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Cheche Group Reports Second Quarter 2024 Unaudited Financial Results

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BEIJING, Aug. 29, 2024 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, the “Company” or “we”), China’s leading auto insurance technology platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Financial and Operational Highlights

Net revenues for the quarter increased 2.5% year-over-year to RMB851.8 million (US$117.2 million), while net revenues for the first half of 2024 increased 1.8% over the comparable prior year period to RMB1.6 billion (US$225.5million).Net loss for the quarter decreased 16.4% year-over-year to RMB23.6 million (US$3.2 million), while net loss for the first half of 2024 decreased 24.0% to RMB54.9 million (US$7.6 million) over the prior-year period.Adjusted net loss (1) for the quarter decreased 38.8%, from RMB20.0 million in the prior-year period to RMB12.2 million (US$1.7 million), while adjusted net loss for the first half of 2024 decreased 12.0% to RMB24.4 million (US$3.4 million), compared to the prior-year period.Total written premiums placed for the quarter was RMB5.6 billion (US$0.78 billion) and remained stable as compared to the prior-year period, while total written premiums placed for the first half of 2024 increased 4.2% over the comparable prior-year period to RMB11.1 billion (US$ 1.5 billion).Total number of policies issued for the quarter increased 11.1% to 4.0 million from 3.6 million for the prior-year quarter, while the total number of policies issued over the first half of 2024 increased 15.9% over the comparable prior-year period to 8.0 million.Partnerships with New Energy Vehicle (NEV) companies (2) numbered 12 in the quarter and led to 225,000 policies embedded in new NEV deliveries with corresponding written premium of RMB662.6 million (US$91.2 million), representing an increase of 147.3% and 99.6% compared to the prior-year quarter, respectively. Policies embedded in the new NEV deliveries and corresponding written premium for the first half of 2024 reached 344,000 and RMB1.0 billion (US$142.1 million), respectively, representing growth of 140.6% for policies embedded and 91.3% for written premium compared to the prior-year period.

(1) Adjusted Net Loss is a non-GAAP measure. For further information on the non-GAAP financial measures presented above, see the “Non-GAAP Financial Measures” section below.
(2) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufacturers in 2022, and such collaborations yielded considerable results in 2023. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution of its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business and presents such operating metrics for investors to better understand and evaluate Cheche’s business.

Management Comments

“Cheche reported positively-trending bottom-line results and continues to see revenue growth driven in part by increased engagement with our ever-evolving technology platform,” said Lei Zhang, Founder, CEO, and Chairman of Cheche. “As we continue to gain scale as the technology partner for NEVs and our visibility increases with traditional vehicle manufacturers, our market influence and ability to generate efficiencies continues to improve.

“The first two months of this quarter have seen retail sales of NEVs rebound to the second highest sales on record in China and the NEV penetration rate reach a new high in June as more Chinese consumers adopt electric vehicles. Through our new and ongoing partnerships with Volkswagen (Anhui), Xiaomi Group, and other NEV manufacturers we’re able to effectively meet the ever-changing, intelligent insurance needs of car owners.”

Unaudited Second Quarter 2024 Financial Results

Net Revenues were RMB851.8 million (US$117.2 million), representing a 2.5% year-over-year increase from the prior-year quarter. The growth was driven by the increase in insurance transactions conducted through Cheche’s platform by referral partners and third-party platform partners.

Cost of Revenues increased 1.9% year-over-year to RMB820.9 million (US$113.0 million) from the prior-year quarter, which was consistent with the growth of business volume and net revenues.

Selling and Marketing Expenses increased 14.2% to RMB19.3 million (US$2.7 million) from RMB16.9 million in the prior-year quarter, mainly due to the increase in staff cost, marketing, and share-based compensation expenses. Excluding share-based compensation expenses, selling and marketing expenses were RMB18.3 (US$2.5 million) million, an increase of 12.2% compared to the prior-year quarter.

General and Administrative Expenses increased 41.8% to RMB27.7 million (US$3.8 million) from RMB19.6 million for the prior-year quarter, mainly due to the increase of share-based compensation and dispute resolution expenses. Excluding share-based compensation and dispute resolution expenses and listing-related professional service fees, general and administrative expenses increased by RMB2.4 million from RMB14.7 million to RMB17.1 million (US$2.3 million), primarily as a result of post-listing professional service fees of RMB4.1 million. 

