Q4 2024 Cheche Group Earnings Call
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Speaker Change: Question. Please press Star then two please note. This event is being recorded I would now like to turn the conference over to Crocker Coulson Investor Relations for <unk> group Mr. Colson the floor is yours.
Speaker Change: © 2013 University of Georgia College of Agricultural and Environmental Sciences Georgia College of Agricultural and Environmental Sciences
Crocker Coulson: Thank you sound much operator.
Crocker Coulson: Good morning, everyone here in the U S.
Crocker Coulson: Turning to those of you joining us from Asia and thanks to all of you for joining US to review <unk> 2020 for fourth quarter and full year results.
This morning, ketchup posted both the earnings release and a related investor presentation to our website, which you can find at IR dot catch a group dot com.
Speaker Change: I'm pleased to say that with me on the call today are laid Gong catches founder and Chief Executive Officer, and Sandra G churches, Chief Financial Officer. After their prepared remarks are concluded we're going to open up this call to your questions.
Speaker Change: But before we begin some statements in this teleconference are forward looking within the meaning of federal Securities laws. Although we believe these statements are reasonable we can provide no assurance that they will prove to be accurate because they are prospective in nature.
Speaker Change: Actual results could differ materially from those that we discuss today. So we encourage you to review the most recent filings with the SEC for the rest factors that could materially impact our results.
Speaker Change: As I mentioned the earnings release is available on IR Dot catch a group dot com and we encourage you to review the reconciliations of certain non-GAAP measures contained within.
Speaker Change: But before we begin some statements in this teleconference are forward looking within the meaning of federal Securities laws.
Speaker Change: With those formalities now out of the way, it's my pleasure to turn the call over to lay Zhang Chief Executive Officer.
Speaker Change: Although we believe these statements are reasonable we can provide no assurance that they will prove to be accurate because they are prospective in nature.
Speaker Change: They take it away.
Lay Zhang: Thank you Carl.
Speaker Change: Actual results could differ materially from those that we discuss today.
Speaker Change: <unk>.
Speaker Change: Thank you for joining us today to review Tricia group fourth quarter and full year 'twenty 'twenty forward results.
Speaker Change: So we encourage you to review the most recent filings with the SEC for the rest of factors that could materially impact our results.
Speaker Change: I am pleased to report reported a total group continues to perform positively in the rapidly evolving and tourists alike gap.
Speaker Change: As I imagine your earnings releases available on IR Dot catch a group dot com and we encourage you to review the reconciliations of certain non-GAAP measures contained within it.
Speaker Change: Driving by the increasing relevance of a new.
Energy railcars.
Speaker Change: With those formalities now out of the way, it's my pleasure to turn the call over to Lei, Zhang Chief Executive Officer.
Speaker Change: Expanding patent sheep and technological advancements within our platform.
Take it away.
Speaker Change: Oh, China's EV sector is seeing continued.
Speaker Change: Thank you Karl glitches that one.
Speaker Change: Momentum with penetration rates hovering around the 50% of the total passenger vehicle sales.
Speaker Change: Thank you for joining us today to review <unk> group's fourth quarter and the full year 'twenty 'twenty forward results.
Speaker Change: For the full year of 'twenty 'twenty four.
Speaker Change: I am pleased to report report of the tissue group continues to perform positively in the rapidly evolving and tourists alike gap.
Speaker Change: <unk> embedded a churchill policies will almost 159% year over year to one point to $1 million.
Speaker Change: Driving by the increasing.
Speaker Change: With.
Speaker Change: Relevance, our new energy railcars.
Speaker Change: Corresponding EV right in premiums growing 128% from.
Speaker Change: Expanding patent sheets and technological advancements within our plentiful.
Speaker Change: Prior year to 452 million USD over the same period.
Speaker Change: Oh, Oh, China EV sector is seeing continued.
Speaker Change: As a leading player in the space.
Speaker Change: Momentum with penetration rates hovering around 50% of the total passenger vehicle sales.
Speaker Change: <unk> is a well positioned.
Speaker Change: Positioned to.
Speaker Change: Capitalized on the industry positive trends as we expand our insurance offering.
Speaker Change: For the full year of 'twenty 'twenty four the number of embedded or Tricia policies, well 115, 9% year over year to one point to one really well.
Speaker Change: Vehicle to capture renewal policies for use of <unk>.
Speaker Change: This is a critical step in growing our customer base and increasing our revenue stream from exiting policyholders.
Speaker Change: With.
Speaker Change: Corresponding EV right in premiums growing 128% from.
Speaker Change: The platform's growth as the largest auto insurance technology platform by digital auto insurance transaction premiums.
Speaker Change: Prior year to 452 meeting U S D over the same period.
Speaker Change: As a leading player in the space.
Speaker Change: Feet of the industry.
Speaker Change: <unk> is a well positioned.
Speaker Change: Providing customized system and a beta as soon as the product.
Speaker Change: Positioned to capitalize.
Speaker Change: Capital lies on the industry positive trends as we expand our insurance offering for <unk> to capture renewal and the policies for used cars.
Speaker Change: As we continue to broad strategic partnership and to leverage our innovative solutions our reach among the EV manufacturers has it goes to 15 as all of the fourth quarter.
Speaker Change: This is a critical step in growing our customer base and increasing our revenue streams from exiting policyholders.
Speaker Change: The need for advanced technology, that's driven system.
Speaker Change: Cost per ton of the insurance products in the AEP is best driver for improved margins.
Speaker Change: The platform's growth as the largest auto insurance technology platform by digital auto insurance transaction premiums continuous feed of the industry.
Speaker Change: As the industry continues to match underwriting becomes more accurate.
Speaker Change: The higher margins.
Speaker Change: Providing customized system and a baby to as soon as the products.
Will you be policies, we will continue to positively shifted the overall revenue mix.
Speaker Change: How do we continue to Brock strategic partnership and to leverage our innovative solutions our reach among the EV manufacturers has it goes to 15 as all of the fourth quarter.
Speaker Change: We continue to depend on our.
Speaker Change: Partnership with both traditional and automakers.
Speaker Change: Positioning <unk> as a key player in this space.
Speaker Change: I need a poll once tech knowledge, that's driven system and Costco, Canada insurance products in the AEP is best drivers improved margins.
These partnerships provide us with well over data insights and access to customers that will allow us to further expand our presence and it has offered offerings.
Speaker Change: As the industry continues to match and underwriting becomes more.
Speaker Change: We are particularly excited about our ongoing innovation in the room.
Speaker Change: <unk>.
Speaker Change: Higher margins, although I didn't give you policies will continue to positively shifted the overall.
Speaker Change: Autonomous driving.
Speaker Change: In collaboration with automakers and ensures we are working to launch new suite of products on our independent third party platform.
Speaker Change: Revenue mix.
Speaker Change: We continue to depend on our Oh pardon sheep with both traditional and automakers.
Speaker Change: Their products are designed to help provide forensic reports.
Speaker Change: Positioning <unk> as a key player in this space.
These partnerships provide us with well over data insights and access to customers that do will allow us to further expand our presence on it has all of our offerings.
Speaker Change: That will connect all parties involved.
Speaker Change: Accident, and assigning a sliding scale our responsibility.
Speaker Change: We plan to launch selected the product on a test basis in a certain city is less this year.
Speaker Change: We are particularly excited about our ongoing innovation is a real.
Speaker Change: We are also incorporating.
Speaker Change: AI and machine learning into our business by partnering with a leading computer model to enhance efficiency and.
Speaker Change: Autonomy, what's driving.
Speaker Change: In collaboration with automakers and ensures we are working to launch new sealed old product on our <unk>.
