SunCar Technology Group Inc (SDA) 2024 Q4 法說會逐字稿

Greetings and welcome to SunCar Technologies full year 2024 earnings conference call.

問候並歡迎參加 SunCar Technologies 2024 年全年收益電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Jennifer Zhong, IR director. Thank you. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹主持人、投資者關係總監 Jennifer Zhong 女士。謝謝。你可以開始了。

Thank you and thanks everyone for joining us today for SunCar's full year 2024 earnings call. Please note that our earnings press release was issued yesterday, and the annual report on Form-20 was filed with the Securities and Exchange Commission on April 28.

謝謝大家，也謝謝大家今天參加 SunCar 2024 年全年財報電話會議。請注意，我們的收益新聞稿已於昨天發布，並且 Form-20 年度報告已於 4 月 28 日提交給美國證券交易委員會。

Both are available in the investor relations section of our website at https://suncartech.com/.

兩者皆可在我們網站的投資者關係部分找到，網址為 https://suncartech.com/。

Joining us on the call today are SunCar's Chairman, CEO, Zaichang Ye, and the Breaux Walker, Chief Strategy Officer. The format of today's call will begin with the opening remarks from Chairman Ye, followed by our financial and business update from Mr. Walker.

今天參加電話會議的有 SunCar 董事長兼執行長葉在昌和首席策略長 Breaux Walker。今天的電話會議將以葉董事長的開場白開始，然後由沃克先生介紹我們的財務和業務最新情況。

Afterwards, we'll move into a question and answer session, addressing the questions submitted by investors. We thank everyone for submitting these questions.

隨後，我們將進入問答環節，解答投資人提出的問題。我們感謝大家提交這些問題。

Before we get started, I'm going to review the Safe Harbor statement. Please note that today's discussion will contain forward-looking statements made under the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1,995.

在我們開始之前，我將回顧安全港聲明。請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties. As such, our results may differ materially from the views expressed today. Further information regarding this and other risks and uncertainties are included in the company's annual report on Form-20 for the year ended December 31, 2024, and in other documents filed with the US Securities and Exchange Commission.

前瞻性陳述涉及固有風險和不確定性。因此，我們的結果可能與今天表達的觀點有重大差異。有關此風險和其他風險及不確定性的更多資訊包含在本公司截至 2024 年 12 月 31 日的 20 號表格年度報告以及向美國證券交易委員會提交的其他文件中。

SunCar Technology does not assume any obligation to update any forward-looking statements except as required under applicable law. With that, I would like to turn over the call to our first speaker, Mr. Zaichang Ye, SunCar's Chairman CEO.

除適用法律要求外，SunCar Technology 不承擔更新任何前瞻性聲明的義務。接下來，我想將電話交給我們的第一位發言者，SunCar 董事長兼首席執行官葉在昌先生。

Good morning. Thank you, Jennifer.

早安.謝謝你，詹妮弗。

SunCar's business is 100% focused on digitizing China's domestic auto insurance and services markets. Whatever happens in international politics, China still has the largest auto market in the world. Our target market has over 330 million drivers who still buy auto insurance and services offline.

SunCar 的業務 100% 專注於中國國內汽車保險和服務市場的數位化。無論國際政治如何變化，中國仍擁有全球最大的汽車市場。我們的目標市場有超過 3.3 億名司機，他們仍然在線下購買汽車保險和服務。

We remain dedicated to offering digital solutions to make those drivers auto insurance and services experience more efficient and cost effective. I'm incredibly proud of the SunCar team's hard work in achieving this year's record revenue and profitability.

我們始終致力於提供數位解決方案，使駕駛員的汽車保險和服務體驗更加高效、更具成本效益。我為 SunCar 團隊今年創下創紀錄的收入和獲利能力所付出的努力感到無比自豪。

I also appreciate our customers, including some of the world's most respected companies. Our revenue of $442million and an almost 500% increase in adjusted EBITDA demonstrate sustainable growth as we scale the business.

我也感謝我們的客戶，其中包括一些世界上最受尊敬的公司。我們的營收為 4.42 億美元，調整後的 EBITDA 成長了近 500%，這表明隨著業務規模的擴大，我們實現了永續成長。

In 2024, our reinsurance business continued to experience strong growth due to our auto partners increasing focus on capturing insurance revenue. We are excited about the Tesla partnership, which grew to 48 cities from earlier in the year. For Xiaomi, we built a customized insurance product that entered the market early in the year.

2024 年，由於我們的汽車合作夥伴更加重視獲取保險收入，我們的再保險業務持續強勁成長。我們對與特斯拉的合作感到非常興奮，我們的合作關係從今年早些時候擴展到了 48 個城市。我們為小米打造了一款客製化保險產品，並於年初進入市場。

We are excited about the innovation we are working on with all our auto partners. In the gas vehicle segment, we signed a contract with SAIC Maxus to enable its dealers to sell insurance more effectively, while EV sales have multiplied in China.

我們對與所有汽車合作夥伴共同努力的創新感到非常興奮。在燃氣汽車領域，我們與上汽大通簽訂了合同，以幫助其經銷商更有效地銷售保險，同時中國電動車的銷量也成倍增長。

The gas vehicle market is still much larger in terms of existing vehicles and insurance renewals. This largely untapped market represents a significant growth opportunity for SunCar, as car dealers desperately need our technology to capture downstream insurance revenue.