Research and Development Expenses decreased 21.1% to RMB9.1 million (US$1.3 million) from RMB11.6 million in the prior-year quarter. The change was mainly driven by decreased staff costs. Excluding share-based compensation expenses, research and development expenses decreased 24.7% to RMB8.6 million (US$1.2 million) from RMB11.5 million in the prior-year quarter.

Total Cost and Operating Expenses increased 2.7% to RMB877.1 million (US$120.7 million) from RMB854.1 million in the prior-year quarter, mainly due to the increase in cost of revenues and share-based compensation expenses. Excluding share-based compensation expenses, amortization of intangible assets related to acquisition, listing-related professional service fees and dispute resolution expenses, total cost and operating expenses increased 1.9% from the prior-year quarter.

Net Loss decreased 16.4% to RMB23.6 million (US$3.2 million) over the prior-year quarter. Excluding non-GAAP expenses, the Adjusted Net Loss decreased 38.8% to RMB12.2 million (US$1.7 million) from RMB20.0 million for the prior-year quarter. 

Net Loss attributable to Cheche’s shareholders decreased 80.0% to RMB23.6 million (US$3.2 million) from RMB117.7 million for the prior-year quarter. 

Adjusted Net Loss attributable to Cheche’s shareholders decreased 88.8% to RMB12.2 million (US$1.7 million) from RMB109.4 million for the prior-year quarter.

Net Loss Per Share, basic and diluted, was RMB0.31 (US$0.04), representing a decrease of 91.3% compared to a loss of RMB3.56 for the prior-year quarter.

Adjusted Net Loss Per Share, basic and diluted, was RMB0.16 (US$0.02), representing a decrease of 95.2% compared to a loss of RMB3.31 for the prior-year quarter.

2Q24 and Subsequent Business Highlights

On May 13, 2024, Cheche announced its partnership with Volkswagen (Anhui) Digital Sales and Services Co., Ltd., the exclusive service provider of NEV insurance business for Volkswagen (Anhui) Automotive Company Limited (“Volkswagen Anhui”). Cheche aims to support Volkswagen Anhui’s branded insurance needs and enhance the attractiveness of Volkswagen Anhui’s branded insurance products, boosting its penetration rate.On June 20, 2024, Cheche announced its partnership with NIO Insurance Broker Co., Ltd. (“NIO Insurance Broker”) to provide its accessible digital platform powered by industry-leading technology, simplifying the process of securing auto insurance for NIO’s customers, while reducing front-end insurance delivery costs and enabling NIO to digitally manage its insurance business. Cheche is committed to creating value for its partners throughout the product lifecycle.On June 27, 2024, Cheche announced a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. (“Beijing Anpeng”), a subsidiary of Beijing Automotive Group Co., Ltd. (“BAIC Group”). BAIC Group is one of the largest auto manufacturers in China, producing and selling vehicles through its own brands as well as foreign-branded joint-ventures, with Beijing Anpeng handling the insurance business for the brands, which encompass ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz, and Beijing Off-road, among others. The partnership names Cheche as the core partner of BAIC Group, providing digital insurance solutions for brands. The opportunity is already off to a strong start with ARCFOX’s service system being launched as a direct-sales channel, the system for Beijing Automotive, expected to cover 200 dealerships by the end of the year, in the process of being rolled out, and Beijing Hyundai’s planned service system expected to cover 100 dealerships at year end.On August 15, 2024, Cheche announced a strategic partnership with Dongfeng Motor Group Company Limited’s (“Dongfeng Motor Group”) insurance provider, Wuhan Dongfeng Insurance Broker Co., Ltd. (“Dongfeng Insurance”). Dongfeng Insurance designated Cheche as an approved provider for Dongfeng Motor Group’s NEV brands, such as VOYAH, a luxury EV brand that recently engaged the services of Cheche’s digital insurance solutions platform.On August 19, 2024, Cheche Group announced its latest progress with BAIC Group’s NEV brand ARCFOX. Cheche has successfully launched a full-service insurance platform for ARCFOX that provides its car owners with a comprehensive insurance application system. The collaboration with ARCFOX allows Cheche to gradually introduce high-margin insurance products, while continuing to grow its NEV insurance presence, thereby diversifying Cheche’s revenue mix and boosting the Company’s reputation among automotive enterprises.

