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Cheche Group Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

BEIJING, March 28, 2025 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, “the Company” or “we”), China’s leading auto insurance technology platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Financial and Operational Highlights

  • Net revenues for the quarter increased by 13.4% year-over-year to RMB983.6 million (US$134.8 million), while net revenues for the full year of 2024 increased by 5.2% over the prior year to RMB3.5 billion (US$475.8 million).
  • Operating loss for the quarter decreased by 93.7% year-over-year to RMB3.0 million (US$0.4 million), while operating loss for the full year of 2024 decreased by 60.3% over the prior year to RMB66.5 million (US$9.1 million).
  • Adjusted operating income(1) for the quarter was RMB1.3 million (US$0.2 million), compared to adjusted operating loss of RMB12.0 million in the prior-year quarter. Adjusted operating loss for the full year of 2024 decreased by 40.2% over the prior year to RMB28.2 million (US$3.9 million).
  • Net loss for the quarter decreased by 67.4% year-over-year to RMB10.4 million (US$1.4 million), while net loss for the full year of 2024 decreased by 61.6% over the prior year to RMB61.2 million (US$8.4 million).
  • Adjusted net loss(1) for the quarter decreased by 38.6% year-over-year to RMB3.0 million (US$0.4 million). Adjusted net loss for the full year of 2024 decreased by 25.3% from RMB33.2 million in the prior year to RMB24.8 million (US$3.4 million).
  • Total written premiums placed for the quarter increased by 15.6% year-over-year to RMB7.4 billion (US$1.0 billion), while total written premiums placed for the full year of 2024 increased by 7.5% over the prior year to RMB24.3 billion (US$3.3 billion).
  • Total number of policies issued for the quarter increased from 4.8 million for the prior-year quarter to 5.1 million, while the total number of policies issued over the full year of 2024 increased from 15.8 million of the prior year to 17.3 million.
  • Partnerships with New Energy Vehicle (NEV) companies(2) numbered 15 in the quarter and led to 441,000 embedded policies with corresponding written premium of RMB1.4 billion (US$189.8 million), representing an increase of 184.5% and 171.1% compared to the prior-year quarter, respectively. Embedded policies and corresponding written premium for the full year of 2024 reached 1.1 million and RMB3.3 billion (US$452.4 million), respectively, representing growth of 158.9 % for policies embedded and 127.8% for written premium compared to the prior year.

(1) Adjusted Operating Loss/Income and Adjusted Net Loss are non-GAAP financial measures. For further information on the non-GAAP financial measures presented above, see the “Non-GAAP Financial Measures” section below.

(2) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufactures in 2022 and such collaborations yielded considerable results in 2023 and 2024. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution by its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business and presents such operating metrics for investors to better understand and evaluate Cheche’s business.

Management Comments

“Our latest financial results validate the success of our strategic focus on the intelligent connected electric vehicle insurance sector. Revenues for the fourth quarter achieved robust growth of over 13%, and notably, our NEV-related business has experienced a remarkable 171% growth in written premiums over the same period. This strong growth momentum, coupled with our adjusted operating income for the quarter, demonstrates our ability to balance business expansion with operational efficiency. By leveraging technological innovation to enhance customer experiences and drive sustainable growth, we are well-positioned to maintain this upward trajectory,” said Lei Zhang, Founder, CEO, and Chairman of Cheche Group.

“As we reflect on 2024, we are thrilled by the remarkable growth in China’s NEV market, which saw sales surge to 12.9 million units, marking a 35.5% increase from the previous year. This trend underscores the immense market opportunity for our company to innovate and expand our auto Insurtech offerings, particularly in the intelligent connected NEV market where the integration of AI with intelligent connected NEVs is revolutionizing traditional insurance practices by not only delivering an innovative and seamless customer experience but also setting a new standard for AI applications across specialized sectors.

“We are now aligned with the majority of significant NEV manufacturers in China and our AI driven next generation of solutions will embed us deeper into the value chain and significantly improve the operational efficiency for insurers and cost savings for consumers in this dynamic market. We remain committed to leveraging our expertise in intelligent digital insurance platforms, technical capabilities and precise insights into market demand to capitalize on these trends and further establish ourselves as an Insurtech leader in the largest automotive market in the world.”

Unaudited Fourth Quarter 2024 Financial Results

Net Revenues were RMB983.6 million (US$134.8 million), representing a 13.4% year-over-year increase from the prior-year quarter. The growth was driven by an increase in insurance transactions conducted through Cheche’s platform by referral partners and third-party platform partners.

Cost of Revenues increased by 13.0% to RMB932.0 million (US$127.7 million) from RMB824.4 million for the prior-year quarter, which was consistent with the growth of business volume and net revenues.

Selling and Marketing Expenses decreased by 20.1% to RMB19.7 million (US$2.7 million) from RMB24.7 million in the prior-year quarter, mainly due to decreases in marketing expenses and staff costs. As a result, selling and marketing expenses as a percentage of net revenues decreased from 2.8% for the prior-year quarter to 2.0%. Excluding share-based compensation expenses, selling and marketing expenses as a percentage of net revenues decreased further to 1.9%, compared to 2.8% for the prior-year quarter.

General and Administrative Expenses decreased by 53.2% to RMB25.7 million (US$3.5 million) from RMB54.9 million for the prior-year quarter, which was mainly due to the decrease in share-based compensation expenses, partially offset by the increases in post-listing professional service fees and staff costs. Excluding the impact of share-based compensation expenses and listing-related professional service fees, general and administrative expenses increased by 20.1%, mainly due to the increases in post-listing professional service fees and staff costs.

Research and Development Expenses decreased by 25.3% to RMB9.3 million (US$1.3 million) from RMB12.4 million in the prior-year quarter. The change was mainly driven by decreases in technical service fees and staff costs. Excluding share-based compensation expenses, research and development expenses decreased by 26.5% from the prior-year quarter, while research and development expenses as a percentage of net revenues decreased from 1.4% to 0.9% for the same periods.

Total Cost and Operating Expenses increased by 7.7% to RMB986.7 million (US$135.2 million) from RMB916.4 million in the prior-year quarter, mainly due to the increase in cost of revenues and the decrease in share-based compensation expenses. Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition and listing-related professional service fees, total cost and operating expenses increased by 11.7% over the prior-year quarter.

Operating Loss decreased by 93.7% year-over-year to RMB3.0 million (US$0.4 million). Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition and, listing-related professional service fees, the Adjusted Operating Income was RMB1.3 million (US$0.2 million), compared to an adjusted operating loss of RMB12.0 million in the prior-year quarter, which resulted from the growth of our net revenues and the improvement of our operational efficiency.

Net Loss decreased by 67.4% to RMB10.4 million (US$1.4 million) over the prior-year quarter. Excluding share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party, change in fair value of warrants, listing related professional service fees, the Adjusted Net Loss for the quarter was RMB3.0 million (US$0.4 million), mainly due to foreign exchange losses of RMB5.3 million. Nonetheless, adjusted net loss decreased by 38.6% compared to the prior-year quarter.

Net Loss attributable to Cheche’s shareholders decreased by 67.4% to RMB10.4 million (US$1.4 million) over the prior-year quarter. Adjusted Net Loss attributable to Cheche’s shareholders decreased by 38.6% to RMB3.0 million (US$0.4 million) over the prior-year quarter.

Net Loss Per Share, basic and diluted, was RMB0.13 (US$0.02), compared to a loss of RMB0.42 for the prior-year quarter.

Adjusted Net Loss Per Share, basic and diluted, was RMB0.04 (US$0.01), compared to a loss of RMB0.06 for the prior-year quarter.

Unaudited Full Year 2024 Financial Results

Net Revenues were RMB3.5 billion (US$475.8 million), representing a 5.2% year-over-year increase from the prior year. The growth was driven by an increase in insurance transactions conducted through Cheche’s platform by referral partners and third-party platform partners.

