Technology
Cheche Group Reports Second Quarter 2024 Unaudited Financial Results
Published
3 weeks agoon
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BEIJING, Aug. 29, 2024 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, the “Company” or “we”), China’s leading auto insurance technology platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Financial and Operational Highlights
Net revenues for the quarter increased 2.5% year-over-year to RMB851.8 million (US$117.2 million), while net revenues for the first half of 2024 increased 1.8% over the comparable prior year period to RMB1.6 billion (US$225.5million).Net loss for the quarter decreased 16.4% year-over-year to RMB23.6 million (US$3.2 million), while net loss for the first half of 2024 decreased 24.0% to RMB54.9 million (US$7.6 million) over the prior-year period.Adjusted net loss (1) for the quarter decreased 38.8%, from RMB20.0 million in the prior-year period to RMB12.2 million (US$1.7 million), while adjusted net loss for the first half of 2024 decreased 12.0% to RMB24.4 million (US$3.4 million), compared to the prior-year period.Total written premiums placed for the quarter was RMB5.6 billion (US$0.78 billion) and remained stable as compared to the prior-year period, while total written premiums placed for the first half of 2024 increased 4.2% over the comparable prior-year period to RMB11.1 billion (US$ 1.5 billion).Total number of policies issued for the quarter increased 11.1% to 4.0 million from 3.6 million for the prior-year quarter, while the total number of policies issued over the first half of 2024 increased 15.9% over the comparable prior-year period to 8.0 million.Partnerships with New Energy Vehicle (NEV) companies (2) numbered 12 in the quarter and led to 225,000 policies embedded in new NEV deliveries with corresponding written premium of RMB662.6 million (US$91.2 million), representing an increase of 147.3% and 99.6% compared to the prior-year quarter, respectively. Policies embedded in the new NEV deliveries and corresponding written premium for the first half of 2024 reached 344,000 and RMB1.0 billion (US$142.1 million), respectively, representing growth of 140.6% for policies embedded and 91.3% for written premium compared to the prior-year period.
(1) Adjusted Net Loss is a non-GAAP measure. For further information on the non-GAAP financial measures presented above, see the “Non-GAAP Financial Measures” section below.
(2) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufacturers in 2022, and such collaborations yielded considerable results in 2023. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution of its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business and presents such operating metrics for investors to better understand and evaluate Cheche’s business.
Management Comments
“Cheche reported positively-trending bottom-line results and continues to see revenue growth driven in part by increased engagement with our ever-evolving technology platform,” said Lei Zhang, Founder, CEO, and Chairman of Cheche. “As we continue to gain scale as the technology partner for NEVs and our visibility increases with traditional vehicle manufacturers, our market influence and ability to generate efficiencies continues to improve.
“The first two months of this quarter have seen retail sales of NEVs rebound to the second highest sales on record in China and the NEV penetration rate reach a new high in June as more Chinese consumers adopt electric vehicles. Through our new and ongoing partnerships with Volkswagen (Anhui), Xiaomi Group, and other NEV manufacturers we’re able to effectively meet the ever-changing, intelligent insurance needs of car owners.”
Unaudited Second Quarter 2024 Financial Results
Net Revenues were RMB851.8 million (US$117.2 million), representing a 2.5% year-over-year increase from the prior-year quarter. The growth was driven by the increase in insurance transactions conducted through Cheche’s platform by referral partners and third-party platform partners.
Cost of Revenues increased 1.9% year-over-year to RMB820.9 million (US$113.0 million) from the prior-year quarter, which was consistent with the growth of business volume and net revenues.
Selling and Marketing Expenses increased 14.2% to RMB19.3 million (US$2.7 million) from RMB16.9 million in the prior-year quarter, mainly due to the increase in staff cost, marketing, and share-based compensation expenses. Excluding share-based compensation expenses, selling and marketing expenses were RMB18.3 (US$2.5 million) million, an increase of 12.2% compared to the prior-year quarter.