Speaker Change: It reduced costs.
Speaker Change: Dependent for the party platform.
Speaker Change: Currently in development are products that are focused on fraud detection in collateral management and rapidly assessing where could damaging which we believe will significantly improve customer experience and operation.
Speaker Change: Their products are designed to help provide forensic reports that would connect to all parties involved.
Speaker Change: Accident and assign a sliding scale responsibility.
Speaker Change: We plan to launch selected the product on a test basis in the southern city is less this year.
Speaker Change: FNC.
Speaker Change: Lots of the months Tricia announcement that is innovative Tim insurance and fraud and risk control model has been recognized in the prestige teachers top 100, AI products, our 2020 call it highlighting <unk> commitment to leverage it.
Speaker Change: We are also incorporating <unk>.
And the machine learning into our business by a partnership with a leading computer model to enhance efficiency and.
Speaker Change: Reduce costs.
Speaker Change: Currently in development are products that are focused on fraud detection in collateral management, and then rapidly assessing where could damage, which we believe will significantly improve customer experience and operation.
Speaker Change: Cutting edge technology in the resource industry.
Speaker Change: The awarding winning Tim will model integrates advanced technologies, such as big data AI and biometrics to construct.
Speaker Change: Intelligent anti fraud and risk control system.
Speaker Change: FNC.
Speaker Change: Lots of the months Tricia on answer to that is in a way to Tim insurance anti fraud and risk control model has been really because the nice thing in the pretty steep teachers top 100, AI products or 'twenty 'twenty four at least.
Speaker Change: As a company we are actively broadening our revenue streams.
Speaker Change: Bye bye.
Speaker Change: Across the different product types with a focus on increasing our market share through more tailored and flexible policies.
Speaker Change: Lodging churches commitment to lowering cutting edge technology in the resource industry.
Speaker Change: Additionally, we have launched new thoughts and data.
Speaker Change: Latex tools to enhance the value of our technology and.
Speaker Change: The awarding winning Tim we'll model it correctly once the technologies, such as big data AI and AR biometrics to construct.
Speaker Change: Fourth improve our margins.
Speaker Change: Looking ahead, our unique insights and our broader capabilities have are driving our growth.
Speaker Change: Intelligent anti fraud and risk control system.
Speaker Change: <unk> insurance industry.
Speaker Change: As a company we are actively broadening our revenue streams.
Speaker Change: Delivering great value to our partners and customers.
Speaker Change: By tying what is true across the different product types with a focus on increasing our market share through more tailored and flexible policies.
Speaker Change: Total alongside our net or network or in source companies and intermediaries.
Speaker Change: We will continue to innovate innovate.
Speaker Change: <unk> issued hacks best of users.
Speaker Change: Additionally, we are launching new thoughts and data analytics tools to enhance the value of our technology and a fourth in Peru all margins.
Speaker Change: All personnel.
Speaker Change: No lights to under cost ft coverage options.
Speaker Change: We are proud of that.
Speaker Change: We have achieved.
Speaker Change: Looking ahead, our unique insights and broader capabilities, how about driving our growth Oh digitally as soon as the industry.
Speaker Change: These new opportunities that lie ahead.
Speaker Change: I will now turn the call over to our CFO Sandra Thank you.
Speaker Change: Delivering great value to our partners and our customers.
Speaker Change: Thank you Lee.
Speaker Change: Firstly I'd like to begin by touching on our first quarter operational and financial highlights before taking questions.
Speaker Change: Tricia alongside our natural neither walk in source companies and intermediaries.
Speaker Change: Our total written premiums placed for this quarter increased to 15, 6% to RMB, seven 4 billion or U S. Dollar one billing well total written premiums placed for the four year of 'twenty 'twenty four increased by some 5% over the prior year to RMB 24 three.
Speaker Change: We will continue to innovate innovate.
Speaker Change: Issue tax batches of users more personnel a person who lives on the coast ft coverage options.
Speaker Change: We are proud that our wood.
Speaker Change: What are we all have achieved and excited about these new.
Speaker Change: New opportunities that lie ahead, I will now turn the call over to our CFO Sandra Thank you.
Building, our U S dollar to $8 3 billion. The total number of policies issued increased from $4 8 million for the prior year quarter to $5 1 million in the fourth quarter. This year, while the total number of policies issued over the four year of tenure tenure for increased from $15 8 million.
Sandra: Thank you Lee.
Sandra: Firstly I'd like to begin by touching on our first quarter operational and financial highlights before taking questions.
Sandra: Our total written premiums placed for this quarter increased to 15, 6% to RMB, seven 4 billion or U S. Dollar one billing well total written premiums placed to Florida for your Tony and Thank you for increased by some 45% over the prior year to RMB 24 point.
Speaker Change: The prior year to $17 3 million as they already mentioned for 141000 policies and the RMB four are playing what sorry, one for beginning of corresponding premiums or embedded in AAV delivery is growing 184% and 171 person's respect.
Sandra: So we're building all U S dollar three point, though I believe the total number of policies issued increased from $4 8 million for the prior year quarter to $5 1 million in the fourth quarter. This year, while the total number of policies issued over the four year Tanya Tanya for increased from 15.8.
Speaker Change: Year over year.
Speaker Change: That did have policies and the corresponding rates in premiums for the four year of tenure tenure for rich the $1 1 million.
Speaker Change: RMB, two 8.3 billing, which is the U S dollar for 132.4 million, respectively, representing growth of 159% for our policies in Baghdad and one.
Sandra: Of the prior year to $17 3 million.
Sandra: They already mentioned for 141000 policies under RMB four are playing what sorry at $1 4 billion of corresponding premiums or embedded in I E. They deliveries growing 184% on a 171% respectively year over year, you've added the policies.
Speaker Change: 128, 2% default rate on premiums compared to the prior year in terms of our revenues we generated RMB 800.
Speaker Change: 983 point, SEC submitting or U S dollar at $134 8 million in the first quarter, an increase of 13.4% year over year well no revenues for the for year of 2024 increased by five 2% over.
Sandra: The corresponding rates in premiums for the four year, Tony Tanya for rich the 1.1 billing under RMB two eight point to a building which is the U S. Dollar for 100 of 52.4 million, respectively, representing growth of 159% for our policies embedded and Uh huh.
Speaker Change: The prior year to RMB, three 5 billion or U S. Dollar for $175 8 million. The growth was driven by increased insurance transactions conducted two hour cycle by referral partners and third party.
Sandra: 28% default rates on premiums compared to the prior year in terms of our natural revenues, we generated RMB 800, sorry, 983 point SEC submitting or U S. Dollar at 134 28, many in the first quarter an increase.
Speaker Change: A couple of partners.
Speaker Change: The cost of revenues in the quarter was RMB 800, 932 million or U S. Dollar 127.7 million up 13% from the prior year quarter cost of revenues increased by four 8% to RMB three point or a building or.
Sandra: 13.4% year over year, well no revenues for the for year 'twenty to 'twenty four increased by five 2% over the prior year to RMB, three 5 billion or U S. Dollar for 100, and some two 5.8 of many the growth was driven by increased.
Speaker Change: The U S dollar for $134 1 million from the prior year, which was consistent with the growth of our business volume and net revenues. We also reported a job of 'twenty. One does that is that any of the marketing expenses in the quarter to RMB $19 7 million or U S. Dollar.
Sandra: Insurance transactions conducted two hour cycle by referral partners and third party platform partners.
Sandra: The cost of revenues in the quarter was RMB 800, and 932 million or U S. Dollar well hydro 27 points out of many of a 13% from the prior year quarter cost of revenues increased by four 8% to RMB three point of weight bidding or you asked.
