olivLaw · US equity research
Zhibao Technology Inc. ZBAO
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Zhibao Technology Inc. is an InsurTech company in China that provides digital insurance brokerage through a 2B2C embedded insurance model, placing tailored insurance solutions inside the digital channels of its B partners. Revenue grew 51 percent in fiscal 2025 to RMB 276.9 million, yet the company also reported a net loss that year, which makes its path to sustained profitability the key question.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Zhibao Technology Inc. (ZBAO) stock was 0.24 USD (−7.69% on the day), with beta 1.25, 52-week range 0.24–63.50 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 18.0
- oversold (≤ 30)
- Bollinger (20, 2)
- -0.87 – 2.61
- in the lower half of the band · %B 0.32 · band width 401.1%
- SMA 50 / 200
- 4.10 / 25.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.19 / -1.38
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −94.6% | −1.1% | −93.5 pp | — |
| 3 months | −97.9% | −0.5% | −97.4 pp | — |
| 6 months | −99.3% | +4.4% | −103.6 pp | — |
| Year to date | −99.5% | +12.3% | −111.8 pp | — |
| 1 year | −99.5% | +13.5% | −113.1 pp | +0.8% |
| 3 years | unavailable | +76.4% | unavailable | +3.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 6.0 k | unavailable | unavailable | 25.3 m | 38.7 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | +53.0% |
| Net income | unavailable | unavailable | unavailable | 1.8 m | -8.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −574.8% |
| Diluted EPS | unavailable | unavailable | unavailable | 0.06 | -0.27 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −550.0% |
| net % | unavailable | unavailable | unavailable | 7.2% | -22.4% |
| Free cash flow | unavailable | unavailable | unavailable | -562.2 k | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 1.4 m USD
- Financial debt
- 3.0 m USD
- Net debt
- 1.6 m USD
- Equity
- 3.4 m USD
- Total assets
- 23.8 m USD
- Debt / equity
- 0.88x
- Current ratio
- 1.00x
- ROE
- -141.3%
- ROA
- -32.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 6.0 k | — | — | 25.3 m | 38.7 m | SEC (XBRL)· 09 Jan 2026verified |
| Cost of revenue | — | — | — | 15.0 m | 22.8 m | SEC (XBRL)· 09 Jan 2026verified |
| Gross profit | — | — | — | 10.3 m | 15.9 m | SEC (XBRL)· 09 Jan 2026verified |
| Research & development | — | — | — | 2.1 m | 1.5 m | SEC (XBRL)· 09 Jan 2026verified |
| Operating income | — | — | — | 1.4 m | -7.5 m | SEC (XBRL)· 09 Jan 2026verified |
| Depreciation & amortisation | — | — | — | 152.7 k | 158.0 k | SEC (XBRL)· 09 Jan 2026verified |
| EBITDA | — | — | — | 1.5 m ≈ | -7.3 m ≈ | SEC (XBRL)· 09 Jan 2026derived |
| Interest expense | — | 1.4 m | 1.2 m | 986.8 k | — | SEC (XBRL)· 31 Oct 2024verified |
| Pre-tax income | — | — | — | 2.6 m | -9.0 m | SEC (XBRL)· 09 Jan 2026verified |
| Income tax | — | — | — | 758.3 k | -364.4 k | SEC (XBRL)· 09 Jan 2026verified |
| Net income | — | — | — | 1.8 m | -8.7 m | SEC (XBRL)· 09 Jan 2026verified |
| Diluted EPS | — | — | — | 0.06 | -0.27 | SEC (XBRL)· 09 Jan 2026verified |
| Weighted average diluted shares | — | 26.3 m | 26.7 m | 30.4 m | 32.0 m | SEC (XBRL)· 09 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | — | — | 2.7 m | 330.5 k | 1.4 m | SEC (XBRL)· 09 Jan 2026verified |
| Receivables | — | — | — | 17.9 m | 15.9 m | SEC (XBRL)· 09 Jan 2026verified |
| Current assets | — | — | — | 27.2 m | 20.2 m | SEC (XBRL)· 09 Jan 2026verified |
| Property, plant & equipment, net | — | — | — | 32.1 k | 19.9 k | SEC (XBRL)· 09 Jan 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 355.2 k | 214.9 k | SEC (XBRL)· 09 Jan 2026verified |
| Total assets | — | — | — | 28.7 m | 23.8 m | SEC (XBRL)· 09 Jan 2026verified |
| Accounts payable | — | — | — | 7.1 m | 8.2 m | SEC (XBRL)· 09 Jan 2026verified |
| Short-term debt | — | — | — | 3.7 m | 3.0 m | SEC (XBRL)· 09 Jan 2026verified |
| Current liabilities | — | — | — | 19.4 m | 20.1 m | SEC (XBRL)· 09 Jan 2026verified |
| Total liabilities | — | — | — | 19.9 m | 20.4 m | SEC (XBRL)· 09 Jan 2026verified |
| Equity | — | — | — | 8.8 m † | 3.4 m † | SEC (XBRL)· 09 Jan 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | — | — | — | -524.2 k | -2.9 m | SEC (XBRL)· 09 Jan 2026verified |
| Capex | — | — | — | 38.0 k | — | SEC (XBRL)· 31 Oct 2024verified |
| Free cash flow | — | — | — | -562.2 k ≈ | — | SEC (XBRL)· 31 Oct 2024derived |
| Investing cash flow | — | — | — | -81.5 k | -2.1 m | SEC (XBRL)· 09 Jan 2026verified |
| Financing cash flow | — | — | — | 4.3 m | 1.4 m | SEC (XBRL)· 09 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -72.9% | 7 (vs peers) | 38% |
| Net margin · Quality | -22.4% | 17 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -7.6x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality11/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Zhibao Technology Inc. (ZBAO). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 38.7 m USD in 2025; YoY growth 53.0%; net margin -22.4%; ROE -141.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -72.9%
- Net margin: -22.4%
- Interest coverage: -7.6x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
| ZBAOZhibao Technology Inc. | — | — | -141.3% | -22.4% | +53.0% | −100% / unavailable |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
1- and 3-year price returns: for ZBAO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 09 Jan 2026; since then the company filed 6-K (08 Oct 2026), 6-K (02 Oct 2026), 6-K (28 Sept 2026), 6-K (17 Sept 2026), 6-K (10 Sept 2026), 6-K (17 Aug 2026).