General and Administrative Expenses increased 41.8% to RMB27.7 million (US$3.8 million) from RMB19.6 million for the prior-year quarter, mainly due to the increase of share-based compensation and dispute resolution expenses. Excluding share-based compensation and dispute resolution expenses and listing-related professional service fees, general and administrative expenses increased by RMB2.4 million from RMB14.7 million to RMB17.1 million (US$2.3 million), primarily as a result of post-listing professional service fees of RMB4.1 million.
Research and Development Expenses decreased 21.1% to RMB9.1 million (US$1.3 million) from RMB11.6 million in the prior-year quarter. The change was mainly driven by decreased staff costs. Excluding share-based compensation expenses, research and development expenses decreased 24.7% to RMB8.6 million (US$1.2 million) from RMB11.5 million in the prior-year quarter.
Total Cost and Operating Expenses increased 2.7% to RMB877.1 million (US$120.7 million) from RMB854.1 million in the prior-year quarter, mainly due to the increase in cost of revenues and share-based compensation expenses. Excluding share-based compensation expenses, amortization of intangible assets related to acquisition, listing-related professional service fees and dispute resolution expenses, total cost and operating expenses increased 1.9% from the prior-year quarter.
Net Loss decreased 16.4% to RMB23.6 million (US$3.2 million) over the prior-year quarter. Excluding non-GAAP expenses, the Adjusted Net Loss decreased 38.8% to RMB12.2 million (US$1.7 million) from RMB20.0 million for the prior-year quarter.
Net Loss attributable to Cheche’s shareholders decreased 80.0% to RMB23.6 million (US$3.2 million) from RMB117.7 million for the prior-year quarter.
Adjusted Net Loss attributable to Cheche’s shareholders decreased 88.8% to RMB12.2 million (US$1.7 million) from RMB109.4 million for the prior-year quarter.
Net Loss Per Share, basic and diluted, was RMB0.31 (US$0.04), representing a decrease of 91.3% compared to a loss of RMB3.56 for the prior-year quarter.
Adjusted Net Loss Per Share, basic and diluted, was RMB0.16 (US$0.02), representing a decrease of 95.2% compared to a loss of RMB3.31 for the prior-year quarter.
2Q24 and Subsequent Business Highlights
On May 13, 2024, Cheche announced its partnership with Volkswagen (Anhui) Digital Sales and Services Co., Ltd., the exclusive service provider of NEV insurance business for Volkswagen (Anhui) Automotive Company Limited (“Volkswagen Anhui”). Cheche aims to support Volkswagen Anhui’s branded insurance needs and enhance the attractiveness of Volkswagen Anhui’s branded insurance products, boosting its penetration rate.On June 20, 2024, Cheche announced its partnership with NIO Insurance Broker Co., Ltd. (“NIO Insurance Broker”) to provide its accessible digital platform powered by industry-leading technology, simplifying the process of securing auto insurance for NIO’s customers, while reducing front-end insurance delivery costs and enabling NIO to digitally manage its insurance business. Cheche is committed to creating value for its partners throughout the product lifecycle.On June 27, 2024, Cheche announced a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. (“Beijing Anpeng”), a subsidiary of Beijing Automotive Group Co., Ltd. (“BAIC Group”). BAIC Group is one of the largest auto manufacturers in China, producing and selling vehicles through its own brands as well as foreign-branded joint-ventures, with Beijing Anpeng handling the insurance business for the brands, which encompass ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz, and Beijing Off-road, among others. The partnership names Cheche as the core partner of BAIC Group, providing digital insurance solutions for brands. The opportunity is already off to a strong start with ARCFOX’s service system being launched as a direct-sales channel, the system for Beijing Automotive, expected to cover 200 dealerships by the end of the year, in the process of being rolled out, and Beijing Hyundai’s planned service system expected to cover 100 dealerships at year end.On August 15, 2024, Cheche announced a strategic partnership with Dongfeng Motor Group Company Limited’s (“Dongfeng Motor Group”) insurance provider, Wuhan Dongfeng Insurance Broker Co., Ltd. (“Dongfeng Insurance”). Dongfeng Insurance designated Cheche as an approved provider for Dongfeng Motor Group’s NEV brands, such as VOYAH, a luxury EV brand that recently engaged the services of Cheche’s digital insurance solutions platform.On August 19, 2024, Cheche Group announced its latest progress with BAIC Group’s NEV brand ARCFOX. Cheche has successfully launched a full-service insurance platform for ARCFOX that provides its car owners with a comprehensive insurance application system. The collaboration with ARCFOX allows Cheche to gradually introduce high-margin insurance products, while continuing to grow its NEV insurance presence, thereby diversifying Cheche’s revenue mix and boosting the Company’s reputation among automotive enterprises.
