# EDGAR Filing Document

**Accession Number:** 0001995520
**File Stem:** 0001171843-25-003743
**Filing Date:** 2025-6
**Character Count:** 29901
**Document Hash:** 389c5740c4c20080363a425d15a0446c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-003743.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001171843-25-003743

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250605

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yuanbao Inc.
- **CENTRAL INDEX KEY:** 0001995520
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42616
- **FILM NUMBER:** 251028749

**BUSINESS ADDRESS:**
- **STREET 1:** BUILDING 2, NO.8 BEICHEN WEST ROAD
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100101
- **BUSINESS PHONE:** 86-10-6484-9901

**MAIL ADDRESS:**
- **STREET 1:** BUILDING 2, NO.8 BEICHEN WEST ROAD
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100101

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of June 2025**

Commission File Number: **001-42616**

**Yuanbao Inc.**

**Building 2, No.8 Beichen West Road, Chaoyang District, Beijing, 100101 The People's Republic of China +86 10 64849901** (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ] &nbsp;&nbsp;&nbsp;&nbsp; Form 40-F [ ]

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**Exhibit Index**

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| | |
|:---|:---|
| <u>**Exhibit No.**</u> | <u>**Description**</u> |
| [Exhibit 99.1](exh_991.htm) | [Yuanbao Inc. Announces First Quarter 2025 Unaudited Financial Results](exh_991.htm) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Yuanbao Inc.&nbsp;&nbsp;&nbsp;&nbsp;** | **Yuanbao Inc.&nbsp;&nbsp;&nbsp;&nbsp;** |
|  | By: | <u>/s/ Huirui Wan&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Name: | Huirui Wan |
|  | Title: | Chief Financial Officer |
| Date: June 6, 2025 |  |  |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Yuanbao Inc. Announces First Quarter 2025 Unaudited Financial Results**

BEIJING, June 05, 2025 (GLOBE NEWSWIRE) -- Yuanbao Inc. ("Yuanbao" or the "Company") (NASDAQ: YB), a leading technology-driven online insurance distributor in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.

**First Quarter 2025 Financial and Operational Highlights**

* **Total revenues** in the first quarter of 2025 were RMB970.1 million (US$133.7 million),
representing a 43.8% increase from RMB674.5 million in the same period of 2024.

* **Net income** in the first quarter of 2025 was RMB295.1 million (US$40.7 million), representing
a 122.1% increase from RMB132.9 million in the same period of 2024.

* **Net income margin** in the first quarter of 2025 was 30.4%, compared with 19.7% in the
same period of 2024.

* **Net operating cash inflow** in the first quarter of 2025 was RMB425.1 million (US$58.6
million).

* **Number of new policies**<sup>**1**</sup> in the first quarter of 2025 was
6.8 million, representing a 21.3% increase from 5.6 million in the same period of 2024.

**Recent Developments**

* Leveraging the latest large language model ("LLM") capabilities:

***YB Agents*.** The Company has implemented an intelligent quality
inspection Agent, capable of autonomously planning and coordinating multiple inspection tasks. This enables rapid deployment and reuse
across complex scenarios, significantly enhancing inspection efficiency. The Company is also developing agents across other operational
areas to improve process efficiency.
***Retrieval-Augmented Generation (RAG) Enhancements*.** The Company
has addressed the limitations of LLMs in processing specialized professional knowledge by integrating a specialized insurance knowledge
database with RAG, resulting in more accurate responses to consumer insurance inquiries.
***Multi-Modal Applications*.** The Company is implementing multi-modal
capabilities to broaden its interaction methods, seamlessly combining text, images, and other data types to promote more convenient and
efficient insurance services. 

* In terms of the Company's full consumer service cycle engine (recommendation models), as of the
end of March, the Company had developed more than 4,700 models capable of analysis across more than 5,100 labels, an increase of 600 models
and 1,000 labels from a year ago.

