Yuanbao Inc.

We are a leading technology-driven online insurance distributor in China. We integrate insurance with technologies to operate a full consumer service cycle engine. This engine distributes suitable and high-quality insurance products to over ten million insurance consumers. It provides customized services for each consumer, including personalized recommendation, purchasing, policy management, claim settlements, and post-sale services. The engine is built on a scalable architecture with predictive capabilities from interconnected networks of models, optimizing outcomes across media channels, consumer preferences, and product depth and breadth. As of December 31, 2025, approximately 5,000 models supported our operations. Our engine offers value to both insurance consumers and insurance carriers by acting as an efficient gateway to distribute customized insurance products underwritten by partnered carriers. We collaborate with insurance carriers to tailor flagship insurance products, attracting and retaining consumers and stimulating demand. By analyzing big data, we understand consumer demands and behavior, fulfilling evolving needs and enhancing insurance carriers' sales. Our revenue increased by 60.6% from RMB2,045.2 million in 2023 to RMB3,284.5 million in 2024, and further increased by 33.1% to RMB4,373.2 million (US$625.4 million) in 2025. We achieved profitability within three years of inception, recording net income from continuing operations of RMB205.2 million, RMB865.8 million, and RMB1,307.5 million in 2023, 2024, and 2025, respectively.