Cheche Group Inc (CCG) 2025 Q4 法說會逐字稿

Good day and welcome to the Cheche Group second-half and full-year 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加車車集團2025年下半年及全年業績電話會議。(接線員指示) 請注意，本次活動將被錄音。

I would now like to turn the conference over to Cracker Colson, Investor Relations. Please go ahead.

現在我想把會議交給投資者關係的 Cracker Colson。請開始。

Thank you, Betsy. Hello, everyone. Thank you for joining us to review Cheche's second-half and full-year 2025 results. This morning, Cheche posted both the earnings release and a related updated investor presentation to our website, which you can find at ir.chechegroup.com. I'm very pleased to say that with us on the call today, we have Lei Zhang, Cheche's Founder and CEO; and also Sandra Ji, Cheche's CFO. After the prepared remarks are concluded, we're going to open up the call for your questions, and they'll be happy to address them.

謝謝你，Betsy。各位好。感謝各位參加本次會議，一同回顧車車2025年下半年及全年業績。今天上午，車車已在我們的網站 ir.chechegroup.com 發布了業績新聞稿以及相關更新的投資者簡報。很高興向各位介紹，今天與會的有車車創辦人兼執行長張磊，以及車車財務長 Sandra Ji。在管理層的準備發言結束後，我們將開放提問環節，他們也很樂意回答各位的問題。

But before we begin, I'd like to remind you that some statements in this teleconference will be forward-looking within the meaning of the federal securities laws. Although we believe these statements are reasonable, we can provide no assurance that they will prove to be accurate because they're prospective in nature. Actual results could differ materially from what we discussed today, so we encourage you to review the most recent filings with the SEC for risk factors that could materially impact our future results.

但在開始之前，我想提醒各位，本次電話會議中的部分陳述可能構成美國聯邦證券法所界定的前瞻性陳述。儘管我們認為這些陳述是合理的，但由於其具有前瞻性，我們無法保證其將被證實為準確。實際結果可能與我們今天討論的內容存在重大差異，因此我們建議各位查閱我們最近向美國證券交易委員會（SEC）提交的文件，其中包含可能對我們未來業績造成重大影響的風險因素。

As I mentioned, the earnings release is available for you at ir.chechegroup.com. And again, we also encourage you to review the reconciliations of certain non-GAAP financial measures contained within that we're going to discuss on the call today.

如我所提到，業績新聞稿可在 ir.chechegroup.com 查閱。同時，我們也建議各位查閱其中所載、我們今天在電話會議中將討論的若干非 GAAP 財務指標之調節表。

With that, it's my great pleasure to turn the call over to Lei Zhang, Cheche's Chief Executive Officer. Lei, over to you.

接下來，我很榮幸把電話交給車車集團執行長張磊。磊總，交給您。

Thank you, Crock. Greetings, everyone. Thank you for joining us today to review Cheche's second-half and full-year 2025 results. 2025 was a defining year for Cheche Group, one that validated both resilience of our business model and the power of the strategy transformation we have been executing despite ongoing fee rate compression driven by rapid growth of AEV premiums within our revenue mix.

謝謝你，Crock。各位好。感謝各位今天參加會議，一同回顧車車2025年下半年及全年業績。2025年是車車集團具有里程碑意義的一年：在我們收入結構中 AEV 保費快速成長、帶動服務費率持續承壓的背景下，這一年驗證了我們商業模式的韌性，也驗證了我們正在推進的策略轉型之力量。

We delivered a gross profit growth, dramatically reduced the operating losses, and for the first time, achieved adjusted net profitability on a full-year basis. They are not incremental results. They marked inflection point on our evolution from a transactional insurance platform to an AI-powered intelligent insurance ecosystem.

我們實現了毛利成長，大幅降低了營運虧損，並且首次在全年口徑上達成經調整後的淨利潤為正。這些並非小幅度的改善。它們標誌著我們從交易型保險平台，邁向 AI 驅動的智慧保險生態系的轉折點。

Let me begin with that, I believe it's the most meaningful headline from this period. The Cheche Group achieved adjusted operating profitability for the full-year 2025 and delivered a positive net income in the second half of 2025. Our adjusted net income reached RMB11.6 million or the USD1.7 million. For the full year compared to an adjusted net loss of RMB24.8 million in the prior year. That is a swing of more than RMB35 million achieved while we focus on new capabilities and adopt the meaningful structural change on our revenue mix. This reflects cost management across every line of operating expenses, which we reduced in total by more than 19% year over year, even as we grew total written premiums placed by 11% and the total policies issued by 3 million.

