the VIE to the WFOE to ensure the shareholders fully perform their obligations under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, and the Power of Attorney. The WFOE shall have the right to collect dividends generated by the pledged equity interests during the term of the pledge. If the Nominee Shareholders breach their respective contractual obligations under the Pledge Agreement, the WFOE, as pledgee, will be entitled to rights, including but not limited to being paid based on the monetary valuation that such equity interest is converted into or from the proceeds from the auction or sale of the equity interest. The shareholders of the VIE are prohibited from transferring their pledged equity interests, placing or permitting any encumbrance that would prejudice the WFOE’s interests without the WFOE’s prior written consent. The pledge rights were effective upon registration of the pledges with the relevant Administration for Industry and Commerce, and the Pledge Agreement will remain effective until all the obligations have been satisfied in full. The WFOE completed the registration of the pledge of equity interests in the VIE with the relevant office of Administration for the Industry and Commerce in accordance with the PRC Civil Code.

ii)

Exclusive Option Agreement (the “Exclusive Option”)

Pursuant to the Exclusive Option Agreement entered into amongst WFOE, the VIE and the Nominee Shareholders, the Nominee Shareholders grant the WFOE or its designated party, an exclusive option to purchase all or part of the equity interests held by the Nominee Shareholders in the VIE at its sole discretion, to the extent permitted under the PRC laws for the cost of the initial contributions to the registered capital or the minimum amount of consideration permitted by applicable PRC law. The WFOE has an option to purchase from the VIE at WFOE’s sole discretion, any or all of the assets and business of the VIE, to the extent permitted under PRC law, and at the lowest purchase price permitted by PRC law. The shareholders should remit to the WFOE any gain that is paid by WFOE or its designated person(s) in connection with the purchased equity interest or the purchased business asset. The WFOE or its designated person(s) have sole discretion to decide when to exercise the option, whether in part or in full. Any and all dividends and other capital distributions made by the VIE to its shareholders should be repaid to the WFOE in full amount. This Agreement remains effective until all equity interests held by Nominee Shareholders in the VIE have been transferred or assigned to the WFOE and/or any other person designated by the WFOE in accordance with this Agreement.

1.	Organization and Principal Activities (Continued)

Contractual arrangements with the VIE (Continued)

iii)

Exclusive Business Cooperation Agreement (the “BCA”)

Pursuant to the Exclusive Business Cooperation Agreement entered into amongst WFOE and the VIE, the WFOE is engaged by the VIE to exclusively provide technical and consulting services including but not limited to support services, business consultancy, financial management consultancy, software development and other services. The WFOE may appoint or designate its affiliates or other qualified parties to provide the services covered by the BCA. In return, the VIE agrees to pay a service fee equal to 100% of the consolidated profit before taxation of the VIE after the VIE turns cumulative profitable and after certain expenses. The WFOE has sole discretion to adjust and decide the scope and amount, payment schedule and payment method of such service fee to be paid by the VIE. Without the WFOE’s prior written consent, the VIE shall not, directly and indirectly, obtain the same or similar services as provided under this agreement from any third party. The WFOE can terminate the BCA at its sole discretion; however, the VIE cannot terminate the BCA without WFOE’s material breach. The WFOE has the exclusive ownership of all the intellectual property rights created as a result of the performance of the exclusive business cooperation agreement. The exclusive business cooperation agreement has an initial term of twenty years, and shall be renewed for a further term without limitation as determined by the WFOE.

iv)

Power of Attorney

Pursuant to the power of attorney agreement entered into amongst WFOE, the VIE and the Nominee Shareholders, Nominee Shareholders irrevocably appoint WFOE as their attorney-in-fact to exercise on each shareholder’s behalf any and all rights that each shareholder has in respect of its equity interests in the VIE, including but not limited to executing the voting rights and the right to appoint directors and executive officers of the VIE. The agreements will remain effective and irrevocable for as long as the relevant Nominee Shareholder holds any equity interests in the VIE.

Spousal Consent Letter (the “Spousal Letter”)

Each spouse of the married nominee shareholders of the VIE entered into a Spousal Letter, which unconditionally and irrevocably agreed that the equity interests in the VIE held by and registered in the name of their spouse will be disposed of pursuant to the Pledge Agreement and the POA. Each spouse agreed not to assert any rights over the equity interests in the VIE held by their spouse. In addition, in the event that the spouses obtain any equity interests in the VIE held by their spouse for any reason, they agreed to be bound by the contractual arrangements.

These contractual arrangements allow the Company, through its WFOE, to effectively control the VIE, and to derive substantially all of the economic benefits from the VIE. Accordingly, the Company consolidates the VIE for accounting purpose.

Risks in relation to the VIE structure

The Company has been advised by its PRC legal counsel, Han Kun Law Offices, that the contractual arrangements among the WFOE, the consolidated VIE and the VIE’s shareholders are valid, binding and enforceable under the current laws and regulations of China. Based on such legal opinion and the management’s knowledge and experience, the Company believes that its contractual arrangements with its consolidated VIE are in compliance with current PRC laws and legally enforceable. However, uncertainties may arise in the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements are subject to change, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIE were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.

1.	Organization and Principal Activities (Continued)

Risks in relation to the VIE structure (Continued)

On March 15, 2019, the National People’s Congress approved the PRC Foreign Investment Law, or the FIL, which had taken effect on January 1, 2020. The FIL does not explicitly classify whether variable interest entities that are controlled through contractual arrangements would be deemed as foreign invested enterprises if they are ultimately “controlled” by foreign investors. FIL’s effect on variable interest entity and business operation is still unclear as of December 31, 2025.

The Group’s operations depend on the VIE to honor its contractual agreements with the Group and the enforceability, and therefore the benefits depend on the authorization by the shareholders of the VIE to exercise voting rights on all matters requiring shareholder approval in the VIE. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable and the possibility that it will no longer be able to be the ultimate primary beneficiary and consolidate the VIE as a result of the aforementioned risks and uncertainties is remote.

The Company’s ability to be the ultimate primary beneficiary of the VIE also depends on the Power of Attorney the shareholders have to vote on all matters requiring shareholder approval in the VIE. As noted above, the Company believes these Power of Attorney are legally enforceable but may not be as effective as direct equity ownership.

In addition, if the Group’s corporate structure or the contractual arrangements with the VIE were found to be in violation of any existing or future PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:

●

revoke the business licenses and/or operating licenses of the Group;

●

confiscate any of the Group’s income that they deem to be obtained through illegal operations;

●

place restrictions on the Group’s right to collect revenues;

●

shut down the Group’s servers or block the Group’s apps/websites;

●

require the Group to restructure the operations in such a way as to compel the Group to establish a new enterprise, re-apply for the necessary licenses or relocate the Group’s businesses, staff and assets;

●

impose other conditions or requirements with which the Group have not yet met;

●

taking other regulatory or enforcement actions against the Group that could be harmful to the Group’s business; or

●

impose fines on the Group.

The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIE, which may result in deconsolidation of the VIE in the Group’s consolidated financial statements. In the opinion of the Company’s management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group believes that the contractual arrangements among the VIE, the VIE’s shareholders and relevant wholly foreign owned enterprise are in compliance with PRC law and are legally enforceable. The Group’s operations depend on the VIE to honor its contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. Management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since there may be further amendments or changes on the PRC laws and regulations from time to time, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIE or the nominee shareholders of the VIE fail to perform their obligations under those arrangements.

1.	Organization and Principal Activities (Continued)

Risks in relation to the VIE structure (Continued)

The following table sets forth the assets, liabilities, results of operations and cash flows of the VIE and its subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIE and its subsidiaries are eliminated in the information presented below:


		As of December 31,		As of December 31,
		2024		2025
		RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		561,777		585,882
Time deposits		80,000		80,266
Restricted cash		15,000		15,096
Short-term investments		21,560		—
Accounts receivable, net		86,501		119,148
Prepayments and other current assets, net		10,146		10,623
Total current assets		774,984		811,015
Non-current assets:
Property and equipment, net		1,568		1,457
Intangible assets, net		57,684		57,640
Right-of-use assets		2,856		848
Deferred tax assets, net		6,936		33,338
Other non-current assets, net		—		6,900
Total non-current assets		69,044		100,183
TOTAL ASSETS		844,028		911,198

Current liabilities:
Accounts payable		3,819		5,570
Contract liabilities		117,591		63,440
Salary and welfare payable		13,209		12,029
Taxes payable		1,804		1,913
Accrued expenses and other current liabilities		522,838		577,055
Current lease liabilities		2,006		662
Amounts due to the subsidiaries of the Company, current		184,619		256,703
Total current liabilities		845,886		917,372
Non-current liabilities:
Non-current lease liabilities		813		123
Deferred tax liabilities, net		14,795		14,333
Total non-current liabilities		15,608		14,456
TOTAL LIABILITIES		861,494		931,828

1.	Organization and Principal Activities (Continued)

Risks in relation to the VIE structure (Continued)

The VIE holds certain assets with no carrying value on the consolidated balance sheet that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIE mainly include the ICP License and trademarks. Recognized revenue-producing assets held by the VIE mainly include the insurance brokerage license and the insurance agency license, recorded as intangible assets on the balance sheet. The VIE’s subsidiaries are primarily engaged in and generate revenue from the provision of insurance distribution services to its partnered insurance carriers and incur various types of related expenses. The WFOE and its subsidiary and the VIE, on the other hand, are primarily engaged in research and development efforts as well as the provision of system services to its partnered insurance carriers to optimize the efficiency of insurance distribution. The following table sets forth the results of operations of the VIE and the VIE’s subsidiaries, which also includes their transactions with the Company and the Company’s subsidiaries including the WFOE.


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenue		803,906		1,438,597		1,658,159
Net income/(loss) from continuing operations		12,237		25,933		(9,852)
Net loss from discontinued operations		(2,069)		—		—
Net income/(loss)		10,168		25,933		(9,852)


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash and cash equivalents and restricted cash provided by continuing operating activities		123,156		349,753		8,837
Net cash and cash equivalents and restricted cash provided by discontinued operating activities		15,365		—		—
Net cash and cash equivalents and restricted cash provided by/(used in) continuing investing activities		4,203		(81,861)		15,364
Net cash and cash equivalents and restricted cash used in discontinued investing activities		(31,699)		—		—
Net cash and restricted cash provided by/(used in) financing activities		27,800		(74,000)		—
Net increase in cash and cash equivalents and restricted cash		138,825		193,892		24,201

In accordance with various contractual agreements, the Company has the power to direct the activities of the VIE and the VIE’s subsidiaries and can have assets transferred out of the VIE. As the VIE is incorporated as limited liability company under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the VIE. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIE. As the Group is conducting certain businesses in the PRC through the VIE, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

There is no VIE in the Group where the Company or any subsidiary has a variable interest but is not the primary beneficiary.

Share-based Compensation - Summary of the Company's share options activities (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 CNY (¥) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 CNY (¥) $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 CNY (¥) $ / shares shares	Dec. 31, 2022 CNY (¥) $ / shares shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Weighted Average Grant-date Fair Value
Share-based compensation expenses \| ¥	¥ 74,319		¥ 64,017		¥ 37,110
Employee Stock Option
Number of Options
Outstanding on beginning \| shares	22,466,275		14,934,975		20,554,900
Granted \| shares	2,409,800		8,517,000		2,984,900
Exercised \| shares	(361,212)				(6,994,625)
Forfeited \| shares	(958,250)		(985,700)		(1,610,200)
Outstanding on end \| shares	23,556,613		22,466,275		14,934,975		20,554,900
Vested and exercisable \| shares	13,982,607	13,982,607	10,098,860	10,098,860	2,896,945	2,896,945
Weighted Average Exercise Price
Outstanding on beginning		$ 0.2		$ 0.14		$ 0.11
Granted		0.4		0.32		0.28
Exercised		0.17				0.36
Forfeited		0.29		0.25		0.2
Outstanding on end		0.22		0.2		0.14	$ 0.11
Vested and exercisable								$ 0.14	$ 0.11	$ 0.1
Weighted Average Remaining Contractual life	6 years 8 months 26 days		7 years 6 months 3 days		6 years 11 months 12 days		8 years 1 month 2 days
Weighted Average Remaining Contractual life, Vested and exercisable	5 years 6 months 29 days		6 years 1 month 9 days		6 years 5 months 8 days
Weighted Average Grant-date Fair Value
Outstanding on beginning		1.43		0.76		0.49
Granted		2.18		2.65		2.14
Exercised		1.07				0.4
Forfeited		2.25		1.84		1.29
Outstanding on end		1.48		1.43		0.76	$ 0.49
Vested and exercisable		$ 0.82		$ 0.49		$ 0.39
Aggregated intrinsic value \| ¥	¥ 543,708	$ 543,708	¥ 501,656	$ 501,656	¥ 271,425	$ 271,425	$ 283,331
Unrecognized compensation expense \| ¥	80,900	$ 80,900	130,600	$ 130,600
Share-based compensation expenses \| ¥	¥ 70,200		¥ 61,700		¥ 27,500

Intangible Assets, net - Narratives (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, net
Amortization expenses	¥ 0.7	¥ 0.2	¥ 0.4
Impairment charge	¥ 0.0	¥ 0.0	¥ 0.0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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-Name Accounting Standards Codification
-Section 45
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Taxation - Current and deferred income tax expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Taxation
Current income tax expense	¥ 4,044	¥ 828	¥ 269
Deferred income tax expense	97,127	24,740	22
Income tax expense	¥ 101,171	¥ 25,568	¥ 291

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Net (Loss)/Income Per Share (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net (loss)/income from continuing operations attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - basic	¥ 2,008,335	¥ 435,915	¥ (330,873)
Reversal of accretion upon assumed conversion of preferred shares	(700,795)	429,931
Net (loss)/income from continuing operations attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - diluted	1,307,540	865,846	(330,873)
Net loss from discontinued operations attributable to ordinary shareholders of the Company			(2,069)
Net (loss)/income attributable to Yuanbao Inc.'s ordinary shareholders	2,008,335	435,915	(332,942)
Reversal of accretion to preferred shares redemption value upon assumed conversion of preferred shares	(700,795)	429,931
Net (loss)/income attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - diluted	¥ 1,307,540	¥ 865,846	¥ (332,942)
Denominator:
Weighted average number of ordinary shares outstanding, basic	216,250,148	100,343,557	70,710,325
Dilutive effect of preferred shares	49,672,300	151,086,581
Weighted average number of ordinary shares outstanding, diluted	285,902,414	271,314,436	70,710,325
Net (loss)/income per share from continuing operations attributable to ordinary shareholders of the Company, basic	¥ 9.29	¥ 4.34	¥ (4.68)
Net loss per share from discontinued operations attributable to ordinary shareholders of the Company, basic			(0.03)
Net (loss)/income per share, basic	9.29	4.34	(4.71)
Net (loss)/income per share from continuing operations attributable to ordinary shareholders of the Company, diluted	4.57	3.19	(4.68)
Net loss per share from discontinued operations attributable to ordinary shareholders of the Company, diluted			(0.03)
Net (loss)/income per share, diluted	¥ 4.57	¥ 3.19	¥ (4.71)
Employee Stock Option
Denominator:
Dilutive effect of share based compensation arrangements	18,643,093	13,571,872
Founders Restricted Shares
Denominator:
Dilutive effect of share based compensation arrangements	1,336,873	6,312,426

Taxes Payable (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Taxes Payable (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Taxes Payable
Vat rate, maximum	6.00%
VAT payables	¥ 19,896	¥ 19,438
Withheld individual income tax payables	17,613	30,521
Others	5,766	1,400
Total	¥ 43,275	¥ 51,359

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurement

Schedule of financial assets measured at fair value


		As of December 31, 2024
		Level 1		Level 2		Level 3		Total
		RMB		RMB		RMB		RMB
Short-term investments		—		336,217		—		336,217
Total		—		336,217		—		336,217


		As of December 31, 2025
		Level 1		Level 2		Level 3		Total
		RMB		RMB		RMB		RMB
Short-term investments		—		2,829,462		—		2,829,462
Total		—		2,829,462		—		2,829,462

Other Non-current Assets, net

12 Months Ended

Dec. 31, 2025

Other Non-current Assets, net

Other Non-current Assets, net

7.	Other Non-current Assets, net

The following is a summary of other non-current assets, net:


		December 31, 2024		December 31, 2025
		RMB		RMB
Interest-free loans to staff ⁽ⁱ⁾		15,413		16,073
Less: allowance for credit losses		(489)		(466)
Interest-free loans to staff, net		14,924		15,607

Prepaid staff compensation ⁽ⁱⁱ⁾		2,687		2,027
Prepayments for assets acquisition (Note 21)		—		6,900
Others		—		262
Total other non-current assets, net		17,611		24,796

(i)	Amount represents the present value of interest-free loans with a principal amount of RMB18.1 million, which was drawn down in December 2023. The principal will be due upon maturity of 5 years.

