Beijing – September 09, 2026 -- Cheche Group Inc. (NASDAQ: CCG) reported a 34.4% year-over-year decline in net revenues to RMB885.0 million (US$130.4 million) for the first half of 2026, as the Chinese auto insurance technology platform deliberately exits lower-margin business lines to focus on new energy vehicle (NEV) insurance and AI-driven services.
Net loss widens 72.3% despite margin gains
Net loss increased to RMB44.1 million (US$6.5 million) from RMB25.6 million in the prior-year period, driven largely by a RMB35.1 million (US$5.2 million) specific allowance for credit losses on long-aged, high-risk receivables. Adjusted net loss rose 257.7% to RMB37.7 million (US$5.6 million). Gross margin nonetheless expanded to 6.5% from 4.9%, as NEV premiums climbed to 31.0% of total written premiums from 22.5% a year earlier.
NEV partnerships and premiums post double-digit growth
Cheche's partnerships with NEV manufacturers reached 18 in the first half, generating 1,049,000 policies and RMB3.2 billion (US$472.0 million) in written premium — up 29.5% in policy count and 23.7% in premium value year-over-year. Cost of revenues fell 35.5% to RMB827.6 million (US$122.0 million), while gross profit declined 12.6% to RMB57.5 million (US$8.5 million).
Full-year revenue guidance cut nearly in half
Cheche slashed its 2026 net revenue guidance to a range of RMB1.5 billion to RMB1.8 billion, down from a prior forecast of RMB3.0 billion to RMB3.2 billion, citing ongoing restructuring. NEV written premiums placed guidance was also lowered to RMB8.0 billion to RMB10.0 billion from RMB10.5 billion to RMB12.0 billion, reflecting weaker domestic NEV sales. The company discontinued Total Written Premiums Placed as a key performance metric following its strategic pivot, and now estimates a full-year adjusted net loss of RMB42.7 million to RMB47.4 million.
ABAO Agent Family launch marks shift to AI infrastructure
On September 1, 2026, Cheche launched the ABAO Agent Family, a suite of five specialized AI agents built on its proprietary vertical insurance large language model, covering the NEV insurance lifecycle from dynamic pricing to claims processing. CEO Lei Zhang said the launch reflects the company's evolution "from a digital insurance transaction platform into an AI-driven insurance infrastructure provider." The rollout follows the June 22 commercial deployment of "ABAO Agent,