Core Insights - Cheche Group Inc. has entered a strategic partnership with Tokio Marine & Nichido Fire Insurance Company (China) Limited to enhance its insurance offerings and expand collaborations within the Chinese insurance market [1][2] Company Overview - Cheche Group Inc. is a leading auto insurance technology platform in China, established in 2014 and headquartered in Beijing, with around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities [4] - The company has evolved into a comprehensive, data-driven technology platform that provides a full suite of services and products for digital insurance transactions and insurance SaaS solutions [4] Partnership Details - The partnership with TMNCH aims to leverage the strengths of both companies to develop specialized insurance products, services, and sales strategies [2] - This collaboration is expected to enhance Cheche's insurance service capabilities and provide increased scale for traditional automotive companies, potentially paving the way for future partnerships with Japanese automotive firms [2]

Company Overview - Cheche Group Inc. is a leading auto insurance technology platform in China, established in 2014 and headquartered in Beijing [3] - The company operates a nationwide network of approximately 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China [3] - Cheche has evolved into a comprehensive, data-driven technology platform offering a full suite of services and products for digital insurance transactions and insurance SaaS solutions [3] Recent Developments - Lei Zhang, the Founder, CEO, and Chairman of Cheche, recently purchased Class A ordinary shares of the company in the open market, indicating his confidence in the company's future [1] - Zhang highlighted the rapid growth of the digital insurance business for new energy vehicles and the significant economies of scale as key factors showcasing the potential of Cheche's platform [1] - The CEO intends to increase his ownership stake in Cheche by taking advantage of future opportunities in the open market, adhering to insider trading policies and applicable securities regulations [1]