(ii)	Prepaid staff compensation represents the interest free discount related to the above interest-free loans to staff.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Information

Segment Information

18.

Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group concluded that the Group’s CODM is Mr. Fang, Chairman of the Board of Directors and CEO.

The CODM uses consolidated net income in deciding whether to reinvest profits into certain parts of the business or return a portion of such profits to shareholders. The measure of segment assets is reported on the consolidated balance sheet as total assets, although the CODM does not evaluate asset information for purposes of allocating resources or evaluating performance.

The following represents the selected financial information regularly reviewed by the CODM to assess performance of the Group for the years ended December 31, 2023, 2024 and 2025:


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenue		2,045,152		3,284,525		4,373,153
Less:
Marketing and promotional expenses		(1,424,629)		(1,743,121)		(2,158,833)
Labor cost - Selling and marketing expenses		(37,144)		(46,787)		(58,326)
Labor cost - Operations and support expenses		(77,887)		(93,551)		(110,920)
Labor cost - Research and development expenses		(121,868)		(219,013)		(334,194)
Labor cost - General and administrative expenses		(98,122)		(193,488)		(221,894)
Other segment items ⁽ⁱ⁾		(80,316)		(122,719)		(181,446)

Consolidated net income from continuing operations		205,186		865,846		1,307,540

(i)	Includes channel fee, cloud service and bandwidth costs, utility fees, and other expenses.

18.

Segment Information (Continued)

Key revenues streams are as below:


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Insurance distribution services		711,849		1,081,291		1,446,843
Short-term insurance		681,972		1,064,059		1,440,894
- Medical insurance		504,178		776,424		1,018,798
- Critical illness insurance		164,274		256,436		397,451
- Others		13,520		31,199		24,645
Long-term insurance		29,877		17,232		5,949
- Life insurance and others		29,877		17,232		5,949

System services ⁽ⁱ⁾		1,320,816		2,194,189		2,922,724
- Marketing and related analytics services		1,256,576		2,138,826		2,512,403
- Post-sale support services		59,766		55,046		408,953
- Other system services		4,474		317		1,368

Others		12,487		9,045		3,586
Total		2,045,152		3,284,525		4,373,153

(i)	Due to the expansion of system service offerings, system services are classified into three categories: marketing and related analytics services, post-sale support services and other system services. Prior period amounts have been reclassified to conform to the current period presentation.

All revenues are derived from Chinese mainland based on the geographical locations where services are provided to customers. In addition, the Group’s long-lived assets are substantially all located in Chinese mainland. Therefore, no geographical segments are presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Pay vs Performance Disclosure - CNY (¥) ¥ in Thousands	12 Months Ended
Pay vs Performance Disclosure - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	¥ 1,307,540	¥ 865,846	¥ 203,117

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Expenses and Other Current Liabilities

Schedule of summary of accrued expenses and other current liabilities


		December 31, 2024		December 31, 2025
		RMB		RMB
Insurance premium payables⁽ⁱ⁾		346,403		405,154
Marketing and promotion expenses payable		153,073		258,393
Refund liabilities		51,159		77,878
Accrued other service fees and others		12,867		21,251
Security deposits		8,800		9,000
Professional service fees		14,688		5,740
Total		586,990		777,416

(i)	Amounts represent insurance premiums collected by the Group on behalf of insurance carriers which are also presented as cash and cash equivalents in the consolidated balance sheets. Such amounts are generally paid to insurance carriers in the following month.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Significant Accounting Policies

Schedule of Property and equipment, net


Category	Estimated useful life	Residual value
Electronic equipment	3 years	0	%
Motor vehicles	4 years	0%~5	%
Leasehold improvement	Shorter of the lease term or estimated economic life	Nil

Schedule of Intangible assets other than goodwill


Category	Estimated useful life	Residual value
Software and system	3~10 years	0	%

Schedule of revenue recognized included in contract liabilities


		December 31, 2024		December 31, 2025
		RMB		RMB
Contract liabilities
- Insurance distribution services		115,490		61,353
- System services		2,159		2,188
Total		117,649		63,541

Schedule of concentration of credit risk

Details of the customers accounting for 10% or more of revenue of the Group are as follows:


		For the year ended December 31,
		2023				2024				2025
		RMB		%		RMB		%		RMB		%
Customer A		539,136		26	%	950,542		29	%	1,477,333		34	%
Customer B		207,350		10	%	594,564		18	%	987,973		23	%
Customer C		*		*		*		*		458,931		10	%
Customer D		229,038		11	%	410,875		13	%	*		*
Customer E		385,860		19	%	*		*		*		*

*	represented less than 10% of revenue for the year.

Details of the customers which accounted for 10% or more of accounts receivable are as follows:


		As of December 31, 2024				As of December 31, 2025
		RMB		%		RMB		%
Customer B		119,962		46	%	173,719		39	%
Customer A		*		*		100,284		23	%

*	represented less than 10% of accounts receivable as of the year end.

Other Non-current Assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Other Non-current Assets, net

Schedule of other non-current assets net


		December 31, 2024		December 31, 2025
		RMB		RMB
Interest-free loans to staff ⁽ⁱ⁾		15,413		16,073
Less: allowance for credit losses		(489)		(466)
Interest-free loans to staff, net		14,924		15,607

Prepaid staff compensation ⁽ⁱⁱ⁾		2,687		2,027
Prepayments for assets acquisition (Note 21)		—		6,900
Others		—		262
Total other non-current assets, net		17,611		24,796

(i)	Amount represents the present value of interest-free loans with a principal amount of RMB18.1 million, which was drawn down in December 2023. The principal will be due upon maturity of 5 years.

(ii)	Prepaid staff compensation represents the interest free discount related to the above interest-free loans to staff.

Prepayments and Other Current Assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Prepayments and Other Current Assets, net

Schedule of prepayments and other current assets, net


		December 31, 2024		December 31, 2025
		RMB		RMB
Rental and other deposits		13,229		14,659
Prepaid for services		61,408		13,611
Deductible VAT input		175		1,692
Others		1,767		629
Total		76,579		30,591
Less: allowance for credit losses		(615)		(823)
Prepayments and other current assets, net		75,964		29,768

Accounts Receivable, net (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Receivable, net

Schedule of accounts receivable, net


		December 31, 2024		December 31, 2025
		RMB		RMB
Up to three months		255,252		438,588
Three to six months		1,300		2,829
Six to twelve months		6,476		115
Above one year		824		1,588
Accounts receivable, gross:		263,852		443,120
Less: allowance for credit losses		(2,894)		(1,706)
Accounts receivable, net		260,958		441,414

Schedule of allowance for current expected credit losses


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at the beginning of the year		(506)		(596)		(2,894)
Additions		(90)		(14,620)		(292)
Reversals		—		12,322		1,480
Balance at the end of the year		(596)		(2,894)		(1,706)

Ordinary Shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	May 01, 2025 USD ($) Vote $ / shares shares	Apr. 30, 2025 USD ($) shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares
Ordinary Shares
Authorized share capital \| $	$ 50,000
Ordinary shares, shares authorized (in shares)	500,000,000					348,913,419
Ordinary shares, par value (in dollars per share) \| $ / shares						$ 0.0001
Ordinary shares, shares issued (in shares)						106,994,625
Ordinary shares, shares outstanding (in shares)						106,994,625
Common stock conversion ratio	1
Proceeds from initial public offering, net of offering costs \| ¥			¥ 204,880
Issuance cost \| ¥			¥ 8,062	¥ 9,113
Converted into ordinary shares (in shares)		151,086,581	(151,086,581)
Temporary equity, conversion ratio		1
Ordinary shares designated (in shares)		106,994,625
Initial public offering
Ordinary Shares
Proceeds from initial public offering, net of offering costs \| $		$ 27,450,000
Issuance cost \| $		$ 2,550,000
Class A ordinary shares
Ordinary Shares
Ordinary shares, shares authorized (in shares)	300,000,000				300,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001				$ 0.0001	$ 0.0001
Ordinary shares, shares issued (in shares)					194,348,706
Ordinary shares, shares outstanding (in shares)					194,348,706
Number of votes per share \| Vote	1
Number of shares from designation (in shares)		24,862,125
Class A ordinary shares \| Initial public offering
Ordinary Shares
Number of shares issued (in shares)		12,000,000
Class A ordinary shares \| Private placement
Ordinary Shares
Number of shares issued (in shares)		400,000
Proceeds raised from concurrent private placements \| $		$ 1,000,000
Class B ordinary shares
Ordinary Shares
Ordinary shares, shares authorized (in shares)	100,000,000				100,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001				$ 0.0001	$ 0.0001
Ordinary shares, shares issued (in shares)					82,132,500
Ordinary shares, shares outstanding (in shares)					82,132,500
Number of votes per share \| Vote	20
Number of shares from designation (in shares)		82,132,500
Not designated class
Ordinary Shares
Ordinary shares, shares authorized (in shares)	100,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
ADSs \| Initial public offering
Ordinary Shares
Number of shares issued (in shares)		2,000,000

Accounts Receivable, net

12 Months Ended

Dec. 31, 2025

Accounts Receivable, net

Accounts Receivable, net

3.	Accounts Receivable, net

Accounts receivable, net is consisted of the following:


		December 31, 2024		December 31, 2025
		RMB		RMB
Up to three months		255,252		438,588
Three to six months		1,300		2,829
Six to twelve months		6,476		115
Above one year		824		1,588
Accounts receivable, gross:		263,852		443,120
Less: allowance for credit losses		(2,894)		(1,706)
Accounts receivable, net		260,958		441,414

The following table summarizes the movement of the Group’s allowance for current expected credit losses:


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at the beginning of the year		(506)		(596)		(2,894)
Additions		(90)		(14,620)		(292)
Reversals		—		12,322		1,480
Balance at the end of the year		(596)		(2,894)		(1,706)

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have been committed to protecting data security and personal information since our inception. In accordance with the PRC Personal Information Protection Law, we have implemented comprehensive and rigorous internal rules and policies to govern how we may acquire, use and share data and personal information, as well as protocols, technologies and systems in place to ensure that such information will not be accessed or disclosed improperly. Users on our platform must acknowledge the terms and conditions of the “personal information protection policy” before purchasing insurance products, under which they consent to our collection, use and disclosure of their data in compliance with applicable laws and regulations.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	we have implemented comprehensive and rigorous internal rules and policies to govern how we may acquire, use and share data and personal information, as well as protocols, technologies and systems in place to ensure that such information will not be accessed or disclosed improperly.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors has general oversight power over cybersecurity issues and delegates the daily supervision responsibility to our chief technology officer, Mr. Bo Wang. The head of cybersecurity team responsible for cybersecurity directly reports cybersecurity status to Mr. Bo Wang, and in case of a significant cybersecurity incident, Mr. Bo Wang will report the incident to our board of directors to take appropriate and timely measures in response to the incident.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The head of cybersecurity team responsible for cybersecurity directly reports cybersecurity status to Mr. Bo Wang
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	chief technology officer, Mr. Bo Wang
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Taxation

Schedule of current and deferred portions of income tax expense


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Current income tax expense		269		828		4,044
Deferred income tax expense		22		24,740		97,127
Income tax expense		291		25,568		101,171

Schedule of reconciliation between the income tax expense computed by applying the Enterprise Income Tax ("EIT") rate to income before income taxes and actual provision


		For the year ended December 31, 2025
		RMB		%

Income tax expenses at PRC statutory income tax rate-25% ⁽ⁱ⁾		352,178		25.0	%
Foreign tax effects		3,111		0.2	%
Nontaxable or nondeductible items:		(377,892)		(26.8)	%
-Preferential income tax rate		(377,941)		(26.8)	%
-Additional deduction for research and development expenses		(2,240)		(0.2)	%
-Share-based payment awards		1,004		0.1	%
-Others		1,285		0.1	%
Changes in valuation allowances		(6,226)		(0.4)	%
Withholding income tax		130,000		9.2	%
Income tax expense		101,171		7.2	%

(i)	The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.


		For the year ended December 31,
		2023		2024
		RMB		RMB
Income before income tax		205,477		891,414

Tax expense at EIT tax rate of 25%		51,369		222,854
Effect of different tax rates applicable to different subsidiaries of the Group		(12,845)		(243,520)
Effect of additional deduction for qualified research and development expenses		(16,323)		(6,075)
Effect on deferred tax assets due to change in tax rates⁽ⁱⁱ⁾		—		64,030
Non-deductible expenses		5,891		1,539
Changes in valuation allowance		(27,801)		(13,260)
Income tax expense		291		25,568

(ii)

Yuanbao Kechuang was granted Software Enterprise status in 2024, entitling it to income tax exemption for the year ended December 31, 2024. This status is subject to annual review and approval by the relevant authorities. Consequently, the income tax rates for Yuanbao Kechuang for the years ended December 31, 2023, 2024, and 2025 were 15%, 0%, and 0%, respectively. This change in tax rates resulted in an “effect on deferred tax assets due to change in tax rates” for the year ended December 31, 2024.

Schedule of effect on deferred tax assets and deferred tax liabilities due to change in tax rates


		December 31, 2024		December 31, 2025
		RMB		RMB
Deferred tax assets
Advertising expenses ⁽ⁱⁱⁱ⁾		2,707		4,337
Accumulated losses carryforward		27,654		32,052
Operating lease liabilities		3,487		899
Book/tax basis differences in revenue		18,377		29,370
Others		4,417		9,279
Less: valuation allowance		(44,087)		(38,169)
Deferred tax assets before offset		12,555		37,768
Offset by deferred tax liabilities		(5,619)		(4,431)
Net deferred tax assets		6,936		33,337

Deferred tax liabilities
Accrued interest and fair value change		460		2,672
Operating lease right-of-use assets		3,079		1,016
Book/tax basis differences in revenue		33,777		25,968
Acquired intangible assets		14,333		14,476
Withholding tax		—		130,000
Deferred tax liabilities before offset		51,649		174,132
Offset by deferred tax assets		(5,619)		(4,431)
Net deferred tax liabilities		46,030		169,701

(iii)

The pre-tax deduction limitation for advertising expense is 15% of revenue every year. The Group can carryforward any unclaimed advertising expense to the future years and there is no limitation for the use in future years.

Schedule of of valuation allowance


		For the year ended December 31,
		2024		2025
		RMB		RMB
Balance at the beginning of the year		57,347		44,087
Additions		34,467		8,462
Reversals		(47,727)		(14,380)
Balance at the end of the year		44,087		38,169

Net (Loss)/Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Net (Loss)/Income Per Share

Schedule of computation of net income per share basic and diluted


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Numerator:
Net (loss)/income from continuing operations attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - basic		(330,873)		435,915		2,008,335
Reversal of accretion upon assumed conversion of preferred shares		—		429,931		(700,795)
Net (loss)/income from continuing operations attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - diluted		(330,873)		865,846		1,307,540
Net (loss)/income from continuing operations attributable to ordinary shareholders of the Company		(330,873)		435,915		2,008,335
Net loss from discontinued operations attributable to ordinary shareholders of the Company		(2,069)		—		—
Net (loss)/income attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - basic		(332,942)		435,915		2,008,335
Reversal of accretion to preferred shares redemption value upon assumed conversion of preferred shares		—		429,931		(700,795)
Net (loss)/income attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - diluted		(332,942)		865,846		1,307,540

Denominator:
Weighted average number of ordinary shares outstanding, basic		70,710,325		100,343,557		216,250,148
Dilutive effect of share options		—		13,571,872		18,643,093
Dilutive effect of restricted shares		—		6,312,426		1,336,873
Dilutive effect of preferred shares		—		151,086,581		49,672,300
Weighted average number of ordinary shares outstanding, diluted		70,710,325		271,314,436		285,902,414
Net (loss)/income per share from continuing operations attributable to ordinary shareholders of the Company, basic		(4.68)		4.34		9.29
Net loss per share from discontinued operations attributable to ordinary shareholders of the Company, basic		(0.03)		—		—
Net (loss)/income per share, basic		(4.71)		4.34		9.29

Net (loss)/income per share from continuing operations attributable to ordinary shareholders of the Company, diluted		(4.68)		3.19		4.57
Net loss per share from discontinued operations attributable to ordinary shareholders of the Company, diluted		(0.03)		—		—
Net (loss)/income per share, diluted		(4.71)		3.19		4.57

Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2025

Parent Company Only Condensed Financial Information

Parent Company Only Condensed Financial Information

22.

