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YALA Yalla Group Limited

Revenue is Group Chatting Services (63%) and Games Services (36%).

Owner earnings 2018–2025 $23M$31M$65M$143M$118M$138M$172M$136M

Retained capital Retained $494M of earnings over 2018–2025; annual owner earnings grew $109M, $0.22 per $1 retained.

Balance sheet Net cash, debt-free, +$668M · dividend paid 1 of 8 yrs, never cut

YB Yuanbao Inc.

An insurance broker, paid a commission to place coverage without bearing the risk itself.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

YDDL One and One Green Technologies. Inc

We provide economical and flexible solutions to the challenges of electronic waste, metal scrap and industrial recycling.

Owner earnings 2023–2025 $3M$2M($10M)

Retained capital not read

Balance sheet Net cash, debt-free, +$957K

YI 111 Inc.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2016–2025 (CN¥394M)(CN¥211M)(CN¥354M)(CN¥524M)(CN¥131M)(CN¥716M)(CN¥55M)(CN¥457M)CN¥248MCN¥115M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥511M

YIBO Planet Image International Limited

Revenue is Offline sales to dealers (47%), Offline sales to ODM customers (43%) and Online sales to retail customers (10%).

Owner earnings 2021–2025 $5M$6M$17M($3M)($3M)

Retained capital Retained $19M of earnings over 2021–2025; annual owner earnings fell $6M, $-0.31 per $1 retained.

Balance sheet Net cash, +$46M

YMM Full Truck Alliance Co. Ltd.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 (CN¥934M)CN¥522M(CN¥255M)(CN¥101M)CN¥2.2BCN¥2.9BCN¥4.5B

Retained capital Paid out CN¥1.1B more than it earned over 2019–2025; annual owner earnings grew CN¥3.4B.

Balance sheet Net cash, debt-free, +CN¥17.1B · dividend paid 2 of 7 yrs, never cut

YMT Yimutian Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2023–2025 (CN¥20M)(CN¥62M)(CN¥50M)

Retained capital not read

Balance sheet net position not read

YOOV Concorde International Group Ltd

Concorde International Group Ltd is an integrated security services provider that combines physical manpower and innovative technology to deliver effective security solutions.

Owner earnings 2023–2024 $384K($844K)

Retained capital not read

Balance sheet Net debt against an operating loss, $4M

YOUL Youlife Group Inc.

We are a leading blue-collar lifetime service platform in China, dedicating to serve the needs throughout the entire life cycle of the blue-collar talent.

Owner earnings 2023–2025 CN¥3MCN¥5MCN¥12M

Retained capital not read

Balance sheet Net cash, +CN¥18M

YQ 17 Education & Technology Group Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2018–2025 (CN¥453M)(CN¥680M)(CN¥612M)(CN¥1.6B)(CN¥467M)(CN¥239M)(CN¥149M)CN¥30M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥407M

YRD Yiren Digital Ltd.

Revenue is Credit solution business (88%), Others (7%) and Insurance brokerage business (5%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 10 yrs, cut at least once

YSG Yatsen Holding Limited

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2018–2025 (CN¥97M)(CN¥19M)(CN¥1.1B)(CN¥1.2B)CN¥85M(CN¥151M)(CN¥282M)(CN¥137M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥1.0B

YSXT YSX Tech. Co. Ltd

Revenue is Auto Insurance Aftermarket Value-added Services (97%) and Other Scenario-based Customized Service (3%).

Owner earnings 2024–2026 ($695K)($7M)($3M)

Retained capital not read

Balance sheet Modest net debt, $2M

YTRA Yatra Online Inc.

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 (₹529M)(₹1.7B)(₹1.1B)(₹3.6B)(₹566M)₹764M(₹981M)(₹2.0B)(₹1.5B)(₹354M)

Retained capital not read

Balance sheet net position not read (debt under-captured)

YXT YXT.COM GROUP HOLDING LIMITED

A software business, earning high margins on code once it is written.

Owner earnings 2022–2025 (CN¥469M)(CN¥262M)(CN¥213M)(CN¥147M)

Retained capital not read

Balance sheet Net cash, +CN¥85M