Balance Sheet

As of June 30, 2024, the Company had RMB204.6 million (US$28.2 million) in total cash and cash equivalents and short-term investments.

Business Outlook

Cheche affirms its full year 2024 outlook, anticipating:

Net revenues to range from RMB3.5 billion to RMB3.7 billion, representing an increase of 6.1% to 12.1%, compared to the full year of 2023.Total written premiums placed to range from RMB24.5 billion to RMB26.5 billion, representing an increase of 8.4% to 17.3%, compared to the full year of 2023.

Conference Call

Cheche will host a webcast and conference call to discuss its second quarter 2024 results today at 8:00 a.m. EDT. This earnings release and a related investor deck will be available prior to the event in the “Quarterly Results” section under “Financials”, while. the live webcast will be available in the “Events” section under the “News & Events” header on the investor relations website at ir.chechegroup.com.

The dial-in numbers for the conference call are as follows:

Participant (toll-free): 1-888-346-8982Participant (international): 1-412-902-4272Hong Kong LT: 852-301-84992Hong Kong Toll Free: 800-905945China Toll-Free: 4001-201203

Please dial in 10 to 15 minutes before the scheduled start time and request Cheche’s second quarter earnings call.

A webcast replay will be available for one year following the call.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Non-GAAP Financial Measures

Cheche has provided non-GAAP financial measures in this press release that have not been prepared in accordance with generally accepted accounting principles (GAAP) in the United States.

Cheche uses adjusted cost of revenues, adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total cost and operating expenses, adjusted net loss, and adjusted net loss per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes.

Cheche defines adjusted total cost and operating expenses as total cost and operating expenses adjusted for the impact of share-based compensation, listing-related professional service fees and dispute resolution expenses, which represents expenses incurred by Cheche in connection with settling a dispute with a certain security holder. Cheche defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, listing related professional service fees and dispute resolution expenses. Adjusted net loss per share, basic and diluted, is calculated as adjusted net loss divided by weighted-average ordinary shares outstanding.

Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees and dispute resolution expenses. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Cheche encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance.

Safe Harbor Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, the Company’s advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

 

 

Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and

per share data)

December 31,

June 30,

June 30,

2023

2024

2024

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

243,392

133,117

18,318

Short-term investments

21,474

71,494

9,838

Accounts receivable, net

466,066

639,233

87,961

Prepayments and other current assets

49,321

52,912

7,281

Total current assets

780,253

896,756

123,398

Non-current assets:

Restricted Cash

5,000

5,000

688

Property, equipment and leasehold improvement, net

1,667

2,479

341

Intangible assets, net

8,050

7,000

963

Right-of-use assets

10,249

10,021

1,379

Goodwill

84,609

84,609

11,643

Other non-current assets

4,149

3,908

538

Total non-current assets

113,724

113,017

15,552

Total assets

893,977

1,009,773

138,950

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

316,868

467,552

64,337

Short-term borrowings

20,000

15,000

2,064

Contract liabilities

4,295

3,274

451

Salary and welfare benefits payable

73,609

73,313

10,088

Tax payable

950

875

120

Amounts due to related party

55,251

58,801

8,091

Accrued expenses and other current liabilities

25,759

23,452

3,228

Short-term lease liabilities

3,951

4,730

651

Warrant

850

1

–

Total current liabilities

501,533

646,998

89,030

Non-current liabilities:

Deferred tax liabilities

2,013

1,750

241

Long-term lease liabilities

5,398

4,485

617

Deferred revenue

1,432

1,432

197

Warrant

5,419

2,921

402

Total non-current liabilities

14,262

10,588

1,457

Total liabilities

515,795

657,586

90,487

Ordinary shares

5

5

1

Treasury stock

(1,025)

(1,025)

(141)

Additional paid-in capital

2,491,873

2,518,989

346,624

Accumulated deficit

(2,113,821)

(2,168,693)

(298,422)

Accumulated other comprehensive income

1,150

2,911

401

Total Cheche’s shareholders’ equity

378,182

352,187

48,463

Total liabilities and shareholders’ equity

893,977

1,009,773

138,950

 

 

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts

in thousands, except for share and per share data)

