UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of April 2025

 

Commission File Number: 001-42000

 

Zhibao Technology Inc.

(Translation of registrant’s name into English)

 

Floor 3, Building 6, Wuxing Road, Lane 727

Pudong New Area, Shanghai, China, 201204

(Address of principal executive offices)

  

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒            Form 40-F ☐

 

 

 

 

 

 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

On April 15, 2025, Zhibao Technology Inc. (the “Company”) issued a press release announcing its unaudited financial results for the six months ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report on Form 6-K.

  

Attached as Exhibit 99.2 to this report is the Unaudited Condensed Consolidated Financial Statements of the Company for the Six Months Ended December 31, 2024 and 2023.

 

Attached as Exhibit 99.3 to this report is a copy of the investor presentation.

 

This Form 6-K is hereby incorporated by reference into the registration statement of the Company on Form F-1 (Registration No. 333-282423), to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Zhibao Technology Inc.
   
  By: /s/ Botao Ma
  Name:  Botao Ma
  Title: Chief Executive Officer

 

Date: April 15, 2025

 

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EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release on Unaudited Financial Results for the Six Months Ended December 31, 2024 and 2023
99.2   Unaudited Condensed Consolidated Financial Statements for the Six Months Ended December 31, 2024 and 2023
99.3   Investor Presentation
101.INS   Inline XBRL Instance Document.
101.SCH   Inline XBRL Taxonomy Extension Schema Document.
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

 

3

 

Exhibit 99.1

 

Zhibao Technology Inc. Announces Unaudited Financial Results

for the Six Months Ended December 31, 2024

 

SHANGHAI, (Newsfile Corp., April 15, 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 its unaudited financial results for the six months ended December 31, 2024.

 

Recent Developments  

 

Private Placement - First Tranche Financing with an Institutional Investor

 

On September 23, 2024, the Company entered into a securities purchase agreement, as amended by a letter agreement dated as of February 14, 2025, (the “Securities Purchase Agreement”) with an institutional investor (the “Investor”), which provides for loans in an aggregate principal amount of up to $8.0 million under three tranches (the “Financing”).

 

Accordingly, on September 23, 2024, the Company consummated the first closing of the first tranche and issued to the Investor, (i) a convertible promissory note in the aggregate principal amount of up to $750,000 (the “First Tranche Note”), (ii) a warrant to purchase up to 74,451 Class A ordinary shares at an initial exercise price of $4.71 per share, subject to certain adjustments, and (iii) a pre-funded warrant to purchase up to 191,522 Class A ordinary shares at a nominal exercise price of $0.0001 per share, subject to certain adjustments. In return, the Company received $675,000 (net of original issue discount of 10%) on September 24, 2024, excluding expenses and commissions.

 

On October 1, 2024, the Company and the Investor consummated the second closing of the first tranche. The Company received additional $675,000 (net of original issue discount of 10%) on October 7, 2024, excluding expenses and commissions, and issued to the Investor a warrant to purchase up to 79,599 Class A ordinary shares at an initial exercise price of $4.47 per share, subject to certain adjustments.

 

On December 11, 2024, pursuant to the terms of the Securities Purchase Agreement and a letter agreement dated as of December 11, 2024, pursuant to which the Company and Investor waived certain pre-conditions to the third closing of the first tranche, the Company and the Investor consummated the third closing of the first tranche, and the Company received additional $900,000 (net of original issue discount of 10%) on December 12, 2024, excluding expenses and commissions, and issued to the Investor a warrant to purchase up to 160,020 Class A ordinary at an initial exercise price of $3.25 per share, subject to certain adjustments.

 

Private Placement - Second Tranche Financing with the Investor

 

On February 14, 2025, pursuant to the terms of the Securities Purchase Agreement, the Company and the Investor consummated the first closing of the second tranche, and the Company received $630,000 (net of original issue discount of 10%) on February 20, 2025, excluding expenses and commissions. The Second Tranche of convertible promissory note (the “Second Tranche Note”) in the aggregate principal amount of up to $2,500,000 has an initial principal amount of $700,000 reflecting the funding of the first closing of the second tranche and giving effect to the 10% original issue discount. The Company also issued to the Investor a warrant to purchase up to 202,459 Class A ordinary shares at an initial exercise price of $1.69964 per share, subject to certain adjustments.

 

The Second Tranche Note is initially convertible into Class A ordinary shares at conversion price of $1.69964 per share, subject to certain adjustments, provided that the conversion price shall not be reduced below $0.282. The Second Tranche Note does not bear any interest and matures on February 14, 2026.

 

 

 

 

Financial and Operational Summary for the Six Months Ended December 31, 2024

 

-Total revenues in the six months ended December 31, 2024 increased by approximately 73.7% to approximately RMB 146.4 million ($20.1 million) from approximately RMB 84.3 million in the same period of 2023.

 

-Net loss in the six months ended December 31, 2024 was approximately RMB 1.5 million ($0.2 million), compared to net loss of approximately RMB 8.5 million in the same period of 2023. Income from operations was approximately RMB 3.8 million ($0.5 million) in the six months ended December 31, 2024, compared to operation loss of approximately RMB 8.4 million in the same period of 2023.

 

-As of December 31, 2024, the Company had cash and cash equivalents of approximately RMB 28.1 million ($3.9 million), compared to approximately RMB 2.4 million as of June 30, 2024.

 

-Our development of B Channels showed strong growth. As of December 31, 2024, we grew the number of B channels we work with from approximately 1,500 in the same period of 2023 to over 2,000. Our B channels are distributed amongst diverse market segments and a key component to growing our 2B2C embedded digital insurance model.

 

-Through our business channels, we experienced a large growth in the number of end customer users that we serviced. As of December 31, 2024, we reached and served in excess of 20 million end customer users, who we expect will continue to drive revenue in the coming years.  

 

Management Commentary and Financial/Business Outlook  

 

Mr. Botao Ma, Chief Executive Officer of Zhibao, commented “I am very pleased with the 74% growth in revenues that we realized in the six months ended December 31, 2024, compared to the same period of 2023. We have focused on expanding our reach in the industry through our 2B2C digital insurance solutions and diversified partnerships that have led to positive impact on our growth and diversification of our revenue and cash flow streams.”

