ZBAO

MKT CAP:$25M

Zhibao Technology Inc. Class A Ordinary Shares

Market Cap

$25M

Financial Services·Insurance - Brokers·🇰🇾 Cayman Islands·NASDAQ

Financials·Insurance·🇰🇾·NASDAQ

Stock Price

$0.71-$0.19 (-21.28%)

Apr 23, 2026

Company Details

Zhibao Technology Inc., through its subsidiaries, provides digital insurance brokerage services in China. It also offers managing general underwriter services; healthcare; and offline insurance brokerage consulting services. The company was...

CEO

Botao Ma

IPO Date

Apr 2, 2024

Website

www.zhibao-tech.com

Key Metrics TTM

Revenue

$78M

+130.7% YoY

Net Income

-$9M

EPS (Diluted)

-$0.29

Free Cash Flow

-$10M

Revenue / Share

$2.36

Gross Margin

24.0%

Operating Margin

-8.6%

Net Margin

-12.0%

FCF Margin

-12.4%

P/S

0.3x

P/E

—

Earnings Reports

Q2 2026

Dec 30, 2025

$29M+41.8%EPS -$0.02

FY 2025

Jan 9, 2026

$38M+51.8%EPS -$0.26

Q4 2025

Jan 9, 2026

$18M+30.6%EPS -$0.26

Q2 2025

May 2, 2025

$20MEPS -$0.01

Q1 2025

Sep 30, 2024

$10M+80.7%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5M	$2M	$503.4K
Q2 22	$9M	$4M	$1M
Q3 22	$4M	$2M	$484.9K
Q4 22	$8M	$3M	$948.8K
Q1 23	$6M	$2M	$456.4K
Q2 23	$7M	$2M	$470.8K
Q3 23	$4M	$2M	-$4M
Q4 23	$7M	$3M	-$7M
Q1 24	$6M	$2M	-$573.8K
Q3 24	$7M	$3M	$1M
Q4 24	$14M	$66M	$3M
Q1 25	$10M	$3M	$271.1K
Q2 25	$20M	$6M	$630.6K
Q4 25	$18M	$0	-$8M
Q2 26	$29M	$10M	$477.7K

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	4.4x	33.8x
Q1 23	4.1x	34.3x
Q2 23	4.6x	44.0x
Q3 23	4.6x	—
Q4 23	4.7x	—
Q1 24	4.8x	—
Q3 24	4.8x	—
Q4 24	3.7x	—
Q1 25	3.1x	29.2x
Q2 25	1.1x	12.9x
Q4 25	0.5x	—
Q2 26	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2M	$2M
Q2 22	$3M	$3M
Q3 22	-$2M	-$2M
Q4 22	-$3M	-$3M
Q1 23	$14M	$14M
Q2 23	$15M	$15M
Q3 23	-$15M	-$15M
Q4 23	-$30M	-$30M
Q1 24	$6M	$6M
Q3 24	-$6M	-$6M
Q4 24	-$12M	-$12M
Q1 25	$5M	$5M
Q2 25	$10M	$0
Q4 25	-$13M	-$13M
Q2 26	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$16.5K
Q3 22	$0
Q4 22	$12.4K
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$81.1K
Q1 24	$0
Q3 24	$19.1K
Q4 24	$38.3K
Q1 25	$0
Q2 25	$10M
Q4 25	$0
Q2 26	$1.3K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+41.5%	+47.8%
Q2 23	-27.2%	-24.0%
Q3 23	-6.0%	+116.2%
Q4 23	-4.8%	+119.0%
Q1 24	-10.6%	+5.8%
Q3 24	+3.4%	-9.4%
Q4 24	+276.2%	+52.0%
Q1 25	+43.7%	-30.5%
Q2 25	+253.4%	+211.5%
Q4 25	+161.4%	+365.2%
Q2 26	+109.8%	+153.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$41.5K	0.9%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$37.3K	0.6%
Q2 23	$38.5K	0.6%
Q3 23	$4M	108.8%
Q4 23	$4M	52.0%
Q1 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$385.8K	$405.6K	$744.7K
Q3 22	$218.2K	$432.3K	$246.3K
Q1 23	$281.2K	$613.6K	$890.6K
Q2 23	$290.1K	$633.0K	$918.7K
Q3 23	$413.6K	$4M	$715.2K
Q4 23	$391.5K	$4M	$676.9K
Q1 24	$499.5K	$695.3K	$1M
Q3 24	$540.0K	$456.1K	$734.9K
Q4 24	$536.5K	$16M	$28M
Q1 25	$421.0K	$924.7K	$1M
Q2 25	$404.7K	$889.1K	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$387.0K	$0	$387.0K
Q1 23	$15M	$1M	$16M
Q2 23	$2M	$0	$2M
Q3 23	$10M	$0	$10M
Q4 23	$1M	$0	$1M
Q1 24	$6M	$0	$6M
Q2 24	$781.7K	$0	$781.7K
Q3 24	$332.6K	$221.7K	$554.3K
Q4 24	$330.5K	$0	$330.5K
Q1 25	$4M	$0	$4M
Q2 25	$4M	$0	$4M
Q4 25	$1M	$0	$1M
Q2 26	$574.8K	$0	$574.8K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	31M	—	—
Q2 22	31M	0.0%	—
Q3 22	31M	0.0%	—
Q4 22	31M	0.0%	—
Q1 23	31M	0.0%	0.0%
Q2 23	26M	-14.9%	-14.9%
Q3 23	31M	+17.5%	0.0%
Q4 23	31M	0.0%	0.0%
Q1 24	31M	0.0%	0.0%
Q3 24	31M	-0.9%	+16.5%
Q4 24	32M	+2.6%	+1.7%
Q1 25	32M	+0.2%	+1.9%
Q2 25	32M	0.0%	+1.9%
Q4 25	33M	+4.2%	+7.1%
Q2 26	33M	+0.1%	+4.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q3 24	—	—
Q4 24	$14	1.0M
Q1 25	$10	1.0M
Q2 25	$20	1.0M
Q4 25	$18	1.0M
Q2 26	$29	1.0M

Revenue / Employee