Zhibao Technology is a Chinese digital insurance broker listed on Nasdaq under "ZBAO." Zhibao's core business is "2B2C embedded insurance" — rather than selling directly to consumers, Zhibao embeds insurance products into the digital platforms of partner businesses (called "B channels"), such as travel agencies, logistics companies, e-commerce platforms, and government agencies. When a consumer interacts with a B channel — booking a trip, signing up for a utility — they are presented with relevant insurance products through the B channel's existing app, website, or social media interface. Zhibao handles product design, insurer selection, technology integration, and compliance behind the scenes. Zhibao has over 2,400 B channels, more than 24 million end customers, and partnerships with over 100 insurance companies. Zhibao earns commissions from insurance companies — not from end customers — when a policy is purchased through its platform. Commission rates vary by product type: roughly 10–35% of gross written premium for property, casualty, and health products, and 50–80% for life products. Zhibao pays a portion of these commissions (30–50%) to B channels in exchange for platform access. The 2B2C model is structurally cost-efficient because B channels provide a pre-existing customer base, reducing customer acquisition costs. Zhibao also has a small and declining Managing General Underwriting business, where insurers authorize Zhibao to assist with underwriting and claims, but this segment represents just 1% of revenue.