Balance Sheet
As of June 30, 2024, the Company had RMB204.6 million (US$28.2 million) in total cash and cash equivalents and short-term investments.
Business Outlook
Cheche affirms its full year 2024 outlook, anticipating:
Net revenues to range from RMB3.5 billion to RMB3.7 billion, representing an increase of 6.1% to 12.1%, compared to the full year of 2023.Total written premiums placed to range from RMB24.5 billion to RMB26.5 billion, representing an increase of 8.4% to 17.3%, compared to the full year of 2023.
Conference Call
Cheche will host a webcast and conference call to discuss its second quarter 2024 results today at 8:00 a.m. EDT. This earnings release and a related investor deck will be available prior to the event in the “Quarterly Results” section under “Financials”, while. the live webcast will be available in the “Events” section under the “News & Events” header on the investor relations website at ir.chechegroup.com.
The dial-in numbers for the conference call are as follows:
Participant (toll-free): 1-888-346-8982Participant (international): 1-412-902-4272Hong Kong LT: 852-301-84992Hong Kong Toll Free: 800-905945China Toll-Free: 4001-201203
Please dial in 10 to 15 minutes before the scheduled start time and request Cheche’s second quarter earnings call.
A webcast replay will be available for one year following the call.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
About Cheche Group Inc.
Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.
Non-GAAP Financial Measures
Cheche has provided non-GAAP financial measures in this press release that have not been prepared in accordance with generally accepted accounting principles (GAAP) in the United States.
Cheche uses adjusted cost of revenues, adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total cost and operating expenses, adjusted net loss, and adjusted net loss per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes.
Cheche defines adjusted total cost and operating expenses as total cost and operating expenses adjusted for the impact of share-based compensation, listing-related professional service fees and dispute resolution expenses, which represents expenses incurred by Cheche in connection with settling a dispute with a certain security holder. Cheche defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, listing related professional service fees and dispute resolution expenses. Adjusted net loss per share, basic and diluted, is calculated as adjusted net loss divided by weighted-average ordinary shares outstanding.
Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees and dispute resolution expenses. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Cheche encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance.
Safe Harbor Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, the Company’s advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.
Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and
per share data)
December 31,
June 30,
June 30,
2023
2024
2024
RMB
RMB
USD
ASSETS
Current assets:
Cash and cash equivalents
243,392
133,117
18,318
Short-term investments
21,474
71,494
9,838
Accounts receivable, net
466,066
639,233
87,961
Prepayments and other current assets
49,321
52,912
7,281
Total current assets
780,253
896,756
123,398
Non-current assets:
Restricted Cash
5,000
5,000
688
Property, equipment and leasehold improvement, net
1,667
2,479
341
Intangible assets, net
8,050
7,000
963
Right-of-use assets
10,249
10,021
1,379
Goodwill
84,609
84,609
11,643
Other non-current assets
4,149
3,908
538
Total non-current assets
113,724
113,017
15,552
Total assets
893,977
