Cheche Group Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
Cheche Group (NASDAQ: CCG), China's leading auto insurance technology platform, reported its Q4 and FY2024 financial results. Q4 net revenues increased 13.4% YoY to RMB983.6M (US$134.8M), while FY2024 revenues grew 5.2% to RMB3.5B (US$475.8M).
The company significantly reduced losses, with Q4 operating loss decreasing 93.7% YoY to RMB3.0M and FY2024 operating loss dropping 60.3% to RMB66.5M. Total written premiums for Q4 rose 15.6% to RMB7.4B, with total policies issued increasing from 4.8M to 5.1M.
Notably, partnerships with New Energy Vehicle (NEV) companies showed remarkable growth, with embedded policies increasing 184.5% and written premiums growing 171.1% YoY in Q4. The company expanded partnerships with major automotive groups including Sinopec, Xiaomi, Volkswagen Anhui, NIO, BAIC Group, and Dongfeng Motor Group.
Cheche Group (NASDAQ: CCG), la principale piattaforma tecnologica per l'assicurazione auto in Cina, ha riportato i risultati finanziari del Q4 e dell'anno fiscale 2024. I ricavi netti del Q4 sono aumentati del 13,4% rispetto all'anno precedente, raggiungendo RMB983,6M (US$134,8M), mentre i ricavi dell'anno fiscale 2024 sono cresciuti del 5,2% a RMB3,5B (US$475,8M).
L'azienda ha notevolmente ridotto le perdite, con la perdita operativa del Q4 che è diminuita del 93,7% rispetto all'anno precedente, a RMB3,0M, e la perdita operativa dell'anno fiscale 2024 che è scesa del 60,3% a RMB66,5M. I premi totali scritti per il Q4 sono aumentati del 15,6% a RMB7,4B, con il numero totale di polizze emesse che è passato da 4,8M a 5,1M.
In particolare, le collaborazioni con le aziende di veicoli elettrici (NEV) hanno mostrato una crescita notevole, con le polizze incorporate aumentate del 184,5% e i premi scritti cresciuti del 171,1% rispetto all'anno precedente nel Q4. L'azienda ha ampliato le collaborazioni con importanti gruppi automobilistici, tra cui Sinopec, Xiaomi, Volkswagen Anhui, NIO, BAIC Group e Dongfeng Motor Group.
Cheche Group (NASDAQ: CCG), la plataforma líder de tecnología de seguros de automóviles en China, informó sus resultados financieros del Q4 y del año fiscal 2024. Los ingresos netos del Q4 aumentaron un 13.4% interanual, alcanzando RMB983.6M (US$134.8M), mientras que los ingresos del año fiscal 2024 crecieron un 5.2% a RMB3.5B (US$475.8M).
La compañía redujo significativamente las pérdidas, con la pérdida operativa del Q4 disminuyendo un 93.7% interanual a RMB3.0M y la pérdida operativa del año fiscal 2024 cayendo un 60.3% a RMB66.5M. Los premios totales escritos para el Q4 aumentaron un 15.6% a RMB7.4B, con el total de pólizas emitidas aumentando de 4.8M a 5.1M.
Notablemente, las asociaciones con empresas de vehículos de nueva energía (NEV) mostraron un crecimiento notable, con pólizas integradas aumentando un 184.5% y premios escritos creciendo un 171.1% interanual en el Q4. La compañía amplió sus asociaciones con importantes grupos automotrices, incluyendo Sinopec, Xiaomi, Volkswagen Anhui, NIO, BAIC Group y Dongfeng Motor Group.
Cheche Group (NASDAQ: CCG), 중국의 선도적인 자동차 보험 기술 플랫폼이 Q4 및 FY2024 재무 결과를 발표했습니다. Q4 순수익은 전년 대비 13.4% 증가하여 RMB983.6M (US$134.8M)에 달했으며, FY2024 수익은 5.2% 증가하여 RMB3.5B (US$475.8M)에 도달했습니다.