從現有車輛和保險續保數量來看，燃氣汽車市場仍然大得多。這個尚未開發的市場對 SunCar 來說意味著一個巨大的成長機會，因為汽車經銷商迫切需要我們的技術來獲得下游保險收入。

In our auto services business, we see exciting growth opportunities in the retail and internet sectors while continuing to expand within our traditional bank and insurance customers. Our contract with Sam's Club demonstrates that the retail industry realizes SunCar's auto services can increase customer lifetime value. We supported Chanel's 2024 Hangzhou show in the luxury sector by providing high quality transportation services for its VIP guests.

在我們的汽車服務業務中，我們看到了零售和互聯網領域令人興奮的成長機會，同時我們繼續在傳統銀行和保險客戶中擴張。我們與山姆會員店簽訂的合約表明零售業意識到 SunCar 的汽車服務可以提高客戶終身價值。我們全力支持香奈兒2024杭州奢侈品大秀，為大秀VIP嘉賓提供高品質的交通服務。

Finally, SunCar is excited about innovation at its Anji AI Technology Service Centre. Our investment in AI technology and software has had a very positive ROI. As the products we are developing are proprietary and of significant value to our customers, we look forward to continued growth in 2025 as we execute on our considerable market opportunity, build deeper partnerships with our customers, and accelerate our exciting product development efforts. With that, I'll turn it over to Breaux.

最後，SunCar 對其安吉人工智慧技術服務中心的創新感到非常興奮。我們對人工智慧技術和軟體的投資獲得了非常積極的投資回報。由於我們正在開發的產品是專有的，並且對我們的客戶具有重要價值，我們期待在 2025 年繼續成長，因為我們將抓住巨大的市場機遇，與客戶建立更深的合作夥伴關係，並加快我們令人興奮的產品開發工作。說完這些，我就把麥克風交給 Breaux。

Thank you, Zaichang, and thank you all again for joining us. As many of you likely saw, I recently transitioned to the Chief Strategy Officer role at SunCar after serving as a consultant to the company for the past year. During this time, I come to gain a deep respect for SunCar's team and the significant market opportunity in front of us.

謝謝你，Zaichang，再次感謝大家加入我們。正如你們許多人可能看到的，在擔任 SunCar 公司顧問一年後，我最近轉任該公司的首席策略長。在此期間，我對 SunCar 的團隊和我們面前的巨大市場機會產生了深深的敬意。

China's auto insurance market is rapidly transitioning away from the outdated offline processes and realizing the value and digitalization. Because the SunCar team has been in this market for almost 20 years, they deeply understand the nuances of this market transition.

中國汽車保險市場正在快速擺脫過時的離線流程，實現價值化和數位化。由於 SunCar 團隊已經在這個市場上待了近 20 年，他們深刻理解這個市場轉型的細微差別。

They saw this digitalization trend in advance and responded to the market opportunity. Our customers have clearly shifted their focus from new vehicle sales to optimizing and monetizing the customer's post-sale experience.

他們提前看到了這一數位化趨勢，並抓住了市場機會。我們的客戶已明顯將重點從新車銷售轉移到優化和貨幣化客戶的售後體驗。

This is where SunCar really shines as our platform is very effective at driving downstream insurance renewal, and services revenue. As I've learned more about our customer relationships, I realized how much value our auto partners place on SunCar's platform, and that they have a strong interest in working with us to develop new products.

這就是 SunCar 真正閃耀的地方，因為我們的平台在推動下游保險續保和服務收入方面非常有效。隨著我對客戶關係的了解越來越多，我意識到我們的汽車合作夥伴非常重視 SunCar 平台，並且他們對與我們合作開發新產品有著濃厚的興趣。

As the company increases its focus on software and AI related product development, I'm excited about the increased value we're delivering to our partners. I didn't fully appreciate the breadth of the products we were co-developing with our partners until I went to our Anji AI Technology Centre and saw the product demos.

隨著公司越來越重視軟體和人工智慧相關產品開發，我對我們為合作夥伴提供的更高價值感到非常興奮。直到我去了安吉人工智慧技術中心並看到產品演示後，我才完全意識到我們與合作夥伴共同開發的產品的廣度。

They were compelling in the innovative features inside the driver apps and the customized management platforms for our EV partners. For those of you new to SunCar I'll provide a brief background on the company and our business before discussing the year's operational and financial highlights, followed then by Q&A.

駕駛員應用程式中的創新功能以及為我們的電動車合作夥伴量身定制的管理平台引人注目。對於那些剛接觸 SunCar 的人，我將簡要介紹公司和我們的業務，然後討論今年的營運和財務亮點，然後進行問答。

Since our founding in 2007, SunCar built technology to improve the process of buying and selling auto insurance and auto services in China. We operate in three segments, auto insurance, technology services, and auto services. In our auto-insurance business, our cloud and mobile apps facilitate the sale of auto insurance underwritten by major insurance companies and sold by our network of over 64,000 sales partners.