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

June 30,

June 30,

June 30,

June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

830,721

851,842

117,217

1,610,371

1,638,986

225,532

Cost and Operating expenses:

Cost of revenues

(806,036)

(820,913)

(112,961)

(1,551,979)

(1,574,285)

(216,629)

Selling and marketing expenses

(16,943)

(19,342)

(2,662)

(47,755)

(41,661)

(5,733)

General and administrative expenses

(19,567)

(27,745)

(3,818)

(49,694)

(61,753)

(8,497)

Research and development expenses

(11,569)

(9,128)

(1,256)

(31,303)

(18,525)

(2,549)

Total cost and operating expenses

(854,115)

(877,128)

(120,697)

(1,680,731)

(1,696,224)

(233,408)

Other expenses:

Interest income

1,108

1,282

176

1,483

3,257

448

Interest expense

(320)

(206)

(28)

(541)

(440)

(61)

Foreign exchange losses

(7,781)

(803)

(110)

(6,334)

(1,055)

(145)

Government grants

4,193

–

–

7,240

234

32

Changes in fair value of warrant

(104)

2,908

400

(127)

3,376

465

Changes in fair value of amounts due to

related party

(2,075)

(1,555)

(214)

(3,836)

(3,286)

(452)

Others, net

2

(33)

(5)

29

180

25

Loss before income tax

(28,371)

(23,693)

(3,261)

(72,446)

(54,972)

(7,564)

Income tax credit

130

92

13

258

100

14

Net loss

(28,241)

(23,601)

(3,248)

(72,188)

(54,872)

(7,550)

Accretions to preferred shares redemption

value

(89,452)

–

–

(109,991)

–

–

Net loss attributable to the Cheche’s

ordinary shareholders

(117,693)

(23,601)

(3,248)

(182,179)

(54,872)

(7,550)

Net loss

Other comprehensive income/(loss):

Foreign currency translation adjustments,

net of nil tax

10,138

1,442

198

7,410

2,016

277

Fair value changes of amounts due to

related party due to own credit risk

47

(245)

(34)

(300)

(254)

(35)

Total other comprehensive income

10,185

1,197

164

7,110

1,762

242

Total comprehensive loss

(18,056)

(22,404)

(3,084)

(65,078)

(53,110)

(7,308)

Net loss per ordinary shares

outstanding

Basic

(3.56)

(0.31)

(0.04)

(5.57)

(0.72)

(0.10)

Diluted

(3.56)

(0.31)

(0.04)

(5.57)

(0.72)

(0.10)

Weighted average number of ordinary

shares outstanding

Basic

33,098,269

77,045,425

77,045,425

32,705,091

76,264,603

76,264,603

Diluted

33,098,269

77,045,425

77,045,425

32,705,091

76,264,603

76,264,603

 

 

Reconciliation of GAAP Cost and Operating Expenses to Non-GAAP Cost and Operating Expenses 

(Unaudited) 

(All amounts in thousands) 

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

June 30,

June 30,

June 30,

June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Cost of revenues

(806,036)

(820,913)

(112,961)

(1,551,979)

(1,574,285)

(216,629)

Add: Share-based compensation expenses

2

3

–

72

6

1

Amortization of intangible assets related to

acquisition

525

525

72

1,050

1,050

144

Adjusted Cost of revenues

(805,509)

(820,385)

(112,889)

(1,550,857)

(1,573,229)

(216,484)

Selling and marketing expenses

(16,943)

(19,342)

(2,662)

(47,755)

(41,661)

(5,733)

Add: Share-based compensation expenses

614

1,025

141

9,673

3,632

500

Adjusted Selling and marketing expenses

(16,329)

(18,317)

(2,521)

(38,082)

(38,029)

(5,233)

General and administrative expenses

(19,567)

(27,745)

(3,818)

(49,694)

(61,753)

(8,497)

Add: Share-based compensation expenses

1,654

8,325

1,146

15,355

22,146

3,047

Listing related professional expenses

3,176

–

–

5,537

–

–

Dispute resolution expenses (3)

–

2,355

324

–

2,355

324

Adjusted General and administrative

expenses

(14,737)

(17,065)

(2,348)

(28,802)

(37,252)

(5,126)

Research and development expenses

(11,569)

(9,128)

(1,256)

(31,303)

(18,525)

(2,549)

Add: Share-based compensation expenses

110

496

68

8,775

1,333

183

Adjusted Research and development

expenses

(11,459)

(8,632)

(1,188)

(22,528)

(17,192)

(2,366)

Total cost and operating expenses

(854,115)

(877,128)

(120,697)

(1,680,731)

(1,696,224)

(233,408)

Adjusted total cost and operating

expenses

(848,034)

(864,399)

(118,946)

(1,640,269)

(1,665,702)

(229,209)

(3) represents expenses incurred by Cheche in connection with settling a dispute with a certain security holder, which

are not directly related to the core operations of Cheche’s business.

