Share count
286Mpeak FY2025
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YB, Yuanbao Inc.
Insurance Brokers financial
Yuanbao Inc. is a company incorporated outside of Chinese mainland.
Certain enterprises benefit from a preferential tax rate of 15% under the PRC Enterprise Income Tax Law if they qualify as high and new technology enterprises.
The implementation rules define the term "de facto management body" as the body that exercises full and substantial control over and overall management of the business, production, personnel, accounts and properties of an enterprise.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥4.4B
+33.1% YoY
Vital signs · TTM, with 3-yr average
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Commissions on the premiums it places, and organic growth. What decides it: insurance prices in the market, since it earns a slice of them; new business won and kept; and a capital-light fee stream that carries none of the underwriting risk of the insurers it sells for. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| CN¥2.0B | CN¥3.3B | CN¥4.4B | CN¥4.4B | RevenueRevenue |
| 9.9% | 26.4% | 29.9% | 29.9% | Net marginNet mgn |
| CN¥203M | CN¥866M | CN¥1.3B | CN¥1.3B | Net incomeNet inc. |
| 0% | 3% | 7% | 7% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| CN¥437M | CN¥1.2B | CN¥1.5B | CN¥1.5B | Owner earningsOwner earn. |
| — | — | 39% | 39% | Return on equityROE |
| — | — | 39% | 39% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | CN¥2.8B | CN¥4.7B | CN¥4.7B | Total assetsAssets |
| CN¥863M | CN¥2.2B | CN¥3.7B | CN¥3.7B | Cash & investmentsCash+inv |
| (CN¥2.1B) | (CN¥1.6B) | CN¥3.3B | CN¥3.3B | Shareholders’ equityEquity |
| Per share | ||||
| 283M | 271M | 286M | 107M | Shares out (diluted)Shares |
| CN¥7.23 | CN¥12.11 | CN¥15.30 | CN¥40.87 | Revenue / shareRev/sh |
| CN¥0.72 | CN¥3.19 | CN¥4.57 | CN¥12.22 | EPS (diluted)EPS |
| CN¥1.55 | CN¥4.44 | CN¥5.16 | CN¥13.80 | Owner earnings / shareOE/sh |
| CN¥-7.56 | CN¥-6.02 | CN¥11.70 | CN¥31.28 | Book value / shareBVPS |
Share counts before 2024 are restated ×4 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×1/2.67 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Revenue
CN¥4.4Blow FY2023
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“Internal Control over Financial Reporting In connection with the audits of our consolidated financial statements included in this annual report, we and our independent registered public accounting firm identified a material weakness in our internal control…”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Not enough dataIndustry peers: median 12%
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
Operating income or revenue wasn't found in the filing data.
- Net margin 29.9%WideNet income CN¥1.3B ÷ revenue CN¥4.4B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity 39%Very high (≥25%)Net income CN¥1.3B ÷ equity CN¥3.3BIndustry peers: median 11%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥4.5B
- Cash & short-term investmentsCN¥3.7B
- ReceivablesCN¥441M
- Other current assetsCN¥327M
Current liabilitiesCN¥1.1B
- Accounts payableCN¥17M
- Other current liabilitiesCN¥1.1B
Current ratio3.91×all current assets ÷ what's due · Graham looked for 2×
Quick ratio3.91×stricter: inventory excluded
Cash ratio3.24×strictest: cash alone against what's due
Working capitalCN¥3.3Bthe cushion left after near-term bills
Deeper floors
Tangible book valueCN¥3.3Bequity stripped of goodwill & intangibles
Net current asset valueCN¥3.1BGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥7MCN¥7M of it operating leases
Deferred revenueCN¥64Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Insurance Brokers
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| AJGArthur J. Gallagher & Co. | $13.9B | 11.8% | 10.2% | 11% |
| EQHEquitable Holdings Inc. | $11.7B | 11.4% | 10.5% | 13% |
| WTWWillis Towers Watson PLC | $9.5B | 11.4% | 11.5% | 10% |
| BROBrown & Brown Inc. | $5.9B | 26.7% | 18.6% | 13% |
| YBYuanbao Inc. | CN¥4.4B | — | 26.4% | 39% |
| ERIEErie Indemnity Company | $4.1B | 15.2% | 12.4% | 25% |
| RYANRyan Specialty Holdings Inc. | $3.0B | 16.5% | 3.9% | 11% |
| BWINThe Baldwin Insurance Group Inc. | $1.5B | -3.2% | -4.3% | -6% |
| Group median | — | — | 11.0% | 12% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each representing six Class”; Yuanbao Inc. reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Yuanbao Inc. has delivered.
$
Base
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The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2023+84%/yr
Owner-earnings growth · since FY2023+84%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $218M on 48M shares outstanding (a weighted average, the only count this filer tags); net cash $544M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Yuanbao Inc. (YB), the owner's record," https://ownerscorecard.com/c/YB, data as of 2026-07-09.
Manual order: ← YALA its page in the Manual YDDL →
Industry order: ← XHG the Insurance Brokers chapter