自 2007 年成立以來，SunCar 一直致力於開發技術以改善中國汽車保險和汽車服務的購買和銷售流程。我們的業務涵蓋三個領域：汽車保險、技術服務和汽車服務。在我們的汽車保險業務中，我們的雲端和行動應用程式促進了由主要保險公司承保並由我們的超過 64,000 個銷售合作夥伴網路銷售的汽車保險的銷售。

We receive commissions from the insurance companies based on a percentage of the premium paid by the policyholder. We have sales branches in 20 provinces in China, giving us extensive coverage of the Chinese market. On the supply side, we have relationships and network integrations with 85 insurance companies, including the TOP10 insurers with a combined market share of over 90%.

我們根據保單持有人支付的保費的一定百分比向保險公司收取佣金。我們在中國20個省設有銷售分支機構，廣泛涵蓋中國市場。在供給側，我們與85家保險公司建立了合作關係和網路整合，其中包括市佔率合計超過90%的TOP10保險公司。

Our cloud platform empowers our insurance company partners to manage all aspects of their business, including customer orders, products, commissions, and reports. SunCar's innovated extensively around the insurance sales process. Most notably, we have invented technology that produces an accurate quote within two minutes, simply by scanning a license plate.

我們的雲端平台使我們的保險公司合作夥伴能夠管理其業務的各個方面，包括客戶訂單、產品、佣金和報告。SunCar 在保險銷售流程方面進行了廣泛的創新。最值得注意的是，我們發明了只需掃描車牌即可在兩分鐘內提供準確報價的技術。

For insurance buyers, our online and mobile insurance interfaces provide real-time quotes, pricing, underwriting, payment information, and access to a full spectrum of insurance products. Our hybrid cloud infrastructure provides secure storage and robust data analytics capabilities to support insurance companies and their end customers.

對於保險購買者，我們的線上和行動保險介面提供即時報價、定價、承保、支付資訊以及全方位保險產品的存取權限。我們的混合雲基礎架構提供安全的儲存和強大的數據分析功能，以支援保險公司及其最終客戶。

In our auto services segment, we offer a network of customized auto services to enterprise customers, including major banks, insurance companies, and enterprises that have end customer demand for auto services.

在我們的汽車服務部門，我們為企業客戶提供客製化的汽車服務網絡，包括主要銀行、保險公司和對汽車服務有最終客戶需求的企業。

In a country without AAA or convenient access to high quality auto or transportation services, Suncar provides a valuable service to Chinese drivers. Our enterprise customers purchase access to our auto services as a benefit for the members of their rewards or similar customer marketing programs. Our extensive service network serves over 1,400 enterprise customers and customers.

在一個沒有 AAA 或無法方便獲得高品質汽車或交通服務的國家，Suncar 為中國司機提供了寶貴的服務。我們的企業客戶購買我們的汽車服務，作為其獎勵或類似客戶行銷計劃成員的福利。我們廣泛的服務網絡為超過 1,400 家企業客戶和客戶提供服務。

We have built our business on an industry specific technology platform that enables and facilitates market-leading B2B auto services. We have secured 160 registered copyrights of computer software in this area. Our proprietary technology is based on a multi-tenant platform and cloud infrastructure. Our digital platform provides API's, frontend interfaces, integration for enterprise customers, and efficient user-friendly management and operations tools for service providers.

我們的業務建立在行業特定的技術平台上，該平台支援並促進市場領先的 B2B 汽車服務。我們已取得該領域160項電腦軟體著作權登記。我們的專有技術基於多租戶平台和雲端基礎設施。我們的數位平台為企業客戶提供 API、前端介面和集成，並為服務提供者提供高效、用戶友好的管理和營運工具。

Our technology service business offers customers modular software management tools such as customer relationship management, order management, finance management, and visual analysis systems running on our proprietary hybrid cloud platform. Auto service providers and insurance sales partners may use all or some of these online tools to manage their daily work, allowing us the opportunity to monetize the online software we built.

我們的技術服務業務為客戶提供模組化軟體管理工具，例如在我們專有的混合雲平台上運行的客戶關係管理、訂單管理、財務管理和視覺化分析系統。汽車服務提供者和保險銷售合作夥伴可能會使用全部或部分線上工具來管理他們的日常工作，這使我們有機會將我們建立的線上軟體貨幣化。

In our insurance segment, one of the key themes of 2024 was the rapid growth of our partnerships with auto partners to develop new products and help them remain connected to drivers after the initial vehicle sale. As I mentioned above, the auto industry's new focus on downstream wholesale revenue is a significant trend that positively impacts our business.

在我們的保險領域，2024 年的關鍵主題之一是與汽車合作夥伴的合作關係的快速發展，以開發新產品並幫助他們在首次汽車銷售後與駕駛員保持聯繫。正如我上面提到的，汽車產業對下游批發收入的新關注是一個重要的趨勢，對我們的業務產生了積極影響。

We are developing applications in conjunction with our EV customers that enable them to stay better connected to customers and sell more downstream services such as insurance and maintenance.

我們正在與電動車客戶合作開發應用程序，使他們能夠更好地與客戶保持聯繫，並銷售更多下游服務，如保險和維護。

With Suncar's ability to embed or integrate its insurance app into our customers' existing vehicle apps, our increased collaboration with these partners continues to drive strong growth. In 2024, we launched a customized insurance product with Tesla China, which received very positive customer feedback for being user friendly and valuable.

