Yuanbao Inc.
YB · Insurance Agents, Brokers & Service · EDGAR filings ↗
Grade
B83Fast-growing, highly profitable Chinese online insurance distributor with top-decile returns tempered by VIE and regulatory risk.
Strengths
- Top-decile profitability: net margin 93rd pct, ROA 93.8th pct, gross margin 92nd pct, ROE ~39% (80th pct)
- Revenue +33% and net income +51% with a fortress balance sheet (cash 96.8th pct, current ratio 90th pct)
Risks
- China VIE structure, CSRC/CAC oversight, and HFCAA delisting exposure are material governance red flags
- Revenue concentrated in a few medical/critical-illness products and reliance on a small group of insurance carriers; limited operating history
Notable findings
- Strong balance sheetStrong balance sheet — $527M cash & investments
Key metrics
Gross margin
96.2%
Net margin
29.9%
Return on equity
39.1%
Return on assets
28.1%
Revenue growth (QoQ)
38.9%
Net-income growth
57.5%
Current ratio
3.9×
Tangible book value
$469M
Cash & investments
$527M
Stock comp / revenue
1.7%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001104659-26-052096 ↗ |