Zhibao Technology Inc.ZBAO

Zhibao Technology Inc. filed its annual 20-F for the period ending 30 June 2025, showing revenue of $38.7 million and a net loss attributable to the parent of $8.7 million. Operating loss was $7.5 million, and diluted earnings per share came in at negative $0.27 on 32.0 million weighted shares. The company held just $1.4 million in cash against $20.4 million in total liabilities, with stockholders equity at $3.4 million. Operating cash flow was negative $2.9 million, and research and development spending amounted to $1.5 million.

Zhibao Technology Inc. operates a digital insurance brokerage and platform in China, connecting insurers with customers through online distribution. The business depends on volume, recurring service fees, and the ability to scale without matching cost growth. The 20-F numbers show a company that is still building that scale, with a cash position that limits the runway and an income statement that has not yet reached breakeven.

In July 2026, the company filed three 6-K reports on 15 July, 22 July, and 23 July, including a press release whose title was cut off in the SEC archive. The content of these filings remains thin in the public record, with no new financial data beyond the 20-F. Three Form 4 ownership filings also appeared on 7 July 2026, indicating insider reporting activity but without visible purchase or sale details in the plain-text render.

The evidence leaves a wide gap between the platform story and the filed balance sheet. Revenue is real, but cash burn and the loss are equally real. The company’s current SEC file shows no updated income statement or cash flow beyond the 2025 annual report, and the July news filings do not include fresh customer, policy, or revenue figures. What would deepen the file is a full set of interim financials, a product launch with disclosed unit economics, or a capital raise that changes the cash runway.