我先從我認為本期最重要的重點談起。車車集團在2025年全年實現經調整後的經營獲利，並在2025年下半年實現淨利潤為正。我們的經調整後淨利潤達到人民幣1,160萬元（約合170萬美元）。相較上一年度經調整後淨虧損人民幣2,480萬元。在我們聚焦新能力建設並推動收入結構的重大調整之際，實現了超過人民幣3,500萬元的扭轉。這反映了我們在各項營運費用上的成本管理：營運費用總額同比降低超過19%；同時，我們的總承保保費（written premiums）仍成長11%，保單簽發總量增加300萬張。

We demonstrated that scale can do advance together at cut and we intend to continue building the foundation in 2026. The profitability story also has a structural dimension. NAV premiums which carry a lower service fee with than the traditional auto insurance. Now we present 23% of our total written premiums for the full year, up from the 13% in the prior year.

我們證明了規模成長與降本增效可以同步推進，我們也計畫在2026年持續夯實這一基礎。這個獲利故事同時也具有結構性因素。NAV 保費的服務費率低於傳統車險。目前，NAV 保費在全年總承保保費中的占比達到23%，高於上一年度的13%。

This shift initially creates a revenue headwind as we are mentioning, but it also drives higher gross margins, as our AI-powered tools allow us to capture higher take rates in the AEV insurance market and deploy capabilities that command premium pricing we expected the margin profile to continue improving.

如我們所提到的，這一轉變在初期會對收入形成逆風，但同時也會帶來更高的毛利率：我們的 AI 工具使我們能在 AEV 保險市場取得更高的抽成率（take rate），並部署可支撐溢價定價的能力；我們預期利潤率結構將持續改善。

I also want to highlight the significant progress we have made in translating our AI strategy into operational capability. We are actively deploying AI pricing model in the collaboration with several of China's leading insurance companies as well as through the data partnerships with intelligent connected wealth manufacturers. Our insurance antifraud and risk control model which was recognized in the prestigious top 100 AI product over the 2024 last year. It's one example that integrates big data, artificial intelligence and the biometrics, enabling insurers to identify fraud earlier, price risk more preciously and process claims with great efficiency. This partnership positions us to expand our footprint in the renewal insurance market.

我也想強調，我們在將 AI 策略轉化為營運能力方面取得了顯著進展。我們正與中國多家領先保險公司合作，並透過與智慧互聯車輛製造商的數據合作夥伴關係，積極部署 AI 定價模型。我們的保險反詐欺與風控模型在去年（2024年）入選權威的「Top 100 AI 產品」。這是一個整合大數據、人工智慧與生物識別的案例，能協助保險公司更早識別詐欺、更精準地定價風險，並以更高效率處理理賠。這些合作使我們得以擴大在續保市場的布局。

Beyond our insure facing tools, we are developing and testing AR agents to the fundamental change out we engage with the car owners and the point of renewal. With AI agent, we can standard scale and improve the dialogue with the car owners, deploying consistent intelligent real-time outreach that is more effective than traditional method and significant move cost efficacy.

除了面向保險公司的工具之外，我們也在開發並測試 AI 代理（AI agents），以從根本上改變我們在車主續保節點的互動方式。透過 AI 代理，我們可以實現標準化與規模化，並改善與車主的對話，提供一致、智慧、即時的觸達，效果優於傳統方法，並顯著提升成本效率。

On the R&D side, our team leveraged AI tools and LLM to accelerate product development and development circles. There too are expanding our capability roadmap without proportional increase in the spending. Looking further ahead, we intend to extend the operational and analytical capability across the full auto insurance value chain. From pre policy risk assessment and pricing through in the policy risk monitoring and intervention to claim service and loose assessment. Combined with our growing advantage in the driving behave data from EV ecosystem, we believe the position us to move the industry from the strategic pricing towards dynamic risk management and to build a data-driven competitive mode and strength over time.