Parent Company Only Condensed Financial Information

The Company performed a test on the restricted net assets of subsidiaries and the VIE in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the condensed financial information of the Company is required to be presented. The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04, using the same accounting policies as set out in the Group’s consolidated financial statements, except that the Company uses the equity method to account for investments in its subsidiaries and the VIE.

The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general- purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments or guarantees as of December 31, 2024 and 2025.

22.

Parent Company Only Condensed Financial Information (Continued)

Balance sheet


		As of December 31,		As of December 31,
		2024		2025
		RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		274,478		175,993
Prepayments and other current assets, net		11,556		451
Amounts due from subsidiaries		18,101		310,097
Total current assets		304,135		486,541
Non-current assets:
Investment in subsidiaries and the VIE		1,571,061		2,971,039
Total non-current assets		1,571,061		2,971,039
TOTAL ASSETS		1,875,196		3,457,580
LIABILITIES
Current liabilities:
Accrued expenses and other current liabilities		16,227		5,780
Amounts due to subsidiaries		71,884		105,505
Total current liabilities		88,111		111,285
TOTAL LIABILITIES		88,111		111,285

MEZZANINE EQUITY:
Series Seed convertible redeemable preferred shares (US$0.0001 par value; 30,769,231 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		692,051		—
Series Angel convertible redeemable preferred shares (US$0.0001 par value; 21,978,022 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		495,921		—
Series B convertible redeemable preferred shares (US$0.0001 par value; 45,315,510 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		1,028,888		—
Series C-1 convertible redeemable preferred shares (US$0.0001 par value; 37,373,616 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		851,362		—
Series C-2 convertible redeemable preferred shares (US$0.0001 par value; 15,650,202 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		352,660		—
TOTAL MEZZANINE EQUITY:		3,420,882		—

Ordinary shares (US$0.0001 par value, 348,913,419 shares authorized, 106,994,625 shares issued and outstanding as of December 31, 2024)		71		—
Class A ordinary shares (US$0.0001 par value, nil and 300,000,000 shares authorized, nil and 194,348,706 shares issued and outstanding as of December 31, 2024 and 2025, respectively)		—		135
Class B ordinary shares (US$0.0001 par value, nil and 100,000,000 shares authorized, nil and 82,132,500 shares issued and outstanding as of December 31, 2024 and 2025, respectively)		—		55
Additional paid in capital		198,664		3,179,602
Accumulated deficit		(1,932,128)		(72,851)
Statutory reserves		80,975		230,033
Accumulated other comprehensive income		18,621		9,321
Total shareholders’ (deficit)/equity		(1,633,797)		3,346,295
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity		1,875,196		3,457,580

22.

Parent Company Only Condensed Financial Information (Continued)

Statement of comprehensive income


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
General and administrative expenses		(16,875)		(15,820)		(13,096)
Total operating expenses		(16,875)		(15,820)		(13,096)

Other income:
Others, net		8,792		9,868		3,525
Equity in income of subsidiaries, the VIE and subsidiaries of the VIE		213,269		871,798		1,317,111
Net income		205,186		865,846		1,307,540
Accretion to preferred shares redemption value		(536,059)		(429,931)		700,795
Net (loss)/income attributable to Yuanbao Inc.’s ordinary shareholders		(330,873)		435,915		2,008,335

Net income		205,186		865,846		1,307,540
Other comprehensive income/(loss):
Foreign currency translation adjustments		3,495		3,326		(9,300)
Total comprehensive income		208,681		869,172		1,298,240
Accretion to preferred shares redemption value		(536,059)		(429,931)		700,795
Comprehensive (loss)/income attributable to Yuanbao Inc.’s ordinary shareholders		(327,378)		439,241		1,999,035

Cash flows


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash (used in)/provided by operating activities		(1,703)		926		(15,683)
Cash flows from investing activities:
Cash paid for investments in subsidiaries		(73)		—		(9,287)
Loans to subsidiaries		—		—		(261,457)
Purchase of time deposits		(858,554)		(1,039,231)		—
Cash received from maturity of time deposits		861,102		1,241,203		—
Net cash provided by/(used in) investing activities		2,475		201,972		(270,744)
Cash flows from financing activities:
Cash paid for initial public offering costs		—		(9,113)		(8,062)
Cash received from subsidiaries⁽ⁱ⁾		—		70,074		—
Proceeds from exercise of options		—		—		26
Proceeds from issuance of ordinary shares upon IPO, net of commissions		—		—		204,880
Net cash provided by financing activities		—		60,961		196,844
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		3,512		4,588		(8,902)
Net increase/(decrease) in cash and cash equivalents and restricted cash		4,284		268,447		(98,485)
Cash and cash equivalents and restricted cash at beginning of the year		1,747		6,031		274,478
Cash and cash equivalents and restricted cash at end of the year		6,031		274,478		175,993

(i)	In 2024, the cash received from subsidiaries is interest free and due within one year.

Related party transactions (Details) ¥ in Millions	12 Months Ended
Related party transactions (Details) ¥ in Millions	Dec. 31, 2025 CNY (¥)
Related party transactions
Total cost from related party transactions	¥ 12.7

Intangible Assets, net - Summary of intangible assets, net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Assets, net
Insurance distribution and service-related licenses	¥ 59,065	¥ 57,330
Software and systems	6,775	1,840
Total intangible assets	65,840	59,170
Less: accumulated amortization	(1,287)	(1,121)
Intangible assets, net	¥ 64,553	¥ 58,049

Leases - Lease cost and supplemental cash flow information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating lease expenses	¥ 13,849	¥ 12,837	¥ 14,125
Short term lease expenses	1,484	46	68
Total lease expenses	15,333	12,883	14,193
Cash paid for operating leases included in the measurement of lease liabilities	14,066	13,383	13,537
Right-of-use assets obtained in exchange for lease liabilities	¥ 2,985	¥ 1,894	¥ 44,792

Related party transactions

12 Months Ended

Dec. 31, 2025

Related party transactions

Related party transactions

17.Related party transactions

In 2025, the Group purchased software copyrights and data labeling services with a total cost of RMB12.7 million from related parties, which was settled in 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurement - Recurring (Details) - Fair value, recurring - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement
Short-term investments	¥ 2,829,462	¥ 336,217
Total	2,829,462	336,217
Level 2
Fair Value Measurement
Short-term investments	2,829,462	336,217
Total	¥ 2,829,462	¥ 336,217

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of items related to operating leases on its consolidated balance sheet


		December 31, 2024		December 31, 2025
		RMB		RMB
Operating lease right-of use assets		19,335		8,566

Current operating lease liabilities		(13,447)		(7,077)
Non-current operating lease liabilities		(5,714)		(846)
Total operating lease liabilities		(19,161)		(7,923)


		For the Year Ended December 31,
		2023		2024		2025
Weighted average remaining lease term		2.5 years		1.4 years		0.8 years
Weighted average discount rate		3.96	%	3.91	%	3.66	%

Schedule of components of lease cost and supplemental cash flow information related to leases


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operating lease expenses		14,125		12,837		13,849
Short term lease expenses		68		46		1,484
Total lease expenses		14,193		12,883		15,333


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cash paid for operating leases included in the measurement of lease liabilities		13,537		13,383		14,066
Right-of-use assets obtained in exchange for lease liabilities		44,792		1,894		2,985

Schedule of maturities of lease liabilities


		December 31, 2025
		RMB
Year ended December 31
2026		7,227
2027		853
Total remaining undiscounted lease payments		8,080
Less: Interest		(157)
Total present value of lease liabilities		7,923
Less: Current operating lease liabilities		(7,077)
Non-current operating lease liabilities		846

Intangible Assets, net - Summary of future amortization expense (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
Intangible Assets, net
2026	¥ 1,919
2027	1,919
2028	1,311
2029	95
2030	95
Thereafter	149
Total	¥ 5,488

Organization and Principal Activities - Percentage of ownership of subsidiaries and variable interest entities (Details)	Dec. 31, 2025
Yuanbao HK
Organization and Principal Activities
Ownership percentage	100.00%
HK Insurance Brokers
Organization and Principal Activities
Ownership percentage	100.00%
Yuanbao Kechuang
Organization and Principal Activities
Ownership percentage	100.00%
Yuanbao Shuke
Organization and Principal Activities
Ownership percentage	100.00%
Yuanbao Insurance Brokerage (Beijing) Co., Ltd.
Organization and Principal Activities
Ownership percentage	100.00%
Shouxin Insurance Agency (Guangdong) Co., Ltd.
Organization and Principal Activities
Ownership percentage	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

10.

Accrued Expenses and Other Current Liabilities

The following is a summary of accrued expenses and other current liabilities as of December 31, 2024 and 2025:


		December 31, 2024		December 31, 2025
		RMB		RMB
Insurance premium payables⁽ⁱ⁾		346,403		405,154
Marketing and promotion expenses payable		153,073		258,393
Refund liabilities		51,159		77,878
Accrued other service fees and others		12,867		21,251
Security deposits		8,800		9,000
Professional service fees		14,688		5,740
Total		586,990		777,416

(i)	Amounts represent insurance premiums collected by the Group on behalf of insurance carriers which are also presented as cash and cash equivalents in the consolidated balance sheets. Such amounts are generally paid to insurance carriers in the following month.

Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2025

Preferred Shares

Schedule of preferred shares activities

 

Series Seed

 

Series Angel

 

Series B

 

Series C1

 

Series C2

 

Preferred Shares

Mezzanine Equity

Total

Number of

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

(RMB)

Balance as of January 1,2023

30,769,231

430,851

21,978,022

312,510

45,315,510

685,325

37,373,616

726,861

15,650,202

299,345

151,086,581

2,454,892

Accretion to Preferred Shares redemption value

—

132,237

—

93,603

—

182,631

—

89,269

—

38,319

—

536,059

Balance as of December 31, 2023

30,769,231

563,088

21,978,022

406,113

45,315,510

867,956

37,373,616

816,130

15,650,202

337,664

151,086,581

2,990,951

Accretion to Preferred Shares redemption value

—

128,963

—

89,808

—

160,932

—

35,232

—

14,996

—

429,931

Balance as of December 31, 2024

30,769,231

692,051

21,978,022

495,921

45,315,510

1,028,888

37,373,616

851,362

15,650,202

352,660

151,086,581

3,420,882

Accretion to Preferred Shares redemption value

—

(138,097)

—

(100,240)

—

(213,050)

—

(178,506)

—

(70,902)

—

(700,795)

Converted into ordinary shares⁽ⁱ⁾

(30,769,231)

(553,954)

(21,978,022)

(395,681)

(45,315,510)

(815,838)

(37,373,616)

(672,856)

(15,650,202)

(281,758)

(151,086,581)

(2,720,087)

Balance as of December 31, 2025

—

(i)	Upon the completion of the IPO in April 2025, all of issued and outstanding Preferred Shares automatically converted and re-designated on a one-for-one basis as Class A ordinary shares.

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Accounts Receivable, net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, net
Accounts receivable, gross:	¥ 443,120	¥ 263,852
Less: allowance for credit losses	(1,706)	(2,894)
Accounts receivable, net	441,414	260,958
Up to three months
Accounts Receivable, net
Accounts receivable, gross:	438,588	255,252
Three to six months
Accounts Receivable, net
Accounts receivable, gross:	2,829	1,300
Six to twelve months
Accounts Receivable, net
Accounts receivable, gross:	115	6,476
Above one year
Accounts Receivable, net
Accounts receivable, gross:	¥ 1,588	¥ 824

Organization and Principal Activities - Cash flow statement of VIE and the VIE's subsidiaries (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization and Principal Activities
Net cash and cash equivalents and restricted cash provided by continuing operating activities	¥ 1,495,138	¥ 1,207,601	¥ 426,607
Net cash and cash equivalents and restricted cash provided by discontinued operating activities			15,365
Net cash and cash equivalents and restricted cash provided by/(used in) continuing investing activities	(2,722,879)	(157,570)	(13,556)
Net cash and cash equivalents and restricted cash used in discontinued investing activities			(31,699)
Net cash and restricted cash provided by/(used in) financing activities	196,844	(9,113)	18,046
Net increase/(decrease) in cash and cash equivalents and restricted cash	(1,035,694)	1,045,764	421,351
VIE
Organization and Principal Activities
Net cash and cash equivalents and restricted cash provided by continuing operating activities	8,837	349,753	123,156
Net cash and cash equivalents and restricted cash provided by discontinued operating activities			15,365
Net cash and cash equivalents and restricted cash provided by/(used in) continuing investing activities	15,364	(81,861)	4,203
Net cash and cash equivalents and restricted cash used in discontinued investing activities			(31,699)
Net cash and restricted cash provided by/(used in) financing activities		(74,000)	27,800
Net increase/(decrease) in cash and cash equivalents and restricted cash	¥ 24,201	¥ 193,892	¥ 138,825

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Significant Accounting Policies - Schedule of concentration of credit risk (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies
Revenue	¥ 4,373,153	¥ 3,284,525	¥ 2,045,152
Accounts receivable, net	441,414	260,958
Revenue \| Customer concentration risk \| Customer A
Significant Accounting Policies
Revenue	¥ 1,477,333	¥ 950,542	¥ 539,136
Concentration risk, percentage	34.00%	29.00%	26.00%
Revenue \| Customer concentration risk \| Customer B
Significant Accounting Policies
Revenue	¥ 987,973	¥ 594,564	¥ 207,350
Concentration risk, percentage	23.00%	18.00%	10.00%
Revenue \| Customer concentration risk \| Customer C
Significant Accounting Policies
Revenue	¥ 458,931
Concentration risk, percentage	10.00%
Revenue \| Customer concentration risk \| Customer D
Significant Accounting Policies
Revenue		¥ 410,875	¥ 229,038
Concentration risk, percentage		13.00%	11.00%
Revenue \| Customer concentration risk \| Customer E
Significant Accounting Policies
Revenue			¥ 385,860
Concentration risk, percentage			19.00%
Accounts receivable \| Customer concentration risk \| Customer A
Significant Accounting Policies
Accounts receivable, net	¥ 100,284
Concentration risk, percentage	23.00%
Accounts receivable \| Customer concentration risk \| Customer B
Significant Accounting Policies
Accounts receivable, net	¥ 173,719	¥ 119,962
Concentration risk, percentage	39.00%	46.00%

Organization and Principal Activities - Schedule of assets and liabilities of the VIE and its subsidiaries (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	¥ 860,455	¥ 1,904,674	¥ 863,118
Time deposits	273,416	80,000
Restricted cash	23,525	15,000
Short-Term Investments	2,829,462	336,217
Accounts receivable, net	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
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
Accrued expenses and other current liabilities	777,416	586,990
Current lease liabilities	7,077	13,447
Total current liabilities	1,138,726	940,811
Non-current liabilities
Non-current lease liabilities	846	5,714
Deferred tax liabilities	169,701	46,030
Total non-current liabilities	170,547	51,744
TOTAL LIABILITIES	1,309,273	992,555
VIE
Current assets:
Cash and cash equivalents	585,882	561,777
Time deposits	80,266	80,000
Restricted cash	15,096	15,000
Short-Term Investments		21,560
Accounts receivable, net	119,148	86,501
Prepayments and other current assets, net	10,623	10,146
Total current assets	811,015	774,984
Non-current assets:
Property and equipment, net	1,457	1,568
Intangible assets, net	57,640	57,684
Right-of-use assets	848	2,856
Deferred tax assets, net	33,338	6,936
Other non-current assets, net	6,900
Total non-current assets	100,183	69,044
TOTAL ASSETS	911,198	844,028
Current liabilities
Accounts payable	5,570	3,819
Contract liabilities	63,440	117,591
Salary and welfare payable	12,029	13,209
Taxes payable	1,913	1,804
Accrued expenses and other current liabilities	577,055	522,838
Current lease liabilities	662	2,006
Amounts due to the subsidiaries of the Company, current	256,703	184,619
Total current liabilities	917,372	845,886
Non-current liabilities
Non-current lease liabilities	123	813
Deferred tax liabilities	14,333	14,795
Total non-current liabilities	14,456	15,608
TOTAL LIABILITIES	¥ 931,828	¥ 861,494

Taxes Payable

12 Months Ended

Dec. 31, 2025

Taxes Payable

Taxes Payable

9.	Taxes Payable

The Group’s subsidiaries, the VIE and subsidiaries of the VIE incorporated in China are subject to 6% VAT for services rendered, and all related taxes were paid in Chinese mainland.