회사는 손실을 크게 줄였으며, Q4 운영 손실은 전년 대비 93.7% 감소하여 RMB3.0M에 이르렀고, FY2024 운영 손실은 60.3% 감소하여 RMB66.5M에 달했습니다. Q4 총 서면 보험료는 15.6% 증가하여 RMB7.4B에 달하며, 발행된 총 보험 증서는 4.8M에서 5.1M으로 증가했습니다.
특히, 신에너지차(NEV) 기업과의 파트너십이 눈에 띄는 성장을 보였으며, 내장된 보험이 184.5% 증가하고 서면 보험료가 Q4에서 전년 대비 171.1% 성장했습니다. 이 회사는 Sinopec, Xiaomi, Volkswagen Anhui, NIO, BAIC Group 및 Dongfeng Motor Group과 같은 주요 자동차 그룹과의 파트너십을 확대했습니다.
Cheche Group (NASDAQ: CCG), la principale plateforme technologique d'assurance automobile en Chine, a annoncé ses résultats financiers pour le Q4 et l'exercice fiscal 2024. Les revenus nets du Q4 ont augmenté de 13,4 % par rapport à l'année précédente, atteignant 983,6 millions RMB (134,8 millions USD), tandis que les revenus de l'exercice fiscal 2024 ont crû de 5,2 % pour atteindre 3,5 milliards RMB (475,8 millions USD).
L'entreprise a considérablement réduit ses pertes, avec une perte opérationnelle du Q4 diminuant de 93,7 % par rapport à l'année précédente, à 3,0 millions RMB, et une perte opérationnelle pour l'exercice fiscal 2024 chutant de 60,3 % à 66,5 millions RMB. Les primes totales souscrites pour le Q4 ont augmenté de 15,6 % pour atteindre 7,4 milliards RMB, avec le nombre total de polices émises passant de 4,8 millions à 5,1 millions.
Notamment, les partenariats avec des entreprises de véhicules à énergie nouvelle (NEV) ont montré une croissance remarquable, avec des polices intégrées augmentant de 184,5 % et des primes souscrites croissant de 171,1 % par rapport à l'année précédente au Q4. L'entreprise a élargi ses partenariats avec des groupes automobiles majeurs tels que Sinopec, Xiaomi, Volkswagen Anhui, NIO, BAIC Group et Dongfeng Motor Group.
Cheche Group (NASDAQ: CCG), Chinas führende Technologieplattform für Auto-Versicherungen, hat ihre finanziellen Ergebnisse für das Q4 und das Geschäftsjahr 2024 veröffentlicht. Die Netto-Einnahmen im Q4 stiegen im Jahresvergleich um 13,4% auf RMB983,6M (US$134,8M), während die Einnahmen des Geschäftsjahres 2024 um 5,2% auf RMB3,5B (US$475,8M) wuchsen.
Das Unternehmen hat die Verluste erheblich reduziert, wobei der operative Verlust im Q4 um 93,7% im Jahresvergleich auf RMB3,0M gesenkt wurde und der operative Verlust für das Geschäftsjahr 2024 um 60,3% auf RMB66,5M fiel. Die insgesamt geschriebenen Prämien für das Q4 stiegen um 15,6% auf RMB7,4B, während die Gesamtzahl der ausgegebenen Policen von 4,8M auf 5,1M anstieg.
Bemerkenswert ist, dass die Partnerschaften mit Unternehmen für neue Energiefahrzeuge (NEV) ein bemerkenswertes Wachstum zeigten, mit einer Steigerung der eingebetteten Policen um 184,5% und einer Zunahme der geschriebenen Prämien um 171,1% im Jahresvergleich im Q4. Das Unternehmen erweiterte die Partnerschaften mit führenden Automobilgruppen, darunter Sinopec, Xiaomi, Volkswagen Anhui, NIO, BAIC Group und Dongfeng Motor Group.
