Q2 2024 Cheche Group Inc Earnings Call Transcript
Key Points
- Prime Impact Acquisition I (PRIUF) has maintained its leadership role as China's largest auto insurance technology platform.
- The company has formed strategic partnerships with major players like Volkswagen, BAIC Group, and Xiaomi Group.
- There has been a significant increase in the number of embedded policies, growing 147% year over year.
- EV gross premiums have almost doubled from the prior year, growing 99% to USD91 million.
- The company is positioned on the cusp of profitability and continues to push forward with innovative solutions.
- Total written premiums placed for the quarter remained steady, indicating no significant growth.
- General and administrative expenses increased significantly due to share-based compensation and dispute resolution expenses.
- The company reported a net loss of RMB23.6 million or USD3.2 million for the quarter.
- Research and development expenses decreased by 21.1%, which could impact future innovation.
- The cost of revenues increased by 1.9% from the prior year quarter, indicating rising operational costs.
Good morning and welcome to Cheche's second quarter 2024 conference call. (Operator Instructions) Please note today's conference is being recorded. I will now turn the conference over to Crocker Coulson, Investor Relations for Cheche Group. Mr. Coulson, the floor is yours.
Thanks a lot, operator, good morning, everyone. Thank you for joining us to review Cheche Group 2024, second quarter results. This morning Cheche posted the earnings release and related investor presentation to its website, which you can find at [email protected]. With us on the call today are Lei Zhang, Cheche's Founder and Chief Executive Officer; and Wenting Ji Chief Financial Officer. After the prepared remarks this morning are concluded. We're going to open up the call to your questions.
But before we begin some statements in this teleconference are forward-looking within the meaning of the Federal Securities Laws. Although management believes these statements are reasonable, we can provide no assurance that they will prove to
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