Shanghai, China--(Newsfile Corp. - December 12, 2025) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," "we," 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 the commencement of operations of Shanghai Zhibao Yingshi Health Technology Co. Ltd ("Zhibao Yingshi"), a joint venture company that was formed in September 2025 by Zhibao and Shanghai Xingtao Network Technology Co. Ltd, ("Yingshi Health"), a player in the mid-end medical insurance space in China.

In November 2025, the Company recorded the first revenue in Zhibao Yingshi, primarily from service fees for mid- and high-end medical policies issued by Pingan Property and Casualty Insurance Company's branches.

Pursuant to the Cooperation Framework Agreement (the "JV Agreement"), dated September 1, 2025, by and among Zhibao Technology Co., Ltd. ("Zhibao China"), Yingshi Health and Chunhui Ji, the controlling shareholder of Xingtao, Zhibao China agreed to, among other things, set up Zhibao Yingshi with Yingshi Health and contributed capital for 51% of the equity interest in Zhibao Yingshi. As a result, Zhibao Yingshi is a 51% owned subsidiary of Zhibao China.

Key Contributions:

Pursuant to the JV Agreement, the parties agreed to contribute their resources and expertise to empower the success of Zhibao Yingshi. Specifically, among other things, the parties agreed to the following matters:

• The Company will contribute its current strengths and resources to provide reinsurance, brokerage, medical network, and risk management services. The Company's existing Managing General Underwriter ("MGU") team and business will be merged into the JV.
• Yingshi Health agrees to merge their existing and future business in health insurance into Zhibao Yingshi and Mr. Chunhui JI, Yingshi Health's current General Manager, will serve as chairman and general manager for Zhibao Yingshi lead its management and business operations.
• Zhibao shall promptly appoint Mr. Ji as an executive officer of Zhibao.

Financial Targets

The parties also agreed to the following preliminary monthly revenue targets for Zhibao Yingshi: monthly revenue of RMB 4 million (USD 560,000) per month for the remainder of 2025 and annual revenue of 50 million RMB (USD 7 million) for 2026, pending confirmation of the JV's Board of Directors. The Parties in principal that the annual growth revenue growth should be not less than 10%

Management Commentary

"I am tremendously excited to welcome Mr. Ji and the Yingshi team," remarked Mr. Botao Ma, the founder and CEO of the Company. "We believe Zhibao and Yingshi are both strong players in the high- and mid-end medical space, and this partnership will allow us to utilize each others' resources and strengths to accelerate our development in this market. Our MGU has always been one of the core parts of our business model, and I believe this step will allow us to continue to grow this key business unit while providing excellent service to our B Channels and C end customers."

"I am honored and excited to take on the opportunity of leading the Zhibao Yingshi," said Mr. Chunhui Ji, General Manager of Yingshi Health and Head of Zhibao Yingshi. "Zhibao bring tremendous experience and deep connections in the brokerage and reinsurance space, as well as a mature operations team. I look forward to integrating our resources to achieve the ambitions revenue and growth targets laid out in the cooperation framework agreement."

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.

About Yingshi Health

Yingshi Health is a health insurance management platform in China, focusing on innovative design of health insurance products and full-process risk control management. It achieves deep integration of insurance and medical resources by utilizing intelligent underwriting, Health Maintenance Organizations (HMOs), and Pharmaceutical Benefit Management (PBMs) to manage the entire health insurance process.

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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