- Q4 net revenues increased 13.4% YoY to RMB983.6M
- Q4 operating loss reduced by 93.7% YoY
- NEV business showed strong growth with 171.1% increase in written premiums
- Total written premiums grew 15.6% YoY to RMB7.4B in Q4
- Expanded partnerships with major automotive companies including Volkswagen, NIO, and BAIC Group
- Company still operating at a loss with FY2024 net loss of RMB61.2M
- Adjusted operating loss of RMB28.2M for FY2024
- General and administrative expenses increased by 25% (excluding one-time items)
Insights
Cheche's Q4 and FY 2024 results demonstrate substantial progress toward profitability despite remaining in loss territory. The 13.4% revenue growth in Q4 accelerated from the full-year rate of 5.2%, suggesting strengthening business momentum. Most impressive is the 93.7% reduction in Q4 operating loss to just RMB3.0 million, culminating in an adjusted operating income of RMB1.3 million compared to a loss in the prior year period.
The company's strategic pivot toward New Energy Vehicle (NEV) partnerships is clearly paying dividends. With NEV-related written premiums surging 171.1% in Q4, this high-growth segment is becoming an increasingly significant portion of Cheche's business. Given China's NEV market grew 35.5% in 2024 to 12.9 million units, Cheche is growing at nearly 5x the market rate in this segment.
The company has also demonstrated improved operational efficiency, with selling and marketing expenses decreasing 20.1% year-over-year in Q4, while general and administrative expenses fell 53.2%. Cost control measures have brought these expenses down as a percentage of revenue, contributing to the narrowing losses.
The expansion of strategic partnerships with major automotive players including Sinopec, Xiaomi, Volkswagen, NIO, BAIC Group, and Dongfeng positions Cheche favorably in China's competitive auto insurance technology landscape. These relationships should provide stable growth channels as the company approaches full profitability.
Financial and Operational Highlights
- Net revenues for the quarter increased by
13.4% year-over-year toRMB983.6 million (US ), while net revenues for the full year of 2024 increased by$134.8 million 5.2% over the prior year toRMB3 .5 billion (US ).$475.8 million - Operating loss for the quarter decreased by
93.7% year-over-year toRMB3.0 million (US ), while operating loss for the full year of 2024 decreased by$0.4 million 60.3% over the prior year toRMB66.5 million (US ).$9.1 million - Adjusted operating income(1) for the quarter was
RMB1.3 million (US .2 million), compared to adjusted operating loss of$0 RMB12.0 million in the prior-year quarter. Adjusted operating loss for the full year of 2024 decreased by40.2% over the prior year toRMB28.2 million (US .9 million).$3 - Net loss for the quarter decreased by
67.4% year-over-year toRMB10 .4 million (US ), while net loss for the full year of 2024 decreased by$1.4 million 61.6% over the prior year toRMB61.2 million (US ).$8.4 million - Adjusted net loss(1) for the quarter decreased by
38.6% year-over-year toRMB3.0 million (US ). Adjusted net loss for the full year of 2024 decreased by$0.4 million 25.3% fromRMB33.2 million in the prior year toRMB24.8 million (US ).$3.4 million - Total written premiums placed for the quarter increased by
15.6% year-over-year toRMB7.4 billion (US ), while total written premiums placed for the full year of 2024 increased by$1.0 billion 7.5% over the prior year toRMB24.3 billion (US ).$3.3 billion - Total number of policies issued for the quarter increased from 4.8 million for the prior-year quarter to 5.1 million, while the total number of policies issued over the full year of 2024 increased from 15.8 million of the prior year to 17.3 million.
- Partnerships with New Energy Vehicle (NEV) companies(2) numbered 15 in the quarter and led to 441,000 embedded policies with corresponding written premium of
RMB1.4 billion (US ), representing an increase of$189.8 million 184.5% and171.1% compared to the prior-year quarter, respectively. Embedded policies and corresponding written premium for the full year of 2024 reached 1.1 million andRMB3.3 billion (US ), respectively, representing growth of 158.9 % for policies embedded and$452.4 million 127.8% for written premium compared to the prior year.
