Cheche Group Inc. CCG

The business

Cheche runs an online platform in China that connects auto-insurance carriers with distribution channels (dealers, agents, digital partners) and originates policies on their behalf. The engine is auto: China's auto-insurance market is compulsory, roughly RMB 900B in annual premium, and Cheche sits in the transaction layer earning a commission on gross written premium routed through its platform. The 20% of the business doing 80% of the work is core auto brokerage at about 95% of the RMB 3.0B revenue base, with a growing but still small non-auto P&C line (property, health, liability) that carries structurally higher take rates. The take rate on the whole book is thin, gross margin was 5.5% in 2025, because Chinese auto insurance is a price-regulated commodity where the carrier owns the risk and pays out a narrow commission.

What the financials do not show is the shape of the counterparty. Cheche's revenue is gross written premium multiplied by a commission, so the RMB 3.0B "revenue" figure reflects roughly RMB 50-60B of premium flowing through the platform, and its economics depend on which carriers pay what commission for what channel. The 2023-2024 losses were the cost of buying distribution (heavy S&M and G&A to onboard dealers ahead of scale); 2025 shows those costs coming down hard, with SG&A falling 23% year-over-year on declining revenue. That is the operating leverage story. The question the P&L cannot answer is whether the platform is now genuinely lower-cost to run at scale, or whether management cut into distribution muscle to hit profitability and the growth will follow the cost down.