The following is a summary of taxes payable as of December 31, 2024 and 2025:


		December 31, 2024		December 31, 2025
		RMB		RMB
VAT payables		19,438		19,896
Withheld individual income tax payables		30,521		17,613
Others		1,400		5,766
Total		51,359		43,275

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2025 category
Segment Information
Number of reportable segments not disclosed	true
System services
Segment Information
Number of categories of services	3

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-42616
Entity Registrant Name	Yuanbao Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Building 2, No.8 Beichen West Road
Entity Address, Adress Line Two	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100101
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001995520
Amendment Flag	false
Document Fiscal Period Focus	FY
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	Beijing, the People’s Republic of China
Auditor Firm ID	1424
American depositary shares
Document and Entity Information
Title of 12(b) Security	American depositary shares, each representing six Class A ordinary shares, par value US$0.0001 per share
Trading Symbol	YB
Security Exchange Name	NASDAQ
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share*
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	194,348,706
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	82,132,500
Business Contact
Document and Entity Information
Contact Personnel Name	Huirui Wan
Country Region	86
City Area Code	10
Local Phone Number	64849901
Contact Personnel Email Address	ray.wan@ybbx.com
Entity Address, Address Line One	Building 2, No.8 Beichen West Road
Entity Address, Adress Line Two	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100101
Entity Address, Country	CN

Parent Company Only Condensed Financial Information - Cash Flows (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Parent Company Only Condensed Financial Information
Net cash (used in)/provided by operating activities	¥ 1,495,138	¥ 1,207,601	¥ 441,972
Cash flows from investing activities:
Cash received from maturity of time deposits	327,370	1,494,619	996,472
Net cash used in investing activities	(2,722,879)	(157,570)	(45,255)
Cash flows from financing activities:
Cash paid for initial public offering costs	(8,062)	(9,113)
Proceeds from exercise of options	26		18,046
Proceeds from issuance of ordinary shares upon IPO, net of commissions	204,880
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
Parent company \| Reportable legal entity
Parent Company Only Condensed Financial Information
Net cash (used in)/provided by operating activities	(15,683)	926	(1,703)
Cash flows from investing activities:
Cash paid for investments in subsidiaries	(9,287)		(73)
Loans to subsidiaries	(261,457)
Purchase of time deposits		(1,039,231)	(858,554)
Cash received from maturity of time deposits		1,241,203	861,102
Net cash used in investing activities	(270,744)	201,972	2,475
Cash flows from financing activities:
Cash paid for initial public offering costs	(8,062)	(9,113)
Cash received from subsidiaries		70,074
Proceeds from exercise of options	26
Proceeds from issuance of ordinary shares upon IPO, net of commissions	204,880
Net cash provided by/(used in) financing activities	196,844	60,961
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash	(8,902)	4,588	3,512
Net increase/(decrease) in cash and cash equivalents and restricted cash	(98,485)	268,447	4,284
Cash and cash equivalents and restricted cash at beginning of the year	274,478	6,031	1,747
Cash and cash equivalents and restricted cash at end of the year	¥ 175,993	¥ 274,478	¥ 6,031

Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Parent Company Only Condensed Financial Information

Schedule of parent company balance sheet


		As of December 31,		As of December 31,
		2024		2025
		RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		274,478		175,993
Prepayments and other current assets, net		11,556		451
Amounts due from subsidiaries		18,101		310,097
Total current assets		304,135		486,541
Non-current assets:
Investment in subsidiaries and the VIE		1,571,061		2,971,039
Total non-current assets		1,571,061		2,971,039
TOTAL ASSETS		1,875,196		3,457,580
LIABILITIES
Current liabilities:
Accrued expenses and other current liabilities		16,227		5,780
Amounts due to subsidiaries		71,884		105,505
Total current liabilities		88,111		111,285
TOTAL LIABILITIES		88,111		111,285

MEZZANINE EQUITY:
Series Seed convertible redeemable preferred shares (US$0.0001 par value; 30,769,231 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		692,051		—
Series Angel convertible redeemable preferred shares (US$0.0001 par value; 21,978,022 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		495,921		—
Series B convertible redeemable preferred shares (US$0.0001 par value; 45,315,510 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		1,028,888		—
Series C-1 convertible redeemable preferred shares (US$0.0001 par value; 37,373,616 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		851,362		—
Series C-2 convertible redeemable preferred shares (US$0.0001 par value; 15,650,202 and nil shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		352,660		—
TOTAL MEZZANINE EQUITY:		3,420,882		—

Ordinary shares (US$0.0001 par value, 348,913,419 shares authorized, 106,994,625 shares issued and outstanding as of December 31, 2024)		71		—
Class A ordinary shares (US$0.0001 par value, nil and 300,000,000 shares authorized, nil and 194,348,706 shares issued and outstanding as of December 31, 2024 and 2025, respectively)		—		135
Class B ordinary shares (US$0.0001 par value, nil and 100,000,000 shares authorized, nil and 82,132,500 shares issued and outstanding as of December 31, 2024 and 2025, respectively)		—		55
Additional paid in capital		198,664		3,179,602
Accumulated deficit		(1,932,128)		(72,851)
Statutory reserves		80,975		230,033
Accumulated other comprehensive income		18,621		9,321
Total shareholders’ (deficit)/equity		(1,633,797)		3,346,295
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity		1,875,196		3,457,580

Schedule of parent company comprehensive income


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
General and administrative expenses		(16,875)		(15,820)		(13,096)
Total operating expenses		(16,875)		(15,820)		(13,096)

Other income:
Others, net		8,792		9,868		3,525
Equity in income of subsidiaries, the VIE and subsidiaries of the VIE		213,269		871,798		1,317,111
Net income		205,186		865,846		1,307,540
Accretion to preferred shares redemption value		(536,059)		(429,931)		700,795
Net (loss)/income attributable to Yuanbao Inc.’s ordinary shareholders		(330,873)		435,915		2,008,335

Net income		205,186		865,846		1,307,540
Other comprehensive income/(loss):
Foreign currency translation adjustments		3,495		3,326		(9,300)
Total comprehensive income		208,681		869,172		1,298,240
Accretion to preferred shares redemption value		(536,059)		(429,931)		700,795
Comprehensive (loss)/income attributable to Yuanbao Inc.’s ordinary shareholders		(327,378)		439,241		1,999,035

Schedule of parent company cash flows


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash (used in)/provided by operating activities		(1,703)		926		(15,683)
Cash flows from investing activities:
Cash paid for investments in subsidiaries		(73)		—		(9,287)
Loans to subsidiaries		—		—		(261,457)
Purchase of time deposits		(858,554)		(1,039,231)		—
Cash received from maturity of time deposits		861,102		1,241,203		—
Net cash provided by/(used in) investing activities		2,475		201,972		(270,744)
Cash flows from financing activities:
Cash paid for initial public offering costs		—		(9,113)		(8,062)
Cash received from subsidiaries⁽ⁱ⁾		—		70,074		—
Proceeds from exercise of options		—		—		26
Proceeds from issuance of ordinary shares upon IPO, net of commissions		—		—		204,880
Net cash provided by financing activities		—		60,961		196,844
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		3,512		4,588		(8,902)
Net increase/(decrease) in cash and cash equivalents and restricted cash		4,284		268,447		(98,485)
Cash and cash equivalents and restricted cash at beginning of the year		1,747		6,031		274,478
Cash and cash equivalents and restricted cash at end of the year		6,031		274,478		175,993

(i)	In 2024, the cash received from subsidiaries is interest free and due within one year.

Preferred Shares

12 Months Ended

Dec. 31, 2025

Preferred Shares

Preferred Shares

12.

Preferred Shares

Since March 2020, the Group have raised approximately US$152.5 million in equity financing from a group of investors:

Series Seed financing

In March 2020, the Group raised US$4.0 million from the issuance of Series Seed preferred shares of the Group to Hike Capital L.P.

Series Angel financing

In March 2020, the Group raised an aggregate of US$5.0 million from the issuance of Series Angel preferred shares of the Group to Northern Light Venture Capital and Hike Capital L.P.

Series B financing

In September 2020, the Group raised an aggregate of US$30.0 million from the issuance of Series B preferred shares of the Group to Qiming VII Strategic Investors Fund, L.P., Qiming Venture Partners VII, L.P., SIG Global China Fund I, LLLP, Deep Mind Holdings Limited, Hike Capital L.P. and Northern Light Venture Capital V, Ltd.

Series C1 financing

In March 2021, the Group raised an aggregate of US$80.0 million from the issuance of Series C1 preferred shares of the Group to SIG Global China Fund I, LLLP, Quadrant Ventures Limited, Geometry Ventures Limited, Hike Capital III L.P., Qiming Venture Partners VII, L.P., Qiming VII Strategic Investors Fund, L.P., Northern Light Venture Capital V, Ltd, Sino- French (Innovation) Fund II and Deep Mind Holdings Limited.

Series C2 financing

In April 2021, the Group raised an aggregate of US$33.5 million from the issuance of Series C2 preferred shares of the Group to Franchise Fund LP and SIG Global China Fund I, LLLP.

Series Seed, Angel, B, C1 and C2 convertible redeemable preferred shares are collectively referred to as the “Preferred Shares”.

The key terms of the Preferred Shares were as follows:

Conversion rights

The Series Seed, Angel, B, C1 and C2 preferred shares were convertible, at the option of the holders, at any time after the original issue date of the relevant series of preferred shares into such number of fully paid and non-assessable ordinary shares. Each preferred share shall automatically be converted into ordinary shares at the then effective conversion price upon the closing of a Qualified Initial Public Offering (“QIPO”), which meant to be the Company been registered under the applicable securities laws with a pre-offering valuation of at least US$1,500.0 million and gross proceeds to the Company in excess of US$150.0 million. In September 2024, all holders of these preferred shares agreed and confirmed that, an initial public offering of the Company registered under the United States Securities Act of 1933, as amended, shall be deemed to be a “QIPO” for any and all purposes, regardless of the offering proceeds or pre-money valuation of the Company.

12.

Preferred Shares (Continued)

Redemption rights

At the option of a holder of the preferred shares any time on or after the earliest of: (i) Company’s failure to consummate a QIPO by the respective Redemption Start Date (refer to the end of the paragraph for details) for each series of preferred shares; (ii) material breach of representations, warranties, covenants or other obligations by the relevant party under the Transaction Documents; (iii) cessation employment of Mr. Fang Rui by the Group Companies or (iv) the occurrence of any material adverse change in the regulatory environment which causes the Control Documents (has the meaning ascribed in each share purchase agreements) and the VIE Structure contemplated under the Control Documents to be invalid under the applicable laws, and no substituted scheme has been presented and approved by the Preferred Majority (means the holders representing more than two thirds of the Preferred Shares then outstanding, voting as a single class) within three months after such invalidation, the Company shall redeem all or any part of the outstanding preferred shares held by the requesting holder as elected by such holder out of funds legally available therefor including capital, at the redemption price. Prior to the issuance of Series C1 in March 2021, the “Redemption Start Date” of the Preferred Shares were September 30, 2025. Upon the issuance of Series C1, the “Redemption Start Date” for all then Preferred Shares were modified to be March 19, 2026, and upon the issuance of Series C2, the “Redemption Start Date” for all then Preferred Shares were further modified to be April 13, 2026.

The redemption price of the respective Preferred Shares shall be equal to the highest of: (i) an amount equal to: preferred shares issue price*(1+8%*N), N = a fraction, the numerator of which is the number of calendar days between the original issue date and the date on which the redemption price with respect to the preferred shares is paid and the denominator of which is 365, plus all declared but unpaid dividends on the Series B preferred shares required to be redeemed up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) one hundred and twenty percent (120%) of the original investment amount, plus all declared but unpaid dividends; or (iii) the fair market value of the preferred shares determined by an independent appraiser selected jointly by the Company, Rui Fang, Shuli Sun, Ying Li, Bo Wang, and the holders of a majority of redeeming Preferred Shares.

Dividend rights

Each holders of the Preferred Shares shall be entitled to receive noncumulative preferential dividends in an amount equal to eight percent of their respective issue price (as adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions) per annum, prior to the distribution of dividends ratably among the holders of ordinary shares and Preferred Shares in proportion to the number of outstanding ordinary shares held by them (calculated on an as-converted basis).

No dividends or other distributions shall be made or declared, whether in cash, in property, or in any other shares of the Group, unless and until dividends have been paid in full on the Preferred Shares.

Liquidation rights

Upon any liquidation, dissolution or winding up of the Company and/or any Group Company, either voluntary or involuntary, distributions to shareholders of the Company shall be made in the seniority of Series C2, C1, B, Angel, Seed and ordinary shares. After setting aside or paying in full of the preference amount (as agreed at end of this paragraph) of each series of Preferred Shares, the remaining assets and funds of the Company available for distribution to members, if any, shall be distributed ratably among all the holders of outstanding ordinary shares and all the holders of outstanding Preferred Shares in proportion to the number of outstanding ordinary shares held by them (with outstanding Preferred Shares treated on an as-if-converted basis). The preference amount of each Series of Preferred Shares is the amount equal to the higher of the followings: (i) one hundred and twenty percent of the issue price (as adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions) of relevant Preferred Shares, plus all dividends declared and unpaid with respect thereto per share then held by such holder, (ii) one hundred percent of the issue price (as adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions) and the interests at a simple rate of eight percent of relevant Preferred Shares issue price per annum, plus all dividends declared and unpaid with respect thereto per share then held by such holder.

12.

Preferred Shares (Continued)

Voting rights

Each Preferred Share confers the right to receive notice of, attend and vote at any general meeting of members.

Accounting of Preferred Shares

The Group classified the Preferred Shares in the mezzanine equity of the consolidated balance sheets. In addition, the Group records accretion on the Preferred Shares to the redemption value from the issuance dates to the earliest redemption dates. Each issuance of the Preferred Shares was recognized at the respective issue price at the date of issuance net of issuance costs.

The Group’s preferred shares activities for the years ended December 31, 2023, 2024 and 2025 are summarized below:

 

Series Seed

 

Series Angel

 

Series B

 

Series C1

 

Series C2

 

Preferred Shares

Mezzanine Equity

Total

Number of

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

(RMB)

Balance as of January 1,2023

30,769,231

430,851

21,978,022

312,510

45,315,510

685,325

37,373,616

726,861

15,650,202

299,345

151,086,581

2,454,892

Accretion to Preferred Shares redemption value

—

132,237

—

93,603

—

182,631

—

89,269

—

38,319

—

536,059

Balance as of December 31, 2023

30,769,231

563,088

21,978,022

406,113

45,315,510

867,956

37,373,616

816,130

15,650,202

337,664

151,086,581

2,990,951

Accretion to Preferred Shares redemption value

—

128,963

—

89,808

—

160,932

—

35,232

—

14,996

—

429,931

Balance as of December 31, 2024

30,769,231

692,051

21,978,022

495,921

45,315,510

1,028,888

37,373,616

851,362

15,650,202

352,660

151,086,581

3,420,882

Accretion to Preferred Shares redemption value

—

(138,097)

—

(100,240)

—

(213,050)

—

(178,506)

—

(70,902)

—

(700,795)

Converted into ordinary shares⁽ⁱ⁾

(30,769,231)

(553,954)

(21,978,022)

(395,681)

(45,315,510)

(815,838)

(37,373,616)

(672,856)

(15,650,202)

(281,758)

(151,086,581)

(2,720,087)

Balance as of December 31, 2025

—

(i)	Upon the completion of the IPO in April 2025, all of issued and outstanding Preferred Shares automatically converted and re-designated on a one-for-one basis as Class A ordinary shares.

Employee Benefits (Details) - CNY (¥) ¥ in Millions	12 Months Ended
Employee Benefits (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Benefits
Employee benefit expenses	¥ 75.5	¥ 56.0	¥ 43.8

Organization and Principal Activities - History of the group and Contractual arrangements (Details)		12 Months Ended
	Sep. 30, 2019	Dec. 31, 2025	Apr. 30, 2025
Class A ordinary shares
Organization and Principal Activities
Number of underlying shares represented by each ADS			6
Yuanbao Shuke
Organization and Principal Activities
Service fee as percentage of consolidated profit before tax		100.00%
Initial term of agreement		20 years
Rui Fang \| Yuanbao Shuke
Organization and Principal Activities
Percentage of equity interests	79.00%
Beijing Yibao Technology Limited Partnership \| Yuanbao Shuke
Organization and Principal Activities
Percentage of equity interests	21.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

Commitments and Contingencies

16.

