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Cheche Group helps referral partners obtain quotes from insurers and arrange policy purchases through Easy-Insur. Consumers pay premiums to the insurers, while insurers and certain insurance intermediaries pay Cheche service fees, typically tied to those premiums. Almost all revenue comes from facilitating insurance transactions, with auto insurance contributing most. Cheche also works with new-energy vehicle manufacturers to arrange insurance purchases alongside vehicle deliveries.
Cheche pays referral partners and third-party platforms for bringing in consumers and helping complete purchases. Nearly all insurance transaction volume comes through referral partners, making this channel central to the business. What Cheche earns depends on demand for auto insurance in China, the fees insurers agree to pay and the cost of compensating these partners. A much smaller business sells software and technology services, including Sky Frontier for insurer pricing recommendations and Digital Surge for insurance intermediaries’ operations.
The business requires Chinese insurance and internet-service permissions, and commission rules constrain the fees insurers can pay. Cheche is a Cayman Islands holding company; because China restricts direct foreign ownership of certain internet businesses, it conducts much of its business through contracts with a China-based operating entity rather than owning it directly. Its ability to operate that business and receive its economic benefits depends on those arrangements remaining enforceable and permitted.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Cheche depends chiefly on Chinese auto-insurance volumes, insurer fee rates and NEV distribution partnerships; Alipay is an important digital-distribution rival missing from this list.
Zhibao and Cheche both sell insurance through business partners’ digital platforms in China and collect fees from insurers, making partner-channel sales a shared exposure. Watch Zhibao’s brokerage revenue for a comparison with Cheche’s insurer-paid transaction fees.
AIFU and Cheche both rely on agent or referral networks to sell Chinese insurers’ life, health and property-and-casualty policies. AIFU earns agency revenue from distributing insurers’ products, while Cheche collects transaction fees and pays referral partners after completed sales; AIFU’s long-term personal life and health sales are the comparison to watch beyond Cheche’s auto business.
Maase competes with Cheche in Chinese life and non-life policy sales through its dominant AIFU agency business, and also disclosed an approximately 3.2% stake in Cheche. Insurers pay Maase commissions and sales-volume bonuses, while Cheche earns transaction fees; separate those operating results from investment gains or losses tied to its Cheche holding.
Huize and Cheche both use technology-enabled intermediary networks to sell policies in China and earn fees from insurers, but Huize is a better comparison for Cheche’s life and health expansion than its core auto business. Life and health policies supplied 90.4% of Huize’s brokerage income in 2025.
Waterdrop overlaps with Cheche in online sales of insurer-underwritten health and life policies in China, rather than Cheche’s main auto business. Both earn fees for arranging sales; watch Waterdrop’s insurance commissions as a comparison for Cheche’s smaller health and life distribution business.
Yuanbao overlaps with Cheche in digital insurance sales and technology services for Chinese insurers, but focuses on health coverage rather than auto. Cheche charges for arranging policy sales and supplying software and technical services; Yuanbao’s medical and critical-illness new-policy counts are a comparison for the health side, not a direct guide to Cheche’s auto volumes.
Huize Holding Limited earningsHUIZ
Huize’s report shows how life and health policy sales and insurer-paid fees are faring in China, a useful comparison for Cheche’s smaller non-auto business.
Check whether brokerage income from life and health policies grows, alongside policy sales volume. Growth in both would point to demand and insurer-paid fees that could support Cheche’s non-auto expansion; weakness in both would suggest a harder market. Huize focuses on life and health, so its results do not establish Cheche’s own sales or fees.