Cost of Revenues increased by 4.8% to RMB3.3 billion (US$454.1 million) from the prior year, which was consistent with the growth of business volume and net revenues.

Selling and Marketing Expenses decreased by 28.7% to RMB79.5 million (US$10.9 million) from RMB111.5 million in the prior year. This was mainly due to decreases in share-based compensation expenses, marketing expenses and staff costs. As a result, selling and marketing expenses as a percentage of net revenues decreased from 3.4% in the prior year to 2.3% in 2024. Excluding share-based compensation expenses, the percentage for 2024 further decreased to 2.1%.

General and Administrative Expenses decreased by 22.6% to RMB107.9 million (US$14.8 million) from RMB139.4 million for the prior year, which was mainly driven by a decrease in share-based compensation expenses, partially offset by the increases in post-listing professional service fees and staff costs. Excluding share-based compensation expenses, listing-related professional service fees and dispute resolution expenses, general and administrative expenses increased by 25.0%, primarily due to the increase in post-listing professional service fees and staff costs.

Research and Development Expenses decreased by 33.6% to RMB38.0 million (US$5.2 million) from RMB57.2 million in the prior year. The change was mainly driven by the decreases in share-based compensation expenses, technical service fees and staff costs. Excluding share-based compensation expenses, research and development expenses decreased 20.9% from the prior year, and research and development expenses as a percentage of net revenues decreased from 1.4% to 1.0% for the same periods.

Total Cost and Operating Expenses increased by 2.0% to RMB3,539.7 million (US$484.9 million) from RMB3,469.2 million in the prior year, mainly due to the increase in cost of revenues and the decrease in share-based compensation expenses and staff costs. Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition, listing-related professional service fees and dispute resolution expenses, total cost and operating expenses increased by 4.6% over the prior year.

Operating Loss decreased by 60.3% year-over-year to RMB66.5million (US$9.1 million). Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition, listing-related professional service fees and dispute resolution expenses, the Adjusted Operating Loss was RMB28.2 million (US$3.9 million), which decreased by 40.2% from RMB47.2 million for the prior year, resulting from the growth of our net revenues and the improvement of our operational efficiency.

Net Loss decreased by 61.6% to RMB61.2 million (US$8.4 million) from RMB159.6 million over the prior year. Excluding share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party, change in fair value of warrants, listing related professional service fees and dispute resolution expenses, the Adjusted Net Loss was RMB24.8 million (US$3.4 million), which decreased by 25.3% from RMB33.2 million for the prior year.

Net Loss attributable to Cheche’s shareholders decreased by 93.4% to RMB61.2 million (US$8.4 million) from RMB921.8 million for the prior year. Adjusted Net Loss attributable to Cheche’s shareholders was RMB24.8 million (US$3.4 million), which decreased by 96.9% from RMB795.4 million for the prior year.

Net Loss Per Share, basic and diluted, was RMB0.78 (US$0.11), compared to a loss of RMB20.3 for the prior year.

Adjusted Net Loss Per Share, basic and diluted, was RMB0.32 (US$0.04), compared to a loss of RMB17.51 for the prior year.

2024 and Subsequent Business Highlights

  • On March 5, 2024, Cheche announced its expanded partnership with Sinopec, whose non-oil businesses cover a nationwide retail footprint of over 30,000 gas stations in China. Cheche currently provides embedded auto insurance services to the unified digital platform of a subsidiary of Sinopec and has deployed services in over 5,000 gas stations nationwide in China.
  • On March 28, 2024, Cheche announced its partnership with Beijing Houji Insurance Brokerage Co., Ltd. (“Beijing Houji”), an affiliate and the insurance brokerage firm of Xiaomi Corporation (“Xiaomi Group”). As an insurance service partner of Beijing Houji, Cheche offers a digital auto insurance transaction SaaS service platform with operational support. Cheche provides auto insurance service solutions to Xiaomi car owners in multiple cities nationwide, including, among others, Beijing, Shenzhen and Hangzhou.
  • On May 13, 2024, Cheche announced its partnership with Volkswagen (Anhui) Digital Sales and Services Co., Ltd., the exclusive service provider of NEV insurance business for Volkswagen (Anhui) Automotive Company Limited (“Volkswagen Anhui”). Cheche aims to support Volkswagen Anhui’s branded insurance needs and enhance the attractiveness of Volkswagen Anhui’s branded insurance products, boosting its penetration rate.
  • On June 20, 2024, Cheche announced its partnership with NIO Insurance Broker Co., Ltd. (“NIO Insurance Broker”) to provide its accessible digital platform powered by industry-leading technology, simplifying the process of securing auto insurance for NIO’s customers, while reducing front-end insurance delivery costs and enabling NIO to digitally manage its insurance business. Cheche is committed to creating value for its partners throughout the product lifecycle.
  • On June 27, 2024, Cheche announced a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. (“Beijing Anpeng”), a subsidiary of Beijing Automotive Group Co., Ltd. (“BAIC Group”). BAIC Group is one of the largest auto manufacturers in China, producing and selling vehicles through its own brands as well as foreign-branded joint-ventures, with Beijing Anpeng handling the insurance business for the brands, which encompass ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz and Beijing Off-road, among others. The partnership names Cheche as a core partner of BAIC Group, providing digital insurance solutions for brands. The opportunity was off to a strong start by providing ARCFOX with a designed service system which was being launched through ARCFOX’s direct-sales channel. Cheche is also rolling out and expecting to cover 200 dealerships with the service system provided for Beijing Automotive by the end of the year, and to cover 100 dealerships with the service system provided for Beijing Hyundai by the end of the year.
  • On August 15, 2024, Cheche announced a strategic partnership with Wuhan Dongfeng Insurance Broker Co., Ltd. (“Dongfeng Insurance”), an insurance provider for Dongfeng Motor Group Company Limited (“Dongfeng Motor Group”). Dongfeng Insurance designated Cheche as an approved provider for Dongfeng Motor Group’s NEV brands, such as VOYAH, a luxury EV brand that recently engaged the services of Cheche’s digital insurance solutions platform. 
  • On August 19, 2024, Cheche Group announced its latest progress with BAIC Group’s NEV brand ARCFOX. Cheche has successfully launched a full-service insurance platform for ARCFOX to provide its car owners with a comprehensive insurance application system. The collaboration with ARCFOX allows Cheche to gradually introduce high-margin insurance products, while continuing to grow its NEV insurance presence, diversifying Cheche’s revenue mix and boosting the Company’s reputation among automotive enterprises.
  • On September 12, 2024, Cheche announced a partnership with Laoyou Insurance Brokerage Co., Ltd. (“Laoyou Insurance”), a wholly controlled subsidiary of Great Wall Motor Company Limited (“GWM”), a renowned Chinese auto manufacturer. Cheche’s insurance solutions and sophisticated transaction system have been gradually rolled out with GWM’s newly established direct-sales network in more than 20 cities nationwide. Cheche plans to develop a comprehensive insurance solution tailored for traditional automakers within one to two years.
  • On October 1, 2024, Cheche announced a strategic partnership with The Tokio Marine & Nichido Fire Insurance Company (China) Limited (“TMNCH”), as Cheche continues to broaden its collaborations with insurance companies in China. Leveraging each other’s strengths, the two companies are working to develop specialized insurance products, services, and sales strategies. This collaboration will not only enhance Cheche’s insurance service capabilities but also increase its business scale for serving traditional automotive companies, paving the way for future partnerships with Japanese automotive companies.
  • On January 13, 2025, Cheche announced that Cheche Technology Inc., the Company’s wholly owned subsidiary, as a pioneer of insurance technology in China, was recognized by KPMG China as one of China’s top 50 leading fintech companies. Cheche’s growth and success at the helm of digital insurance transformation is further underscored by this recognition.
  • On February 24, 2025, Cheche announced that its innovative Tianmu Insurance Anti-Fraud and Risk Control Model has been recognized in the prestigious Top 100 AI Products of 2024 list. The award-winning Tianmu Model integrates advanced technologies such as big data, artificial intelligence, and biometrics to construct an intelligent anti-fraud and risk control system. This accolade highlights Cheche’s commitment to leveraging cutting-edge technology in the insurance industry.