Commitments and Contingencies

Contingencies

The Group is not currently a party to any pending material litigation or other legal proceeding or claims.

The Company is incorporated in the Cayman Islands and is considered as a foreign entity under PRC laws. The Company conducts its businesses partly through the VIE. The VIE holds the licenses and approvals that are essential for the Company’s business operations. In the opinion of the Company’s PRC legal counsel, the current ownership structures and the contractual arrangements with the VIE and the VIE’s shareholders as well as the operations of the VIE are in compliance with all existing PRC laws, rules and regulations. However, there may be changes and other developments in PRC laws and regulations. Accordingly, the Company cannot be assured that PRC government authorities will not take a view in the future contrary to the opinion of the Company’s PRC legal counsel. If the current ownership structures of the Company and its contractual arrangements with the VIE were found to be in violation of any existing or future PRC laws or regulations, the Company may be required to restructure its ownership structure and operations in China to comply with amendments from time to time and new PRC laws and regulations.

Taxes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Taxes Payable

Schedule of summary of taxes payable


		December 31, 2024		December 31, 2025
		RMB		RMB
VAT payables		19,438		19,896
Withheld individual income tax payables		30,521		17,613
Others		1,400		5,766
Total		51,359		43,275

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based Compensation

Schedule of the assumption of the estimated fair value of each option granted


		For the year ended December 31,
		2023		2024		2025
Risk-free interest rate		4.1%~4.3	%	4.0%~4.4	%	4.4	%
Expected volatility		49.7%~50.0	%	50.0%~58.5	%	60.0	%
Expected dividends yields		—		—		—
Expected term (years)		10		10		10
Discount for lack of marketability (“DLOM”)		12.5%~13.8	%	7.3%~9.5	%	—

Schedule of company's share options activities


				Weighted		Weighted		Weighted
				Average		Average		Average		Aggregated
		Number of		Exercise		Remaining		Grant-date		intrinsic
		Options		Price		Contractual life		Fair Value		value
				US$				US$		RMB
Outstanding on January 1, 2023		20,554,900		0.11		8.09		0.49		283,331
Granted		2,984,900		0.28				2.14
Exercised		(6,994,625)		0.36				0.40
Forfeited		(1,610,200)		0.20				1.29
Outstanding on December 31, 2023		14,934,975		0.14		6.95		0.76		271,425
Vested and exercisable on December 31, 2023		2,896,945		0.10		6.44		0.39

Outstanding on January 1, 2024		14,934,975		0.14		6.95		0.76		271,425
Granted		8,517,000		0.32				2.65
Forfeited		(985,700)		0.25				1.84
Outstanding on December 31, 2024		22,466,275		0.20		7.51		1.43		501,656
Vested and exercisable on December 31, 2024		10,098,860		0.11		6.11		0.49

Outstanding on January 1, 2025		22,466,275		0.20		7.51		1.43		501,656
Granted		2,409,800		0.40				2.18
Exercised		(361,212)		0.17				1.07
Forfeited		(958,250)		0.29				2.25
Outstanding on December 31, 2025		23,556,613		0.22		6.74		1.48		543,708
Vested and exercisable at December 31, 2025		13,982,607		0.14		5.58		0.82

Schedule of changes in the RSUs relating to ordinary shares granted


				Weighted-average
		Number of RSUs		grant date fair value
				US$
Awarded and unvested as of January 1, 2025		—		—
Granted		2,798,862		3.34
Vested		(19,614)		4.34
Awarded and unvested as of December 31, 2025		2,779,248		3.34

Schedule of company's activities of restricted shares


		Number of Shares
Unvested on January 1, 2023		50,000,000
Granted		—
Vested		(25,000,000)
Unvested on December 31, 2023		25,000,000

Unvested on January 1, 2024		25,000,000
Granted		—
Vested		(25,000,000)
Unvested on December 31, 2024		—

Schedule of share-based compensation recognized in operating expenses


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operations and support		—		29		39
Selling and marketing expenses		1,779		14,222		13,520
General and administrative expenses		29,719		34,404		37,674
Research and development expenses		5,612		15,362		23,086
Total		37,110		64,017		74,319

Segment Information - Financial Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Information
Revenue	¥ 4,373,153	¥ 3,284,525	¥ 2,045,152
Net income from continuing operations	1,307,540	865,846	205,186
Single reportable segment
Segment Information
Revenue	4,373,153	3,284,525	2,045,152
Marketing and promotional expenses	(2,158,833)	(1,743,121)	(1,424,629)
Other segment items	(181,446)	(122,719)	(80,316)
Net income from continuing operations	¥ 1,307,540	¥ 865,846	¥ 205,186
Segment reporting, other segment item, composition, description	Includes channel fee, cloud service and bandwidth costs, utility fees, and other expenses.	Includes channel fee, cloud service and bandwidth costs, utility fees, and other expenses.	Includes channel fee, cloud service and bandwidth costs, utility fees, and other expenses.
Single reportable segment \| Selling and marketing expenses
Segment Information
Labor cost	¥ (58,326)	¥ (46,787)	¥ (37,144)
Single reportable segment \| Operations and support expenses
Segment Information
Labor cost	(110,920)	(93,551)	(77,887)
Single reportable segment \| Research and development expenses
Segment Information
Labor cost	(334,194)	(219,013)	(121,868)
Single reportable segment \| General and administrative expenses
Segment Information
Labor cost	¥ (221,894)	¥ (193,488)	¥ (98,122)

Employee Benefits

12 Months Ended

Dec. 31, 2025

Employee Benefits

Employee Benefits

13.

Employee Benefits

The Company’s subsidiaries, the VIE and subsidiaries of the VIE incorporated in Chinese mainland participate in a government-mandated multi-employer defined contribution plan under which certain retirement, medical, housing and other welfare benefits are provided to employees. Chinese labor regulations require the Company’s Chinese subsidiaries, the VIE and subsidiaries of the VIE to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; hence, the Group has no further commitments beyond its monthly contribution. The total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB43.8 million, RMB56.0 million and RMB75.5 million for the years ended December 31, 2023, 2024 and 2025, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Restricted Net Assets (Details) ¥ in Millions	12 Months Ended
Restricted Net Assets (Details) ¥ in Millions	Dec. 31, 2025 CNY (¥)
Restricted Net Assets
Annual appropriation	10.00%
Restricted net assets	¥ 1,022.3

Intangible Assets, net

12 Months Ended

Dec. 31, 2025

Intangible Assets, net

Intangible Assets, net

5.	Intangible Assets, net

The following is a summary of intangible assets, net:


		December 31, 2024		December 31, 2025
		RMB		RMB
Gross carrying amount
Insurance distribution and service-related licenses		57,330		59,065
Software and systems		1,840		6,775
Total intangible assets		59,170		65,840
Less: accumulated amortization		(1,121)		(1,287)
Intangible assets, net		58,049		64,553

Licenses for insurance distribution and services have indefinite useful life. Amortization expenses were RMB0.4 million, RMB0.2 million and RMB0.7 million for the years ended December 31, 2023, 2024 and 2025, respectively. No impairment charge was recognized for any of the years presented.

As of December 31, 2025, intangible assets amortization expense for future years is expected to be as follows:


		Amortization expense of intangible assets
		RMB
2026		1,919
2027		1,919
2028		1,311
2029		95
2030		95
Thereafter		149
Total		5,488

Leases - Balance sheet disclosure (Details) ¥ in Thousands	12 Months Ended
Leases - Balance sheet disclosure (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥) lease	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023
Leases
Operating lease right-of use assets	¥ 8,566	¥ 19,335
Current operating lease liabilities	(7,077)	(13,447)
Non-current operating lease liabilities	(846)	(5,714)
Total operating lease liabilities	¥ (7,923)	¥ (19,161)
Weighted average remaining lease term	9 months 18 days	1 year 4 months 24 days	2 years 6 months
Weighted average discount rate	3.66%	3.91%	3.96%
Leases that have not yet commenced \| lease	0

Share-based Compensation - Assumptions used to estimate fair value of each option granted (Details)	1 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation
Vesting period (in years)	4 years
Employee Stock Option
Share-based Compensation
Risk-free interest rate		4.40%
Risk-free interest rate, Minimum			4.00%	4.10%
Risk-free interest rate, Maximum			4.40%	4.30%
Expected volatility		60.00%
Expected volatility, Minimum			50.00%	49.70%
Expected volatility, Maximum			58.50%	50.00%
Expected term (in years)		10 years	10 years	10 years
Discount for lack of marketability ("DLOM"), Minimum			0.073	0.125
Discount for lack of marketability ("DLOM"), Maximum			0.095	0.138

Share-based Compensation - Restricted share owned by the Founders (Details) ¥ in Thousands		1 Months Ended	12 Months Ended			48 Months Ended
	Mar. 27, 2020 $ / shares	Jul. 31, 2020	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	Mar. 27, 2024
Share-based Compensation
Vesting period (in years)		4 years
Number of shares
Share-based compensation expenses \| ¥			¥ 74,319	¥ 64,017	¥ 37,110
Founders Restricted Shares
Share-based Compensation
Vesting period (in years)	4 years					4 years
Weighted average grant date fair value \| $ / shares	$ 0.05
Number of shares
Awarded and unvested, beginning balance			0	25,000,000	50,000,000
Vested				(25,000,000)	(25,000,000)
Awarded and unvested, ending balance				0	25,000,000
Share-based compensation expenses \| ¥				¥ 2,300	¥ 9,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Organization and Principal Activities - Results of operations of VIE and the VIE's subsidiaries (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization and Principal Activities
Revenue	¥ 4,373,153	¥ 3,284,525	¥ 2,045,152
Net income/(loss) 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
VIE
Organization and Principal Activities
Revenue	1,658,159	1,438,597	803,906
Net income/(loss) from continuing operations	(9,852)	25,933	12,237
Net loss from discontinued operations			(2,069)
Net income	¥ (9,852)	¥ 25,933	¥ 10,168

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ References + Details

Leases - Maturities of lease liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Maturities of lease liabilities
2026	¥ 7,227
2027	853
Total remaining undiscounted lease payments	8,080
Less: Interest	(157)
Total operating lease liabilities	7,923	¥ 19,161
Less: Current operating lease liabilities	(7,077)	(13,447)
Non-current lease liabilities	¥ 846	¥ 5,714

Significant Accounting Policies - Schedule of Property and equipment, net (Details)	Dec. 31, 2025
Electronic equipment
Significant Accounting Policies
Estimated useful life (in years)	3 years
Residual value (in percentage)	0.00%
Motor vehicles
Significant Accounting Policies
Estimated useful life (in years)	4 years
Motor vehicles \| Minimum
Significant Accounting Policies
Residual value (in percentage)	0.00%
Motor vehicles \| Maximum
Significant Accounting Policies
Residual value (in percentage)	5.00%
Leasehold improvement
Significant Accounting Policies
Estimated useful life - description	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Residual value (in percentage)

Significant Accounting Policies - Schedule of Intangible assets other than goodwill (Details) - Software and system	Dec. 31, 2025
Significant Accounting Policies
Residual value (in percentage)	0.00%
Minimum
Significant Accounting Policies
Estimated useful life	3 years
Maximum
Significant Accounting Policies
Estimated useful life	10 years

- Definition

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+ Details

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

Significant Accounting Policies - Narratives (Details) ¥ in Thousands, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 HKD ($)
Significant Accounting Policies
Restricted cash	¥ 23,525	¥ 15,000
Investment income	45,197	6,423	¥ 628
Allowance for credit losses	1,200	¥ 2,300	100
Long-term bank deposits	¥ 52,492
Interest-free loans maturity term (in years)	5 years	5 years
Interest free loans amortization term (in years)	5 years
Impairment long-lived assets	¥ 0	¥ 0	0
Insurance distribution services, payment term (in days)	30 days
Term of majority insurance policies (in months)	12 months
Refund period (in months)	1 month
System services, payment term (in days)	30 days
Government subsidy	¥ 10,000	¥ 3,000	¥ 6,200
Government Assistance, Nonoperating Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Others, net	Others, net	Others, net
Minimum contribution to statutory surplus fund (as a percentage)	10.00%
Maximum contribution to statutory surplus fund (as a percentage)	50.00%
Minimum contribution to general reserve fund (as a percentage)	10.00%
Maximum contribution to general reserve fund (as a percentage)	50.00%
Statutory reserves	¥ 230,033	¥ 80,975	¥ 0
Cash and cash equivalents	860,455	1,904,674	¥ 863,118
PRC subsidiaries and the VIE
Significant Accounting Policies
Cash and cash equivalents	¥ 682,600	¥ 1,625,300
Cash and cash equivalent (in percentage)	79.30%	85.30%		79.30%	79.30%	85.30%	85.30%
Denominated in US dollars
Significant Accounting Policies
Cash at bank	¥ 177,000	¥ 315,500		$ 25.2		$ 43.9
Denominated in HKD
Significant Accounting Policies
Cash at bank	700				$ 0.8		$ 0.0
Denominated in RMB
Significant Accounting Policies
Cash at bank	682,700	1,589,200
National Administration of Financial Regulation
Significant Accounting Policies
Restricted cash	15,000	¥ 15,000
Foreign exchange settlement contracts
Significant Accounting Policies
Restricted cash	¥ 8,400

Taxation (Details) ¥ in Thousands, $ in Millions	12 Months Ended			72 Months Ended
Taxation (Details) ¥ in Thousands, $ in Millions	Dec. 31, 2025 HKD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2027	Dec. 31, 2025 CNY (¥)
Income Taxes [Line Items]
Taxable income tax rate (as precent)	25.00%	25.00%	25.00%
Cayman Islands
Income Taxes [Line Items]
Withholding tax \| ¥					¥ 0
Hong Kong, China
Income Taxes [Line Items]
Assessable profits slab amount \| $	$ 2
Hong Kong, China \| Profits up to slab HK$2 Million
Income Taxes [Line Items]
Taxable income tax rate (as precent)	8.25%
Hong Kong, China \| Profits exceeding slab HK$2 Million
Income Taxes [Line Items]
Taxable income tax rate (as precent)	16.50%
Chinese mainland
Income Taxes [Line Items]
Taxable income tax rate (as precent)	25.00%
Preferential tax rate (as precent)	15.00%
EIT, Software Enterprise, full exemption term (in years)	2 years
EIT, Software Enterprise, reduced rate (as precent)	50.00%
EIT Law Software Enterprise, reduced rate term (in years)	3 years
HNTE renewal status (in years)	3 years
Chinese mainland \| Yuanbao Shuke and Yuanbao Kechuang
Income Taxes [Line Items]
Preferential tax rate (as precent)				15.00%

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

Taxation

12 Months Ended

Dec. 31, 2025

Taxation

Taxation

8.	Taxation

a)	Income taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company in the Cayman Islands to its shareholders, no Cayman Islands withholding tax will be imposed.

Hong Kong, China

In accordance with Hong Kong Inland Revenue Ordinance, the subsidiaries incorporated in Hong Kong are subject to profits tax at the rate of 8.25% on assessable profits up to HK$2 million, and 16.5% on any part of assessable profits over HK$2 million.

Chinese mainland

Under the Enterprise Income Tax (“EIT”) Law of the PRC (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. In addition, the EIT Law provides for, among others, a preferential tax rate of 15% for enterprises qualified as High and New Technology Enterprises (“HNTE”). Further, certain subsidiaries were recognized as Software Enterprises (“SE”) and thereby entitled to full exemption from EIT for two years beginning from their first profitable calendar year and a 50% reduction for the subsequent three calendar years.

The Company’s Chinese subsidiaries, VIE and subsidiaries of VIE are subject to an income tax of 25%, except for Yuanbao Shuke and Yuanbao Kechuang. Both Yuanbao Shuke and Yuanbao Kechuang were recognized as HNTEs and were eligible for a preferential tax rate of 15% starting from 2022 to 2027. This status is subject to annual evaluation and a requirement that they reapply for HNTE status every three years.

In addition, Yuanbao Kechuang was also granted the SE status in 2024 and 2025 and is expected to be entitled to an income tax exemption for 2025, which is its second profitable taxation year. The tax exemption is subject to review by the relevant tax authorities during Yuanbao Kechuang’s 2025 annual tax filing. As the SE status is subject to review and approval by the relevant authorities every year, the preferential income tax of the SE status each year would be accounted for when the approval is received for the year or the grant of the SE status is more-likely-than-not.

Valuation allowance is provided against deferred tax assets when the Group determines that it is more-likely-than-not that the deferred tax assets will not be utilized in the future. The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses.

