Qiming-Affiliated Funds Report 22.8M Yuanbao Shares, 12.12% Ownership

Rhea-AI Filing Summary

Yuanbao Inc.'s Schedule 13G discloses that Qiming-affiliated reporting persons beneficially own 22,824,170 Class A ordinary shares, equal to 12.12% of the Class A shares based on 188,348,706 shares outstanding as of June 30, 2025. The filing breaks the position down with Qiming Venture Partners VII, L.P. holding 22,615,763 shares (12.01%) and Qiming VII Strategic Investors Fund, L.P. holding 208,407 shares (0.11%).

The cover information shows the reporting persons are organized in the Cayman Islands, the issuer's principal executive office is in Beijing, and the reporting parties disclose sole voting and sole dispositive power over the shares listed with no shared voting or dispositive power. The filing is signed by Holan Lam on behalf of the reporting persons and includes a Joint Filing Agreement as an exhibit.

Insights

Financial Analyst

TL;DR: Qiming entities report a material 12.12% holding in Yuanbao, disclosed across affiliated funds and the general partner.

The Schedule 13G shows a concentrated, disclosed position of 22,824,170 Class A shares representing 12.12% of the outstanding Class A shares based on issuer-provided totals as of June 30, 2025. The position is allocated primarily to Qiming Venture Partners VII, L.P., which holds 22,615,763 shares, with a smaller allocation to Qiming VII Strategic Investors Fund, L.P. There is explicit reporting of sole voting and sole dispositive power for the reported amounts and no shared power disclosed. This filing is a material ownership disclosure but does not state any transaction details or change-in-control intent within the text provided.

Corporate Governance Expert

TL;DR: The filing documents a significant passive stake held through affiliated entities with clear ownership and authority disclosures.

The Schedule identifies the reporting parties and their Cayman Islands organization, provides the issuer's executive office address in Beijing, and attaches a Joint Filing Agreement. The statement documents sole voting and dispositive power over the reported shares and provides the issuer-calculated share base of 188,348,706 Class A shares used to compute percentages. From a governance perspective, the disclosure informs stakeholders of a sizable, clearly attributed ownership position without additional governance commitments or board representation disclosed in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Yuanbao Inc.

(Name of Issuer)

Class A ordinary shares, par value US$0.0001 per share

(Title of Class of Securities)

987910106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 987910106

1

Names of Reporting Persons

Qiming GP VII, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 22,824,170.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 22,824,170.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,824,170.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.12 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Note to Row (5) (7) and (9): As of the date of this Schedule 13G filing, Qiming GP VII, LLC is the general partner of Qiming Venture Partners VII, L.P. and Qiming VII Strategic Investors Fund, L.P., which hold 22,615, 763 Class A ordinary shares and 208,407 Class A ordinary shares of the Issuer, respectively. Note to Row (11): The percentage is calculated based upon an aggregate of 188,348,706 Class A Ordinary Shares outstanding as of June 30, 2025, which is based on the information provided by the Issuer.

SCHEDULE 13G

CUSIP No. 987910106

1

Names of Reporting Persons

Qiming Venture Partners VII, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 22,615,763.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 22,615,763.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,615,763.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.01 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Note to Row (11): The percentage is calculated based upon an aggregate of 188,348,706 Class A Ordinary Shares outstanding as of June 30, 2025, which is based on the information provided by the Issuer.

SCHEDULE 13G

CUSIP No. 987910106

1

Names of Reporting Persons

Qiming VII Strategic Investors Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 208,407.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 208,407.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

208,407.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.11 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Note to Row (11): The percentage is calculated based upon an aggregate of 188,348,706 Class A Ordinary Shares outstanding as of June 30, 2025, which is based on the information provided by the Issuer.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Yuanbao Inc.
(b)	Address of issuer's principal executive offices: Building 2, No.8 Beichen West Road, Chaoyang District, Beijing, China, 100101
Item 2.
(a)	Name of person filing: Qiming GP VII, LLC Qiming Venture Partners VII, L.P. Qiming VII Strategic Investors Fund, L.P.
(b)	Address or principal business office or, if none, residence: PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, KY1-1104, Cayman Islands
(c)	Citizenship: Cayman Islands
(d)	Title of class of securities: Class A ordinary shares, par value US$0.0001 per share
(e)	CUSIP No.: 987910106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information set forth in Row (9) of the cover page for each of the Reporting Person is incorporated herein by reference.
(b)	Percent of class: The information set forth in Row (11) of the cover page for each of the Reporting Person is incorporated herein by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information set forth in Row (5) of the cover page for each of the Reporting Person is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information set forth in Row (6) of the cover page for each of the Reporting Person is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information set forth in Row (7) of the cover page for each of the Reporting Person is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information set forth in Row (8) of the cover page for each of the Reporting Person is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Qiming GP VII, LLC

Signature:	/s/ Holan Lam
Name/Title:	Holan Lam/Authorized Signatory
Date:	08/12/2025

Qiming Venture Partners VII, L.P.

Signature:	/s/ Holan Lam
Name/Title:	Holan Lam/Authorized Signatory
Date:	08/12/2025

Qiming VII Strategic Investors Fund, L.P.

Signature:	/s/ Holan Lam
Name/Title:	Holan Lam/Authorized Signatory
Date:	08/12/2025

Exhibit Information

Exhibit A Joint Filing Agreement

FAQ

What percentage of Yuanbao (YB) does Qiming report owning?

The filing states Qiming-affiliated reporting persons own 22,824,170 Class A shares, equal to 12.12% of the Class A shares.

How are the 22,824,170 shares allocated among the Qiming entities?

Qiming Venture Partners VII, L.P. holds 22,615,763 shares and Qiming VII Strategic Investors Fund, L.P. holds 208,407 shares.

What share count was used to calculate the percentage ownership?

The percentage is based on 188,348,706 Class A Ordinary Shares outstanding as of June 30, 2025, per the issuer-provided information cited in the filing.

Does the filing state who signed it for the reporting persons?

Yes. The filing is signed by Holan Lam as Authorized Signatory on behalf of the reporting persons, with signature dates of 08/12/2025.

Where is Yuanbao's principal executive office listed in the filing?

The filing lists the issuer's principal executive offices at Building 2, No.8 Beichen West Road, Chaoyang District, Beijing, China, 100101.