"Achieving our Nasdaq listing marks the most significant strategic milestone in Yuanbao's growth since our founding in 2019," said Mr. Rui Fang, Chairman and Chief Executive Officer of Yuanbao. "In the first quarter of 2025, we reported a substantial increase in revenue and net income, with all core operational metrics demonstrating double-digit year-over-year growth. Notably, the number of new policies increased by 21.3% compared with the prior year period. In technology, we continued to upgrade our full consumer service cycle engine and expand large language model applications across the entire business process. These advancements have remarkably enhanced both the efficiency and user experience of post-sale services, particularly in claim processing. As of the end of March, we had developed over 4,700 models capable of analysis across more than 5,100 labels, an increase of 600 models and 1,000 labels from a year ago. These developments have led to more accurate predictions and significantly improved operational efficiency. Looking ahead, we are committed to increasing investment in R&D to better serve evolving consumer needs. We will also focus on optimizing the full consumer service cycle, deepening strategic collaborations with insurance partners, and creating long-term value for shareholders."

Mr. Ray Wan, Chief Financial Officer of Yuanbao, commented, "We are pleased to report a strong start to 2025, fueled by stellar financial and operational performance in the first quarter. Our total revenues reached a record RMB970.1 million, marking a 43.8% year-over-year increase, underpinned by the strength and efficiency of our engine. Additionally, we continued to improve our profitability, with net income growing 122.1% and net income margin expanding by 10.7 percentage points to 30.4%, compared with the prior year period. These solid results underscore Yuanbao's leadership in China's fast-growing online health insurance industry, where we leverage our core technological strengths to pursue growth while maintaining profitability. We remain confident that our healthy financial position and robust cash reserves will support our strategic initiatives, enhance our competitive advantage, and enable us to explore new opportunities for sustainable future growth."

1 The number of new policies for a given period represents the total number of both short-term and long-term insurance policies purchased by the Company's insurance consumers during that period.

**First Quarter 2025 Financial Results**

**Total Revenues.** Total revenues in the first quarter of 2025 were RMB970.1 million (US$133.7 million), representing a 43.8% increase from RMB674.5 million in the same period of 2024. This growth was primarily driven by significant increases in revenues from both insurance distribution services and system services.

*Insurance Distribution Services.* Revenues from insurance distribution services in the first quarter of 2025 were RMB321.8 million (US$44.3 million), representing a 45.0% increase from RMB221.9 million in the same period of 2024. This growth was mainly due to an increase in the number of policies purchased by insurance consumers on Yuanbao's platform, partly driven by the Company's enhanced targeted marketing efforts.

*System Services.* Revenues from system services in the first quarter of 2025 were RMB647.0 million (US$89.2 million), representing a 43.2% increase from RMB451.7 million in the same period of 2024. This growth was primarily driven by the Company's enhanced ability to provide partnered insurance carriers more effective marketing services and accurate analytics services, enabled by the Company's continuously improving full consumer service cycle engine. Additionally, the increase was attributable to an expanded provision of system services to both existing and newly acquired partnered insurance carriers.

*Others.* Revenues from other services in the first quarter of 2025 were RMB1.3 million (US$0.2 million), representing a 27.8% increase from RMB1.0 million in the same period of 2024.

**Total Operating Costs and Expenses.** Total operating costs and expenses in the first quarter of 2025 were RMB680.6 million (US$93.8 million), representing a 24.1% increase from RMB548.6 million in the same period of 2024.

*Operations and Support Expenses.* Operations and support expenses in the first quarter of 2025 were RMB44.8 million (US$6.2 million), representing a 16.8% increase from RMB38.3 million in the same period of 2024. This increase was primarily driven by business growth.

*Selling and Marketing Expenses*. Selling and marketing expenses in the first quarter of 2025 were RMB493.2 million (US$68.0 million), representing a 15.0% increase from RMB428.9 million in the same period of 2024. This increase was primarily due to enhanced efforts to attract new consumers and retain existing consumers.

*General and Administrative Expenses.* General and administrative expenses in the first quarter of 2025 were RMB66.6 million (US$9.2 million), representing a 50.7% increase from RMB44.2 million in the same period of 2024. This increase was primarily due to higher salary and benefits expenses.

*Research and Development Expenses.* Research and development expenses in the first quarter of 2025 were RMB76.1 million (US$10.5 million), representing a 104.5% increase from RMB37.2 million in the same period of 2024. This increase was primarily due to intensified research and development efforts and an expansion in R&D personnel, aimed at reinforcing the Company's leadership position as a technology-driven online insurance distributor.

**Investment Income.** Investment income in the first quarter of 2025 was RMB6.9 million (US$0.9 million), compared with RMB0.1 million in the same period of 2024. This growth was primarily due to higher gains from short-term investments.

