BEIJING, Nov. 26, 2024 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, the “Company” or “we”), China’s important auto insurance coverage generation platform, lately introduced its unaudited monetary effects for the 0.33 quarter ended September 30, 2024.

Monetary and Operational Highlights

• Web Earningss for the quarter higher 3.3% year-over-year to RMB850.5 million (US$121.2 million), day web revenues for the primary 9 months of 2024 higher 2.3% over the related prior yr duration to RMB2.5 billion (US$354.8 million). 
• Web Source of revenue for the quarter used to be RMB4.1 million (US$0.6 million), in comparison to a web lack of RMB55.4 million for the prior-year quarter, day web loss for the primary 9 months of 2024 reduced 60.2% to RMB50.8 million (US$7.2 million) over the prior-year duration.
• Adjusted Web Source of revenue ⁽¹⁾ for the quarter used to be RMB2.6 million (US$0.4 million), in comparison to an adjusted web lack of RMB0.6 million for the prior-year quarter, day adjusted web loss for the primary 9 months of 2024 reduced 23.0% to RMB21.8 million (US$3.1 million), in comparison to the prior-year duration.
• General written premiums positioned for the quarter higher 4.0% to RMB5.9 billion (US$0.8 billion) in comparison to the prior-year duration, day overall written premiums positioned for the primary 9 months of 2024 higher 4.1% over the related prior-year duration to RMB16.9 billion (US$2.4 billion).
• General choice of policies issued for the quarter higher 5.0% to 4.2 million from 4.0 million for the prior-year quarter, day the entire choice of insurance policies issued over the primary 9 months of 2024 higher 11.9% over the related prior-year duration to twelve.2 million.
• Partnerships with Unutilized Power Automobile (NEV) corporations ⁽²⁾ numbered 14 within the quarter and resulted in 292,000 embedded insurance policies with corresponding written top rate of RMB884.2 million (US$126.0 million), representing an build up of 149.6% and 121.6 % in comparison to the prior-year quarter, respectively. Embedded insurance policies and corresponding written top rate for the primary 9 months of 2024 reached 636,000 and RMB1.9 billion (US$273.2 million), respectively, representing expansion of 144.6 % for insurance policies embedded and 104.2% for written top rate in comparison to the prior-year duration.

Control Feedback

“We are proud to announce that Cheche reported net income profitability for the first time on both a GAAP and adjusted net income basis. This quarter’s milestone substantiates the merit of our business model and the growing conviction in our value proposition,” stated Lei Zhang, Founder, CEO, and Chairman of Cheche Team. “We proceed to paintings with each NEV producers and insurers to leverage complex records research, handing over gear that can praise accountable drivers, release fraud, and convey efficiencies to claims processing to backup profitability, transparency, and affordability because the transition to computerized mobility speeds up.

Mr. Zhang endured, “With China producing 48% more NEVs in September over the prior year, according to China Association of Automobile Manufacturers, and NEV sales again surpassing traditional fuel car sales in the same month, our innovative platform will continue to meet the evolving insurance needs of car owners, manufacturers, and insurers.”

Unaudited 3rd Quarter 2024 Monetary Effects

Web Revenues have been RMB850.5 million (US$121.2 million), representing a three.3% year-over-year build up from the prior-year quarter. The expansion used to be pushed via higher insurance coverage transactions performed thru Cheche’s platform via referral and third-party platform companions.

Value of Revenues higher 3.0% year-over-year to RMB808.1 million (US$115.2 million) from the prior-year quarter, in line with the expansion of commercial quantity and web revenues.

Promoting and Advertising and marketing Bills reduced 53.6% to RMB18.1 million (US$2.6 million) from RMB39.0 million within the prior-year quarter, principally because of the short in share-based repayment bills and workforce value. Except for share-based repayment bills, promoting and advertising bills have been RMB17.4 million (US$2.5 million), a short of 6.5% in comparison to the prior-year quarter.

