Cheche Group Inc. Class A ( (CCG) ) has released its Q3 earnings. Here is a breakdown of the information Cheche Group Inc. Class A presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Cheche Group Inc., a leading auto insurance technology platform based in Beijing, China, operates a comprehensive network across 25 provinces, offering digital insurance transaction services. The company announced its third quarter 2024 unaudited financial results, marking a significant milestone by achieving net income profitability for the first time. Cheche reported net revenues of RMB 850.5 million, a 3.3% increase year-over-year, and a net income of RMB 4.1 million, reversing a net loss from the previous year.
Key financial highlights from the report include a 4.0% increase in total written premiums to RMB 5.9 billion and a 5.0% rise in the total number of policies issued to 4.2 million. Particularly noteworthy is the growth in partnerships with New Energy Vehicle (NEV) companies, resulting in a 149.6% increase in embedded policies. The company also saw a substantial reduction in selling and marketing expenses, down by 53.6% due to decreased share-based compensation expenses.
Strategically, Cheche expanded its partner network in the NEV industry with collaborations with companies like Shanghai Jidu Automobile and Great Wall Motor Company. These partnerships aim to diversify offerings and enhance insurance service capabilities through innovation and advanced data analysis.
Looking forward, Cheche maintains a positive outlook, expecting net revenues for the full year 2024 to range between RMB 3.5 billion and RMB 3.7 billion. The company anticipates continued growth in total written premiums, projecting an increase between 8.4% and 17.3% compared to 2023, as it strengthens its market position and adapts to evolving automotive trends.