由於 Suncar 能夠將其保險應用程式嵌入或整合到我們客戶現有的車輛應用程式中，我們與這些合作夥伴的加強合作將繼續推動強勁成長。2024年，我們與特斯拉中國合作推出了一款客製化保險產品，該產品因其用戶友善性和價值而獲得了非常積極的客戶回饋。

Our product is helping Tesla acquire insurance customers more cost effectively while creating downstream revenue opportunities and maintenance and other services. Suncar is very excited about the success of our ongoing collaboration with Tesla, which is, which has expanded to 48 cities nationwide from an initial six at the start of the year.

我們的產品正在幫助特斯拉以更具成本效益的方式獲得保險客戶，同時創造下游收入機會以及維護和其他服務。Suncar 對與特斯拉的持續合作取得成功感到非常興奮，特斯拉的合作範圍已從今年年初的 6 個城市擴展到全國 48 個城市。

We are working together to offer drivers the best possible insurance experience. We continue to develop our partnership with Xiaomi, where we began selling customized insurance products with their first vehicle deliveries. With ZEEKR, we've signed a contract that utilizes our SAS platform to develop and integrate our insurance product into ZEEKR's app ecosystem.

我們正在共同努力，為駕駛員提供最佳的保險體驗。我們繼續發展與小米的合作關係，在小米交付首批汽車時我們就開始銷售客製化保險產品。我們與 ZEEKR 簽署了一項合同，利用我們的 SAS 平台開發我們的保險產品並將其整合到 ZEEKR 的應用生態系統中。

Our partnerships with other leading EV manufacturers have also progressed. These partners include NIO, Zeekr, Li Auto, XPeng, Seres, Leapmotor, SAIC, and Chang'an AVATR. The success of our collaborations and the effectiveness of our insurance products have driven GMV growth beyond expectations.

我們與其他領先電動車製造商的合作也取得了進展。這些合作夥伴包括蔚來、Zeekr、理想汽車、小鵬汽車、賽力斯、零跑車、上汽集團、長安AVATR等。我們合作的成功以及保險產品的有效性推動了 GMV 的成長超出了預期。

The company continues to expand its e-insurance business into the gas vehicle market. We secured a two-year agreement with SAIC Maxus, a leading commercial vehicle manufacturer, to enhance insurance sales management across its dealership network.

該公司繼續將其電子保險業務擴展到燃氣汽車市場。我們與領先的商用車製造商上汽大通達成了一項為期兩年的協議，以加強其經銷商網路的保險銷售管理。

For gas vehicle dealers, we are integrating our insurance systems directly into the dealer's existing insurance management systems. Starting with the China and Deal Dealer Group, we enable seamless insurance product sales at the point of vehicle purchase.

對於燃氣汽車經銷商，我們將我們的保險系統直接整合到經銷商現有的保險管理系統中。從中國和經銷商集團開始，我們在車輛購買時實現無縫保險產品銷售。

We've hired 4 regional managers to support this rollout and drive adoption and dealer engagement. In our auto services business, we're excited about the growth in new segments such as retail and luxury and the expansion of our long-standing partnerships with China's leading banks, insurance, and auto companies.

我們已聘請 4 名區域經理來支持此次推廣並推動採用和經銷商參與。在我們的汽車服務業務中，我們對零售和奢侈品等新領域的成長以及與中國領先銀行、保險公司和汽車公司的長期合作夥伴關係的擴大感到興奮。

Committed to remaining the technology leader in the market, the company is utilizing AI extensively to improve the efficiency of our auto services network. Our luxury concierge service continues to experience significant expansion into new sectors. We provided high-end limousine services for leading luxury brands, including Chanel, Dior, and Omega, most notably supporting Shell's 2024 Hangzhou show by providing high quality transportation services for its VIP guests.

公司致力於維持市場技術領先地位，廣泛利用人工智慧來提高汽車服務網路的效率。我們的豪華禮賓服務繼續在新的領域中顯著擴展。我們為香奈兒、迪奧、歐米茄等領先奢侈品牌提供高端豪華轎車服務，其中最引人注目的是支持殼牌2024年杭州車展，為其VIP嘉賓提供高品質的交通服務。

In the retail sector, we signed an exclusive partnership with Sam's Club to offer car wash services for premium members across 17 major cities in China. SunCar is excited about our increased cooperation with China's major internet companies. Last year, we renewed car wash service agreements with Didi, Meituan, and Alipay and signed a new car wash partnership with Douyin.

在零售領域，我們與山姆會員商店簽署獨家合作協議，為中國17個主要城市的高級會員提供洗車服務。SunCar 對與中國主要互聯網公司加強合作感到非常興奮。去年，我們與滴滴、美團、支付寶續簽了洗車服務協議，並與抖音簽署了新的洗車合作協議。

We expanded our Alipay collaboration with their car life channel discounts into their Car God Card program. Finally, we launched a strategic partnership with Ant Fortune to offer exclusive airport limousine services to Ant Fortune Black Card V3 members, targeting high net worth clients. We continue to increase our cooperation with bank customers by offering new auto services to existing customers and expanding into new geographies.