 

“Overall, the financial position of our business remains strong, as we have seen an acceleration in the expansion in our home market, indicating a growing acceptance of our 2B2C business model and a broader acceptance of our digital brokerage platform and digital insurance solutions,” Mr. Ma continued,

 

“For the rest of fiscal year 2025, we plan on driving the organic growth of our company through continued investments in our sales force and technology platform. With this strategy, we look to work towards achieving continued growth at the levels seen over the six months period ended December 31, 2024. As we continue to make progress in our growth strategy and improve our ability to gain higher returns from our investments, we believe that we can build on the momentum of our growth and business and financial performance in the second half of this current fiscal year.”

 

“Our management team remains committed to maximizing shareholder value through a combination of strategic acquisitions, growth initiatives, diversifying the company’s revenue base, forming long term partnerships and contracts that drive attractive top and bottom line results, and investing in opportunities that provide strong returns and dependable cash flow streams.”

 

Financial Results for the Six Months Ended December 31, 2024

 

Revenues  

 

Total revenues in the six months ended December 31, 2024 were approximately RMB 146.4 million ($20.1 million), compared with approximately RMB84.3 million in the same period of 2023, an increase of approximately RMB 62.1 million, or 73.7%, primarily due to increase of approximately RMB 69.6 million in insurance brokerage service fees, partially offset by a decrease of approximately RMB 7.5 million in managing general underwriting (“MGU”) services. The increase in insurance brokerage service fees was due to securing new customers in the six months ended December 31, 2024, while the decrease in MGU service fees was due to the closure of business by a reinsurance partner in the high-end   medical sector in the year of 2023.

 

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Revenues for the six months ended December 31, 2024 were comprised of insurance brokerage service fees of RMB 145.0 million and MGU service fees of RMB 1.8 million, respectively, partially net off against business taxes and surcharges of approximately RMB 0.4 million. Revenues for the six months ended December 31, 2023 were comprised of insurance brokerage service fees of approximately RMB 71.4 million and MGU service fees of approximately RMB 9.2 million, respectively, partially net off against business taxes and surcharges of approximately RMB 0.3 million.  

 

Cost of Revenues

 

Cost of revenues for the six months ended December 31, 2024 increased to approximately RMB 103.8 million ($14.2 million) from approximately RMB 54.2 million in the same period of 2023, an increase of approximately RMB 49.6 million which was in line with increase in revenues.  

 

Operating Expenses

 

-Selling and marketing expenses for the six months ended December 31, 2024 decreased to approximately RMB 18.6 million ($2.5 million) from approximately RMB 21.0 million in the same period of 2023. The decrease was primarily attributable to decreased expenditures incurred in advertising and promotional campaigns for our digital insurance solutions as we are establishing our reputation among customers and reducing our spending on advertising and promotional campaigns.

 

-General and administrative expenses for the six months ended December 31, 2024 increased to approximately RMB 14.3 million ($2.0 million) from approximately RMB 10.2 million in the same period of 2023, an increase of approximately RMB 4.1 million. The increase of general and administrative expenses was primarily due to an increase in professional service expenses after our listing on Nasdaq.   The ratio of general and administrative expenses to revenue decreased to 9.8% from 12.1% in the same period of 2023.

 

-Research and development expenses for the six months ended December 31, 2024 decreased to approximately RMB 5.9 million ($0.8 million) from approximately RMB 7.3 million in the same period of 2023, a decrease of approximately RMB 1.4 million, which was mainly due to a decrease in headcounts of personnel in our research and development department.

 

-Income (Loss) from Operations

 

As a result of foregoing, income from operations for the six months ended December 31, 2024 was approximately RMB 3.8 million ($0.5 million) from loss from operations of approximately RMB 8.4 million in the same period of 2023.

 

  - Net Loss

 

Net loss for the six months ended December 31, 2024 was approximately RMB 1.5 million ($0.2 million), compared to net loss of RMB 8.5 million in the same period of 2023. Non-GAAP adjusted net income for the six months ended December 31, 2024 was approximately RMB 5.0 million ($0.7 million).

 

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-Non-GAAP Net Income

 

Non-GAAP adjusted net income excludes the impact of gain from early termination of lease arrangements, accretion of interest expenses on convertible notes, loss from settlement of convertible notes, and changes in fair value of derivative liabilities. For further information, see “Use of Non-GAAP Financial Measure” below.

 

Balance Sheet

 

As of December 31, 2024, the Company had cash and cash equivalents of approximately RMB 28.1 million ($3.9 million), compared to approximately RMB 2.4 million as of June 30, 2024.  

 

As of December 31, 2024, the Company had accounts receivable of approximately RMB 135.3 million ($18.5 million) due from insurance companies, compared to approximately RMB 130.4 million as of June 30, 2024. As of December 31, 2024, we had insurance premium payable due to insurance companies of approximately RMB 111.4 million ($15.3 million), compared to approximately RMB 38.4 million  as of June 30, 2024.  

 

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 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 has partnered with over 2,000 business channels, through which it has already served the various insurance needs of more than 20 million end customers. For more information, please visit: www.zhibao-tech.com.

 

Use of Non-GAAP Financial Measure

 

In addition to consolidated U.S. GAAP financial measures, we consistently evaluate our use of and calculation of the non-GAAP financial measures, “Adjusted EBITDA”.

 

Adjusted EBITDA is a financial measure defined as our EBITDA, adjusted to eliminate the effects of certain non-recurring items, that do not reflect our ongoing strategic business operations. EBITDA is computed as net income (loss) before interest, taxes, depreciation, and amortization. Adjusted EBITDA is EBITDA further adjusted for certain income and expenses, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of digital insurance brokerage services. The adjustments currently include gain from early termination of leases, loss from settlement of convertible notes, and changes in fair value of derivative liabilities.