(1) Adjusted Operating Loss/Income and Adjusted Net Loss are non-GAAP financial measures. For further information on the non-GAAP financial measures presented above, see the "Non-GAAP Financial Measures" section below. |
(2) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufactures in 2022 and such collaborations yielded considerable results in 2023 and 2024. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution by its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business and presents such operating metrics for investors to better understand and evaluate Cheche's business. |
Management Comments
"Our latest financial results validate the success of our strategic focus on the intelligent connected electric vehicle insurance sector. Revenues for the fourth quarter achieved robust growth of over
"As we reflect on 2024, we are thrilled by the remarkable growth in
"We are now aligned with the majority of significant NEV manufacturers in
Unaudited Fourth Quarter 2024 Financial Results
Net Revenues were RMB983.6 million (
Cost of Revenues increased by
Selling and Marketing Expenses decreased by
General and Administrative Expenses decreased by
Research and Development Expenses decreased by
Total Cost and Operating Expenses increased by
Operating Loss decreased by
Net Loss decreased by
Net Loss attributable to Cheche's shareholders decreased by
Net Loss Per Share, basic and diluted, was
Adjusted Net Loss Per Share, basic and diluted, was
Unaudited Full Year 2024 Financial Results
Net Revenues were
Cost of Revenues increased by
Selling and Marketing Expenses decreased by
General and Administrative Expenses decreased by
Research and Development Expenses decreased by
Total Cost and Operating Expenses increased by
Operating Loss decreased by
Net Loss decreased by
Net Loss attributable to Cheche's shareholders decreased by
Net Loss Per Share, basic and diluted, was
Adjusted Net Loss Per Share, basic and diluted, was
2024 and Subsequent Business Highlights
- On March 5, 2024, Cheche announced its expanded partnership with Sinopec, whose non-oil businesses cover a nationwide retail footprint of over 30,000 gas stations in
China . Cheche currently provides embedded auto insurance services to the unified digital platform of a subsidiary of Sinopec and has deployed services in over 5,000 gas stations nationwide inChina . - On March 28, 2024, Cheche announced its partnership with Beijing Houji Insurance Brokerage Co., Ltd. ("Beijing Houji"), an affiliate and the insurance brokerage firm of Xiaomi Corporation ("Xiaomi Group"). As an insurance service partner of Beijing Houji, Cheche offers a digital auto insurance transaction SaaS service platform with operational support. Cheche provides auto insurance service solutions to Xiaomi car owners in multiple cities nationwide, including, among others,
Beijing ,Shenzhen andHangzhou . - On May 13, 2024, Cheche announced its partnership with Volkswagen (
Anhui ) Digital Sales and Services Co., Ltd., the exclusive service provider of NEV insurance business for Volkswagen (Anhui ) Automotive Company Limited ("Volkswagen Anhui"). Cheche aims to support Volkswagen Anhui's branded insurance needs and enhance the attractiveness of Volkswagen Anhui's branded insurance products, boosting its penetration rate. - On June 20, 2024, Cheche announced its partnership with NIO Insurance Broker Co., Ltd. ("NIO Insurance Broker") to provide its accessible digital platform powered by industry-leading technology, simplifying the process of securing auto insurance for NIO's customers, while reducing front-end insurance delivery costs and enabling NIO to digitally manage its insurance business. Cheche is committed to creating value for its partners throughout the product lifecycle.
- On June 27, 2024, Cheche announced a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. ("Beijing Anpeng"), a subsidiary of Beijing Automotive Group Co., Ltd. ("BAIC Group"). BAIC Group is one of the largest auto manufacturers in
China , producing and selling vehicles through its own brands as well as foreign-branded joint-ventures, with Beijing Anpeng handling the insurance business for the brands, which encompass ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz and Beijing Off-road, among others. The partnership names Cheche as a core partner of BAIC Group, providing digital insurance solutions for brands. The opportunity was off to a strong start by providing ARCFOX with a designed service system which was being launched through ARCFOX's direct-sales channel. Cheche is also rolling out and expecting to cover 200 dealerships with the service system provided for Beijing Automotive by the end of the year, and to cover 100 dealerships with the service system provided for Beijing Hyundai by the end of the year. - On August 15, 2024, Cheche announced a strategic partnership with Wuhan Dongfeng Insurance Broker Co., Ltd. ("Dongfeng Insurance"), an insurance provider for Dongfeng Motor Group Company Limited ("Dongfeng Motor Group"). Dongfeng Insurance designated Cheche as an approved provider for Dongfeng Motor Group's NEV brands, such as VOYAH, a luxury EV brand that recently engaged the services of Cheche's digital insurance solutions platform.
