Quarterly Report for Quarter Ending August 31, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following management's discussion and analysis should be read in conjunction with our financial statements and the notes thereto and the other financial information appearing elsewhere in this report. Our financial statements are prepared in U.S. dollars and in accordance with U.S. GAAP.

Special Note Regarding Forward Looking Statements

In addition to historical information, this report contains forward-looking statements. We use words such as "believe," "expect," "anticipate," "project," "target," "plan," "optimistic," "intend," "aim," "will" or similar expressions which are intended to identify forward-looking statements. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements.

Readers are urged to carefully review and consider the various disclosures made by us in this report and our other filings with the SEC. These reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of operations and prospects. The forward-looking statements made in this report speak only as of the date hereof and we disclaim any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations or future events.

Overview

On March 6, 2015, SavMobi Technology Inc. ("the Company") was incorporated in the State of Nevada and established a fiscal year end of May 31. Initially the business platform was in providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience.

On May 18, 2017, Lakwinder Singh Sidhu, the Company's former Director and CEO, completed a transaction with New Reap Global Ltd., by which New Reap Global Ltd. acquired 32,500,000 shares of common stock, representing 68.4% ownership of the Company.

On March 19, 2018 New Reap Global transferred 250,000 restricted shares to Eng Wah Kung.

On May 10, 2018 and May 30, 2018, 16,959,684 were transferred to Arden Wealth and Trust. 2,000,000 shares are free trading from HongLing Shang, 559,684 restricted shares from New Reap Global, LTD and 2,400,000 each from Xuedong Zhang, Jingmei Jiang, Qianxian, Yulan Qi, Baoxin Song, Jianlong Wu.

On June 15, 2018 New Reap Global transferred 690,316 restricted shares to EMRD Global Holdings.

On June 26, 2018 New Reap Global transferred 3,000,000 restricted shares to FORTRESS ADVISORS, LLC and 3,000,000 to Baywall Inc.

On November 10, 2020, ten (10) shareholders of the Company, including affiliates Arden Wealth & Trust (Switzerland) AG and New Reap Global Limited, entered into stock purchase agreements with an aggregate of nineteen (19) non-U.S. accredited investors to sell an aggregate of 42,440,316 shares of common stock of the "Company, which represents approximately 68.6% of the issued and outstanding shares of common stock of the Company.

On June 8, 2022, three (3) shareholders of the Company, including Ma Hongyu, Ye Caiyun, and Li Wenzhe entered into stock purchase agreements with an aggregate of five (5) non-U.S. accredited investors (the "Purchase Agreements") to sell an aggregate of 25,095,788 shares of common stock of the Company, which represents approximately 40.54% of the issued and outstanding shares of common stock of the Company, for consideration of $250,958.

The Purchase Agreements were fully executed and delivered on June 8, 2022. Zhang Yiping and Chen Xinxin acquired approximately 24.54% and 6.46% of the issued and outstanding shares of the Company, respectively, and the remaining purchasers each acquired less than 4.99% of the issued and outstanding shares.

Purchasers		Shares acquired				%
Zhang Yiping			15,189,500				24.54	%
Chen Xinxin			4,000,000				6.46	%
Wang Yanfang			2,000,000				3.23	%
Liu Chen			2,000,000				3.23	%
Liu Ying			1,906,288				3.08	%

On December 15, 2022, the Company entered into a share exchange agreement (the "Share Exchange Agreement") with Intellegence Parking, a Cayman Island company formed on June 29, 2022, Chen Xinxin ("Xinxin"), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the "Shareholders"), which closed on January 5, 2023. Under the Share Exchange Agreement, one hundred percent (100%) of the ownership interest of Intellegence was exchanged for 1,000,000,000 shares of common stock of the Company issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence acquired a majority of the issued and outstanding common stock as a result of the share exchange transaction. The transaction has been accounted for as a recapitalization of the Company, whereby Intellegence is the accounting acquirer.

Immediately after completion of such share exchange, the Company held a total of 200,000,000 issued and outstanding shares of Intellegence. Zhang Guowei is the sole director of Intellegence Parking.

Consequently, the Company has ceased to fall under the definition of shell company as define in Rule 12b-2 under the Exchange Act of 1934, as amended (the "Exchange Act") and Intellegence is now a wholly owned subsidiary.