 

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Reconciliations of Adjusted EBITDA to the most comparable U.S. GAAP financial metric for historical periods are presented in the table below:

  

  

For the Six Months Ended

December 31,

 
   2023   2024   2024 
   RMB   RMB   USD 
Reconciliation of non-GAAP (loss) income from operations:            
Net Loss   (8,546,000)   (1,515,720)   (207,653)
Depreciation and amortization expenses   587,085    711,355    97,455 
Income tax (benefits) expenses   (137,354)   1,091,247    149,500 
Interest expenses   431,796    1,423,313    194,993 
EBITDA   (7,664,473)   1,710,195    234,295 
                
Adjustments:               
Gain from early termination of operating lease arrangements   —    (53,714)   (7,359)
Loss from settlement of convertible notes   —    4,061,543    556,429 
Changes in fair value of derivative liabilities   —    (722,631)   (99,000)
Adjusted EBITDA   (7,664,473)   4,995,393    684,365 

 

Exchange Rate Information

 

This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Zhibao’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the Company’s filings with the SEC. A number of additional factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Zhibao’s goal and strategies; Zhibao’s expansion plans; Zhibao’s future business development, financial condition and results of operations; Zhibao’s expectations regarding demand for, and market acceptance of, its solutions and services; Zhibao’s expectations regarding keeping and strengthening its relationships with insurance companies, financial institutions, and insured parties; general economic and business conditions; and assumptions underlying or related to any of the foregoing. All information provided in this press release and in the attachments is as of the date of this press release, and Zhibao does not undertake any 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 required under applicable law. Although Zhibao 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 Zhibao 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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Investor Relations Contact

 

Zhibao Technology Inc.

Investor Relations Office

Email: ir@zhibao-tech.com

 

Skyline Corporate Communications Group, LLC

Scott Powell, President

Avenues Tower

1177 Avenue of the Americas, 5th floor

New York, NY 10036

Office: (646) 893-5835

Email: info@skylineccg.com

 

 

6

 

Exhibit 99.2

 

ZHIBAO TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”), except for share and per share data)

 

  

June 30,
2024

  

December 31,
2024

 
   RMB   RMB   USD 
   (audited)   (unaudited)   (unaudited) 
ASSETS            
Current Assets            
Cash and cash equivalents   2,401,495    28,113,972    3,851,598 
Restricted cash   38,743,831    105,800,332    14,494,586 
Accounts receivable, net   130,354,429    135,313,361    18,537,854 
Due from related parties   16,566,524    17,131,396    2,346,992 
Prepaid expenses and other current assets, net   9,485,464    11,171,611    1,530,504 
Total Current Assets   197,551,743    297,530,672    40,761,534 
                
Prepayments for equity investments   
-
    4,375,000    599,373 
Property and equipment, net   233,375    188,131    25,774 
Intangible assets, net   2,581,046    1,914,935    262,345 
Operating lease right of use assets   3,313,215    5,885,455    806,304 
Restricted cash, noncurrent   5,000,000    5,000,000    684,997 
Deferred tax assets   57,257    43,192    5,917 
Other non-current assets   51,004    41,004    5,618 
Total Non-Current Assets   11,235,897    17,447,717    2,390,328 
Total Assets   208,787,640    314,978,389    43,151,862 
                
LIABILITIES, AND SHAREHOLDERS’ EQUITY               
Current Liabilities               
Short-term borrowings   26,814,237    33,800,000    4,630,581 
Accounts payable   51,252,954    55,643,496    7,623,128 
Insurance premium payable   38,376,850    111,448,220    15,268,344 
Income tax payable   42,747    42,994    5,890 
Due to related parties   6,166,067    8,561,749    1,172,955 
Operating lease liabilities, current   2,425,135    2,537,123    347,584 
Accrued expenses and other liabilities   15,990,970    15,278,258    2,093,113 
Convertible notes   
-
    6,888,414    943,709 
Derivative liabilities   
-
    14,598    2,000 
Total Current Liabilities   141,068,960    234,214,852    32,087,304 
                
Operating lease liabilities, noncurrent   1,044,068    3,427,331    469,542 
Deferred tax liabilities   2,683,818    3,761,000    515,255 
    Total Non-Current Liabilities   3,727,886    7,188,331    984,797 
Total Liabilities   144,796,846    241,403,183    33,072,101 
                
Commitments and contingencies   
 
    
 
    
 
 
                
Shareholders’ Equity               
Class A ordinary shares (par value $0.0001 per share, 450,000,000 shares authorized, 14,707,073 and 15,231,387 shares issued and outstanding as of June 30, 2024 and December 31, 2024, respectively) *   9,922    10,304    1,522 
Class B ordinary shares (par value $0.0001 per share, 50,000,000 shares authorized, 16,816,692 and 16,816,692 shares issued and outstanding as of June 30, 2024 and December 31, 2024, respectively) *   12,204    12,204    1,682 
Additional paid-in capital   196,038,784    207,528,841    28,431,335 
Accumulated deficit   (131,841,244)   (133,356,964)   (18,269,951)
Accumulated other comprehensive loss   (228,872)   (619,179)   (84,827)
Total Shareholders’ Equity   63,990,794    73,575,206    10,079,761 
Total Liabilities and Shareholders’ Equity   208,787,640    314,978,389    43,151,862 

 

*The shares and per share information are presented on a retroactive basis to reflect the reorganization and reclassification of Class A and Class B ordinary shares.

 

 

 

 

ZHIBAO TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”), except for share and per share data)

 

   For the Six Months Ended December 31, 
   2023   2024   2024 
   RMB   RMB   USD 
   (unaudited)   (unaudited)   (unaudited) 
Revenues   84,254,221    146,371,285    20,052,784 
Cost of revenues   (54,192,050)   (103,811,688)   (14,222,143)
Gross profit   30,062,171    42,559,597    5,830,641 
                
Operating expenses               
Selling and marketing expenses   (20,993,374)   (18,564,666)   (2,543,349)
General and administrative expenses   (10,153,441)   (14,282,228)   (1,956,657)
Research and development expenses   (7,294,313)   (5,908,365)   (809,443)
Total operating expenses   (38,441,128)   (38,755,259)   (5,309,449)
                
(Loss) income from operations   (8,378,957)   3,804,338    521,192 
                
Other (expense) income:               
Interest expense, net   (431,796)   (1,423,313)   (194,993)
Other income, net   127,399    533,414    73,077 
Gain on fair value change of derivative liabilities   
-
    722,631    99,000 
Loss on settlement  of convertible notes   
-
    (4,061,543)   (556,429)
Total other expense, net   (304,397)   (4,228,811)   (579,345)
                
Loss Before Income Taxes   (8,683,354)   (424,473)   (58,153)
                
Income tax benefits (expenses)   137,354    (1,091,247)   (149,500)
Net Loss   (8,546,000)   (1,515,720)   (207,653)
                
Other comprehensive loss               
Foreign currency translation adjustments   (1,513)   (390,307)   (53,472)
Comprehensive loss   (8,547,513)   (1,906,027)   (261,125)
                
Weighted average number of ordinary share outstanding               
Basic*   30,000,000    31,587,188    31,587,188 
Diluted*   30,000,000    31,587,188    31,587,188 
Earnings (loss) per share               
Basic*   (0.28)   (0.05)   (0.01)
Diluted*   (0.28)   (0.05)   (0.01)

 

*The shares and per share information are presented on a retroactive basis to reflect the reorganization and reclassification of Class A and Class B ordinary shares.