Balance Sheet

As of December 31, 2024, the Company had RMB152.9 million (US$21.0 million) in total cash and cash equivalents and short-term investments.

Business Outlook

For the full year of 2025, Cheche expects the following results:

  • Net revenues ranging from RMB3.6 billion to RMB3.8 billion, representing an increase of 3.7% to 9.4 %, compared to the full year of 2024.
  • Total Written Premiums Placed ranging from RMB25.5 billion to RMB27.0 billion, representing an increase of 4.9% to 11.1%, compared to the full year of 2024.
  • NEV Written Premiums Placed ranging from RMB7.0 billion to RMB8.0 billion, representing an increase of 112% to 142%, compared to the full year of 2024.
  • Adjusted Operating Results shifting from a loss to a profit.

Conference Call

Cheche will host a webcast and conference call to discuss its fourth quarter and full year 2024 results today at 8:00 a.m. EDT. A live webcast and a slide presentation will be available on Cheche’s investor relations website in the “Events” section of the Company’s investor relations website under the “News & Events” header at ir.chechegroup.com.

The dial-in numbers for the conference call are as follows:

  • Participant (toll-free): 1-888-346-8982
  • Participant (international): 1-412-902-4272
  • Hong Kong LT:  852-301-84992
  • Hong Kong Toll Free:  800-905945
  • Mainland China Toll-Free:  4001-201203

Please dial in 10 to 15 minutes before the scheduled start time.

A webcast replay of the call will be available at ir.chechegroup.com for one year following the call.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Cheche Group Inc.:

IR@chechegroup.com

Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185

Non-GAAP Financial Measures

Cheche has provided in this press release non-GAAP financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP).

Cheche uses adjusted cost of revenues, adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total cost and operating expenses, adjusted operating loss/income, adjusted net loss/income and adjusted net loss/income per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. 

Cheche defines adjusted total cost and operating expenses as total cost and operating expenses adjusted for the impact of share-based compensation, amortization of intangible assets related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), listing-related professional service fees and dispute resolution expenses, representing expenses Cheche incurred in a dispute with a certain security holder. Cheche defines adjusted operating loss/income as operating loss/income adjusted for the impact of share-based compensation, amortization of intangible assets related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), listing-related professional service fees and dispute resolution expenses. Cheche defines adjusted net loss/income  as net loss/income adjusted for the impact of share-based compensation expenses, amortization of intangible assets and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, listing related professional service fees and dispute resolution expenses. Adjusted net loss/income per share, basic and diluted, is calculated as adjusted net loss/income divided by weighted-average ordinary shares outstanding.

Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees and dispute resolution expenses. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Cheche encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance.

Safe Harbor Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, the Company’s advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

 

 

 

Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and
per share
data)

December 31,

December 31,

December 31,

2023

2024

2024

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

243,392

117,472

16,094

Short-term investments

21,474

35,423

4,853

Accounts receivable, net

466,066

982,479

134,599

Prepayments and other current assets

49,321

45,436

6,225

Total current assets

780,253

1,180,810

161,771

Non-current assets:

Restricted Cash

5,000

5,000

685

Property, equipment and leasehold improvement, net

1,667

1,368

187

Intangible assets, net

8,050

5,950

815

Right-of-use assets

10,249

5,653

774

Goodwill

84,609

84,609

11,591

Other non-current assets

4,149

4,530

621

Total non-current assets

113,724

107,110

14,673

Total assets

893,977

1,287,920

176,444

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

316,868

725,815

99,436

Short-term borrowings

20,000

30,000

4,110

Contract liabilities

4,295

1,781

244

Salary and welfare benefits payable

73,609

80,377

11,012

Tax payable

950

12,011

1,646

Amounts due to related party

55,251

Accrued expenses and other current liabilities

25,759

25,248

3,458

Short-term lease liabilities

3,951

3,037

416

Warrant

850

Total current liabilities

501,533

878,269

120,322

Non-current liabilities:

Amounts due to related party

45,811

6,276

Deferred tax liabilities

2,013

1,488

204

Long-term lease liabilities

5,398

2,137

293

Deferred revenue

1,432

1,432

196

Warrant

5,419

3,032

415

Total non-current liabilities

14,262

53,900

7,384

Total liabilities

515,795

932,169

127,706

Ordinary shares

5

6

1

Treasury stock

(1,025)

(1,025)

(140)

Additional paid-in capital

2,491,873

2,525,741

346,025

Accumulated deficit

(2,113,821)

(2,175,057)

(297,982)

Accumulated other comprehensive income

1,150

6,086

834

Total Cheche’s shareholders’ equity

378,182

355,751

48,738

Total liabilities and shareholders’ equity

893,977

1,287,920

176,444

 

 

 

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts
in thousands, except
for share and per share data)

For the Three Months Ended

For the Year Ended

December
31,

December
31,

December
31,

December
31,

December
31,

December
31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

867,778

983,636

134,758

3,301,418

3,473,139

475,818

Cost and Operating
    expenses:

Cost of revenues

(824,432)

(932,013)

(127,685)

(3,161,193)

(3,314,377)

(454,068)

Selling and marketing
    expenses

(24,707)

(19,730)

(2,703)

(111,454)

(79,501)

(10,892)

General and
    administrative
    expenses

(54,882)

(25,682)

(3,518)

(139,385)

(107,857)

(14,776)

Research and
    development
    expenses

(12,399)

(9,256)

(1,268)

(57,167)

(37,947)

(5,199)

Total cost and
    operating expenses

(916,420)

(986,681)

(135,174)

(3,469,199)

(3,539,682)

(484,935)

Operating loss

(48,642)

(3,045)

(416)

(167,781)

(66,543)

(9,117)

Other expenses:

Interest income

2,705

1,027

141

5,398

6,037

827

Interest expense

(575)

(222)

(30)

(1,446)

(838)

(115)

Foreign exchange
    gains/(losses)

2,719

(5,257)

(720)

(2,546)

(2,810)

(385)

Government grants

2,445

410

56

12,371

887

122

Changes in fair value of
    warrant

12,136

(1,734)

(238)

1,702

2,634

361

Changes in fair value of
    amounts due to
    related party

(2,602)

(1,372)

(188)

(7,524)

(757)

(104)

Others, net

(126)

(323)

(44)

(127)

(137)

(19)

Loss before income
    tax

(31,940)

(10,516)

(1,439)

(159,953)

(61,527)

(8,430)

Income tax credit

(23)

101

14

363

291

40

Net loss

(31,963)

(10,415)

(1,425)

(159,590)

(61,236)

(8,390)

Accretions to preferred
    shares redemption
    value

(762,169)

Net loss attributable to
    the Cheche’s
    ordinary
    shareholders

(31,963)

(10,415)

(1,425)

(921,759)

(61,236)

(8,390)

Net loss

(31,963)

(10,415)

(1,425)

(159,590)

(61,236)

(8,390)

Other comprehensive
    (loss)
/income:

Foreign currency
    translation
    adjustments, net of nil
    tax

(4,429)

8,132

1,114

1,621

4,739

649

Fair value changes of
    amounts due to
    related party due to
    own credit risk

(1)

(19)

(3)

(405)

197

27

Total other
    comprehensive
    (loss)/income

(4,430)

8,113

1,111

1,216

4,936

676

Total comprehensive
    loss

(36,393)

(2,302)

(314)

(158,374)

(56,300)

(7,714)

Net loss per ordinary
    shares outstanding

Basic

(0.42)

(0.13)

(0.02)

(20.30)

(0.78)

(0.11)

Diluted

(0.42)

(0.13)

(0.02)

(20.30)

(0.78)

(0.11)

Weighted average
    number of ordinary
    shares
outstanding

Basic

75,439,487

80,184,139

80,184,139

45,415,205

78,043,661

78,043,661

Diluted

75,439,487

80,184,139

80,184,139

45,415,205

78,043,661

78,043,661

 