1,009,773
138,950
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
316,868
467,552
64,337
Short-term borrowings
20,000
15,000
2,064
Contract liabilities
4,295
3,274
451
Salary and welfare benefits payable
73,609
73,313
10,088
Tax payable
950
875
120
Amounts due to related party
55,251
58,801
8,091
Accrued expenses and other current liabilities
25,759
23,452
3,228
Short-term lease liabilities
3,951
4,730
651
Warrant
850
1
–
Total current liabilities
501,533
646,998
89,030
Non-current liabilities:
Deferred tax liabilities
2,013
1,750
241
Long-term lease liabilities
5,398
4,485
617
Deferred revenue
1,432
1,432
197
Warrant
5,419
2,921
402
Total non-current liabilities
14,262
10,588
1,457
Total liabilities
515,795
657,586
90,487
Ordinary shares
5
5
1
Treasury stock
(1,025)
(1,025)
(141)
Additional paid-in capital
2,491,873
2,518,989
346,624
Accumulated deficit
(2,113,821)
(2,168,693)
(298,422)
Accumulated other comprehensive income
1,150
2,911
401
Total Cheche’s shareholders’ equity
378,182
352,187
48,463
Total liabilities and shareholders’ equity
893,977
1,009,773
138,950
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts
in thousands, except for share and per share data)
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2023
2024
2024
RMB
RMB
USD
RMB
RMB
USD
Net revenues
830,721
851,842
117,217
1,610,371
1,638,986
225,532
Cost and Operating expenses:
Cost of revenues
(806,036)
(820,913)
(112,961)
(1,551,979)
(1,574,285)
(216,629)
Selling and marketing expenses
(16,943)
(19,342)
(2,662)
(47,755)
(41,661)
(5,733)
General and administrative expenses
(19,567)
(27,745)
(3,818)
(49,694)
(61,753)
(8,497)
Research and development expenses
(11,569)
(9,128)
(1,256)
(31,303)
(18,525)
(2,549)
Total cost and operating expenses
(854,115)
(877,128)
(120,697)
(1,680,731)
(1,696,224)
(233,408)
Other expenses:
Interest income
1,108
1,282
176
1,483
3,257
448
Interest expense
(320)
(206)
(28)
(541)
(440)
(61)
Foreign exchange losses
(7,781)
(803)
(110)
(6,334)
(1,055)
(145)
Government grants
4,193
–
–
7,240
234
32
Changes in fair value of warrant
(104)
2,908
400
(127)
3,376
465
Changes in fair value of amounts due to
related party
(2,075)
(1,555)
(214)
(3,836)
(3,286)
(452)
Others, net
2
(33)
(5)
29
180
25
Loss before income tax
(28,371)
(23,693)
(3,261)
(72,446)
(54,972)
(7,564)
Income tax credit
130
92
13
258
100
14
Net loss
(28,241)
(23,601)
(3,248)
(72,188)
(54,872)
(7,550)
Accretions to preferred shares redemption
value
(89,452)
–
–
(109,991)
–
–
Net loss attributable to the Cheche’s
ordinary shareholders
(117,693)
(23,601)
(3,248)
(182,179)
(54,872)
(7,550)
Net loss
Other comprehensive income/(loss):
Foreign currency translation adjustments,
net of nil tax
10,138
1,442
198
7,410
2,016
277
Fair value changes of amounts due to
related party due to own credit risk
47
(245)
(34)
(300)
(254)
(35)
Total other comprehensive income
10,185
1,197
164
7,110
1,762
242
Total comprehensive loss
(18,056)
(22,404)
(3,084)
(65,078)
(53,110)
(7,308)
Net loss per ordinary shares
outstanding
Basic
(3.56)
(0.31)
(0.04)
(5.57)
(0.72)
(0.10)
Diluted
(3.56)
(0.31)
(0.04)
(5.57)
(0.72)
(0.10)
Weighted average number of ordinary
shares outstanding
Basic
33,098,269
77,045,425
77,045,425
32,705,091
76,264,603
76,264,603
Diluted
33,098,269
77,045,425
77,045,425
32,705,091
76,264,603
76,264,603
Reconciliation of GAAP Cost and Operating Expenses to Non-GAAP Cost and Operating Expenses
(Unaudited)
(All amounts in thousands)
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2023
2024
2024
RMB
RMB
USD
RMB
RMB
USD
Cost of revenues
(806,036)
(820,913)
(112,961)
(1,551,979)
(1,574,285)
(216,629)
