Zhibao Technology (ZBAO) H1 2026 earnings summary

Executive summary

• Revenue grew 41% year-over-year to RMB 206.0 million ($29.5 million) for H1 2026, driven by digital insurance brokerage expansion.

• Gross profit rose to RMB 71.7 million ($10.3 million), with gross margin improving to 34.8% from 29.1% year-over-year.

• Achieved net income of RMB 0.6 million, reversing a net loss of RMB 0.6 million in the prior year period.

• Expanded B-channel partnerships to over 3,100, reaching more than 27 million end customers.

• Continued investment in sales and marketing to accelerate growth and onboard new channels.

Financial highlights

• Digital insurance brokerage revenue increased by RMB 59.1 million, with MGU service fees up RMB 0.5 million year-over-year.

• Cost of revenue increased 29% to RMB 134.3 million, but at a slower rate than revenue, aided by higher-margin contributions from a new subsidiary.

• Selling expenses rose 123% to RMB 41.4 million, mainly due to higher marketing and personnel costs.

• General and administrative expenses increased 46% to RMB 20.9 million, driven by professional services and salaries.

• Research and development expenses decreased 21% to RMB 4.7 million, reflecting lower outsourcing costs.

Outlook and guidance

• Management expects continued revenue growth through strategic investments in sales teams and scaling operations.

• Focus remains on improving gross and net income as the business scales.