公司状况 根据经济观察网2026年2月12日报道，致保科技2025财年（截至2025年6月30日）总收入为2.769亿元人 民币，同比增长51%，但净亏损6200万元人民币，主要因销售及管理费用大幅增加。公司近期通过子公 司获得再保险牌照及完成收购，以拓展数字保险经纪业务。股价方面，2026年1月曾出现单日波动（如1 月5日涨7.65%、1月7日跌7.43%），但无新增预定事件公告。 以上内容基于公开资料整理，不构成投资建议。 近期事件 2026年2月9日，公司发布招股信息更正说明（POS AM）和生效批准（EFFECT）公告，涉及注册声明 的更新，这可能影响其合规状态及市场表现。此外，公司于2025年12月任命了三位新高管（包括首席运 营官和首席营销官），后续团队整合与业务策略执行值得留意。 经济观察网 截至2026年2月15日，致保科技（ZBAO.us）近期值得关注的事件主要围绕监管动态。 ...

经济观察网根据经济观察网2026年2月13日至14日的报道，致保科技(ZBAO.OQ)近7天热点事件主要集 中在监管更新与战略计划方面。2026年2月9日，公司发布了招股信息更正说明(POS AM)和生效批准 (EFFECT)公告，涉及注册声明的更新，这可能影响其合规状态。同时，基于公司2026年1月的管理层评 论，致保科技计划在未来几个月持续投资销售团队和技术平台，并寻求通过战略收购、合作伙伴关系及 业务扩展推动增长。 以上内容基于公开资料整理，不构成投资建议。 财报分析基于2026年2月12日经济观察网的报道，致保科技2025财年(截至2025年6月30日)业绩显示总收 入为2.769亿元人民币，同比增长51%，但净亏损6200万元人民币，主要因销售费用同比大幅增长255% 至1.122亿元。尽管财报本身于2026年1月13日公布，但近7天内市场对其亏损扩大及费用高企的关注度 较高，可能影响投资者对盈利能力的预期。 股票近期走势从股价表现看，致保科技近7天交易清淡但波动显著。根据内部数据库最新数据(截至2026 年2月13日)，该股当日收盘价为0.82美元，单日跌幅4.71%，振幅达10.39%；近5日累 ...

Core Insights - Zhibao Technology Inc. has launched ten new AI agents to enhance its operational and service capabilities in digital insurance brokerage [1][3][6] Business Model - Zhibao operates a 2B2C ("to-business-to-customer") digital embedded insurance model, providing customized solutions to B-end customers such as internet platforms, enterprises, and government agencies [2][8] - The company has developed over 40 proprietary digital insurance solutions that integrate channel scenarios with end-user insurance needs [2][9] AI Integration - The new AI agents are integrated into various operational segments, including technology platform, product design, operation, promotion, and customer service [3][4] - The AI Insurance Application Development agent can automatically generate over 50% of the daily code required by the development team, while the AI Product Management & Placement agent enhances service efficiency by automating product requirement collection and documentation [5] Management Vision - The CEO of Zhibao emphasizes the commitment to leveraging Big Data and AI technology to enhance digital insurance solutions, aiming to transition into an intelligence-driven technology enterprise [6] Future Outlook - Zhibao plans to continue advancing the intelligent upgrade of its solutions and services, focusing on data-driven operations and customer service to become a fully intelligence-driven technology enterprise [7]

Core Viewpoint - Recent developments at Zhihui Technology focus on regulatory updates and future strategic plans, which may impact its compliance status and growth trajectory [1] Group 1: Regulatory Updates - On February 9, 2026, the company released a corrected prospectus and effective approval announcement, involving updates to its registration statement that could affect future compliance status [1] Group 2: Strategic Plans - According to management comments from January 2026, Zhihui Technology plans to continue investing in its sales team and technology platform over the coming months [1] - The company aims to drive growth through strategic acquisitions, partnerships, and business expansion [1]

As filed with the Securities and Exchange Commission on January 22, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 To FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Zhibao Technology Inc. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 6411 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification ...

Group 1 - The core viewpoint of the article is that Zhihua Technology reported significant growth in revenue and user base for the fiscal year 2025, despite a net loss [1] - For the fiscal year 2025, Zhihua Technology's total revenue reached 277 million yuan, representing a year-on-year increase of 51% [1] - The gross profit for the same period was 113 million yuan, showing a year-on-year growth of 52% [1] - The company reported a net loss of 62 million yuan for the fiscal year 2025 [1] Group 2 - In terms of B-end channels, the number increased from 1,800 to over 2,400, marking a year-on-year growth of 33% [1] - The C-end user base grew from 15 million to 24 million, reflecting a year-on-year increase of 60% [1]

