Zhibao Technology's Subsidiary, Sunshine Insurance Brokers, Wins Contract to Provide "Huiminbao" Inclusive Medical Insurance in China's Yunnan Province

Shanghai, China--(Newsfile Corp. - February 19, 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 that its subsidiary, Sunshine Insurance Brokers ("Sunshine"), won the contract to provide brokerage services for Huiminbao Inclusive Medical Insurance in Baoshan, Yunnan. Baoshan is a provincial-level city in western China with a population exceeding 2 million and is the second largest city in western Yunnan Province.

The mission of Huiminbao is to protect customers, including those with pre-existing medical conditions, against severe illnesses, It is intended as a cost-effective supplementary insurance to lessen the financial burden of out-of-pocket expenses for services, offering annual premiums as low as CNY 99 per year. Sunshine Insurance Brokers is a leading provider of Huiminbao brokerage services, with seven active projects this January.

This project also expands Sunshine's presence in Yunnan Province, which has a population of over 47 million people. Sunshine's existing projects in Yunnan includes a province-wide inclusive homeowner's insurance project in Yunnan launched last year. Additionally, Sunshine developed a new product to provide comprehensive insurance covering people entering China through the Yunnan land borders. This product provides medical, accident and liability coverage for those making cross-border trips for work or other purposes, totaling 14 million trips in 2023.

"I am excited about the opportunity to expand our presence in the western provinces to provide affordable and practical solutions to people in the region," said Zhibao's Chief Executive Officer, Mr. Botao Ma. "Winning this contract is a meaningful addition to the other insurance options that our Company has provided in the Yunnan province and demonstrates our business' commitment to implementing our growth strategy. I am confident that our ability to offer a diverse range of insurance options to a population of several million people and successfully penetrate these markets, will be a central component to drive revenue growth, margin expansion, profitability and shareholder value," added Mr. Botao Ma.

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.

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 the registration statement filed 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 statement 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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