Cheche Group Inc announces robust financial results for 2024, showcasing growth and profitability across its diverse business operations.
Cheche Group Inc, a leading digital platform for motor insurance transactions in China, has unveiled its unaudited financial results for the fourth quarter (Q4) and full year of 2024 (FY24). The company showcases significant revenue growth, improved operating efficiency, and a strengthened presence in the new energy vehicle (NEV) insurance sector.
For the full year, net revenues reached an impressive RMB3.5 billion (approximately US$475.8 million), marking a 5.2% growth compared to 2023. The fourth quarter alone saw revenues climb 13.4% year-on-year to RMB983.6 million (around US$134.8 million), largely driven by increased insurance transactions through Cheche’s extensive partner network.
Operating losses significantly decreased, with full-year figures dropping to RMB66.5 million (roughly US$9.1 million), a notable 60.3% improvement from the previous year. The fourth quarter witnessed operating losses narrow to RMB3.0 million (about US$0.4 million), representing a remarkable 93.7% reduction.
After adjustments, the company reported positive operating income for the quarter, recording RMB1.3 million (approximately US$0.2 million), while adjusted annual operating losses fell by 40.2% to RMB28.2 million (around US$3.9 million). The net loss for 2024 stood at RMB61.2 million (about US$8.4 million), compared to RMB159.6 million in 2023.
The company saw a 7.5% increase in written premiums, reaching RMB24.3 billion (approximately US$3.3 billion) for 2024, with the number of policies issued rising from 15.8 million in 2023 to 17.3 million.
Cheche has strategically prioritized partnerships with NEV manufacturers to enhance its embedded insurance offerings. In Q4 2024, alliances with 15 NEV firms resulted in 441,000 embedded policies and RMB1.4 billion (around US$189.8 million) in written premiums. Throughout the year, embedded policies totaled 1.1 million and contributed RMB3.3 billion (approximately US$452.4 million) in premiums, more than doubling the previous year’s results.
Founder and CEO Lei Zhang emphasized that Cheche’s strategic direction aligns with broader industry shifts within the automotive and insurance sectors. According to GlobalData, the Asia-Pacific motor insurance market is projected to grow at a compound annual growth rate of 5.6% over the next five years, reaching US$301.7 billion by 2029, with China being a central player alongside South Korea, Japan, and India.
“Our latest financial outcomes validate the success of our strategic emphasis on the intelligent connected electric vehicle insurance sector. The fourth quarter saw robust revenue growth exceeding 13%, and notably, our NEV-related business experienced a phenomenal 171% surge in written premiums over the same period. This strong growth trajectory, alongside our adjusted operating income for the quarter, underscores our ability to balance business expansion with operational efficiency. By harnessing technological innovation to enhance customer experiences and drive sustainable growth, we are well-positioned to continue this upward trajectory,” Zhang stated.
The company concluded the year with RMB152.9 million (approximately US$21.0 million) in combined cash, equivalents, and short-term investments.
In a separate update, Cheche confirmed on March 10 that it had regained compliance with Nasdaq’s US$1.00 minimum bid price requirement. The company had received a non-compliance notice in November 2024 but met the listing standard in February following ten consecutive trading days with a share price above the threshold.
Looking ahead to 2025, Cheche projects revenues between RMB3.6 billion and RMB3.8 billion, with total written premiums anticipated to be in the range of RMB25.5 billion to RMB27.0 billion. Premiums from NEV-related policies are expected to more than double, reaching between RMB7.0 billion and RMB8.0 billion.
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