Who are Yuanbao's biggest customers?

Customer A accounts for 34% of Yuanbao's revenue (FY2025 20-F). Other disclosed customers: customer B 23%, customer C 10%.

YBYuanbao Inc.

Technology

$11.74-51% 1Y

$11.74

$11.0752 weeks$24.00

Is the business good?

Good

A genuinely good business: earnings fully cash-backed (1.2×) and elite returns on assets.

2 good, 2 without data

Profits arrive as cash1.21×derived · Dec 31, 2025

Operating profit is fully backed by cash. Conversion is worsening vs a year ago.

Where ROE comes from28% ROAderived

High-quality, exceptional returns on the assets themselves, not leverage. ROE 39% = margin × turnover × leverage.

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

How good a business is YB?

Yuanbao Inc. keeps 31% of every revenue dollar as operating profit, against 6.9% for the median Software - Application name.

31%

Operating margin · Software - Application median 6.9% · fiscal year to FY2025

Cash conversion: 1.21×
Cash conversion · 1.45× a year ago · operating cash flow covers the operating profit after tax
Share count, year on year: +5.4%
Share count, year on year · shareholders own a smaller slice than a year ago
R&D as % of revenue: 8.3%
R&D as % of revenue

Operating margin by fiscal year
Year	Operating margin
FY2023	8.6%
FY2024	26%
FY2025	31%

Details›

Gross marginfiscal year to FY2025: 96%
Operating marginfiscal year to FY2025: 31%
Net marginfiscal year to FY2025: 30%
Free cash flow margin: 34%
R&D as % of revenue: 8.3%
Revenue, trailing twelve months: $4.37B
Free cash flow, trailing twelve months: $1.48B
Net income, trailing twelve months: $1.31B

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

Customers and suppliers

Who buys from YB and who it buys from, as the companies report it.

34%of revenue comes from customer A, the largest of 3 disclosed customers

Customerswho buys

Customer A
34%
Share of revenue · FY2025 20-F
Customer B
23%
Share of revenue · FY2025 20-F
Customer C
10%
Share of revenue · FY2025 20-F
Top three customers
67%
Combined share of revenue · FY2025 20-F

Supplierswho it buys from

None disclosed.

A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; YB’s own figures are from its FY2025 20-F. Smaller customers and suppliers go unreported.

Software, Application

The closest names by size in the same industry