在研發方面，我們的團隊運用 AI 工具與大語言模型（LLM）加速產品開發與迭代週期。在不按比例增加支出的情況下，我們也在擴展能力路線圖。展望未來，我們計畫把營運與分析能力延伸至整個車險價值鏈。從投保前的風險評估與定價，到保單期間的風險監測與干預，再到理賠服務與損失評估。結合我們在電動車生態系中日益增強的駕駛行為數據優勢，我們相信這將使行業從靜態定價走向動態風險管理，並隨時間建立以數據驅動的競爭模式與長期優勢。

The quality of our OEM partners continue to depend. We currently have a partnership with 16 AEV manufacturers. And as our business and relationships merger, our strategy focus on shifting from adding new relations to the deepening existing wins. That means expanding the work and the models we serve within the partnership and in the dealer channel progress and maximizing renewal premiums captured across installed based vehicles we already service. Our work with Volkswagen reflects our ability to partner with both domestic champions and the global automakers operating in China's intelligent (inaudible) market.

我們的 OEM 合作夥伴品質持續提升。目前我們已與16家 AEV 製造商建立合作。隨著我們的業務與合作關係日益成熟，我們的策略重點也從新增合作關係，轉向深化既有合作成果。這意味著在合作夥伴體系與經銷商渠道中，擴大我們所服務的業務範圍與模型，並在我們已服務的存量車輛中，最大化可獲取的續保保費。我們與福斯（Volkswagen）的合作，體現了我們同時與本土領軍企業以及在中國智慧（聽不清）市場運營的全球車企合作的能力。

We are building the full life cycle relationships with these partners, not transactional arrangements and the depth of those relationships is what creates the durable and carrying value for the CCG and our shareholders. Looking ahead, we expect to share additional partnership news in the incoming months that we believe will further demonstrated the strength of our position within China's most intelligent connected Wix system. We are also preparing to announce the significant advance in our AI driving auto pricing capabilities, a development that reflects our capabilities with science and risk molding and that we believe significantly expand our addressable market in the renewal insurance segment. We look forward to sharing more details in the near term.

我們正在與這些合作夥伴建立覆蓋全生命週期的關係，而非一次性的交易安排；而這些關係的深度，正是為車車集團（CCG）及股東創造持久且可延續價值的關鍵。展望未來，我們預期在未來數月分享更多合作夥伴方面的消息，我們相信這將進一步證明我們在中國最智慧互聯的 Wix 系統中的地位優勢。我們也正準備宣布在 AI 駕駛車險定價能力方面的重大進展；這一進展體現了我們在數據科學與風險建模方面的能力，我們相信它將顯著擴大我們在續保保險領域的可服務市場。我們期待在近期分享更多細節。

Let's turn to the progress we are making internationally, which represents one of our most important long-term growth vectors. Chinese automakers now export over 8 million Wix annually. And as expand globally, the demand for intelligent bet trialing insurance and financial services infrastructure follows. Cheche Group is uniquely positioned to meet on demand, bringing the digital insurance capabilities under the financial technology capabilities we have built in China's most demanding market to automotive ecosystem around the world.

接下來我們談談我們在國際市場取得的進展，這是我們最重要的長期成長動能之一。中國汽車製造商目前每年出口超過 800 萬輛 Wix。隨著其全球擴張，對智慧 bet 試行保險以及金融服務基礎設施的需求也隨之而來。車車集團具備獨特優勢可滿足此需求，將我們在中國這個最具挑戰性的市場中建立的數位保險能力與金融科技能力帶到全球汽車生態系。

We are also advancing our international roadmap across the border, ACR Pacific and Latin American markets, leveraging our fintech solution for automakers aboard, our digital insurance and finance services is infrastructure designed to support Chinese automakers and their global plans as they build out new market operations.

我們也正推進跨境的國際路線圖，涵蓋 ACR 太平洋與拉丁美洲市場，運用我們為海外車企提供的金融科技解決方案；我們的數位保險與金融服務基礎設施旨在支援中國車企及其全球計畫，協助其在新市場建立營運。

To summarize, 2025 demonstrated what Cheche Group is capable of. We achieved adjusted profitability depend on our AI capabilities from the landmark partnership with a global automotive leader and took our first meaningful step into the international markets. We entered the 2026 with clear priorities, continue growing renewal insurance penetration through the AI powered tools, expand our platform relationships with Huawei, Volkswagen and other NEV partners and invest selectively in international expansion where we see the clearest path to probability. We are confident in the trajectory of the business and grateful for the support of our investors and partners.

