olivLaw · US equity research
Cheche Group Inc. CCG
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Cheche Group operates in China a digital platform for auto insurance transactions and SaaS solutions for insurers and intermediaries. Revenues fell in 2025 under regulatory pressure on commissions, even though policy volume grew, which makes diversification into non-auto insurance a relevant question.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cheche Group Inc. (CCG) stock was 8.25 USD (+4.43% on the day), with beta -1.38, 52-week range 0.37–17.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.9
- neutral
- Bollinger (20, 2)
- 3.42 – 9.29
- in the upper half of the band · %B 0.82 · band width 92.4%
- SMA 50 / 200
- 9.78 / 4.80
- mixed trend
- MACD (12, 26, 9)
- -0.23 / -0.67
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +64.0% | −1.1% | +65.1 pp | — |
| 3 months | −42.2% | −0.5% | −41.7 pp | — |
| 6 months | +1,095.7% | +4.4% | +1,091.3 pp | — |
| Year to date | +894.0% | +12.3% | +881.7 pp | — |
| 1 year | +741.8% | +13.5% | +728.3 pp | −3.9% |
| 3 years | +42.0% | +76.4% | −34.4 pp | +1.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.7 bn | 3.3 bn | 3.5 bn | 3.0 bn |
| Revenue YoY | unavailable | +54.4% | +23.2% | +5.2% | −13.3% |
| Net income | -146.5 m | -91.0 m | -159.6 m | -61.2 m | -17.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.33 | -8.79 | -20.30 | -0.78 | -0.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -8.4% | -3.4% | -4.8% | -1.8% | -0.6% |
| Free cash flow | -189.2 m | -160.1 m | -27.5 m | -115.8 m | -40.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 144.5 m CNY
- Financial debt
- 100.1 m CNY
- Net debt
- -44.4 m CNY
- Equity
- 355.2 m CNY
- Total assets
- 1.5 bn CNY
- Debt / equity
- 0.28x
- Current ratio
- 1.23x
- ROE
- -5.0%
- ROA
- -1.3%
- FCF margin
- -1.3%
Financial statements (source on every figure)
Revenue and net income (CNY)
Margins
Income statement · CNY
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.7 bn | 3.3 bn | 3.5 bn | 3.0 bn | SEC (XBRL)· 27 Apr 2026verified |
| Cost of revenue | 1.7 bn | 2.5 bn | 3.2 bn | 3.3 bn | 2.8 bn | SEC (XBRL)· 27 Apr 2026verified |
| Gross profit | 80.8 m | 142.3 m | 140.2 m | 158.8 m | 160.4 m | SEC (XBRL)· 27 Apr 2026verified |
| Research & development | 46.8 m | 49.9 m | 57.2 m | 37.9 m | 37.2 m | SEC (XBRL)· 27 Apr 2026verified |
| Operating income | -155.7 m | -116.0 m | -167.8 m | -66.5 m | -20.9 m | SEC (XBRL)· 27 Apr 2026verified |
| Depreciation & amortisation | 2.1 m | 2.4 m | 2.1 m | 2.1 m | 2.1 m | SEC (XBRL)· 27 Apr 2026verified |
| EBITDA | -153.6 m ≈ | -113.6 m ≈ | -165.7 m ≈ | -64.4 m ≈ | -18.8 m ≈ | SEC (XBRL)· 27 Apr 2026derived |
| Interest expense | 6.5 m | 3.3 m | 1.4 m | 838.0 k | 2.3 m | SEC (XBRL)· 27 Apr 2026verified |
| Pre-tax income | -147.0 m | -91.5 m | -160.0 m | -61.5 m | -18.2 m | SEC (XBRL)· 27 Apr 2026verified |
| Income tax | -522.0 k | -521.0 k | -363.0 k | -291.0 k | -406.0 k | SEC (XBRL)· 27 Apr 2026verified |
| Net income | -146.5 m | -91.0 m | -159.6 m | -61.2 m | -17.8 m | SEC (XBRL)· 27 Apr 2026verified |
| Diluted EPS | -1.33 | -8.79 | -20.30 | -0.78 | -0.22 | SEC (XBRL)· 27 Apr 2026verified |
| Weighted average diluted shares | 33.8 m | 31.8 m | 45.4 m | 78.0 m | 82.6 m | SEC (XBRL)· 27 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · CNY
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 362.4 m | 114.9 m | 243.4 m | 117.5 m | 144.5 m | SEC (XBRL)· 27 Apr 2026verified |
| Receivables | — | 401.7 m | 466.1 m | 982.5 m | 1.1 bn | SEC (XBRL)· 27 Apr 2026verified |
| Current assets | — | 600.8 m | 780.3 m | 1.2 bn | 1.4 bn | SEC (XBRL)· 27 Apr 2026verified |
| Property, plant & equipment, net | — | 2.2 m | 1.7 m | 1.4 m | 831.0 k | SEC (XBRL)· 27 Apr 2026verified |