Add: Share-based compensation expenses
2
3
–
72
6
1
Amortization of intangible assets related to
acquisition
525
525
72
1,050
1,050
144
Adjusted Cost of revenues
(805,509)
(820,385)
(112,889)
(1,550,857)
(1,573,229)
(216,484)
Selling and marketing expenses
(16,943)
(19,342)
(2,662)
(47,755)
(41,661)
(5,733)
Add: Share-based compensation expenses
614
1,025
141
9,673
3,632
500
Adjusted Selling and marketing expenses
(16,329)
(18,317)
(2,521)
(38,082)
(38,029)
(5,233)
General and administrative expenses
(19,567)
(27,745)
(3,818)
(49,694)
(61,753)
(8,497)
Add: Share-based compensation expenses
1,654
8,325
1,146
15,355
22,146
3,047
Listing related professional expenses
3,176
–
–
5,537
–
–
Dispute resolution expenses (3)
–
2,355
324
–
2,355
324
Adjusted General and administrative
expenses
(14,737)
(17,065)
(2,348)
(28,802)
(37,252)
(5,126)
Research and development expenses
(11,569)
(9,128)
(1,256)
(31,303)
(18,525)
(2,549)
Add: Share-based compensation expenses
110
496
68
8,775
1,333
183
Adjusted Research and development
expenses
(11,459)
(8,632)
(1,188)
(22,528)
(17,192)
(2,366)
Total cost and operating expenses
(854,115)
(877,128)
(120,697)
(1,680,731)
(1,696,224)
(233,408)
Adjusted total cost and operating
expenses
(848,034)
(864,399)
(118,946)
(1,640,269)
(1,665,702)
(229,209)
(3) represents expenses incurred by Cheche in connection with settling a dispute with a certain security holder, which
are not directly related to the core operations of Cheche’s business.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(All amounts in thousands, except for share data and per share data)
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2023
2024
2024
RMB
RMB
USD
RMB
RMB
USD
Net loss
(28,241)
(23,601)
(3,248)
(72,188)
(54,872)
(7,550)
Add: Share-based compensation expenses
2,380
9,849
1,355
33,875
27,117
3,731
Amortization of intangible assets related to acquisition
525
525
72
1,050
1,050
144
Listing related professional expenses
3,176
–
–
5,537
–
–
Change in fair value of warrant
104
(2,908)
(400)
127
(3,376)
(465)
Changes in fair value of amounts due to related party
2,075
1,555
214
3,836
3,286
452
Dispute resolution expenses
–
2,355
324
–
2,355
324
Adjusted net loss
(19,981)
(12,225)
(1,683)
(27,763)
(24,440)
(3,364)
Accretions to preferred shares redemption value
(89,452)
–
–
(109,991)
–
–
Adjusted net loss attributable to Cheche’s
ordinary shareholders
(109,433)
(12,225)
(1,683)
(137,754)
(24,440)
(3,364)
Weighted average number of ordinary shares used
in computing non-GAAP adjusted net loss per
ordinary share
Basic
33,098,269
77,045,425
77,045,425
32,705,091
76,264,603
76,264,603
Diluted
33,098,269
77,045,425
77,045,425
32,705,091
76,264,603
76,264,603
Net loss per ordinary share
Basic
(3.56)
(0.31)
(0.04)
(5.57)
(0.72)
(0.10)
Diluted
(3.56)
(0.31)
(0.04)
(5.57)
(0.72)
(0.10)
Non-GAAP adjustments to net loss per ordinary
share
Basic
0.25
0.15
0.02
1.36
0.40
0.06
Diluted
0.25
0.15
0.02
1.36
0.40
0.06
Adjusted net loss per ordinary share
Basic
(3.31)
(0.16)
(0.02)
(4.21)
(0.32)
(0.04)
Diluted
(3.31)
(0.16)
(0.02)
(4.21)
(0.32)
(0.04)
View original content:https://www.prnewswire.com/news-releases/cheche-group-reports-second-quarter-2024-unaudited-financial-results-302233771.html
SOURCE Cheche Group Inc.
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Technology
Baseus Announces New Line of iPhone and Tech Accessories – Including Wireless Chargers, Security Cameras, Power Banks, and More
Published
50 mins agoon
September 20, 2024By
As a company that designs products to be practical, reliable, and based on users, the new releases are curated to make everyday life easier and more efficient.
