Financial Highlights for Six Months Ended December 31, 2024
Zhibao Technology Inc. (NASDAQ: ZBAO), a leading InsurTech company in China, has announced its unaudited financial results for the six months ended December 31, 2024. The company reported significant growth in total revenues, reaching approximately RMB 146.4 million ($20.1 million), a 73.7% increase from RMB 84.3 million in the same period of 2023.
Key Financial Metrics:
- Total revenues: RMB 146.4 million ($20.1 million), up 73.7% year-over-year
- Net loss: RMB 1.5 million ($0.2 million), improved from RMB 8.5 million loss in 2023
- Income from operations: RMB 3.8 million ($0.5 million), compared to loss of RMB 8.4 million in 2023
- Cash and cash equivalents: RMB 28.1 million ($3.9 million) as of December 31, 2024
Business Developments and Outlook
The company has seen substantial growth in its B channels, expanding from approximately 1,500 in 2023 to over 2,000 as of December 31, 2024. This growth has contributed to serving more than 20 million end customer users, positioning the company for continued revenue growth.
Mr. Botao Ma, CEO of Zhibao, commented on the strong revenue growth and positive business outlook. The company plans to drive organic growth through investments in sales force and technology platform for the rest of fiscal year 2025.
Recent Financing Activities:
- Private Placement – First Tranche Financing: Received total proceeds of $2.25 million (net of original issue discount)
- Private Placement – Second Tranche Financing: Received $630,000 (net of original issue discount)
Financial Performance Details
The revenue increase was primarily driven by a rise in insurance brokerage service fees. Cost of revenues increased in line with revenue growth. Operating expenses showed mixed results, with decreased selling and marketing expenses but increased general and administrative expenses due to professional service fees post-Nasdaq listing.
Non-GAAP Financial Measures:
Adjusted net income for the six months ended December 31, 2024, was approximately RMB 5.0 million ($0.7 million). The company provides reconciliations of non-GAAP measures to the most comparable U.S. GAAP financial metrics.
About Zhibao Technology Inc.
Zhibao is a leading InsurTech company providing digital insurance brokerage services through its 2B2C embedded insurance model. The company has developed over 40 digital insurance solutions across various industries and partnered with more than 2,000 business channels to serve over 20 million end customers.
For more information, please visit: www.zhibao-tech.com