Speaker Change: 2.7 million, primarily due to decrease in stock.
Speaker Change: Cost and lower marketing expenses for the fourth year, selling and marketing expenses decreased 28, 7% to RMB 17, 9.5, nearly all U S. Dollar 10, 9 million from RMB $111 5 million the prior year general and administrative.
Sandra: Dollar for $134 1 million from the prior year, which was consistent with the growth our business volume and our revenues. We also reported a job of 'twenty, one but that is that any of the marketing expenses in the quarter to RMB $19 7 million or U S dollar sure Paul.
Speaker Change: Expenses were also lower this quarter declining 33, 2% to RMB $25 7 million or U S. Dollar at the way <unk> 5 million from RMB 34, 9 million in the prior year quarter, largely due to decreased the share based compensation expenses.
Sandra: <unk> 7 million, primarily due to decreased.
Sandra: Staff costs, and lower marketing expenses for the full year, selling and marketing expenses decreased.
Speaker Change: Partially offset by increase in postal lifting professional fees and staff costs as Florida for a year of 'twenty 'twenty four general and.
Sandra: 28, 7% to RMB 17, I point, nearly all U S. Dollar 10, 9 million from RMB $111 5 million the prior year.
Speaker Change: Administrative expenses decreased by 22, 6% to RMB, $107 9 million or U S dollar $14 8 million.
Sandra: And administrative expenses were also lower this quarter declining <unk>, 3.2% to RMB $25 7 million or U S. Dollar at the right point 5 million from RMB $34 9 million in the prior year quarter, largely due to decrease the share based compensation expenses.
Speaker Change: Great search and development expenses, it's great equates to 25, 3% in this quarter. So on the life threatening or U S. Dollar at one point there were many and.
Speaker Change: Equates to $33 6 million to RMB 38 million or U S. Dollar five children in AR from RMB 37, 2 million in the prior year.
Sandra: I had a partially upset by inquiries important lifting professional services fees and staff costs as Florida for a year of 'twenty 'twenty four general on the mainland.
Sandra: The administrative expenses decreased by 22, 6% to RMB $107 9 million or U S dollar $14 8 million.
Speaker Change: The operating loss in the quarter equates to by 93, 7% year over year to RMB three nearly all U S. Dollar 0.4 million if we exclude it now but non-GAAP expenses adjusted operating income for this quarter was RMB one.
Sandra: Research and development expenses decreased to 25, 3% in this quarter to RMB nine 3 million or U S. Dollar one point there were many and.
Speaker Change: Two 8 million, which was a U S dollar, they're all point to many compared to an adjusted operating loss of RMB 12, 1 million and a prior year quarter, which resulted in the growth of our revenues and the improvement of our operational efficiency.
Sandra: Equates to $38 6 million to RMB 38 million or U S. Dollar five points, you're getting in the from RMB two seven point to many of the prior year.
Sandra: The operating loss in the quarter decreased by 93.7% year over year to RMB three nearly all U S. Dollar 0.4 million if we exclude it now expects non-GAAP expenses. The adjusted operating income for this quarter was RMB one.
Speaker Change: Operating loss for the four year old San Antonio Arctic waste by 62, 8% year over year to RMB, 66, 5 million or U S dollar and $9 1 million, excluding non-GAAP expenses, the adjusted operating loss decreased by 42% year over year.
Sandra: The way in many ways. It was a U S dollar, they're all point to many compared to an adjusted operating loss of RMB traveling milling and a prior year quarter, which resulted in the growth of our revenues and the improvement of our operational efficiency.
Speaker Change: <unk> 28 to nearly all U S dollar at $3 9 million net loss in the quarter also.
Speaker Change: Also improved.
Speaker Change: <unk>, 7.4% to RMB, 10.4, billing or mailing sorry, or U S. Dollar at $1 4 million over the first quarter, our Chinese China history, while improving 61, 6% for a four year to RMB 51.2, netting all U S dollar $8 4 million draw.
Sandra: Operating loss for the four year old San Antonio articulate for by 63% year over year to RMB 66.5, nearly all U S dollar and Knight point 1 million, excluding non-GAAP expenses, the adjusted operating loss decreased by 42% year over year.
Speaker Change: RMB 159 point.
Speaker Change: 6 million over the prior year adjusted net loss for the quarter improved to RMB, three leading or U S. Dollar zero point formulae.
Sandra: M B tranche eight point to nearly all U S dollar to wave four 9 million net loss in the culture.
Speaker Change: Which is down 38, 6% from the adjusted net loss the prior year quarter, mainly due to foreign exchange losses of RMB five 3 million adjusted net loss was RMB 24, 8 million or U S. Dollar of $3 4 million in 2024, which equally.
Sandra: Also improved 67.4% to RMB 10.4, billing or millions sorry, or U S. Dollar at one 4 million over the fourth quarter, All Chinese Chinese story, while improving 61, 6% for a four year to RMB 61 point, she wasn't getting all U S dollar eight.
Speaker Change: It's the by 25, 3% from RMB $38 2 million for the prior year.
Sandra: For nearly all RMB 159.6.
Sandra: It takes a meeting over the plight.
Speaker Change: Turning to our balance sheet, we reported RMB 152.9, nearly all U S. Dollar 21 million in cash cash equivalence and short term investments in the fourth quarter.
Sandra: Adjusted net loss for the quarter improved to RMB, two 8 million or U S. Dollar they don't point for them really.
Sandra: Which is a 38.6% from the adjusted net loss the prior year quarter, mainly due to foreign exchange losses of RMB five 3 million adjusted net loss was RMB 24, 8 million or U S. Dollar at the waypoint Formula in China, 24, which equally.
Speaker Change: Looking ahead sure.
Speaker Change: Our four year old 10 to 25 guidance wakes effect and that's revenues to range from RMB, three 6 billion to RMB three 8 billion.
Speaker Change: Representing an increase of three.
Speaker Change: The waypoint southern and sand to nine 4% compared to the full year of 2024 with total written premiums placed to range of from RMB 25, five failing to RMB 25.0 billion, representing a year over year increase of four 9% to 11, 1%.
Sandra: To buy 25.2 is that from RMB $38 2 million for supply.
Sandra: Turning to our balance sheet, we reported RMB 152.9, nearly all U S. Dollar 21 million in cash cash equivalence and short term investments in the fourth quarter.
Speaker Change: Retail premiums placed are expected to range from RMB southern billing to RMB 8 billion, representing a year over year increase of 112, either 142% growth. We also anticipate our adjusted operating results shifting from a loss to a profit.
Sandra: Next looking ahead sure.
Sandra: Our four year old 25 guidance wakes effects and that's revenues to range from RMB, three 6 billion to RMB, three 8 billion, representing an increase of.
Sandra: The way, playing southern and sand to nine 4% compared to the full year of 2024, whereas total written premiums placed two range from RMB 25.5 theory to RMB 25.0 billion, representing a year over year increase of $4 nine decided to your latter point what was that.
Speaker Change: Paul for Euro 2025.
Speaker Change: I think that concludes our remarks, we'll be happy to take your questions. Thank you.
Speaker Change: We will now begin the question and answer session to ask a question you May Press Star then one on your telephone keypad. If you are using a speakerphone. Please pick up your handset before pressing the keys if at any time. Your question has been addressed and you would like to withdraw your.
Sandra: The return premiums placed are expected to range from RMB southern billing to RMB 8 billion, representing a year over year increase of 112, either 142% growth. We also anticipate our adjusted operating result, shifting from a loss to a profit.