**Net Income and Net Income Margin.** Net income in the first quarter of 2025 was RMB295.1 million (US$40.7 million), representing a 122.1% increase from RMB132.9 million in the same period of 2024. Net income margin in the first quarter of 2025 was 30.4%, compared with 19.7% in the same period of 2024.

**Non-GAAP Adjusted Net Income<sup>2</sup>** **and Non-GAAP Adjusted Net Income Margin.** Non-GAAP adjusted net income in the first quarter of 2025 was RMB312.2 million (US$43.0 million), representing a 103.2% increase from RMB153.6 million in the same period of 2024. Non-GAAP adjusted net income margin in the first quarter of 2025 was 32.2%, compared with 22.8% in the same period of 2024.

**Basic and Diluted Net Income per ADS.<sup>3</sup>** Basic net income per ADS in the first quarter of 2025 was RMB17.87 (US$2.46), compared with RMB4.97 in the same period of 2024. Diluted net income per ADS in the first quarter of 2025 was RMB6.46 (US$0.89), compared with RMB2.95 in the same period of 2024.

**Cash Position and Cash Flow**

As of March 31, 2025, the Company had cash and cash equivalents, time deposits, restricted cash and short-term investments of RMB2.77 billion (US$381.3 million), compared with RMB2.34 billion as of December 31, 2024.

In the first quarter of 2025, net cash provided by operating activities was RMB425.1 million (US$58.6 million).

2 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. See "Use of Non-GAAP Financial Measure" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

3 Each ADS represents six of the Company's Class A ordinary shares, par value US$0.0001 per share.

**Exchange Rate**

This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31, 2025, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

**Conference Call**

The Company's management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on June 5, 2025 or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the first quarter of 2025.

Participant Online Registration:

https://register-conf.media-server.com/register/BIa888df307303472fb71951c383b5a7ba

Participants should complete online registration using the link provided above at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at ir.yb-inc.com.

**About Yuanbao Inc.**

Yuanbao Inc. is a leading technology-driven online insurance distributor in China, committed to protecting health and well-being through innovative technology. Leveraging its proprietary consumer service cycle engine and advanced technologies, Yuanbao delivers customized insurance solutions from its partnered insurance carriers to over ten million insurance consumers throughout the entire insurance lifecycle, ranging from personalized recommendations to post-sales services. Through deep collaboration with insurance carriers and the use of data-driven insights, Yuanbao empowers carriers to tailor flagship products, enhances consumer engagement, and drives scalable and efficient distribution.

For more information, please visit: ir.yb-inc.com.

**Use of Non-GAAP Financial Measures**

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The Company uses non-GAAP financial measures, including adjusted net income and adjusted net income margin, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net income represents net income excluding share-based compensation expense, and adjusted net income margin represents adjusted net income as a percentage of revenue. Such adjustments have no impact on income tax.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as an analytical tool and when assessing the Company's operating performance, investors should not consider it in isolation. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted net income presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as a comparative measure to the Company's data.

For more information on the non-GAAP financial measures, please see the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.

**Safe Harbor Statement**

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement contain forward-looking statements. Yuanbao may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Yuanbao's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Yuanbao's mission, goals and strategies; Yuanbao's future business development, financial condition and results of operations; the expected growth of the insurance industry in China; Yuanbao's expectations regarding demand for and market acceptance of its products and services; Yuanbao's expectations regarding its relationships with consumers, insurance carriers and other partners; competition in the industry and relevant government policies and regulations relating to insurance industry. Further information regarding these and other risks is included in Yuanbao's filings with the SEC. All information provided in this press release is as of the date of this press release, and Yuanbao does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

**For investor and media inquiries, please contact:** 

In China:

Yuanbao Inc.

