Zhibao Technology Inc. (NASDAQ: ZBAO) reported that its sports‑insurance platform now covers 1.47 million individuals across 17,569 sporting events in 2025, a jump that underscores the company’s ability to scale its embedded‑insurance ecosystem. The expansion brings the total number of participants to the 1.47 million mark, a figure that the company confirmed in its March 17 announcement.
The growth is driven by a 732‑partner B‑channel network that includes 214 sports associations, 305 venues, 148 training institutions and 50 event organizers. By embedding insurance directly into the platforms of these partners, Zhibao’s 2B2C model reaches end consumers without the need for separate distribution channels, reinforcing the company’s strategy to deepen penetration in China’s rapidly expanding sports market.
Despite the operational milestone, Zhibao’s financials for the fiscal year ended June 30, 2025 show a net loss of RMB 62.0 million (US$8.7 million) and a loss from operations of RMB 53.5 million (US$7.5 million). Revenue rose 51 % to RMB 276.9 million (US$38.7 million), but selling expenses surged 255 % year‑over‑year, reflecting the company’s investment in scaling its platform and expanding into new insurance lines such as drone and medical coverage.
Management highlighted the sports sector as a core solution, noting that “the sports industry demands real‑time, digital‑native solutions.” The company’s focus on embedded insurance aligns with China’s 15th Five‑Year Plan, which earmarks support for sports and low‑altitude economies. The expansion also follows Zhibao’s recent Nasdaq compliance renewal in January 2026, positioning the firm to capitalize on a projected RMB 7 trillion sports‑industry output by 2030.
The announcement comes at a time when Zhibao is diversifying beyond sports insurance, with significant growth in natural‑gas and drone insurance segments. While the company remains unprofitable, the 1.47 million‑participant milestone signals a strengthening market position and a potential foundation for future profitability as the embedded‑insurance model matures.
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