Speaker Change: A question. Please press Star then two at this time, we will pause momentarily to assemble our roster.
Sandra: For four year old Chinese 25.
Speaker Change: The first question comes from Allen Klee with Maxim Group. Please go ahead.
Sandra: I think that concludes our remarks next so well we'll be happy to take your questions. Thank you.
Allen Klee: Yes, hi, good evening, congratulations on the quarter, where your revenues and bottom line results were better than my projections and also your outlook is better than my projections.
Sandra: We will now begin the question and answer session to ask a question you May Press Star then one on your telephone keypad. If you are using a speakerphone. Please pick up your handset before pressing the keys if at any time. Your question has been addressed and you would like to withdraw your.
Speaker Change: Great job.
Speaker Change: If I could start off on some of the.
Speaker Change: One of the first things I heard you say on this call was you're looking you expect to increase revenue streams from existing partners could could you talk a little bit about how we.
Sandra: Your question. Please press Star then two at this time, we will pause momentarily to assemble our roster.
Speaker Change: The first question comes from Allen Klee with Maxim Group. Please go ahead.
Speaker Change: How do you think that's going to happen.
Allen Klee: Yes, hi, good evening, congratulations on the quarter, where your revenues and bottom line results were better than my projections and also your outlook is better than my projections. So.
Speaker Change: Okay.
Speaker Change: And that's without even linear.
Speaker Change:
Speaker Change: Great job.
Speaker Change: Who's Young woman Sonoco, who go ahead Sheila.
Speaker Change: If I could start off on some of the.
Speaker Change: As you can or you're sure you shop.
Speaker Change: Number one where are you with it.
Speaker Change: One of the first things I heard you say on this call was you're looking you expect to increase revenue streams from existing partners.
Speaker Change: If I'm in on highway eat some gallo and the Oems synergy casino cohort Trulia. Meanwhile, our machinery electric vehicle, who shall realize ultimately shall tell me.
Speaker Change: Could you talk a little bit about how.
Speaker Change: How do you think that's going to happen.
Speaker Change: So you said coming out of those are twitchy hopefully Bob.
Speaker Change: So now in cohort two regions with diabetic children, a shoebox renew policies renew nokwe tissue jugular.
Speaker Change: Okay.
Speaker Change: What else would argue Linda Hill.
Speaker Change: Yeah.
Speaker Change: <unk>.
Speaker Change:
Speaker Change: Oh Madela your input on Sundar.
Speaker Change: Who's Young woman Sonya uncle, who go ahead Sheila.
Speaker Change: Good morning.
Speaker Change: I'm a woman from Shandong <unk>.
Speaker Change: And so that you can or you're sure Jacques you shop.
Speaker Change: A number of them, we'll let you know what it is.
Speaker Change: So sure washer, Tom Tricia on highway engine, that's on page hurdle.
Speaker Change: That's really off on that if I'm in a Hollywood some yellow and the Oems pseudo jigger Shindo cohort, Australia. Meanwhile, our machine double digit year cohort shall realize helpful. Alicia tell me the I O you said coming out of your twitchy hopefully Bob.
Speaker Change: It had to do.
Speaker Change: While maturity, it's hard to hear you.
Speaker Change: Hi, Alicia So Alicia you betcha.
Speaker Change: Yeah, which only one machine of Shandong.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: A number of Womans side, it sounds formula Tisha Hale attrition number that you should take a put option by telling them how to <unk> here.
Speaker Change: So now in cohort two.
Speaker Change: And neither do our children with a shoebox renew policies renew in Iowa G Jogger walk so Eugene.
Speaker Change: G plenty of it.
Speaker Change: You know quite sure Aqua <unk> higher each year Jaeger yoda.
Speaker Change: The government out of your input on some dollar J M.
Speaker Change: More.
Speaker Change: Okay.
Speaker Change: I'm, a woman who she underwent a childhood I shall not Georgia washers home Tricia on the highway engine, that's okay sure all right.
Speaker Change: She had attrition Natasha walnuts for the detail throughout his hands on me.
Speaker Change:
Speaker Change: Ah well Michal does he has had on your hiring.
Speaker Change: I'll help translate.
Speaker Change: This year to a range here so you betcha.
Speaker Change: Firstly.
Speaker Change: Yeah, which only award number seen a general.
Speaker Change: Firstly, our revenue gross well in the EV market will come from the below aspect firstly.
Speaker Change: Coming to you.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Number one is that it sounds all manner Tisha Hale attrition number that you sort of take a put option package I mean, how the Zimbabwe These yet.
Speaker Change: In terms of the partners, we already have 15 partners currently on the way we all are trying to try to.
Speaker Change: Sure I'll call a trend in the Irish Yeah, Jaeger Yoda shut up Johnny She had attrition Natasha walnuts what are they trying it sounds on me.
Speaker Change: Bring more caught more partners into our business and that's for that's the first pathway to increase our revenue stream secondly, during the current partnerships.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Oh helps translate.
Speaker Change: In the past few years.
Speaker Change: Firstly.
Speaker Change: Gross driver was for the new car deliveries and we already started to do business with our automakers to.
Speaker Change: Firstly, our revenue gross well.
Speaker Change: The market will come from the pillow aspect firstly in terms of the partners. We already have 15 partners currently on the way we all are trying to try to.
Speaker Change: To provide service for their used for their use of vehicles for their existing co owners too.
Speaker Change: I have nothing to do the insurance renewal business, so that does that kind of the pathway and.
Speaker Change: Bring more caught more partners into our business and that's our first that's the first pathway to increase our revenue stream secondly, during the current partner shapes.
Speaker Change: Thirdly, apart from the traditional insurance car insurance auto insurance business. We are already starting to provide now also insurance service along with the auto insurance.
Speaker Change: The past few years the main growth driver was for the new car deliveries on the way already started to do business the way, our potbelly automakers to Chile.
Speaker Change: To constitute a service product package to the car owners, that's the third pathway and.
Speaker Change: To provide service for their used for their use of vehicles for their existing co owners too.
Speaker Change: Beyond that we also are trying to we're also trying to you know.
Speaker Change: Causing them to do the insurance renewal business, so that does that kind of the pathway and the fact that.
Speaker Change: Provide service to cover more car types within let's say a weighting the same partners, you'll not be because only in.
Speaker Change: Thirdly, apart from the traditional insurance car insurance auto insurance business, we are already starting to provide non auto insurance service along with the auto insurance to constitute a service product.
Speaker Change: You are in currently in a in a car into a partnership.
Speaker Change: Automaker can produce different tie a lot of types of of cars and are currently we only covered a part of their car types that we are trying to cover more and more in the future. Thank you.
Page two of the car owners, that's the third pass away and.
Speaker Change: Beyond that we also are trying to we're also trying to you know provide service she'll call. We're more car types within the same within the same partners you'll know it because only in Oh.
Speaker Change: Thank you.
Speaker Change: Could you give.
Speaker Change: You talked.
Speaker Change: Talked about different ways, you're using artificial intelligence could you maybe describe some of the examples of how you're using that today and how you might expand it.
Speaker Change: Are you at currently in the car into a partnership.
Speaker Change: Automaker can produce different tie a lot of types of of cars on the call today, we only cover or the parts out there are car types that we are trying to cover more and more in the future. Thank you.
Speaker Change: Okay.
Speaker Change: Number what did you you believe the module <unk>, which cannot draw the.
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Speaker Change: Hey.
Speaker Change: Homeowners Shimbun, Buda together took a chumby transitional showed a vibrant central number tunghwa Joshua.
Speaker Change: Thank you.
