Workflow
Cheche Group Reports Third Quarter 2024 Unaudited Financial Results
CCGCheche(CCG) Prnewswire·2024-11-26 11:00

Financial Performance - Cheche Group Inc. reported net revenues of RMB850.5 million (US121.2million)forQ32024,a3.3121.2 million) for Q3 2024, a 3.3% increase year-over-year [2][6] - The company achieved a net income of RMB4.1 million (US0.6 million) for the quarter, compared to a net loss of RMB55.4 million in the same quarter last year [2][12] - Adjusted net income for the quarter was RMB2.6 million (US0.4million),animprovementfromanadjustednetlossofRMB0.6millionintheprior−yearquarter[2][12]OperationalHighlights−TotalwrittenpremiumsforQ32024increasedby4.00.4 million), an improvement from an adjusted net loss of RMB0.6 million in the prior-year quarter [2][12] Operational Highlights - Total written premiums for Q3 2024 increased by 4.0% to RMB5.9 billion (US0.8 billion) compared to the prior-year period [2] - The number of policies issued in Q3 2024 rose by 5.0% to 4.2 million from 4.0 million in the prior-year quarter [2] - Partnerships with New Energy Vehicle (NEV) companies reached 14, resulting in 292,000 embedded policies and written premiums of RMB884.2 million (US126.0million),markingincreasesof149.6126.0 million), marking increases of 149.6% and 121.6% respectively compared to the prior-year quarter [2][4] Cost Management - Cost of revenues increased by 3.0% year-over-year to RMB808.1 million (US115.2 million), consistent with business volume growth [7] - Selling and marketing expenses decreased by 53.6% to RMB18.1 million (US2.6million)duetoreducedshare−basedcompensationandstaffcosts[8]−Generalandadministrativeexpensesfellby41.32.6 million) due to reduced share-based compensation and staff costs [8] - General and administrative expenses fell by 41.3% to RMB20.4 million (US2.9 million), primarily due to lower share-based compensation and professional service fees [9] Business Outlook - The company expects full-year 2024 net revenues to range from RMB3.5 billion to RMB3.7 billion, representing a growth of 6.1% to 12.1% compared to 2023 [17] - Total written premiums for the full year are anticipated to be between RMB24.5 billion and RMB26.5 billion, indicating an increase of 8.4% to 17.3% compared to the previous year [17] Strategic Partnerships - Cheche announced a partnership with Shanghai Jidu Automobile Company to diversify its partner network in the NEV industry [15] - A collaboration with Laoyou Insurance Brokerage has been initiated to roll out insurance solutions through GWM's direct-sales network in over 20 cities [15] - A strategic partnership with Tokio Marine & Nichido Fire Insurance Company aims to develop specialized insurance products and services [15]