Yuanbao Inc. Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
Rhea-AI Summary
Yuanbao (NASDAQ: YB) reported strong fourth-quarter and full-year 2025 results, with 2025 revenue RMB4,373.2M (+33.1% YoY) and 2025 net income RMB1,307.5M (+51.0% YoY). Q4 revenue was RMB1,175.3M (+32.2% YoY) and Q4 net income was RMB337.4M (+15.4% YoY).
The company expanded AI/LLM capabilities, scaled insurance Agents, grew new policies to ~30.7M in 2025 (+36.7% YoY), and ended the year with RMB4.04B in cash and equivalents (+72.9% YoY).
Positive
- Total revenue +33.1% YoY to RMB4,373.2M in 2025
- Net income +51.0% YoY to RMB1,307.5M in 2025
- Cash and equivalents +72.9% YoY to RMB4.04B as of Dec 31, 2025
- Non-GAAP adjusted net income +48.6% YoY to RMB1,381.9M in 2025
Negative
- Income tax expenses +295.7% YoY to RMB101.2M in 2025
- Q4 net income margin down 4.2 percentage points to 28.7% from 32.9%
News Market Reaction – YB
In the Mar 18 session, YB gained 0.05%, reflecting a mild positive market reaction. Argus tracked a trough of -6.8% from its starting point during tracking. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility. Trading volume was elevated at 2.7x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Dec 03 | Q3 2025 earnings | Positive | +10.1% | Strong Q3 revenue and net income growth with margin expansion and AI gains. |
| Aug 27 | Q2 2025 earnings | Positive | -12.0% | Robust Q2 revenue, net income surge, and large increase in new policies. |
| Jun 05 | Q1 2025 earnings | Positive | -2.3% | Strong Q1 growth in revenue, earnings and new policies with tech upgrades. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have consistently shown strong growth, but share reactions have been mixed, with more negative than positive next‑day moves.
Over the last year, Yuanbao has reported a series of strong earnings. Q1–Q3 2025 updates showed double‑digit revenue growth and expanding net income margins, with revenues reaching RMB970.1M in Q1, RMB1,069.9M in Q2 and RMB1,157.9M in Q3. New policy volumes and cash balances also climbed, supported by intensive AI deployment across its consumer service cycle engine. Market reactions were mixed: one earnings report on Dec 3, 2025 saw a 10.07% gain, while others on Aug 27 and Jun 5 produced declines.
Key Terms
large language model technical
llm technical
non-gaap adjusted net income financial
ads financial
exchange rate financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BEIJING, March 18, 2026 (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 fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter and Fiscal Year 2025 Financial and Operational Highlights
- Total revenues in the fourth quarter of 2025 were RMB1,175.3 million (US
$168.1 million ), representing a32.2% year-over-year increase from RMB888.8 million in the same period of 2024. Total revenues in 2025 were RMB4,373.2 million (US$625.4 million ), representing a33.1% year-over-year increase from RMB3,284.5 million in 2024. - Net income in the fourth quarter of 2025 was RMB337.4 million (US
$48.2 million ), representing a15.4% year-over-year increase from RMB292.3 million in the same period of 2024. Net income in 2025 was RMB1,307.5 million (US$187.0 million ), representing a51.0% year-over-year increase from RMB865.8 million in 2024. - Net income margin in the fourth quarter of 2025 was
28.7% , compared with32.9% in the same period of 2024. Net income margin in 2025 was29.9% , compared with26.4% in 2024. - Net operating cash inflow in the fourth quarter of 2025 was RMB290.7 million (US
$41.6 million ). Net operating cash inflow in 2025 was RMB1,495.1 million (US$213.8 million ). - Number of new policies1 in the fourth quarter of 2025 was approximately 7.9 million, representing a
34.5% year-over-year increase from approximately 5.9 million in the same period of 2024. Number of new policies in 2025 was approximately 30.7 million, representing a36.7% year-over-year increase from approximately 22.4 million in 2024.
