SunCar Technology Group Inc.

Greetings and welcome to Suncar Technologies' full year 2024 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Jennifer John, IR Director. Thank you. You may begin.

Thank you and thanks everyone for joining us today for Sankar's full year 2024 earnings call. Please note that our earnings press release was issued yesterday and the annual report on Form 20F was filed with the Securities and Exchange Commission on April 28th. Both are available in the investor relations section of our website at http://sankartech.com. Join us on the call today are Suncoast Chairman, CEO Zai Changye, and Broker, 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. Worker. Afterwards, we'll move into a question and answer session, addressing the questions submitted by investors. We thank everyone for submitting these questions. 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 U.S. Private Securities Litigation Reform Act of 1995. 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-F for the year ended December 31, 2024, and in other documents filed with the U.S. Securities and Exchange Commission. Suncash 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. Zai Changye, Suncash's Chairman, CEO.

Good morning. Thank you, Jennifer. Suncar's business is 100% focused on digitalizing 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. We remain dedicated to offering digital solutions to make those drivers' auto insurance and services experience more efficient and cost-effective. I am incredibly proud of the Suncar team's hard work in achieving this year's record revenue and profitability. I also appreciate our customers, including some of the world's most respected companies. Our revenue of $442 million and an almost 500% increase in adjusted EBITDA demonstrates sustainable growth as we scale the business. In 2024, our e-insurance 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 six earlier in the year. For Xiaomi, we built a customized insurance product that entered the market early in the year. 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 Maxis to enable its dealers to sell insurance more effectively. While EV sales have multiplied in China, 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. 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. Finally, Suncar is excited about innovation at its Angie AI Technology Service Center. 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