我們將支付寶與他們的汽車生活頻道折扣的合作擴展至他們的車神卡計劃。最後，我們與螞蟻財富建立了策略合作夥伴關係，為螞蟻財富黑卡V3會員提供專屬機場接送服務，目標客戶為高淨值客戶。我們透過向現有客戶提供新的汽車服務並擴展到新的地區，繼續加強與銀行客戶的合作。

We increased our portfolio of 400plus bank sector projects by adding 39 new projects in 2024. Key collaborations with national banks included working with CITIC Private Banking, ICBC, China Merchants, Bank of China, and Bank of Communications for airport transfers and travel services.

2024 年，我們增加了 39 個新項目，擴大了 400 多個銀行業項目組合。與國家銀行的主要合作包括與中信私人銀行、中國工商銀行、招商銀行、中國銀行和交通銀行合作提供機場接送和旅遊服務。

On the regional bank front, we provided retail travel services to the Shanghai Rural Commercial Bank, designated driver services for Meng Shang Bank and agricultural Bank, and car wash and smart outbound calling services in three provinces for CCB, Dragon Card, and ICBC respectively.

在區域銀行方面，我們為上海農商銀行提供零售旅行服務，為蒙商銀行和農業銀行提供專車服務，為建設銀行、龍卡和建設銀行提供三省洗車和智慧外呼服務。

Our relationship with insurance customers is multifaceted. We sell an increasing amount of auto insurance for them while also being a supplier of auto services. SunCar has partnered with over 100 insurance branches, including the TOP10 PNC branches of PingAn, Insurance and 20 plus branches of China Continent Insurance. We have broadened our service scope beyond traditional offerings to include limousine transfers and EV charging aligning with evolving customer and market demands.

我們與保險客戶的關係是多方面的。我們為他們銷售越來越多的汽車保險，同時也是汽車服務的供應商。SunCar 已與 100 多家保險公司合作，其中包括平安保險的 TOP10 PNC 分公司和 20 多家中國大地保險的分店。我們已將服務範圍從傳統服務擴展到包括豪華轎車接送和電動車充電，以滿足不斷變化的客戶和市場需求。

We will continue to leverage AI software and automation technologies to enhance operational efficiency, improve customer experience, and drive scalable growth. Regarding product development, we continue to build new features such as real-time fleet delayed notifications, intelligent order reminders, and call quality monitoring. These new features also streamline workflows and elevate service quality across our platform.

我們將繼續利用人工智慧軟體和自動化技術來提高營運效率，改善客戶體驗，並推動可擴展成長。在產品開發方面，我們持續建立即時車隊延誤通知、智慧訂單提醒、通話品質監控等新功能。這些新功能也簡化了工作流程並提高了我們平台的服務品質。

SunCars established its Anji AI Technology Service Center to further extend its technology leadership position. We are leveraging proprietary AI development capabilities to co-develop products with our auto partners, which will increase the sales of new insurance policies, renewals, and extended warranties. Our development of AI enhanced customer engagement features has shortened service response times, enhanced the cost selling of insurance and non-insurance products, and increased customer satisfaction.

SunCars成立安吉AI技術服務中心，進一步擴大其技術領先地位。我們正在利用專有的人工智慧開發能力與我們的汽車合作夥伴共同開發產品，這將增加新保單、續保和延長保固的銷售。我們開發的人工智慧增強客戶參與功能縮短了服務回應時間，提高了保險和非保險產品的成本銷售，並提高了客戶滿意度。

We have expanded our insurance product portfolio by building customized vehicle-specific insurance products, which will now include loaner vehicles and repair subsidies for various sales channels. I'll now move to our financial report, which is, will be presented in US dollars.

我們透過建立客製化的車輛專用保險產品擴大了我們的保險產品組合，現在將包括借用車輛和針對各種銷售管道的維修補貼。現在我將轉到我們的財務報告，該報告將以美元呈現。

For the full year 2024, we are pleased to report total revenue of $441.9 million up from 21.5% from $363.7 million compared to the full year 2023. This growth underscores the value we're providing to our large partners in the auto insurance business, the strength of our new insurance products, and our ability to meet the broad auto services needs of our enterprise customers.

我們很高興地報告，2024 年全年總收入為 4.419 億美元，與 2023 年全年的 3.637 億美元相比增長 21.5%。這一成長凸顯了我們為汽車保險業務的大型合作夥伴提供的價值、我們新保險產品的實力以及我們滿足企業客戶廣泛的汽車服務需求的能力。

Auto Insurance revenue increased 44.4% to $170.5 million for the year ended December 31, 2024, compared to $118.1 million for the year ended December 31, 2023. This growth was driven by the leverage from our strong partnerships with automakers and an increase in insurance policies sold in the 12 months ended December 30, 2024.

截至 2024 年 12 月 31 日止年度，汽車保險收入成長 44.4% 至 1.705 億美元，而截至 2023 年 12 月 31 日止年度則為 1.181 億美元。這一增長得益於我們與汽車製造商建立的牢固合作夥伴關係以及截至 2024 年 12 月 30 日的 12 個月內銷售的保險單數量的增加。

Technology services revenue increased 26.4% to $44.9 million for the year ended December 31, 2024, up from $30.7 million in the prior year. This increase was driven by strong demand from insurance companies and their sales partners for our software and services. The company's ongoing upgrades to its technology stack and use of a private cloud platform have simplified development and enhanced service capacity, enabling this rapid growth.