In brief
Zhibao Technology Inc. is an InsurTech company in China that provides digital insurance brokerage through a 2B2C embedded insurance model, placing tailored insurance solutions inside the digital channels of its B partners. Revenue grew 51 percent in fiscal 2025 to RMB 276.9 million 1, yet the company also reported a net loss that year, which makes its path to sustained profitability the key question.
SWOT
Strengths
- The company presents itself as the pioneer of the 2B2C digital embedded insurance model, with a wide network of B channels and end customers 1.
- Revenue growth in fiscal 2025 indicates demand for the company's services 1.
- Its proprietary platform and insurance technology are presented as core assets for optimising solutions 1.
Weaknesses
- The company reported a net loss in fiscal 2025 after a profitable prior year, pointing to unstable results 1.
- It depends on a limited number of insurance suppliers and B channels for access to customers 1.
- The filing identifies material weaknesses in internal controls and substantial doubt about the ability to continue as a going concern 1.
Opportunities
- Expanding the number of B channels and growing sales to end customers could support further growth 1.
- Expansion into new sectors such as travel, logistics or e-commerce could create new revenue streams 1.
- Developing a new reinsurance entity in Malaysia could diversify the business if it becomes operational 1.
Threats
Risks
- Dependence on B channelshigh
Losing existing B channels or failing to win new ones at a cost-effective rate could weigh on revenue and results 1.
- Dependence on insurance companieshigh
Losing key insurance suppliers could affect the product offering and financial results 1.
- Going concernhigh
The filing cites substantial doubt about the company's ability to continue as a going concern, which could limit its access to capital 1.
- Founder voting controlmedium
The chairman and chief executive officer controls most voting rights, which limits the influence of minority shareholders 1.
- Customer data protectionmedium
Processing personal data of end customers could lead to penalties if data security rules are not met 1.
Investment thesis
What would need to be true (bull case)
- Rapid revenue growth in fiscal 2025 and a first-mover position in the 2B2C model could support further expansion if the trend continues 1.
- A wide network of B channels and a large end-customer base could generate recurring revenue if those relationships stay stable 1.
- If the embedded digital insurance model gains broader adoption, the company could benefit from its first-mover advantage 1.
What would break the thesis
What to watch
- How the company addresses internal control weaknesses and going concern doubts2027
- Effect of HFCA and PCAOB rules on the company's Nasdaq listing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 09 Jan 2026; since then the company filed 6-K (08 Oct 2026), 6-K (02 Oct 2026), 6-K (28 Sept 2026), 6-K (17 Sept 2026), 6-K (10 Sept 2026), 6-K (17 Aug 2026).
The business
Zhibao Technology Inc. is a Cayman Islands holding company with its operations in China through subsidiaries such as Zhibao China and Sunshine Insurance Brokers 1. The company has been active in insurance brokerage since 2016 and describes its model as 2B2C digital embedded insurance, in which customised insurance solutions are embedded in the digital matrix of its B channels and reach their end customers 1. Its Class A ordinary shares are listed on the Nasdaq Capital Market under the symbol ZBAO 1.
Segments
Market context
The company operates in China's insurance brokerage market, where it describes embedded insurance brokerage as still at an early stage of development but as the future of the industry 1. Business volume tends to be higher from July to December than from January to June, so results show some seasonality 1.
Revenue in fiscal 2025 remains concentrated in one service type, brokerage fees 1. The total size of the market is not quantified in the source analysed, so an assessment of market share is incomplete.
Trends
- Digital embedded insurancetailwind
The 2B2C model, which embeds insurance in partners' apps and platforms, could widen the customer base if adoption keeps growing in China 1.
- Insurance technology and datatailwind
Customer data analysis and AI are used to iterate solutions, which could help the company adapt to market preferences 1.
- Chinese regulationheadwind
Changes in Chinese government policy and data protection rules could alter operations and compliance costs 1.
- Cross-border listing pressuresmixed
HFCA Act rules and PCAOB inspection requirements may affect access to US capital markets for companies with operations in China 1.
Competitive position
The source analysed does not name direct competitors in detail, but it points to dependence on a few groups: insurance companies that supply the products and B channels that bring in customers 1. The company positions itself as the first mover in China's 2B2C embedded insurance segment, which could give it a first-mover advantage 1.
Its competitive position depends on attracting and keeping new B channels and on its relationships with more than a hundred insurance companies 1. If those relationships weakened, its market position could be affected.
- Partner insurance companies
Suppliers of the insurance products; the company relies on these relationships for its policy offering 1.
- Other digital insurance brokers in China
Players competing for the same B channels and end customers, not identified in detail in the source analysed 1.
- Embedded insurance platforms
Alternatives that can offer insurance directly inside partner apps, a channel strategy the company itself discusses 1.
- Traditional insurance brokers
Intermediaries with offline channels that compete for end customers in China 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Zhibao Technology Expands Healthcare Data Infrastructure Through Changzhou Insurance Platform AgreementYahoo Finance — News · 16 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 08 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)23 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / Zhibao Technology Inc. · 09 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.