Cheche Group (CCG) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in NEV insurance, with embedded policies up 158.9% to 1.1 million and NEV written premiums up 127.8% to RMB 3.3 billion ($452 million) for 2024.

• Expanded partnerships to 15 NEV manufacturers, embedding 441,000 policies in Q4 2024, up 184.5% year-over-year.

• Leveraged AI and machine learning for fraud detection, claims management, and vehicle damage assessment, with the Tianmu anti-fraud model recognized among top 100 AI products in 2024.

• Largest independent technology platform for auto insurance transactions in China, with over $10B cumulative written premiums from 2021 to Q4 2024 and a network of 1.3 million insurers.

• Nationwide presence with 108 branches across 25 provinces, quoting over 50 million vehicles.

Financial highlights

• Q4 2024 net revenues rose 13.4% year-over-year to RMB 983.6 million ($134.8 million); full-year net revenues up 5.2% to RMB 3.5 billion ($475.8 million).

• Q4 operating loss decreased 93.7% to RMB 3 million ($0.4 million); full-year operating loss down 60.3% to RMB 66.5 million ($9.1 million).

• Q4 net loss narrowed 67.4% to RMB 10.4 million ($1.4 million); full-year net loss improved 61.6% to RMB 61.2 million ($8.4 million).

• Adjusted net loss for Q4 was RMB 3.0 million; full-year adjusted net loss was RMB 24.8 million.

• Cash, cash equivalents, and short-term investments at year-end were RMB 152.9 million ($21 million).

Outlook and guidance

• 2025 net revenues expected between RMB 3.6–3.8 billion, up 3.7%–9.4% year-over-year.

• Total written premiums placed projected at RMB 25.5–27.0 billion, up 4.9%–11.1% year-over-year.

• NEV written premiums placed expected to reach RMB 7–8 billion, representing 112%–142% growth.

• Adjusted operating results anticipated to shift from loss to profit in 2025.