 

2

 

 

ZHIBAO TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED DECEMBER 31, 2023 and 2024
(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”), except for share and per share data)

 

   Class A
Ordinary Shares		   Class B
Ordinary Shares		   Additional
Paid-in		   Retained
earnings
(Accumulated		   Accumulated
Other
Comprehensive		     
   Shares*   Amount   Shares*   Amount   Capital   Deficits)   Income   Total 
       RMB       RMB   RMB   RMB   RMB   RMB 
As of June 30, 2023   13,183,308    8,820    16,816,692    12,204    168,973,780    (137,544,783)   5,118    31,455,139 
Adjustments due to the adoption of ASC 326   —    
—
    —    
—
    
—
    (7,548,214)   
—
    (7,548,214)
As of July 1, 2023   13,183,308    8,820    16,816,692    12,204    168,973,780    (145,092,997)   5,118    23,906,925 
Net loss   
—
    
—
    
—
    
—
    
—
    (8,546,000)   
—
    (8,546,000)
Foreign exchange adjustments   
—
    
—
    
—
    
—
    
—
    
—
    (1,513)   (1,513)
As of December 31, 2023   13,183,308    8,820    16,816,692    12,204    168,973,780    (153,638,997)   3,605    15,359,412 
                                         
As of June 30, 2024   14,707,073    9,922    16,816,692    12,204    196,038,784    (131,841,244)   (228,872)   63,990,794 
Settlement of convertible notes with Class A ordinary shares   524,314    382    
—
    
—
    9,789,039    
—
    
—
    9,789,421 
Issuance of Warrants in connection with convertible notes   
—
    
—
    
—
    
—
    1,701,018    
—
    
—
    1,701,018 
Net loss   
—
    
—
    
—
    
—
    
—
    (1,515,720)   
—
    (1,515,720)
Foreign exchange adjustments   
—
    
—
    
—
    
—
    
—
    
—
    (390,307)   (390,307)
As of December 31, 2024   15,231,387    10,304    16,816,692    12,204    207,528,841    (133,356,964)   (619,179)   73,575,206 
As of December 31, 2024   in USD   15,231,387    1,522    16,816,692    1,682    28,431,335    (18,269,951)   (84,827)   10,079,761 

 

*The shares are presented on a retroactive basis to reflect the reorganization and reclassification of Class A and Class B ordinary shares.

 

 

3

 

 

ZHIBAO TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”))

 

   For the Six Months Ended
December 31,		 
   2023   2024   2024 
   RMB   RMB   USD 
   (unaudited)   (unaudited)   (unaudited) 
Net cash provided by operating activities   85,607,856    74,197,711    10,165,046 
                
Cash Flows From Investing Activities               
Purchase of intangible assets   (264,606)   
—
    
—
 
Prepayment for equity investments   
—
    (4,375,000)   (599,373)
Net cash used in investing activities   (264,606)   (4,375,000)   (599,373)
                
Cash Flows From Financing Activities               
Proceeds from issuance of convertible notes  , net of discount   
—
    16,024,928    2,250,000 
Payment of issuance costs for issuance of convertible noes   
—
    (2,483,924)   (394,889)
Proceeds from short-term bank borrowings   25,000,000    32,000,000    4,383,982 
Repayment of short-term bank borrowings   (25,453,560)   (25,014,237)   (3,426,936)
Borrowings from related parties   26,500,000    2,500,000    342,499 
Repayment of borrowings from related parties   (15,000,000)   
—
    
—
 
Payment of offering cost   (1,771,436)   
—
    
—
 
Net cash provided by financing activities   9,275,004   23,026,767    3,154,656 
                
Effect of exchange rate changes on cash and cash equivalents   (1,513)   (80,500)   (11,032)
                
Net increase in cash, cash equivalents and restricted cash   94,616,741    92,768,978    12,709,297 
Cash, cash equivalents and restricted cash at beginning of the period   19,873,652    46,145,326    6,321,884 
Cash, cash equivalents and restricted cash at end of the period   114,490,393    138,914,304    19,031,181 

 

4

 

 

ZHIBAO TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”))

 

   For the Six Months Ended
December 31,		 
   2023   2024   2024 
   RMB   RMB   USD 
   (unaudited)   (unaudited)   (unaudited) 
Supplemental Cash Flow Information            
Cash paid for interest expense   507,297    556,776    76,278 
Cash paid for income tax   
—
    
—
    
—
 
                
Non-cash Investing and Financing activities               
Operating lease right-of-use assets obtained in exchange for operating lease liabilities   81,674    5,013,830    686,892 
Disposal of operating lease right-of-use assets   
—
    (1,508,268)   (206,632)
Settlement of convertible notes by issuance of ordinary shares   
—
    9,789,421    1,341,145 

 

Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets 

 

   June 30,
2024		   December 31,
2024		 
   RMB   RMB   USD 
   (audited)   (unaudited)   (unaudited) 
Cash and cash equivalents   2,401,495    28,113,972    3,851,598 
Restricted cash   38,743,831    105,800,332    14,494,586 
Restricted cash, noncurrent   5,000,000    5,000,000    684,997 
   46,145,326    138,914,304    19,031,181 

 

 

 

 

5

 

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Exhibit 99.3

 

1H 2025 Financial Results April 2025 Zhibao Technology Inc. NASDAQ: ZBAO

 

 

