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Zhibao Technology helps individuals, families and smaller businesses in China select and buy insurance through subsidiaries including Zhibao China and Sunshine Insurance Brokers. It builds customized insurance offerings into partners’ existing websites, apps and services such as WeChat Mini Programs, reaching customers who already use those channels. As the customer’s authorized broker, it selects products and negotiates with insurers. Customers pay premiums to insurers, which then pay Zhibao commissions based on those premiums. Brokerage commissions provide nearly all its revenue, and Zhibao shares part of those fees with its channel partners.
The business depends on retaining partners that provide access to customers, rather than pay Zhibao directly. It also relies on insurers for the policies it offers; a small group of insurers supplies much of its revenue, giving those insurers influence over commission terms.
Its operations are subject to China’s insurance-brokerage licensing and personal-data protection requirements. Its real-time online processing of policy information and transactions may also require a value-added telecommunications license that it has not obtained; an adverse regulatory determination could require it to suspend services.
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Cheche Group overlaps with Zhibao in China's digital insurance market, particularly property-and-casualty policies—the main source of Zhibao's recent premium growth. Cheche lets buyers compare insurers' quotes and obtain policies; watch its carrier connections, which support sales in that same market, rather than treating its total revenue as property-and-casualty revenue.
Huize offers a comparison for Zhibao's insurer-paid commissions: both help Chinese consumers buy insurance through digital platforms, but Huize leans more toward life and health coverage. Those products supplied 90.4% of Huize's brokerage income in 2025, so its commission results reflect a different product mix from Zhibao's recent property-and-casualty-led growth.
Yuanbao overlaps with Zhibao in using digital technology to tailor Chinese insurers' policies and sell them to consumers, but focuses more on medical and critical-illness coverage. Watch Yuanbao's new-policy counts in those two categories as a comparison for health-insurance demand, rather than for Zhibao's broader insurer-paid brokerage business.
Waterdrop overlaps with Zhibao in consumer health coverage: both sell insurers' policies through digital platforms and earn commissions tied to premiums. Waterdrop's health-insurance offering is the relevant comparison—1,721 of its 2,379 product types were health insurance at December 31, 2025.
AIFU provides a contrasting sales model for Zhibao: both distribute life, health and property-and-casualty insurance in China for insurers, but AIFU relies more on sales agents and corporate brokers while Zhibao embeds insurance in business partners' digital platforms. AIFU's agency revenue offers a comparison for how that agent-led model performs against Zhibao's insurer-paid digital brokerage.
Huize Holding Limited earningsHUIZ
Huize’s report shows whether insurer-paid commissions on life and health policies are growing, offering Zhibao a comparison with a different product mix.
Compare changes in Huize’s life and health brokerage income with Zhibao’s recent brokerage growth, which was led by property-and-casualty policies. Growth at Huize would show that demand for life and health policies can also support insurer-paid commissions; weakness would point to pressure in that different product mix, not establish how Zhibao’s property-and-casualty demand is doing.