Intellegence Parking was incorporated on June 29, 2022 under the laws of Cayman Islands. It is controlled by Guowei Zhang, Xiujuan Chen, Hongwei Li and Chuchu Zhang. Intellegence Parking is an investment holding company.

Intellegence HK was incorporated on July 20, 2022 under the laws of Hong Kong SAR. Intelligence HK is a wholly subsidiary of Intellegence Parking since incorporation and it is an investment holding company.

Huixin WFOE was incorporated on October 24, 2022 under the laws of PRC. It is a wholly owned subsidiary of Intellegence HK since incorporation and it is an investment holding company.

Pursuant to Business Operation Agreements, one entered into among Huixin WFOE and Zhejiang Jingbo Ecological Technology Co., and the other among Keqiao WFOE and Guangzhou Keqiao, the Company obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective nominee shareholders. These contractual agreements include power of attorney, exclusive option agreement, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements. These contractual agreements can be extended at the relevant PRC subsidiaries' options prior to the expiration date. As a result, the Company maintains the ability to control these PRC domestic companies, is entitled to substantially all of the economic benefits from these PRC domestic companies and is obligated to absorb all expected losses of these PRC domestic companies.

Zhejiang Jingbo Ecological Technology Co. is a PRC company which was formed on December 18, 2019 and is engaged in the business of smart parking application software and platform operations business. Zhang Guowei has been the Chairman of Zhejiang Jingbo Ecological Technology Co. since December 2019.

Hangzhou Zhuyi was incorporated under the laws of the PRC on November 13, 2017 with a capital of RMB 60,000,000. The majority shareholder at the time of establishment was Guowei Zhang. On April 1, 2020, Zhejiang Jingbo Ecological Technology became the sole shareholder of Hangzhou Zhuyi. Hangzhou Zhuyi is specialized in smart parking projects, smart parking mobile applications and cloud platform construction innovation.

Xide was incorporated on October 14, 2021, which is 67% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Tongpo was incorporated on November 4, 2020, which is a wholly subsidiary of Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Taining was incorporated on May 18, 2021, which is 72% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Huji was incorporated on August 14, 2023, which is a wholly subsidiary of Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Intellengence Parking Group Limited provides smart parking projects, smart parking mobile applications and cloud platform construction innovation through its consolidated subsidiaries, variable interest entities ("VIE(s)") and VIE's subsidiaries.

On March 8, 2023, the Company changed its name from Savmobi Technology, Inc. to Jingbo Technology, Inc. by filing a certificate of amendment with the Nevada Secretary of State. On February 8, 2024, Financial Industry Regulatory Authority ("FINRA") announced the Company's name change.

On February 5, 2024, the Company conducted a reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.001 per share (the "Common Stock"), at a ratio of 1-for-200 (the "Reverse Stock Split"). After the Reverse Stock Split, the Company's authorized capitalization is 50,000,000 common shares with a par value of $0.001 per share. The issued and outstanding number of shares of the Company's Common Stock correspondingly decreased to 5,315,412.

On February 28, 2024, the Company changed its fiscal year end from May 31 to the last day of February.

On March 14, 2024, Leshan was incorporated under the laws of PRC which is 65% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects.

On August 27, 2024, Hangzhou Zhuyi entered into a shares transfer agreement with Qiaofei Li and Haikou. Pursuant to the agreement, Hangzhou Zhuyi transferred 90% of the equity interest of Haikou to Qiaofei Li and 10% to Lili Xu, for consideration of $0. Haikou has no material operations before the transfer, and Hangzhou Zhuyi received a valuation report from a third party before it entered into the agreement.

On the same date, Hangzhou Zhuyi entered into a shares transfer agreement with Lili Xu and Yibin. Pursuant to the shares transfer agreement, Hangzhou Zhuyi transferred all the entity interest it owned in Yibin to Lili Xu for consideration of $0. Yibin has no material operations before the transfer, and Hangzhou Zhuyi received a valuation report from a third party before it entered into the agreement.

On the same date, Hangzhou Zhuyi entered into a shares transfer agreement with Changsen Chi and Liangshan. Pursuant to the shares transfer agreement, Hangzhou Zhuyi transferred all the equity interest it owned in Liangshan to Changsen Chi for consideration of $0. Liangshan has no material operations before the transfer, and Hangzhou received a valuation report from a third party before it entered into the agreement.