1 Forward Looking Statement & Disclaimer This presentation has been prepared by Zhibao Technology Inc. (collectively with its consolidated subsidiaries and affiliated en tities, the “ Company “, “we”, “us”, or “our”) solely for informational purpose. No representations, warrants or understandings, express or implied, are made by the Company or any of its officers, directors, affiliates, advisers or repres ent atives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented or contained in this presentation. By viewing or accessing the information contained in thi s p resentation, you acknowledge and agree that none of the Company or any of its officers, directors, affiliates, advisers or representatives accept any responsibility whatsoever (in negligence or otherwise) for any loss howsoever arising fro m any information presented or contained in this presentation or otherwise arising in connection with the presentation. The information presented or contained in this presentation is subject to change without notice and its accurac y i s not guaranteed. None of the Company or any of its affiliates, advisers or representatives or other service providers make any undertaking to update any such information subsequent to the date hereof except as required by law. This presentatio n s hould not be construed as legal, tax, investment or other advice. This presentation contains forward - looking statements that reflect our current expectations and views of future events. These st atements can be recognized by the use of words such as “expects,” “ plans,” “will,” “estimates,” “projects,” “intends” or words of similar meaning. These forward-looking statements are made only, and are based on, estimates and inform ati on available to the Company, as of the date of this presentation, and are not guarantees of future performance. All statements other than statements of historical fact in this presentation are forward - looking statements, including but not l imited to, the Company’s goals and growth strategies; the Company’s expectations regarding demand for and market acceptance of the Company’s brand and platforms; the Company’s future business development; the Company’s dependence on the development, update, upgrade and innovations of insurance solutions and technologies on a timely basis ; the Company’s ability to attract and retain business channels and end customers; the Company’s ability to compete successfully with its competitors; the Company’s ability to build stable and health relationships with insurance companies; the Company’s ability to develop and maintain effective disclosure controls and internal controls over financial reporting; the C omp any’s ability to implement its expansion plans and obtain capital resources for its planned growth ; the Company’s ability to comply with the continued listing standards of Nasdaq stock market; general economic and business condition in Chi na and elsewhere; the Company's ability to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the volatility of the Company's operating results and financial con dit ion and the price of its Class A ordinary shares; the Company's ability to attract and retain qualified senior management personnel and research and development staff; and assumptions underlying or related to any of the foregoing and ot her risks detailed in the Company's filings with the Securities and Exchange Commission (“SEC”) and available on the SEC’s website at http://www.sec.gov . These forward - looking statements involve known and unknown risks and uncertainties and are based on current expectations, assump tions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward - looking statements to reflect subsequent occurring events or circumstances, or to changes in its ex pectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward - looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and inv estors are cautioned that actual results may differ materially from the anticipated results. This presentation does not constitute an offer to sell or a solicitation to purchase or subscribe for any securities of the Company for sale in the United States or anywhere else. No part of this pr ese ntation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, these materials do not constitute a “prospectus” with in the meaning of the US Securities Act of 1933, as amended, and the regulations enacted thereunder. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect t o t he risks and special considerations involved with an investment in the securities of the Company. Any decision to purchase the Company’s securities should be made solely on the basis of the information contained in the Company’s public fil ing s and any prospectus relating to the proposed offering. Neither the SEC nor any other regulatory body has passed upon the adequacy or accuracy of this presentation . Any representation to the contrary is a criminal offense. In evaluating its business, the Company uses or may use certain n on GAAP measures as supplemental measures to review and assess its operating and financial performance. These non GAAP financial meas ure s have limitations as analytical tools, and when assessing the Company’s operating and financial performances, investors should not consider them in isolation, or as a substitute for any consolidated statement of operation s d ata prepared in accordance with US GAAP. THE INFORMATION CONTAINED IN THIS DOCUMENT IS BEING GIVEN SOLELY FOR YOUR INFORMATION AND ONLY FOR YOUR USE IN CONNECTION WIT H T HIS PRESENTATION. THE INFORMATION CONTAINED HEREIN MAY NOT BE COPIED, REPRODUCED, REDISTRIBUTED, OR OTHERWISE DISCLOSED, IN WHOLE OR IN PART, TO ANY OTHER PERS ON IN ANY MANNER.

 

 

Zhibao Technology Inc. is a leading Insur - Tech in China, pioneering 2B2C embedded digital insurance brokerage. Our proprietary PaaS drives rapid deployment of 40+ customized solutions. With 2,000+ B channels 1 and 20M+ end customers 1 served, we’re poised for high growth

 

 

Our to - Business - to - Customer Business Model Zhibao provides customized digital insurance solutions to our B Channels B Channel’s online engagement platforms & workflows Embedded B Channel’s existing end customer base To reach Our 2B2C Model Zhibao’s 2B2C business model allows us to efficiently reach and acquire customers at competitive cost By working with B channels with an existing user base, we can reach and serve end customers more precisely Company expends capital on customer acquisition, advertising, building customer loyalty, customer conversation etc. General Public Direct to Consumer Model Our advantages: • Acquire end customers at competitive cost • Leverage B Channel’s existing relationship with end users • Target users more precisely • Higher efficiency • Easily scalable across different B Channels • Customer acquisition more predictable and controllable

 

 

Our Technological Underpinnings Our proprietary “ PaaS ” allows us to rapidly assemble and deploy solutions to different B channels reliably. Like meal kits simplify cooking with prepped ingredients, our Platform - as - a - service (PaaS) contains our collection of ready - to - use tech components, enabling fast and reliable assembly of digital insurance solutions for B channels. Our PaaS makes developing and delivering our digital insurance solutions low - cost and low - ris k, enhancing the scalability of our business model

 

 

5 Business Segment Overview • China is the world’s second largest insurance market. • However, the insurance brokerage subsector is relatively underdeveloped compared to Western markets. • As a result, the insurance brokerage industry is growing rapidly • The 2B2C digital insurance segment is growing most rapidly at 50%+ CAGR, • Zhibao is the pioneer and market leader in this rapidly growing segment Source: Frost & Sullivan Insurance Brokerage Services Industry Digital Insurance Brokerage Service Industry 2B2C Digital Insurance Brokerage Services • 13.9% CAGR 1 • 28.2% CAGR 1 • 50.1% CAGR 1 1 Between 2022 - 2027E

 

 

6 Financial Updates Source: Company Filings & Internal Data 1 As of January 10, 2025 Earning Highlights (unaudited from FY2025 Half Year ended Dec 31, 2024) • Revenue increased RMB 62M to RMB 146.4M (USD 20.1m) • Gross profit increased RMB 12.5M to RMB 42.5M (USD 5.8m) • Income from operations increased RMB 12.1M to RMB 3.8M (USD 521K); • Net income increased RMB 7M to RMB - 1.5M (USD - 208K) • B channels increased to 2,000+ 1 • End customers increased to 20 million+ 1 Forecast for Fiscal Full Year 2025 ending June 30, 2025 • We expect continued robust revenue growth of over 70% • We expect continued increases in gross & operational profit, and net income Revenue (1H2025) RMB 146.4M +74% Gross Profit (1H2025) RMB 42.5M +145% Net Income (1H2025) RMB - 1.5M +7M Income from Operations (1H2025) RMB 3.8M +12M

