Zhibao Technology Inc. Announces the Appointment of New Executives

Shanghai, China--(Newsfile Corp. - December 5, 2025) - Zhibao Technology Inc. (NASDAQ:ZBAO) ("Zhibao" or the "Company"), a leading and high-growth InsurTech company providing digital insurance brokerage services in China, today announced the appointment of three new Executives. Effective December 1, 2025, Mr. Xiaowei Le as the Company's new Chief Operating Officer, Mr. Xiao Luo as the Company's new Chief Marketing Officer, and Mr. Guangtong Ren as the Company's new Chief Actuary. All three executives previously held roles Zhibao's Chinese operating entities ("Zhibao China").

The appointment of these executives reflect their exceptional contributions to the strong performance and growth of Zhibao's operating entities and the Company's commitment to strengthening its operational foundation and execution as it enters its next phase of expansion, as outlined in the Company's roadmap for the coming ten years.

Mr. Le's Proven Track Record of Success

Mr. Le joined Zhibao China as Chief Growth Officer, where he spearheaded the entities' operational growth and execution efforts, achieving over 70% year-over-year revenue growth for the Zhibao China. His leadership has been pivotal in cultivating a high-performance culture within the Company, consistently meeting and exceeding ambitious goals and expectations.

Mr. Le has over 20 years of experience in sales management, general management, and leadership roles across multiple insurance companies. Mr. Le has been serving as Executive Director of Sunshine Insurance Broker since October 2023. From July 2019 to August 2022, Mr. Le served as deputy general manager of Bohai Property Insurance Co., LTD, a national property insurance company headquartered in Tianjin. From February 2007 to July 2019, Mr. Le served as assistant general manager, deputy general manager and general manager of Yongcheng Property Insurance Co., Ltd. ("Yongcheng"), a national property insurer specializing in electric power and energy insurance, manager of the head office department of Yongcheng, and director, deputy general manager and general manager of a subsidiary of Yongcheng. From July 1998 to October 2005, Mr. Le served as an agent, clerk, and department director of China Ping An Property Insurance Co., Ltd., the second-largest national insurer in China. Mr. Le received his bachelor's degree in Economics from Sun Yat-Sen University in 1998.

Mr. Luo's Myriad Contributions Since the Company's Founding

Mr. Luo, a co-founder of Zhibao China, has been instrumental in many different roles over the previous ten years. Mr. Luo has been "in the trenches" working with many of our teams across Zhibao China and has been a driving factor in building up the Company to its current position.

Mr. Luo has over 10 years of experience in the insurance industry and operations management. Between October 2015 and March 2018, Mr. Luo served as general manager of Shanghai Anyi. From July 2007 to September 2015, he worked as deputy managing director of risk management department at Wills China. Mr. Luo received a bachelor's degree in Transportation and Math from Shanghai Jiao Tong University in July 2007 and a master's degree in Business Administration in June 2015 from Shanghai Advanced Institute of Finance.

Mr. Luo will move into the role of Chief Marketing Officer of the Company, with a focus on promoting the Zhibao brand to new B Channels and new potential strategic partners and potential acquisition targets.

Mr. Ren's Actuarial Prowess

Mr. Ren first joined Zhibao China in November 2023. In his role as Chief Actuary, Mr. Ren brings actuarial excellence to the Company. His leadership and credentials have been instrumental to Company achievements such as the establishment of the Zhibao Labuan Reinsurance Company ("Zhibao Labuan").

Guangtong Ren has over 20 years of extensive experience in corporate finance, strategic planning, and risk management of insurance, investment management and start-ups. Mr. Ren has served as Executive Director and Chief Actuary of Zhibao China since November 2023, and Principal Insurance Officer of Zhibao Labuan Re Co., Ltd., a subsidiary of the Company, since April 2025. From August 2020 to October 2023, Mr. Ren served as special advisor to Chief Executive Officer at GLP Capital Partners Limited, a global leader in providing industrial services and investment focused on next-generation infrastructure in the supply chain, big data, and new energy sectors. From August 2018 to July 2020, Mr. Ren served as an advisor to the Chairman at Lupu Investment Holding Group Ltd., a Group specializes in wealth management and private equity investment. [From October 2006 and July 2018, Mr. Ren served as Chief Financial Officer, Regional Finance Actuary and Greater China Chief Risk Officer of AIG Insurance Company China Limited, an international insurance organization serving commercial, institutional and individual customers]. From February 2001 to February 2004, Mr. Ren served as Deputy General Manager of Ping An Insurance (Group) Company of China, Ltd., a Chinese financial services holding company whose subsidiaries provide insurance, banking, asset management, financial services. Mr. Ren received his Master of Business Administration degree in Finance from London Business School in 2004, a master's degree in Finance/Actuarial Science from Nankai University in 1994, and a bachelor's degree in Mathematical Statistics from Nankai University in 1991.

Mr. Ren will serve as Chief Actuary of the Company. He will be responsible for the development, design, and pricing of our insurance products and will concurrently hold the role of Principal Officer of Zhibao Labuan.

Strategic Role in Zhibao's Growth

"It is my pleasure to announce these three additions to our Executive leadership team. I have enjoyed working with these gentlemen, and each has been instrumental in driving Zhibao's remarkable performance over the past few years," said Mr. Botao Ma, Chairman and Chief Executive Officer of Zhibao Technology Inc. "Zhibao is entering a new stage of accelerated growth and expansion, as laid out in our roadmap for the next ten years. I believe these executives will bring the experience, expertise, and vision to execute on the Company's ambitious goals."

About Zhibao Technology Inc.

Zhibao Technology Inc. (NASDAQ:ZBAO) is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities ("Zhibao China Group") in China. 2B2C ("to-business-to-customer") digital embedded insurance is the Company's innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched the first digital insurance brokerage platform in China in 2020, which is powered by their proprietary PaaS ("Platform as a Service").

Zhibao has developed over 40 proprietary and innovative digital insurance solutions addressing different scenarios in a wide range of industries, including but not limited to travel, sports, logistics, utilities, and e-commerce. Zhibao acquires and analyzes customer data, utilize big data and AI technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital insurance solutions, will keep it abreast of the new trends and customer preferences in the market. For more information, please visit: ir.zhibao-tech.com.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "is/are likely to," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of our annual reports on Form 20-F (as amended) and registration statements on Form F-1 (as amended) and Form F-3 (as amended) that have been filed or will be filed from time to time with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

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