KEY HIGHLIGHTS

• Strategic Evolution of January Agreement: Following the strategic framework signed in January 2026 between Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," "we," or the "Company") and Hangzhou Hyperchain Technology Co., Ltd. ("Hyperchain"), Zhibao has progressed the collaboration into operational execution via a partnership with Changzhou City Data Operation Co., Ltd.
• Embedding into "My Changzhou" Infrastructure: Leveraging Hyperchain's trusted data space and data element technologies, Zhibao's subsidiary, Sunshine Insurance Brokers (Shanghai) Co., Ltd., will embed its proprietary digital insurance applications across the "My Changzhou" APP, WeChat service account, and social media and lifestyle channels, reaching Changzhou's over 5 million urban residents.
• Commercialization of Healthcare Data Elements: Built on the three-year Hyperchain agreement to drive data productization and commercial health insurance innovations, this milestone translates legally authorized healthcare data into scene-based insurance distribution and health management services.

Shanghai, China--(Newsfile Corp. - September 16, 2026) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," "we," or the "Company"), a leading high-growth InsurTech company and pioneer of the 2B2C digital embedded insurance model in China, today announced a major operational milestone arising from its strategic cooperation with Hangzhou Hyperchain Technology Co., Ltd. ("Hyperchain").

Building directly upon the foundational strategic framework agreement signed with Hyperchain in January 2026 to explore blockchain and other advanced fintech applications in insurance, Zhibao's wholly-owned operating subsidiary, Sunshine Insurance Brokers (Shanghai) Co., Ltd., has officially entered into a platform agreement with Changzhou City Data Operation Co., Ltd. This agreement marks a concrete execution and scene-level deployment of the Hyperchain partnership.

From Framework to Execution: Building on the Hyperchain Partnership

In January 2026, Zhibao and Hyperchain established a three-year strategic partnership to integrate Hyperchain's blockchain and data element infrastructure with Zhibao's 2B2C embedded insurance model and Managing General Underwriter (MGU) expertise. The core objective was to utilize authorized healthcare data to pioneer specialized commercial health insurance products, deploy data models, and expand into municipal hubs.

This new implementation with Changzhou City Data Operation Co., Ltd. represents a direct realization of those goals:

• Data-Driven Civic Integration: Utilizing Hyperchain's trusted data space framework, Zhibao will integrate its PaaS-driven digital insurance platform into "My Changzhou"—the official civic service portal for Changzhou's over 5 million urban residents—spanning its main mobile App, WeChat service account, and social media and lifestyle channels.
• Healthcare Data Productization: The deployment applies authorized medical data governance to optimize risk pricing, streamline underwriting, and offer targeted health management and insurance solutions to platform users.
• Operational Scope & Compliance: Sunshine Insurance Brokers will oversee application operations, product design, and customer service delivery, while maintaining strict compliance with national data security, cybersecurity, and personal information protection regulations.

Management Commentary

"In January, we set out with Hyperchain to unlock the latent value of data elements in the health insurance ecosystem," said Mr. Botao Ma, Director of Zhibao. "This deployment on 'My Changzhou' demonstrates how rapidly our collaboration is moving from strategic framework to real-world execution. By combining Hyperchain's data infrastructure, Changzhou's municipal reach, and Zhibao's PaaS embedded capabilities, we are successfully commercializing healthcare data assets to provide accessible, customized protection to millions of citizens."

About Zhibao Technology Inc. Zhibao Technology Inc. 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 proprietary digital insurance solutions addressing different scenarios across travel, logistics, utilities, e-commerce, and municipal services. For more information, please visit: ir.zhibao-tech.com.

About Hyperchain Hangzhou Hyperchain Technology Co., Ltd. is a global provider of enterprise blockchain and data element technology infrastructure. Hyperchain specializes in constructing trusted data spaces, data productization, and scenario-based digital operations across healthcare, municipal services, and finance.

Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "is/are likely to," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company undertakes no 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 may be required by law. These statements are subject to uncertainties and risks including, but not limited to, market conditions and other factors discussed in the "Risk Factors" section of our annual reports on Form 20-F (as amended) and registration statements on Form F-1 (as amended) that have been filed or will be filed from time to time with the SEC. Although the Company 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 the Company cautions investors that actual results may differ materially from the anticipated results. 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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