Recent Developments
- Large Language Model (LLM) Platform. During the fourth quarter, the Company continued to advance the upgrade and unified development of its LLM platform. Its AI capabilities further matured and entered the scaled deployment phase. Through domain-specific augmented training and knowledge base integration, the model’s performance continued to improve in scenarios such as insurance-domain Q&A, multi-turn dialogue, and policy interpretation. The Company refined its unified model-serving architecture and multi-model routing mechanism, enhancing system stability and integration efficiency while reducing AI application development costs on the business side. The LLM platform now stably supports multiple core scenarios, including pre-sales consultation, post-sales service, and service quality inspection. Model usage continues to grow, further strengthening the platform’s role as fundamental infrastructure for business operations.
- Insurance Agent. During the fourth quarter, the Company accelerated the deployment of insurance Agents across scenarios such as pre-sales, customer service, and claims assistance, steadily expanding business application coverage. Agents are now utilized in product explanations, insurance plan recommendations, customer service quality inspections, and agent-assisted responses, improving service efficiency and delivering a more consistent customer experience. The Company’s multimodal capabilities have also been applied in claims document classification and information extraction, further enhancing processing efficiency. Meanwhile, the Company continued to strengthen its insurance-vertical Agent framework and its underlying knowledge base, improving Agents’ ability to handle complex tasks, with overall model usage and business penetration steadily increasing.
Mr. Rui Fang, Chairman and Chief Executive Officer of Yuanbao, commented, “We closed the fourth quarter with strong operational and financial momentum, highlighted by a
“On the product and service front, our strategy remains focused on two key dimensions: accessibility and affordability. We have leveraged AI and our model network to support precise user targeting and personalized services, while developing dedicated products for specific user segments, thereby enhancing insurance accessibility and expanding protection coverage. Meanwhile, we have consistently upgraded coverage benefits, launching products such as our ‘Zero-Deductible’ Million-RMB Medical Insurance Plan to deliver a strong value proposition and enhanced claims experience. Following the release of the inaugural national ‘Commercial Insurance Innovative Drug Catalog’ at the end of last year, we partnered with insurers to quickly expand the drug coverage of our Super Medical Insurance · Million-RMB Medical Insurance product series, responding to public demand for access to advanced treatments and high-quality medications under the new policy cycle.
“As a leading player in the insurtech sector, we have achieved solid progress across technological innovation and our product and service offerings in 2025. Through steady business growth, we have further validated the sustainability of our business model while building strong competitive advantages through the deep application of AI technologies. As China enters the 15th Five-Year Plan period, supportive health insurance policies continue to gain traction, while advances in technology are playing an increasingly important role in driving the continued development of inclusive insurance. We will continue to align closely with national policy priorities and strategic priorities, leveraging AI as our core engine to deepen our focus on inclusive insurance. We remain committed to leading the industry forward, contributing to the development of a multi-tier healthcare security system, safeguarding public well-being, and supporting the advancement of the Healthy China initiative.”
Mr. Ray Wan, Chief Financial Officer of Yuanbao, added, “We delivered another quarter of robust growth, bolstered by our expanding user base, deeper integration of AI across end-to-end operations, and continuous improvements in operating efficiency. Total revenues for the quarter reached RMB1,175.3 million, representing a
____________________
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.