NEW YORK, Sept. 20, 2024 /PRNewswire/ — Baseus, a global leader in consumer electronics and mobile accessories, hosted an exclusive launch event in New York, introducing its latest innovations: the PicoGo series, Nomos series, and Security Camera series. These new offerings, including wireless chargers, headphones, and home security systems, are designed to meet the needs of the everyday consumer. Baseus CEO Shiyou He emphasized the company’s commitment to delivering practical, user-friendly tech solutions.
At the event, COO Jacky Fang outlined Baseus’s core values of “Practical, Reliable, Based on User,” He attributed the brand’s rapid growth to its strong product portfolio and brand recognition, highlighting significant progress in North America, including new partnerships and retail expansions. Vadim from Max Tech YouTube Channel shared how Baseus’s user-driven philosophy guided the development of several new products in the second half of the year. These launches further solidify Baseus’s mission to enhance users’ digital lives through innovative, practical solutions.
New Product Highlights Include:
Baseus PicoGo Series: Pocket Power, On the Go
Baseus PicoGo Fast Charger 45W – $29.99
The Baseus PicoGo 45W Fast Charger supports full-speed PD 3.0 charging for the iPhone 16, improving efficiency. It is 54.2% smaller, uses TÜV Rheinland-certified graphene technology for safer, cooler performance, and features a USB-C port for wide compatibility, ideal for travel.
Baseus PicoGo Power Bank 10000mAh 45W – $39.99
The Baseus PicoGo 45W Power Bank delivers 10,000mAh capacity and 45W fast charging, perfect for the latest iPhones. Its ultra-thin, 2-in-1 design supports wired and wireless charging, offering universal compatibility and a smart digital display for efficient power on the go.
Baseus PicoGo Magnetic Power Bank with Rotatable Stand 5000mAh 20W – $39.99
Get the best of both worlds with a Magnetic Power Bank that has both wireless and wired charging capabilities. This device boasts an impressive 5000mAh capacity and is Qi2-certified to provide ultra-fast 20W charging power.
Baseus Nomos Series: Power Combined, Simplicity Redefined
Nomos Qi2 5-in-1 140W Desktop Charger – $129.99
A 5-in-1 design featuring a smart digital display and intelligent power allocation. It’s the first desktop charger with Qi2 wireless charging and a retractable 100W USB-C cable, letting you charge up to 5 devices simultaneously while keeping your space clutter-free.
Baseus Nomos Qi2 8-in-1 Charging Station – $89.99
The Baseus Nomos Qi2 8-in-1 Slim Charging Station 67W (US) is the world’s thinnest at just 0.67 inches. It supports 67W fast wired and 15W Qi2 wireless charging for up to 8 devices, perfect for multi-device workspaces, travel, and saving space.
Baseus Nomos Qi2 3-in-1 Magnetic Power Bank – $69.99
The Baseus Nomos Qi2 3-in-1 Power Bank offers wired and wireless charging for up to three devices at once. With 10,000mAh capacity, it supports 45W fast wired and 15W Qi2 wireless charging. Compact and slim with a digital display, it’s perfect for travel and daily use.
Baseus Security Camera Series: This state-of-the-art solar-powered outdoor camera features sun-powered tracking and top-of-the-line alerts, dual camera modes, color night vision, and more.
Baseus Security S1 Pro Outdoor Dual Camera 3K 2-Cam Kit – $449.99
The S1 Pro, winner of the Technology Innovation Awards 2024 by Future Publishing, keeps your camera charged for uninterrupted home surveillance, even without sunlight. Its 13,500mAh battery powers up to 270 days of use. The camera rotates up to 80°, harnessing solar energy for near-continuous power.
For security, the system features AES+RSA encryption (TÜV Rheinland Certified).
The Baseus H1 HomeStation includes 16GB of eMMC storage for up to three months of footage, with optional 16TB expansion via an external hard drive (sold separately).
These products are available for purchase in the US on Amazon, at Baseus.com, and at Target (select products). For more information and to review all the latest Baseus products, please visit: www.baseus.com
About Baseus
Founded in 2011, Baseus was born out of utmost care for users. The company embodies its slogan: Practical. Reliable. Based on User. With 300 million users and over 6 billion services, Baseus delivers 100 million products annually, combining quality and innovation to enhance user satisfaction.