 

 

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

(All amounts in thousands, except for share data and per share data) 

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

June 30,

June 30,

June 30,

June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net loss

(28,241)

(23,601)

(3,248)

(72,188)

(54,872)

(7,550)

Add: Share-based compensation expenses

2,380

9,849

1,355

33,875

27,117

3,731

Amortization of intangible assets related to acquisition

525

525

72

1,050

1,050

144

Listing related professional expenses

3,176

–

–

5,537

–

–

Change in fair value of warrant

104

(2,908)

(400)

127

(3,376)

(465)

Changes in fair value of amounts due to related party

2,075

1,555

214

3,836

3,286

452

Dispute resolution expenses

–

2,355

324

–

2,355

324

Adjusted net loss

(19,981)

(12,225)

(1,683)

(27,763)

(24,440)

(3,364)

Accretions to preferred shares redemption value

(89,452)

–

–

(109,991)

–

–

Adjusted net loss attributable to Cheche’s

ordinary shareholders

(109,433)

(12,225)

(1,683)

(137,754)

(24,440)

(3,364)

Weighted average number of ordinary shares used

in computing non-GAAP adjusted net loss per

ordinary share

Basic

33,098,269

77,045,425

77,045,425

32,705,091

76,264,603

76,264,603

Diluted

33,098,269

77,045,425

77,045,425

32,705,091

76,264,603

76,264,603

Net loss per ordinary share

Basic

(3.56)

(0.31)

(0.04)

(5.57)

(0.72)

(0.10)

Diluted

(3.56)

(0.31)

(0.04)

(5.57)

(0.72)

(0.10)

Non-GAAP adjustments to net loss per ordinary

share

Basic

0.25

0.15

0.02

1.36

0.40

0.06

Diluted

0.25

0.15

0.02

1.36

0.40

0.06

Adjusted net loss per ordinary share

Basic

(3.31)

(0.16)

(0.02)

(4.21)

(0.32)

(0.04)

Diluted

(3.31)

(0.16)

(0.02)

(4.21)

(0.32)

(0.04)

 

View original content:https://www.prnewswire.com/news-releases/cheche-group-reports-second-quarter-2024-unaudited-financial-results-302233771.html

SOURCE Cheche Group Inc.

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Technology

DataOne Adds Massachusetts Registration and Sales Data to Cross-Sell Reports for Auto Dealers, Expanding State Coverage to 40 States

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BEVERLY, Mass., Oct. 19, 2026 /PRNewswire/ — DataOne Software, a Dominion Enterprises company and a leading provider of automotive data and software solutions, today announced the availability of Massachusetts vehicle registration and sales data within its Cross-Sell Reports market intelligence solutions for dealers. Cross-Sell Reports, including the Cross-Sell Interactive web interface, provide auto dealers with unparalleled insight into local market trends, giving them a competitive edge in reaching new customers and expanding market share. The addition of Massachusetts data to Cross-Sell Reports expands coverage to 40 states.

“As of today, Massachusetts dealers can now access a current, accurate view of new and used vehicle transactions within their market area,” explains David Wall, DataOne head of Cross-Sell Reports. “Localized data, in easy-to-interpret views, are an incredible advantage to dealers who want to spot trends early and make decisions based on accurate market intelligence. We are thrilled to be bringing this capability not only to Massachusetts dealers but also to dealerships in other New England states whose target markets cross into Massachusetts.”

