Business
Cheche Group Reports Second Quarter 2024 Unaudited Financial Results
BEIJING, Aug. 29, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche", the "Company" or "we"), China's leading auto insurance technology platform,
About this update from Cheche Group Inc.
[{"type":"text","content":"BEIJING, Aug. 29, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) (\"Cheche\", the \"Company\" or \"we\"), China's leading auto insurance technology platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.\n\nFinancial and Operational Highlights\nNet revenues for the quarter increased 2.5% year-over-year to RMB851.8 million (US$117.2 million), while net revenues for the first half of 2024 increased 1.8% over the comparable prior year period to RMB1.6 billion (US$225.5million).Net loss for the quarter decreased 16.4% year-over-year to RMB23.6 million (US$3.2 million), while net loss for the first half of 2024 decreased 24.0% to RMB54.9 million (US$7.6 million) over the prior-year period.Adjusted net loss (1) for the quarter decreased 38.8%, from RMB20.0 million in the prior-year period to RMB12.2 million (US$1.7 million), while adjusted net loss for the first half of 2024 decreased 12.0% to RMB24.4 million (US$3.4 million), compared to the prior-year period.Total written premiums placed for the quarter was RMB5.6 billion (US$0.78 billion) and remained stable as compared to the prior-year period, while total written premiums placed for the first half of 2024 increased 4.2% over the comparable prior-year period to RMB11.1 billion (US$ 1.5 billion).Total number of policies issued for the quarter increased 11.1% to 4.0 million from 3.6 million for the prior-year quarter, while the total number of policies issued over the first half of 2024 increased 15.9% over the comparable prior-year period to 8.0 million.Partnerships with New Energy Vehicle (NEV) companies (2) numbered 12 in the quarter and led to 225,000 policies embedded in new NEV deliveries with corresponding written premium of RMB662.6 million (US$91.2 million), representing an increase of 147.3% and 99.6% compared to the prior-year quarter, respectively. Policies embedded in the new NEV deliveries and corresponding written premium for the first half of 2024 reached 344,000 and RMB1.0 billion (US$142.1 million), respectively, representing growth of 140.6% for policies embedded and 91.3% for written premium compared to the prior-year period.(1) Adjusted Net Loss is a non-GAAP measure. For further information on the non-GAAP financial measures presented above, see the \"Non-GAAP Financial Measures\" section below.(2) The rapid g...