Speaker Change: Could you.
Speaker Change: Yes.
Speaker Change: You talked about different ways, you're using artificial intelligence could could you maybe describe.
Speaker Change: <unk> connect.
Speaker Change: <unk> initial do so in a downturn and Joshua she'd only hope through a fashion jewelry, we shall go to her children, who do E. G. The sugar pushes them and it's also not sure Youll genome Joshua champion.
Speaker Change: Some of the examples.
Speaker Change: How you're using that today and how you might expand it.
Speaker Change: Okay.
Speaker Change: When these things aren't changing.
Speaker Change: What did you eat believes the modulation, which cannot draw the familiar energy T brand Oh sure genome I'll end up no matter, how the genome Joshua Pugilism Golf Bureau, Charles Holley, our whole mantra shingle Buda.
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Speaker Change: I mean, there is you know Joe Ritchie Dosher chime in pension or a decent unchanged chunks with him. So.
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Speaker Change: Youll Formula Tien Tsin, Shoigu fashion show your children Hydro original Joshua changing Trudall nonpartisan.
Speaker Change: But that you don't you can watch a policy and a high and a woman she should try if youre not seeing that and that we want you don't seem to have champions for Asia and how much I mean, there is you know Joe Ritchie your children Joshua.
Speaker Change: Should be not thought so I don't know Pansy Ho often normal woman sequel in Shanghai.
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Speaker Change: The woman that Churchill could you tell the minute you sort of do what you're told where you go Jordan Shoigu designs on the agenda.
Speaker Change: So basically in China right now.
Speaker Change: Oh, well, Malawi, Tien Tsin Shoigu fashion show you what should how should we would you know Joshua Ts Juno nomination.
Speaker Change: Yeah.
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Speaker Change: Should be not thought so I don't know pending often normal woman she going to show you the tool EDA design phone the AI the thoughts of the European Heart normally meant bulk hall of Fame. She does.
Speaker Change: He is very high.
Speaker Change: For instance, among quality, how many intending driving users.
Speaker Change: Our intention trainee counsel about 35%.
Speaker Change: Total mileage reducing collision he says.
Speaker Change: Hungary Chipotle in a tissue to be issued a marginal yeah. If I'm in a three sugars and your friendship clearly upon the so in the unusual warm that G. AI if I'm in the could be is that general casualty, Utah. You go figure out. There is you know it's usually get your thought.
Speaker Change: One six meeting times.
Speaker Change: So in an accident occurs the car owners typically think it is caused by the stability and safety.
Speaker Change: Autonomy system rather than themselves.
Speaker Change: Yeah.
Speaker Change: So basically in China right now.
Speaker Change: So under this scenario has H the insurance industry to introduce a new title insurance product.
[noise] smart connected EV is.
Speaker Change: It's very high.
Speaker Change: Keith.
Speaker Change: Our eastern among quality, how many continuing driving users.
Keith: Liability insurance.
Keith: This insurance product is designed based on factors such as the stability safety and the maturity or the intelligent driving system.
Speaker Change: The intention of driving a council about 35%.
Speaker Change: Total mileage, reducing Cleveland he says by about one six meeting times.
Keith: So many automakers I know activity is joanie out this product liability insurance.
Speaker Change: So an accident occurs the car owners typically think it is caused by the stability and safety.
Keith: Maybe purchase either buy a vehicle owner an automaker.
Speaker Change: Autonomous system rather than themselves.
Keith: So Churchill.
Keith: Comes into play.
Speaker Change: So under this scenario has H the insurance industry to introduce a new title insurance connect Richie.
Keith: Traffic accident insurance.
Keith: We as a third party, we can determine the vehicle owner or the intelligent driving system was in control.
Speaker Change: Liability insurance.
Speaker Change: They see insurance product is designed based on factors such as the stability safety and immaturity of antigen driving system.
Keith: Time of instinct.
Keith: So we provide independent third party.
Keith: The platform and SaaS solution.
Speaker Change: So many automakers I know actelion, Johnny out based product liability insurance.
Keith: Blockchain technology, so from provisions and AI powered analyses and the reason I'm. So this is our AI based technical solution in intelligent driving area. Thank.
Speaker Change: Maybe perjures either by the vehicle owner an automaker.
Speaker Change: So just you know comes.
Keith: Thank you.
Speaker Change: Comes into play than a traffic accident your tears.
Speaker Change: We as a third party we can determine.
Speaker Change: That's very interesting thank you.
Speaker Change: The corner or the intelligent driving system within control.
Speaker Change: And then just maybe two more questions one on revenues and we're all combine them in one big question.
Speaker Change: Time, all these days.
Speaker Change: So is it solely provide like independent third party.
Speaker Change: One the revenues.
Speaker Change: Hugh.
Speaker Change: The platform and SaaS solution.
Speaker Change: Curious for your guidance for 2025.
Speaker Change: Blockchain technology so.
Speaker Change: How should we think about.
Speaker Change: Religion, and AI powered analyses and everything so this is our AI based <unk> solution in the intelligent driving area.
Speaker Change: Our projections for revenue growth how much is because you think the market's going to be growing.
Speaker Change: Like at a certain rate versus how much is relative to your thinking that it's going to be an expansion of what you're offering them.
Speaker Change: Thank you.
Speaker Change: That's very interesting thank you.
Speaker Change: Your partners and your new products and Upselling and all that.
Speaker Change: And then just maybe two more questions one on revenues, where I'll combine them in one big question.
Speaker Change: And then sorry to make this so long the other one is just.
Speaker Change: When the revenues.
Speaker Change: <unk> been able to increase your gross margins around 50% 50 basis points a year.
Speaker Change: You I'm sure.
Speaker Change: Curious for your guidance for 2025.
Speaker Change: Does that seem like.
Speaker Change: With more.
Speaker Change: How should we think about you.
Speaker Change: These.
Speaker Change: That's probably that should continue and you've also been doing a great job on operating expense control and how to think about that in two parts.
Speaker Change: Your projection for revenue growth how much is because you think the market's going to be growing.
Like at a certain rate versus how much is relative to your thinking that it's going to be an expansion of what you're offering on.
Speaker Change: Thank you so much sorry for so much.
Speaker Change: Okay in terms of the.
Speaker Change: Yeah.
Speaker Change: The logic further revenue growth.
Speaker Change: You know your partners and your new products and Upselling and all that.
Speaker Change:
Speaker Change: If we see the Tor the whole market.
Speaker Change: And then sorry to make this so long the other one is just.
Speaker Change: For the traditional car insurance market for the past couple of years the year over year growth rates.
<unk> been able to increase your gross margins around 50% 50 basis points a year.
Speaker Change: Our remaining life at life, you know only a 4% to 5% a year. So I think for the ICT market.
Speaker Change: Does that seem like.
Speaker Change: More ltvs that.
Speaker Change: Probably that should continue and you've also been doing a great job on operating expense control and how to think about that in 'twenty.
Speaker Change: As a traditional car market.
Speaker Change: Thank you so much sorry for so much.
Speaker Change: Well, we all keep growing along with the total industry. Yeah. So way, we won't expect fixed price from that answer for the EV market the industry growth rates for the past two years as our answer.
Speaker Change: Okay in terms of the.
Speaker Change: The logic for the revenue growth.
Speaker Change:
Speaker Change: If we see the top there the whole market for the traditional car insurance market for the past couple of years the year over year gross rates.
Speaker Change: <unk>, 45% to 50%.
Speaker Change: Our remaining life at light you know only a 4% to 5% a year. So I think for the IC market.
Speaker Change: Yeah, definitely we are going our way faster than the whole industry.
