Financial Data and Key Metrics Changes - For the full year, the company grew revenue by 23%, with cash flow from operations increasing by nearly 24% [6][10] - In Q4, total revenues reached $1.6 billion, a growth of 35.7%, while organic revenue decreased by 2.8% [9][10] - Adjusted EBITDAC margin remained flat at 32.9%, and adjusted earnings per share grew over 8% to $0.93 [9][19] Business Line Data and Key Metrics Changes - The Retail segment grew total revenues by 44.4%, primarily driven by acquisition activity, but EBITDAC margin decreased by 120 basis points to 26.6% [21] - Specialty Distribution segment saw total revenues grow by 27%, with EBITDAC margin decreasing by 60 basis points to 41.3% due to lower flood claims processing revenue [22][23] - Organic growth for Retail was 2.8% for the full year, while Specialty Distribution experienced a decline of 7.8% in Q4 [15][16] Market Data and Key Metrics Changes - Casualty and cat property rates showed moderation, with casualty rates increasing by 3-6% for primary layers [11][12] - Rates in the admitted P&C market moderated slightly, remaining flat to up 5%, while workers' compensation rates were flat to down 3% [12] - The E&S property market saw rate changes similar to the previous quarter, generally down 15-30% [13] Company Strategy and Development Direction - The company emphasizes competition and integrity, focusing on customer outcomes and defending its rights against competitors [7][8] - Integration efforts from the Accession acquisition are progressing well, with expected EBITDA synergies of approximately $30 million-$40 million in 2026 [26][27] - The long-term margin target range has been increased to 32%-37%, reflecting a focus on balanced, profitable growth [31] Management's Comments on Operating Environment and Future Outlook - The management believes economic growth will remain stable, with a cautiously optimistic outlook from customers [10][32] - The company anticipates continued competition in pricing, particularly in casualty lines, while expecting some moderation in admitted property rates [32][33] - The management is confident in the company's ability to deliver solid results and drive shareholder value, aiming for $8 billion in revenue and beyond [35] Other Important Information - The company generated $1.45 billion in cash flow from operations, growing 23.5% over the prior year [25] - The effective tax rate for the quarter was 21%, a decrease from the previous year's rate of 24.9% [19][20] - The company paid $100 million on its revolving credit facility and bought back $100 million of shares [25] Q&A Session Summary Question: Impact of former teammates leaving for a competitor - Management stated that the compensation structure remains unchanged and that the departure of 275 individuals, mostly in non-production roles, is being addressed legally [40][72] Question: Shift of business from E&S to standard - Management noted that there is a cyclical movement of accounts between E&S and standard markets, particularly in smaller accounts [45][46] Question: Deceleration in casualty pricing increases - Management indicated that the moderation in casualty pricing is a normal market trend and not indicative of a structural change [54][56] Question: Contingent commissions and accident years - Contingent commissions are generally calculated over a 12-month horizon, with some rolling adjustments [68] Question: Future impact of lost revenues from departed employees - Management clarified that the $23 million in lost revenue is currently the assessed impact, but future retention could be affected [78][79]

Financial Data and Key Metrics Changes - For the full year, the company grew revenue by 23%, with total revenues of $5.9 billion and adjusted earnings per share increasing over 10% to $4.26 [6][10] - In the fourth quarter, revenues reached $1.6 billion, growing 35.7%, while organic revenue decreased by 2.8% [9][10] - Adjusted EBITDAC margin remained flat at 32.9%, with EBITDAC growing by 35.6% [19][10] - Cash flow from operations increased by nearly 24% to approximately $1.5 billion, reflecting a strong operational performance [6][25] Business Line Data and Key Metrics Changes - The retail segment grew total revenues by 44.4%, primarily driven by acquisition activity, although EBITDAC margin decreased by 120 basis points to 26.6% [21][22] - Specialty distribution segment revenues grew by 27%, with EBITDAC margin decreasing by 60 basis points to 41.3% due to lower flood claims processing revenue [22][23] - Organic growth for the retail segment was 2.8% for the full year, while specialty distribution experienced a decline of 7.8% in the fourth quarter [15][16] Market Data and Key Metrics Changes - Commercial insurance pricing remained stable, with casualty rates increasing by 3-6% and admitted property rates moderating slightly [11][12] - The E&S property market saw rate changes similar to the previous quarter, generally down 15-30% [13] - Customers are managing their total insurance spend, leveraging lower rates to decrease deductibles or increase limits [14] Company Strategy and Development Direction - The company emphasizes competition and integrity, focusing on customer outcomes and maintaining a disciplined approach to capital allocation [7][8] - Integration efforts from the acquisition of Accession are progressing well, with expected EBITDA synergies of approximately $30 million-$40 million in 2026 [26][27] - The long-term margin target range has been increased to 32%-37%, reflecting a focus on balanced, profitable growth [31] Management's Comments on Operating Environment and Future Outlook - The management believes economic growth will remain stable, with a cautiously optimistic outlook from customers [10][32] - The company anticipates a modest negative impact on adjusted margins in Q1 due to the integration of Accession [26] - Pricing for admitted rates is expected to be similar to the fourth quarter, with casualty rates continuing to increase [32] Other Important Information - The company faced a challenge with approximately 275 former employees joining a competitor, taking with them $23 million in annual revenues [8][40] - The effective tax rate for the quarter was 21%, a decrease from the previous year's rate of 24.9% [19][20] Q&A Session Summary Question: Impact of former employees leaving for a competitor - Management stated that the compensation structure for producers remains unchanged and that the situation is unusual [40][41] Question: Shift of business from E&S to standard - Management noted that there is a trend of accounts moving back to standard markets, particularly in smaller accounts [45][46] Question: Deceleration in casualty pricing increases - Management indicated that the moderation in casualty pricing is a normal market trend and not indicative of a structural change [54][55] Question: Contingent commissions and accident years - Contingent commissions are generally calculated over a 12-month horizon, with some adjustments based on longer-term performance [68] Question: Future organic growth expectations - Management expects modest improvement in organic growth for the retail segment, while specialty distribution may face challenges in the first quarter [28][90]