截至 2024 年 12 月 31 日的年度，技術服務收入從上一年的 3,070 萬美元成長 26.4% 至 4,490 萬美元。這一成長是由保險公司及其銷售合作夥伴對我們的軟體和服務的強勁需求所推動的。該公司不斷升級其技術堆疊並使用私有雲平台，簡化了開發並增強了服務能力，從而實現了快速成長。

Auto services revenue increased 5.3% to $226.5 million for the year ended December 31, 2024, up from $215 million for the year ending December 31, 2023. The increase was driven by the addition of 39 new bank sector customers and an increased number of completed service orders.

截至 2024 年 12 月 31 日的年度汽車服務收入從截至 2023 年 12 月 31 日的年度 2.15 億美元增長 5.3% 至 2.265 億美元。成長的原因是銀行業新增了 39 名客戶，並且已完成的服務訂單數量增加。

Our operating costs and expenses increased to $500.3 million for the year end of December 31, 2024, compared to $379.2 million for the year end of December 31, 2023. Integrated service costs were $226.2 million in 2024 from $209.6 million in the previous year. These increases align with the growth in revenue from our auto services business and the significant expansion of our technology services business.

截至 2024 年 12 月 31 日止年度，我們的營運成本和費用增加至 5.003 億美元，而截至 2023 年 12 月 31 日止年度則為 3.792 億美元。2024 年綜合服務成本為 2.262 億美元，而前一年為 2.096 億美元。這些成長與我們汽車服務業務收入的成長以及技術服務業務的顯著擴張相一致。

Selling expenses were $22.6 million in the year ended December 31, 2024, compared to $20.6 million in the year ended December 31, 2023. This increase was mainly due to an increase in promotional expenses. General and administrative expenses increased from $22.5 million in 2023 to $47 million in 2024. This increase was primarily due to a $31 million increase in share-based compensation, expenses related to the 2024 equity incentive plan, and a $5.4 million increase in expected credit losses on accounts receivable.

截至 2024 年 12 月 31 日止年度的銷售費用為 2,260 萬美元，而截至 2023 年 12 月 31 日止年度的銷售費用為 2,060 萬美元。這一增長主要是由於促銷費用的增加。一般及行政開支從 2023 年的 2,250 萬美元增加至 2024 年的 4,700 萬美元。這一增長主要是由於股權激勵費用增加 3,100 萬美元、與 2024 年股權激勵計劃相關的費用以及應收帳款預期信用損失增加 540 萬美元。

Research and development expenses increased from $14.1 million in the year ended December 31, 2023 to $40.2 million in the year ended December 31, 2024. The primary driver of this increase was the $31 million share-based compensation expense related to the 2024 equity incentive plan.

研發費用從截至 2023 年 12 月 31 日止年度的 1,410 萬美元增加至截至 2024 年 12 月 31 日止年度的 4,020 萬美元。這一成長的主要驅動力是與 2024 年股權激勵計畫相關的 3,100 萬美元股權薪酬費用。

Which was partially offset by a decrease of $4.9 million in technology service fees due to reduction in purchases of external services. We continue to strategically invest in R&D and business development as we grow our business relationships with some of the largest enterprises in China.

由於外部服務採購減少，技術服務費減少了 490 萬美元，部分抵消了這一增長。隨著我們與中國一些最大的企業的業務關係不斷發展，我們繼續在研發和業務發展方面進行策略性投資。

Adjusted EITDA, a non-GAAP metric that excludes certain non-recurring items and non-cash expenses, such as the compensation expenses related to the 2024 equity incentive plan, helps evaluate our operational performance in addition to the GAAP metrics. Our adjusted EBITDA increased by 492% to $9.8 million for the year ended December 31, 2024, compared to $1.6 million in the prior year period.

調整後的 EITDA 是一項非 GAAP 指標，它不包括某些非經常性項目和非現金支出，例如與 2024 年股權激勵計劃相關的薪酬支出，除了 GAAP 指標外，它還有助於評估我們的營運績效。截至 2024 年 12 月 31 日的年度，我們的調整後 EBITDA 成長 492%，達到 980 萬美元，而去年同期為 160 萬美元。

We believe this measure provides useful information about our operating results by excluding certain expenses that may not be indicative of our core business operating results. Reconciliation of the adjusted EBITDA to net loss, the most directly comparable GAAP measure, is provided in our earnings releases and investor presentations available on the investor relations section of our website.

我們相信，透過排除某些可能無法反映我們核心業務經營績效的費用，此指標提供了有關我們經營績效的有用資訊。我們網站的投資者關係部分提供的收益報告和投資者介紹中提供了調整後的 EBITDA 與淨虧損（最直接可比較的 GAAP 指標）的對帳。

To close, 2024 was a year of meaningful progress for SunCar as we advanced our auto partnerships and AI cloud enabled AI model. We've strengthened our recurring revenue base and positioned the company for sustained scalable growth.

總而言之，2024 年對於 SunCar 來說是取得重大進展的一年，因為我們推進了汽車合作夥伴關係和 AI 雲端支援的 AI 模型。我們加強了經常性收入基礎，並使公司實現持續可擴展的成長。

Subject to risks such as regulatory changes, market competition. We remain focused on expanding our technology footprint, broadening our software and service offerings, and deepening the partnerships that fuel our success.

