Yuanbao Inc. (NASDAQ: YB)

Yuanbao Inc. is a technology driven online insurance distributor operating in China. The company provides a full consumer service cycle engine that enables customized insurance product recommendation, purchasing, policy management, claim settlements, and post sale services. The engine leverages predictive capabilities generated from interconnected networks of models to optimize outcomes across media channels, consumer preferences, and product depth. Yuanbao Inc. collaborates with partnered insurance carriers to distribute a broad spectrum of insurance products with a focus on medical and critical illness coverage.

Yuanbao Inc. generates revenue primarily from commissions and fees earned for distributing insurance products underwritten by partnered carriers. In addition the company receives service fees for providing technology solutions such as system services, strategic technical advisory, and capacity building to insurance carriers. Revenue increased from RMB2,045.2 million in 2023 to RMB3,284.5 million in 2024 and to RMB4,373.2 million (US$625.4 million) in 2025, reflecting strong growth in policy distribution and technology services. The company achieved profitability within three years of inception reporting net income of RMB205.2 million in 2023, RMB865.8 million in 2024, and RMB1,307.5 million in 2025.

The company operates through the following segments.

• Insurance Distribution Services: This segment operates the technology driven platform that distributes insurance products, provides a full consumer service cycle engine, and works with partnered carriers to offer medical critical illness short term and life insurance products to individual consumers across China.

• Knowledge Sharing Services: This segment provides online knowledge sharing services through subsidiaries such as Beijing Yixue Niuniu Technology Ltd. and Beijing Lemon Jieyou Technology Development Co., Ltd. focusing on educational content and information dissemination.

Yuanbao Inc. holds a leading position among technology driven online insurance distributors in China. The company competes against other online independent insurance platforms, traditional insurance intermediaries, online direct sales channels of large carriers, major internet companies with insurance distribution businesses, and other online insurance technology firms. Its competitive advantages stem from cutting edge technology, data driven insights, effective consumer acquisition, efficient consumer conversion, capabilities to design popular customized products based on deep consumer needs, best in class consumer service, and well established relationships with insurance carriers that enhance carrier operational efficiency and sales.

Yuanbao Inc. serves individual insurance consumers across all provinces of the Chinese mainland with a growing base that reached approximately 8.1 million in 2023, 13.9 million in 2024, and 18.2 million in 2025. The company also works with partnered insurance carriers as business to business customers providing them technology services and distribution support.