Cheche Group Inc. (NASDAQ: CCGWW)

Cheche Group Inc. is a technology company that provides digital insurance transaction services and insurance software as a service solutions in the People's Republic of China. The company was founded in 2014 to digitalize the auto insurance purchase process and has since expanded to offer a full suite of insurance related products. It operates a cloud based platform that connects insurance carriers intermediaries third party platforms referral partners and consumers. Through its platform Cheche Group enables the quotation comparison underwriting and issuance of auto and non auto insurance policies. The company also offers SaaS products that help insurance intermediaries digitize their operations and help carriers optimize underwriting and pricing strategies. Cheche Group conducts its business in China primarily through wholly owned subsidiaries and contractual arrangements known as the VIE structure. The VIE holds ICP licenses as an internet content provider in China allowing the company to operate its website and mobile applications legally.

Cheche Group generates revenue mainly from fees earned on insurance transactions facilitated through its platform and from subscription fees for its SaaS offerings. Transaction revenue includes service charges paid by insurance carriers for each policy sold via the platform and referral fees paid to referral partners and third party platforms. In 2023 the company facilitated auto insurance policies with gross written premiums of RMB17,742.7 million and non auto insurance policies with gross written premiums of RMB4,794.3 million. Subscription revenue comes from annual fees charged to insurance intermediaries for using the Digital Surge product and from yearly flat fees paid by insurance carriers for the Sky Frontier product. In 2023 subscription revenue from Digital Surge amounted to RMB5.1 million and from Sky Frontier amounted to RMB11.6 million. The company also earns income from value added services such as claims processing support and data analytics services provided to ecosystem participants. Overall net revenue was RMB3,301.4 million in 2023 RMB3,473.1 million in 2024 and RMB3,009.8 million in 2025.

The company operates through the following segments.

• Digital Insurance Transaction Services. This segment includes the Easy Insur platform and the NEV Insurance Solution which enable the sale of auto and non auto insurance policies through referral partners third party platforms and direct consumer channels. The segment earns revenue from transaction service fees paid by insurance carriers and from referral fees distributed to partners. As of December 31 2025 the platform had integrated with the core technology systems of approximately sixty insurance carriers in China. Easy Insur had approximately 1.4 million referral partners and the NEV Insurance Solution had been adopted by sixteen new energy vehicle manufacturers.

• Insurance SaaS Solution Services. This segment comprises the Digital Surge and Sky Frontier products which are cloud based software offerings for insurance intermediaries and carriers respectively. Revenue is generated through annual subscription fees and usage based charges for premium features. As of December 31 2025 Digital Surge had been subscribed to by over four thousand five hundred insurance intermediaries and Sky Frontier had been subscribed to by approximately one hundred insurance carriers. The products help intermediaries automate core processes and meet regulatory digitalization requirements while helping carriers optimize underwriting and pricing strategies through machine learning driven analytics.

Cheche Group holds a leading position in China's digital auto insurance transaction market as measured by gross written premiums facilitated through its platform. The company is one of the few platforms that have integrated with the core technology systems of all of China's top twenty property and casualty insurance carriers. Competitors include large internet platforms such as Alipay vertical auto insurance transaction providers and the direct online sales channels of insurance carriers. Cheche Group's competitive advantages stem from its proprietary data analytics engine its nationwide service network with over one hundred licensed branches and its deep relationships with more than one million referral partners. The company also benefits from strong brand recognition and a technology infrastructure that supports frequent seamless upgrades. These advantages enable Cheche Group to maintain stable growth even as the insurance industry evolves rapidly.

The company's customers consist of insurance carriers insurance intermediaries third party platforms referral partners and individual consumers. Insurance carriers pay transaction and subscription fees to access the platform's distribution and analytics tools. Insurance intermediaries subscribe to Digital Surge to meet regulatory digitalization requirements and improve operational efficiency. Third party platforms such as leading new energy vehicle manufacturers ride hailing firms and consumer internet companies integrate with Cheche Group to offer insurance products to their users. Referral partners including insurance brokers and auto service professionals use Easy Insur to quote and sell policies on behalf of consumers. End consumers obtain insurance quotes and policies through the platform via referral partners or third party channels. As of December 31 2025 the company worked with approximately one hundred insurance carriers over four thousand five hundred insurance intermediaries more than seven hundred third party platforms and about 1.4 million referral partners. This broad ecosystem creates network effects that increase the value of the platform for all participants.