On September 3, 2024, the board of directors (the "Board") of the Company approved and adopted the Amended and Restated Bylaws (the "Amended Bylaws") which became effectively immediately. The Amended Bylaws (i) revised the principal business location of the Company and (ii) lowered the minimum votes required for actions taken by written consent of stockholders to the majority of the issued and outstanding shares of the Company.

On October 30, 2024, the Company filed with the Nevada Secretary of State a Certificate of Amendment of the Articles of Incorporation (the "Certificate of Amendment"). The Certificate of Amendment increased the number of authorized shares of common stock, $0.001 par value per share (the "Common Stock"), from 50,000,000 shares to 50,000,000,000 shares (the "Authorized Capital Change"). The Authorized Capital Change took effect on October 17, 2024.

On November 18, 2024, the Company entered into a Shares Exchange Agreement (the "Shares Exchange Agreement"), Xinghe and Hangdu, a British Virgin Islands company and the sole shareholder of Xinghe. Pursuant to the Share Exchange Agreement, the Company issued 550,000,000 shares of common stock, par value $0.001 per share (the "Common Stock") of the Company to Hangdu, in consideration for the acquisition of all the issued and outstanding shares in Xinghe (the "Acquisition"). Hangdu will transfer all the issued and outstanding shares of Xinghe at the closing of the Share Exchange Agreement.

On December 9, 2024, the Acquisition was completed. As consideration for the Acquisition, the Company issued 550,000,000 shares of Common Stock to Hangdu in exchange for the 50,000 ordinary shares, representing all the issued and outstanding shares of Xinghe, owned by Hangdu. After the Acquisition, Hangdu became the largest shareholder of Jingbo and held approximately 99.0% issued and outstanding shares of Jingbo. Xiujuan Chen, a citizen of People's Republic of China, is the sole shareholder of Hangdu. Xinghe is the sole shareholder of Keqiao Limited, which is incorporated in Hong Kong and holds 100% of Keqiao WFOE, which is incorporated in Guangzhou, China. Keqiao WFOE entered into a series of contractual arrangements, including equity pledge agreements, shareholders' voting rights proxy agreement, exclusive business cooperation agreements, and exclusive call option agreements, with Guangzhou Keqiao , giving Keqiao WFOE's right to control and operate the business of Guangzhou Keqiao. Guangzhou Keqiao is the sole shareholder of Shaoxing Keqiao Zhuyi Technology Co., Ltd. ("Shaoxing Keqiao"), an innovative technology company incorporated in China specializing in intelligent parking projects. After the Acquisition, Jingbo will continue its smart parking business in Zhejiang, China. Shaoxing Keqiao is an innovative technology company specializing in intelligent parking projects in Zhejiang, China. The platform owned by Shaoxing Keqiao supports online payment of parking fees, enabling seamless access to parking spaces, which greatly improves the user's parking experience. Shaoxing Keqiao utilizes modern information technologies such as the Internet of Things, big data, cloud computing, and mobile payment to provide solutions for the intelligent management and service of urban parking resources. Prior to the Acquisition, the Company's ability to continue as a going concern was dependent on long-term loan in the amount of $22,032,891 (the "Debt") owed to Shaoxing Keqiao. Following the Acquisition, the Company no longer owes the Debt to Shaoxing Keqiao or to the controlling person of Shaoxing Keqiao.

Corporate Structure

For the Three Months Ended August 31, 2025 Compared to the Three Months Ended August 31, 2024

Revenue from parking fee

The Company generated $372,771 in revenue from parking fee during the three months ended August 31, 2025 compared to $396,242 during the three months ended August 31, 2024. Revenue mainly comprised of parking fee. The decrease in revenue from parking fees was mainly contributed by the termination of Xiaoshan Airport project.

Cost of Revenues for parking fee

During the three months ended August 31, 2025, the Company incurred $324,856 in cost of revenues compared to $697,567 for the three months ended August 31, 2024. Cost of revenue mainly consisted of depreciation, salary and professional fee. The decrease in cost of revenues was contributed by the decrease in salary and rental expenses.

Gross income

Gross income was $64,847 for the three months ended August 31, 2025 compared to gross loss of $301,325 for the three months ended August 31, 2024. The increase was mainly contributed by the decrease in salary and rental expenses.

