Q1 2024 Cheche Group Inc Earnings Call Transcript
Key Points
- Prime Impact Acquisition I (PRIUF) reported a 9.2% increase in total written premiums for the quarter, reaching USD751.1 million.
- The number of policies placed grew by 21.2% to 4 million, indicating strong market demand.
- The company has formed strategic partnerships with major EV manufacturers like Volkswagen and Xiaomi, enhancing its market presence.
- Prime Impact Acquisition I (PRIUF) has a robust financial position with USD32.4 million in cash, cash equivalents, and short-term investments.
- The company is leveraging advanced technology and AI for real-time pricing and smart risk management, positioning itself as a leader in the NEV insurance market.
- Net loss increased to RMB31.2 million (USD4.3 million), reflecting financial challenges.
- Adjusted net loss also rose to RMB12.2 million (USD1.7 million), mainly due to increased professional service fees and the cancellation of government grants.
- Operating expenses, excluding share-based compensation and listing-related fees, increased by 3.4% from the prior quarter.
- The company faces significant competition in the rapidly growing NEV market, which could impact future growth.
- There are risks associated with the company's reliance on partnerships with EV manufacturers, which may affect its market position if these relationships change.
Hello, and welcome to the Cheche Group first-quarter 2024 results call. (Operator Instructions)
Please note this event is being recorded. I would now like to turn the conference over to Crocker Coulson, Investor Relations for Cheche Group. Please go ahead.
Thanks so much, operator, and good morning to all of you joining us here in the US. Good evening to those of you joining us from Asia. And we'd like to welcome you all, and thank you for joining us to review Cheche's 2024 first quarter results. This morning Cheche posted both the earnings release and the related investor presentation to our website, and you can find that at ir.chechegroup.com.
Now with us on the call today are Lei Zhang, Cheche's Founder and Chief Executive Officer; Wenting Ji, Cheche's, Chief Financial Officer, and also Ting Lin, Cheche's Chief Strategy Officer. After prepared remarks are concluded, we will open the call for questions.
Before we begin some statements in this teleconference are forward-looking
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