Common and Administrative Bills reduced 41.3% to RMB20.4 million (US$2.9 million) from RMB34.8 million for the prior-year quarter, principally because of the short in share-based repayment {and professional} carrier charges. Except for share-based repayment and listing-related skilled carrier charges, common and administrative bills higher via RMB3.5 million from RMB15.0 million to RMB18.5 million (US$2.6 million), basically because of the rise of post-listing skilled carrier charges. 

Analysis and Building Bills reduced 24.5% to RMB10.2 million (US$1.4 million) from RMB13.5 million within the prior-year quarter. The trade used to be principally due to reduced share-based repayment bills, in part offset via the rise of workforce prices. Except for share-based repayment bills, analysis and building bills reduced 8.8% to RMB9.8 million (US$1.4 million) from RMB10.8 million within the prior-year quarter.

General Value and Working Bills reduced via 1.8% to RMB856.8 million (US$122.1 million) from RMB872.0 million within the prior-year quarter, principally because of the higher value of revenues and the short in share-based repayment bills. Except for share-based repayment bills, amortization of intangible property connected to the purchase and listing-related skilled carrier charges, overall value and working bills higher via 3.0% from the prior-year quarter.

Web Source of revenue for the quarter used to be RMB4.1 million (US$0.6 million), in comparison to a web lack of RMB55.4 million for the prior-year quarter. Except for non-GAAP bills, the Adjusted Web Source of revenue ⁽¹⁾ for the quarter used to be RMB2.6 million (US$0.4 million), because of the advance of working effects and the sure affect from foreign currency echange charges, in comparison to an adjusted web lack of RMB0.6 million for the prior-year quarter. 

Web Source of revenue because of Cheche’s shareholders used to be RMB4.1 million (US$0.6 million), in comparison to a web loss because of Cheche’s shareholders of RMB707.6 million for the prior-year quarter.

Adjusted Web Income because of Cheche’s shareholders used to be RMB2.6 million (US$0.4 million), in comparison to an adjusted web loss because of Cheche’s shareholders of RMB652.7 million for the prior-year quarter.

Web Source of revenue Consistent with Proportion, ordinary and diluted, used to be RMB0.05 (US$0.01), in comparison to a web loss in step with proportion of RMB17.52, ordinary and diluted, for the prior-year quarter.

Adjusted Web Source of revenue Consistent with Proportion, ordinary and diluted, used to be RMB0.03 (US$0.00), in comparison to an adjusted web loss in step with proportion of RMB16.16, ordinary and diluted, for the prior-year quarter.

3Q24 and Next Business Highlights

• On September 3, 2024, Cheche introduced a partnership with Shanghai Jidu Car Corporate Restricted (“JI YUE“) to additional diversify its spouse community with leaders within the NEV trade. Cheche effectively introduced a device for JI YUE, developing channels for on-line and offline buying of car and non-auto insurance coverage merchandise. The device is built-in into Cheche’s core platform and is provided with assets to develop and support JI YUE’s gross sales channels and give a boost to account agreement features, amongst alternative functionalities.
• On September 12, 2024, Cheche introduced a partnership with Laoyou Insurance coverage Brokerage Co., Ltd. (“Laoyou Insurance”), an entirely managed subsidiary of Superior Wall Motor Corporate Restricted (“GWM”), a manage ten Chinese language auto producer. Cheche’s insurance coverage answers and mature transaction device were regularly rolled out with GWM’s newly established direct-sales community in additional than 20 towns national. Cheche plans to assemble a complete insurance coverage answer adapted for standard automakers inside of one to 2 years.
• On October 1, 2024, Cheche introduced a strategic partnership with The Tokio Marine & Nichido Fireplace Insurance coverage Corporate (China) Restricted (“TMNCH”), as Cheche continues to expand its collaborations with insurance coverage corporations in China. Leveraging every alternative’s strengths, the 2 corporations are operating to assemble specialised insurance coverage merchandise, products and services, and gross sales methods. Cheche’s word with TMNCH is 2 pronged. This collaboration will give a boost to Cheche’s insurance coverage carrier features day providing higher scale for standard automobile corporations and pave the best way for year partnerships with Eastern automobile corporations.