On average, over 3.8 million vehicle transactions are processed monthly for inclusion in Cross-Sell Reports, covering new and used dealer transactions across 40 states, all sourced from official state DMV records.  Each dealer subscription is configured to the dealer’s unique market area and provides:

Competitive market share analysis by dealership, make, and modelZIP code-level heat mapping to identify buyer activity and emerging marketsInventory trend analysis to inform stocking decisions by segment and seasonInteractive dashboards with drill-down reporting — no analytics infrastructure required

“We know dealers trust Cross-Sell Reports for critical market insight, and for those insights to be delivered with industry-leading speed and timeliness,” says Jake Maki, DataOne President. “With the addition of Massachusetts state coverage, we continue to expand our coverage providing more dealers with the most immediate, accurate market intelligence available.”

Since welcoming the Cross-Sell brand into DataOne earlier this year, DataOne has accelerated efforts to expand state coverage of vehicle registration and sales data. In addition to Massachusetts, Cross-Sell Reports recently added Mississippi, Kansas and Georgia to its coverage.

“Our goal is to make DataOne the most accurate and comprehensive source of vehicle registration and sales data, however customers choose to use it,” says Maki. “For a dealer, that might be a Cross-Sell Interactive dashboard tuned to their local market. For other customers looking to license the data, it might be multi-state data integrated directly into their own platforms. Every new state we add makes both more valuable.”

In addition to Cross-Sell Reports and Cross-Sell Interactive, DataOne offers Vehicle Registration and Sales Data for licensing via API or FTP data feed, with coverage configurable by state or region.

For general information about DataOne solutions, contact DataOne at 877.438.8467, e-mail sales@dataonesoftware.com or visit dataonesoftware.com.  For specific information about Cross-Sell Reports or Cross-Sell Interactive for dealers, visit Cross-Sell Reports.

About DataOne Software

DataOne Software (www.dataonesoftware.com) is a premier automotive data source providing the data and software solutions needed to power modern businesses across all segments of the automotive industry. DataOne’s comprehensive data solutions cover everything from VIN decoding and vehicle descriptions to specifications, optional equipment, and market pricing. With the acquisition of Cross-Sell in 2026, DataOne has expanded our product offering to include PII-free vehicle sales and registration data. Our high-quality solutions are delivered with industry-leading support, making them easy to integrate and scale.

Media Contact

Alice Fackre, Product and Brand Marketing Manager

Email: alice.fackre@dataonesoftware.com

Phone: (978) 473-9097

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SOURCE DataOne Software

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DR. PHONE FIX ENTERS DEVICE LIFECYCLE AND FULFILLMENT MOU WITH GEO NOVA SCOTIA

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Agreement expands Dr. Phone Fix’s institutional platform through device procurement, triage, repair, refurbishment, accessories and fulfillment services

EDMONTON, AB, Oct. 19, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (TSXV: DPF) (“Dr. Phone Fix” or the “Company”), one of Canada’s fastest-growing and award-winning national consumer electronics lifecycle platforms, is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with GEO Nova Scotia (“GEO” or “Getting Everyone Online”), a nonprofit organization focused on advancing digital inclusion across Nova Scotia.

Under the MOU, Dr. Phone Fix will provide a broad range of device lifecycle services supporting GEO’s programs, including device procurement and inventory management, donated-device triage, repair and refurbishment, device preparation, accessories, packaging, fulfillment, shipping, tracking and environmentally responsible disposition, with GEO’s approval, of devices that are uneconomical or impractical to repair.

The relationship builds on GEO’s digital inclusion programs across Nova Scotia. Since 2022, GEO has distributed more than 8,500 devices, including almost 3,500 refurbished mobile phones and iPads, and has provided more than 4,500 home internet and mobile phone connections to individuals who otherwise may not be able to afford them. GEO delivers its programs through a network of more than 125 partner agencies across the province.

“This relationship is a strong example of how the infrastructure we have built at Dr. Phone Fix can support customers well beyond the traditional retail environment,” said Piyush Sawhney, Founder and Chief Executive Officer of Dr. Phone Fix. “We can manage a broad range of device lifecycle services – from procurement and inventory management to assessment, repair, preparation and ultimately fulfillment to the end user. We believe this type of institutional relationship represents an important growth opportunity for Dr. Phone Fix as we continue expanding our capabilities across Canada.”

Under the commercial structure contemplated by the MOU, Dr. Phone Fix will generate revenue through the sale of devices to GEO, per-device processing services, accessories and approved repair and refurbishment work, where applicable. DPF will also maintain GEO-owned inventory and manage fulfillment and distribution of devices to GEO program participants and partner organizations.

