Cheche Group (CCG) Q2 2024 earnings summary

Executive summary

• Net revenues for Q2 2024 rose 2.5% year-over-year to RMB851.8 million ($117.2 million); H1 2024 net revenues up 1.8% to RMB1.6 billion ($225.5 million).

• Net loss for Q2 2024 decreased 16.4% year-over-year to RMB23.6 million ($3.2 million); adjusted net loss for Q2 2024 decreased 38.8% to RMB12.2 million ($1.7 million).

• Platform provided quotes for 49 million workers and placed over $8 billion in written premiums since 2021, collaborating with about 100 insurance carriers.

• Maintained leadership in China's digital auto insurance market, especially in NEV (New Energy Vehicle) insurance.

• Positioned on the cusp of profitability, leveraging data-driven solutions and expanding internationally.

Financial highlights

• Total written premiums for Q2 2024 were CNY 5.6 billion ($780 million), steady year-over-year; H1 2024 up 4.2% to CNY 11.1 billion ($1.5 billion).

• Number of policies placed grew 11.1% to 4 million in Q2; H1 2024 up 15.9% to 8 million.

• NEV embedded policies up 147.3% year-over-year to 225,000 in Q2; NEV premiums up 99.6% to CNY 662.6 million.

• Net loss per share, basic and diluted, was RMB0.31 ($0.04), down 91.3% year-over-year; adjusted net loss per share was RMB0.16 ($0.02), down 95.2%.

• Revenue for Q2 was CNY 851.8 million ($117.2 million), up 2.5% year-over-year.

Outlook and guidance

• Reaffirmed 2024 net revenue guidance of CNY 3.5–3.7 billion, up 6.1%–12.1% year-over-year.

• Total written premiums for 2024 expected at CNY 24.5–26.5 billion, up 8.4%–17.3% year-over-year.

• Focus on expanding partnerships and international reach, especially in Southeast Asia, Middle East, and Europe.