 

 

Reconciliation of GAAP Cost and Operating Expenses and Operating Loss/Income to Non-GAAP
Cost and Operating Expenses and Operating Loss/Income (Unaudited) 

(All amounts in thousands) 

For the Three Months Ended

For the Year Ended

December
31,

December
31,

December
31,

December
31,

December
31,

December
31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Cost of revenues

(824,432)

(932,013)

(127,685)

(3,161,193)

(3,314,377)

(454,068)

Add: Share-based compensation
    expenses

3

3

191

12

2

Amortization of intangible assets
    related to acquisition

525

525

72

2,100

2,100

288

Adjusted Cost of revenues

(823,904)

(931,485)

(127,613)

(3,158,902)

(3,312,265)

(453,778)

Selling and marketing expenses

(24,707)

(19,730)

(2,703)

(111,454)

(79,501)

(10,892)

Add: Share-based compensation
    expenses

635

1,340

184

30,688

5,690

780

Adjusted Selling and marketing
    expenses

(24,072)

(18,390)

(2,519)

(80,766)

(73,811)

(10,112)

General and administrative expenses

(54,882)

(25,682)

(3,518)

(139,385)

(107,857)

(14,776)

Add: Share-based compensation
    expenses

41,830

2,228

305

67,519

26,272

3,599

Listing related professional expenses

(6,479)

8,493

Dispute resolution expenses

2,355

323

Adjusted General and administrative
    expenses

(19,531)

(23,454)

(3,213)

(63,373)

(79,230)

(10,854)

Research and development expenses

(12,399)

(9,256)

(1,268)

(57,167)

(37,947)

(5,199)

Add: Share-based compensation
    expenses

122

228

31

11,585

1,895

260

Adjusted Research and development
    expenses

(12,277)

(9,028)

(1,237)

(45,582)

(36,052)

(4,939)

Total cost and operating expenses

(916,420)

(986,681)

(135,174)

(3,469,199)

(3,539,682)

(484,935)

Adjusted total cost and operating
    expenses

(879,784)

(982,357)

(134,582)

(3,348,623)

(3,501,358)

(479,683)

Operating loss

(48,642)

(3,045)

(416)

(167,781)

(66,543)

(9,117)

Add: Share-based compensation
    expenses

42,590

3,799

520

109,983

33,869

4,641

Amortization of intangible assets
    related to acquisition

525

525

72

2,100

2,100

288

Listing related professional expenses

(6,479)

8,493

Dispute resolution expenses

2,355

323

Adjusted operating (loss)/income

(12,006)

1,279

176

(47,205)

(28,219)

(3,865)

 

 

 

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

(All amounts in thousands, except for share data and per share data) 

For the Three Months Ended

For the Year Ended

December
31,

December
31,

December
31,

December
31,

December
31,

December
31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net loss

(31,963)

(10,415)

(1,425)

(159,590)

(61,236)

(8,390)

Add: Share-based compensation
    expenses

42,590

3,799

520

109,983

33,869

4,641

Amortization of intangible assets related
    to acquisition

525

525

72

2,100

2,100

288

Listing related professional expenses

(6,479)

8,493

Change in fair value of warrant

(12,136)

1,734

238

(1,702)

(2,634)

(361)

Changes in fair value of amounts due to
    related party

2,602

1,372

188

7,524

757

104

Dispute resolution expenses

2,355

323

Adjusted net loss

(4,861)

(2,985)

(407)

(33,192)

(24,789)

(3,395)

Accretions to preferred shares
    redemption value

(762,169)

Adjusted net loss attributable to
    Cheche’s ordinary shareholders

(4,861)

(2,985)

(407)

(795,361)

(24,789)

(3,395)

Weighted average number of ordinary
    shares used in computing non-
    GAAP adjusted net loss per
    ordinary share

Basic

75,439,487

80,184,139

80,184,139

45,415,205

78,043,661

78,043,661

Diluted

75,439,487

80,184,139

80,184,139

45,415,205

78,043,661

78,043,661

Net loss per ordinary share

Basic                                                   

(0.42)

(0.13)

(0.02)

(20.30)

(0.78)

(0.11)

Diluted

(0.42)

(0.13)

(0.02)

(20.30)

(0.78)

(0.11)

Non-GAAP adjustments to net loss per
    ordinary share

Basic

0.36

0.09

0.01

2.79

0.46

0.07

Diluted

0.36

0.09

0.01

2.79

0.46

0.07

Adjusted net loss per ordinary share

Basic

(0.06)

(0.04)

(0.01)

(17.51)

(0.32)

(0.04)

Diluted

(0.06)

(0.04)

(0.01)

(17.51)

(0.32)

(0.04)

 

 

LONGi and Raystech Presented at the 2025 Solar & Storage Live Exhibition

BRISBANE, Australia, March 28, 2025 /PRNewswire/ — LONGi has partnered with Raystech to make a significant appearance at the Solar & Storage Live exhibition, held on March 26-27, 2025, following the announcement of Raystech as the exclusive distributor for LONGi’s distributed products in Australia.

LONGi and Raystech Presented at the 2025 Solar & Storage Live Exhibition
LONGi and Raystech Presented at the 2025 Solar & Storage Live Exhibition

LONGi Hi-MO X6 Max solar module stood out at the exhibition with its performance and aesthetic design. With HPBC and TaiRay Inside cell technology, this module enables more efficient power conversion, helping users to reduce the cost of electricity significantly. This not only meets the increasing power demands in the southeastern coastal regions of Australia but also provides a viable solution to the economic pressures brought on by rising electricity costs.

In addition to the Hi-MO X6 Max, a new and exciting product was showcased at the exhibition. With the promise of exceptional performance, reliability, customer benefit, and design, this new module is set to become a highlight in the Australian photovoltaic market, which is promised to arrive in Australia in mid-April, with much anticipation.

Looking forward, LONGi and Raystech are set to collaborate closely, bringing more efficient and valuable solar modules to the Australian solar market, thereby contributing significantly to the country’s green energy initiative.

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modulescommercial & industrial distributed solar solutionsgreen energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

Fosun International Successfully Refinanced USD 870 Million Offshore Syndicated Loan

HONG KONG, March 28, 2025 /PRNewswire/ — Fosun International (HKEX stock code: 00656, hereinafter referred to as “Fosun International”, “Fosun”, or the “Company”) has successfully completed the refinancing of a USD 870 million equivalent syndicated loan due on March 28, 2025. Of this amount, USD 675 million equivalent was secured through a newly arranged syndicated loan. Consistent with the Company’s past practices, the new syndicated loan includes a greenshoe option, allowing additional banks to participate.

Fosun has maintained long-term, close partnerships with leading banks worldwide while continuously expanding its financing channels. Recently, the Company signed strategic cooperation agreements with China Minsheng Bank and Natixis.

The newly arranged USD 675 million equivalent three-year sustainability-linked syndicated loan was jointly led by major Chinese banks, including Bank of China, China Construction Bank (Macau), China Construction Bank (Shanghai), and Bank of Communications, as well as international banks such as BNP Paribas, Commerzbank, HSBC, MUFG, and Standard Chartered. This syndicated loan represents the largest of its kind for a Chinese private enterprise so far this year, demonstrating strong recognition from leading international banks for Fosun’s strategic development in recent years. Additionally, Fosun successfully resumed bond issuances in the USD bond market in November 2024 and January 2025, reflecting the Company’s progress in diversifying its financing channels.

Fosun High Technology, a wholly-owned subsidiary of Fosun International, recently obtained a senior unsecured RMB 1.23 billion three-year syndicated loan in China, further underscoring Fosun’s diversified financing capabilities and market confidence in its credit profile.

Fosun remains committed to its core business strategy of steady growth, optimizing debt structure, and strengthening liquidity management. Moving forward, the Company will continue to focus on serving family customers worldwide, and creating value through its core businesses.