Fourth Quarter 2025 Financial Results
Total Revenues. Total revenues in the fourth quarter of 2025 were RMB1,175.3 million (US
Insurance Distribution Services. Revenues from insurance distribution services in the fourth quarter of 2025 were RMB401.1 million (US
System Services. Revenues from system services in the fourth quarter of 2025 were RMB774.1 million (US
Others. Revenues from other services in the fourth quarter of 2025 were RMB0.1 million (US
Total Operating Costs and Expenses. Total operating costs and expenses in the fourth quarter of 2025 were RMB780.4 million (US
Operations and Support Expenses. Operations and support expenses in the fourth quarter of 2025 were RMB36.7 million (US
Selling and Marketing Expenses. Selling and marketing expenses in the fourth quarter of 2025 were RMB552.3 million (US
General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2025 were RMB79.6 million (US
Research and Development Expenses. Research and development expenses in the fourth quarter of 2025 were RMB111.7 million (US
Investment Income. Investment income in the fourth quarter of 2025 was RMB14.4 million (US
Income Tax Expenses. Income tax expenses in the fourth quarter of 2025 were RMB75.4 million (US
Net Income and Net Income Margin. Net income in the fourth quarter of 2025 was RMB337.4 million (US
Non-GAAP Adjusted Net Income2 and Non-GAAP Adjusted Net Income Margin. Non-GAAP adjusted net income in the fourth quarter of 2025 was RMB354.5 million (US
Basic and Diluted Net Income per ADS.3 Basic net income per ADS in the fourth quarter of 2025 was RMB7.49 (US
Fiscal Year 2025 Financial Results
Total Revenues. Total revenues in 2025 were RMB4,373.2 million (US
Insurance Distribution Services. Revenues from insurance distribution services in 2025 were RMB1,446.8 million (US
System Services. Revenues from system services in 2025 were RMB2,922.7 million (US
Others. Revenues from other services in 2025 were RMB3.6 million (US
Total Operating Costs and Expenses. Total operating costs and expenses in 2025 were RMB3,036.6 million (US
Operations and Support Expenses. Operations and support expenses in 2025 were RMB167.5 million (US
Selling and Marketing Expenses. Selling and marketing expenses in 2025 were RMB2,217.2 million (US
General and Administrative Expenses. General and administrative expenses in 2025 were RMB286.8 million (US
Research and Development Expenses. Research and development expenses in 2025 were RMB365.1 million (US
Investment Income. Investment income in 2025 was RMB45.2 million (US
Income Tax Expenses. Income tax expenses in 2025 were RMB101.2 million (US
Net Income and Net Income Margin. Net income in 2025 was RMB1,307.5 million (US
Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Net Income Margin. Non-GAAP adjusted net income in 2025 was RMB1,381.9 million (US
Basic and Diluted Net Income per ADS. Basic net income per ADS in 2025 was RMB55.72 (US
Cash Position and Cash Flow
As of December 31, 2025, the Company had cash and cash equivalents, time deposits, restricted cash, short-term investments and long-term bank deposits of RMB4.04 billion (US
In the fourth quarter of 2025, net cash provided by operating activities was RMB290.7 million (US
____________________
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
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 RMB6.9931 to US
Conference Call
The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on March 18, 2026 or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2025.
Participant Online Registration:
https://register-conf.media-server.com/register/BIb08c5d8b1d5e4ab9b8a0fc3bce9ffbf7
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
Helen Wu
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. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share and per share data) | |||||||||
| As of December 31, 2024 | As of December 31, 2025 | ||||||||