Speaker Change: All we are to keep the momentum all goes all over a 100% of.
Speaker Change: As I a traditional car market.
Speaker Change: It goes right for.
Speaker Change: Well, we all keep growing along with the total industry. Yeah. So way, we won't expect big surprise from that and a fairly heavy market the industrial growth rates for the past two years as our answer.
Speaker Change: The way or more consecutive years, we expect the trend will continue and lack way as way.
Speaker Change: Wait wait wait.
Speaker Change: <unk> showed angler guidance, yeah, we are quite confident that we can enjoy all way faster growth rates in our industry.
Speaker Change: 45, 40% to 50%.
Speaker Change: And even the market the danaher industry growth.
Speaker Change: Yeah, definitely we are going our way faster than the whole industry and Norway.
Speaker Change: That's the logic and as for the margin I think I.
Speaker Change: In all we are to keep the momentum all goes all over a 100% of goes right for.
Speaker Change: I talked before.
Speaker Change: For the traditional car insurance the gross margin relatively law, where she was only.
Speaker Change: The way or more consecutive years, we expect the trend will continue and lack wait wait wait.
Speaker Change: Around just the way to 5% and about 40 Aida insurance.
Speaker Change: Wait wait wait so showed angler guidance yeah. We are quite confident that we can enjoy a wave posture of growth rates in our industry.
Speaker Change: <unk>, we provided a SaaS systems surveys to those to our business partners.
Speaker Change: I E. Those automakers and we also provide operational and our other service renew our service like we mentioned before two of them. We can enjoy a way a higher gross margin in a market which was around the 20%.
Speaker Change: And I mean, the market the danaher industry gross.
Speaker Change: Yeah, that's the logic and as far the margins are I think I.
Speaker Change: I talked before for the traditional car insurance. The gross margin is relatively low a way show us only.
Speaker Change: Compared to two 5% for the traditional car market. So that's why we are confident we can improve.
Speaker Change: Around just the way to 5% and about 40 Aida insurance because.
Speaker Change: Improve our profitability going forward.
Speaker Change: Because we provide to the SaaS system surveys to those to our business partners I E. Those automakers and we also provide operational and our other service renew our service like we mentioned before two of them we can enjoy a.
Speaker Change: To break even.
Speaker Change: Make profits so thank you.
Speaker Change: Thank you very much.
Speaker Change: The next question comes from Steve Silver with Argus Research. Please go ahead.
Steve Silver: Thanks, operator, and thanks for taking my questions.
Speaker Change: We have higher gross margin in a market, which was around the 20% you know.
Speaker Change: So the companies exiting 2024 in a very strong capital position in terms of cash with.
Speaker Change: Compared to 22, 5% for the traditional car market. So that's why we are account event, we can you know.
Speaker Change: With the expectation of the company turning profitable in 2025 I'm curious if there are any areas that you've identified for capital investments to continue this growth trajectory.
Speaker Change: Improve our profitability going forward.
Speaker Change: To break even or even.
Speaker Change: Make proper answer Sean Thank you.
Speaker Change: Thank you very much.
Speaker Change:
Steve Silver: The next question comes from Steve Silver with Argus Research. Please go ahead.
Speaker Change: Actually Oh.
Speaker Change: Well I don't think well I'm sorry.
Speaker Change: We will invest too much in this year besides all besides in the AI.
Steve Silver: Thanks, operator, and thanks for taking my questions. So the company is exiting 2024 in a very strong capital position in terms of cash with.
Speaker Change: R&D sector, because as I mentioned, we are developing.
Steve Silver: With the expectation of the company turning profitable in 2025 I'm curious if there are any areas that you've identified for capital investments to continue this growth trajectory.
Speaker Change: New types of products like AI.
Speaker Change: I claim management and damage SaaS amended tour and also for the <unk>.
Speaker Change: The third project platform for the autonomous driving insurance, yes, things, we are still developing those new products, we will invest as advance into this area I'll like to increase their service.
Steve Silver:
Steve Silver: Actually.
Steve Silver: Well I don't think away well sorry.
Steve Silver: Well, we all invested too much in this year. Besides all besides Amy AI R&D sector I, because you know as Les mentioned, we are developing certain new types of products like AI a.
Speaker Change: Or increased our staff in past months other than that we we don't expect that we will invest others in other sectors. Thank you.
Speaker Change: Great and so the press release mentions that you are now aligned with the majority of significant <unk> manufacturers in China.
Steve Silver: I claim management and damage SaaS amended tour and also for the the the third party platform for the autonomous driving insurance, Yeah things, we are still developing those new products, we will invest as some thought into it.
Speaker Change: Curious as to whether there are any other groups that will now.
Speaker Change: Make up the majority of new partnerships that the company may form just other areas you might have identified there.
Speaker Change: So not all of them with <unk>.
Speaker Change: This area I'll like to increase their service.
Speaker Change: So now you are.
Speaker Change: Sure.
Speaker Change: Or increased stop investment other than that we we don't expect that we will invest others in other sectors. Thank you.
Speaker Change: The Oems.
Speaker Change: National will continue.
Speaker Change: Some guys here at <unk>.
Speaker Change: As you know.
Speaker Change: That original two water Julie holdup.
Speaker Change: Oems are now you do have a century jobs, what youll see in our material and triangular.
Speaker Change: Great and so the press release mentions that you are now aligned with the majority of significant and EV manufacturers in China, I'm curious as to whether there are any other groups that will now.
Speaker Change: <unk> on a cohort Amarillo element gone out $2 to two out of them now have Leslie.
Speaker Change: So we're now in cohort <unk> he was a door tricia.
Speaker Change: Make up the majority of new partnerships that the company may form just other areas you might have identified there.
Speaker Change: Tricia I am not sure minions renewable power.
Speaker Change: <unk> not sure shoot them down I, just had a powerful equally them or not so serious financial to take a.
Speaker Change: Okay.
Speaker Change: So your element with Shan Shan.
Speaker Change: Dark poly Shouldnt minions.
Speaker Change: Now you know a huge either.
Speaker Change: Yeah.
Speaker Change: <unk> 2000, <unk>, so each issuer member lives.
Speaker Change: No woman senior Eugene how it's guy here.
Speaker Change: Tony.
Speaker Change: And Diablo geological water truly hold up.
Speaker Change: So as we just mentioned currently we have been cooperating with EV makers.
Speaker Change: Oems are now you're you're essentially Gyazo, you'll say you know what.
Speaker Change: I'm trying to do a lot by the new chip.
Speaker Change: She bhatia each on a cool Amarillo now women galati to join all of them to our hydrolyzed to you.
Speaker Change: So I expect that in this year. This number we still go.
Speaker Change: Now in China.
Speaker Change: So we're now in cohort two giga mania in the shoe bomber user dromgoole, Trisha I not sure minions renew though so not politics, I should say not sure shoot them down I didnt heard about equally them or not well suited to an onshore the J B Hunt pilot shouldn't minions Yugo twitching Shoebox challenge with studios so each issuer.
Speaker Change: 20 to 30, Amy makers basically in total and we just take 70% of the total or.
Speaker Change: And on the marquee.
Speaker Change: The leasing in the future, we think those will mainly come from.
Speaker Change: Auto insurance renewals services from our existing partners in China.
Speaker Change: The only.
Speaker Change: So as we just mentioned currently we have been cooperating with <unk>.
Speaker Change: It needs to renew your auto insurance each year, so we Ah.
Speaker Change: You mean makers.
Speaker Change: He keeps growing each year and this is a big growth.
Speaker Change: So I expect that in this year all of these numbers to go.