8.Taxation (Continued)

a)	Income taxes (Continued)

The current and deferred portions of income tax expense included in the consolidated statements of comprehensive income during the years ended December 31, 2023, 2024 and 2025 are as follows:


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Current income tax expense		269		828		4,044
Deferred income tax expense		22		24,740		97,127
Income tax expense		291		25,568		101,171

Reconciliation between the income tax expense computed by applying the Enterprise Income Tax (“EIT”) rate to income before income taxes and actual provision were as follows:


		For the year ended December 31, 2025
		RMB		%

Income tax expenses at PRC statutory income tax rate-25% ⁽ⁱ⁾		352,178		25.0	%
Foreign tax effects		3,111		0.2	%
Nontaxable or nondeductible items:		(377,892)		(26.8)	%
-Preferential income tax rate		(377,941)		(26.8)	%
-Additional deduction for research and development expenses		(2,240)		(0.2)	%
-Share-based payment awards		1,004		0.1	%
-Others		1,285		0.1	%
Changes in valuation allowances		(6,226)		(0.4)	%
Withholding income tax		130,000		9.2	%
Income tax expense		101,171		7.2	%

(i)	The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.


		For the year ended December 31,
		2023		2024
		RMB		RMB
Income before income tax		205,477		891,414

Tax expense at EIT tax rate of 25%		51,369		222,854
Effect of different tax rates applicable to different subsidiaries of the Group		(12,845)		(243,520)
Effect of additional deduction for qualified research and development expenses		(16,323)		(6,075)
Effect on deferred tax assets due to change in tax rates⁽ⁱⁱ⁾		—		64,030
Non-deductible expenses		5,891		1,539
Changes in valuation allowance		(27,801)		(13,260)
Income tax expense		291		25,568

(ii)

8.Taxation (Continued)

a)	Income taxes (Continued)

The significant components of deferred taxes are as follows:


		December 31, 2024		December 31, 2025
		RMB		RMB
Deferred tax assets
Advertising expenses ⁽ⁱⁱⁱ⁾		2,707		4,337
Accumulated losses carryforward		27,654		32,052
Operating lease liabilities		3,487		899
Book/tax basis differences in revenue		18,377		29,370
Others		4,417		9,279
Less: valuation allowance		(44,087)		(38,169)
Deferred tax assets before offset		12,555		37,768
Offset by deferred tax liabilities		(5,619)		(4,431)
Net deferred tax assets		6,936		33,337

Deferred tax liabilities
Accrued interest and fair value change		460		2,672
Operating lease right-of-use assets		3,079		1,016
Book/tax basis differences in revenue		33,777		25,968
Acquired intangible assets		14,333		14,476
Withholding tax		—		130,000
Deferred tax liabilities before offset		51,649		174,132
Offset by deferred tax assets		(5,619)		(4,431)
Net deferred tax liabilities		46,030		169,701

(iii)

Movement of valuation allowance:


		For the year ended December 31,
		2024		2025
		RMB		RMB
Balance at the beginning of the year		57,347		44,087
Additions		34,467		8,462
Reversals		(47,727)		(14,380)
Balance at the end of the year		44,087		38,169

As of December 31, 2024 and 2025, the Group had accumulated losses carryforward in the PRC entities of approximately RMB117.6 million and RMB126.6 million, respectively. These accumulated losses can be carried forward for five years to offset future taxable income and the period was extended to ten years for entities qualified as HNTE in 2022 and thereafter. As of December 31, 2025, the accumulated losses carryforward will expire during the period from 2026 to 2030.

8.	Taxation (Continued)

b)	Withholding income tax

The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a foreign-invested entity (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. According to the arrangement between Chinese mainland and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate that may be lowered to 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The State Administration of Taxation (“SAT”) further promulgated the Notice on How to Understand and Identify the “Beneficial Owner” in Tax Treaties (the “Circular 601”) on October 27, 2009, which provides that tax treaty benefits will be denied to “conduit” or shell companies without business substance and that a beneficial ownership analysis will be used based on a “substance-over-form” principle to determine whether or not to grant the tax treaty benefits. Further, the SAT promulgated the Notice on Issues Related to the “Beneficial Owner” in Tax Treaties in February 2018, which replaced the Circular 601 and requires the “beneficial owner” to have ownership and the right to dispose of the income or the rights and properties giving rise to the income and generally engage in substantive business activities and sets forth certain detailed factors in determining the “beneficial owner” status.

Before 2025, the Group did not record any dividend withholding tax on the retained earnings of its FIEs in the Chinese mainland, as the Group intended to reinvest all earnings in the Chinese mainland to further expand its business in the Chinese mainland, and its FIEs did not intend to declare dividends on the retained earnings to their immediate foreign holding companies.

In 2025, the Group accrued RMB130.0 million withholding tax expenses associated with its earnings of 2025 expected to be distributed from its FIEs in the Chinese mainland to its overseas entities. The related deferred tax liabilities as of December 31, 2025 were provided on the assumption that substantially all of the distributable earnings of PRC subsidiaries will be distributed as dividends, except for those undistributed earnings that the Group intends to invest indefinitely in the PRC which amounted to RMB521.9 million.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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+ Details

Taxation - Movement Of Valuation Allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets Valuation Allowance
Balance at the beginning of the year	¥ 44,087	¥ 57,347
Additions	8,462	34,467
Reversals	(14,380)	(47,727)
Balance at the end of the year	38,169	44,087
Accumulated losses carryforward	¥ 126,600	¥ 117,600
Loss carryforward, period (in years)	5 years
Loss carryforward, period for HNTE entities (in years)	10 years

Preferred Shares (Details) $ in Millions	1 Months Ended					12 Months Ended	70 Months Ended
Preferred Shares (Details) $ in Millions	Apr. 30, 2025	Apr. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Preferred Shares
Proceeds from equity financing							$ 152.5
Pre-offering valuation						$ 1,500.0	1,500.0
Minimum proceeds from QIPO						$ 150.0	$ 150.0
Redemption price, Threshold percentage						8.00%
Redemption price, denominator						365 days
Redemption price, percentage on original investment						120.00%
Dividend percentage						8.00%
Temporary equity, conversion ratio	1
Liquidation preference value with simple interest
Preferred Shares
Liquidation preference value, percentage on issue price						120.00%
Liquidation preference value without simple interest
Preferred Shares
Liquidation preference value, percentage on issue price						100.00%
Liquidation preference value, percentage simple interest on issue price						8.00%
Series Seed Preferred Shares
Preferred Shares
Proceeds from equity financing					$ 4.0
Series Angel Preferred Shares
Preferred Shares
Proceeds from equity financing					$ 5.0
Series B Preferred Shares
Preferred Shares
Proceeds from equity financing				$ 30.0
Series C1 Preferred Shares
Preferred Shares
Proceeds from equity financing			$ 80.0
Series C2 Preferred Shares
Preferred Shares
Proceeds from equity financing		$ 33.5

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

6.	Leases

The Group’s operating leases mainly related to offices facilities. As of December 31, 2024 and December 31, 2025, the Group recognized the following items related to operating leases on its consolidated balance sheet:


		December 31, 2024		December 31, 2025
		RMB		RMB
Operating lease right-of use assets		19,335		8,566

Current operating lease liabilities		(13,447)		(7,077)
Non-current operating lease liabilities		(5,714)		(846)
Total operating lease liabilities		(19,161)		(7,923)


		For the Year Ended December 31,
		2023		2024		2025
Weighted average remaining lease term		2.5 years		1.4 years		0.8 years
Weighted average discount rate		3.96	%	3.91	%	3.66	%

The Group’s lease payments for office facilities include fixed rental payments and do not consist of any variable lease payments that depend on an index or a rate. As of December 31, 2025, there was no leases that have not yet commenced.

6.	Leases (Continued)

The components of lease cost for the years ended December 31, 2023, 2024 and 2025 were as follows:


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operating lease expenses		14,125		12,837		13,849
Short term lease expenses		68		46		1,484
Total lease expenses		14,193		12,883		15,333

Supplemental cash flow information related to leases for the years ended December 31, 2023, 2024 and 2025 were as follows:


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cash paid for operating leases included in the measurement of lease liabilities		13,537		13,383		14,066
Right-of-use assets obtained in exchange for lease liabilities		44,792		1,894		2,985

Maturities of lease liabilities under the Group’s non-cancellable operating leases as of December 31, 2025:


		December 31, 2025
		RMB
Year ended December 31
2026		7,227
2027		853
Total remaining undiscounted lease payments		8,080
Less: Interest		(157)
Total present value of lease liabilities		7,923
Less: Current operating lease liabilities		(7,077)
Non-current operating lease liabilities		846

Fair Value Measurement - Non-recurring (Details) - Fair value, non-recurring - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement
Financial assets	¥ 0	¥ 0
Financial liabilities	¥ 0	¥ 0

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Net (Loss)/Income Per Share

12 Months Ended

Dec. 31, 2025

Net (Loss)/Income Per Share

Net (Loss)/Income Per Share

15.

Net (Loss)/Income Per Share

Basic and diluted net income per share have been calculated in accordance with ASC 260 on computation of net income per share for the years ended December 31, 2023, 2024 and 2025 as follows:


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Numerator:
Net (loss)/income from continuing operations attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - basic		(330,873)		435,915		2,008,335
Reversal of accretion upon assumed conversion of preferred shares		—		429,931		(700,795)
Net (loss)/income from continuing operations attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - diluted		(330,873)		865,846		1,307,540
Net (loss)/income from continuing operations attributable to ordinary shareholders of the Company		(330,873)		435,915		2,008,335
Net loss from discontinued operations attributable to ordinary shareholders of the Company		(2,069)		—		—
Net (loss)/income attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - basic		(332,942)		435,915		2,008,335
Reversal of accretion to preferred shares redemption value upon assumed conversion of preferred shares		—		429,931		(700,795)
Net (loss)/income attributable to ordinary shareholders of the Company for computing net (loss)/income per ordinary share - diluted		(332,942)		865,846		1,307,540

Denominator:
Weighted average number of ordinary shares outstanding, basic		70,710,325		100,343,557		216,250,148
Dilutive effect of share options		—		13,571,872		18,643,093
Dilutive effect of restricted shares		—		6,312,426		1,336,873
Dilutive effect of preferred shares		—		151,086,581		49,672,300
Weighted average number of ordinary shares outstanding, diluted		70,710,325		271,314,436		285,902,414
Net (loss)/income per share from continuing operations attributable to ordinary shareholders of the Company, basic		(4.68)		4.34		9.29
Net loss per share from discontinued operations attributable to ordinary shareholders of the Company, basic		(0.03)		—		—
Net (loss)/income per share, basic		(4.71)		4.34		9.29

Net (loss)/income per share from continuing operations attributable to ordinary shareholders of the Company, diluted		(4.68)		3.19		4.57
Net loss per share from discontinued operations attributable to ordinary shareholders of the Company, diluted		(0.03)		—		—
Net (loss)/income per share, diluted		(4.71)		3.19		4.57

Share options, restricted shares and preferred shares are considered as potential dilutive shares throughout the reporting periods. Due to the Group’s negative financial results for the year ended December 31, 2023, the potential dilutive shares have anti-dilutive effect on loss per share if they were converted to ordinary shares, thus the diluted loss per share for the year ended December 31, 2023 was equivalent to the basic loss per share.

Prepayments and Other Current Assets, net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepayments and Other Current Assets, net
Rental and other deposits	¥ 14,659	¥ 13,229
Prepaid for services	13,611	61,408
Deductible VAT input	1,692	175
Others	629	1,767
Total	30,591	76,579
Less: allowance for credit losses	(823)	(615)
Prepayments and other current assets, net	¥ 29,768	¥ 75,964

Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Assets, net

Schedule of intangible assets, net


		December 31, 2024		December 31, 2025
		RMB		RMB
Gross carrying amount
Insurance distribution and service-related licenses		57,330		59,065
Software and systems		1,840		6,775
Total intangible assets		59,170		65,840
Less: accumulated amortization		(1,121)		(1,287)
Intangible assets, net		58,049		64,553

Schedule of amortization expense

As of December 31, 2025, intangible assets amortization expense for future years is expected to be as follows:


		Amortization expense of intangible assets
		RMB
2026		1,919
2027		1,919
2028		1,311
2029		95
2030		95
Thereafter		149
Total		5,488

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2025

Organization and Principal Activities

Schedule of company's consolidated subsidiaries and variable interest entities


		Place and		Percentage of
		year of		direct or indirect
Major subsidiaries		incorporation		economic ownership		Principal activities
Yuanbao (Hong Kong) Limited (“Yuanbao HK”)		Hong Kong, China Y2019		100	%	Investment holding
Hong Kong ASIA International Insurance Brokers Limited (“HK Insurance Brokers”)		Hong Kong, China Y2021		100	%	Insurance distribution services
Yuanbao Kechuang (Beijing) Technology Co., Ltd. (“Yuanbao Kechuang” or “primary beneficiary of the VIE”)		Beijing, China Y2020		100	%	System services


		Place and		Percentage of
		year of		direct or indirect
The VIE		incorporation		economic interest		Principal activities
Yuanbao Shuke (Beijing) Technology Co., Ltd. (“Yuanbao Shuke”)		Beijing, China Y2019		100	%	System services


		Place and
		year of		Percentage of
		incorporation /		direct or indirect
Major subsidiaries of the VIE		acquisition		economic interest		Principal activities
Yuanbao Insurance Brokerage (Beijing) Co., Ltd.		Beijing, China Y2005		100	%	Insurance distribution services
Shouxin Insurance Agency (Guangdong) Co., Ltd.		Beijing, China Y2010		100	%	Insurance distribution services

Schedule of consolidated financial statements of VIE and its subsidiaries


		As of December 31,		As of December 31,
		2024		2025
		RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		561,777		585,882
Time deposits		80,000		80,266
Restricted cash		15,000		15,096
Short-term investments		21,560		—
Accounts receivable, net		86,501		119,148
Prepayments and other current assets, net		10,146		10,623
Total current assets		774,984		811,015
Non-current assets:
Property and equipment, net		1,568		1,457
Intangible assets, net		57,684		57,640
Right-of-use assets		2,856		848
Deferred tax assets, net		6,936		33,338
Other non-current assets, net		—		6,900
Total non-current assets		69,044		100,183
TOTAL ASSETS		844,028		911,198

Current liabilities:
Accounts payable		3,819		5,570
Contract liabilities		117,591		63,440
Salary and welfare payable		13,209		12,029
Taxes payable		1,804		1,913
Accrued expenses and other current liabilities		522,838		577,055
Current lease liabilities		2,006		662
Amounts due to the subsidiaries of the Company, current		184,619		256,703
Total current liabilities		845,886		917,372
Non-current liabilities:
Non-current lease liabilities		813		123
Deferred tax liabilities, net		14,795		14,333
Total non-current liabilities		15,608		14,456
TOTAL LIABILITIES		861,494		931,828


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenue		803,906		1,438,597		1,658,159
Net income/(loss) from continuing operations		12,237		25,933		(9,852)
Net loss from discontinued operations		(2,069)		—		—
Net income/(loss)		10,168		25,933		(9,852)


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash and cash equivalents and restricted cash provided by continuing operating activities		123,156		349,753		8,837
Net cash and cash equivalents and restricted cash provided by discontinued operating activities		15,365		—		—
Net cash and cash equivalents and restricted cash provided by/(used in) continuing investing activities		4,203		(81,861)		15,364
Net cash and cash equivalents and restricted cash used in discontinued investing activities		(31,699)		—		—
Net cash and restricted cash provided by/(used in) financing activities		27,800		(74,000)		—
Net increase in cash and cash equivalents and restricted cash		138,825		193,892		24,201

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Taxation - Withholding Income Tax (Details) ¥ in Thousands	12 Months Ended
Taxation - Withholding Income Tax (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
Income Tax
Withholding income tax on dividends distributed by VIE	10.00%
Withholding tax	¥ 130,000
Undistributed earnings	¥ 521,900
Hong Kong, China
Income Tax
Foreign investor ownership in shares of VIE	25.00%
Hong Kong, China \| Maximum
Income Tax
Withholding income tax on dividends distributed by VIE	5.00%

Accounts Receivable, net - Allowance for current expected credit losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the year	¥ (2,894)	¥ (596)	¥ (506)
Additions	(292)	(14,620)	(90)
Reversals	1,480	12,322
Balance at the end of the year	¥ (1,706)	¥ (2,894)	¥ (596)