總結而言，2025 年展現了車車集團的能力。我們依託 AI 能力，透過與全球汽車領導者的里程碑式合作實現經調整後獲利，並在國際市場邁出第一個具實質意義的步伐。我們以明確的優先事項進入 2026 年：持續透過 AI 驅動工具提升續保滲透率，擴大與華為、福斯及其他新能源車（NEV）合作夥伴的平台合作關係，並在我們看到最清晰的獲利路徑之處，有選擇地投資國際擴張。我們對業務發展軌跡充滿信心，並感謝投資人與合作夥伴的支持。

I will now turn the call over to our CFO, Sandra Ji. Thank you.

接下來我把電話會議交給我們的財務長 Sandra Ji。謝謝。

Thank you, Lei. I'd like to begin by touching on our second-half and full-year 2025 operational and financial highlights before taking any questions. First, as our operational updates. Our total written premium plays for the second half 2025 increased 16.9% year over year to RMB15.5 billion or USD2.2 billion. For the full year, 2025, the total written premium increased 11% to RMB27 billion or USD3.9 billion.

謝謝你，Lei。在進入問答之前，我想先簡要說明我們 2025 年下半年及全年營運與財務重點。首先是營運更新。2025 年下半年，我們促成的總簽單保費較去年同期成長 16.9%，達人民幣 155 億元（約 22 億美元）。2025 年全年，總簽單保費成長 11%，達人民幣 270 億元（約 39 億美元）。

The total number of policies issued increased from 9.3 million in the prior year period to 12 million in the second half 2025. For the full year, total policies issued grew from 17.3 million to 20.3 million. On the NEV side, our 16 partnerships generated 1.2 million embedded policies and RMB3.7 billion in corresponding written premiums in the second half 2025, representing year-over-year growth of 61.8% and 63.9%, respectively.

2025 年下半年，出單保單總數由去年同期的 930 萬張增加至 1,200 萬張。2025 年全年，出單保單總數由 1,730 萬張成長至 2,030 萬張。在新能源車（NEV）方面，我們的 16 項合作夥伴關係於 2025 年下半年產生 120 萬張嵌入式保單，對應簽單保費人民幣 37 億元，分別較去年同期成長 61.8% 與 63.9%。

For the full-year 2025, NEV embedded policies reached 2.0 million and the corresponding premium reached RMB6.3 million, growing 85.3% and 91.7%, respectively. Our NEV premiums represented 2.1% of total written premium placed in the second half of 2025, up from 17.2% in the prior year period. And 23.4% for the full year 2025, up from 13.6% in the prior year.

2025 年全年，NEV 嵌入式保單達 200 萬張，對應保費達人民幣 630 萬元，分別成長 85.3% 與 91.7%。我們的 NEV 保費占 2025 年下半年總簽單保費的 2.1%，高於去年同期的 17.2%。2025 年全年占比為 23.4%，高於去年的 13.6%。

Next is our financial results. The total net revenues for the second half of 2025 were RMB1.7 billion or USD237.5 million, representing a 9.4% year-over-year decrease. As Lei just mentioned, this decline reflects the higher proportion of EV premiums within our mix. which carry lower service fee rates. We are actively managing this structural transition through AI-enhanced pricing capabilities and renewal market penetration.

接下來是我們的財務結果。2025 年下半年淨收入總額為人民幣 17 億元（約 2.375 億美元），較去年同期下降 9.4%。如 Lei 剛才提到，這一下滑反映了我們組合中電動車（EV）保費占比提高，而其服務費率較低。我們正透過 AI 強化的定價能力與續保市場滲透，積極管理這項結構性轉變。

For the full-year 2025 net revenues were RMB3.0 billion or USD430.4 million, a decrease of 13.3% year over year, driven by the same EV mix dynamics. For the second half 2025, cost of revenues decreased 10% year over year to RMB1.6 billion or USD224 driven by lower net revenues and a continued improvement in our gross margin profile. For the full year 2025, cost of revenues decreased 14% year over year to RMB2.8 billion or USD407.5 million from the prior year.

