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Zhibao Technology Inc. Announces Revised Financial Results for the Six Months Ended December 31, 2024
Shanghai, China--(Newsfile Corp. - May 2, 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 revised financial results for the six months ended December 31, 2024. Recently, the Company made updates to the results that were announced on April 15, 2025, in a few of the other expense ...
About this update from Zhibao Technology Inc.
[{"type":"text","content":"Shanghai, China--(Newsfile Corp. - May 2, 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 revised financial results for the six months ended December 31, 2024.","length":393,"tagName":"p"},{"type":"text","content":"Recently, the Company made updates to the results that were announced on April 15, 2025, in a few of the other expense and income lines that are below the (loss) gain from operations section in the income statement. The items that were adjusted included net interest expense, an addition of a gain on fair value of warrant liabilities, and a loss on settlement of convertible notes.","length":382,"tagName":"p"},{"type":"text","content":"Below are the adjustments that were made to the income statement:","length":65,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The net interest expense increased from RMB1.4 million ($0.2 million) to RMB1.6 million ($0.2 million).","length":103,"tagName":"p"}]},{"val":[{"type":"text","content":"Added gain from fair value change of warrant liabilities of RMB1.4 million ($0.2 million).","length":90,"tagName":"p"}]},{"val":[{"type":"text","content":"The loss on settlement of convertible notes increased from RMB4.1 million ($0.5 million) to RMB4.4 million ($0.6 million).","length":122,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":315,"olType":false},{"type":"text","content":"Due to these adjustments, net loss decreased to RMB0.6 million ($0.09 million) for the six months ended December 31, 2024, compared to the amount reported on April 15, 2025 of a net loss of RMB1.5 million ($0.2 million) for the same period. Further, the adjusted basic and diluted GAAP loss per share was RMB0.02 ($0.00) for the six months ended December 31, 2024, versus the previous reported RMB0.05 ($0.01).","length":410,"tagName":"p"},{"type":"text","content":"In connection with the preparation of the unaudited interim condensed consolidated financial statements for the six months ended December 31, 2024, the management corrected the errors relating to the convertible notes and warrants issued to the Investor mentioned. The warrants were incorrectly a...