On August 28, 2025, Cheche Group Inc (CCG.US) released its unaudited financial results for the first half of 2025. The financial report showed that Cheche Group Inc achieved total premium scale of 11.5 billion yuan (approximately $1.6 billion) in H1 2025, representing a 4% increase compared to 11.1 billion yuan in the same period last year. The company's strategic positioning in the new energy vehicle insurance sector has shown remarkable results, with platform transaction volume breaking through 810,000 orders, up 135.5% year-over-year; new energy vehicle insurance new car premium scale reached 2.6 billion yuan, surging 150.6% year-over-year. As one of the company's fastest-growing and most promising core businesses, the company continues to strengthen cooperation with new energy vehicle manufacturers and expects to serve approximately 30% to 40% of China's new energy vehicle market within the next 3-5 years. Following the earnings release, capital market optimism has translated into strong signals, with the stock price rallying for three consecutive days with a cumulative gain of 40%, receiving unanimous support from capital markets. Meanwhile, CITIC Securities predicts that the new energy vehicle insurance market will reach 285.6 billion yuan by 2027, representing 103% growth compared to 2024. Recently, CITIC Securities assigned a "Buy" rating to Cheche Group Inc; Maxim Group also issued a "Buy" rating with a target price of $3.00.
New Energy Vehicle Insurance Premiums Break Through 2.6 Billion, Partnerships with 15 New Energy Vehicle Manufacturers, Securing Vehicle Manufacturer Insurance Service Channels
As of the end of the reporting period, Cheche Group Inc issued 810,000 new car policies in H1 2025, up 135.5% year-over-year; new energy vehicle insurance new car premium scale reached 2.6 billion yuan, growing 150.6% compared to the same period last year, maintaining over 100% growth for three consecutive years, becoming one of the company's fastest-growing and most promising core businesses. Within the total premium scale of 11.5 billion yuan, new energy vehicle insurance accounted for 22.6%, becoming the core growth engine. Currently, the company has established comprehensive strategic partnerships with 15 mainstream new energy vehicle manufacturers, connecting insurance products from 80 insurance companies, providing end-to-end digital AI solutions covering pricing, risk control, underwriting, claims processing, and customer lifecycle management, assisting vehicle manufacturers in achieving insurance product innovation and operational upgrades. Taking mainstream brands such as Xiaomi, Tesla, and Li Auto as examples, Cheche Group Inc's online and intelligent new car insurance services provided to vehicle manufacturers have completely replaced traditional 4S dealership policy issuance models. The platform's peak monthly new car policy issuance volume reached 100,000 vehicles, with an online policy issuance rate of up to 95%, of which car owners' self-service insurance purchases through the APP accounted for 87%. More importantly, the nationwide delivery cycle for new vehicle models has been significantly compressed. The cycle from parameter testing to online policy issuance for new vehicle models has been shortened from the previous 1-2 weeks to 2-3 days, significantly improving vehicle manufacturer delivery efficiency. China's new energy vehicle ownership is expected to reach 80-100 million vehicles in the next 3-5 years. Based on the insurance industry's average claims ratio, this is expected to generate 300-500 million yuan in AI-driven solution and service revenue for the company, significantly improving the company's financial and operational structure. According to CITIC Securities' investment value report, the new energy vehicle insurance market is predicted to reach 285.6 billion yuan by 2027, representing 103% growth potential compared to 2024. The insurance technology market is predicted to reach 45.4 billion yuan by 2027, representing 48% growth potential compared to 2024.
