Share count
83Mpeak FY2025
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CCG, Cheche Group Inc.
An insurance broker, paid a commission to place coverage without bearing the risk itself.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥3.0B
−13.3% YoY · 15% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥3.0B 5-yr avg CN¥2.8B
Net margin −0.6% 5-yr avg −3.8%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Commissions on the premiums it places, and organic growth. What decides it: insurance prices in the market, since it earns a slice of them; new business won and kept; and a capital-light fee stream that carries none of the underwriting risk of the insurers it sells for. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has been modest for a fee business (median −4%). It earns this on little capital, so return on equity has run near −17%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the commissions keep renewing as rates turn is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| CN¥1.7B | CN¥2.7B | CN¥3.3B | CN¥3.5B | CN¥3.0B | CN¥3.0B | RevenueRevenue |
| −9.0% | −4.3% | −5.1% | −1.9% | −0.7% | −0.7% | Operating marginOp. mgn |
| −8.4% | −3.4% | −4.8% | −1.8% | −0.6% | −0.6% | Net marginNet mgn |
| (CN¥146M) | (CN¥91M) | (CN¥160M) | (CN¥61M) | (CN¥18M) | (CN¥18M) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| (CN¥189M) | (CN¥160M) | (CN¥27M) | (CN¥116M) | (CN¥41M) | (CN¥41M) | Owner earningsOwner earn. |
| — | — | -42% | -17% | -5% | -5% | Return on equityROE |
| — | — | −42% | −17% | −5% | −5% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| — | CN¥713M | CN¥894M | CN¥1.3B | CN¥1.5B | CN¥1.5B | Total assetsAssets |
| CN¥372M | CN¥150M | CN¥265M | CN¥153M | CN¥145M | CN¥145M | Cash & investmentsCash+inv |
| (CN¥1.0B) | (CN¥1.3B) | CN¥378M | CN¥356M | CN¥355M | CN¥355M | Shareholders’ equityEquity |
| Per share | ||||||
| 33.8M | 31.8M | 45.4M | 78.0M | 82.6M | 80.3M | Shares out (diluted)Shares |
| CN¥51.30 | CN¥84.30 | CN¥72.69 | CN¥44.50 | CN¥36.45 | CN¥37.47 | Revenue / shareRev/sh |
| CN¥-4.33 | CN¥-2.86 | CN¥-3.51 | CN¥-0.78 | CN¥-0.22 | CN¥-0.22 | EPS (diluted)EPS |
| CN¥-5.59 | CN¥-5.04 | CN¥-0.61 | CN¥-1.48 | CN¥-0.49 | CN¥-0.51 | Owner earnings / shareOE/sh |
| CN¥-29.71 | CN¥-39.66 | CN¥8.33 | CN¥4.56 | CN¥4.30 | CN¥4.42 | Book value / shareBVPS |
The diluted share count moved ×1.43 into 2023 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.72 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | −8.2%/yr | −8.2%/yr (4-yr) |
| Capital spending / share | −62.9%/yr | −62.9%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
Revenue
CN¥3.0Blow FY2021
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“In connection with the audit of our consolidated financial statements for the years ended December 31, 2023, 2024 and 2025, we and our independent registered public accounting firms identified two material weaknesses in our internal control over financial…”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Operating margin −0.7%Thin for a fee businessOperating income (CN¥21M) ÷ revenue CN¥3.0BIndustry peers: median 15%
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The heart of a insurance broker: how much of each fee dollar survives the cost of running the business. Commissions are a slice of the premiums it places, earned without taking the underwriting risk itself, so it is a capital-light fee stream that rises with new business, retention and the price of insurance. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −0.6%SlimNet income (CN¥18M) ÷ revenue CN¥3.0B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −5%Below the cost of equityNet income (CN¥18M) ÷ equity CN¥355MIndustry peers: median 13%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥1.4B
- Cash & short-term investmentsCN¥145M
- ReceivablesCN¥1.1B
- Other current assetsCN¥65M
Current liabilitiesCN¥1.1B
- Debt due within a yearCN¥90M
- Accounts payableCN¥843M
- Other current liabilitiesCN¥172M
Current ratio1.23×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.23×stricter: inventory excluded
Cash ratio0.13×strictest: cash alone against what's due
Working capitalCN¥250Mthe cushion left after near-term bills
Debt due this year vs. cashCN¥90M due · CN¥145M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
Cash runway3.6 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueCN¥267Mequity stripped of goodwill & intangibles
Net current asset valueCN¥236MGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥105MCN¥5M of it operating leases
Deferred revenueCN¥1Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Insurance Brokers
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| WTWWillis Towers Watson PLC | $9.5B | 11.4% | 11.5% | 10% |
| BROBrown & Brown Inc. | $5.9B | 26.7% | 18.6% | 13% |
| ERIEErie Indemnity Company | $4.1B | 15.2% | 12.4% | 25% |
| CCGCheche Group Inc. | CN¥3.0B | -4.3% | -3.4% | -17% |
| RYANRyan Specialty Holdings Inc. | $3.0B | 16.5% | 3.9% | 11% |
| BWINThe Baldwin Insurance Group Inc. | $1.5B | -3.2% | -4.3% | -6% |
| ACTEnact Holdings Inc. | $1.2B | 77.3% | 57.3% | 14% |
| CRVLCorVel Corp. | $959M | 11.2% | 8.8% | 26% |
| Group median | — | 13.3% | 10.1% | 12% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Cheche Group Inc.'s US listing is the ordinary share itself; figures in this tool are translated at CNY 1 = $0.147 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
Cheche Group Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Revenue, delivered15%/yr’21→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−1%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Cheche Group Inc. (CCG), the owner's record," https://ownerscorecard.com/c/CCG, data as of 2026-07-09.
Manual order: ← CCEP its page in the Manual CCJ →
Industry order: ← BWIN the Insurance Brokers chapter CRVL →