Zhibao Technology Inc Dossier
Qualitative Analysis
Business overview
Zhibao Technology Inc. (NASDAQ: ZBAO) is a leading, high-growth InsurTech company that pioneered the 2B2C (to-business-to-customer) digital embedded insurance brokerage model in China. Founded in 2015 and headquartered in Shanghai, the company operates a proprietary Platform-as-a-Service (PaaS) digital insurance brokerage platform launched in 2020. Zhibao designs and delivers customized digital insurance solutions embedded directly into the customer engagement matrices of diverse business entities (B-side partners), enabling them to seamlessly reach and serve end-consumers (C-end customers). Its extensive portfolio includes over 40 proprietary digital insurance solutions addressing scenarios across travel, sports, logistics, utilities, and e-commerce. Additionally, the company provides specialized Managing General Underwriter (MGU) services, assisting insurance companies with underwriting, claims, and risk control.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Expanding the proprietary 2B2C digital embedded insurance model by growing the B-channel partner network and diversifying partnerships across various industries.
Expected impact: Increased market penetration and user acquisition. As of December 31, 2025, the B-channel network grew to over 3,100 partners, serving approximately 27 million end customers.
Launching Zhibao Labuan Reinsurance Company Limited in Malaysia to reinsure a share of the business produced by China-based operating entities.
Expected impact: Captures additional revenue per policy from reinsurance premiums and generates potential underwriting profits.
Expanding digital protection in the natural gas sector through Sunshine Insurance Brokers, leveraging the marketing agreement with China Gas subsidiary YipinSmart.
Expected impact: Surpassed RMB 100 million in total premiums over the past year, with brokerage revenue reaching nearly RMB 60 million.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To more than double Zhibao's branch network, secure nationwide insurance brokerage licenses without lengthy regulatory approvals, and enhance the product portfolio in liability, accident, health, commercial property, and logistics insurance.
Financial impact: Contributed to higher profit margins in insurance brokerage services, helping lower the overall rate of cost of revenue increases relative to revenue growth in the six months ended December 31, 2025.
Strategic Partnerships
High. Drives expansion into the residential natural gas insurance market across multiple cities in Zhejiang and Jiangsu provinces, serving a combined population of over 36 million.
Terms: Marketing agreement covering five cities across Zhejiang and Jiangsu provinces, serving a combined population of over 36 million people.
High. Collaborates to introduce innovative medical and digital insurance products tailored to the Chinese market, leveraging Zhibao's digital brokerage platform.
High. Focuses on developing advanced digital insurance solutions and leveraging global reinsurance expertise to optimize product design and risk management.