JUST IN: 13 Dead After 7.7-Magnitude Earthquake Strikes Myanmar

Medical workers transport an earthquake casualty in the compound of a hospital in Naypyidaw on March 28, 2025, after an earthquake in central Myanmar. A powerful earthquake rocked central Myanmar on March 28, buckling roads in capital Naypyidaw, damaging buildings and forcing people to flee into the streets in neighbouring Thailand. (Photo by Sai Aung MAIN / AFP)

Latest update on 28 March at 5:13 PM

Laotian Times/AFP – A devastating earthquake rocked central Myanmar on the afternoon of 28 March, leaving at least 13 people dead and causing widespread damage.

At least three workers were killed when a 30-storey under-construction tower collapsed in Bangkok after a major earthquake on Friday, the Thai deputy prime minister said.

Phumtham Wechayachai said 81 people were trapped in the rubble after the collapse, which followed the powerful 7.7 magnitude quake centered in Myanmar.

The tremor struck northwest of the city of Sagaing, with its epicenter located at a shallow depth, according to the United States Geological Survey. Shortly after, a 6.4-magnitude aftershock rattled the region, intensifying the panic and destruction.

In Myanmar, roads buckled, and ceilings collapsed, with residents fleeing to safety.

The tremors were felt as far as Bangkok, Vientiane, and China’s Yunnan province.

Bybit Launches ‘Foolproof Fortune’ Event with 100,000 USDT Prize Pool and a Chance to Win a Luxury Watch

DUBAI, UAE, March 28, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is turning up the excitement this April with the launch of Foolproof Fortune — a playful, high-stakes event where strategy meets spontaneity. Running from March 28 to April 10, 2025, the campaign offers participants the chance to win a total prize pool of 100,000 USDT, unlock exclusive mystery boxes, and even walk away with a brand-new luxury Rolex.

Bybit Launches ‘Foolproof Fortune’ Event with 100,000 USDT Prize Pool and a Chance to Win a Luxury Watch
Bybit Launches ‘Foolproof Fortune’ Event with 100,000 USDT Prize Pool and a Chance to Win a Luxury Watch

In the spirit of April Fools’, Foolproof Fortune pits calculated stability against bold volatility in a head-to-head community vote. Participants are invited to choose between two teams:

  • Team Strategic Reserve, featuring crypto heavyweights BTC, ETH, SOL, ADA, and XRP;
  • Team Wild, comprising a wide range of high-risk, hype-driven alternative coins.

Votes are earned by completing a series of tasks throughout the event, with each vote contributing to a team’s total tally. Participants may support a single team or split their votes between both — the team with the most votes at the end will claim up to 80,000 USDT from the prize pool, while the runner-up will receive up to 20,000 USDT.

Adding to the thrill, users can also unlock mystery boxes packed with surprise rewards — collectively worth up to 100,000 USDT. Each completed task brings a new opportunity to open these boxes, which will be distributed on a first-come, first-served basis.

“This campaign playfully reflects the contrasting strategies in the crypto world — some traders embrace resilience, while others thrive on volatility,” said Joan Han, Sales and Marketing Director at Bybit. “Foolproof Fortune celebrates both mindsets, ensuring our users enjoy the rewards no matter their approach.”

The results of Foolproof Fortune will be announced on April 10, 2025.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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Emeren Group Announces CEO Transition, Formation of a Special Committee and Preliminary Q1 2025 Results

NORWALK, Conn., March 28, 2025 /PRNewswire/ — Emeren Group Ltd (“Emeren” or the “Company”) (www.emeren.com) (NYSE: SOL), a leading solar project developer, owner, and operator, today announced that Mr. Yumin Liu, Chief Executive Officer, will step down from his role effective April 30, 2025. The company’s Board of Directors has appointed Ms. Julia Xu, currently an independent director, as Interim CEO, effective May 1, 2025. Emeren has initiated a formal search for its next Chief Executive Officer and is considering both internal and external candidates.

CEO Transition

Mr. Liu has served as CEO for over five years, during which time he played a key role in advancing Emeren’s strategic focus on high-margin growth and capital-efficient development. He will remain with the company through the end of April to ensure a smooth transition.

“Mr. Liu’s leadership has been instrumental in shaping Emeren’s transformation into the developer of solar and energy storage projects,” said Mr. Himanshu H. Shah, Chairman of the Board. “We are grateful for his many contributions and leadership on operational discipline.”

Reflecting on his time at Emeren, Mr. Liu said, “It has been a tremendous honor to lead Emeren over our phase of evolution strengthening both our presence and deepening our operational capabilities. I’m particularly proud to have contributed to refining our strategic focus, including the execution of our Development Service Agreement (DSA) and IPP segments. I leave with full confidence in the leadership team, and the exceptional people across Emeren.”

Ms. Julia Xu will assume the role of Interim CEO on May 1. A member of Emeren’s Board of Directors, Ms. Xu brings deep experience in the financial markets and international business leadership. She is the Founder and Managing Director of Oravida, a New Zealand-based group focused on premium food branding and cross-border market strategy. Earlier in her career, she served as Chief Financial Officer of Emeren Group Ltd, and held senior financial roles at Deutsche Bank Hong Kong, Bankers Trust, and Lehman Brothers.

“The Board is confident in Julia’s ability to lead the company during this transition,” said Mr. Himanshu H. Shah, “She brings strong operational insight and familiarity with our strategic priorities.” “I’m honored to step into this interim role at a critical time for Emeren,” said Ms. Xu. “Our focus remains on disciplined execution across our solar and energy storage segments.”

Emeren also formed a special committee which includes its three independent directors Martin Bloom, Ramnath Iyer and Ramki Srinivasan to evaluate a going private proposal received on March 17, 2025.

Preliminary Q1 2025 Results

Emeren is also releasing preliminary financial results for the first quarter of 2025. Based on currently available information, the company expects:

  • Revenue of approximately $8.4m
  • Gross margin of approximately 32%
  • Non-GAAP operating loss of about $4 million

Emeren expects to report final Q1 2025 results around mid-May.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL), a renewable energy leader, showcases a comprehensive portfolio of solar projects and Independent Power Producer (IPP) assets, complemented by a significant global Battery Energy Storage System (BESS) capacity. Specializing in the entire solar project lifecycle — from development through construction to financing — we excel by leveraging local talent in each market, ensuring our sustainable energy solutions are at the forefront of efficiency and impact. Our commitment to enhancing solar power and energy storage underlines our dedication to innovation, excellence, and environmental responsibility. For more information, go to www.emeren.com.

China Automotive Systems Reports 12.9% Revenue Increase to Annual Record

–  Electric Power Steering (“EPS”) Sales Increased by 29.9% in 2024 –

WUHAN, China, March 28, 2025 /PRNewswire/ — China Automotive Systems, Inc. (NASDAQ: CAAS) (“CAAS” or the “Company”), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the fourth quarter and the audited results for the fiscal year ended December 31, 2024.

Fourth Quarter 2024 Highlights

  • Net sales increased by 18.6% year-over-year to $188.7 million
  • Gross profit was $29.5 million from $34.7 million.  Gross margin of 15.6% compared to 21.8% in the fourth quarter of 2023
  • Operating income was $8.7 million, compared with $13.6 million in the fourth quarter of 2023
  • Net income attributable to parent company’s common shareholders was $9.1 million, or diluted net income per share of $0.30, compared to net income of $10.9 million, or diluted net income per share of $0.36 in the fourth quarter of 2023.

Fiscal Year 2024 Highlights

  • Net sales increased by 12.9% to an annual record of $650.9 million compared to $576.4 million in 2023
  • Gross profit increased by 5.2% to $109.2 million compared to $103.8 million in 2023. Gross margin was 16.8% compared with 18.0% in 2023
  • Operating income increased by 2.6% to $40.3 million from $39.2 million in 2023
  • Diluted net income per share was $0.99 in 2024 compared to $1.25 in 2023
  • Total cash and cash equivalents, pledged cash and short-term investments were $129.4 million at year end
  • Net cash flow provided by operating activities was $9.8 million in 2024.

Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, “We had a solid year in 2024 with record annual revenue, continued profitable operations, positive cash flow from operations, provided a special cash dividend to reward shareholders and initiated a share repurchase program.”

“Despite modest economic growth in China, our traditional hydraulic steering products continued to grow in 2024 even as our more advanced electric power steering (“EPS”) achieved stronger growth of 29.9%.  EPS products comprised 38.9% of total sales in 2024, up from 33.8% a year ago.”

“Selling into multiple markets, we experienced a range of growth both domestically and internationally.  Our operations in Brazil reported modest growth while demand from North American weakened. Domestically, our steering product sales into the Chinese passenger vehicle market continued healthy.  Domestic steering product sales growth into the commercial vehicle market remains sluggish due to lower commercial vehicle sales in 2024.”

“We ended the 2024 year strongly as our highest quarterly revenues were in the fourth quarter. For 2024, our subsidiary, Jingzhou Henglong Auto Parts Manufacturing Co., Ltd. (“Jinzhou Henglong”) reported 2024 annual production and sales volume exceeded 5.0 million units, representing an 18.5% year-over-year growth.  We also announced in early 2025 that Jingzhou Henglong achieved a production and sales increase of 35% year-over-year in the fourth quarter of 2024, and reached a new single monthly record high sales and production in December 2024 of more than 620,000 units, a 46.7% year-over-year increase.  In addition, our subsidiary, Shashi Jiulong Power Steering Gears Co., Ltd (“Shashi Jiulong”), won customer awards and accolades from two major vehicle OEM customers, Beiqi Foton Motor Co., Ltd. and Shaanxi Automobile Heavy Truck. We remain encouraged as China has initiated a number of economic incentives to bolster economic growth and improve the automobile industry prospects,” Mr. Wu concluded.

Mr. Jie Li, Chief Financial Officer of CAAS, commented, “We remain in a strong financial position even after spending over $22.4 million in cash dividends, or $0.80 per share in cash, as well as spending money on share repurchases. Our total cash and cash equivalents, pledged cash and short-term investments reached $129.4 million at year end, or approximately $4.29 per share. Our current ratio was 1.3 on December 31, 2024.  We continue to have the resources to support our future growth.”

Fourth Quarter of 2024

In the fourth quarter of 2024, net sales increased by 18.6% to $188.7 million compared to $159.2 million in the same quarter of 2023.  The net sales increase was mainly due to a change in the product mix and higher demand for passenger automobiles and commercial vehicles in the fourth quarter of 2024 compared to the fourth quarter of 2023. 

Gross profit was $29.5 million in the fourth quarter of 2024, compared to $34.7 million in the fourth quarter of 2023.  Gross margin in the fourth quarter of 2024 was 15.6% compared to 21.8% in the fourth quarter of 2023, primarily due to a change in product mix.

Selling expenses were $4.8 million in the fourth quarter of 2024, compared with $4.6 million in the fourth quarter of 2023. Selling expenses represented 2.5% of net sales in the fourth quarter of 2024, compared to 2.9% in the fourth quarter of 2023.

General and administrative expenses (“G&A expenses”) were $9.7 million in the fourth quarter of 2024, compared to $9.4 million in the same period in 2023.  G&A expenses represented 5.1% of net sales in the fourth quarter of 2024, compared to 5.9% of net sales in the fourth quarter of 2023.

Research and development expenses (“R&D expenses”) were $7.8 million compared with $9.3 million in the fourth quarter of 2023.  R&D expenses represented 4.1% of net sales in the fourth quarter of 2024, compared to 5.9% in the fourth quarter of 2023, mainly due to a decrease in miscellaneous development expenses.  

Operating income was $8.7 million in the fourth quarter of 2024, compared to $13.6 million in the fourth quarter of 2023.  Lower gross profit in the 2024 fourth quarter compared with the same period last year was the main cause.

Interest expense was $1.1 million in the fourth quarter of 2024 compared with $0.3 million in the fourth quarter of 2023.

Financial income was $0.8 million in the fourth quarter of 2024 compared with $1.0 million in the fourth quarter of 2023.

Income before income tax expenses and equity in earnings of affiliated companies was $8.8 million in the fourth quarter of 2023 compared to $15.0 million in the fourth quarter of 2023.

Income tax benefit was $2.0 million in the fourth quarter of 2024, compared to income tax expense of $2.1 million in the fourth quarter of 2023.  

Net income attributable to parent company’s common shareholders was $9.1 million in the fourth quarter of 2024 compared to net income attributable to parent company’s common shareholders of $10.9 million in the fourth quarter of 2023. Diluted income per share was $0.30 in the fourth quarter of 2024, compared to diluted income per share of $0.36 in the fourth quarter of 2023.

The weighted average number of diluted common shares outstanding was 30,180,947 compared to 30,185,702 in the fourth quarter of 2023.

Fiscal Year 2024

Net sales increased by 12.9% to $650.9 million in 2024, compared to $576.4 million in 2023. This increase was mainly due to higher sales of passenger vehicles in China, as total sales of the Company’s EPS systems increased by 29.9% year-over-year and sales of the Henglong subsidiary’s steering systems to the Chinese passenger vehicle market increased by 20.0% year-over-year.  Brazil Henglong’s net sales grew by 5.7% year-over-year to $51.0 million in 2024. This growth partially offset a sales reduction by North American customers in 2024. EPS sales represented 38.9% of total revenue in 2024 compared to 33.8% in 2023. 

Gross profit in 2024 increased by 5.2% year-over-year to $109.2 million, compared to $103.8 million in 2023. The gross margin was 16.8% compared with 18.0% in 2023 mainly due to a change in our product mix and lower average selling prices for the year ended December 31, 2024. 

Net gain on other sales in 2023 was $4.3 million compared to $5.8 million in 2023 mainly due to lower material sales in 2024.

Selling expenses rose by 14.4% year-over-year to $17.9 million in 2024 from $15.6 million in 2023, mainly due to an increase in marketing and office expenses. Selling expenses represented 2.7% of net sales in 2024 and 2023.

G&A expenses increased by 8.7% year-over-year to $27.7 million in 2024, compared to $25.5 million in 2023. G&A expenses represented 4.3% of net sales in 2024, compared to 4.4% of net sales in 2023.  This expense increase was mainly due to higher office, property and other taxes and maintenance and repair expense.

R&D expenses were $27.6 million in 2024, compared to $29.2 million in 2023. Lower R&D expenses reflect less investment in traditional product upgrades and miscellaneous research expenses. R&D expenses were 4.2% of net sales in 2024, compared to 5.1% of net sales in 2023.

Operating income increased by 2.6% to $40.3 million in 2023, compared to $39.2 million in 2023. The increase in operating income was mainly due to a 5.2% increase in gross profit combined with a change in R&D expenses.  

Interest expense was $1.8 million in 2024, compared to $1.0 million in 2023, primarily due to an increase in bank loans in 2024 compared with 2023.  

Net financial expense was $0.09 million in 2024, compared to financial income of $4.7 million for 2023. This decrease in financial income of $4.8 million was primarily due to higher foreign exchange gains in 2023.

Income before income tax expenses and equity in earnings of affiliated companies was $44.1 million in 2024 compared with $48.2 million in 2023. The change was primarily due to lower operating income in 2024.  

Income tax expense was $5.9 million in 2024 compared to $5.1 million in 2023. This increase was mainly due to a valuation allowance reversal, and a one-time income tax expense settlement for subsidiaries in the PRC and the U.S. this year.

Net income attributable to parent company’s common shareholders was $30.0 million in 2024 compared to $37.7 million in 2023.  Diluted net income per share was $0.99 in 2024 compared to $1.25 in 2023.

The weighted average number of diluted common shares outstanding was 30,184,513 in 2024 compared with 30,189,421 in 2023.

