Yuanbao Inc. (YB) Cash Flow Statement
Where YB’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥1.50B +23.8% vs 2024
- Capital expenditures
- CN¥19.0M 0.4% of revenue
- Free cash flow
- CN¥1.48B 33.8% margin
- Returned to shareholders
- —
- Change in cash
- −CN¥1.04B cash at year-end CN¥884.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
YB operating cash flow, capex and free cash flow
YB cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥245.0M2021 | CN¥1.50B2025 | — | |
| Capital expenditures | CN¥3.2M2021 | CN¥19.0M2025 | +56.7%/yr | |
| Free cash flow | −CN¥248.1M2021 | CN¥1.48B2025 | — | |
| Free cash flow margin | −64.4%2021 | 33.8%2025 | +98.1 pts | |
| Operating cash flow / net income | 2.152023 | 1.142025 | −1.01 | |
| Stock-based compensation | CN¥17.1M2021 | CN¥74.3M2025 | +44.3%/yr | |
| Capex / revenue | 0.8%2021 | 0.4%2025 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
YB cash flow by activity
YB net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
YB cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | CN¥1.31B | CN¥865.8M | CN¥205.2M | −CN¥2.4M | −CN¥399.9M |
| Depreciation & amortization | CN¥17.7M | CN¥14.9M | CN¥16.1M | CN¥9.5M | CN¥8.4M |
| Stock-based compensation | CN¥74.3M | CN¥64.0M | CN¥37.1M | CN¥27.1M | CN¥17.1M |
| Change in working capital | CN¥46.6M | CN¥236.7M | CN¥169.8M | CN¥24.6M | CN¥106.3M |
| Other non-cash items | CN¥49.0M | CN¥26.1M | CN¥13.7M | CN¥28.9M | CN¥23.0M |
| Cash from operating activities | CN¥1.50B | CN¥1.21B | CN¥442.0M | CN¥87.7M | −CN¥245.0M |
| Investing activities | |||||
| Capital expenditures | −CN¥19.0M | −CN¥3.3M | −CN¥4.6M | −CN¥2.4M | −CN¥3.2M |
| Investments (net) | −CN¥2.70B | −CN¥157.6M | −CN¥45.3M | −CN¥218.9M | −CN¥90.4M |
| Acquisitions & other investing | −CN¥6.7M | CN¥3.3M | CN¥4.6M | CN¥2.4M | CN¥3.2M |
| Cash from investing activities | −CN¥2.72B | −CN¥157.6M | −CN¥45.3M | −CN¥218.9M | −CN¥90.4M |
| Financing activities | |||||
| Net borrowing (repayment) | — | — | — | CN¥0 | CN¥0 |
| Shares issued | CN¥204.9M | CN¥0 | CN¥0 | CN¥0 | CN¥726.4M |
| Other financing | −CN¥8.0M | −CN¥9.1M | CN¥18.0M | CN¥0 | CN¥0 |
| Cash from financing activities | CN¥196.8M | −CN¥9.1M | CN¥18.0M | CN¥0 | CN¥726.4M |
| Summary | |||||
| Net change in cash | −CN¥1.04B | CN¥1.05B | CN¥421.4M | −CN¥106.4M | CN¥378.9M |
| Cash at end of period | CN¥884.0M | CN¥1.92B | CN¥873.9M | CN¥452.6M | CN¥558.9M |
| Free cash flow | CN¥1.48B | CN¥1.20B | CN¥437.3M | CN¥85.3M | −CN¥248.1M |
| Free cash flow margin | 33.8% | 36.7% | 21.4% | 10.0% | −64.4% |
| Capex / revenue | 0.4% | 0.1% | 0.2% | 0.3% | 0.8% |
| Operating cash flow / net income | 1.14 | 1.39 | 2.15 | — | — |
| Mar '26 | Dec '24 | Sep '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | CN¥387.6M | CN¥292.3M | CN¥244.8M | CN¥89.2M | CN¥43.4M |
| Depreciation & amortization | CN¥909,750 | CN¥3.9M | CN¥3.7M | CN¥2.6M | CN¥5.9M |
| Stock-based compensation | CN¥21.2M | CN¥20.7M | CN¥12.2M | CN¥9.6M | CN¥13.7M |
| Change in working capital | CN¥46.6M | −CN¥34.6M | CN¥57.7M | CN¥75.3M | −CN¥39.9M |
| Other non-cash items | CN¥1.04B | −CN¥5.1M | CN¥30.3M | −CN¥15.3M | −CN¥5.4M |
| Cash from operating activities | CN¥1.50B | CN¥277.2M | CN¥348.8M | CN¥161.5M | CN¥17.7M |
| Investing activities | |||||
| Capital expenditures | −CN¥19.0M | −CN¥335,000 | −CN¥731,000 | −CN¥38,000 | −CN¥1.4M |
| Investments (net) | — | −CN¥153.4M | CN¥121.1M | −CN¥11.3M | −CN¥2.4M |
| Acquisitions & other investing | −CN¥2.70B | CN¥335,000 | CN¥731,000 | CN¥38,000 | CN¥1.4M |
| Cash from investing activities | −CN¥2.72B | −CN¥153.4M | CN¥121.1M | −CN¥11.3M | −CN¥2.4M |
| Financing activities | |||||
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥196.8M | −CN¥6.3M | −CN¥2.8M | — | — |
| Cash from financing activities | CN¥196.8M | −CN¥6.3M | −CN¥2.8M | — | — |
| Summary | |||||
| Net change in cash | CN¥884.0M | CN¥125.1M | CN¥464.4M | CN¥168.3M | CN¥24.4M |
| Cash at end of period | CN¥884.0M | CN¥1.92B | CN¥1.79B | CN¥873.9M | CN¥705.6M |
| Free cash flow | CN¥1.48B | CN¥276.9M | CN¥348.1M | CN¥161.5M | CN¥16.3M |
| Free cash flow margin | 112.2% | 31.2% | 40.2% | 29.7% | 3.0% |
| Capex / revenue | 1.4% | 0.0% | 0.1% | 0.0% | 0.3% |
| Operating cash flow / net income | 3.86 | 0.95 | 1.42 | 1.81 | 0.41 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
YB cash generation
In fiscal 2025 (ended December 31, 2025), Yuanbao Inc. generated CN¥1.5 billion of cash from operations (up 23.8%) and spent CN¥19.0 million on capital expenditures, leaving free cash flow of CN¥1.5 billion, 33.8% of revenue. Cash and equivalents fell by CN¥1.0 billion over the year.
Related: YB income statement, YB balance sheet. See the YB stock overview for the latest quote and news.
YB cash flow FAQ
What is Yuanbao Inc.'s free cash flow?
Yuanbao Inc.'s free cash flow was CN¥1.5 billion in fiscal 2025: CN¥1.5 billion of operating cash flow minus CN¥19.0 million of capital expenditures It was CN¥1.2 billion a year earlier..
How much cash does Yuanbao Inc. generate from operations?
Yuanbao Inc. generated CN¥1.5 billion of cash from operating activities in fiscal 2025, 1.14 times its net income of CN¥1.3 billion.
How much does Yuanbao Inc. spend on capital expenditures?
Yuanbao Inc. spent CN¥19.0 million on capital expenditures in fiscal 2025, 0.4% of revenue, compared with CN¥3.3 million the year before.