2025 年全年淨收入為人民幣 30 億元（約 4.304 億美元），較去年同期下降 13.3%，主要同樣受 EV 組合動態影響。2025 年下半年，營收成本較去年同期下降 10% 至人民幣 16 億元（約 2.24 億美元），主要由於淨收入下降以及毛利率結構持續改善。2025 年全年，營收成本較去年同期下降 14% 至人民幣 28 億元（約 4.075 億美元）。

The gross profit in the second half increased 0.5% to RMB94.6 million or USD13.5 million despite lower net revenues, which is a direct result of our improved business structure. This is an important signal. Like even as revenue compresses through the fee rate transition, our gross profit is still growing. Gross margin expanded as the higher-margin NEV business represents an increased share of the mix.

儘管淨收入下降，2025 年下半年毛利仍成長 0.5% 至人民幣 9,460 萬元（約 1,350 萬美元），這直接源於我們業務結構的改善。這是一個重要訊號。也就是說，即使在費率轉換導致收入被壓縮的情況下，我們的毛利仍在成長。隨著高毛利的 NEV 業務在組合中的占比提升，毛利率也隨之擴大。

For the full year, the gross profit increased 1% to RMB160.4 million or USD22.9 million, with gross margin expanding as NEV business grew as a proportion of the mix. For second half 2025, the selling and marketing expenses decreased 18.1% to RMB31.0 million or USD4.4 million. General and administrative expenses decreased RMB16.5 million to RMB38.5 million or USD5.5 million. Research and development expenses decreased RMB2.5 million to RMB18.9 million or USD2.7 million. The total operating expenses decreased 14.4% to RMB88.4 million or USD12.6 million, while the adjusted total operating expenses decreased by 22.2% to RMB77.1 million, which is USD11.0 million.

2025 年全年毛利成長 1% 至人民幣 1.604 億元（約 2,290 萬美元），隨著 NEV 業務占比提升，毛利率亦擴大。2025 年下半年，銷售與行銷費用下降 18.1% 至人民幣 3,100 萬元（約 440 萬美元）。一般及行政費用減少人民幣 1,650 萬元至人民幣 3,850 萬元（約 550 萬美元）。研發費用減少人民幣 250 萬元至人民幣 1,890 萬元（約 270 萬美元）。營運費用總額下降 14.4% 至人民幣 8,840 萬元（約 1,260 萬美元）；經調整後營運費用總額下降 22.2% 至人民幣 7,710 萬元（約 1,100 萬美元）。

The total operating expenses for the full year decreased 19.6% to RMB181.2 million or USD25.9 million, while adjusted total operating expenses decreased 17.0% to RMB156.9 million or USD22.4 million. Operating income for second half 2025 was RMB6.1 million or USD0.9 million compared to an operating loss of RMB9.3 million in the prior year period. Adjusted operating income was RMB18.5 million or USD2.6 million compared to an adjusted operating loss of RMB1.5 million in the prior year period.

2025 年全年營運費用總額下降 19.6% 至人民幣 1.812 億元（約 2,590 萬美元）；經調整後營運費用總額下降 17.0% 至人民幣 1.569 億元（約 2,240 萬美元）。2025 年下半年營業利益為人民幣 610 萬元（約 90 萬美元），而去年同期為營業損失人民幣 930 萬元。經調整後營業利益為人民幣 1,850 萬元（約 260 萬美元），而去年同期為經調整後營業損失人民幣 150 萬元。

Operating loss for the full-year 2025 narrowed dramatically by 68.6% to RMB20.9 million or USD3.0 million. The full-year adjusted operating income was RMB5.6 million or USD0.8 million compared to adjusted operating loss of RMB28.2 million in the prior year. Net income for the second half 2025 was RMB7.8 million or USD1.1 million compared to a net loss of RMB6.4 million in the prior year period. Adjusted net income was RMB22.2 million or USD3.2 million compared to adjusted net loss of RMB0.3 million in the prior year period.

