Revenue growth remains highly inconsistent, fluctuating from a 97.7% surge in 2024Q3 to a 35.8% increase in 2026Q2, while operating income remains pressured by high overhead costs, resulting in a $57.8 million loss in 2025Q4.
| Revenue | 553.11M | 1.98B | 183.66M | 142.06M | 108.2M | 45.6M |
| Revenue Growth % | 136.29% | 980.2% | 29.29% | 31.3% | 137.26% | - |
| Medical Costs & Claims | 356.14M | 1.17B | 108.91M | 83.46M | 61.04M | 21.39M |
| Medical Cost Ratio % | 64.39% | 58.99% | 59.3% | 58.75% | 56.41% | 46.9% |
| Gross Profit | 196.97M | 813.6M | 74.76M | 58.6M | 47.16M | 24.22M |
| Gross Margin % | 35.61% | 41.01% | 40.7% | 41.25% | 43.59% | 53.1% |
| Gross Profit Growth % | - | 988.3% | 27.58% | 24.25% | 94.74% | - |
| Operating Expenses | 243.51M | 1.2B | 64.65M | 103.14M | 34.52M | 59.97M |
| OpEx / Revenue % | 44.03% | 60.34% | 35.2% | 72.6% | 31.91% | 131.49% |
| Depreciation & Amortization | 4.06M | 23.08M | 3.26M | 3.33M | 3.39M | 3.44M |
| Combined Ratio % | 108.41% | 119.33% | 94.5% | 131.35% | 88.32% | 178.39% |
| Operating Income | -46.54M | -383.54M | 10.11M | -44.54M | 12.64M | -35.75M |
| Operating Margin % | -8.41% | -19.33% | 5.5% | -31.35% | 11.68% | -78.39% |
| Operating Income Growth % | - | -3894.86% | 122.69% | -452.42% | 135.35% | - |
| EBITDA | -42.49M | -360.46M | 13.37M | -41.2M | 16.03M | -32.31M |
| EBITDA Margin % | -7.68% | -18.17% | 7.28% | -29.01% | 14.82% | -70.84% |
| Interest Expense | 6.15M | 23.68M | 6.17M | 6.61M | 7.81M | 6.77M |
| Non-Operating Income | 7.48M | 55.79M | -9.5M | -2.91M | -673.16K | 161.95K |
| Pretax Income | -61.05M | -463.01M | 18.76M | -42.54M | 12.15M | -36.96M |
| Pretax Margin % | -11.04% | -23.34% | 10.22% | -29.95% | 11.23% | -81.04% |
| Income Tax | -9.46K | -18.7M | 5.51M | 541.29K | -2.11M | 71.4K |
| Effective Tax Rate % | 0.02% | 4.04% | 29.37% | -1.27% | -17.37% | -0.19% |
| Net Income | -65.83M | -444.3M | 13.25M | -43.09M | 14.26M | -37.03M |
| Net Margin % | -11.9% | -22.39% | 7.22% | -30.33% | 13.18% | -81.2% |
| Net Income Growth % | -425.5% | -3452.88% | 130.76% | -402.23% | 138.5% | - |
| EPS (Diluted) | -2.00 | -13.90 | 0.42 | -1.45 | 0.47 | -1.16 |
| EPS Growth % | -415.77% | -3409.52% | 128.97% | -408.51% | 140.52% | - |
| EPS (Basic) | - | -13.90 | 0.42 | -1.45 | 0.47 | -1.16 |
| Diluted Shares Outstanding | 32.95M | 31.99M | 31.52M | 31M | 31M | 31M |
Insufficient Liquidity for Operations
As reported in recent financial filings, ZBAO experienced significant revenue fluctuations, with quarterly growth rates swinging from a 97.7% surge in 2024Q3 to a 35.8% increase by 2026Q2, suggesting that the company's reliance on B2B2C partnerships may be creating an inconsistent and highly sensitive top-line trajectory.
The erratic nature of revenue growth indicates that ZBAO's embedded insurance model may be subject to the cyclicality of its distribution partners' own digital traffic. Investors should monitor whether this volatility reflects a lack of recurring revenue stability or merely the timing of new partner integrations.
Based on the company's reported figures, the combined ratio has demonstrated extreme variance, oscillating from a highly efficient 81.4% in late 2024 to a distressed 174.4% in 2024Q2, which highlights the inherent difficulty in maintaining consistent underwriting discipline within a rapidly scaling digital brokerage framework.
The frequent breaches of the 100% combined ratio threshold suggest that ZBAO often fails to achieve underwriting profitability, forcing the firm to rely on external capital to cover operational deficits. This inconsistency warrants further investigation into whether the company's MGU segment is experiencing adverse selection or if channel fees are eroding margins.
According to the provided income statement data, ZBAO's operating income has frequently dipped into negative territory, most notably in 2025Q4 with a $57.8M loss, suggesting that the company has yet to achieve the necessary operating leverage to offset its significant administrative and technological overhead costs.
The inability to maintain positive operating margins despite substantial revenue growth implies that the cost of acquiring digital shelf space may be rising faster than the commission income generated. This trend suggests that the company's current business model may require a fundamental shift toward higher-margin services to reach sustainable profitability.
As indicated by the company's financial statements, the reported cash position of $10.27 million appears critically low relative to the scale of recent quarterly net losses, which may suggest that ZBAO faces a heightened risk of liquidity constraints in the near term without additional capital infusions.
The disconnect between the company's aggressive growth strategy and its thin cash reserves warrants further investigation into the sustainability of its current funding model. Investors should monitor for potential dilutive financing events, as the current burn rate appears incompatible with the existing balance sheet strength.
Quick answers to the most common questions about buying ZBAO stock.
For fiscal year 2025, Zhibao Technology Inc. Class A Ordinary Shares (ZBAO) reported total revenue of $1.98B. This represents a 4250.4% increase compared to $45.6M in 2021.
Zhibao Technology Inc. Class A Ordinary Shares (ZBAO) reported a net loss of $444.3M for the fiscal year ending 2025.
Zhibao Technology Inc. Class A Ordinary Shares (ZBAO) reported an operating income of $-383.5M, resulting in an operating profit margin of -19.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Zhibao Technology Inc. Class A Ordinary Shares (ZBAO) generated $813.6M in gross profit for the year, representing a gross profit margin of 41.0%. This demonstrates the company's core pricing power and production efficiency.