YSB Inc. (於開曼群島註冊成立的有限公司)股份代號:9885 2025中期報告 2413142132333436373858 • Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way 802 West Bay RoadGrand Cayman KY1-1205Cayman Islands 397TIT8 33191910 188262602 1617 Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way 802 West Bay RoadGrand Cayman KY1-1205Cayman Islands 9885 www.ysbang.cn 20252030 453,0006.5%426,0007.6%94.0%29.2 SKU4,000,000125SKU22.5%18,00042.6% 3.3%20250.5%20240.6% SKUSKU480,00058,000 18.9%202467.7%202570.0% 0.5%0.4% 1,080115.6% 852473.4%202440%202530,000 SaaSAI 202483202563018,00023,000AICAI SaaSAIAI20256301,50094AI SaaS SaaS20256309,000 SaaS202563066,000243 20152025630314,000 367.732.21.8-33.8 10,5004,40231.0%3,52234.2%4,90073.0% 20256302,500200502025630353,0002024123124,00098.9%91.2% + AISaaSAI 20256309,842.620246308,814.011.7%(i)(ii) 20246308,344.812.5%20256309,389.4(i)(ii)(iii) 2024630440.52025630436.3 202463028.6202563017.0 20246307,932.210.2%20256308,738.1 20246307,850.110.4%20256308,666.42025630 202463069.72.3%202563071.3 202463012.596.5%20256300.4 2024630881.725.3%20256 301,104.5202463010.0%202563011.2% 20246305.9%20256307.7% 202463084.2%202563083.7%(i)(ii) 202463056.4%202563097.5%SaaS 20246 30707.516.9%20256 30826.9(i)(ii)20246 30155.76.6%2025630166.02024630117.42025630126.5 2024630169.712.0%20256 30190.1 202463045.76.3%202563048.6 202463049.1202563036.7 20246309.620256300.4 20246 305.320256.1 202563074.0202463013.4 (i)(ii)(i)(ii) (i)(ii)20246 3091.42025630121.833.2% 2025630202412311,041.26.2%1,105.92025630 20256 30256.768.9(i)34.8(ii)258.2199.2 2025630114.6163.0 202563020256305% 2025630 20256301,544.0 2025630 20256304.3%202412310.9% 20256306,6202025630 20192023 2025630628.32024630545.12025630 2025630 2025630 C.2.1 C.3.2 3.21 2025630•20256302410 44,298,184.245,635,000 5,635,0002025742025630 20256 30 20256302024630 2023628242.2 202563020241015 13.51B(1) (1)20255272390ZH(2)2025627 13.51B(1) 13.2013.2113.22 20256 30XV(a)XV78(b)352(c) (2)(i) MIYT Holdings LimitedMIYT Worldwide Limited125,316,184(ii)20195,400,000MIYT Holdings Limited 201920195,300,000 2025630XV352 20256 30336 (1)2025630681,999,595(2)MIYT Holdings LimitedMIYT Worldwide LimitedMIYT Worldwide LimitedTMF (Cayman) Ltd.XVTMF (Cayman) Ltd.MIYT WorldwideLimitedMIYT Holdings Limited(3)2019XV(4)Sounda Hopson Technology Holdings LimitedSoundaHopson Technology Investment LimitedSounda Hopson Technology Holdings LimitedSounda Hopson TechnologyInvestment LimitedSounda Hopson Investment Holdings LimitedSounda Hopson Investment Holdings LimitedXVSounda Hopson Investment Holdings LimitedSounda Hopson Technology Holdings LimitedSounda HopsonTechnology Investment Limited(5)Internet Fund V Pte. Ltd.Internet Fund Holding V. Ltd.Internet Fund Holding V. Ltd.Tiger Global PrivateInvestment Partners XI, L.P.Tiger Global PIP Performance XI, L.P.Tiger Global Management, LLCTiger Global PIP Performance XI, L.P.Tiger Global Management, LLCCharles P. Coleman IIIScott ShleiferXVCharles P. Coleman IIIScott ShleiferTiger Global PIP Performance XI, L.P.TigerGlobal Management, LLCTiger Global Private Investment Partners XI, L.P.Internet Fund Holding V. Ltd.InternetFund V Pte Ltd.(6)H Capital V GP, L.P.H Capital V, L.P.H Capital V GP, Ltd.H Capital V GP, L.P.XVH Capital V GP, Ltd.H Capital V GP, L.P.H Capital V, L.P.(7)0.22%35.84%73.30%0.01%Fosun InternationalHoldings Ltd.85.29%XVFosun InternationalHoldings Ltd. 2025630XV23336 (a) 2019(b) 2023 2019IV-15IV-162023IV-19IV-28 20192023980,0000.14% 20192019 (1)(2)2019(3)(4) 2019202563016 2023 20232023 (1)627,9003,190,100 (5)980,00020264320284312(6)(7)202563017(8) 202512312023202563016 33572025630343434 2410 34 •2025820 1. 2018827MIYT Holdings Limited2023628 2025630 2. 3434 3. 202563020241231 2025630 3. 202511 21 4. i)ii)iii)iv)SaaSv)AI 4. 2025630 4. (b) (c) 5. 6. 7. 8. 25% 2025630 9. 10. 2025630202412310.0750.081202463050,786,00054,608,0002024630 11. 2025630 12. 1530 18 2025630 3090 15. 202412 31Folding Space (Cayman) LtdFolding Space31,678,555202412317,190,36341,770,000 20256301,386,6175,803,74633,715,000 63058,921,00020246302,429,0007,945,0002024630300,000 20256 308,594,823202412 31608,9565,635,000202574 2025630 16. 2017 20172 220171020191 12017 2019 20192 27201910 2017 i)20171ii)201720192017 16. 2017 2017 20256303.63202412313.60 16. 2017 2019 16. 2017 (i)4(ii)202251,330,000 63010.142024123110.20 2025 6,427,00020246 3017,613,000 2023 202361220232023202363,235,00510 2025630 16. 2023 2023 28,363,000202463060,444,000 17. 18. ••• 2025630 18. 18. (i)(ii)(iii)20256302025202620275%95,607,0002024123191,870,000 2025630 19. 202520246309 20. 2025630