Financial Performance - Net revenues for the six months ended June 30, 2025, were RMB 1,348,652, a decrease of 17.7% compared to RMB 1,638,986 for the same period in 2024[9] - Operating loss for the six months ended June 30, 2025, was RMB 27,015, significantly improved from an operating loss of RMB 57,238 in the same period of 2024[9] - Net loss for the six months ended June 30, 2025, was RMB 25,568, compared to a net loss of RMB 54,872 for the same period in 2024, reflecting a reduction of 53.4%[9] - For the six months ended June 30, 2025, total revenues were RMB 1,118,129, a decrease of 19.0% from RMB 1,381,944 for the same period in 2024[38] - The net loss for the six months ended June 30, 2025, was RMB 30,244, compared to a net loss of RMB 35,394 for the same period in 2024, reflecting a 14.5% improvement[38] - The Group's insurance transaction services income for the six months ended June 30, 2025 was RMB 1,340,410 thousand, down from RMB 1,626,435 thousand in 2024, a decline of about 17.6%[139] - For the six months ended June 30, 2024, Cheche Group reported a net loss of $54,872,000, which improved to $25,568,000 for the same period in 2025, indicating a reduction in losses by approximately 53%[156] Assets and Liabilities - Total current assets as of June 30, 2025, were RMB 1,155,456, a slight decrease from RMB 1,180,810 as of December 31, 2024[4] - Total liabilities increased to RMB 943,354 as of June 30, 2025, from RMB 932,169 as of December 31, 2024[6] - Total shareholders' equity decreased to RMB 341,468 as of June 30, 2025, from RMB 355,751 as of December 31, 2024[6] - The VIE's total assets decreased from RMB 954,082 thousand as of December 31, 2024, to RMB 928,092 thousand as of June 30, 2025[36] - Current assets of the VIE decreased from RMB 851,406 thousand to RMB 824,212 thousand during the same period[36] - The VIE's total liabilities (without recourse to the primary beneficiary) decreased from RMB 1,080,086 thousand to RMB 1,071,753 thousand[36] - The Group's accumulated deficit increased to RMB 2,200.6 million as of June 30, 2025, from RMB 2,175.1 million as of December 31, 2024[39] Cash Flow and Investments - Cash flows from operating activities showed a net cash used of RMB 8,645 for the six months ended June 30, 2025, compared to RMB 44,675 for the same period in 2024, indicating a substantial decrease in cash outflow[12] - The company generated net cash from investing activities of RMB 17,377 in the first half of 2025, a turnaround from a net cash used of RMB 61,462 in the same period of 2024[12] - Cash received from short-term borrowings from banks increased significantly to RMB 66,900 in the first half of 2025, compared to RMB 15,000 in the same period of 2024[12] - The Group's cash and cash equivalents held by its PRC subsidiaries and VIE represented 68.9% of total cash and cash equivalents as of June 30, 2025[57] - The Group's cash at bank denominated in US dollars was approximately US$7.9 million (RMB 56.3 million) as of June 30, 2025[56] Shareholder Information - The company reported a basic net loss per share of RMB 0.31 for the six months ended June 30, 2025, compared to RMB 0.72 for the same period in 2024[9] - The company had 83,643,115 ordinary shares outstanding as of June 30, 2025, an increase from 80,321,873 shares as of December 31, 2024[6] - The weighted average number of ordinary shares outstanding increased from 76,264,603 in 2024 to 82,188,728 in 2025, representing an increase of approximately 7.5%[156] Expenses and Costs - Research and development expenses for the six months ended June 30, 2025, were RMB 18,293, slightly lower than RMB 18,525 for the same period in 2024[9] - Employee benefits expenses for the six months ended June 30, 2025 totaled RMB 11,856 thousand, compared to RMB 13,131 thousand in 2024, reflecting a decrease of approximately 9.7%[141] - The cost of revenues for the six months ended June 30, 2025 was RMB 1,282,869 thousand, down from RMB 1,574,285 thousand in 2024, a reduction of about 18.5%[140] Legal and Regulatory Matters - No material adverse legal or administrative proceedings were reported as of June 30, 2025, indicating a stable legal environment for the Group[158] - PRC laws require annual appropriations of 10% of net after-tax income to be set aside for the general reserve fund and statutory surplus fund before any dividends can be paid[176] Business Operations - Following the business combination with Prime Impact Acquisition I on September 14, 2023, Cheche Group began trading on the Nasdaq Stock Exchange on September 18, 2023, marking a significant milestone for the company[15] - The Group operates primarily through its subsidiaries and VIE in China, focusing on insurance transaction services and Software-as-a-Service (SaaS) offerings[13] - The Group operates in one reportable segment as determined by the management approach for assessing performance and allocating resources[106]
Cheche(CCG) - 2025 Q2 - Quarterly Report