Financial Performance - Net revenues for the six months ended June 30, 2024, were RMB 1,638,986 thousand, a slight increase from RMB 1,610,371 thousand for the same period in 2023, reflecting a growth of about 1.8%[10] - The operating loss decreased to RMB 57,238 thousand for the six months ended June 30, 2024, compared to an operating loss of RMB 70,360 thousand for the same period in 2023, indicating an improvement of approximately 18.6%[10] - Net loss attributable to Cheche's ordinary shareholders for the six months ended June 30, 2024, was RMB 54,872 thousand, significantly reduced from RMB 182,179 thousand in the same period of 2023, showing a decrease of about 69.9%[10] - The company reported total comprehensive loss of RMB 53,110 thousand for the six months ended June 30, 2024, compared to RMB 175,069 thousand for the same period in 2023, showing an improvement of approximately 69.7%[10] - For the six months ended June 30, 2024, the net loss decreased to RMB 54,872 from RMB 72,188 in the same period of 2023, representing a reduction of approximately 24.0%[16] - Net cash used in operating activities improved to RMB 7,591 for the six months ended June 30, 2024, compared to RMB 44,675 in the same period of 2023, indicating a significant reduction in cash outflow[16] - Total revenues for the six months ended June 30, 2024, were RMB 1,381,944, a decrease of 10.6% from RMB 1,545,299 for the same period in 2023[54] - Net loss for the six months ended June 30, 2024, was RMB 35,394, compared to a net loss of RMB 35,985 for the same period in 2023, indicating a slight improvement[54] Assets and Liabilities - As of June 30, 2024, total assets increased to RMB 1,009,773 thousand from RMB 893,977 thousand as of December 31, 2023, representing a growth of approximately 12.9%[4] - Cash and cash equivalents decreased to RMB 133,117 thousand as of June 30, 2024, from RMB 243,392 thousand as of December 31, 2023, a decline of approximately 45.3%[4] - Total current liabilities increased to RMB 646,998 thousand as of June 30, 2024, from RMB 501,533 thousand as of December 31, 2023, representing a rise of about 29.0%[4] - Shareholders' equity decreased to RMB 352,187 thousand as of June 30, 2024, down from RMB 378,182 thousand as of December 31, 2023, a decline of approximately 6.9%[7] - Total liabilities increased from RMB 832,848 as of December 31, 2023, to RMB 896,561 as of June 30, 2024, representing a rise of 7.7%[52] - The accumulated deficit increased from RMB 2,113.8 million as of December 31, 2023, to RMB 2,168.7 million as of June 30, 2024[56] Cash Flow and Investments - The company generated net cash from investing activities of RMB 20,204 for the six months ended June 30, 2024, contrasting with a cash outflow of RMB 61,462 in the same period of 2023[16] - Cash received from short-term borrowings from banks increased to RMB 20,000 for the six months ended June 30, 2024, compared to RMB 15,000 in the same period of 2023[16] - Cash flows from transactions with external parties showed a net cash outflow of RMB 9,625 for the six months ended June 30, 2024, compared to a net cash inflow of RMB 22,406 for the same period in 2023[55] - The company has incurred recurring operating losses since inception, with a net loss of RMB 54.9 million for the six months ended June 30, 2024[56] Research and Development - Research and development expenses for the six months ended June 30, 2024, were RMB 18,525 thousand, a decrease from RMB 31,303 thousand for the same period in 2023, reflecting a reduction of about 40.8%[10] - Research and development expenses primarily consist of salary and welfare benefits, share-based compensation, and subcontracted development expenses for enhancing the online platform and mobile applications[108] Business Combination and Corporate Structure - The company completed a business combination with Prime Impact Acquisition I on September 14, 2023, and began trading on the Nasdaq Stock Exchange on September 18, 2023[27] - The business combination was accounted for as a reverse recapitalization, with Cheche Technology Inc. deemed the accounting acquirer[28] - The Group operates primarily through its subsidiaries and VIE, providing insurance transaction services and Software-as-a-Service (SaaS) in China[21] - The Group has an exclusive option to purchase all or part of the equity interests held by Nominee Shareholders in the VIE at the lowest purchase price permitted by PRC law[33] - The VIE is required to pay a service fee equal to 100% of its consolidated net profits after becoming cumulatively profitable[34] - The Group's ability to consolidate the VIE could be adversely affected if the VIE structure is found to violate PRC laws[42] - The Group believes the likelihood of losing the ability to consolidate the VIE is remote based on current circumstances[43] Shareholder and Equity Information - The weighted average number of ordinary shares increased to 76,264,603 for the six months ended June 30, 2024, compared to 32,705,091 for the same period in 2023, indicating a significant increase of approximately 133.0%[10] - The total number of ordinary shares issued after the Reverse Recapitalization and PIPE transactions was 75,439,209[147] - Share-based compensation expense increased to RMB 33,875 for the six months ended June 30, 2024, compared to RMB 27,116 in the same period of 2023, reflecting a rise of approximately 25.5%[16] Accounts Receivable and Credit Losses - As of December 31, 2023, accounts receivable, net was RMB 466,066 thousand, increasing to RMB 639,233 thousand by June 30, 2024[150] - The allowance for current expected credit losses increased from RMB 2,230 thousand at the end of 2023 to RMB 3,660 thousand by June 30, 2024[150] - The current expected credit loss expense for accounts receivable was approximately RMB0.5 million and RMB1.4 million for the six months ended June 30, 2023, and 2024, respectively[82] Lease and Operating Expenses - Operating lease cost for the six months ended June 30, 2024, was RMB 2,975, a decrease of 31.5% from RMB 4,345 in the same period of 2023[169] - Total lease expenses for the six months ended June 30, 2024, amounted to RMB 5,452, an increase of 4.3% compared to RMB 5,228 in the same period of 2023[169] - Cash paid for operating leases in the six months ended June 30, 2024, was RMB 2,776, down 43.3% from RMB 4,896 in the same period of 2023[170] - The total present value of operating lease liabilities as of June 30, 2024, was RMB 9,215, a decrease from RMB 9,349 as of December 31, 2023[171] Tax and Professional Fees - The total income tax benefit from operations for the six months ended June 30, 2024, was RMB 100, compared to RMB 258 in the same period of 2023[185] - Total tax payable as of June 30, 2024, was RMB 875, a decrease from RMB 950 as of December 31, 2023[190] - Professional service fees accrued as of June 30, 2024, were RMB 9,812, down from RMB 16,490 as of December 31, 2023[192]

