Zhibao Technology (ZBAO) investor relations material

Company overview and business model

• Operates as a Cayman Islands holding company with all business conducted through PRC subsidiaries, primarily in digital insurance brokerage and managing general underwriting (MGU) services in China.

• Pioneered the 2B2C digital embedded insurance model, embedding proprietary insurance solutions into business channels to reach end customers.

• As of the filing, has over 2,400 business channels and more than 24 million end customers, with partnerships with over 100 insurance companies.

• Revenue streams include insurance brokerage fees (94–99% of revenue) and MGU service fees (1–6%).

• Growth strategies include expanding B channels, enhancing digital solutions, growing the MGU business, and international expansion.

Financial performance and metrics

• Revenue grew from RMB 142.1 million in FY2023 to RMB 276.9 million (US$38.7 million) in FY2025.

• Achieved profitability in FY2024 (net income RMB 13.3 million), but reported net losses in FY2023 (RMB 43.1 million) and FY2025 (RMB 62.0 million/US$8.7 million).

• As of June 30, 2025, reported working capital of RMB 0.4 million (US$51,600) and accumulated deficits of RMB 193.9 million (US$27.1 million).

• Operating cash outflows for FY2023, FY2024, and FY2025 were RMB 1.1 million, RMB 3.8 million, and RMB 20.7 million (US$2.9 million), respectively.

• Substantial doubt exists about the ability to continue as a going concern without additional financing.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling shareholders; may receive up to $138.5 million if all warrants are exercised for cash.

• Received 2,380 Bitcoins (valued at $154.7 million at $65,000/Bitcoin) as PIPE consideration, subject to market volatility.

• Intends to hold Bitcoin as a treasury asset but may convert to cash for operations, R&D, marketing, and potential acquisitions.