- On August 19, 2024, Cheche Group announced its latest progress with BAIC Group's NEV brand ARCFOX. Cheche has successfully launched a full-service insurance platform for ARCFOX to provide its car owners with a comprehensive insurance application system. The collaboration with ARCFOX allows Cheche to gradually introduce high-margin insurance products, while continuing to grow its NEV insurance presence, diversifying Cheche's revenue mix and boosting the Company's reputation among automotive enterprises.
- On September 12, 2024, Cheche announced a partnership with Laoyou Insurance Brokerage Co., Ltd. ("Laoyou Insurance"), a wholly controlled subsidiary of Great Wall Motor Company Limited ("GWM"), a renowned Chinese auto manufacturer. Cheche's insurance solutions and sophisticated transaction system have been gradually rolled out with GWM's newly established direct-sales network in more than 20 cities nationwide. Cheche plans to develop a comprehensive insurance solution tailored for traditional automakers within one to two years.
- On October 1, 2024, Cheche announced a strategic partnership with The Tokio Marine & Nichido Fire Insurance Company (
China ) Limited ("TMNCH"), as Cheche continues to broaden its collaborations with insurance companies inChina . Leveraging each other's strengths, the two companies are working to develop specialized insurance products, services, and sales strategies. This collaboration will not only enhance Cheche's insurance service capabilities but also increase its business scale for serving traditional automotive companies, paving the way for future partnerships with Japanese automotive companies. - On January 13, 2025, Cheche announced that Cheche Technology Inc., the Company's wholly owned subsidiary, as a pioneer of insurance technology in
China , was recognized by KPMG China as one ofChina's top 50 leading fintech companies. Cheche's growth and success at the helm of digital insurance transformation is further underscored by this recognition. - On February 24, 2025, Cheche announced that its innovative Tianmu Insurance Anti-Fraud and Risk Control Model has been recognized in the prestigious Top 100 AI Products of 2024 list. The award-winning Tianmu Model integrates advanced technologies such as big data, artificial intelligence, and biometrics to construct an intelligent anti-fraud and risk control system. This accolade highlights Cheche's commitment to leveraging cutting-edge technology in the insurance industry.
Balance Sheet
As of December 31, 2024, the Company had
Business Outlook
For the full year of 2025, Cheche expects the following results:
- Net revenues ranging from
RMB3.6 billion toRMB3.8 billion , representing an increase of3.7% to 9.4 %, compared to the full year of 2024. - Total Written Premiums Placed ranging from
RMB25.5 billion toRMB27.0 billion , representing an increase of4.9% to11.1% , compared to the full year of 2024. - NEV Written Premiums Placed ranging from
RMB7.0 billion toRMB8.0 billion , representing an increase of112% to142% , compared to the full year of 2024. - Adjusted Operating Results shifting from a loss to a profit.
Conference Call
Cheche will host a webcast and conference call to discuss its fourth quarter and full year 2024 results today at 8:00 a.m. EDT. A live webcast and a slide presentation will be available on Cheche's investor relations website in the "Events" section of the Company's investor relations website under the "News & Events" header at ir.chechegroup.com.
The dial-in numbers for the conference call are as follows:
- Participant (toll-free): 1-888-346-8982
- Participant (international): 1-412-902-4272
- Hong Kong LT: 852-301-84992
- Hong Kong Toll Free: 800-905945
- Mainland China Toll-Free: 4001-201203
Please dial in 10 to 15 minutes before the scheduled start time.
A webcast replay of the call will be available at ir.chechegroup.com for one year following the call.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
About Cheche Group Inc.
Established in 2014 and headquartered in
Cheche Group Inc.:
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
Non-GAAP Financial Measures
Cheche has provided in this press release non-GAAP financial measures that have not been prepared in accordance with generally accepted accounting principles in
Cheche uses adjusted cost of revenues, adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total cost and operating expenses, adjusted operating loss/income, adjusted net loss/income and adjusted net loss/income per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes.