Each device processed for fulfillment may include services and accessories such as protective cases, screen protection, charging cables and charging equipment, with DPF managing the preparation, packaging, shipment and associated tracking requirements.

Management believes these relationships can leverage DPF’s existing national infrastructure, supplier network, repair capabilities and centralized operating systems while creating incremental revenue streams across device procurement, repair, refurbishment, accessories and fulfillment.

About GEO Nova Scotia

GEO Nova Scotia, or Getting Everyone Online, is a nonprofit organization dedicated to advancing digital inclusion by helping ensure individuals have access to the devices, connectivity and basic skills required to participate in an increasingly digital economy. GEO works with public-sector, private-sector and community partners across Nova Scotia to support individuals facing barriers to digital access.

About Dr. Phone Fix

Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.

www.docphonefix.com

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information can be identified by words such as “intend”, “believe”, “estimate”, “expect”, “may”, “will”, “would”, “could”, “should”, “plans”, “anticipates” and similar references to future periods. Forward-looking information includes, but is not limited to, statements regarding the expected scope, scale and benefits of the Company’s relationship with GEO Nova Scotia; potential revenues from device sales, processing, repair, refurbishment, accessories and related services; the continued expansion of the Company’s institutional and enterprise business; and the Company’s ability to leverage its national operating platform to support additional device lifecycle programs. Forward-looking information is based on management’s current expectations, assumptions and estimates as of the date of this news release. The MOU does not guarantee any specific number of device purchases and does not specify a minimum processing volume, and actual volumes, revenues and profitability may differ materially from management’s expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These include, among others, changes in GEO’s program requirements or funding, actual device volumes, availability and condition of donated and purchased devices, supply chain and inventory availability, repair and fulfillment costs, operational execution, termination or modification of the MOU, competitive conditions and general economic and business conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable law.

SOURCE Dr. Phone Fix

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A Speed Cap Nobody Will Own Just Shook Up the Satellite Trade

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WASHINGTON, Oct. 19, 2026 /PRNewswire/ — USA News Group News Commentary – Ukrainian President Volodymyr Zelenskyy said on Saturday that tests showed Starlink-equipped drones lost their connection when flying faster than about 100 mph inside Ukraine, while Starlink terminals moving at more than 112 mph inside the European Union worked normally. “In other words, this is a planned operation,” he said. No one in Washington or at SpaceX has claimed the decision. Most U.S.-listed space stocks fell sharply last week, while Europe’s only low Earth orbit broadband rival to SpaceX had its best day in 16 months. Active Companies from around the markets with current developments this week include: Space Exploration Technologies Corp. (NASDAQ: SPCX), AST SpaceMobile, Inc. (NASDAQ: ASTS), Iridium Communications Inc. (NASDAQ: IRDM), Rocket Lab Corporation (NASDAQ: RKLB), Eutelsat Communications SA (Euronext Paris: ETL).

The restrictions reportedly cover both Starlink and Starshield, SpaceX’s military-use service, which Ukraine relies on for communications, logistics, live drone video and targeting. The Telegraph reported on Oct. 16, citing four unnamed sources, that Elon Musk approached President Trump with the idea of slowing Starlink in Ukraine and that Trump “agreed.” Musk said on X that speed or usage limits on Starshield “are decided by the US military and ultimately POTUS.” Trump told reporters, “it wasn’t me, and I don’t think it was Elon.”

Secretary of State Marco Rubio said on Saturday, “We had nothing to do with it. Nobody ordered that Starlink speed to be slowed down. It sorta happened.” He also said Starshield was not available to Ukraine, which Yahoo Finance noted conflicts with a late 2024 Pentagon contract that expanded Ukraine’s Starshield access from about 500 to roughly 3,000 terminals. Speaking on NBC’s Meet the Press on Sunday, Zelenskyy said, “Just give us back Starlink.”

Europe is paying close attention. The European Union is working to develop its own alternative to Starlink, and on Sunday the U.S. ambassador to the EU threatened “devastating” retaliation if the bloc advanced a proposal favoring EU-made satellites over companies like SpaceX, Yahoo Finance reported.

