Zhibao's Subsidiary Receives 'Good' Financial Strength and Long-Term Issuer Credit Ratings from AM Best

Shanghai, China--(Newsfile Corp. - November 14, 2025) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," 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 wholly owned subsidiary, Zhibao Labuan Reinsurance Company Limited, a company incorporated in Malaysia ("Zhibao Labuan"), has received a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of "bbb-" (Good) from A.M. Best Company, Inc. ("AM Best"), the largest credit rating agency in the world specializing in the insurance industry.

The outlook assigned to these Credit Ratings is stable.

In addition, AM Best assessed Zhibao Labuan's balance sheet strength as strong and cited its adequate operating performance, limited business profile and appropriate enterprise risk management.

AM Best's ratings were supported by the following conclusions:

• Zhibao Labuan's risk-adjusted capitalization is projected to be at the strong level as of year-end 2025, supported by a prudent investment strategy and good liquidity;
• Zhibao Labuan expects to build its market presence by leveraging Zhibao and its affiliates' extensive partnerships with direct insurers and business platforms across various industries in mainland China;
• The subsidiary is expected to receive operational and underwriting support from Zhibao and affiliated companies; and
• Zhibao Labuan can benefit from improved data quality, particularly for health and medical products, as well as the expertise of its affiliated insurance broker and Managing General Underwriter.

"We are pleased to receive these positive ratings for Zhibao Labuan," said Zhibao's Chairman and CEO, Mr. Botao Ma. "The establishment of Zhibao Labuan is a core extension of our business model and an important step in our mission to redefine insurance services through technology.

"We believe these ratings affirm the strong foundational support and operational expertise we provide to Zhibao Labuan, which we believe will allow us to capture additional value within the insurance ecosystem and further strengthen our commitment to our partners, customers, and shareholders."

Zhibao Labuan's Principal Officer, Mr. Guangtong Ren, added, "These ratings from an international authority validate the foundations that our team has spent many months building. We are confident they will prove to be a great help to our business."