Steadiness Sheet 

As of September 30, 2024, the Corporate had RMB194.6 million (US$27.7 million) in overall money, money equivalents and non permanent investments.

Industry Outlook

Cheche is putting forward its full-year 2024 outlook:

• Web Revenues are anticipated to length from RMB3.5 billion to RMB3.7 billion, representing an build up of 6.1% to twelve.1%, in comparison to the total yr of 2023.
• General written premiums positioned are anticipated to length from RMB24.5 billion to RMB26.5 billion, representing an build up of 8.4% to 17.3%, in comparison to the total yr of 2023.

Convention Name

Cheche will host a webcast and convention name to talk about its 0.33 quarter 2024 effects lately at 8:00 a.m. EST. This income let go and a connected investor deck will likely be to be had previous to the development within the “Quarterly Results” division below “Financials,” day the are living webcast will likely be to be had within the “Events” division below the “News & Events” header at the investor family members website online at ir.chechegroup.com.

The dial-in numbers for the convention name will likely be as follows:

• Player (toll-free): 1-888-346-8982
• Player (world): 1-412-902-4272
• Hong Kong LT:  852-301-84992
• Hong Kong Toll Detached:  800-905945
• China Toll-Detached:  4001-201203

Please dial in 10 to fifteen mins sooner than the scheduled get started while and request Cheche’s 0.33 quarter income name.

A webcast replay will likely be to be had for one yr following the decision.

Change Price Data

This announcement comprises translations of sure RMB quantities into U.S. greenbacks at a specified charge only for the reader’s comfort. Until another way famous, all translations from RMB to U.S. greenbacks and from U.S. greenbacks to RMB are made at a charge of RMB7.0176 to US$1.00, the trade charge on September 30, 2024, eager forth within the H.10 statistical let go of the Federal Stock Board. The Corporate makes disagree illustration that the RMB or U.S. buck quantities referenced may well be transformed into U.S. greenbacks or RMB, because the case is also, at any specific charge or in any respect.

About Cheche Team Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a important auto insurance coverage generation platform with a national community of round 108 branches approved to distribute insurance coverage insurance policies throughout 25 provinces, self reliant areas, and municipalities in China. Capitalizing on its important place in auto insurance coverage transaction products and services, Cheche has advanced right into a complete, data-driven generation platform that do business in a complete suite of products and services and merchandise for virtual insurance coverage transactions and insurance coverage SaaS answers in China. Be told extra at https://www.chechegroup.com/en.

Cheche Team Inc.:

[email protected]

Crocker Coulson
[email protected]
(646) 652-7185

Non-GAAP Monetary Measures 

Cheche has equipped non-GAAP monetary measures on this press let go that experience no longer been ready in line with usually authorized accounting rules (GAAP) in america.

Cheche makes use of adjusted value of revenues, adjusted promoting and advertising bills, adjusted common and administrative bills, adjusted analysis and building bills, adjusted overall value and working bills, adjusted web loss/source of revenue, and changed web loss/source of revenue in step with proportion, which can be non-GAAP monetary measures, in comparing our working effects and for monetary and operational decision-making functions. 