E-mail: ir@yb-inc.com

Piacente Financial Communications

Hui Fan

Tel: +86-10-6508-0677

E-mail: yb@thepiacentegroup.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: yb@thepiacentegroup.com

---

| | | | |
|:---|:---|:---|:---|
| **YUANBAO INC.**<br>**UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS**<br>**(All amounts in thousands, except for share and per share data)** | **YUANBAO INC.**<br>**UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS**<br>**(All amounts in thousands, except for share and per share data)** | **YUANBAO INC.**<br>**UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS**<br>**(All amounts in thousands, except for share and per share data)** | **YUANBAO INC.**<br>**UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS**<br>**(All amounts in thousands, except for share and per share data)** |
|  | **As of December 31,**<br>**2024** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **RMB** | **RMB** | **USD** |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1904674 | 2236013 | 308131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 80000 | 80000 | 11024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 15000 | 15000 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 336217 | 435708 | 60042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 260958 | 332586 | 45832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets, net | 75964 | 44991 | 6200 |
| **Total current assets** | **2672813** | **3144298** | **433296** |
| **Non-current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 4896 | 5087 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 58049 | 58026 | 7996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | 19335 | 16171 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets, net | 6936 | 7045 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets, net | 17611 | 17611 | 2427 |
| &nbsp;&nbsp; **Total non-current assets** | **106827** | **103940** | **14323** |
| **TOTAL ASSETS** | **2779640** | **3248238** | **447619** |
| **LIABILITIES** |  |  |  |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 10676 | 20730 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 117649 | 95405 | 13147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salary and welfare payable | 160690 | 159426 | 21969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | 51359 | 51173 | 7052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current lease liabilities | 13447 | 13548 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 586990 | 758236 | 104487 |
| **Total current liabilities** | **940811** | **1098518** | **151379** |
| **Non-current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current lease liabilities | 5714 | 2297 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities, net | 46030 | 48473 | 6680 |
| **Total non-current liabilities** | **51744** | **50770** | **6997** |
| **TOTAL LIABILITIES** | **992555** | **1149288** | **158376** |

---

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| | | | |
|:---|:---|:---|:---|
| **YUANBAO INC.**<br> **UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)**<br>**(All amounts in thousands, except for share and per share data)** | **YUANBAO INC.**<br> **UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)**<br>**(All amounts in thousands, except for share and per share data)** | **YUANBAO INC.**<br> **UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)**<br>**(All amounts in thousands, except for share and per share data)** | **YUANBAO INC.**<br> **UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)**<br>**(All amounts in thousands, except for share and per share data)** |
|  | **As of December 31,**<br>**2024** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **RMB** | **RMB** | **USD** |
| **MEZZANINE EQUITY:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Series Seed convertible redeemable preferred <br> shares (US$0.0001 par value; 30,769,231 and <br> 30,769,231 shares authorized, issued <br> and outstanding as of December 31, 2024 <br> and March 31, 2025, respectively) | 692051 | 695316 | 95817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series Angel convertible redeemable <br> preferred shares (US$0.0001 par value; <br> 21,978,022 and 21,978,022 shares <br> authorized, issued and outstanding as of <br> December 31, 2024 and March 31, 2025, <br> respectively) | 495921 | 497729 | 68589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B convertible redeemable preferred <br> shares (US$0.0001 par value; 45,315,510 <br> and 45,315,510 shares authorized, issued <br> and outstanding as of December 31, 2024 <br> and March 31, 2025, respectively) | 1028888 | 1027703 | 141621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C-1 convertible redeemable preferred <br> shares (US$0.0001 par value; 37,373,616 <br> and 37,373,616 shares authorized, issued <br> and outstanding as of December 31, 2024 <br> and March 31, 2025, respectively) | 851362 | 833372 | 114842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C-2 convertible redeemable preferred <br> shares (US$0.0001 par value; 15,650,202 <br> and 15,650,202 shares authorized, issued <br> and outstanding as of December 31, 2024 <br> and March 31, 2025, respectively) | 352660 | 345176 | 47567 |
| **TOTAL MEZZANINE EQUITY** | **3420882** | **3399296** | **468436** |
| **SHAREHOLDERS' DEFICIT:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares (US$0.0001 par value, <br> 348,913,419 and 348,913,419 shares <br> authorized, 106,994,625 and 106,994,625 <br> shares issued, 106,994,625 and <br> 106,994,625 shares outstanding as of <br> December 31, 2024 and March 31, 2025, <br> respectively) | 71 | 71 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 198664 | 215743 | 29730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory reserves | 80975 | 80975 | 11159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1932128) | (1615440) | (222614) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 18621 | 18305 | 2522 |
| **TOTAL SHAREHOLDERS' DEFICIT** | **(1633797)** | **(1300346)** | **(179193)** |
| **TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT** | **2779640** | **3248238** | **447619** |