| RMB | RMB | USD | |||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | 1,904,674 | 860,455 | 123,043 | ||||||
| Time deposits | 80,000 | 273,416 | 39,098 | ||||||
| Restricted cash | 15,000 | 23,525 | 3,364 | ||||||
| Short-term investments | 336,217 | 2,829,462 | 404,608 | ||||||
| Accounts receivable, net | 260,958 | 441,414 | 63,121 | ||||||
| Prepayments and other current assets, net | 75,964 | 29,768 | 4,257 | ||||||
| Total current assets | 2,672,813 | 4,458,040 | 637,491 | ||||||
| Non-current assets: | |||||||||
| Property and equipment, net | 4,896 | 13,784 | 1,971 | ||||||
| Intangible assets, net | 58,049 | 64,553 | 9,231 | ||||||
| Long-term bank deposits | - | 52,492 | 7,506 | ||||||
| Right-of-use assets | 19,335 | 8,566 | 1,225 | ||||||
| Deferred tax assets, net | 6,936 | 33,337 | 4,767 | ||||||
| Other non-current assets, net | 17,611 | 24,796 | 3,546 | ||||||
| Total non-current assets | 106,827 | 197,528 | 28,246 | ||||||
| TOTAL ASSETS | 2,779,640 | 4,655,568 | 665,737 | ||||||
| LIABILITIES | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | 10,676 | 17,378 | 2,485 | ||||||
| Contract liabilities | 117,649 | 63,541 | 9,086 | ||||||
| Salary and welfare payable | 160,690 | 230,039 | 32,895 | ||||||
| Taxes payable | 51,359 | 43,275 | 6,189 | ||||||
| Current lease liabilities | 13,447 | 7,077 | 1,012 | ||||||
| Accrued expenses and other current liabilities | 586,990 | 777,416 | 111,169 | ||||||
| Total current liabilities | 940,811 | 1,138,726 | 162,836 | ||||||
| Non-current liabilities: | |||||||||
| Non-current lease liabilities | 5,714 | 846 | 121 | ||||||
| Deferred tax liabilities, net | 46,030 | 169,701 | 24,267 | ||||||
| Total non-current liabilities | 51,744 | 170,547 | 24,388 | ||||||
| TOTAL LIABILITIES | 992,555 | 1,309,273 | 187,224 | ||||||
| TOTAL MEZZANINE EQUITY | 3,420,882 | - | - | ||||||
| SHAREHOLDERS' DEFICIT: | |||||||||
| Ordinary shares | 71 | - | - | ||||||
| Class A ordinary shares | - | 135 | 19 | ||||||
| Class B ordinary shares | - | 55 | 8 | ||||||
| Additional paid-in capital | 198,664 | 3,179,602 | 454,677 | ||||||
| Statutory reserves | 80,975 | 230,033 | 32,894 | ||||||
| Accumulated deficit | (1,932,128 | ) | (72,851 | ) | (10,418 | ) | |||
| Accumulated other comprehensive income | 18,621 | 9,321 | 1,333 | ||||||
| TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY | (1,633,797 | ) | 3,346,295 | 478,513 | |||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY | 2,779,640 | 4,655,568 | 665,737 | ||||||
| YUANBAO INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (All amounts in thousands, except for share, per share data, ADS and per ADS data) | ||||||||||||||||
| For the three months ended, | For the year ended, | |||||||||||||||
| December 31, 2024 | December 31, 2025 | December 31, 2024 | December 31, 2025 | |||||||||||||
| RMB | RMB | USD | RMB | RMB | USD | |||||||||||
| Revenues | 888,757 | 1,175,268 | 168,061 | 3,284,525 | 4,373,153 | 625,353 | ||||||||||
| Operating costs and expenses*: | ||||||||||||||||
| Operations and support | (42,577 | ) | (36,736 | ) | (5,253 | ) | (166,331 | ) | (167,458 | ) | (23,946 | ) | ||||
| Selling and marketing expenses | (373,993 | ) | (552,342 | ) | (78,984 | ) | (1,789,908 | ) | (2,217,159 | ) | (317,050 | ) | ||||
| General and administrative expenses | (102,659 | ) | (79,560 | ) | (11,377 | ) | (238,639 | ) | (286,843 | ) | (41,018 | ) | ||||
| Research and development expenses | (80,320 | ) | (111,732 | ) | (15,977 | ) | (231,041 | ) | (365,113 | ) | (52,210 | ) | ||||
| Total operating costs and expenses | (599,549 | ) | (780,370 | ) | (111,591 | ) | (2,425,919 | ) | (3,036,573 | ) | (434,224 | ) | ||||
| Other income: | ||||||||||||||||
| Interest income | 5,879 | 5,061 | 724 | 24,310 | 22,092 | 3,159 | ||||||||||
| Exchange loss | 2,407 | (1,445 | ) | (207 | ) | 320 | (4,246 | ) | (607 | ) | ||||||