| Goodwill | — | 84.6 m | 84.6 m | 84.6 m | 84.6 m | SEC (XBRL)· 27 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 10.2 m | 8.1 m | 6.0 m | 3.9 m | SEC (XBRL)· 27 Apr 2026verified |
| Total assets | — | 712.5 m | 894.0 m | 1.3 bn | 1.5 bn | SEC (XBRL)· 27 Apr 2026verified |
| Accounts payable | — | 227.2 m | 316.9 m | 725.8 m | 842.7 m | SEC (XBRL)· 27 Apr 2026verified |
| Short-term debt | — | — | 20.0 m | 30.0 m | 90.3 m | SEC (XBRL)· 27 Apr 2026verified |
| Long-term debt | — | — | — | — | 9.8 m | SEC (XBRL)· 27 Apr 2026verified |
| Current liabilities | — | 344.0 m | 501.5 m | 878.3 m | 1.1 bn | SEC (XBRL)· 27 Apr 2026verified |
| Total liabilities | — | 414.2 m | 515.8 m | 932.2 m | 1.1 bn | SEC (XBRL)· 27 Apr 2026verified |
| Equity | -1.0 bn † | -1.3 bn † | 378.2 m † | 355.8 m † | 355.2 m † | SEC (XBRL)· 27 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · CNY
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -187.6 m | -158.9 m | -27.0 m | -114.1 m | -40.6 m | SEC (XBRL)· 27 Apr 2026verified |
| Capex | 1.6 m | 1.2 m | 549.0 k | 1.7 m | 75.0 k | SEC (XBRL)· 27 Apr 2026verified |
| Free cash flow | -189.2 m ≈ | -160.1 m ≈ | -27.5 m ≈ | -115.8 m ≈ | -40.6 m ≈ | SEC (XBRL)· 27 Apr 2026derived |
| Investing cash flow | -65.3 m | 27.7 m | 12.8 m | -15.6 m | 35.4 m | SEC (XBRL)· 27 Apr 2026verified |
| Financing cash flow | 583.7 m | -159.0 m | 140.3 m | 1.9 m | 55.4 m | SEC (XBRL)· 27 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -6.1% | 21 (vs peers) | 29% |
| Net margin · Quality | -0.6% | 34 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 4.0% | 33 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partial33/100 · 1/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Cheche Group Inc. (CCG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.0 bn CNY in 2025; YoY growth -13.3%; net margin -0.6%; ROE -5.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -6.1%
- Interest coverage: -9.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
| CRD-ACrawford & Co | — | — | 14.0% | 2.0% | −2.2% | +7% / +7% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
1- and 3-year price returns: for CCG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (15 Sept 2026), 6-K (09 Sept 2026), 6-K (04 Sept 2026), 6-K (01 Sept 2026), 6-K (05 Aug 2026).
In brief
Cheche Group operates in China a digital platform for auto insurance transactions and SaaS solutions for insurers and intermediaries. Revenues fell in 2025 under regulatory pressure on commissions, even though policy volume grew, which makes diversification into non-auto insurance a relevant question.1
SWOT
Strengths
- The platform is integrated with the systems of major insurers in China, allowing fast quotes and lower issuance costs.
- The national branch network and relationships with many intermediaries provide a solid distribution base.
- Data and technology capabilities support scalable operations, with potential cost leverage as volume grows.
Weaknesses
- Near-total dependence on transaction commissions makes revenue sensitive to pricing regulation.
- SaaS and technical service revenue is small and has declined, showing limited progress in diversification.
- Referral fees paid to partners remain a major component of operating costs.
Opportunities
- Rising digital penetration in auto insurance could expand transaction volume on the platform.
- Non-auto insurance and embedded products with electric vehicle partners could diversify revenue sources.
- Expanding SaaS solutions to more insurers and intermediaries could grow recurring revenue.
Threats
- Regulation of commissions and expense ratios could further reduce transaction revenue.
- Intense competition for referral partners and consumers could compress margins.