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| | | | |
|:---|:---|:---|:---|
| **YUANBAO INC.**<br>**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br>**AND COMPREHENSIVE INCOME**<br>**(All amounts in thousands, except for share, per share data, ADS and per ADS data)** | **YUANBAO INC.**<br>**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br>**AND COMPREHENSIVE INCOME**<br>**(All amounts in thousands, except for share, per share data, ADS and per ADS data)** | **YUANBAO INC.**<br>**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br>**AND COMPREHENSIVE INCOME**<br>**(All amounts in thousands, except for share, per share data, ADS and per ADS data)** | **YUANBAO INC.**<br>**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br>**AND COMPREHENSIVE INCOME**<br>**(All amounts in thousands, except for share, per share data, ADS and per ADS data)** |
|  | **For the three months ended,** | **For the three months ended,** | **For the three months ended,** |
|  | **March 31, 2024** | **March 31, 2025** | **March 31, 2025** |
|  | **RMB** | **RMB** | **USD** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues | 674536 | 970056 | 133677 |
| **Operating costs and expenses\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations and support | (38332) | (44756) | (6168) |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing expenses | (428867) | (493150) | (67958) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | (44211) | (66640) | (9183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | (37212) | (76098) | (10487) |
| **Total operating costs and expenses** | **(548622)** | **(680644)** | **(93796)** |
| **Other income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 6017 | 5228 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange gains/(loss) | 34 | (138) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | 142 | 6879 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others, net | 791 | 439 | 60 |
| **Income before income taxes** | **132898** | **301820** | **41590** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expenses | (47) | (6718) | (926) |
| **Net income** | **132851** | **295102** | **40664** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion to preferred shares redemption value | (64607) | 21586 | 2975 |
| **Net income attributable to Yuanbao Inc.'s ordinary shareholders** | **68244** | **316688** | **43639** |
| **Net income** | **132851** | **295102** | **40664** |
| **Other comprehensive income/(loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 396 | (316) | (44) |
| **Total comprehensive income** | **133247** | **294786** | **40620** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion to preferred shares redemption value | (64607) | 21586 | 2975 |
| **Comprehensive income attributable to Yuanbao Inc.'s ordinary shareholders** | **68640** | **316372** | **43595** |
| **Net income per share attributable to Yuanbao Inc.'s ordinary shareholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 0.83 | 2.98 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.49 | 1.08 | 0.15 |
| **Net income per ADS attributable to Yuanbao Inc.'s ordinary shareholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 4.97 | 17.87 | 2.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 2.95 | 6.46 | 0.89 |
| **Weighted average number of ordinary shares used in computing net income per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 82325900 | 106358492 | 106358492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 270332095 | 273915113 | 273915113 |

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\*Share-based compensation expenses are included in the operating costs and expenses as follows:<br>

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| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2024** | **March 31, 2025** | **March 31, 2025** |
|  | **RMB** | **RMB** | **USD** |
| Operations and support |  | (11) | (2) |
| Selling and marketing expenses | (4626) | (3730) | (514) |
| General and administrative expenses | (12105) | (8437) | (1163) |
| Research and development expenses | (4067) | (4901) | (675) |
| **Total** | **(20798)** | **(17079)** | **(2354)** |

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\*\*Each ADS represents six ordinary shares.

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| | | | |
|:---|:---|:---|:---|
| **YUANBAO INC.**<br>**RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (UNAUDITED)**<br>**(All amounts in thousands, unless otherwise noted)** | **YUANBAO INC.**<br>**RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (UNAUDITED)**<br>**(All amounts in thousands, unless otherwise noted)** | **YUANBAO INC.**<br>**RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (UNAUDITED)**<br>**(All amounts in thousands, unless otherwise noted)** | **YUANBAO INC.**<br>**RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (UNAUDITED)**<br>**(All amounts in thousands, unless otherwise noted)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2024** | **March 31, 2025** | **March 31, 2025** |
|  | **RMB** | **RMB** | **USD** |
| Net income | 132851 | 295102 | 40664 |
| Add: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | 20798 | 17079 | 2354 |
| **Non-GAAP adjusted net income** | **153649** | **312181** | **43018** |

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