Zhibao's Subsidiary Receives 'Good' Financial Strength and Long-Term Issuer Credit Ratings from AM Best

Shanghai, China--(Newsfile Corp. - November 14, 2025) - Zhibao Technology Inc. (NASDAQ:ZBAO) ("Zhibao," or the "Company"), a leading and high-growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, today announced that its wholly owned subsidiary, Zhibao Labuan Reinsurance Company Limited, a company incorporated in Malaysia ("Zhibao Labuan"), has received a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of "bbb-" (Good) from A.M. Best Company, Inc. ("AM Best"), the largest credit rating agency in the world specializing in the insurance industry.

The outlook assigned to these Credit Ratings is stable.

In addition, AM Best assessed Zhibao Labuan's balance sheet strength as strong and cited its adequate operating performance, limited business profile and appropriate enterprise risk management.

AM Best's ratings were supported by the following conclusions:

• Zhibao Labuan's risk-adjusted capitalization is projected to be at the strong level as of year-end 2025, supported by a prudent investment strategy and good liquidity;
• Zhibao Labuan expects to build its market presence by leveraging Zhibao and its affiliates' extensive partnerships with direct insurers and business platforms across various industries in mainland China;
• The subsidiary is expected to receive operational and underwriting support from Zhibao and affiliated companies; and
• Zhibao Labuan can benefit from improved data quality, particularly for health and medical products, as well as the expertise of its affiliated insurance broker and Managing General Underwriter.

"We are pleased to receive these positive ratings for Zhibao Labuan," said Zhibao's Chairman and CEO, Mr. Botao Ma. "The establishment of Zhibao Labuan is a core extension of our business model and an important step in our mission to redefine insurance services through technology.

"We believe these ratings affirm the strong foundational support and operational expertise we provide to Zhibao Labuan, which we believe will allow us to capture additional value within the insurance ecosystem and further strengthen our commitment to our partners, customers, and shareholders."

Zhibao Labuan's Principal Officer, Mr. Guangtong Ren, added, "These ratings from an international authority validate the foundations that our team has spent many months building. We are confident they will prove to be a great help to our business."

"We look forward to continuing to work with AM Best as they continue their regular monitoring and review of our operations in the international insurance landscape."

Zhibao Labuan, which was founded in April 2025 and received its general reinsurance license in July 2025, was created to reinsure a share of business produced by Zhibao Technology's operating entities, including Sunshine Insurance Brokers and Zhibao Health, in China. The subsidiary also enables Zhibao Technology to tap into an additional revenue stream through reinsurance premiums and the potential for underwriting profits based on the performance of the reinsured policies.

For example, if Zhibao Technology typically earns a 20% commission on the sale of a policy and Zhibao Labuan accepts a corresponding 20% reinsurance risk from the Chinese insurance carrier, we believe Zhibao Technology would have the potential to realize an additional 20% revenue from that policy-effectively doubling its revenue-with further potential for underwriting profits and proceeds from the investment of premiums.

While Zhibao Labuan adds depth to Zhibao Technology's offerings and enhances support for customers, we anticipate that Zhibao will remain primarily an insurance brokerage company, with Zhibao Labuan serving mainly as the core of the parent company's reinsurance business unit and as a minority risk taker for targeted business.

Zhibao Labuan operates alongside ZBAO's digital embedded insurance brokerage, Managing General Underwriter ("MGU"), and risk management units.

As of the date of this press, Zhibao Labuan has not commenced operations.

About Zhibao Technology Inc.

Zhibao Technology Inc. (NASDAQ:ZBAO) is a leading 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.

About Zhibao Labuan

Zhibao Labuan, which was founded in April 2025 and received its general reinsurance license in July 2025, was created to reinsure a share of business produced by Zhibao's operating entities, including Sunshine Insurance Brokers and Zhibao Health, in China. The subsidiary also enables Zhibao to tap into an additional revenue stream through reinsurance premiums and the potential for underwriting profits based on the performance of the reinsured policies.

As of the date of this press, Zhibao Labuan has not commenced operations.

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 the registration statement filed 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 statement 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274510