Speaker Change: Now in China.
Speaker Change: Okay. Thank you very much and best of luck in 2025.
Speaker Change: 20 to 30, Amy makers basically in total and we just take 70% of the total.
Sundar: And then Sundar.
Speaker Change: The next question comes from Mark long with Prime impact capital. Please go ahead.
Speaker Change: Oh in marquee so basically in the future we think we.
Speaker Change: How many came from the.
Speaker Change: The auto insurance renewals.
Mark: Hi, Mei and Sandra congratulations on the strong quarter and.
Speaker Change: From our existing Congress because in China.
From 2020 for momentum.
Speaker Change: You need to renew your auto insurance each year, so we Ah and UV keeps growing each year and this is a big growth.
Speaker Change: And the outlook for profitability in 2025 very impressive.
Mark: <unk> and <unk>.
Speaker Change: But my question is around how you plan to leverage.
Speaker Change: Okay. Thank you very much and best of luck in 2025.
Speaker Change: Okay.
Mark: The.
Mark: New low cost open sourced AI models that are available in China for your new products and what you see in terms of.
Sundar: And then Sundar.
Speaker Change: The next question comes from Mark long with Prime impact capital. Please go ahead.
Mark: The ability to deploy cost effective <unk>.
Mark Long: Hi Mei.
Speaker Change: Sandra congratulations on the strong quarter and.
Mark: Machines across your portfolio.
Mark Long: 2020 for momentum.
Mark: Okay.
Mark: Tissue market.
Mark Long: And the outlook for profitability in 2025 very impressive results and.
Mark: A woman physically cannot continue.
Mark: BT do.
Mark: Could you kind of a gondola thomasina Tricia and publisher.
Speaker Change: My question Les is around how you plan to leverage.
Mark: Suddenly yarchoan.
Mark: You also have these number.
Mark: You either have Knowhow, yeah, John Quealy.
Mark Long: A.
Mark Long: New low cost open source.
Mark: Tom will assume since June <unk>.
Mark Long: Hi models that are available in China for your new products and what you see in terms of.
Mark: No John each of them the vignettes you guys shortly.
Mark: That body of hernia now.
Mark Long: The ability to deploy cost effective.
Jimmy: Well, Jimmy that football club helium, though I'm not totally with Cheyenne.
Mark Long: Machines across your portfolio.
Mark: You knew.
Jimmy: Cobalt and agile adapting yard to.
Mark Long: Okay.
Mark: <unk> AI to tissue.
Mark Long: Because your market woman not physically cannot hunting and.
Mark: Don't hide pingo <unk> bound to Trish against Tricia to Genzyme shifting job number two the email Hulu Italian pushing way Josh you should you should use on the volume.
Mark Long: Our digital.
Mark Long: Could you kind of control the dominoes nutrition could be issue.
Mark Long: Suddenly Yarchoan you also who you look at the number you EBITDA Aloha yet.
Jay: Sure Jay.
John Quealy: John Quealy.
Speaker Change: Tom with human tissue <unk>.
Speaker Change: Now that won't be triangle in the Chilean deducting our kindred go for her Josh are you end up digital tie you auditing dollar churn in 10 minutes.
Speaker Change: John <unk> Charlie.
Speaker Change: I apologize.
Speaker Change: Well, Jimmy is that football umbrella and whatnot totally shining the AI the U.
Jay: Leave hadar.
Speaker Change: For me, it's that Gee, you know Marlin, unless you know who the traditional June.
Speaker Change: Hello, Paul and agile that didn't go through our monthly AI to tissue.
Jay: Joe <unk> fashion with shallow nangle tissue shine the law.
Speaker Change: Sure sure don't either pingo <unk> bound to Trish again assure should at Genzyme should this thing yeah, <unk> Cushing way Josh J.
Jay: So young whole bulk upon naturally <unk>, Josh AI voice unite in June Juno Autocar kinds of things.
Jay: <unk>, you're fine with them through trying to version of Israeli Ocean Wambach jargon deals.
Speaker Change: Sure sure it seems on the Biogen I mean should lead Aig's water Jacob.
Jay: <unk> signed two for Joe will also Im not sure you can ensure EG walk so email page so in the tissue of the AFR Miranda <unk> cancel or Missouri, so realize that the <unk>, yes, I know.
Speaker Change: Now none of the triangle, the Chilean deducting our kindred for.
Speaker Change: For her Joshua.
Speaker Change: Digital tie you heard it <unk> change I mean, none of that.
Leave paid or will pay for them.
Speaker Change: Well me is that G genome on it unless you know that keytruda traditional Jude.
Jay: Total jungle bulging of higher to Twilio.
Speaker Change: <unk> fashion show in uncle tissue Shine, the labor shortage on whole bulk wilpon naturally do you see that it should you know Josh I thought mushy not in June June a lot of talk on the things.
Jenna Giannelli: Sure Yeah from Jenna Giannelli, all jumbos.
Jenna Giannelli: As we can see in the first quarter of this year their show a lot of big models on the market.
Speaker Change: So you don't you're not be parity, you're fine with them through trying to empower generally really awesome when Bob <unk>, who will pay lease untruthful, Joe really ultra I'm not sure if you're trying to sure Ichikawa <unk> E mail.
Speaker Change: Lottery industries are using AI to reshape the industry workflows to reduce cost and improve efficiency.
Speaker Change: Any patient who AI in the insurance industry, we believe okay.
On the tissue.
Speaker Change: Leon Blender, you could cancel or Missouri, so realize the sanya Shenzhen <unk>, yeah. So no.
Speaker Change: So in both underwriting.
Speaker Change: And claims settlement.
Speaker Change: It's also a jungle Bosnia higher that's really what we should get phone Tien tsin ill jump in.
Speaker Change: So on the right side.
Speaker Change: It's about pricing really use AI to help automakers achieve real time, ACH area calculations and dynamic pricing.
Speaker Change: As we can see.
Speaker Change: First quarter of this year their show a lot of big models on the market.
Speaker Change: By utilizing the.
Speaker Change: Among our training data, including including user behavior data.
Speaker Change: A lot of industries are using AI to reshape the industry workflows to reduce the coast.
Speaker Change: It's far more precise than traditional auto insurance pricing method, which can better reflect the difference among drivers.
Speaker Change: Peru English C.
Speaker Change: No.
Speaker Change: Patients, who AI in the insurance industry.
Speaker Change: While on the claims fitness site we.
Speaker Change: Okay.
Speaker Change: In both underwriting.
Speaker Change: We are researching solution that can utilize data from smart connected N V.
And claims settlement.
On the right side, we see is about pricing really use AI to him.
So in England accent.
Speaker Change: And then Johnny data such as radar ratings.
Speaker Change: <unk> achieved real time, ACH area calculations and dynamic pricing.
Speaker Change: Camera footage and Cleveland data can be extracted and analyzed using AI models for U S station and assessment.
Tracy: Thank you Tracy.
Speaker Change: Among driving data, including including user behavior data.
Speaker Change: 8 million claims solution that will revolutionize the traditional claims process.
Speaker Change: Approach is far more precise than traditional auto insurance pricing method, which can better reflect the difference among drivers.
Speaker Change: Hi, integrating file a case there.
Speaker Change: Feature investigation.
Speaker Change: On the claims fitness site.
Speaker Change: <unk> assessment.
Speaker Change: We are researching solution that can utilize stadia from mark connected N V.
Speaker Change: Loss calculation and a payment this file.
Speaker Change: These five steps into one.
Speaker Change: So in the event of accidents.
Speaker Change: Seemingly fits in well.