- A slowdown in China's auto market could reduce demand for insurance and policy volume.
Risks
- Changing regulationhigh
Amendments to insurance rules could change the business model or raise compliance costs.
- VIE structurehigh
Operating through contractual VIE arrangements could be challenged by Chinese authorities, with consequences for the business.
- Historical lossesmedium
The company has reported net losses and negative operating cash flows in the past, with no guarantee of future profitability.
- Dependence on the auto marketmedium
A decline in car sales could directly reduce demand for auto insurance, the main revenue source.
- Access for foreign investorslow
Audit and oversight restrictions could affect liquidity and the value of securities listed in the United States.
Investment thesis
What would need to be true (bull case)
- If digital penetration of auto insurance rises as estimated, the platform could benefit from higher transaction volume.
- Diversification into non-auto insurance and SaaS solutions could reduce reliance on auto commissions.
- Broad relationships with insurers and intermediaries could support expansion into new products.
What would break the thesis
- Regulatory limits on commissions could continue to compress transaction revenue.
- Risks tied to the VIE structure and regulatory oversight could seriously affect operations.
- If diversification is delayed, the company could remain exposed to changes in the auto market.
What to watch
- Trend in the service fee rate on transactions2026
- Development of non-auto insurance revenueQ1 2027
- Growth of SaaS and technical service revenue2027
- Evolution of profitability in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (15 Sept 2026), 6-K (09 Sept 2026), 6-K (04 Sept 2026), 6-K (01 Sept 2026), 6-K (05 Aug 2026).
The business
Cheche Group Inc. is a Cayman Islands company that operates in China through its affiliated VIE entity and its WFOE subsidiary. Its digital platform, including the Easy-Insur and NEV Insurance Solution products, connects insurers, intermediaries, third-party platforms, referral partners and consumers.1
The company listed on Nasdaq in September 2023 after merging with Prime Impact, under the symbol CCG. Its national network includes branches licensed to sell policies across many provinces, and integration with major insurers' systems enables quotes from several sources.1
Revenue is dominated by transaction commissions on insurance, which make up nearly all net revenues, while SaaS and technical service income remains marginal.1
Segments
Insurance transaction services
This is the main revenue source, based on commissions on premiums generated through the platform. In 2025 revenue was RMB 2989.8 million, and the service fee rate declined from earlier years.1
SaaS and technical services
It covers subscriptions to the cloud solutions Sky Frontier and Digital Surge, and technical services for partners in the new energy vehicle industry. Revenue here is small and has declined in recent years.1
Non-auto insurance
The company facilitates sales of non-auto P&C and life and health products, mainly through referral partners. The segment is cited as a diversification goal, but its contribution to revenue remains small.1
Market context
China's auto market is the core of the business, with the auto insurance market projected to grow from RMB 777.3 billion in 2021 to RMB 1.1 trillion in 2026, according to iResearch as cited by the company. Digitalization of transactions could support demand if digital penetration reaches the estimated levels.1
China's non-auto insurance market is considered to be developing rapidly, which offers a diversification path for the company. Growth in this market could significantly influence demand for the company's services.1
Trends
- Digitalization of auto insurancetailwind
Digital penetration of auto insurance transactions could rise substantially, supporting platform volume if the trend is confirmed.
- Regulatory pressure on commissionsheadwind
Rules limiting the expense ratios of insurers have reduced carrier commissions, which directly affected transaction revenue.
- Growing policy volumemixed
The number of policies issued through the platform grew in 2025, but volume growth did not fully offset the decline in the fee rate.
- Electric vehiclestailwind
Partnerships with electric vehicle makers have increased embedded premiums, which could open new distribution channels.
Competitive position
The company competes with other digital platforms and with insurers' direct channels in a highly competitive market. Relationships with insurers and referral partners are essential to maintaining its position.1
Differentiation depends on technology integration with insurers' systems and on the local branch network, which offers comparable quotes and services adapted to regional markets.1
- Other digital insurance platforms in China
Competitors offering similar online comparison and sale of auto policies, named in the competitive context.
- Insurers selling directly
Insurers' own channels that can bypass the company's platform in transactions.
- Large third-party platforms and apps
High-traffic platforms that distribute insurance as part of their offering, acting both as partners and potential competitors.
- Traditional intermediaries
Agents and brokers competing for the same customers and referral partners.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)15 Jul 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)24 Jun 2026
- Current report (foreign issuer)22 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Cheche Group Inc. · 27 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.