Cheche Group Inc.

Cheche Group achieved a pivotal inflection point in 2025, reporting full-year adjusted operating income of RMB5.6 million and adjusted net income of RMB11.6 million, marking a significant turnaround from adjusted losses of RMB28.2 million and RMB24.8 million, respectively, in the prior year. This profitability milestone was driven by a strategic shift in business mix toward New Energy Vehicle (NEV) insurance, which carries higher gross margins despite lower service fee rates. NEV embedded written premiums surged 91.0% year-over-year to RMB6.3 billion, increasing their proportion of total written premiums to 23.4% from 13.6%. Consequently, gross profit grew 1.0% to RMB160.4 million even as net revenues declined 13.3% due to the lower fee structure of NEV policies. Operational discipline further supported the turnaround, with total operating expenses decreasing 19.6% year-over-year to RMB181.2 million. The company strengthened its market position through landmark partnerships with automakers including Huawei’s HarmonyOS, BYD, and Volkswagen’s Jinbiao brand, aiming to build a full-lifecycle digital financial and insurance service platform. Management highlighted that the improved business structure and operational efficiency were the primary drivers of the profitability improvement, positioning the company for sustainable long-term value creation.