CONTINUED… Read this and more news for the space sector at: usanewsgroup.com

In other industry developments and happenings in the market this week include:

Space Exploration Technologies Corp. (NASDAQ: SPCX)

Shares of SpaceX fell 10.17% last week, from $162.57 at the Oct. 9 close to $146.03 on Oct. 16, according to Stock Analysis data, though they remain above the $135 price of the company’s June initial public offering. Starlink, a core part of SpaceX’s business, has more than 13 million subscribers worldwide, and Yahoo Finance noted this is the first throttling episode since the company went public.

SpaceX has limited service in Ukraine before. In 2023, President and COO Gwynne Shotwell acknowledged the company could restrict how Ukraine used Starlink, saying, “There are things that we can do, and have done.” Musk said on X last week that Starlink “is limited to civilian or defensive activities.”

AST SpaceMobile, Inc. (NASDAQ: ASTS)

AST SpaceMobile, which is building a space-based cellular broadband network that connects directly to standard smartphones, fell 20.23% last week, from $50.97 to $40.66. On Oct. 13, Piper Sandler downgraded the stock to Neutral from Overweight and cut its price target to $54 from $98, citing SpaceX’s direct-to-cell ambitions after its agreement to acquire Grain Management’s 800 MHz spectrum for about $8 billion, subject to regulatory approval.

Piper warned that SpaceX could, in theory, limit launch opportunities for competitors such as AST and pressure pricing by competing with telecom operators. Not every analyst agreed. Deutsche Bank upgraded the shares to Buy on Oct. 12 with a $93 target, and Clear Street reiterated a Buy rating with a $115 target, arguing AST is about six months ahead of SpaceX in direct-to-cell.

Iridium Communications Inc. (NASDAQ: IRDM)

Iridium announced on Oct. 14 that Altair Semiconductor is adding Iridium NTN Direct to its ALT1350 and ALT1550 cellular IoT chipsets, letting device makers, module makers and mobile network operators add satellite coverage without a separate satellite modem. “Iridium is offering device manufacturers a powerful new way to develop connected products,” said Tim Last, executive vice president at Iridium.

Iridium stockholders approved the company’s acquisition by Rocket Lab on Sept. 24, with about 99.6% of votes cast in favor. Each Iridium share is to be exchanged for $27.00 in cash plus Rocket Lab stock based on an exchange ratio subject to a collar, for a notional value of $54.00 per share, and the deal is expected to close by mid-2027, subject to remaining regulatory approvals. Iridium shares fell 7.82% last week, from $47.47 to $43.76.

Rocket Lab Corporation (NASDAQ: RKLB)

Rocket Lab shares fell 25.47% last week, from $68.21 to $50.84, after founder and CEO Sir Peter Beck said in a video posted to YouTube that the first launch of the company’s Neutron rocket would move from late 2026 into 2027. Inspectors found voids in the carbon-fiber layers of a recently made forward propellant dome after curing, according to Space.com.

Beck said the voids “don’t necessarily mean that the dome would fail in flight,” but added, “Possible success isn’t our standard.” Rocket Lab expects to finish a new forward dome by the end of the year and complete first-stage testing in the first quarter of 2027, after which Beck said the company expects to be “in good shape to share a new target launch date.”

Eutelsat Communications SA (Euronext Paris: ETL)

Eutelsat shares jumped 23% on Oct. 14, the stock’s biggest one-day gain in 16 months, Reuters reported, after Ukraine said Starlink had introduced restrictions on its military-grade service. Eutelsat’s OneWeb network has more than 600 satellites in low Earth orbit, compared with about 10,000 for Starlink, and it is the only company besides SpaceX providing space-based internet through a low Earth orbit network. Bernstein analyst Aleksander Peterc said the news put European providers “back in the spotlight as potential alternatives.”

Not everyone sees an easy swap. Existing Starlink users cannot simply switch to OneWeb, since a transition would require new terminals and supporting infrastructure, and independent consultant Christian Freiherr von der Ropp said “considering it as a straightforward substitute overlooks significant operational and infrastructure constraints.”

Space stocks swung hard on headlines last week. Learn to read the charts behind moves like these with the free Stock Preachers guide, plus The Roadmap market reports, at stockpreachers.com.

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This article is independent news commentary. USA News Group is wholly owned and operated by Market Equities Limited (“MEL”), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Weekly price changes are from the October 9, 2026 close to the October 16, 2026 close based on Stock Analysis data. Information is drawn from company news releases, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.

 

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SOURCE USA News Group

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