CCG

• 2025 was a defining year for CheChe Group, achieving adjusted net profitability for the full year and positive net income in the second half. Adjusted net income for full year 2025 was RMB 11.6 million (US dollar 1.7 million) compared to adjusted net loss of RMB 24.8 million in prior year. - Significant progress in AI strategy with deployment of AI price model in collaboration with leading insurance companies and data partnerships with intelligent connected cars manufacturers. Insurance anti-fraud and risk control model recognized as top 100 AI product in 2024. Developing and testing AI agent for better interaction with car owners. - Quality of OEM partnerships deepening with 16 automotive manufacturers, shifting focus from adding new relations to deepening existing ones. - Progress in international expansion, leveraging digital insurance and fintech capabilities to meet demand from Chinese automakers exporting globally and advancing roadmap in Asia-Pacific, Latin American markets.

• Anticipates net revenues for 2026 to be in the range of RMB 3.0 billion to RMB 3.2 billion. - Total written premiums expected to be in the range of RMB 28.0 billion to 30.0 billion. - NAV written premiums expected to be in the range of RMB 10.5 billion to 12.0 billion. - Expect adjusted net income to multiply several-fold compared to full year 2025.

For the full year 2025, CheChe Group achieved adjusted net profitability with adjusted net income reaching RMB 11.6 million (US dollar 1.7 million). NEV premiums, which have lower service fee rates, represented 23% of total written premiums for the full year 2025, up from 13% in the prior year. In the second half of 2025, total written premiums placed grew 11% and total policies ensured increased by 3 million. NEV-embedded policies in the second half of 2025 were 1.2 million with corresponding written premiums of RMB 3.7 billion, a year-over-year growth of 61.8% and 63.9% respectively. For the full year 2025, NEV-embedded policies reached 2.0 million with corresponding premium of RMB 6.3 billion, growing 85.3% and 91.0% respectively, and NEV premiums represented 23.4% of total written premiums for the full year 2025, up from 13.6% in the prior year.

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

A: The first, we think the AI as a key tool for upgrading the company's innovation and operational capabilities. At the R&D level, AI is being integrated across the entire workflow from requirements analysis and development testing and delivery significantly improving our overall efficiency and stability of outcomes. At the business application level, the company will continue to promote the coordinated use of multiple AI tools and further leverage our advantage in the driving behavior data within the NEV ecosystem. This will gradually extend AI capabilities across the full insurance value chain from the pre-underwriting risk assessment and the pricing to in policy risk monitoring and intervention and intelligent claims inspection and loose assessment. Through this, we aim to drive transformation of auto insurance from static pricing to the dynamic risk management while continuously strengthening our long-term competitive advantage.

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

A: In terms of global expansion, company has formed a strategy partnership with several automotive brands that focus on international growth. We have already established a solid presence in markets such as Australia, New Zealand, Latin America, and the Middle East. Have successfully launched the business operations in the collaboration with partners, including Guangzhou Auto Company and Cherry and BYD and . By supporting Chinese automakers in the overseas expansion, we leverage our metro digital insurance capabilities and the financial technology capabilities to bring our technology to international markets as a China solution, helping build a global financial and insurance ecosystem in such country.

Q: I'm curious about your ability to leverage AI internally to reduce operating costs. I'd also appreciate an update on how AI solutions are supporting internal operations and any comments on plans for international expansion.

A: First of all, using AI tools is very helpful for internal development and innovation. On the one hand, it can reduce costs. On the other hand, in many product designs, including user interaction, AI tools can be used to quickly realize. From the outside product and application side, because our service is China's this kind of smart network, this kind of new energy car, it has a lot of data, including driving behavior, vehicle data, and its various sensor data can effectively help our insurance risk assessment from the past traditional algorithmic model to the dynamic, real-time algorithmic assessment system. At the same time, when it happens, you can use the Internet of Things and this sensor to quickly fix all the data and images of the accident in a few minutes or within a minute to solve this kind of fraud on traditional carpets, reduce its kind of . In terms of shipping, we also briefly mentioned Currently, we have been following the Chinese car industry in four major global regions, including Latin America, Asia-Pacific, the Middle East, and some of the European regions. We are working with these mainstream car companies. In 2026, we will have three to five countries, local car manufacturers