Core Viewpoint - Zhibao Technology Inc. reported a significant revenue growth of 51% for the fiscal year 2025, driven by the increasing acceptance of its 2B2C business model and digital insurance solutions, despite experiencing a net loss due to increased selling expenses [4][5][10]. Financial and Operational Summary - Total revenues for the year ended June 30, 2025, increased by 51% to RMB 276.9 million (US$38.7 million) from RMB 183.7 million in 2024 [10]. - Gross profit for the fiscal year ended June 30, 2025, was RMB 113.6 million (US$15.9 million), compared to RMB 74.8 million in the same period of 2024 [4][10]. - The net loss for the year ended June 30, 2025, was RMB 62.0 million (US$8.7 million), a decline from a net income of RMB 13.3 million in 2024 [13]. - Cash and cash equivalents as of June 30, 2025, were RMB 10.3 million (US$1.44 million), up from RMB 2.4 million in 2024 [14]. Product Offerings and Collaborations - Zhibao Labuan received its general reinsurance license in July 2025 and was assigned a Financial Strength Rating of B+ and a Long-Term Issuer Credit Rating of "bbb-" from AM Best [4]. - The company signed an agreement to establish a joint venture, Zhongfang JV, with Beijing Zhongfang Hongchuang Technology and Guangzhou Ruiling Intelligent Technology to develop an "Insurance + Technology + Service" model [4]. - Zhibao acquired 51% equity interest in Zhonglian Jinan Insurance Brokers Co., Ltd. for RMB 25.5 million (approximately US$3.5 million) [4]. Management Commentary and Outlook - The CEO expressed satisfaction with the revenue growth and emphasized the importance of expanding the 2B2C digital insurance solutions and partnerships [5][6]. - The company plans to continue investing in its sales force and technology platform to drive organic growth [6][7]. - The management team is committed to maximizing shareholder value through strategic acquisitions and diversifying revenue streams [8]. Cost and Expenses - Cost of revenues increased by approximately 50% to RMB 163.4 million (US$22.8 million) for the fiscal year ended June 30, 2025 [9]. - Selling expenses rose by approximately RMB 80.6 million, or 255%, to RMB 112.2 million (US$15.7 million) due to increased marketing service fees [18]. - General and administrative expenses increased by approximately RMB 26.1 million, or 145%, to RMB 44.0 million (US$6.1 million) [18]. Customer Base and Market Reach - The number of B channels increased to over 2,400, contributing to the growth of the 2B2C embedded digital insurance model [4]. - The company served over 24 million end customer users as of June 30, 2025, which is expected to drive future revenue growth [4]. Business Model and Innovation - Zhibao Technology is recognized for its innovative 2B2C digital embedded insurance model, having launched the first digital insurance brokerage platform in China in 2020 [20]. - The company has developed over 40 proprietary digital insurance solutions across various industries, utilizing big data and AI technology for continuous improvement [21].

As filed with the Securities and Exchange Commission on January 12, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 To FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Zhibao Technology Inc. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 6411 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification ...

Financial Performance - The company reported a net loss of RMB 43,098,780 for the fiscal year ended June 30, 2023, and a net income of RMB 13,251,753 for the fiscal year ended June 30, 2024, followed by a net loss of RMB 62,019,599 for the fiscal year ended June 30, 2025[629]. - Adjusted EBITDA for the fiscal year ended June 30, 2023 was RMB 16,687,974, while for the fiscal year ended June 30, 2024 it was RMB 16,027,851, and for the fiscal year ended June 30, 2025 it was a loss of RMB 53,875,452[629]. Credit Loss Provisions - The company accrued provisions for credit losses of approximately RMB 1.9 million, RMB 4.0 million, and RMB 12.3 million (US$1.7 million) for the fiscal years ended June 30, 2023, 2024, and 2025, respectively[616]. - The allowance for credit losses increased by RMB 8,821,129 upon the adoption of ASU 2016-13 on July 1, 2023[615]. Deferred Tax Assets - As of June 30, 2024 and 2025, the company recorded valuation allowances for deferred tax assets amounting to RMB 10.4 million and RMB 21.2 million (US$3.0 million), respectively[618]. Financing Activities - The company entered into a L1 Securities Purchase Agreement on September 23, 2024, providing for loans up to $8.0 million under three tranches[622]. - The company received net proceeds of approximately RMB 17.5 million (US$2.4 million) from convertible notes for the year ended June 30, 2025[622]. - The company has classified convertible notes as liabilities under ASC 470, estimating the fair value of the derivative liability using the Binomial Tree Model[623]. Tax Benefits - The company has not recognized any interest expense or penalty related to unrecognized tax benefits for the fiscal years ended June 30, 2024 and 2025[621]. Reserve Funds - The company’s PRC subsidiaries are required to set aside at least 10% of their after-tax profits to fund certain reserve funds until the total amount reaches 50% of their registered capital[606].

Core Insights - ZBAO Technology experienced a significant stock price increase of 13.76% on December 17, reaching $1.024 per share, with a total market capitalization of $33.91 million [1] - The company reported a total revenue of 146 million RMB for the year ending December 31, 2024, representing a year-on-year growth of 73.73% [1] - ZBAO Technology's net profit attributable to shareholders was -644,600 RMB, showing an improvement with a year-on-year increase of 82.26% [1] Company Overview - ZBAO Technology is a Cayman Islands-registered holding company primarily operating through its domestic subsidiary, ZBAO Technology Co., Ltd [1] - The company is recognized as a leading insurance technology firm in China, redefining insurance brokerage services through a "technology + insurance brokerage" model [1] - ZBAO Technology provides customized digital insurance solutions to B-end channels, which include a wide range of industries and organizations such as internet platforms, large and medium-sized enterprises, and government agencies [1]