KEY HIGHLIGHTS

• Milestone: Nearing RMB 100 million (USD 14.5 million) in natural gas insurance premiums, a 10x increase compared to calendar year 2025.

• Market Gap: China's residential property insurance market lags behind other markets. Zhibao is already active and growing in this market.

• Targeting: Optimized for "self-directed" Gen Z buyers, 84% of whom purchase insurance online.

Shanghai, China--(Newsfile Corp. - March 2, 2026) - 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 record-breaking performance within its natural gas insurance business, a key pillar of its individual-focused growth strategy for 2026. The Company's natural gas insurance segment represented nearly RMB 100 million (USD 14.5 million) in total premiums over the past calendar year, with brokerage revenue climbing to over RMB 56 million (USD 8.1m).

This achievement represents a ten-fold year-over-year increase compared to calendar year 2025. The growth is driven by Zhibao's proprietary Platform-as-a-Service (PaaS) and its 2B2C embedded digital insurance model, which simplifies the acquisition of essential safety coverage for self-directed individual buyers.

Our digital insurance solution distributes affordable, relevant, and easy-to-understand homeowners' insurance via natural gas utility companies. These coverages primarily cover property damage and loss, third party liability, emergency housing stipends and other natural gas accident-related coverages for as low as CNY 100 (USD 14) per year.

How is Zhibao Addressing China's Homeowners' Insurance Coverage Gap?

Industry reporting from Swiss Re suggests that the home property market in China is underdeveloped, consisting of less than 0.7% of all property and casualty (P&C) insurance premiums in 2019. This is well behind the United States' 51% and Japan's 53%. As homeowners and consumers become more tech-savvy, many are turning to the internet to understand and purchase insurance, with nearly 84% of Gen Z (born after 1995) consumers purchasing insurance online.

With the "Quality Homes Initiative," China's homebuilding focus is shifting from quantity to quality. Therefore, with higher quality and more valuable housing, homeowners are likely to demand more insurance coverage to protect their valuable assets.

How is Zhibao Meeting the Demand for Individual Safety and Security?

As a leading InsurTech company, Zhibao is well poised to meet consumer's demands and preferences and capture this continuing shift. As homeowners' look to expand the protection of their assets, our 2B2C model provides them with an easy path to find insurance through the utility companies that they already do business with.

Our model's advantages include:

• Streamlining the User Experience: Using digital-first solutions to remove traditional barriers to entry for individual policyholders.

• Precision Product Engineering: Developing solutions that specifically address residential safety concerns and the evolving risk profiles of modern households.

• Enhanced Accessibility: Leveraging deep channel partnerships to reach end-consumers just when they require protection.

Management Commentary

"Our calendar year 2025 results in the gas sector validate our strategy of empowering the individual consumer through superior technology and user experience," said Mr. Xiaowe Le, Chief Operating Officer of Zhibao. "I am proud of the hard work put in by our natural gas teams in securing these strong results. We made a large investment in selling expenses in 2025, which I believe was instrumental in attracting our natural gas B-Channels. I am excited to see what further returns this investment will drive in 2026 and beyond."

"Zhibao's vision has always been to provide relevant insurance products to individuals and small- and medium-enterprises (SMEs) through our strong cooperation with B-Channels. I believe the strong results from our natural gas solution are a vote of confidence in our vision," said Mr. Botao Ma, Chief Executive Officer of Zhibao. "I am confident that we can apply our learnings and experience from our natural gas solution to our many other sectors and solutions."

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 our annual reports on Form 20-F (as amended) and registration statements on Form F-1 (as amended) that have been filed or will be filed from time to time 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 statements 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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