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Cheche Group Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
CCGCheche(CCG) Prnewswire·2025-03-28 10:30

Core Insights - Cheche Group Inc. reported strong financial results for Q4 and full year 2024, highlighting significant growth in the NEV insurance sector and improved operational efficiency [5][6][19]. Financial and Operational Highlights - Q4 2024 net revenues increased by 13.4% year-over-year to RMB983.6 million (US134.8million),drivenbyhigherinsurancetransactions[6][9].−Fullyear2024netrevenuesroseby5.2134.8 million), driven by higher insurance transactions [6][9]. - Full year 2024 net revenues rose by 5.2% to RMB3.5 billion (US475.8 million) [19]. - Total written premiums for Q4 2024 grew by 15.6% year-over-year to RMB7.4 billion (US1.0billion)[6][19].−NEV−relatedbusinesssawaremarkable1711.0 billion) [6][19]. - NEV-related business saw a remarkable 171% growth in written premiums in Q4 2024 compared to the same period last year [5][6]. - The number of policies issued in Q4 2024 increased to 5.1 million from 4.8 million in the prior-year quarter [6][19]. Cost and Expense Management - Selling and marketing expenses decreased by 20.1% in Q4 2024 to RMB19.7 million (US2.7 million) [11]. - General and administrative expenses fell by 53.2% to RMB25.7 million (US3.5million)inQ42024[12].−Researchanddevelopmentexpensesdecreasedby25.33.5 million) in Q4 2024 [12]. - Research and development expenses decreased by 25.3% to RMB9.3 million (US1.3 million) in Q4 2024 [13]. Loss Reduction - Operating loss for Q4 2024 decreased by 93.7% year-over-year to RMB3.0 million (US0.4million)[6][15].−Fullyear2024netlossdecreasedby61.60.4 million) [6][15]. - Full year 2024 net loss decreased by 61.6% to RMB61.2 million (US8.4 million) [25][26]. - Adjusted net loss for Q4 2024 decreased by 38.6% to RMB3.0 million (US$0.4 million) [16][25]. Market Opportunities and Partnerships - The NEV market in China saw sales surge to 12.9 million units in 2024, a 35.5% increase from the previous year, creating opportunities for Cheche [6][7]. - Cheche has established partnerships with 15 NEV manufacturers, leading to significant growth in embedded insurance policies [4][6]. - The company aims to leverage AI and technology to enhance customer experiences and operational efficiency in the NEV insurance sector [7][8]. Business Outlook - For 2025, Cheche expects net revenues to range from RMB3.6 billion to RMB3.8 billion, representing a growth of 3.7% to 9.4% compared to 2024 [34]. - Total written premiums are projected to range from RMB25.5 billion to RMB27.0 billion, indicating an increase of 4.9% to 11.1% [34].