受監管變化、市場競爭等風險的影響。我們將繼續致力於擴大我們的技術覆蓋範圍、拓寬我們的軟體和服務產品以及深化推動我們成功的合作夥伴關係。

The continued focus of our EV partners on enhancing the post-sale customer journey provides a powerful long-term tailwind for our business. For a detailed discussion of risks, please refer to our form-20F filed on April 28, 2025.

我們的電動車合作夥伴持續致力於改善售後客戶體驗，這為我們的業務提供了強大的長期推動力。有關風險的詳細討論，請參閱我們於 2025 年 4 月 28 日提交的 20F 表格。

Our ability to deliver a personalized driver experience powered by AI and our cloud platform remains at the heart of our strategy, and we believe it will continue to drive value for our customers and shareholders. With that, we will now begin the question-and-answer session.

我們提供由人工智慧和雲端平台驅動的個人化駕駛體驗的能力仍然是我們策略的核心，我們相信它將繼續為我們的客戶和股東創造價值。現在，我們將開始問答環節。

The first question we have, what impact, if any, will US tariffs have on SunCar's business?

我們的第一個問題是，美國關稅會對 SunCar 的業務產生什麼影響（如果有的話）？

We don't currently expect US tariffs will have a material direct impact on SunCar's business as our business is 100% focused on China's domestic auto market. We continue to monitor indirect effects such as potential supply chain disruptions for our partners. The rapid adoption of EVs and the digitalization of China's entire domestic auto market remain the primary positive trends for SunCar because we believe we are the leader in digitalizing this market.

由於我們的業務 100% 集中在中國國內汽車市場，因此我們目前預計美國關稅不會對 SunCar 的業務產生重大直接影響。我們將繼續監測間接影響，例如我們合作夥伴的潛在供應鏈中斷。電動車的快速普及和中國整個國內汽車市場的數位化仍然是 SunCar 的主要正面趨勢，因為我們相信我們是該市場數位化的領導者。

Thank you. Our next question is why have so many EV manufacturers been interested in partnering with SunCar and using your technology?

謝謝。我們的下一個問題是，為什麼這麼多電動車製造商有興趣與 SunCar 合作並使用您的技術？

Our team has been in the market for almost 20 years and understands the evolving needs of the EV companies very well. Additionally, SunCars invested approximately $100 million in its industry-specific cloud, AI, mobile apps, and data infrastructure.

我們的團隊已在該市場工作了近 20 年，並且非常了解電動車公司不斷變化的需求。此外，SunCars 還在其行業特定的雲端、人工智慧、行動應用程式和數據基礎設施上投資了約 1 億美元。

This investment is paying off as we built a very differentiated solution in the market. As our EV partners focus on their customers' post-sale journey, they realize that SunCar's insurance technology is the most mature and feature rich in the market.

由於我們在市場上建立了非常差異化的解決方案，這項投資正在獲得回報。當我們的電動車合作夥伴專注於客戶的售後旅程時，他們意識到 SunCar 的保險技術是市場上最成熟、功能最豐富的。

How do you see your Tesla relationship evolving over time?

您如何看待您與特斯拉的關係隨著時間的推移而發展？

Tesla continues to be a strong partner in expanding our portfolio of insurance products and sharing our vision of delivering customized full-featured services to each driver.

特斯拉將繼續成為我們強大的合作夥伴，擴大我們的保險產品組合，並分享我們為每位駕駛員提供客製化全功能服務的願景。

Thank you. Our next question is, what do you attribute the rapid growth of your insurance business to?

謝謝。我們的下一個問題是，您認為保險業務快速成長的原因是什麼？

Differentiation is key. The competition among EV and gas vehicle manufacturers has grown incredibly tough. For this reason, they're looking at other ways to monetize customer relationships beyond just the vehicle sale. Our technology plays a key role in their digitalization strategy and enables additional downstream revenue opportunities through sales and service options for vehicle owners.

差異化是關鍵。電動車和燃氣汽車製造商之間的競爭變得異常激烈。因此，他們正在尋找汽車銷售之外的其他方式來將客戶關係貨幣化。我們的技術在他們的數位化策略中發揮關鍵作用，並透過為車主提供銷售和服務選項來創造額外的下游收入機會。

We are working collaboratively with these manufacturers to add additional services. This information is consistent with our prior public disclosures regarding market trends and our business strategy.

我們正在與這些製造商合作以增加更多服務。這些資訊與我們先前公開揭露的市場趨勢和業務策略一致。

Congratulations on your strong adjusted EBITDA growth. How do you view your profitability tracking over the next year?

祝賀貴公司的調整後 EBITDA 實現強勁成長。您如何看待未來一年的獲利追蹤？

Thank you. We're encouraged by our just growth and see the continued strong growth of our insurance business as a key contributor to this. Additionally, we are leveraging AI and other technologies to optimize our operations, positively impacting profitability.

謝謝。我們對我們的公正成長感到鼓舞，並將保險業務的持續強勁成長視為實現這一目標的關鍵因素。此外，我們正在利用人工智慧和其他技術來優化我們的運營，對獲利能力產生積極影響。

Thank you. How do you view AI impacting your business in 2025?

