Cheche Group Inc.

Good day and welcome to the CheChe Group second half and full year 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Crocker Coulson, Investor Relations. Please go ahead.

Thank you, Betsy. Hello, everyone. Thank you for joining us to review CHACHA's second half and full year 2025 results. This morning, CHACHA posted both the earnings released 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 Gee, 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. 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 of their perspective in nature. Actual results could differ materially from those 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. 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. With that, it's my great pleasure to turn the call over to Lei Zhang, Cheche's Chief Executive Officer. Lei, over to you.

thank you grok greetings everyone thank you for joining us today to review church's second half and full year 2025 results uh 2025 was a defining year for church group one that validated both the resilience of our business model and the power of the strategy transformation we have been executing despite ongoing We rate compression driven by rapid growth of AEV premiers within our revenue mix. We deliver the growth profit growth, dramatically reduce the operating losses, and for the first time, achieved adjusted net profitability on a full year basis. We are not incurring mental results. they marked an inflection point on our evolution from a transactional insurance platform to an AI-powered intelligent insurance ecosystem. Let me begin with what I believe is the most meaningful headline from this period. A treasure group achieved at just operating profitability for the full year 2025 and delivered a positive net income in the second half of 2025. Our adjusted net income reached RMB 11.6 million of the US dollar 1.7 million for the full year compared to an adjusted net loss of RMB 24.8 million in the prior year. That is a swing of more than RMB 35 million achieved while we focus on newer capabilities and adopt meaningful structural change on our revenue mix. This reflects this flying 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 percent and the total policies ensured by three million uh we demonstrated that scale and efficiency can do at once together as a church and we intend to continue building uh that foundation in 2026 the profitability a story also has a structural dimension. NEV premiums, which carry a lower service fee rates than the traditional auto insurance, now represent the 23% of our total recent premiums for the full year, up from the 13% in the prior year. This shift initial creates a revenue headwinds, as we are mentioning, but it also drives higher growth margins. As our AI-powered tools allow us to capture higher tech rates in the EV insurance market and to deploy capabilities that command premium pricing, we expected the margin profile to continue improving. I also want to highlight the significant progress we have made in translating our AI strategy into operational capability. We are actively deploying AI price model in the collaboration with several of China's leading insurance companies, as well as through data partnerships with intelligent connected works manufacturers. Our insurance anti-fraud and risk control model, which was recognized in the prestigious top 100 AI product of the 2024 last year. It's one example that integrate a big data, artificial intelligence, and the biometrics, enabling insurers to identify fraud earlierly, price risk more precisely, and process claims with greater efficiency. This partnership position has to expand our footprint in the renewal insurance market. Beyond our insurer facing tools, we are developing and testing AI agent to the fundamental change out. We engage with the car owners and the point of renewal. With AI agent, we can standardize scale and improve the dialogue with the car owners. Deploying consistent, intelligent, real-time outreach that is more effective than traditional method and significant more cost-efficient. On the R&D side, our team leverage AI tools and LLM to accelerate product development and shortly development circles. Their tools are expanding our capability roadmap without proportional increase in the and spending. Looking for 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 survey and loose assessment. Combined with our growing advantage in the driven behavior data from NEV ecosystem, we believe the position us to move the industry from the static pricing towards to dynamic risk management and to build a data-driven competitive mode and strengths over time. The quality of our OEM partnership continue to deepen. We currently have the partnership with 16 annual manufacturers. And as our business and relationships mature, our strategy focus on the shifting from adding new relations to the dipping existing ones. That means expanding the work's tempo. samples and the models we serve within the partnership, ending the dealer channel progress, and maximizing renewal premiums capture across installed based workers 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, connected with market. We are building the full lifecycle relationships with these partners, not transactional arrangements. And the deeps of those relationships is what creates the durable and recurring 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 demonstrate the strength of our position within China's most intelligent connector works system. We are also preparing to announce a significant advance in our AI-driven auto pricing capabilities, a development that reflects our capabilities with data science and risk modeling and that we believe significantly expand our addressable market in the renewable insurance segment. We look forward to sharing more details in the near term. 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 workers annually, and has expanded globally. The demand for intelligent data streaming insurance and financial services infrastructure follows. Churchill Group is uniquely positioned to meet and demand, bringing the digital insurance capabilities and the financial technology capabilities We have built in China's most demanding market to automotive ecosystem around the world. We are also advancing our international roadmap across the border, Asia, Pacific, and the Latin American markets, leveraging our fintech solution for automakers abroad. A toolkit of digital insurance and finance services is infrastructure, designed to support Chinese automakers and their global partners as they build out new market operations. To summarize, 2025 demonstrated what the social growth is capable of. We achieved adjusted profitability, depend our AI capabilities, formed a landmark partnership with a global automotive leader and took our first meaningful steps into the international markets. We entered the 2026 with clear priorities, continue growing renewable insurance, penetration through the AI power tools, expand our platform relationships with Huawei, Volkswagen, and other NEV partners, and invest selectively in the 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. I will now take a call over to our CFO, Sandra Ji. Thank you.