Core Insights - Brown & Brown (BRO) reported a revenue of $1.61 billion for the quarter ended December 2025, reflecting a year-over-year increase of 35.7% [1] - The earnings per share (EPS) for the quarter was $0.93, up from $0.86 in the same quarter last year, with an EPS surprise of +2.53% compared to the consensus estimate of $0.91 [1] Financial Performance - The reported revenue was a slight miss, with a surprise of -2.16% against the Zacks Consensus Estimate of $1.64 billion [1] - Total organic growth was reported at -2.8%, which was below the five-analyst average estimate of -0.7% [4] - Commissions and fees totaled $1.58 billion, which was below the six-analyst average estimate of $1.62 billion, but represented a year-over-year increase of 36.1% [4] - Retail commissions and fees were reported at $911 million, compared to the average estimate of $935.63 million [4] - Total revenues from retail were $920 million, exceeding the estimated $965.15 million, marking a year-over-year increase of 44.7% [4] - Specialty distribution revenues were reported at $678 million, slightly below the average estimate of $684.38 million [4] Income Metrics - Income before income taxes for retail was $131 million, lower than the average estimate of $165.67 million [4] - Income before income taxes for other segments was reported at -$21 million, significantly better than the average estimate of -$106.77 million [4] - Specialty distribution income before income taxes was $211 million, compared to the average estimate of $233.13 million [4] Stock Performance - Over the past month, shares of Brown & Brown have returned -2%, while the Zacks S&P 500 composite saw a +0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Brown & Brown reported a rise in fourth-quarter adjusted profit on Monday, as the insurance broker benefited from higher income from commissions and fees on the back of strong demand. ...

Core Insights - Brown & Brown, Inc. reported strong financial performance for the fourth quarter and full year of 2025, highlighted by significant revenue growth and successful acquisitions [1][3] Financial Performance - Total revenues for Q4 2025 reached $1.6 billion, an increase of $423 million or 35.7% compared to Q4 2024, while organic revenue decreased by 2.8% [3][9] - For the full year 2025, total revenues amounted to $5.9 billion, up $1.1 billion or 22.8% from 2024, with organic revenue growth of 2.8% [3][9] - Net income attributable to the company for Q4 2025 was $264 million, a rise of $54 million or 25.7% year-over-year, while diluted net income per share decreased by 19.2% to $0.59 [3][9] - For the full year, net income attributable to the company was $1.1 billion, an increase of $61 million or 6.1% compared to 2024, with diluted net income per share at $3.16, down 8.7% [3][9] Margins and Adjusted Metrics - Income before income taxes for Q4 2025 was $321 million, up 16.7%, with a margin of 20.0%, down from 23.2% in Q4 2024 [3][6] - EBITDAC - Adjusted for Q4 2025 was $529 million, a 35.6% increase, with an EBITDAC margin of 32.9%, consistent with the previous year [3][6] - For the full year, EBITDAC - Adjusted was $2.1 billion, a 25.6% increase, with an EBITDAC margin rising to 35.9% from 35.2% in 2024 [3][6] Acquisitions and Growth Strategy - The acquisition of Accession was a key highlight for 2025, contributing to the company's strong revenue growth and strategic positioning [1][3] - The company emphasized the importance of organic revenue growth as a measure of ongoing performance, which allows for a clearer comparison of revenue sources [20][21] Balance Sheet and Cash Flow - As of December 31, 2025, total assets were reported at $29.99 billion, significantly up from $17.61 billion in 2024, reflecting the impact of acquisitions [11][12] - Cash and cash equivalents increased to $1.08 billion from $675 million in 2024, indicating improved liquidity [11][12] - Net cash provided by operating activities for the year was $1.45 billion, compared to $1.17 billion in 2024, showcasing strong operational cash flow [12][13]

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 ...