Preferred Shares - Share activities (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Preferred shares activities
Beginning balance		¥ 3,420,882	¥ 2,990,951	¥ 2,454,892
Beginning balance (in shares)		151,086,581	151,086,581	151,086,581
Accretion to Preferred Shares redemption value			¥ 429,931	¥ 536,059
Accretion to Preferred Shares redemption value		¥ (700,795)	429,931
Converted into ordinary shares value		¥ (2,720,087)
Converted into ordinary shares (in shares)	151,086,581	(151,086,581)
Ending balance			¥ 3,420,882	¥ 2,990,951
Ending balance (in shares)			151,086,581	151,086,581
Series Seed Preferred Shares
Preferred shares activities
Beginning balance		¥ 692,051	¥ 563,088	¥ 430,851
Beginning balance (in shares)		30,769,231	30,769,231	30,769,231
Accretion to Preferred Shares redemption value			¥ 128,963	¥ 132,237
Accretion to Preferred Shares redemption value		¥ (138,097)
Converted into ordinary shares value		¥ (553,954)
Converted into ordinary shares (in shares)		(30,769,231)
Ending balance			¥ 692,051	¥ 563,088
Ending balance (in shares)			30,769,231	30,769,231
Series Angel Preferred Shares
Preferred shares activities
Beginning balance		¥ 495,921	¥ 406,113	¥ 312,510
Beginning balance (in shares)		21,978,022	21,978,022	21,978,022
Accretion to Preferred Shares redemption value			¥ 89,808	¥ 93,603
Accretion to Preferred Shares redemption value		¥ (100,240)
Converted into ordinary shares value		¥ (395,681)
Converted into ordinary shares (in shares)		(21,978,022)
Ending balance			¥ 495,921	¥ 406,113
Ending balance (in shares)			21,978,022	21,978,022
Series B Preferred Shares
Preferred shares activities
Beginning balance		¥ 1,028,888	¥ 867,956	¥ 685,325
Beginning balance (in shares)		45,315,510	45,315,510	45,315,510
Accretion to Preferred Shares redemption value			¥ 160,932	¥ 182,631
Accretion to Preferred Shares redemption value		¥ (213,050)
Converted into ordinary shares value		¥ (815,838)
Converted into ordinary shares (in shares)		(45,315,510)
Ending balance			¥ 1,028,888	¥ 867,956
Ending balance (in shares)			45,315,510	45,315,510
Series C1 Preferred Shares
Preferred shares activities
Beginning balance		¥ 851,362	¥ 816,130	¥ 726,861
Beginning balance (in shares)		37,373,616	37,373,616	37,373,616
Accretion to Preferred Shares redemption value			¥ 35,232	¥ 89,269
Accretion to Preferred Shares redemption value		¥ (178,506)
Converted into ordinary shares value		¥ (672,856)
Converted into ordinary shares (in shares)		(37,373,616)
Ending balance			¥ 851,362	¥ 816,130
Ending balance (in shares)			37,373,616	37,373,616
Series C2 Preferred Shares
Preferred shares activities
Beginning balance		¥ 352,660	¥ 337,664	¥ 299,345
Beginning balance (in shares)		15,650,202	15,650,202	15,650,202
Accretion to Preferred Shares redemption value			¥ 14,996	¥ 38,319
Accretion to Preferred Shares redemption value		¥ (70,902)
Converted into ordinary shares value		¥ (281,758)
Converted into ordinary shares (in shares)		(15,650,202)
Ending balance			¥ 352,660	¥ 337,664
Ending balance (in shares)			15,650,202	15,650,202

Prepayments and Other Current Assets, net

12 Months Ended

Dec. 31, 2025

Prepayments and Other Current Assets, net

Prepayments and Other Current Assets, net

4.	Prepayments and Other Current Assets, net

The following is a summary of prepayments and other current assets, net:


		December 31, 2024		December 31, 2025
		RMB		RMB
Rental and other deposits		13,229		14,659
Prepaid for services		61,408		13,611
Deductible VAT input		175		1,692
Others		1,767		629
Total		76,579		30,591
Less: allowance for credit losses		(615)		(823)
Prepayments and other current assets, net		75,964		29,768

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents - continuing operations	¥ 860,455	¥ 1,904,674	¥ 863,118
Restricted cash - continuing operations	23,525	15,000	10,792
Total cash and cash equivalents and restricted cash at end of year	¥ 883,980	¥ 1,919,674	¥ 873,910

Segment Information - Revenue Stream (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Information
Revenue	¥ 4,373,153	¥ 3,284,525	¥ 2,045,152
Insurance distribution services
Segment Information
Revenue	1,446,843	1,081,291	711,849
Short-term insurance
Segment Information
Revenue	1,440,894	1,064,059	681,972
Medical insurance
Segment Information
Revenue	1,018,798	776,424	504,178
Critical illness insurance
Segment Information
Revenue	397,451	256,436	164,274
Others
Segment Information
Revenue	24,645	31,199	13,520
Long-term insurance
Segment Information
Revenue	5,949	17,232	29,877
Life insurance and others
Segment Information
Revenue	5,949	17,232	29,877
System services
Segment Information
Revenue	2,922,724	2,194,189	1,320,816
Marketing and related analytics services
Segment Information
Revenue	2,512,403	2,138,826	1,256,576
Post-sale support services
Segment Information
Revenue	408,953	55,046	59,766
Other system services
Segment Information
Revenue	1,368	317	4,474
Others
Segment Information
Revenue	¥ 3,586	¥ 9,045	¥ 12,487

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

Taxation - Reconciliation - before adoption of ASU 2023-09 (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Income before income tax	¥ 1,408,711	¥ 891,414	¥ 205,477
Tax expense at EIT tax rate of 25%	352,178	222,854	51,369
Effect of different tax rates applicable to different subsidiaries of the Group		(243,520)	(12,845)
Effect of additional deduction for qualified research and development expenses	(2,240)	(6,075)	(16,323)
Effect on deferred tax assets due to change in tax rates		64,030
Non-deductible expenses		1,539	5,891
Changes in valuation allowance	(6,226)	(13,260)	(27,801)
Income tax expense	¥ 101,171	¥ 25,568	¥ 291
Yuanbao Kechuang
Income Taxes [Line Items]
Preferential tax rate (as precent)	0.00%	0.00%	15.00%

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 $ / shares	May 01, 2025 $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Allowance for credit losses \| ¥	¥ 1,706			¥ 2,894
Convertible redeemable preferred shares, shares outstanding (in shares)				151,086,581		151,086,581	151,086,581
Ordinary shares, par value (in dollars per share) \| $ / shares					$ 0.0001
Ordinary shares, shares authorized (in shares)			500,000,000	348,913,419
Ordinary shares, shares issued (in shares)				106,994,625
Ordinary shares, shares outstanding (in shares)				106,994,625
Series Seed convertible redeemable preferred shares
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		$ 0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares)				30,769,231
Convertible redeemable preferred shares, shares issued (in shares)				30,769,231
Convertible redeemable preferred shares, shares outstanding (in shares)				30,769,231		30,769,231	30,769,231
Series Angel convertible redeemable preferred shares
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares)				21,978,022
Convertible redeemable preferred shares, shares issued (in shares)				21,978,022
Convertible redeemable preferred shares, shares outstanding (in shares)				21,978,022		21,978,022	21,978,022
Series B convertible redeemable preferred shares
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares)				45,315,510
Convertible redeemable preferred shares, shares issued (in shares)				45,315,510
Convertible redeemable preferred shares, shares outstanding (in shares)				45,315,510		45,315,510	45,315,510
Series C1 convertible redeemable preferred shares
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares)				37,373,616
Convertible redeemable preferred shares, shares issued (in shares)				37,373,616
Convertible redeemable preferred shares, shares outstanding (in shares)				37,373,616		37,373,616	37,373,616
Series C2 convertible redeemable preferred shares
Convertible redeemable preferred stock, par value (in dollars per share) \| $ / shares		0.0001			0.0001
Convertible redeemable preferred shares, shares authorized (in shares)				15,650,202
Convertible redeemable preferred shares, shares issued (in shares)				15,650,202
Convertible redeemable preferred shares, shares outstanding (in shares)				15,650,202		15,650,202	15,650,202
Class A ordinary shares
Ordinary shares, par value (in dollars per share) \| $ / shares		0.0001	$ 0.0001		0.0001
Ordinary shares, shares authorized (in shares)	300,000,000		300,000,000
Ordinary shares, shares issued (in shares)	194,348,706
Ordinary shares, shares outstanding (in shares)	194,348,706
Class B ordinary shares
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001		$ 0.0001
Ordinary shares, shares authorized (in shares)	100,000,000		100,000,000
Ordinary shares, shares issued (in shares)	82,132,500
Ordinary shares, shares outstanding (in shares)	82,132,500

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events

Subsequent Events

21.

Subsequent Events

In January 2026, the Group entered into an agreement with the shareholder of Lechengshi Insurance Brokerage Co., Ltd. (“Lechengshi”) to acquire 100% of Lechengshi’s equity ownership for a total consideration of RMB51.6 million, of which RMB6.9 million was paid out in December 2025. Lechengshi holds an insurance brokerage license. Subsequent to the completion of this transaction, Lechengshi was renamed Fumin Insurance Brokerage Co., Ltd. (“Fumin”) in February 2026.

Before the acquisition, there was no operation or employee in the acquiree. The Company evaluated the acquisition of the purchased assets under ASC 805-Business Combination (ASC 805), and concluded that as substantially all of the fair value of the gross assets acquired is concentrated in an identifiable group of similar assets, the transaction did not meet the requirements to be accounted for as a business combination and therefore was accounted for as an asset acquisition and management recognized the insurance brokerage license as intangible asset with indefinite useful life.

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Measurement

Fair Value Measurement

19.

Fair Value Measurement

The Group’s financial instruments consist primarily of cash and cash equivalents, time deposits, restricted cash, short-term investments, accounts receivable, deposits (included in “Prepayments and other current assets”), amounts due from related parties, long-term bank deposits, loans to staff (included in the “Other non-current assets, net”), accounts payable, other payables (included in “Accrued expenses and other current liabilities”) and amounts due to related parties.

Recurring

The following tables set forth, by level within the fair value hierarchy, financial assets measured at fair value as of December 31, 2024 and 2025. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.


		As of December 31, 2024
		Level 1		Level 2		Level 3		Total
		RMB		RMB		RMB		RMB
Short-term investments		—		336,217		—		336,217
Total		—		336,217		—		336,217


		As of December 31, 2025
		Level 1		Level 2		Level 3		Total
		RMB		RMB		RMB		RMB
Short-term investments		—		2,829,462		—		2,829,462
Total		—		2,829,462		—		2,829,462

The Group’s other financial instruments, including cash and cash equivalents, restricted cash, time deposits, accounts receivable, deposits (included in “Prepayments and other current assets”), amounts due from related parties, accounts payable and other payables (included in “Accrued expenses and other current liabilities”) are not measured at fair value in the consolidated balance sheets. Their carrying values approximated fair value due to their short-term maturity. Loans to staff (included in “Other non-current assets, net”) are measured at amortized cost. Their fair value was estimated by discounting the scheduled cash flows through to estimated maturity using estimated discount rates close to market interest rate and hence their carrying values approximated fair value.

Non-recurring

As of December 31, 2024 and 2025, the Group had no financial assets or financial liabilities that are measured at fair value at non-recurring basis. The Group’s non-financial assets, such as intangible assets, property and equipment, would be measured at fair value on non-recurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Ordinary Shares

12 Months Ended

Dec. 31, 2025

Ordinary Shares

Ordinary Shares

11.

Ordinary Shares

Upon the consummation of the IPO in April 2025, pursuant to the amended and restated Articles of Association effective on May 1, 2025, the authorized share capital of the Company is US$50,000 divided into 500,000,000 shares comprising (i) 300,000,000 Class A Ordinary Shares of a par value of US$0.0001 each, (ii) 100,000,000 Class B Ordinary Shares of a par value of US$0.0001 each, and (iii) 100,000,000 shares of a par value of US$0.0001 each of such class or classes (however designated) as the board of directors may determine in accordance with the Articles. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote per share, while each Class B ordinary share is entitled to 20 votes per share. Holders of Class A and Class B ordinary shares will vote together as one class on all matters that require a shareholders’ vote. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while each Class A ordinary share is not convertible into Class B ordinary shares under any circumstance.

In April 2025, the Company completed its initial public offering and issued 2,000,000 ADSs (representing 12,000,000 Class A ordinary shares). The net proceeds raised from initial public offering were US$ 27,450,000 net of issuance cost of US$ 2,550,000. Concurrently with, and subject to, the completion of the offering, the Company issued 400,000 Class A ordinary shares to certain of its existing shareholders, namely Qiming Venture Partners VII, L.P. and Qiming VII Strategic Investors Fund, L.P. (collectively, “Qiming Entities”). The proceeds raised from concurrent private placements were US$ 1,000,000.

Upon the completion of initial public offering, 151,086,581 preferred shares were converted and re-designated on a one-for-one basis as Class A ordinary shares, and 106,994,625 ordinary shares outstanding then were designated to 24,862,125 Class A ordinary shares and 82,132,500 Class B ordinary shares, respectively.

As of December 31, 2025, the Company has 194,348,706 Class A ordinary shares and 82,132,500 Class B ordinary shares issued and outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restricted Net Assets

12 Months Ended

Dec. 31, 2025

Restricted Net Assets

Restricted Net Assets

20.

Restricted Net Assets

Relevant PRC laws and regulations permit PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the general reserve fund and the statutory surplus fund respectively. The general reserve fund and the statutory surplus fund require that annual appropriations of 10% of net after-tax income should be set aside prior to payment of any dividends. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries, the VIE and subsidiaries of the VIE are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion amounted to RMB1,022.3 million as of December 31, 2025. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries, the VIE and subsidiaries of the VIE for working capital and other funding purposes, the Company may in the future require additional cash resources from its PRC subsidiaries, the VIE and subsidiaries of the VIE due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company’s shareholders.

Subsequent Events (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
Subsequent Events (Details) - CNY (¥) ¥ in Thousands	Jan. 31, 2026	Dec. 31, 2025
Subsequent Events
Cash paid		¥ 6,900
Lechengshi
Subsequent Events
Cash paid		¥ 6,900
Lechengshi \| Subsequent events
Subsequent Events
Ownership percentage	100.00%
Total consideration	¥ 51,600

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - CNY (¥) ¥ in Thousands	Ordinary shares Class A ordinary shares	Ordinary shares Class B ordinary shares	Ordinary shares	Additional paid-in capital	Statutory reserves	Accumulated other comprehensive income	Accumulated deficit	Class A ordinary shares	Class B ordinary shares	Total
Beginning balance at Dec. 31, 2022			¥ 32	¥ 61,947		¥ 11,800	¥ (1,954,126)			¥ (1,880,347)
Beginning balance (in shares) at Dec. 31, 2022			50,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)							203,117			203,117
Preferred shares redemption value accretion							(536,059)			(536,059)
Disposal of discontinued operations				17,789						17,789
Share-based compensation				38,583						38,583
Exercise of share options			¥ 5	16,032						16,037
Exercise of share options (in shares)			6,994,625
Vesting of restricted shares			¥ 17	(17)
Vesting of restricted shares (in shares)			25,000,000
Foreign currency translation adjustment						3,495				3,495
Ending balance at Dec. 31, 2023			¥ 54	134,334		15,295	(2,287,068)			(2,137,385)
Ending balance (in shares) at Dec. 31, 2023			81,994,625
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)							865,846			865,846
Appropriation to statutory reserves					¥ 80,975		(80,975)
Preferred shares redemption value accretion							(429,931)			(429,931)
Share-based compensation				64,017						64,017
Vesting of restricted shares			¥ 17	313						330
Vesting of restricted shares (in shares)			25,000,000
Foreign currency translation adjustment						3,326				3,326
Ending balance at Dec. 31, 2024			¥ 71	198,664	80,975	18,621	(1,932,128)			¥ (1,633,797)
Ending balance (in shares) at Dec. 31, 2024			106,994,625							106,994,625
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)							1,307,540			¥ 1,307,540
Appropriation to statutory reserves					149,058		(149,058)
Preferred shares redemption value accretion							700,795			700,795
Share-based compensation				74,319						74,319
Exercise of share options				435						435
Exercise of share options (in shares)	361,212
Vesting of restricted shares				689						689
Vesting of restricted shares (in shares)	19,614
Issuance of class A ordinary shares, net of issuance costs	¥ 9			185,518						185,527
Issuance of Class A ordinary shares, net of issuance costs (in shares)	12,400,000
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon IPO	¥ 110			2,719,977						2,720,087
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon IPO (in shares)	151,086,581
Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO	¥ 16	¥ 55	¥ (71)
Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO (in shares)	24,862,125	82,132,500	(106,994,625)
Foreign currency translation adjustment						(9,300)				(9,300)
Ending balance at Dec. 31, 2025	¥ 135	¥ 55		¥ 3,179,602	¥ 230,033	¥ 9,321	¥ (72,851)			¥ 3,346,295
Ending balance (in shares) at Dec. 31, 2025	188,729,532	82,132,500						194,348,706	82,132,500

Accrued Expenses and Other Current Liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Expenses and Other Current Liabilities
Insurance premium payables	¥ 405,154	¥ 346,403
Marketing and promotion expense payables	258,393	153,073
Refund liabilities	77,878	51,159
Accrued other service fees and others	21,251	12,867
Security deposit	9,000	8,800
Professional service fees	5,740	14,688
Total	¥ 777,416	¥ 586,990

Share-based Compensation - RSU activity (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 CNY (¥) $ / shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥)
Weighted-average grant date fair value
Share-based compensation expenses \| ¥	¥ 74,319		¥ 64,017	¥ 37,110
RSU
Number of shares
Awarded and unvested, beginning balance \| shares	0
Granted \| shares	2,798,862
Vested \| shares	(19,614)
Awarded and unvested, ending balance \| shares	2,779,248		0
Weighted-average grant date fair value
Awarded and unvested, beginning balance \| $ / shares		$ 0
Granted \| $ / shares		3.34
Vested \| $ / shares		4.34
Awarded and unvested, ending balance \| $ / shares		$ 3.34
Unrecognized compensation expense \| ¥	¥ 61,600	$ 61,600
Share-based compensation expenses \| ¥	¥ 4,100

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Significant Accounting Policies

Basis of presentation

a)	Basis of presentation

Principles of consolidation

b)	Principles of consolidation

Use of estimates

c)	Use of estimates

Functional currency and foreign currency translation

d)	Functional currency and foreign currency translation

Fair value measurements

e)	Fair value measurements

●

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

●

Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Cash and cash equivalents

f)	Cash and cash equivalents

Bank deposits with original maturities of three months or more are recorded as time deposits in the consolidated balance sheet.