| Investment income | 3,862 | 14,360 | 2,053 | 6,423 | 45,197 | 6,463 | ||||||||||
| Others, net | (22 | ) | (61 | ) | (9 | ) | 1,755 | 9,088 | 1,300 | |||||||
| Income before income taxes | 301,334 | 412,813 | 59,031 | 891,414 | 1,408,711 | 201,444 | ||||||||||
| Income tax expenses | (9,035 | ) | (75,430 | ) | (10,786 | ) | (25,568 | ) | (101,171 | ) | (14,467 | ) | ||||
| Net income | 292,299 | 337,383 | 48,245 | 865,846 | 1,307,540 | 186,977 | ||||||||||
| Accretion to preferred shares redemption value | (97,009 | ) | - | - | (429,931 | ) | 700,795 | 100,212 | ||||||||
| Net income attributable to Yuanbao Inc.’s ordinary shareholders | 195,290 | 337,383 | 48,245 | 435,915 | 2,008,335 | 287,189 | ||||||||||
| Net income | 292,299 | 337,383 | 48,245 | 865,846 | 1,307,540 | 186,977 | ||||||||||
| Other comprehensive income/(loss): | ||||||||||||||||
| Foreign currency translation adjustments | 5,665 | (4,225 | ) | (604 | ) | 3,326 | (9,300 | ) | (1,330 | ) | ||||||
| Total comprehensive income | 297,964 | 333,158 | 47,641 | 869,172 | 1,298,240 | 185,647 | ||||||||||
| Accretion to preferred shares redemption value | (97,009 | ) | - | - | (429,931 | ) | 700,795 | 100,212 | ||||||||
| Comprehensive income attributable to Yuanbao Inc.’s ordinary shareholders | 200,955 | 333,158 | 47,641 | 439,241 | 1,999,035 | 285,859 | ||||||||||
| Net income per share attributable to Yuanbao Inc.’s ordinary shareholders | ||||||||||||||||
| Basic | 1.84 | 1.25 | 0.18 | 4.34 | 9.29 | 1.33 | ||||||||||
| Diluted | 1.07 | 1.16 | 0.17 | 3.19 | 4.57 | 0.65 | ||||||||||
| Net income per ADS** attributable to Yuanbao Inc.’s ordinary shareholders | ||||||||||||||||
| Basic | 11.02 | 7.49 | 1.07 | 26.07 | 55.72 | 7.97 | ||||||||||
| Diluted | 6.43 | 6.96 | 1.00 | 19.15 | 27.44 | 3.92 | ||||||||||
| Weighted average number of ordinary shares used in computing net income per share | ||||||||||||||||
| Basic | 106,343,625 | 270,192,931 | 270,192,931 | 100,343,557 | 216,250,148 | 216,250,148 | ||||||||||
| Diluted | 272,853,124 | 290,760,903 | 290,760,903 | 271,314,436 | 285,902,414 | 285,902,414 | ||||||||||
| YUANBAO INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (CONTINUED) (All amounts in thousands, except for share, per share data, ADS and per ADS data) | |||||||||||||||||
| *Share-based compensation expenses are included in the operating costs and expenses as follows： | |||||||||||||||||
| For the three months ended, | For the year ended, | ||||||||||||||||
| December 31, 2024 | December 31, 2025 | December 31, 2024 | December 31, 2025 | ||||||||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||||||
| Operations and support | (13 | ) | (8 | ) | (1 | ) | (29 | ) | (39 | ) | (6 | ) | |||||
| Selling and marketing expenses | (4,069 | ) | (3,034 | ) | (434 | ) | (14,222 | ) | (13,520 | ) | (1,933 | ) | |||||
| General and administrative expenses | (9,836 | ) | (8,872 | ) | (1,269 | ) | (34,404 | ) | (37,674 | ) | (5,387 | ) | |||||
| Research and development expenses | (6,815 | ) | (5,197 | ) | (743 | ) | (15,362 | ) | (23,086 | ) | (3,301 | ) | |||||
| Total | (20,733 | ) | (17,111 | ) | (2,447 | ) | (64,017 | ) | (74,319 | ) | (10,627 | ) | |||||
| **Each ADS represents six Class A ordinary shares. | |||||||||||||||||
| YUANBAO INC. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (UNAUDITED) (All amounts in thousands, unless otherwise noted) | |||||||||||
| For the three months ended, | For the year ended, | ||||||||||
| December 31, 2024 | December 31, 2025 | December 31, 2024 | December 31, 2025 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||
| Net income | 292,299 | 337,383 | 48,245 | 865,846 | 1,307,540 | 186,977 | |||||
| Add: | |||||||||||
| Share-based compensation expenses | 20,733 | 17,111 | 2,447 | 64,017 | 74,319 | 10,627 | |||||
| Non-GAAP adjusted net income | 313,032 | 354,494 | 50,692 | 929,863 | 1,381,859 | 197,604 | |||||