2025 年全年營業損失大幅收窄 68.6% 至人民幣 2,090 萬元（約 300 萬美元）。2025 年全年經調整後營業利益為人民幣 560 萬元（約 80 萬美元），而去年為經調整後營業損失人民幣 2,820 萬元。2025 年下半年淨利為人民幣 780 萬元（約 110 萬美元），而去年同期為淨損人民幣 640 萬元。經調整後淨利為人民幣 2,220 萬元（約 320 萬美元），而去年同期為經調整後淨損人民幣 30 萬元。

Net loss for the full-year 2025 was RMB17.8 million, representing an improvement of 71.0% from RMB61.2 million in the prior year. Adjusted net income was RMB11.6 million or USD1.7 million, compared to an adjusted net loss of RMB24.8 million in the prior year. This marks the first full-year adjusted profitability in history as a public company.

2025 全年淨虧損為人民幣 1,780 萬元，較上年人民幣 6,120 萬元改善 71.0%。經調整淨利為人民幣 1,160 萬元（約 170 萬美元），相比上年經調整淨虧損人民幣 2,480 萬元。這標誌著公司作為上市公司歷史上首次實現全年經調整獲利。

Let's turning to our balance sheet. We reported RMB160.8 million or USD24.4 million in cash, cash equivalents, restricted cash and short-term investments as of December 31, 2025. Looking ahead to the full year of 2026, we are anticipating an approximate range of RMB3.0 billion or [RMB3.2 billion] for net revenues, a range of RMB28.0 million to RMB3.0 billion for total written premium, a range of RMB10.5 billion to RMB12.0 billion for NAV written premiums. And we also expect adjusted net income to multiply several fold compared to the full year of 2025.

接下來談談我們的資產負債表。截至 2025 年 12 月 31 日，我們的現金、現金等價物、受限制現金及短期投資合計為人民幣 1.608 億元（約 2,440 萬美元）。展望 2026 全年，我們預期淨營收約為人民幣 30 億元至 [人民幣 32 億元]；總簽單保費預期區間為人民幣 2,800 萬元至人民幣 30 億元；NAV 簽單保費預期區間為人民幣 105 億元至人民幣 120 億元。我們也預期經調整淨利相較 2025 全年將成倍增長。

I think way that concludes our remarks Next, we'll be happy to take any of your questions. Thank you.

我想以上就是我們的發言。接下來，我們很樂意回答各位的問題。謝謝。

(Operator Instructions) [Wenzo Zhao, Citix.]

（接線員指示）[Wenzo Zhao，Citix。]

(spoken in foreign language)

（以外語發言）

It appears we've lost that questioner.

看起來我們失去了那位提問者的連線。

Allen Klee, Maxim Group.

Allen Klee，Maxim Group。

Yes, hi. Congratulations on your progress and advances with NAVs and moving to profitability. In your guidance, you said that you're projecting 2026 NAV premiums increase 66.7% to 90.5% year over year. Can you just highlight what in your offerings is going to result in such strong adoption, maybe highlighting how you're helping with pricing, risk, and fraud? Thank you.

是的，你好。恭喜你們在 NAV 以及邁向獲利方面取得的進展與突破。在你們的指引中，你們提到預計 2026 年 NAV 保費將年增 66.7% 至 90.5%。能否請你們重點說明一下，你們的哪些產品/服務將帶來如此強勁的採用成長？也請談談你們如何在定價、風險與反詐欺方面提供協助。謝謝。

Okay, thank you, Allen. This question, the first we think AI as a K2 for the upgrade -- upgrading the company's innovation and operational capabilities. The first at the R&D level, AI has been integrated across the entire workflow from requirements, analysis and development testing and delivery significantly improving our overall efficiency and stability of outcomes.

好的，謝謝你，Allen。關於這個問題，首先我們認為 AI 是推動升級的關鍵槓桿（K2），用以提升公司的創新與營運能力。第一，在研發層面，AI 已整合至從需求、分析、開發測試到交付的全流程，顯著提升了我們整體效率與成果的穩定性。

The second, as the business application level, our company will continue to promote the coordinated use multiple AI tools and further leverage our advantage in the driving heavy data within the EV ecosystem. This will gradually and AI capabilities across the full insurance value chain from the pre-underwriting risk assessment and pricing to in policy risk monitoring and intervention and intelligent claims inspection and loose assessment. Through its initial we aim to drive transformation of auto insurance from at pricing to the dynamic risk management while continuously strengthening our long-term competitive advantage.