Core Insights - Cheche Group Inc. has partnered with Laoyou Insurance Brokerage to enhance collaborations with auto manufacturers in China [1][2] - Laoyou Insurance is a subsidiary of Great Wall Motor Company, a leading Chinese auto manufacturer [1] - Cheche's insurance solutions are being integrated with GWM's direct-sales network across over 20 cities [1] Company Developments - The partnership with Laoyou Insurance reflects Cheche's strategy to engage with major domestic automotive groups [2] - Cheche aims to develop a comprehensive insurance solution for traditional automakers within one to two years [2] - The expansion of GWM's Smart Selection network is expected to drive growth in Cheche's insurance service offerings [2] Company Background - Cheche Group Inc. was established in 2014 and is headquartered in Beijing, China [4] - The company operates around 108 branches licensed to distribute insurance policies across 25 regions in China [4] - Cheche has evolved into a data-driven technology platform offering a full suite of digital insurance transaction services [4]

Good morning and welcome to Cheshire's second quarter 2024 conference call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note today's conference is being recorded. I will now turn the conference o ...

BEIJING, Aug. 29, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche", the "Company" or "we"), China's leading auto insurance technology platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.Financial and Operational HighlightsNet revenues for the quarter increased 2.5% year-over-year to RMB851.8 million (US$117.2 million), while net revenues for the first half of 2024 increased 1.8% over the comparable prior year period to RMB1.6 billion (US$225.5mi ...

Group 1 - Cheche Group Inc. will host a conference call on August 29, 2024, at 8:00 a.m. EST to discuss its second quarter 2024 results [1] - The earnings release and investor deck will be available prior to the event in the "Quarterly Results" section under "Financials" [1] - A live webcast of the conference call will be accessible in the "Events" section on the investor relations website [1] Group 2 - Cheche Group Inc. was established in 2014 and is headquartered in Beijing, China [2] - The company operates a nationwide network of approximately 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China [2] - Cheche has evolved into a comprehensive, data-driven technology platform offering a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China [2]

Company Highlights - Cheche Group Inc. (CCG) is identified as a leading "Digital Connector" for the New Energy Vehicle (NEV) Auto Insurance Ecosystem in China, connecting auto insurers with various stakeholders [1] - The company is in the early stages of scaling its business in the world's second-largest auto market, which represents approximately 60% of the global electric vehicles on the road [1] Industry Insights - The NEV sector in China is expected to continue benefiting from favorable government policies, which are driving growth in the automobile insurance industry [2] - In 2023, Cheche Group experienced a more than five-fold increase in digital embedded policies, reaching 416,000, with written premiums exceeding $204 million [2] - The NEV market is viewed as being in the early stages of a long-term growth cycle [2] Financial Performance - For the full year of 2024, Cheche Group anticipates net revenue growth of 6%-12%, projecting revenues between RMB3.5 billion and RMB3.7 billion, and total written premiums growth of 8.4%-17.3%, estimating premiums between RMB24.5 billion and RMB26.5 billion [2] - As of March 31, 2024, Cheche Group reported total cash and short-term investments of RMB234.0 million (approximately $32.4 million) and a positive working capital position of RMB264.9 million (approximately $37 million) with a current ratio of 1.5 [3] - The company narrowed its adjusted net loss by 35.7% in 2023 and is projected to potentially reach profitability by 2025 [3] Company Overview - Established in 2014 and headquartered in Beijing, Cheche Group operates as a leading auto insurance technology platform with over 100 local branches licensed to distribute insurance policies across 25 provinces in China [3] - The company focuses on the NEV market and has evolved into a comprehensive, data-driven technology platform offering a full suite of services for digital insurance transactions and insurance SaaS solutions [3]

BEIJING, June 27, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced that it has entered into a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. ("Beijing Anpeng"), as Cheche continues to deepen its collaborations with new energy vehicle ("NEV") manufacturers in China. Beijing Anpeng is a subsidiary of Beijing Automotive Group Co., Ltd. ("BAIC Group") and specifically handles the insurance ...

BEIJING, June 20, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced it has entered into a partnership with NIO Insurance Broker Co., Ltd. ("NIO Insurance Broker"), a subsidiary of NIO INC. (NYSE: NIO) ("NIO"), as Cheche continues to deepen its collaborations with new energy vehicle ("NEV") manufacturers. Cheche's accessible digital platform, powered by industry-leading technology, will digitalize the process ...