Restricted cash

g)	Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the consolidated balance sheets as restricted cash.

Short-term investments

h)	Short-term investments

Short-term investments as of December 31, 2024 and 2025, consisted primarily of investments in financial products issued by banks.

Expected credit losses of receivables

i)	Expected credit losses of receivables

Property and equipment, net

j)	Property and equipment, net


Category	Estimated useful life	Residual value
Electronic equipment	3 years	0	%
Motor vehicles	4 years	0%~5	%
Leasehold improvement	Shorter of the lease term or estimated economic life	Nil

Intangible assets other than goodwill

k)	Intangible assets other than goodwill


Category	Estimated useful life	Residual value
Software and system	3~10 years	0	%

Long-term bank deposits

l)Long-term bank deposits

Long-term bank deposits are certificates of deposits placed with banks, all of which have contractual maturities more than one year from the balance sheet dates.

Other non-current assets, net

m)	Other non-current assets, net

The loans receivable discount is amortized as interest income over its five-year loan period.

Impairment of long-lived assets

n)	Impairment of long-lived assets

There was no impairment for such long-lived assets for the years ended December 31, 2023, 2024 and 2025, respectively.

Revenue recognition

o)	Revenue recognition

●

Step 1: Identify the contract(s) with a customer

●

Step 2: Identify the performance obligations in the contract

●

Step 3: Determine the transaction price

●

Step 4: Allocate the transaction price to the performance obligations in the contract

●

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

The Group provides insurance distribution and services through its platform to facilitate insurance carriers’ sales of insurance products. The Group considers insurance carriers its customers.

Insurance distribution services

System services

Accounts receivable

Contract assets

Contract liabilities

Contract liabilities primarily consist of customer advances which relates to the payments received for insurance distribution and services.


		December 31, 2024		December 31, 2025
		RMB		RMB
Contract liabilities
- Insurance distribution services		115,490		61,353
- System services		2,159		2,188
Total		117,649		63,541

Selling and marketing expenses

p)	Selling and marketing expenses

General and administrative expenses

q)	General and administrative expenses

Research and development expenses

r)	Research and development expenses

Operations and support

s)	Operations and support

Others, net

t)	Others, net

Leases

u)	Leases

Share-based compensation

v)	Share-based compensation

Share-based compensation expenses arise from share-based awards, including share options and restricted share units (“RSUs”) for the purchase of ordinary shares and restricted shares.

Taxation

w)	Taxation

Income taxes

Uncertain tax positions

Related parties

x)	Related parties

Net income per share

y)	Net income per share

Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Statutory reserves

z)	Statutory reserves

Amounts appropriated to statutory reserves, as determined pursuant to PRC GAAP, were nil, RMB81.0 million and RMB230.0 million as of December 31, 2023, 2024 and 2025, respectively.

Comprehensive income

aa)

Comprehensive income

Segment reporting

ab)

Segment reporting

Significant risk and uncertainties

ac)

Significant risk and uncertainties

Currency risk

Concentration of credit risk

Details of the customers accounting for 10% or more of revenue of the Group are as follows:


		For the year ended December 31,
		2023				2024				2025
		RMB		%		RMB		%		RMB		%
Customer A		539,136		26	%	950,542		29	%	1,477,333		34	%
Customer B		207,350		10	%	594,564		18	%	987,973		23	%
Customer C		*		*		*		*		458,931		10	%
Customer D		229,038		11	%	410,875		13	%	*		*
Customer E		385,860		19	%	*		*		*		*

*	represented less than 10% of revenue for the year.

Details of the customers which accounted for 10% or more of accounts receivable are as follows:


		As of December 31, 2024				As of December 31, 2025
		RMB		%		RMB		%
Customer B		119,962		46	%	173,719		39	%
Customer A		*		*		100,284		23	%

*	represented less than 10% of accounts receivable as of the year end.

The Group performs ongoing credit evaluations of its customers and generally does not require collateral on accounts receivable.

Recently issued accounting pronouncements adopted and not yet adopted

ad)

Recently issued accounting pronouncements adopted

ae)

Recently issued accounting pronouncements not yet adopted

Taxation - Reconciliation - after adoption of ASU 2023-09 (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount
Income tax expenses at PRC statutory income tax rate-25%	¥ 352,178	¥ 222,854	¥ 51,369
Foreign tax effects	3,111
Nontaxable or nondeductible item	(377,892)
Preferential income tax rate	(377,941)
Additional deduction for research and development expenses	(2,240)	(6,075)	(16,323)
Share-based payment awards	1,004
Others	1,285
Changes in valuation allowance	(6,226)	(13,260)	(27,801)
Withholding income tax	130,000
Income tax expense	¥ 101,171	¥ 25,568	¥ 291
Tax Jurisdiction of Domicile [Extensible Enumeration]	CHINA
Effective Income Tax Rate Reconciliation, Percent
Income tax expenses at PRC statutory income tax rate-25%	25.00%	25.00%	25.00%
Foreign tax effects	0.20%
Nontaxable or nondeductible items	(26.80%)
Preferential income tax rate	(26.80%)
Additional deduction for research and development expenses	(0.20%)
Share-based payment awards	0.10%
Others	0.10%
Changes in valuation allowances	(0.40%)
Withholding income tax	9.20%
Income tax expense	7.20%

Significant Accounting Policies - Contract liabilities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies
Contract liability, revenue recognized	¥ 97,200	¥ 64,200	¥ 43,200
Contract liabilities	63,541	117,649
Insurance distribution services
Significant Accounting Policies
Contract liabilities	61,353	115,490
System services
Significant Accounting Policies
Contract liabilities	¥ 2,188	¥ 2,159

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Other Non-current Assets, net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Non-current Assets, net
Interest-free loans to staff	¥ 16,073	¥ 15,413
Less: allowance for credit losses	(466)	(489)
Interest-free loans to staff, net	15,607	14,924
Prepaid staff compensation	2,027	2,687
Prepayments for assets acquisition	6,900
Others	262
Total other non-current assets, net	¥ 24,796	¥ 17,611
Interest-free loans principal amount			¥ 18,100
Interest-free loans maturity term (in years)	5 years	5 years

Share-based Compensation - Share-based compensation recognized in operating expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation
Share-based compensation expenses	¥ 74,319	¥ 64,017	¥ 37,110
Operations and support
Share-based Compensation
Share-based compensation expenses	39	29
Selling and marketing expenses
Share-based Compensation
Share-based compensation expenses	13,520	14,222	1,779
General and administrative expenses
Share-based Compensation
Share-based compensation expenses	37,674	34,404	29,719
Research and development expenses
Share-based Compensation
Share-based compensation expenses	¥ 23,086	¥ 15,362	¥ 5,612

Parent Company Only Condensed Financial Information - Comprehensive Income (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Parent Company Only Condensed Financial Information
General and administrative expenses	¥ (286,843)	¥ (238,639)	¥ (141,531)
Other income:
Others, net	9,088	1,755	8,934
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)
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)
Parent company \| Reportable legal entity
Parent Company Only Condensed Financial Information
General and administrative expenses	(13,096)	(15,820)	(16,875)
Total operating expenses	(13,096)	(15,820)	(16,875)
Other income:
Others, net	3,525	9,868	8,792
Equity in income of subsidiaries, the VIE and subsidiaries of the VIE	1,317,111	871,798	213,269
Net income	1,307,540	865,846	205,186
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	(330,873)
Other comprehensive income/(loss):
Foreign currency translation adjustments	(9,300)	3,326	3,495
Total comprehensive income	1,298,240	869,172	208,681
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	¥ (327,378)

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-based Compensation

Share-based Compensation

14.

Share-based Compensation

(a)

Share options and Restricted share units

In July 2020, the Group permitted the grant of options of the Company to employee or any other individual who provides services to the Group (the “2020 Share Option Plan”). In September 2024, the Group permitted to adopt the 2024 Equity Incentive Plan (the “2024 Equity Incentive Plan”), effective upon the SEC’s declaration of effectiveness of the Company’s registration statement on Form F-1, which is April 29, 2025. Under the 2020 Share Option Plan and 2024 Equity Incentive Plan, it is authorized to grant options and other types of awards as determined by the plan administrator. Option and other types of awards are granted with exercise price determined by the Board of Directors. Options and RSUs granted and outstanding generally vest over a period of four years.

2020 Share Option Plan

The Group uses binomial option pricing model to determine fair value of the option awards. The estimated fair value of each option granted is estimated on the date of grant with the following assumptions:


		For the year ended December 31,
		2023		2024		2025
Risk-free interest rate		4.1%~4.3	%	4.0%~4.4	%	4.4	%
Expected volatility		49.7%~50.0	%	50.0%~58.5	%	60.0	%
Expected dividends yields		—		—		—
Expected term (years)		10		10		10
Discount for lack of marketability (“DLOM”)		12.5%~13.8	%	7.3%~9.5	%	—

The expected volatility at the grant date and each option valuation date was estimated based on the annualized standard deviation of the daily return embedded in historical share prices of comparable peer companies with a time horizon close to the expected expiry of the term of the options. The weighted average volatility is the expected volatility at the grant date weighted by number of options. The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. The contractual term is the contract life of the options. The Group estimated the risk-free interest rate based on the market yield of US Government Bonds with maturities of ten years as of the valuation date.

14.

Share-based Compensation (Continued)

(a)

Share options and Restricted share units (Continued)

2020 Share Option Plan (Continued)

The following table presents a summary of the Company’s share options activities for the years ended December 31, 2023, 2024 and 2025.


				Weighted		Weighted		Weighted
				Average		Average		Average		Aggregated
		Number of		Exercise		Remaining		Grant-date		intrinsic
		Options		Price		Contractual life		Fair Value		value
				US$				US$		RMB
Outstanding on January 1, 2023		20,554,900		0.11		8.09		0.49		283,331
Granted		2,984,900		0.28				2.14
Exercised		(6,994,625)		0.36				0.40
Forfeited		(1,610,200)		0.20				1.29
Outstanding on December 31, 2023		14,934,975		0.14		6.95		0.76		271,425
Vested and exercisable on December 31, 2023		2,896,945		0.10		6.44		0.39

Outstanding on January 1, 2024		14,934,975		0.14		6.95		0.76		271,425
Granted		8,517,000		0.32				2.65
Forfeited		(985,700)		0.25				1.84
Outstanding on December 31, 2024		22,466,275		0.20		7.51		1.43		501,656
Vested and exercisable on December 31, 2024		10,098,860		0.11		6.11		0.49

Outstanding on January 1, 2025		22,466,275		0.20		7.51		1.43		501,656
Granted		2,409,800		0.40				2.18
Exercised		(361,212)		0.17				1.07
Forfeited		(958,250)		0.29				2.25
Outstanding on December 31, 2025		23,556,613		0.22		6.74		1.48		543,708
Vested and exercisable at December 31, 2025		13,982,607		0.14		5.58		0.82

As of December 31, 2024 and 2025, total unrecognized compensation expenses related to unvested awards granted under the 2020 Incentive Plan were RMB130.6 million and RMB80.9 million respectively. During the years ended December 31, 2023, 2024 and 2025, the Group recorded share-based compensation expense of RMB27.5 million, RMB61.7 million and RMB70.2 million, respectively, related to the above share options.

14.

Share-based Compensation (Continued)

(a)

Share options and Restricted share units (Continued)

2024 Equity Incentive Plan

A summary of the changes in the RSUs relating to ordinary shares granted by the company under the 2024 Equity Incentive Plan during the years ended December 31, 2025.


				Weighted-average
		Number of RSUs		grant date fair value
				US$
Awarded and unvested as of January 1, 2025		—		—
Granted		2,798,862		3.34
Vested		(19,614)		4.34
Awarded and unvested as of December 31, 2025		2,779,248		3.34

As of December 31, 2025, the unrecognized compensation expense related to RSU granted under the 2024 Equity Incentive Plan was RMB61.6 million. During the year ended December 31, 2025, the Group recorded share-based compensation expense of RMB4.1 million related to the above RSUs.

(b)

Restricted share owned by the Founders

In accordance with the restricted share agreements dated as of March 27, 2020 (the “Restriction Commencement Date”), all ordinary shares ultimately owned by the Company’s founders (the “Restricted Shareholders”) became subject to four-year vesting schedule, which shall vest annually in equal installments over the next four years after the Restriction Commencement Date, provided that the Restricted Shareholders remain a full-time employee of the Group as of the date of such vesting. Any and all of unvested restricted shares shall become vested upon the earlier to (i) occur of liquidation events or deemed liquidation events as defined in the Amended and Restated Memorandum and Articles of Association of the Company (the “Restated M&A”), and the founders’ employment with the Group is terminated by the Group, or (ii) the closing of the QIPO as defined in the Restated M&A. The Company accounted for this arrangement similar to grant of restricted stock awards subject to service vesting conditions on the Restriction Commencement Date, though these founders’ shares are legally outstanding. Accordingly, compensation cost was measured based on the fair value of the ordinary shares at the Restriction Commencement Date and is recognized over the requisite service period.

The Group determined that the unvested Restricted Shareholders’ shares are participating securities as they have nonforfeitable rights to receive dividends but do not have a contractual obligation to fund or otherwise absorb the Group’s losses. The weighted-average grant date fair value of the restricted shares is US$0.05 per share.

14.

Share-based Compensation (Continued)

(b)

Restricted share owned by the Founders (Continued)

As of December 31, 2024, all restricted shares owned by the Founders had been vested, related share-based compensation expense was RMB9.7 million and RMB2.3 million during the years ended December 31, 2023 and 2024. The following table presents a summary of the Company’s activities of restricted shares owned by the founders in the years ended December 31, 2023, 2024:


		Number of Shares
Unvested on January 1, 2023		50,000,000
Granted		—
Vested		(25,000,000)
Unvested on December 31, 2023		25,000,000

Unvested on January 1, 2024		25,000,000
Granted		—
Vested		(25,000,000)
Unvested on December 31, 2024		—

(c)

Share-based compensation cost

Share-based compensation recognized in operating expenses for the years ended December 31, 2023, 2024 and 2025 were as follows:


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operations and support		—		29		39
Selling and marketing expenses		1,779		14,222		13,520
General and administrative expenses		29,719		34,404		37,674
Research and development expenses		5,612		15,362		23,086
Total		37,110		64,017		74,319