 

 

Our Growth Strategies • Expansion of B channels. • Accelerate the expansion of the number of B - Channels, increasing the number of C - end customers we can access. • Expand our sales force. • Our sales teams increased to 32, compared to 26 in 2024. • Upgrade and enrich our digital insurance solutions • Continue to improve our solutions to reduce friction and increase user conversion. • Launched ZBOT, our internal AI Agent to improve staff efficiency by automating routine tasks and enhancing cross - selling opportunities. • Multiple Conversions per end customer • We have serviced more than 20 million end customers to date. • We are continually improving our 2C digital insurance solution to increase customer retention and encourage additional/subsequent conversions per end user.

 

 

Our Growth Strategies • Global Expansion • Seek expansion into foreign markets through strategic partnerships with local companies. • Exploring options to export our PaaS and accumulated expertise to meet similar demands in Southeast Asia and other overseas markets. • Seek new strategic partnerships and cooperation. • We seek out boutique players with similar business models in specific niches as potential strategic cooperation partners. By investing in, and working with these players, we can combine their connections & resources in their niche with our platform & solutions. • Establish our subsidiary reinsurance company in Labuan, Malaysia to support our business. • Our in - house reinsurance company is an innovative expansion upon our business model, creating synergies with our Chinese operating entities.

 

 

Zhibao Labuan Reinsurance Company Limited • Our in - house reinsurance company represents an innovative expansion upon our business model. • Our reinsurer is positioned to take a small share of risks produced by Zhibao’s operating entities in China. • This allows us to receive greater revenue per policy in the form of reinsurance premium, as well as sharing potential underwriting profit. • The reinsurer will also increase our bargaining power with our local insurance and reinsurance partners. • Based in Malaysia, the reinsurer is the first step in our international expansion Insurer Reinsurance Zhibao Re Sunshine Insurance Brokers Brokerage Services MGU Services Zhibao Health Approx. 5%

 

 

10 Zhibao Tech First Mover Advantage Proprietary & Powerful Technology Platform Successful Business Model: 2B2C Digital Embedded Insurance Brokerage Growth Momentum Through Close Partnerships With B channels Diversified and Customized Insurance Solutions Business Highlights

 

 

Our management team has sophisticated insurance and technology background & expertise Our Management Team Botao Ma (Mitchell) Founder, Chairman, Chief Executive Officer • More than 25 years of executive experience in the insurance industry • Chairman of board and general manager of Wills Insurance Brokers Co. Ltd, a Chinese joint venture of an international insurance brokerage group • Served as Associate General Manager of Ping An Property & Casualty Head Office • Director and A ssociate G eneral M anager of Dongda Brokerage, an insurance brokerage company in Shanghai • Bachelor ' s Degree in International Shipping & Master ' s in Marine Law from Shanghai Maritime University, Yuanwen Xia (Sean) Chief Financial Officer • 10+ years experience in PWC and financial management of Fortune 500 companies • 3 years experience in primary market venture capital • Chinese Certified Public Accountant (CPA) • Chartered Financial Analyst (CFA) • Bachelor's Degree from Shanghai Jiaotong University Xiao Luo Co - founder, Chief Operating Officer • Former deputy managing director of risk management department at Willis China • F ounder of "risk consulting + insurance trading" model • 15+ years insurance brokerage business and management experience • Bachelor‘s Degree from Shanghai Jiaotong University & MBA of Shanghai Advanced Institute of Finance Yugang Wang Chief Technology Officer • Served successively as architect, development department manager and PMO, director of Information Technology Department of Allianz Life Insurance and head of Information Technology Department of Fosun United Health Insurance • 20+ years IT systems, architecture, operation management experience within the insurance industry • Bachelor's Degree from Zhejiang University

 

 

12 Key Competitive Advantages Competitive Efficiency • Zhibao can create and iterate greater efficiency and speed thanks to our PaaS & digital insurance solutions. • We expect our solutions to be more effective and cost - efficient than many peers because of our experience & investment into our platform. Ideal Business Model • We can acquire end customers efficiently, precisely, and at competitive cost. • Our model is scalable – the number of end customers we can serve can continually increase. • Through future international partnerships , we can adapt our business model abroad. Technology • We can quickly build and deploy quality digital solutions thanks to our PaaS. • Our proprietary PaaS puts us ahead of the competition . Continued investment in our digital insurance solutions expected to allow us to maintain & widen our lead.

 

 

Zhibao Technology Inc. Corporate Website: ir.zhibao - tech.com Investor Relations Office ir@zhibao - tech.com Skyline Corporate Communications Group, LLC Scott Powell, President 1177 Avenue of the Americas, 5th Floor New York, NY, 10036 Office: (646) 893 - 5835 Email: info@skylineccg.com Keep in Touch Scan to sign up for email alerts!

 

 

Zhibao Technology Inc. NASDAQ: ZBAO Thanks for your attention! Visit us at ir.zhibao - tech.com

 