Media Contact:
Baseus PR Team
Phone: +1 (213) 512-7063
Email: pr@baseus.com
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View original content:https://www.prnewswire.co.uk/news-releases/baseus-announces-new-line-of-iphone-and-tech-accessories—including-wireless-chargers-security-cameras-power-banks-and-more-302254046.html
Technology
Creative by Nature: HUAWEI Launches GoPaint Worldwide Creating Activity 2024
Published
50 mins agoon
September 20, 2024By
BARCELONA, Spain, Sept. 20, 2024 /PRNewswire/ — On September 19, HUAWEI officially launched the GoPaint Worldwide Creating Activity 2024 themed “Creative by Nature”. From the kickoff day to December 31, 2024, painting enthusiasts around the world can share their unique digital art works on HUAWEI Community platform.
With their HUAWEI MatePad tablets, designed to spark creativity, global consumers can bring the “Creation of Beauty” concept to life. The HUAWEI GoPaint Worldwide Creating Activity invites aspiring artists to unleash their inner creativity and continue to be inspired.
The new HUAWEI MatePad Pro 12.2-inch and HUAWEI MatePad 12 X come with powerful hardware and enhanced writing & painting experience when working with the most updated GoPaint App. The app’s professional brush engine, diverse canvas options, and FangTian Painting Engine 2.0 provide a seamless, authentic, and user-friendly creative experience.
The Activity is divided into five groups, with themes of Sci-Fi Art, Design & Fashion, Narrative Art, Cutting-edge Painting, and Digital Watercolor & Ink. Find out more in the the Official Website and get ready to paint on your HUAWEI MatePad[1]!
In the HUAWEI GoPaint Worldwide Creating Activity, you could win the chance to showcase your artwork worldwide and in app placements. You’ll also have the opportunity to share your creative journey in video interviews. For more details, please visit the official website:
https://consumer.huawei.com/en/campaign/gopaint/
[1] MatePad tablets that support the GoPaint App are required, such as HUAWEI MatePad Pro 13.2, HUAWEI MatePad 11.5S, HUAWEI MatePad Pro 12.2, and HUAWEI MatePad 12 X.
Photo – https://mma.prnewswire.com/media/2510583/Creative_Nature_HUAWEI_Launches_GoPaint_Worldwide_Creating_Activity_2024.jpg
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View original content:https://www.prnewswire.co.uk/news-releases/creative-by-nature-huawei-launches-gopaint-worldwide-creating-activity-2024-302254112.html
Technology
Info-Tech LIVE 2024 Day 3 Highlights: Key Insights on IT Leadership, Ethical AI, and the Future of IT
Published
50 mins agoon
September 20, 2024By
Day 3 of Info-Tech LIVE 2024 delivered actionable insights on IT leadership, AI, and future IT trends, featuring thought leaders and experts from across the technology landscape.
TORONTO, Sept. 20, 2024 /PRNewswire/ – The third and final day of Info-Tech LIVE 2024 concluded with impactful sessions designed to equip IT leaders with strategies to navigate the exponentially changing technology landscape. Day 3 delivered valuable insights on critical topics such as ethical AI, leadership, and the evolving role of the CIO.
Key Highlights From Day 3 Featured Keynotes:
1. Adaptive IT Leadership: Leading at the Pace of Exponential Change
Speaker: Carlene McCubbin, AVP of Research Development at Info-Tech Research Group
Carlene McCubbin explored the critical importance of building strong IT leadership teams capable of navigating the rapidly evolving technology landscape. She emphasized the shift from a purely technical focus to a more balanced approach that includes people leadership and business acumen. McCubbin highlighted the findings from the 2024 Info-Tech and McLean & Company surveys, which revealed a growing gap in leadership skills within IT and underscored the urgent need for leadership development and prioritization.
