Zhibao Technology Inc.
Zhibao Technology Inc. is a U.S.-listed insurtech company that operates through its China-based subsidiaries to provide digital insurance brokerage services. Its business centers on a 2B2C embedded-insurance model, where insurance solutions are built into partner channels so end customers can buy tailored coverage within existing digital ecosystems.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueBrokerage services that place policies with insurers and earn commissions when coverage is sold.
Scenario-specific insurance products integrated into partner digital channels and platforms.
Proprietary PaaS and data/AI-enabled tools used to design and deliver insurance products.
Customers
Zhibao sells primarily through B channels that embed insurance into their customer journeys, including internet platforms, enterprises, travel-related channels, and government-linked organizations. The end customers are the insured individuals and businesses who buy tailored policies inside those partner ecosystems, while the B channels use the service to add value and extend their own offerings.
Platforms and organizations that embed Zhibao's insurance solutions into their digital ecosystems to monetize customer traffic.
Individuals and business users who purchase tailored policies through partner channels for specific scenarios such as travel or logistics.
Insurers that underwrite the policies Zhibao places and pay brokerage commissions for distribution.
Strategy
Zhibao's strategy is to expand its network of B channels and deepen embedded insurance distribution across more customer scenarios. It also relies on proprietary digital tools, data analytics and AI to keep products tailored, improve matching with insurers, and broaden its insurance solution library.
More partner channels create more embedded distribution points and larger end-customer reach.
More use cases increase attach rates and reduce dependence on a few verticals.
PaaS, data and AI capabilities support faster product iteration and scalable delivery.
Geography
Zhibao is headquartered in the United States but conducts its operating business primarily through subsidiaries in China. Its brokerage activity is concentrated in the PRC, where it serves Chinese partner channels and their end customers, while its U.S. presence relates to the listed holding company structure.
Risks
Zhibao depends on a concentrated China operating footprint, partner-channel access, and the willingness of insurers to support its brokerage model. Its business is also exposed to regulatory oversight of insurance distribution, platform integration risk, and collectability risk on receivables from counterparties.
- Channel concentration and partner dependenceImpact: HighLikelihood: High
The model relies on B channels to provide traffic and customer access, so partner churn or weaker engagement would limit growth.
Exposure: Embedded distribution network
- China regulatory and policy riskImpact: HighLikelihood: Medium
Most operating activity is in the PRC, where insurance distribution rules and platform oversight can affect product design and sales.
Exposure: PRC brokerage operations
- Listing compliance riskImpact: HighLikelihood: Medium
The company disclosed possible delisting if it fails to regain minimum bid price compliance.
Exposure: Nasdaq listing
- Receivables collectabilityImpact: MediumLikelihood: High
The company recognizes allowance for expected credit losses on accounts receivable, showing exposure to delayed or uncollectible balances.
Exposure: Brokerage fees and channel deposits
- Dependence on insurer participationImpact: MediumLikelihood: High
The brokerage model requires a broad network of insurers willing to underwrite policies and pay commissions.
Exposure: Over 100 insurance company partners
Accounting
Judgemental itemsRevenue is recorded when policy placement is completed, so timing depends on transaction completion rather than contract signing.
Impact: Affects quarterly revenue timing and comparability
Receivables are evaluated using aging, historical collection data and economic forecasts.
Impact: Can materially affect operating expenses and net receivables
Goodwill arose from a business combination and must be tested for impairment if conditions deteriorate.
Impact: Could create non-cash charges to earnings
Customer relationships and licenses were measured at fair value in acquisition accounting.
Impact: Affects amortization expense and balance sheet carrying values
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Last updated: 28/09/2026