The company's financial position is increasingly fragile, with total liabilities of $33.4 million significantly outpacing the remaining $2.8 million in equity as of 2026Q2.
| Total Assets | 40.48M | 170.59M | 28.73M | 128M | 95.87M | 69.4M |
| Asset Growth % | -152.6% | 493.74% | -77.55% | 33.51% | 38.15% | - |
| Total Investment Assets | 3M | 2.5M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 9.11M | 2.5M | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 27.56M | 144.36M | 27.19M | 113.67M | 84.19M | 50.6M |
| Cash & Equivalents | 3.93M | 10.27M | 330.47K | 9.87M | 2.59M | 1.83M |
| Receivables | 430.56M | 123.78M | 20.85M | 90.42M | 72.6M | 41.99M |
| Other Current Assets | 1.78M | 4.83M | 5.42M | 9.65M | 3.98M | 2.28M |
| Goodwill & Intangibles | 13.85M | 1.54M | 355.18K | 2.18M | 1.86M | 2.56M |
| Goodwill | 3.47M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.01M | 1.54M | 355.18K | 2.18M | 1.86M | 2.56M |
| PP&E (Net) | 767.29K | 4.12M | 488.05K | 4.33M | 1.89M | 10.84M |
| Other Assets | 1.44M | 18.08M | 695.07K | 6.21M | 5.82M | 5.41M |
| Total Liabilities | 33.43M | 145.92M | 19.93M | 96.55M | 77.19M | 71.71M |
| Total Debt | 5.79M | 27.49M | 4.17M | 31.54M | 29.6M | 38.64M |
| Net Debt | 1.85M | 17.22M | 3.84M | 21.67M | 27.01M | 36.82M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 5.2M | 23.49M | 3.69M | 27.26M | 27.99M | 27.99M |
| Total Current Liabilities | 31.89M | 143.99M | 19.41M | 94.27M | 76.44M | 63.83M |
| Accounts Payable | 16.93M | 101.3M | 12.33M | 34.98M | 24.83M | 6.06M |
| Deferred Revenue | 0 | 0 | 0 | 15M | 15M | 15M |
| Other Current Liabilities | -345.85K | 1.91M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.05M | 0 | 369.32K | 7.69K | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 7.04M | 24.67M | 8.81M | 31.45M | 18.68M | -2.31M |
| Equity Growth % | 191.74% | 180.15% | -72% | 68.36% | 907.91% | - |
| Shareholders Equity | 2.84M | 24.67M | 8.81M | 31.45M | 18.68M | -2.31M |
| Minority Interest | 4.2M | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -28.33M | -193.67M | -18.14M | -137.5M | -94.42M | -108.68M |
| Common Stock | 3.31K | 23.1K | 3.04K | 21.01K | 17.63K | 5.88K |
| Accumulated OCI | -249.11K | -883.86K | -31.5K | 5.12K | 0 | 0 |
| Return on Equity (ROE) | -147.92% | -2654.53% | 65.84% | -171.92% | 174.21% | - |
| Return on Assets (ROA) | -31.32% | -445.82% | 16.91% | -38.49% | 17.25% | -53.35% |
| Equity / Assets | 17.4% | 14.46% | 30.65% | 24.57% | 19.48% | -3.33% |
| Debt / Equity | 0.82x | 1.11x | 0.47x | 1.00x | 1.58x | - |
| Book Value per Share | 0.21 | 0.77 | 0.28 | 1.01 | 0.60 | -0.07 |
| Tangible BV per Share | -0.04 | 0.72 | 0.27 | 0.94 | 0.54 | -0.16 |
Critical Liquidity and Solvency
As reported in recent financial statements, ZBAO's equity base has contracted significantly from $216.2 million in 2023Q3 to just $2.8 million by 2026Q2, reflecting a rapid depletion of capital that suggests the company's current growth trajectory is unsustainable without immediate and substantial external financing.
The dramatic decline in equity over the observed period indicates that the company is consuming its capital base to fund operations rather than generating internal growth. This trend warrants close monitoring, as the current equity level provides a negligible buffer against potential underwriting losses or operational shocks.
Based on the company's reported figures, loss reserves have fluctuated wildly, reaching a peak of $133.5 million in 2026Q2, which suggests that the firm's liability profile is highly sensitive to the underlying performance of the insurance products it manages or underwrites.
The lack of stability in reserve levels implies that the company may be struggling to accurately forecast claims, which is particularly concerning given the thin equity cushion. Investors should consider whether these reserve swings are indicative of poor underwriting discipline or simply the result of rapid, unmanaged expansion in high-risk insurance lines.
According to the provided balance sheet data, the company's liquidity position appears precarious, with total liabilities of $33.4 million significantly outweighing the available capital base as of 2026Q2, leaving little room for error in meeting its obligations to policyholders and distribution partners.
The persistent mismatch between liabilities and liquid assets suggests that ZBAO may face significant challenges in maintaining its claims-paying ability during periods of elevated loss activity. This structural weakness may force the company to rely on external capital or reinsurance support, which could further dilute shareholder value.
As indicated by the company's financial filings, the combination of a $2.8 million equity base and $33.4 million in total liabilities as of 2026Q2 highlights a highly leveraged and vulnerable balance sheet that appears ill-equipped to absorb even minor adverse developments in the insurance market.
The extreme disparity between assets and liabilities suggests that the company's solvency is highly dependent on the timing of commission inflows and the performance of its MGU segment. This reliance on operational cash flow to cover liabilities creates a high-risk environment where any disruption in revenue could lead to a liquidity crisis.
Quick answers to the most common questions about buying ZBAO stock.
As of 2025, Zhibao Technology Inc. Class A Ordinary Shares (ZBAO) had total assets of $170.6M including $144.4M in current assets.
Zhibao Technology Inc. Class A Ordinary Shares (ZBAO) carries total debt of $27.5M, offset by $10.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Zhibao Technology Inc. Class A Ordinary Shares (ZBAO) has total shareholders' equity (book value) of $24.7M ($0.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Zhibao Technology Inc. Class A Ordinary Shares (ZBAO) reported a current ratio of 1.00x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.