Balance Sheet

As of December 31, 2024 total cash and cash equivalents, pledged cash and short-term investments were $129.4 million. Total accounts receivable including notes receivable were $343.5 million. Accounts payable including notes payable were $292.8 million and short-term bank loans were $72.6 million. Total parent company stockholders’ equity was $349.6 million as of December 31, 2024 compared to $344.5 million as of December 31, 2023. Net cash flow from operating activities was $9.8 million in 2024. Cash paid to acquire property, plant and equipment and land use rights was $43.7 million in 2024 and cash received from property, plant and equipment sales was $20.5 million.

Business Outlook

Management provides revenue guidance for the fiscal year 2025 of $700.0 million.  This target is based on the Company’s current views on operating and market conditions, which are subject to change.

Conference Call

Management will conduct a conference call on March 28, 2025 at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management’s presentation.  To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the “China Automotive Systems” conference call with pin 826041:

Phone Number: +1-888-506-0062 (North America)
Phone Number: +1-973-528-0011 (International)
Mainland China Toll Free: +86-400-120-3199

A replay of the call will be available on the Company’s website under the investor relations section.

About China Automotive Systems, Inc.

Based in Hubei Province, the People’s Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 8 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com

Forward-Looking Statements

This press release contains statements that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company’s actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2025, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict, and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

For further information, please contact:

Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn 

Kevin Theiss
Investor Relations
+1-212-510-8922
Email: Kevin@awakenlab.com 

 

-Tables Follow –

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands of USD, except share and per share amounts)

December 31, 

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$

56,961

$

114,660

Pledged cash

44,863

40,534

Short-term investments

27,563

11,084

Accounts and notes receivable, net – unrelated parties (Allowance for credit losses of $11,783 and $15,599, respectively)

329,275

261,237

Accounts and notes receivable, net – related parties (Allowance for credit losses of $1,463 and $1,404, respectively)

14,224

8,169

Advance payments and others, net – unrelated parties (Allowance for credit losses of $34 and $22, respectively)

10,838

14,008

Advance payments and others – related parties

2,202

1,991

Inventories

112,558

112,392

Other assets

4,154

Total current assets

602,638

564,075

Non-current assets:

Property, plant and equipment, net

103,820

101,359

Land use rights, net

8,835

9,233

Intangible assets, net

3,417

3,865

Operating lease assets

94

278

Long-term time deposits

40,057

8,647

Other receivables, net (Allowance for credit losses of $56 and $49, respectively)

452

598

Advance payment for property, plant and equipment – unrelated parties

2,414

3,554

Advance payment for property, plant and equipment – related parties

6,570

5,759

Other non-current assets

3,202

Long-term investments

64,332

60,173

Deferred tax assets

14,748

8,899

Total assets

$

850,579

$

766,440

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term bank loans

$

72,566

$

48,005

Accounts and notes payable – unrelated parties

281,065

240,739

Accounts and notes payable – related parties

11,743

12,839

Customer deposits

4,447

8,633

Accrued payroll and related costs

12,063

11,282

Accrued expenses and other payables

59,238

44,771

Taxes payable

15,308

17,267

Operating lease liabilities – current portion

52

203

Total current liabilities

456,482

383,739

Long-term liabilities:

Advances payable

278

282

Operating lease liabilities – non-current portion

52

Long-term loans

145

1,221

Deferred tax liabilities

3,885

3,943

Long-term taxes payable

8,781

Total liabilities

460,790

398,018

Commitments and Contingencies

Mezzanine equity:

Redeemable non-controlling interests

613

Stockholders’ Equity

Common stock, $0.0001 par value – Authorized – 80,000,000 shares Issued – 32,338,302 and 32,338,302 shares at December 31, 2024 and 2023, respectively

3

3

Additional paid-in capital

69,656

63,731

Retained earnings-

Appropriated

12,180

11,851

Unappropriated

290,273

284,832

Accumulated other comprehensive income

(14,780)

(8,258)

Treasury stock – 2,167,600 and 2,152,600 shares at December 31, 2024 and 2023, respectively

(7,763)

(7,695)

Total parent company stockholders’ equity

349,569

344,464

Non-controlling interests

40,220

23,345

Total stockholders’ equity

389,789

367,809

Total liabilities, mezzanine equity and stockholders’ equity

$

850,579

$

766,440

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Income or Loss

(In thousands of USD, except share and per share amounts)

Year Ended December 31, 

2024

2023

Net product sales ($48,860 and $47,514 sold to related parties for the years ended
   December 31, 2024 and 2023)

$

650,935

$

576,354

Cost of products sold ($30,088 and $27,288 purchased from related parties for the years ended
   December 31, 2024 and 2023)

541,751

472,603

     Gross profit

109,184

103,751

Net gain on other sales

4,303

5,788

Operating expenses:

Selling expenses

17,855

15,610

General and administrative expenses

27,728

25,503

Research and development expenses

27,649

29,181

Total operating expenses

73,232

70,294

     Operating income

40,255

39,245

Other income, net

5,776

5,345

Interest expense

(1,813)

(1,021)

Financial (expense)/income, net

(87)

4,666

Income before income tax expenses and equity in earnings of affiliated companies

44,131

48,235

Less: Income taxes

5,892

5,137

Add: Equity in loss of affiliated companies

(340)

(360)

Net income

37,899

42,738

Net income attributable to non-controlling interest

7,897

5,050

Accretion to redemption value of redeemable non-controlling interests

(23)

(30)

     Net income attributable to parent company’s common shareholders

29,979

37,658

Net income attributable to parent company’s common shareholders per share –

Basic

$

0.99

$

1.25

Diluted

$

0.99

$

1.25

Weighted average number of common shares outstanding –

Basic

30,184,513

30,185,702

Diluted

30,184,513

30,189,421

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income or Loss

(In thousands of USD unless otherwise indicated)

Year Ended December 31,

2024

2023

Net income

37,899

42,738

Other comprehensive income:

Foreign currency translation loss

(7,123)

(5,191)

Comprehensive income

30,776

37,547

Comprehensive income attributable to non-controlling interest

7,296

4,704

Accretion to redemption value of redeemable non-controlling interest

(23)

(30)

Comprehensive income attributable to parent company

$

23,457

$

32,813

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

(In thousands of USD, except share and per share amounts)

2024

2023

Common Stock

Balance at January 1, 2024 and 2023 – 32,338,302 and 32,338,302 shares, respectively

$

3

$

3

Balance at December 31, 2024 and 2023 – 32,338,302 and 32,338,302 shares, respectively

$

3

$

3

Additional Paid-in Capital

Balance at January 1

$

63,731

$

63,731

Change in non-controlling shareholder’s interest in the Brazil Henglong

(66)

Contribution by the non-controlling interest of Henglong KYB

5,991

Balance at December 31

$

69,656

$

63,731

Retained Earnings – Appropriated

Balance at January 1

$

11,851

$

11,851

Appropriation of retained earnings

329

Balance at December 31

$

12,180

$

11,851

Unappropriated

Balance at January 1

$

284,832

$

247,174

Net income attributable to parent company

30,002

37,688

Accretion of redeemable non-controlling interests

(23)

(30)

Appropriation of retained earnings

(329)

Dividend payables to common shareholders

(24,149)

Dividend payables to non-controlling interests

(60)

Balance at December 31

$

290,273

$

284,832

Accumulated Other Comprehensive Loss

Balance at January 1

$

(8,258)

$

(3,413)

Net foreign currency translation adjustment attributable to parent company

(6,522)

(4,845)

Balance at December 31

$

(14,780)

$

(8,258)

Treasury Stock

Balance at January 1, 2024 and 2023 –2,152,600 and 2,152,600 shares, respectively

$

(7,695)

$

(7,695)

Repurchase of common stock in 2024 and 2023 –15,000 and nil shares, respectively

(68)

Balance at December 31, 2024and 2023 – 2,167,600 and 2,152,600 shares, respectively

$

(7,763)

$

(7,695)