Selling and marketing expenses

During the three months ended August 31, 2025, we incurred selling and marketing expenses of $32,135 compared to $320,770 for the three months ended August 31, 2024. Selling and marketing expenses for the three months ended August 31, 2025 and 2024 mainly included salary expenses, traveling expenses, hospitality expenses and professional fees. The decrease in selling and marketing expenses was primarily due to a decrease in salary and professional fees.

General and Administrative Expenses

During the three months ended August 31, 2025, we incurred general and administrative expenses of $743,648 compared to $964,204 incurred during the three months ended August 31, 2024. General and administrative expenses incurred during the three months ended August 31, 2025 mainly consisted of salary expense and professional fees. The decrease in general and administrative expenses was mainly due to the decrease in office fees and hospitality expenses.

Research and development expenses

During the three months ended August 31, 2025, we incurred research and development expenses of $60,605 compared to $85,511 for the three months ended August 31, 2024. R&D expenses mainly included salary expenses and depreciation expenses. The decrease in R&D expenses was contributed by a decrease in these main expenses.

Net loss

As the result of foregoing, the net loss for the three months ended August 31, 2025 and 2024 was $786,328 and $4,272,890 respectively. The substantial decrease in net loss was mainly due to the loss on disposal of subsidiaries during the six months ended August 31, 2024.

For the Six Months Ended August 31, 2025 Compared to the Six Months Ended August 31, 2024

Revenue from parking fee

The Company generated $729,021 in revenue from parking fee during the six months ended August 31, 2025 compared to $704,776 during the six months ended August 31, 2024. Revenue mainly comprised of parking fee. The increase in revenue from parking fees was mainly contributed by the increase revenue from Leshan.

Revenue from winery sales

The Company generated $47,584 in revenues from winery sales during the six months ended August 31, 2025 compared to nil during the six months ended August 31, 2024. This was a new income stream. The Company started to sell wine in November 2024 while the Company has ceased this business in May 2025.

Cost of revenues for parking fee

During the six months ended August 31, 2025, the Company incurred $600,097 in cost of revenues compared to $1,209,872 for the six months ended August 31, 2024. Cost of revenue mainly consisted of depreciation, salary and professional fee. The decrease in cost of revenues was contributed by the decrease in salary and rental expenses.

Cost of revenue for winery sales

During the six months ended August 31, 2025, the Company incurred $46,097 in cost of revenues compared to nil for the six months ended August 31, 2024. Cost of revenue mainly consisted of inventory purchasing cost.

Gross income / loss

Gross income was $192,500 for the six months ended August 31, 2025 compared to gross loss of $505,096 for the six months ended August 31, 2024. The increase was mainly contributed by the decrease in salary and rental expenses.

Selling and marketing expenses

During the six months ended August 31, 2025, we incurred selling and marketing expenses of $55,091 compared to $417,947 for the six months ended August 31, 2024. Selling and marketing expenses for the six months ended August 31, 2025 and 2024 mainly included salary expenses, traveling expenses, hospitality expenses and professional fees. The decrease in selling and marketing expenses was primarily due to a decrease in salary and professional fees.

General and Administrative Expenses

During the six months ended August 31, 2025, we incurred general and administrative expenses of $1,240,722 compared to $1,756,448 incurred during the six months ended August 31, 2024. General and administrative expenses incurred during the six months ended August 31, 2025 mainly consisted of salary expense and professional fees. The decrease in general and administrative expenses was mainly due to the decrease in salary expense, office fees and hospitality expenses.

Research and development expenses

During the six months ended August 31, 2025, we incurred research and development expenses of $124,941 compared to $166,984 for the six months ended August 31, 2024. R&D expenses mainly included salary expenses and depreciation expenses. The decrease in R&D expenses was contributed by a decrease in these main expenses.

Net loss

As the result of foregoing, the net loss for the six months ended August 31, 2025 and 2024 was $1,195,199 and $5,477,514 respectively. The substantial decrease in net loss was mainly due to the loss on disposal of subsidiaries during the six months ended August 31, 2024.