第二，在業務應用層面，公司將持續推動多種 AI 工具的協同使用，並進一步發揮我們在電動車生態系中「重數據驅動」方面的優勢。這將逐步把 AI 能力覆蓋至保險價值鏈全流程，從核保前的風險評估與定價，到保單期間的風險監測與介入，以及智能理賠查勘與損失評估。透過這些舉措，我們旨在推動車險從靜態定價轉向動態風險管理，同時持續強化我們的長期競爭優勢。

You also said on the call that internationally, there's a large demand and you said you're going to advance across Asia and America with fintech solutions. Could you explain what you mean -- what your FinTech solutions are?

你們在電話會議中也提到，在國際市場需求很大，並表示將以金融科技解決方案推進亞洲與美洲市場。能否解釋一下你們的意思——你們的金融科技解決方案具體是什麼？

Okay. In terms of global expansion, company has formed a strategic partnership with several multi brands that focused on international growth. We have already established a solid presence in markets such as Australia, New Zealand, Latin America, and the Middle East. We have successfully launched the business operations in the collaboration with partners, including Guangzhou auto company and (inaudible) and BYD and (inaudible). By supporting Chinese automakers in the overseas expansion, we leveraged our Metro digital insurance capabilities and the financial technology capabilities to bring our technology to international markets as a China solution, helping build a global financial and the insurance ecosystem in such country.

好的。在全球擴張方面，公司已與多家專注於國際成長的多品牌方建立策略合作夥伴關係。我們已在澳洲、紐西蘭、拉丁美洲及中東等市場建立了穩固的布局。我們已與合作夥伴成功啟動業務營運，包括廣州汽車公司與（聽不清）以及比亞迪與（聽不清）。透過支持中國車企出海，我們運用自身的 Metro 數位保險能力與金融科技能力，將技術以「中國方案」帶到國際市場，協助在相關國家打造全球化的金融與保險生態系。

I just can comment. I was talking to somebody from Australia yesterday, and they said the demand for Chinese electric vehicle cars is dramatic. So the waiting list, especially what's going on with oil prices.

我補充評論一下。我昨天和一位來自澳洲的人聊過，他們說對中國電動車的需求非常驚人。因此等待名單很長，尤其是在油價上漲的背景下。

Lei, do you want to tell Allen where you're joining us from?

Lei，你要不要告訴 Allen 你現在是從哪裡加入我們的？

Yeah, because the oil price is increased.

是的，因為油價上漲了。

So Lei is actually in Australia today, so. Yeah.

所以 Lei 今天其實人在澳洲。是的。

Yeah, yeah. I traveled to Australia for the (inaudible) and Sherry Auto in Australia.

是的，是的。我到澳洲出差，參加（聽不清）以及在澳洲的奇瑞汽車相關事務。

That's great I'll catch them along to let other people ask questions. Congratulations.

太好了。我先把時間讓給其他人提問。恭喜。

[Wenzo Zhao, Citix.]

[Wenzo Zhao，Citix。]

(spoken in foreign language)

（以外語發言）

I'm curious about your ability to leverage AI internally to reduce operating costs I'd also appreciate our update on how AI solutions are porting in international operations and any government plans for international expansion? Thank you.

我想了解你們在內部運用 AI 以降低營運成本的能力；也希望你們更新一下 AI 解決方案在國際營運中的落地情況，以及政府對國際擴張是否有任何規劃？謝謝。

(spoken in foreign language)

（以外語發言）

This concludes our question-and-answer session. I would like to turn the conference back over for any closing remarks.

問答環節到此結束。我想把電話會議交回去，請問是否有任何結語。

Well, we'd like to thank everyone for joining us today. If you didn't have a chance to ask your questions or if you'd like to have a follow-up call with management, please feel free to reach out to me or the Cheche Investor Relations team. and we'll be more than happy to arrange a Zoom call at mutual convenience. Thanks, everyone, for joining us, and I look forward to coming back to you with future updates. Thank you, operator.

好的，感謝各位今天參與。如果你未能來得及提問，或希望與管理層進行後續通話，歡迎隨時聯繫我或 Cheche 投資人關係團隊，我們很樂意在雙方方便的時間安排一場 Zoom 會議。感謝大家的參與，我也期待未來再向各位帶來最新進展。謝謝你，接線員。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。