Total parent company stockholders’ equity

$

349,569

$

344,464

Non-controlling Interest

Balance at January 1

$

23,345

$

15,182

Net foreign currency translation adjustment attributable to non-controlling interest

(601)

(346)

Net income attributable to non-controlling interest

7,897

5,050

Change in non-controlling shareholder’s interest in the Brazil Henglong

66

Contribution by non-controlling shareholder of Henglong KYB

9,513

Contribution by non-controlling shareholder of Wuhan Hyoseong

3,459

Balance at December 31

$

40,220

$

23,345

Total stockholders’ equity

$

389,789

$

367,809

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands of USD unless otherwise indicated)

Year Ended December 31, 

2024

2023

Cash flows from operating activities:

Net income

$

37,899

$

42,738

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

20,224

18,708

Deferred income taxes

(6,036)

(1,319)

Reversal of credit losses

(953)

1,564

Equity in loss of affiliates

340

360

Impairment loss on property, plant and equipment

886

794

Loss/(gain) on disposal of fixed assets

1,300

(3)

(Increase)/decrease in:

Other assets and other non-current assets

(7,356)

Accounts and notes receivable

(77,692)

(50,699)

Advance payments and others

1,540

(3,881)

Inventories

(1,791)

(1,654)

Other receivables

138

(556)

Increase/(decrease) in:

Accounts and notes payable

40,391

22,024

Customer deposits

(4,097)

3,091

Accrued payroll and related costs

956

77

Accrued expenses and other payables

13,275

(2,667)

Taxes payable

(10,457)

(6,835)

Advances payable

1,209

(1,836)

     Net cash provided by operating activities

9,776

19,906

Cash flows from investing activities:

Purchase of short-term investments and long-term time deposits

(77,859)

(68,550)

Proceeds from maturities of short-term investments

29,442

63,240

Cash received from property, plant and equipment sales

20,510

2,790

Cash paid to acquire property, plant and equipment and land use right (including $6,343 and
   $5,336 paid to related parties for the years ended December 31, 2024 and 2023, respectively)

(43,656)

(18,235)

Cash paid to acquire intangible assets

(804)

(3,445)

Cash received from long-term investment

316

3,292

Investment under equity method

(5,880)

(7,729)

     Net cash used in investing activities

(77,931)

(28,637)

Cash flows from financing activities:

Proceeds from bank loans

83,357

64,776

Repayment of bank loans and loans

(58,995)

(61,437)

Dividends paid to the common shareholders

(22,433)

Repurchase of common shares

(68)

Cash received from capital contributions by a non-controlling interest holder

15,504

3,459

     Net cash provided by financing activities

17,365

6,798

Cash and cash equivalents affected by foreign currency

(2,580)

(1,824)

Net decrease in cash, cash equivalents and pledged cash

(53,370)

(3,757)

Cash, cash equivalents and pledged cash at beginning of year

155,194

158,951

     Cash, cash equivalents and pledged cash at end of year

$

101,824

$

155,194

 

O-RAN ALLIANCE Advances Open and AI-Driven RAN Standardization by Setting Priorities for Scaled Deployments and Collaboration towards 6G

  • O-RAN ALLIANCE operator members shared deployment experiences aligning on key near-term priorities to further accelerate O-RAN deployments worldwide
  • O-RAN ALLIANCE continues laying the foundation for AI adoption in RAN
  • O-RAN ALLIANCE is working with 3GPP to coordinate efforts towards a unified vision for 6G
  • These directions, and more, were covered in the O-RAN ALLIANCE Summit at MWC Barcelona 2025 – watch session recordings!

BONN, Germany, March 28, 2025 /PRNewswire/ — At the recent O-RAN ALLIANCE Summit at MWC Barcelona 2025, the O-RAN ALLIANCE (O-RAN) highlighted substantial progress made throughout 2024 and near-term priorities for its future efforts.

 

Video banner: Watch recordings from O-RAN ALLIANCE Summit at MWC 2025

Abdu Mudesir, Chair of the Board of O-RAN ALLIANCE and Group CTO, Deutsche Telekom said: “O-RAN ALLIANCE continues to uphold its core mission, ensuring that openness fosters interoperability and innovation to drive vendor diversity and competition, intelligence integrates AI to enhance network efficiency and management, and virtualization enables flexible, cloud-based RAN deployments for scalability and cost efficiency.”

O-RAN ALLIANCE operator members shared deployment experience aligning on key near-term priorities for implementation specifications, which are pivotal for scaling O-RAN deployments worldwide. These include:

  • High-performance, interoperable open fronthaul to enable efficient massive MIMO operations
  • Advanced AI-driven network management and control through a mature RAN Intelligent Controller (RIC) and a decoupled Service Management and Orchestration (SMO)
  • Enhanced security, with an expanded security assurance program and the adoption of Zero Trust Architecture (ZTA) to safeguard O-RAN ecosystems

Intelligence, along with openness and virtualization, has been a sustained key goal of the O-RAN ALLIANCE. AI support was embedded into O-RAN Architecture from the beginning, including support for hierarchical RICs and open interfaces enabling intelligent RAN management and control. Throughout 2024, O-RAN ALLIANCE continued laying the foundation for AI adoption in RAN to address the priorities expressed by operators. Notable advancements include:

  • RIC-enabled energy saving and massive MIMO optimization
  • RAN Information Exposure (RAIE) framework, enabling third parties to optimize their own innovative applications based on O-RAN network status information
  • Enabling AI/ML life cycle and data management with the decoupled SMO and R1 interface

Standardization and government institutions, ATIS (North America), ETSI (Europe), Ministry of Internal Affairs and Communications (Japan) and TTA (Republic of Korea) described their regional approaches to support open RAN. Adopting O-RAN ALLIANCE specifications into national standards ensures world-wide alignment and avoids fragmentation. Funding initiatives support open and intelligent RAN R&D and trials, boosting private sector innovation.

O-RAN supports vertical industries—such as healthcare, manufacturing, transportation, and more—by providing a flexible, intelligent, and open network architecture that can be customized to meet the specific needs of various sectors. Industries’ interest is centered on intelligent RAN for custom network behavior. O-RAN-based solutions enabled specialized high-performance uplink connectivity for events like Paris Olympics in 2024. Open principles pave the way for expansion of terrestrial RAN into satellite coverage solutions.

As the telecom industry progresses towards 6G, the O-RAN ALLIANCE is working with 3GPP to coordinate efforts towards a unified vision for 6G, building on 3GPP’s architecture evolution. This collaboration aims to ensure a seamless integration of O-RAN ALLIANCE’s open and intelligent RAN solutions with the broader 6G ecosystem, ensuring that the specifications and standards are consistent and complementary.

About the O-RAN ALLIANCE Summit at MWC Barcelona 2025
These directions, and more, were covered in the O-RAN ALLIANCE Summit at MWC Barcelona 2025. The Summit provided a comprehensive update on the state of O-RAN, sharing insights on operational experience, regional views on open RAN initiatives, and applications in key industry verticals. The Summit explored the future evolution of 3GPP and O-RAN ALLIANCE architectures towards 6G.

The Summit featured 24 distinguished speakers across six sessions:

Watch the O-RAN ALLIANCE Summit session recordings to learn more.

About O-RAN ALLIANCE
The O-RAN ALLIANCE is a world-wide community of mobile operators, vendors, and research & academic institutions operating in the Radio Access Network (RAN) industry. As the RAN is an essential part of any mobile network, the O-RAN ALLIANCE’s mission is to re-shape the industry towards more intelligent, open, virtualized and fully interoperable mobile networks. The new O-RAN specifications enable a more competitive and vibrant RAN supplier ecosystem with faster innovation to improve user experience. O-RAN based mobile networks at the same time improve the efficiency of RAN deployments as well as operations by mobile operators. To achieve this, the O-RAN ALLIANCE publishes new RAN specifications, releases open software for the RAN, and supports its members in integration and testing of their implementations.

For more information, please visit www.o-ran.org.