v3.25.1
Document And Entity Information
 6 Months Ended
Dec. 31, 2024
Document Information Line Items  
Entity Central Index Key 0001966750
Document Type 6-K
Document Fiscal Year Focus 2025
Entity File Number 001-42000
Entity Registrant Name Zhibao Technology Inc.
Amendment Flag false
Document Period End Date Dec. 31, 2024
Document Fiscal Period Focus Q2
Current Fiscal Year End Date --06-30
v3.25.1
Unaudited Condensed Consolidated Balance Sheets
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
CNY (¥)
Current Assets      
Cash and cash equivalents ¥ 28,113,972 $ 3,851,598 ¥ 2,401,495
Restricted cash 105,800,332 14,494,586 38,743,831
Accounts receivable, net 135,313,361 18,537,854 130,354,429
Prepaid expenses and other current assets, net 11,171,611 1,530,504 9,485,464
Total Current Assets 297,530,672 40,761,534 197,551,743
Prepayments for equity investments 4,375,000 599,373
Property and equipment, net 188,131 25,774 233,375
Intangible assets, net 1,914,935 262,345 2,581,046
Operating lease right of use assets 5,885,455 806,304 3,313,215
Restricted cash, noncurrent 5,000,000 684,997 5,000,000
Deferred tax assets 43,192 5,917 57,257
Other non-current assets 41,004 5,618 51,004
Total Non-Current Assets 17,447,717 2,390,328 11,235,897
Total Assets 314,978,389 43,151,862 208,787,640
Current Liabilities      
Short-term borrowings 33,800,000 4,630,581 26,814,237
Accounts payable 55,643,496 7,623,128 51,252,954
Insurance premium payable 111,448,220 15,268,344 38,376,850
Income tax payable 42,994 5,890 42,747
Operating lease liabilities, current 2,537,123 347,584 2,425,135
Accrued expenses and other liabilities 15,278,258 2,093,113 15,990,970
Convertible notes 6,888,414 943,709
Derivative liabilities 14,598 2,000
Total Current Liabilities 234,214,852 32,087,304 141,068,960
Operating lease liabilities, noncurrent 3,427,331 469,542 1,044,068
Deferred tax liabilities 3,761,000 515,255 2,683,818
Total Non-Current Liabilities 7,188,331 984,797 3,727,886
Total Liabilities 241,403,183 33,072,101 144,796,846
Commitments and contingencies
Shareholders’ Equity      
Additional paid-in capital 207,528,841 28,431,335 196,038,784
Accumulated deficit (133,356,964) (18,269,951) (131,841,244)
Accumulated other comprehensive loss (619,179) (84,827) (228,872)
Total Shareholders’ Equity 73,575,206 10,079,761 63,990,794
Total Liabilities and Shareholders’ Equity 314,978,389 43,151,862 208,787,640
Related Party      
Current Liabilities      
Due to related parties 8,561,749 1,172,955 6,166,067
Related Party      
Current Assets      
Due from related parties 17,131,396 2,346,992 16,566,524
Class A ordinary shares      
Shareholders’ Equity      
Ordinary Shares [1] 10,304 1,522 9,922
Class B ordinary shares      
Shareholders’ Equity      
Ordinary Shares ¥ 12,204 $ 1,682 ¥ 12,204
[1] The shares and per share information are presented on a retroactive basis to reflect the reorganization and reclassification of Class A and Class B ordinary shares.
v3.25.1
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - ¥ / shares
Dec. 31, 2024
Jun. 30, 2024
Class A ordinary shares    
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) ¥ 0.0001 ¥ 0.0001
Ordinary shares, authorized 450,000,000 450,000,000
Ordinary shares, issued 15,231,387 14,707,073
Ordinary shares, outstanding 15,231,387 14,707,073
Class B ordinary shares    
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) ¥ 0.0001 ¥ 0.0001
Ordinary shares, authorized 50,000,000 50,000,000
Ordinary shares, issued 16,816,692 16,816,692
Ordinary shares, outstanding 16,816,692 16,816,692
v3.25.1
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
 6 Months Ended
Dec. 31, 2024
CNY (¥)
¥ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
CNY (¥)
¥ / shares
shares
Income Statement [Abstract]      
Revenues ¥ 146,371,285 $ 20,052,784 ¥ 84,254,221
Cost of revenues (103,811,688) (14,222,143) (54,192,050)
Gross profit 42,559,597 5,830,641 30,062,171
Operating expenses      
Selling and marketing expenses (18,564,666) (2,543,349) (20,993,374)
General and administrative expenses (14,282,228) (1,956,657) (10,153,441)
Research and development expenses (5,908,365) (809,443) (7,294,313)
Total operating expenses (38,755,259) (5,309,449) (38,441,128)
(Loss) income from operations 3,804,338 521,192 (8,378,957)
Other (expense) income:      
Interest expense, net (1,423,313) (194,993) (431,796)
Other income, net 533,414 73,077 127,399
Gain on fair value change of derivative liabilities 722,631 99,000
Loss on settlement of convertible notes (4,061,543) (556,429)
Total other expense, net (4,228,811) (579,345) (304,397)
Loss Before Income Taxes (424,473) (58,153) (8,683,354)
Income tax benefits (expenses) (1,091,247) (149,500) 137,354
Net Loss (1,515,720) (207,653) (8,546,000)
Other comprehensive loss      
Foreign currency translation adjustments (390,307) (53,472) (1,513)
Comprehensive loss ¥ (1,906,027) $ (261,125) ¥ (8,547,513)
Weighted average number of ordinary share outstanding      
Basic (in Shares) [1] 31,587,188 31,587,188 30,000,000
Diluted (in Shares) [1] 31,587,188 31,587,188 30,000,000
Earnings (loss) per share      
Basic (in Dollars per share and Yuan Renminbi per share) | (per share) [1] ¥ (0.05) $ (0.01) ¥ (0.28)
Diluted (in Dollars per share and Yuan Renminbi per share) | (per share) [1] ¥ (0.05) $ (0.01) ¥ (0.28)
[1] The shares and per share information are presented on a retroactive basis to reflect the reorganization and reclassification of Class A and Class B ordinary shares.
v3.25.1
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity
Adoption, Adjusted Balance
Ordinary Shares
Class A
CNY (¥)
shares
Adoption, Adjusted Balance
Ordinary Shares
Class B
CNY (¥)
shares
Adoption, Adjusted Balance
Additional Paid-in Capital
CNY (¥)
Adoption, Adjusted Balance
Retained earnings (Accumulated Deficits)
CNY (¥)
Adoption, Adjusted Balance
Accumulated Other Comprehensive Income
CNY (¥)
Adoption, Adjusted Balance
CNY (¥)
Ordinary Shares
Class A
CNY (¥)
shares
Ordinary Shares
Class A
USD ($)
shares
Ordinary Shares
Class B
CNY (¥)
shares
Ordinary Shares
Class B
USD ($)
shares
Additional Paid-in Capital