Cheche defines adjusted total cost and operating expenses as total cost and operating expenses adjusted for the impact of share-based compensation, amortization of intangible assets related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), listing-related professional service fees and dispute resolution expenses, representing expenses Cheche incurred in a dispute with a certain security holder. Cheche defines adjusted operating loss/income as operating loss/income adjusted for the impact of share-based compensation, amortization of intangible assets related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), listing-related professional service fees and dispute resolution expenses. Cheche defines adjusted net loss/income as net loss/income adjusted for the impact of share-based compensation expenses, amortization of intangible assets and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, listing related professional service fees and dispute resolution expenses. Adjusted net loss/income per share, basic and diluted, is calculated as adjusted net loss/income divided by weighted-average ordinary shares outstanding.
Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees and dispute resolution expenses. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision making.
The non-GAAP financial measures are not defined under
Safe Harbor Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company's ability to scale and grow its business, the Company's advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the
Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and | |||||
December 31, | December 31, | December 31, | |||
2023 | 2024 | 2024 | |||
RMB | RMB | USD | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 243,392 | 117,472 | 16,094 | ||
Short-term investments | 21,474 | 35,423 | 4,853 | ||
Accounts receivable, net | 466,066 | 982,479 | 134,599 | ||
Prepayments and other current assets | 49,321 | 45,436 | 6,225 | ||
Total current assets | 780,253 | 1,180,810 | 161,771 | ||
Non-current assets: | |||||
Restricted Cash | 5,000 | 5,000 | 685 | ||
Property, equipment and leasehold improvement, net | 1,667 | 1,368 | 187 | ||
Intangible assets, net | 8,050 | 5,950 | 815 | ||
Right-of-use assets | 10,249 | 5,653 | 774 | ||
Goodwill | 84,609 | 84,609 | 11,591 | ||
Other non-current assets | 4,149 | 4,530 | 621 | ||
Total non-current assets | 113,724 | 107,110 | 14,673 | ||
Total assets | 893,977 | 1,287,920 | 176,444 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Accounts payable | 316,868 | 725,815 | 99,436 | ||
Short-term borrowings | 20,000 | 30,000 | 4,110 | ||
Contract liabilities | 4,295 | 1,781 | 244 | ||
Salary and welfare benefits payable | 73,609 | 80,377 | 11,012 | ||
Tax payable | 950 | 12,011 | 1,646 | ||
Amounts due to related party | 55,251 | - | - | ||
Accrued expenses and other current liabilities | 25,759 | 25,248 | 3,458 | ||
Short-term lease liabilities | 3,951 | 3,037 | 416 | ||
Warrant | 850 | - | - | ||
Total current liabilities | 501,533 | 878,269 | 120,322 | ||
Non-current liabilities: | |||||
Amounts due to related party | - | 45,811 | 6,276 | ||
Deferred tax liabilities | 2,013 | 1,488 | 204 | ||
Long-term lease liabilities | 5,398 | 2,137 | 293 | ||
Deferred revenue | 1,432 | 1,432 | 196 | ||
Warrant | 5,419 | 3,032 | 415 | ||
Total non-current liabilities | 14,262 | 53,900 | 7,384 | ||
Total liabilities | 515,795 | 932,169 | 127,706 | ||
Ordinary shares | 5 | 6 | 1 | ||
Treasury stock | (1,025) | (1,025) | (140) | ||
Additional paid-in capital | 2,491,873 | 2,525,741 | 346,025 | ||
Accumulated deficit | (2,113,821) | (2,175,057) | (297,982) | ||