Key Takeaways:
There is a significant disconnect between CxO expectations and IT department capabilities. While 50% of CxOs view IT as a driver of transformation, only 5% of IT departments are currently meeting this expectation.The top challenges for IT leaders include staffing shortages, skills gaps, and difficulties in meeting business demands, which can hinder IT’s ability to deliver value and adapt to changing business needs.Despite advancements in technology, 35% of IT employees’ time is still spent on administrative tasks, a figure that has remained unchanged over the past five years. The finding indicates a persistent inefficiency that could be addressed through better use of AI and automation.Many IT employees believe that efficiency can be improved, with 37% identifying opportunities to eliminate low-value activities and 47% seeing potential for greater operational efficiency through innovative approaches.
2. AI Hype vs. Reality
Speaker: Dr. Timnit Gebru, Founder and Executive Director at the Distributed AI Research Institute
Dr. Timnit Gebru’s keynote dissected the current AI landscape and how to navigate the fine line between hype and the tangible benefits of AI technologies. She explained how AI can be misused, highlighting issues such as unauthorized data usage, copyright infringement, and machine bias. Dr. Gebru emphasized the need for critical thinking and skepticism when evaluating AI systems and stressed the importance of establishing ethical guidelines and accountability to ensure responsible AI development and deployment.
Key Takeaways:
There is a significant disconnect between the hype surrounding AI and its real-world applications, with many organizations overestimating the capabilities of current AI technologies.A critical, evidence-based approach is essential for evaluating the true capabilities and risks of AI systems, particularly in avoiding the misuse of data and ensuring compliance with copyright and ethical standards.AI systems must be developed and integrated with strict ethical guidelines and accountability frameworks to prevent biases, protect user data, and ensure responsible AI usage.
3. The New CIO: Leading IT Into the Future
Speaker: Heather Leier-Murray, Research Director at Info-Tech Research Group
Heather Leier-Murray discussed the evolving role of the CIO and the skills necessary to lead IT into the future. The session focused on the strategic shift required for CIOs to move from traditional IT management to becoming key business partners. Leier-Murray emphasized the need for modern CIOs to balance technological innovation with leadership and influence, positioning IT as a central driver of organizational success in an increasingly technology-driven world.
Key Takeaways:
The role of the CIO has transformed significantly over the past 40 years, evolving from optimizing back-office operations to becoming a leader in driving organizational value through advanced technologies. Despite these shifts, 81% of respondents to Info-Tech’s CxO-CIO Alignment Diagnostic feel their IT maturity level is only at a supporting or struggling stage, indicating a need for further evolution.While 35% of CxOs believe their IT department must achieve the highest level of maturity to transform the organization, only 2% feel confident that their IT department is capable of driving this transformation.Over 50% of a CIO’s weekly time is consumed by day-to-day management and operational tasks, leaving less than 20% for strategic initiatives and technology advancements. This misalignment must be addressed so that IT leaders can effectively guide organizations through rapid technological changes.
Looking Beyond Info-Tech LIVE 2024
Over the three days of Info-Tech LIVE 2024, attendees explored the critical intersections of technology, leadership, and innovation, gaining insights into how to navigate the future of IT. From the transformative discussions on Exponential IT and AI to in-depth sessions on modernizing IT frameworks and developing effective leadership strategies, the conference provided a comprehensive roadmap for IT leaders aiming to drive their organizations forward in an era of exponential change.
Info-Tech Research Group looks forward to announcing details for the next LIVE event, including plans to expand the conference to Australia in March 2025.
For media inquiries, including requests for interviews with featured speakers and experts from LIVE 2024, or for access to session recordings and additional content, please contact pr@infotech.com. For conference-related press releases and images, please visit the online Info-Tech LIVE 2024 Media Kit.
About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software-buying insights.
Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.
For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.
View original content to download multimedia:https://www.prnewswire.com/news-releases/info-tech-live-2024-day-3-highlights-key-insights-on-it-leadership-ethical-ai-and-the-future-of-it-302253962.html
SOURCE Info-Tech Research Group
Baseus Announces New Line of iPhone and Tech Accessories – Including Wireless Chargers, Security Cameras, Power Banks, and More
Creative by Nature: HUAWEI Launches GoPaint Worldwide Creating Activity 2024
Info-Tech LIVE 2024 Day 3 Highlights: Key Insights on IT Leadership, Ethical AI, and the Future of IT
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