CNY (¥)
Additional Paid-in Capital
USD ($)
Retained earnings (Accumulated Deficits)
CNY (¥)
Retained earnings (Accumulated Deficits)
USD ($)
Accumulated Other Comprehensive Income
CNY (¥)
Accumulated Other Comprehensive Income
USD ($)
CNY (¥)
shares
USD ($)
shares
Balance (in Dollars) | ¥ ¥ 8,820 ¥ 12,204 ¥ 168,973,780 ¥ (145,092,997) ¥ 5,118 ¥ 23,906,925 ¥ 8,820   ¥ 12,204   ¥ 168,973,780   ¥ (137,544,783)   ¥ 5,118   ¥ 31,455,139  
Balance (in Shares) [1] 13,183,308 16,816,692         13,183,308 13,183,308 16,816,692 16,816,692                
Balance at Jun. 30, 2023 | ¥ ¥ 8,820 ¥ 12,204 168,973,780 (145,092,997) 5,118 23,906,925 ¥ 8,820   ¥ 12,204   168,973,780   (137,544,783)   5,118   31,455,139  
Balance (in Shares) at Jun. 30, 2023 [1] 13,183,308 16,816,692         13,183,308 13,183,308 16,816,692 16,816,692                
Adjustments due to the adoption of ASC 326 | ¥                   (7,548,214)     (7,548,214)  
Net loss | ¥ (8,546,000) (8,546,000)                     ¥ (8,546,000)  
Net loss (in Shares) [1] [1]                             30,000,000 [2] 30,000,000 [2]
Foreign exchange adjustments | ¥ (1,513) (1,513)                        
Foreign exchange adjustments (in Shares) [1]                                
Balance at Dec. 31, 2023 | ¥ ¥ 8,820 ¥ 12,204 168,973,780 (153,638,997) 3,605 15,359,412                        
Balance (in Shares) at Dec. 31, 2023 [1] 13,183,308 16,816,692                                
Balance (in Dollars) | ¥ ¥ 8,820 ¥ 12,204 ¥ 168,973,780 ¥ (153,638,997) ¥ 3,605 ¥ 15,359,412                        
Balance (in Shares) [1] 13,183,308 16,816,692                                
Balance (in Dollars) | ¥             ¥ 9,922   ¥ 12,204   196,038,784   (131,841,244)   (228,872)   ¥ 63,990,794  
Balance (in Shares) [1]             14,707,073 14,707,073 16,816,692 16,816,692                
Balance at Jun. 30, 2024 | ¥             ¥ 9,922   ¥ 12,204   196,038,784   (131,841,244)   (228,872)   63,990,794  
Balance (in Shares) at Jun. 30, 2024 [1]             14,707,073 14,707,073 16,816,692 16,816,692                
Settlement of convertible notes with Class A ordinary shares | ¥             ¥ 382     9,789,039       9,789,421  
Settlement of convertible notes with Class A ordinary shares (in Shares) [1]             524,314 524,314                
Issuance of Warrants in connection with convertible notes | ¥                 1,701,018       1,701,018  
Issuance of Warrants in connection with convertible notes (in Shares) [1]                            
Net loss                   (1,515,720)     ¥ (1,515,720) $ (207,653)
Net loss (in Shares)             [1] [1] [1] [1]             31,587,188 [2] 31,587,188 [2]
Foreign exchange adjustments | ¥                     (390,307)   ¥ (390,307)  
Foreign exchange adjustments (in Shares) [1]                            
Balance at Dec. 31, 2024             ¥ 10,304 $ 1,522 ¥ 12,204 $ 1,682 207,528,841 $ 28,431,335 (133,356,964) $ (18,269,951) (619,179) $ (84,827) 73,575,206 $ 10,079,761
Balance (in Shares) at Dec. 31, 2024 [1]             15,231,387 15,231,387 16,816,692 16,816,692                
Balance (in Dollars)             ¥ 10,304 $ 1,522 ¥ 12,204 $ 1,682 ¥ 207,528,841 $ 28,431,335 ¥ (133,356,964) $ (18,269,951) ¥ (619,179) $ (84,827) ¥ 73,575,206 $ 10,079,761
Balance (in Shares) [1]             15,231,387 15,231,387 16,816,692 16,816,692                
[1] The shares are presented on a retroactive basis to reflect the reorganization and reclassification of Class A and Class B ordinary shares.
[2] The shares and per share information are presented on a retroactive basis to reflect the reorganization and reclassification of Class A and Class B ordinary shares.
v3.25.1
Unaudited Condensed Consolidated Statements of Cash Flows
 6 Months Ended
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Statement of Cash Flows [Abstract]      
Net cash provided by operating activities ¥ 74,197,711 $ 10,165,046 ¥ 85,607,856
Cash Flows From Investing Activities      
Purchase of intangible assets (264,606)
Prepayment for equity investments (4,375,000) (599,373)
Net cash used in investing activities (4,375,000) (599,373) (264,606)
Cash Flows From Financing Activities      
Proceeds from issuance of convertible notes , net of discount 16,024,928 2,250,000
Payment of issuance costs for issuance of convertible noes (2,483,924) (394,889)
Proceeds from short-term bank borrowings 32,000,000 4,383,982 25,000,000
Repayment of short-term bank borrowings (25,014,237) (3,426,936) (25,453,560)
Borrowings from related parties 2,500,000 342,499 26,500,000
Repayment of borrowings from related parties (15,000,000)
Payment of offering cost (1,771,436)
Net cash (used in) provided by financing activities 23,026,767 3,154,656 9,275,004
Effect of exchange rate changes on cash and cash equivalents (80,500) (11,032) (1,513)
Net increase in cash, cash equivalents and restricted cash 92,768,978 12,709,297 94,616,741
Cash, cash equivalents and restricted cash at beginning of the period 46,145,326 6,321,884 19,873,652
Cash, cash equivalents and restricted cash at end of the period 138,914,304 19,031,181 114,490,393
Supplemental Cash Flow Information      
Cash paid for interest expense 556,776 76,278 507,297
Cash paid for income tax
Non-cash Investing and Financing activities      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 5,013,830 686,892 81,674
Disposal of operating lease right-of-use assets (1,508,268) (206,632)
Settlement of convertible notes by issuance of ordinary shares ¥ 9,789,421 $ 1,341,145
v3.25.1
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Consolidated Balance Sheets
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
CNY (¥)
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Consolidated Balance Sheets [Abstract]      
Cash and cash equivalents ¥ 28,113,972 $ 3,851,598 ¥ 2,401,495
Restricted cash 105,800,332 14,494,586 38,743,831
Restricted cash, noncurrent 5,000,000 684,997 5,000,000
Total cash and cash equivalents and restricted cash ¥ 138,914,304 $ 19,031,181 ¥ 46,145,326
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