Cheche Group Inc.

For the second half of 2025, net revenue was RMB 1.7 billion, down 9.4% year over year; gross profit was RMB 94.6 million, up 0.5%; operating income was RMB 6.1 million versus an operating loss of RMB 9.3 million; and net income was RMB 7.8 million versus a net loss of RMB 6.4 million. For full-year 2025, net revenue was RMB 3.0 billion, down 13.3%; gross profit was RMB 160.4 million, up 1%; operating loss narrowed 68.6% to RMB 20.9 million; and adjusted net income was RMB 11.6 million versus an adjusted net loss of RMB 24.8 million. Full-year total written premiums increased 11% to RMB 27 billion, and NEV written premiums reached RMB 6.3 billion, up 91.0%. For 2026, management guided to net revenue of RMB 3.0 billion to RMB 3.2 billion, total written premiums of RMB 28.0 billion to RMB 30.0 billion, NEV written premiums of RMB 10.5 billion to RMB 12.0 billion, and said adjusted net income should multiply several fold versus 2025.

Lei Zhang framed 2025 as a turning point, saying the company validated its business model and strategy transformation despite fee-rate pressure from rapid NEV growth. He emphasized the shift from a transactional insurance platform toward an AI-powered ecosystem, with AI pricing, anti-fraud, risk control, and renewal tools helping expand take rates and improve long-term margins. He also highlighted deeper OEM partnerships, including 16 NEV manufacturers, and said Cheche is preparing a meaningful advance in AI-driven auto pricing and expanding internationally.

Sandra Ji focused on the mix shift and its financial impact: NEV premiums were 23.4% of full-year written premiums, up from 13.6% a year ago, which helped gross margin but reduced net revenue because NEV service fees are lower. She cited lower costs across the board, with full-year operating expenses down 19.6% to RMB 181.2 million and adjusted operating expenses down 17.0% to RMB 156.9 million. She also noted cash, cash equivalents, restricted cash, and short-term investments of RMB 170.8 million as of December 31, 2025, and guided 2026 to RMB 3.0 billion to RMB 3.2 billion in net revenue and RMB 28.0 billion to RMB 30.0 billion in total written premiums.

Analysts focused on what is driving the strong 2026 NEV premium outlook, how AI is reducing internal costs, and how the company’s international fintech solutions work. Lei answered that AI is being used across R&D and the insurance workflow, from pricing and risk assessment to claims inspection and loss assessment, with the goal of shifting auto insurance from static pricing to dynamic risk management. On international expansion, he said Cheche already has activity in Australia, New Zealand, Latin America, and the Middle East through partnerships with Chinese automakers such as GAC, Chery, BYD, and Great Wall Motor.