Cheche Group Turns Profitable as NEV Insurance Premiums Surge — Cheche Group Inc.

Event summary

Cheche Group reported adjusted net income of RMB11.6 million (US$1.7 million) for full-year 2025, reversing a net loss of RMB24.8 million in 2024.
NEV insurance premiums grew 91% year-over-year to RMB6.3 billion (US$902.1 million), now representing 23.4% of total written premiums.
Partnerships with NEV companies expanded to 16, driving 1.2 million policies and RMB3.7 billion (US$532.0 million) in premiums in H2 2025.
Operating expenses decreased 19.6% year-over-year to RMB181.2 million (US$25.9 million) for full-year 2025.
Cheche expects NEV written premiums to grow 66.7% to 90.5% in 2026, targeting RMB10.5 billion to RMB12.0 billion.

The big picture

Cheche Group's pivot to NEV insurance is paying off, with profitability achieved as the Chinese EV market accelerates. The company's strategic partnerships with automakers like Huawei, BYD, and Volkswagen are driving premium growth, but its ability to maintain margins hinges on sustaining operational efficiency. As Chinese automakers export more vehicles globally, Cheche is positioning itself as a key player in the digital insurance space, though its success will depend on navigating regional regulatory landscapes and competitive dynamics.

What we're watching

NEV Market Dependence: How Cheche's reliance on NEV premiums (23.4% of total) will affect profitability if NEV market growth slows.
International Expansion: Whether Cheche can successfully scale its AI-driven insurance tools and fintech solutions in Asia-Pacific and Latin America.
Operational Efficiency: The pace at which Cheche can sustain its 19.6% year-over-year reduction in operating expenses while expanding partnerships.