Liquidity and Capital Resources

As of August 31, 2025, the Company had total assets of $12,441,636 comprising current assets of $7,304,209 and non-current assets of $5,137,427 compared to total assets of $12,222,816 consisting of current assets of $7,085,559 and non-current assets of $5,137,257 as of February 28, 2025. The Company's total liabilities as of August 31, 2025 were $37,114,687, which was comprised of current liabilities of $15,100,227 and non-current liabilities of $22,014,460. This compares with total liabilities of $35,231,324 as of February 28, 2025, which was comprised of current liabilities of $13,670,065 and non-current liabilities of $21,561,259.

The following is a summary of the Company's cash flows provided by/(used in) operating, investing, and financing activities for the six months ended August 31, 2025 and 2024.

		Six Months Ended August 31, 2025				Six Months Ended August 31, 2024
Net cash (used in)/ provided by operating activities			(56,945	)			642,133
Net cash used in investing activities			(36,958	)			(322,371	)
Net cash provided by financing activities			174,459				831,068
Effect of exchange rate changes on cash and cash equivalents			2,426				(13,179	)
Net increase in cash and cash equivalents			82,982				1,137,651
Cash and cash equivalents at the beginning of period			114,757				148,505
Cash and cash equivalents at the end of period			197,739				1,286,156

Cash Flows from Operating Activities

For the six months ended August 31, 2025, net cash used in operating activities was $56,945, mainly comprised of a net loss of $1,195,199, an increase in prepaid expenses and other current assets of $96,792, an increase in inventories of $30,266, the bad debt expense reversal of $69,295, and offset by depreciation and amortization expenses of $251,701, an increase in account payables and other current liabilities of $955,492 and a decrease in account receivables of $116,324. For the six months ended August 31, 2024, net cash provided by operating activities was $642,133, mainly comprised of a net loss of $5,477,514 and offset by loss on disposal of subsidiaries of $2,125,703 and a decrease in other non-current assets of $857,425.

Cash Flows from Investing Activities

Net cash used in investing activities was $36,958 for the six months ended August 31, 2025, mainly comprising a purchase of property, plant and equipment of $37,374. Net cash used in investing activities was $322,371 for the six months ended August 31, 2024, mainly comprising a purchase of property and equipment of $418,429 and offset by interest-free loan repaid by related parties of $98,184.

Cash Flows from Financing Activities

For the six months ended August 31, 2025, net cash provided by financing activities was $174,459 compared $831,068 for the six months ended August 31, 2024, both of which came from proceeds from interest-free loan from related parties.

Going Concern Consideration

In assessing the Company's liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. The Company's management has considered whether there is substantial doubt about its ability to continue as a going concern due to (1) the net loss of $1,195,199 during the six months ended August 31, 2025; (2) total deficit of $36,510,333 as of August 31, 2025; and (3) the working capital deficit of $7,796,018 as of August 31, 2025.

Management has determined there is substantial doubt about its ability to continue as a going concern. Management will implement strategies and plans to grow the Company's business and generate substantial revenue, and take further measures to control operating costs. Management is trying to alleviate the going concern risk through the following sources:

	●	Equity financing to support its working capital;
	●	Other available sources of financing (including debt) from banks and other financial institutions; and
	●	Financial support and credit guarantee commitments from the Company's related parties.

Based on the above considerations, manager is of the opinion that the Company will probably not have sufficient funds to meet its working capital requirements if the Company is unable to obtain additional financing. There is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available to the Company on commercially reasonably terms, or at all.

The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course business. The consolidated financial statements do not include any adjustments that might result from outcome of such uncertainties.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Contractual Obligations

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.

Critical Accounting Policies and Estimates

We prepare our financial statements in conformity with U.S. GAAP, which requires management to make certain estimates and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the condensed financial statements are prepared. On a regular basis, we review our accounting policies and how they are applied and disclosed in our condensed financial statements.

While we believe that the historical experience, current trends and other factors considered support the preparation of our financial statements in conformity with U.S. GAAP actual results could differ from our estimates and such differences could be material

Foreign Currency Exchange Rates

We are not materially affected by foreign currency exchange rates. However, it is difficult to predict how market forces, or PRC or U.S. government policy, might affect our operations. There remains significant international pressure on the PRC government to adopt a substantial liberalization of its currency policy, which could result in a further and more significant change in the value of the RMB against the U.S. dollar. Limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. So far, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we potentially may decide to enter into hedging transactions in the future, the availability and effectiveness of these hedging transactions may be limited, and we may not be able to successfully hedge our exposure at all. Furthermore, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert RMB into foreign currency.