Accumulated other comprehensive income | 1,150 | 6,086 | 834 | ||
Total Cheche's shareholders' equity | 378,182 | 355,751 | 48,738 | ||
Total liabilities and shareholders' equity | 893,977 | 1,287,920 | 176,444 |
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts | |||||||
For the Three Months Ended | For the Year Ended | ||||||
December | December | December | December | December | December | ||
2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||
RMB | RMB | USD | RMB | RMB | USD | ||
Net revenues | 867,778 | 983,636 | 134,758 | 3,301,418 | 3,473,139 | 475,818 | |
Cost and Operating | |||||||
Cost of revenues | (824,432) | (932,013) | (127,685) | (3,161,193) | (3,314,377) | (454,068) | |
Selling and marketing | (24,707) | (19,730) | (2,703) | (111,454) | (79,501) | (10,892) | |
General and | (54,882) | (25,682) | (3,518) | (139,385) | (107,857) | (14,776) | |
Research and | (12,399) | (9,256) | (1,268) | (57,167) | (37,947) | (5,199) | |
Total cost and | (916,420) | (986,681) | (135,174) | (3,469,199) | (3,539,682) | (484,935) | |
Operating loss | (48,642) | (3,045) | (416) | (167,781) | (66,543) | (9,117) | |
Other expenses: | |||||||
Interest income | 2,705 | 1,027 | 141 | 5,398 | 6,037 | 827 | |
Interest expense | (575) | (222) | (30) | (1,446) | (838) | (115) | |
Foreign exchange | 2,719 | (5,257) | (720) | (2,546) | (2,810) | (385) | |
Government grants | 2,445 | 410 | 56 | 12,371 | 887 | 122 | |
Changes in fair value of | 12,136 | (1,734) | (238) | 1,702 | 2,634 | 361 | |
Changes in fair value of | (2,602) | (1,372) | (188) | (7,524) | (757) | (104) | |
Others, net | (126) | (323) | (44) | (127) | (137) | (19) | |
Loss before income | (31,940) | (10,516) | (1,439) | (159,953) | (61,527) | (8,430) | |
Income tax credit | (23) | 101 | 14 | 363 | 291 | 40 | |
Net loss | (31,963) | (10,415) | (1,425) | (159,590) | (61,236) | (8,390) | |
Accretions to preferred | - | - | - | (762,169) | - | - | |
Net loss attributable to | (31,963) | (10,415) | (1,425) | (921,759) | (61,236) | (8,390) | |
Net loss | (31,963) | (10,415) | (1,425) | (159,590) | (61,236) | (8,390) | |
Other comprehensive | |||||||
Foreign currency | (4,429) | 8,132 | 1,114 | 1,621 | 4,739 | 649 | |
Fair value changes of | (1) | (19) | (3) | (405) | 197 | 27 | |
Total other | (4,430) | 8,113 | 1,111 | 1,216 | 4,936 | 676 | |
Total comprehensive | (36,393) | (2,302) | (314) | (158,374) | (56,300) | (7,714) | |
Net loss per ordinary | |||||||
Basic | (0.42) | (0.13) | (0.02) | (20.30) | (0.78) | (0.11) | |
Diluted | (0.42) | (0.13) | (0.02) | (20.30) | (0.78) | (0.11) | |
Weighted average | |||||||
Basic | 75,439,487 | 80,184,139 | 80,184,139 | 45,415,205 | 78,043,661 | 78,043,661 | |
Diluted | 75,439,487 | 80,184,139 | 80,184,139 | 45,415,205 | 78,043,661 | 78,043,661 |
Reconciliation of GAAP Cost and Operating Expenses and Operating Loss/Income to Non-GAAP | ||||||||||
(All amounts in thousands) | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
December | December | December | December | December | December | |||||
2023 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||
RMB | RMB | USD | RMB | RMB | USD | |||||
Cost of revenues | (824,432) | (932,013) | (127,685) | (3,161,193) | (3,314,377) | (454,068) | ||||
Add: Share-based compensation | 3 | 3 | - | 191 | 12 | 2 | ||||
Amortization of intangible assets | 525 | 525 | 72 | 2,100 | 2,100 | 288 | ||||
Adjusted Cost of revenues | (823,904) | (931,485) | (127,613) | (3,158,902) | (3,312,265) | (453,778) | ||||
Selling and marketing expenses | (24,707) | (19,730) | (2,703) | (111,454) | (79,501) | (10,892) | ||||
Add: Share-based compensation | 635 | 1,340 | 184 | 30,688 | 5,690 | 780 | ||||