謝謝。您認為人工智慧將如何影響 2025 年您的業務？

We've been using AI in our business for well over a year. Its impact on our business has been significant as our team is finding new ways to use AI to optimize our operations and add new product features. On the product development front, we plan to integrate AI into as many features as possible to optimize the driver's experience and accelerate our customers' monetization efforts.

我們在業務中使用人工智慧已有一年多了。它對我們的業務的影響是巨大的，因為我們的團隊正在尋找新的方法來使用人工智慧來優化我們的營運並添加新的產品功能。在產品開發方面，我們計劃將人工智慧融入盡可能多的功能中，以優化駕駛員的體驗並加速客戶的貨幣化努力。

Thank you, Breaux. How impactful will gas vehicle customers be on your insurance business this year?

謝謝你，布羅。今年，瓦斯汽車客戶將對你們的保險業務產生多大影響？

As you heard in our insurance segment review, we're making great progress in penetrating the gas vehicle market. SunCar executives have been the featured speakers two years in a row at the largest gas vehicle dealer industry conference. Customer wins at SAIC and Chang'an DePaul Dealer Group testified that the gas market is accelerating its adoption of digital solutions to drive downstream insurance and maintenance revenue.

正如您在我們的保險部門評論中所聽到的，我們在滲透燃氣汽車市場方面取得了巨大進展。SunCar 高層已連續兩年在最大的燃氣汽車經銷商產業會議上擔任特邀演講嘉賓。上汽集團和長安德保經銷商集團的客戶勝利證明，汽油市場正在加速採用數位解決方案，以推動下游保險和維護收入。

We have had gas vehicle dealerships successfully using our products for some time. What is more recent is the industry's economic pressures have dramatically increased demand for our solutions from gas vehicle dealers.

一段時間以來，我們的燃氣汽車經銷商一直成功地使用我們的產品。最近，該行業的經濟壓力大大增加了燃氣汽車經銷商對我們的解決方案的需求。

Their search for new revenue streams has reached a tipping point where they must digitalize to effectively capture as much downstream insurance and maintenance revenue as possible. Because the gas vehicle market is so much larger than the EV market in terms of existing vehicles, we think it can be very impactful to our business.

他們對新收入來源的搜尋已經到達了一個臨界點，他們必須實現數位化才能有效地獲得盡可能多的下游保險和維護收入。由於就現有車輛而言，燃氣汽車市場比電動車市場大得多，我們認為這會對我們的業務產生很大影響。

Our next question What do you see as the future of your Anji AI technology services center?

我們的下一個問題是，您如何看待安吉人工智慧技術服務中心的未來？

We see Anji and our engineering and product development teams playing an increasingly important role in our business. As we further develop our AI and software development capabilities, the Anji teams will play a critical role in innovating new insurance products. The Anji Center is key to working with our auto partners to co-develop custom insurance solutions that meet each of their specific needs and objectives.

我們看到安吉和我們的工程和產品開發團隊在我們的業務中發揮越來越重要的作用。隨著我們進一步發展人工智慧和軟體開發能力，安吉團隊將在創新新保險產品方面發揮關鍵作用。安吉中心對於我們與汽車合作夥伴共同開發滿足其特定需求和目標的客製化保險解決方案至關重要。

Thank you. What do you see is the most exciting aspect of your services business?

謝謝。您認為您的服務業務中最令人興奮的方面是什麼？

Clearly, the emergence of customers from new sectors such as retail and luxury offer new areas of growth for this segment. Additionally, there exist opportunities to explore additional synergies with our insurance business.

顯然，零售和奢侈品等新興行業的客戶的出現為這一領域提供了新的成長領域。此外，我們還有機會探索與保險業務的更多協同效應。

We believe an increasing number of our EV company insurance customers will want to add our auto services module to their existing insurance and other driver software.

我們相信，越來越多的電動車公司保險客戶希望將我們的汽車服務模組添加到他們現有的保險和其他駕駛軟體中。

Thank you, Breaux. Next question, will you be issuing guidance this year?

謝謝你，布羅。下一個問題，您今年會發布指導嗎？

We currently plan to issue guidance with our first quarter of 2025 earnings release, subject to market conditions and board approval.

我們目前計劃在 2025 年第一季財報中發布指引，但需視市場狀況和董事會批准而定。

Thank you. Our last question. Do you expect there will be another large employee stock compensation expense this year?

謝謝。我們的最後一個問題。您預計今年還會有大額員工股票薪資支出嗎？

No, we don't. Last year's employee stock compensation program was a one-time event under the 2024 Equity incentive plan to retain and reward a core group of long-term SunCar employees who had been with the company for many years and who were critical to our growth. We do not expect to incur a similar expense in the near future.

不，我們不知道。去年的員工股票薪酬計畫是 2024 年股權激勵計畫下的一次性活動，旨在留住和獎勵一群在公司工作多年、對我們的發展至關重要的長期 SunCar 核心員工。我們預計近期不會產生類似的費用。

We've reached the end of our question-and-answer session, which includes today's conference. Thank you for your participation. You may disconnect your lines at this time.

我們的問答環節已經結束，其中包括今天的會議。感謝您的參與。現在您可以斷開線路。