Core Viewpoint - The investment strategies have shown positive returns for the year, with a focus on long-term performance over short-term results [2][5]. Performance Summary - Large Cap Composite (Gross) returned -1.4% QTD, 8.5% YTD, and 10.4% annualized since inception [3][22]. - Small Cap Composite (Gross) returned 3.4% QTD, 10.3% YTD, and 8.3% annualized since inception [3][31]. - Focus Composite (Gross) returned 0.2% QTD, 7.5% YTD, and 14.3% annualized since inception [3][36]. - All Cap Composite (Gross) returned 1.5% QTD, 11.5% YTD, and 11.1% annualized since inception [3][53]. Market Environment - The current market resembles the late 1990s, with concerns about overvaluation and a focus on AI-related stocks [5][6][7]. - AI is seen as a transformative technology, similar to the Internet, but caution is advised regarding valuations [7][9]. Investment Strategy - The company emphasizes buying only those companies with stable values, often waiting for them to become discounted enough for investment [10][12]. - The portfolio has shifted towards more healthcare and insurance-related businesses, with a focus on smaller companies outside the top 10 largest market capitalizations [11][12]. Notable Holdings - Medpace (MEDP) has shown significant growth, with a stock price increase of over 73% for the year, driven by strong free cash flow and share repurchases [13][14]. - Ryan Specialty Holdings Inc. is highlighted for its robust growth and stable margins, despite facing a short-term pricing cycle [24][25][38]. - TransUnion is recognized for its strong operating margins and successful diversification beyond credit reports [26][38]. Performance Contributors and Detractors - Alphabet Inc. and Salesforce Inc. were significant contributors to performance, while CoStar Group and Microsoft Corporation were notable detractors [37][46]. - Fiserv Inc. was a material detractor due to downward guidance and strategic shifts in its business model [30][46]. Market Trends - The small-cap sector has lagged behind large-cap returns, presenting potential opportunities for investment as it is often overlooked [15]. - The dominance of large-cap stocks in market returns continues, with the top 10 S&P 500 stocks accounting for over 50% of its return in 2025 [16].

Group 1 - Ryan Specialty Holdings, Inc. (NYSE:RYAN) is currently viewed as one of the best depressed stocks to buy, despite recent price target reductions by analysts [1] - Cantor Fitzgerald lowered its price target for RYAN from $63 to $52 while maintaining a "Neutral" rating, indicating a cautious outlook on the stock [1] - Barclays also reduced its price target for RYAN from $65 to $58, keeping an "Overweight" rating, reflecting adjustments based on the 2026 outlook for the North America property and casualty insurance group [2] Group 2 - Analysts note that pricing in the commercial and reinsurance sectors is softening, while personal lines are performing comparatively better, suggesting challenges for brokers in achieving organic growth [3] - Ryan Specialty Holdings operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers, indicating its role in the insurance industry [3]

Market Overview - The stock market in 2025 was solid but volatile, influenced by AI enthusiasm, economic uncertainty, and monetary policy concerns [1] - The summer rally was driven by AI-related spending and economic resiliency, while the fourth quarter experienced volatility due to valuation pressures and macro uncertainty [1] - The S&P 500 Index rose by 2.66% in Q4 2025, with large-cap technology and communication services sectors leading the market [1] Fenimore Asset Management Performance - Fenimore Small Cap Strategy returned -4.12% in Q4 2025, underperforming the Russell 2000 Index, which returned 2.19% [1] - Fenimore Dividend Focus Strategy declined -4.41% in Q4 compared to the Russell Midcap Index's 0.16% return [1] - Fenimore Value Strategy declined -1.17% in Q4, also underperforming the Russell Midcap Index [1] - The underperformance in these strategies was attributed to underweight exposure to low-quality stocks and investments in the financial and industrial sectors [1] Brown & Brown, Inc. (NYSE:BRO) Analysis - Brown & Brown, Inc. was a key performance detractor in Fenimore Value Strategy during Q4 2025 [2] - The stock closed at $79.75 per share on January 15, 2026, with a one-month return of -0.87% and a 52-week loss of 24.70% [2] - Brown & Brown, Inc. has a market capitalization of $27.122 billion [2] - The company's underperformance was linked to slowed organic growth rates and a decline in pre-tax margins due to integration costs from a recent merger [3]

Core Viewpoint - Warburg Pincus is considering a potential sale of McGill and Partners, with the transaction possibly valuing the business at over $1 billion [1][2]. Group 1: Company Overview - McGill and Partners, an insurance broker based in London, was established in 2019 by Steve McGill, who previously served as group president at Aon [2]. - The company reported revenue growth exceeding 20% in the first half of 2025, along with a 79% increase in adjusted earnings before interest, taxes, depreciation, and amortization compared to the same period the previous year [3]. Group 2: Investment and Financials - Warburg Pincus made its initial investment in McGill and Partners in 2019 and later transitioned the business into a multi-asset continuation vehicle supported by HarbourVest Partners, Ardian, and the Canada Pension Plan Investment Board [3]. - In September, McGill secured new credit facilities totaling $300 million from Morgan Stanley, Permira, and Bridgepoint Group to support its next phase of growth [4]. Group 3: Potential Sale Process - A formal sales process for McGill and Partners may be initiated later this year, although Warburg Pincus might choose to retain ownership [2].