Adjusted Selling and marketing | (24,072) | (18,390) | (2,519) | (80,766) | (73,811) | (10,112) | ||||
General and administrative expenses | (54,882) | (25,682) | (3,518) | (139,385) | (107,857) | (14,776) | ||||
Add: Share-based compensation | 41,830 | 2,228 | 305 | 67,519 | 26,272 | 3,599 | ||||
Listing related professional expenses | (6,479) | - | - | 8,493 | - | - | ||||
Dispute resolution expenses | - | - | - | - | 2,355 | 323 | ||||
Adjusted General and administrative | (19,531) | (23,454) | (3,213) | (63,373) | (79,230) | (10,854) | ||||
Research and development expenses | (12,399) | (9,256) | (1,268) | (57,167) | (37,947) | (5,199) | ||||
Add: Share-based compensation | 122 | 228 | 31 | 11,585 | 1,895 | 260 | ||||
Adjusted Research and development | (12,277) | (9,028) | (1,237) | (45,582) | (36,052) | (4,939) | ||||
Total cost and operating expenses | (916,420) | (986,681) | (135,174) | (3,469,199) | (3,539,682) | (484,935) | ||||
Adjusted total cost and operating | (879,784) | (982,357) | (134,582) | (3,348,623) | (3,501,358) | (479,683) | ||||
Operating loss | (48,642) | (3,045) | (416) | (167,781) | (66,543) | (9,117) | ||||
Add: Share-based compensation | 42,590 | 3,799 | 520 | 109,983 | 33,869 | 4,641 | ||||
Amortization of intangible assets | 525 | 525 | 72 | 2,100 | 2,100 | 288 | ||||
Listing related professional expenses | (6,479) | - | - | 8,493 | - | - | ||||
Dispute resolution expenses | - | - | - | - | 2,355 | 323 | ||||
Adjusted operating (loss)/income | (12,006) | 1,279 | 176 | (47,205) | (28,219) | (3,865) | ||||
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) | |||||||
(All amounts in thousands, except for share data and per share data) | |||||||
For the Three Months Ended | For the Year Ended | ||||||
December | December | December | December | December | December | ||
2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||
RMB | RMB | USD | RMB | RMB | USD | ||
Net loss | (31,963) | (10,415) | (1,425) | (159,590) | (61,236) | (8,390) | |
Add: Share-based compensation | 42,590 | 3,799 | 520 | 109,983 | 33,869 | 4,641 | |
Amortization of intangible assets related | 525 | 525 | 72 | 2,100 | 2,100 | 288 | |
Listing related professional expenses | (6,479) | - | - | 8,493 | - | - | |
Change in fair value of warrant | (12,136) | 1,734 | 238 | (1,702) | (2,634) | (361) | |
Changes in fair value of amounts due to | 2,602 | 1,372 | 188 | 7,524 | 757 | 104 | |
Dispute resolution expenses | - | - | - | - | 2,355 | 323 | |
Adjusted net loss | (4,861) | (2,985) | (407) | (33,192) | (24,789) | (3,395) | |
Accretions to preferred shares | - | - | - | (762,169) | - | - | |
Adjusted net loss attributable to | (4,861) | (2,985) | (407) | (795,361) | (24,789) | (3,395) | |
Weighted average number of ordinary | |||||||
Basic | 75,439,487 | 80,184,139 | 80,184,139 | 45,415,205 | 78,043,661 | 78,043,661 | |
Diluted | 75,439,487 | 80,184,139 | 80,184,139 | 45,415,205 | 78,043,661 | 78,043,661 | |
Net loss per ordinary share | |||||||
Basic | (0.42) | (0.13) | (0.02) | (20.30) | (0.78) | (0.11) | |
Diluted | (0.42) | (0.13) | (0.02) | (20.30) | (0.78) | (0.11) | |
Non-GAAP adjustments to net loss per | |||||||
Basic | 0.36 | 0.09 | 0.01 | 2.79 | 0.46 | 0.07 | |
Diluted | 0.36 | 0.09 | 0.01 | 2.79 | 0.46 | 0.07 | |
Adjusted net loss per ordinary share | |||||||
Basic | (0.06) | (0.04) | (0.01) | (17.51) | (0.32) | (0.04) | |
Diluted | (0.06) | (0.04) | (0.01) | (17.51) | (0.32) | (0.04) |
View original content:https://www.prnewswire.com/news-releases/cheche-group-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results-302414177.html
SOURCE Cheche Group Inc.