Cheche defines adjusted overall value and working bills as overall value and working bills adjusted for the affect of share-based repayment, amortization of intangible property connected to the purchase of Cheche Insurance coverage Gross sales & Services and products Co., Ltd. (up to now named Fanhua Occasions Gross sales and Provider Co., Ltd), listing-related skilled carrier charges and dispute answer bills, representing bills Cheche incurred in a dispute with a undeniable safety holder. Cheche defines adjusted web loss/source of revenue as web loss/source of revenue adjusted for the affect of share-based repayment bills, amortization of intangible property, and adjustments in honest worth of quantities because of a connected get together connected to the purchase of Cheche Insurance coverage Gross sales & Services and products Co., Ltd. (up to now named Fanhua Occasions Gross sales and Provider Co., Ltd), trade in honest worth of warrants, directory connected skilled carrier charges and dispute answer bills. Adjusted web loss/source of revenue in step with proportion, ordinary and diluted, is calculated as adjusted web loss/source of revenue divided via weighted-average habitual stocks exceptional.

Cheche believes that those non-GAAP monetary measures support determine underlying tendencies in its trade that would another way be distorted via the affect of share-based repayment bills, amortization of intangible property connected to acquisition, and alter in honest worth of quantities because of a connected get together related to the purchase of Cheche Insurance coverage Gross sales & Services and products Co., Ltd. (up to now named Fanhua Occasions Gross sales and Provider Co., Ltd), trade in honest worth of warrants, and directory connected skilled carrier charges and dispute answer bills. Cheche believes that such non-GAAP monetary measures additionally lend helpful details about its working effects, give a boost to the entire working out of its age efficiency and year potentialities, and make allowance for better visibility with admire to key metrics old via its control in its monetary and operational decision-making.

The non-GAAP monetary measures aren’t outlined below U.S. GAAP nor introduced in line with U.S. GAAP. They will have to no longer be thought to be in isolation or construed as choices to web loss /source of revenue or any alternative measure of efficiency or as a hallmark of Cheche’s working efficiency. Additional, those non-GAAP monetary measures will not be related to in a similar way titled measures introduced via alternative corporations. Alternative corporations would possibly calculate in a similar way titled measures another way, proscribing their use as comparative measures to the Corporate’s records. Cheche encourages traders and others to study the Corporate’s monetary data in its entirety and no longer depend on a unmarried monetary measure. Traders are inspired to match the historic non-GAAP monetary measures with probably the most immediately related GAAP measures. Cheche mitigates those barriers via reconciling the non-GAAP monetary measures to probably the most related U.S. GAAP efficiency measures, all of which will have to be thought to be when comparing its efficiency.

Cover Harbor Statements

This press let go comprises “forward-looking statements” inside the which means of the “safe harbor” provisions of america Personal Securities Litigation Reform Work of 1995. Ahead-looking statements is also recognized via the worth of phrases comparable to “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or alternative indistinguishable expressions that are expecting or point out year occasions or tendencies or that aren’t statements of historic issues. Those forward-looking statements additionally come with, however aren’t restricted to, statements relating to projections, estimations, and forecasts of income and alternative monetary and function metrics, projections of marketplace alternative and expectancies, the Corporate’s talent to scale and develop its trade, the Corporate’s benefits and anticipated expansion, and its talent to supply and reserve ability, as acceptable. Those statements are in keeping with numerous guesses, sooner or later recognized on this press let go, and at the new expectancies of the Corporate’s control and aren’t predictions of original efficiency. Those statements contain dangers, uncertainties, and alternative components that can reason the Corporate’s original effects, task ranges, efficiency, or achievements to materially range from the ones expressed or implied via those forward-looking statements. Additional data relating to those and alternative dangers, uncertainties, or components is integrated within the Corporate’s filings with the U.S. Securities and Change Fee. Despite the fact that the Corporate believes that it has an affordable foundation for every forward-looking remark contained on this press let go, the Corporate cautions you that those statements are in keeping with a mix of information and components lately identified and projections of the year, which can be inherently unsure. The forward-looking statements on this press let go constitute the perspectives of the Corporate as of the presen of this press let go. Next occasions and tendencies would possibly reason the ones perspectives to switch. Excluding as is also required via regulation, the Corporate does no longer adopt any responsibility to replace those forward-looking statements.

SOURCE Cheche Team Inc.

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