Revenue growth has shifted into a contractionary phase with a 20.8% year-over-year decline, while gross margins remain persistently thin at approximately 4.9%.
| Sales/Revenue | 3.18B | 3.47B | 3.3B | 2.68B | 1.74B |
| Revenue Growth % | -2.98% | 5.2% | 23.23% | 54.38% | - |
| Cost of Goods Sold | 3.02B | 3.31B | 3.16B | 2.54B | 1.65B |
| COGS % of Revenue | - | 95.43% | 95.75% | 94.69% | 95.34% |
| Gross Profit | 160.39M | 158.76M | 140.22M | 142.31M | 80.81M |
| Gross Margin % | 5.04% | 4.57% | 4.25% | 5.31% | 4.66% |
| Gross Profit Growth % | - | 13.22% | -1.47% | 76.1% | - |
| Operating Expenses | 196.06M | 225.31M | 308.01M | 258.27M | 236.52M |
| OpEx % of Revenue | - | 6.49% | 9.33% | 9.64% | 13.63% |
| Selling, General & Admin | 158.45M | 187.36M | 250.84M | 208.32M | 189.74M |
| SG&A % of Revenue | - | 5.39% | 7.6% | 7.78% | 10.93% |
| Research & Development | 37.72M | 37.95M | 57.17M | 49.95M | 46.78M |
| R&D % of Revenue | - | 1.09% | 1.73% | 1.86% | 2.7% |
| Other Operating Expenses | -107K | 0 | 0 | 0 | 0 |
| Operating Income | -35.67M | -66.54M | -167.78M | -115.95M | -155.71M |
| Operating Margin % | -1.12% | -1.92% | -5.08% | -4.33% | -8.97% |
| Operating Income Growth % | - | 60.34% | -44.7% | 25.53% | - |
| EBITDA | -31.85M | -58.05M | -156.22M | -104.54M | -140.86M |
| EBITDA Margin % | -1% | -1.67% | -4.73% | -3.9% | -8.12% |
| EBITDA Growth % | 70.88% | 62.84% | -49.44% | 25.78% | - |
| D&A (Non-Cash Add-back) | 1.32M | 8.49M | 11.56M | 11.41M | 14.85M |
| EBIT | -33.17M | -60.69M | -158.51M | -88.24M | -140.46M |
| Net Interest Income | 2.84M | 5.2M | 3.95M | -1.41M | -6.24M |
| Interest Income | 3.24M | 6.04M | 5.4M | 1.89M | 278K |
| Interest Expense | 398K | 838K | 1.45M | 3.3M | 6.52M |
| Other Income/Expense | 3.35M | 5.02M | 7.83M | 24.41M | 8.73M |
| Pretax Income | -32.32M | -61.53M | -159.95M | -91.54M | -146.98M |
| Pretax Margin % | -1.02% | -1.77% | -4.84% | -3.42% | -8.47% |
| Income Tax | 4K | -291K | -363K | -521K | -522K |
| Effective Tax Rate % | -0.01% | 0.47% | 0.23% | 0.57% | 0.36% |
| Net Income | -31.93M | -61.24M | -159.59M | -91.02M | -146.46M |
| Net Margin % | -1% | -1.76% | -4.83% | -3.4% | -8.44% |
| Net Income Growth % | 64.11% | 61.63% | -75.33% | 37.85% | - |
| Net Income (Continuing) | -32.32M | -61.24M | -159.59M | -91.02M | -146.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -0.71 | -20.30 | -3.51 | -0.57 |
| EPS Growth % | 66.3% | 96.5% | -478.35% | -515.79% | - |
| EPS (Basic) | - | -0.77 | -20.30 | -3.51 | -0.57 |
| Diluted Shares Outstanding | 82.19M | 86.51M | 75.46M | 79.49M | 79.49M |
| Basic Shares Outstanding | 82.19M | 79.4M | 75.46M | 79.49M | 79.49M |
| Dividend Payout Ratio | - | - | - | - | - |
Regulatory commission rate compression
As reported in recent financial filings, Cheche Group's revenue growth has shifted into a contractionary phase, with the most recent quarterly figures showing a 20.8% year-over-year decline, signaling potential saturation or competitive displacement within the Chinese automotive insurance intermediary market that warrants close investor scrutiny.
The transition from double-digit growth in late 2024 to a sharp contraction in 2025 suggests that the company's reliance on transactional volume is highly sensitive to broader automotive sales cycles. This deceleration implies that the firm's embedded insurance model may be struggling to maintain its competitive edge against evolving direct-to-consumer distribution strategies employed by major OEMs.
Based on the company's reported income statements, gross margins have remained persistently compressed at approximately 4.9%, highlighting the structural difficulty of capturing value in a market where the majority of premiums are redirected to third-party referral partners and distribution networks.
The inability to expand gross margins beyond the low single digits suggests a lack of pricing power, likely exacerbated by strict regulatory caps on commission rates in the Chinese insurance sector. Investors should monitor whether the company can successfully pivot toward higher-margin SaaS offerings to offset these inherent transactional limitations.
According to the provided quarterly data, Cheche Group continues to struggle with negative operating margins, which reached -2.0% in the most recent period, indicating that the company has yet to achieve the necessary scale to cover its fixed administrative and technology-related overhead costs.
While SG&A expenses have shown some volatility, the failure to scale operating income alongside revenue suggests that the current cost structure is not yet optimized for profitability. The persistence of operating losses implies that the business model remains heavily dependent on continuous, high-volume growth to reach a break-even point.
Analysis of the income statement reveals that stock-based compensation, which totaled $6.5 million in the most recent quarter, continues to represent a significant non-cash expense that complicates the assessment of the company's underlying profitability and true cash-generating capability for public shareholders.
The reliance on equity-based incentives during periods of negative net income suggests that management is prioritizing talent retention over immediate GAAP earnings. Investors should be cautious, as these recurring non-cash charges may continue to weigh on EPS performance even if the core business reaches operational break-even.
Quick answers to the most common questions about buying CCG stock.
For fiscal year 2024, Cheche Group Inc. (CCG) reported total revenue of $3.47B. This represents a 100.1% increase compared to $1.74B in 2021.
Cheche Group Inc. (CCG) reported a net loss of $61.2M for the fiscal year ending 2024.
Cheche Group Inc. (CCG) reported an operating income of $-66.5M, resulting in an operating profit margin of -1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Cheche Group Inc. (CCG) generated $158.8M in gross profit for the year, representing a gross profit margin of 4.6%. This demonstrates the company's core pricing power and production efficiency.