International Expansion Strategy Enters Acceleration Phase, Expected to Become Major Growth Engine Starting from 2026
While the domestic market gradually matures, the pace of new energy vehicle "going global" is also accelerating. Data shows that from 2023 to H1 2025, China's new energy vehicle export volumes were 1.203 million units, 1.284 million units, and 1.06 million units respectively, with year-over-year growth rates of 77.6%, 6.7%, and 75.2% respectively. In overseas markets where insurance service systems are not well-established, overseas car owners often face rejection or high premium issues when seeking insurance, which has become a major difficulty constraining vehicle manufacturers' global expansion. Cheche Group Inc has already secured vehicle manufacturer insurance service channels. Relying on the overseas sales networks of new energy brands such as BYD, XPeng, NIO, and Geely, the company has become their preferred digital insurance solution partner, on one hand undertaking policy demand that comes with vehicles, and on the other hand building overseas competitive advantages through technology and data accumulation. Currently, Cheche Group Inc has reached cooperation intentions with major export vehicle manufacturers regarding overseas financial insurance business, formulating detailed roadmaps covering the Asia-Pacific region, Europe, and Latin America, validating and optimizing mature domestic new energy vehicle digital pricing models in overseas markets, promoting global insurance standard coordination, and empowering Chinese automotive industry "ecosystem going global" through various models. This strategic initiative will further strengthen the company's leadership position in data-driven insurance and fintech fields. The company expects its overseas business to become a major growth engine starting from 2026. It is understood that in 2025, Cheche Group Inc will focus on strategic development opportunities in intelligent connected new energy vehicles. Leveraging its successfully established core partnerships with 15 mainstream new energy vehicle manufacturers and nearly 10 million digitally native car owners, the company will gradually reduce investment in traditional internal combustion engine (ICE) vehicle insurance starting from 2025, comprehensively serving the intelligent connected vehicle risk management field for NEVs. Revenue and gross profit contributions in this field are expected to generate flywheel effects over the next 3-5 years.
AI Empowerment Accelerates Comprehensive Operational Efficiency Improvement, Full Profitability Expected This Year
Looking at Cheche Group Inc's business development progress in H1 2025, while pursuing scale expansion, the company's continued advancement of its "AI-driven intelligent insurance technology" strategy has been instrumental. Breakthrough progress has been achieved in intelligent customer service, intelligent operations, and intelligent risk control. In intelligent customer service, Cheche Group Inc has built a digital customer service system covering intent recognition, knowledge retrieval, and multimodal interaction based on million-level new energy user data, integrating large model technologies such as DeepSeek and Qwen. This system achieves human-machine collaboration in scenarios such as new car insurance, renewal consultations, and claims services, significantly improving problem understanding capabilities, resolution rates, and response speeds. Overall customer service key indicators improved by over 30%, and monthly per-capita policy issuance efficiency increased by nearly 50%. In intelligent operations, the platform has fully integrated vehicle-owner data with claims data, generating digital certificates for accident reports, optimizing online claims reporting processes, simplifying information filing, and improving claims processing efficiency by 35%. The system can automatically adjust strategies based on customer operation data, achieving dynamic and intelligent operations. The company's self-developed "Tianmu" multimodal risk control system integrates text, image, and voice data, improving fraud identification accuracy to industry-leading levels, reducing claims risks for partner insurance companies by approximately 20% annually, and improving business processing efficiency by 30%. As a result, Cheche Group Inc's operational efficiency and cost control continue to strengthen. Adjusted losses in H1 2025 narrowed significantly by 56.9% year-over-year, further establishing the profitability inflection point, with full-year comprehensive profitability expected.
Capital Markets Continue to Show Confidence, Stock Price Surges 40% After Earnings Release
Recently, Cheche Group Inc's US stock price rallied for three consecutive days with a cumulative gain of 40%, receiving unanimous support from capital markets. Cheche Group Inc's core shareholders continue to be optimistic about long-term development: Founder and CEO Zhang Lei will continue to increase his shareholding; Tencent and Broadband Capital have expressed their intention to continue holding or increase their holdings in the company; senior international industry professionals including Micron Technology (MU.US) Executive Vice President Michael Cordano and former Western Digital (WDC.US) CFO Mark Patrick Long have recently increased their holdings with combined shareholding exceeding 5%, demonstrating global investors' high recognition of the company's strategic direction and growth potential. Cheche Group Inc Founder and CEO Zhang Lei stated: "Our deep cultivation in the new energy vehicle insurance field has entered a harvest period. Over the next three years, the company will continue to focus on the dual-engine strategy of 'AI insurance innovation + fintech going global', leveraging years of practical accumulation in China's new energy vehicle insurance field to serve the global automotive industry chain, reshape the insurance business landscape, and strive to become a globally leading next-generation artificial intelligence insurance technology company."
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