Speaker Change: And then Johnny data such as radar.
Speaker Change: So this is our exploration in interior and claims processing and we believe it will reshape the entire industry workflow.
Speaker Change: Radar ratings.
Speaker Change: Footage inclusion data can be extracted and analyzed using AI models.
Speaker Change: <unk> cost effectiveness and risk mitigation.
Speaker Change: U S Asian and assessments.
Speaker Change: So the 8 million claims solution they were really tonight that traditional claims process.
Mark: Thank you Mark.
Speaker Change: By integrating filed cases.
Mark: Was there a follow up Mr long.
Speaker Change: Sure.
Speaker Change: Litigation damage assessment.
Speaker Change: No that's excellent and it sounds like you're well positioned to leverage.
Speaker Change: Hey, Noah.
Speaker Change: <unk> Entertainment this file.
Speaker Change: Open source models, which will give you a huge advantage.
Speaker Change: <unk> steps into one.
Speaker Change: Seemingly system.
Speaker Change: Given your relationships with the large.
Speaker Change: This is our exploration in intelligent claims processing and we believe he will reshape the entire industry workflow.
Speaker Change: Oems.
Speaker Change: That's great.
It sounds like Youre going to leverage your leadership position in.
Speaker Change: Cost effectiveness.
Speaker Change: And risk mitigation.
Speaker Change: Become one of the leaders and how AI reshape the auto.
Speaker Change: Thank you Mark.
Speaker Change: Insurance industry in China. Thank you.
Speaker Change: Okay. Thank you.
Speaker Change: Was there a follow up Mr long.
Speaker Change: Again, if you have a question. Please press Star then one.
Speaker Change: No that's excellent and it sounds like you're well positioned to leverage the open source models, which will give you a huge advantage.
Speaker Change: The next question comes from Fei Zheng Gal with Citic Securities. Please go ahead.
Speaker Change: Given your relationships with the large.
Speaker Change: Yeah Bonnie.
Speaker Change: Well, if you're doing them in a coffee shop no worry about when she just sounds Hugo young.
Speaker Change: Oh, Yeah, Oh, yeah.
Speaker Change: That's great.
Speaker Change: Sure.
Speaker Change: It sounds like Youre going to leverage your leadership position in.
Speaker Change: I'm doing well.
Speaker Change: Local women's yourself module Brooklyn Xiaomi.
Speaker Change: Become one of the leaders in how AI reshaped the auto.
Speaker Change: So you wouldn't be sure.
Speaker Change: Sure Gordon uncle Noguchi, I know how much of your OEM telecom it sounds.
Speaker Change: Insurance industry in China.
Speaker Change: <unk>.
Speaker Change: Well now go who will I wouldn't I wouldn't have a groupon just a number okay.
Speaker Change: Thank you.
Speaker Change: Again, if you have a question. Please press Star then one.
Speaker Change: So let me translate it.
Speaker Change: The next question comes from Fei Zheng Gal with Citic Securities. Please go ahead.
Speaker Change: You know that we have some partner.
Speaker Change: We also understood all right.
Speaker Change: So my question is that our warehouses OEM Grupo crude going to cooperate with gray.
Speaker Change: Yeah.
Speaker Change: Yeah Bonnie.
Speaker Change: And then a coffee shop, now where you're going to defer to John to go yeah.
Speaker Change: Could you give some.
Speaker Change: Sure.
Speaker Change: Information about this question and.
Speaker Change: Singapore that I'll handle <unk>.
Speaker Change: So much of Brooklyn Xiaomi.
Speaker Change: Oh yeah.
Speaker Change: So you are the one here sure.
Speaker Change: What's your plan that's all thanks.
Speaker Change: Sugarland uncle Noguchi is I'll use that word I'm wondering who you haven't talked at all it sounds a whole new corridor.
Speaker Change: Yes sure.
Speaker Change: Certainly the R&D day.
Speaker Change: Even though Joshua Vogel realized chartwell, Nissan Xiaomi Io you should have no maturities until the phone while exceeding the parmesan.
Speaker Change:
Speaker Change: Well I want to go there.
Speaker Change: I will have a grille comp you said no broker kidney care.
Speaker Change: So let me translate it.
Speaker Change: We know that we have some partner.
Speaker Change: <unk> is an unusual amount of true name, which has really engender.
Speaker Change: It has the Xiaomi Mi auto Amazon.
Speaker Change: So my question is that whether it's OEM group Board approved go to cooperate with.
Speaker Change: So you should watch and how hard <unk> Hello towards your volume for the API vehicles.
Sheila Banducci: Sure Sheila Banducci Shan Shan Shan the bulge out.
Speaker Change: Could you give us some.
Speaker Change: Information about this question and.
Truthful.
Speaker Change: Oh, yeah blocks the onto the future plan that's all thanks.
So usually the hu <unk> chance through the heart failure in agile sure.
Speaker Change: Okay sure.
Sheila Banducci: Woman.
Sheila Banducci: Tricia <unk> from year, two of whom Virginia.
Speaker Change: Turning to our owned <unk> vocal realizable, Nissan Xiaomi Haier, China churches on telephone, while achieving the parmesan, though almost <unk> unusual woman true name, which has really shanda did.
Sheila Banducci: Jim, which I know him and Fuller.
Sheila Banducci: <unk> Chairman should rule, so I don't want to.
Tom: Sure Tom.
Tom: Well go ahead sure so apologize for the whole year that once you I should say.
Tom: Who the general you'll pull the trigger to renew our <unk>.
Speaker Change: So you should watch and how harder to help him or her towards yacht volume for the API vehicle.
Tom: Three data center to the low end.
Tom: Yeah.
Speaker Change: Sure Sheila Banducci Shan Shan Shan, the bulge out truthful.
Tom: Hi, Jim Bond fund.
Tom: Oh.
Speaker Change: Truthful to that so usually the hu <unk> through the part D.
Tom: For the first question.
Tom: Hi.
Tom: And you can see we have been cooperating with me.
Speaker Change: Sure woman.
Speaker Change: <unk> chosen for you.
Tom: Avi partners on the market. So basically there are two main reasons, we think why they chose that so the first one we are the leading digital platform in China.
Speaker Change: From year, two of whom Virginia.
Speaker Change: Jim which element Foulard you can.
Speaker Change: Totally on chairman should rule <unk> trading in Chicago.
Speaker Change: Sure So I'll pause here and going through the <unk>, how should we see.
Tom: Uh huh.
Tom: 10 years of experience, we have been connecting our consistently multiple insurance companies.
Speaker Change: Just on the trigger to renew them all of them and those should hammer to data center to the D. R.
Speaker Change: Yeah.
Tom: So we can help them to rely on.
Speaker Change: Hi, Jim.
Tom: <unk> cohort of patients and policy issuance.
Speaker Change: Oh so.
Tom: We provide a full assembly services.
Speaker Change: That's the first question why.
Tom: So stop services for our partners.
Speaker Change: And you can see we have been cooperating with me.
Tom: The first one the second one because we have reached a month.
Speaker Change: E V partners on the market. So basically there are two main reasons why we chose not so the firstly, we are the leading vehicle platform in China.
Tom: Auto insurance operationally experiences.
Tom: During the past two years, we have been for life Thursday morning.
Speaker Change:
Speaker Change: I've just got 10 years of experience, we have been connecting our traditionally multiple insurance companies.
Tom: <unk> mean car owners so late.
Tom: Whether it comes to operational.
Tom: Technology, we are always the best choice for them.
Speaker Change: So we can help them to rely on online consultation and policy issuance. So we provide.
Tom: Okay.
Tom: Sure.
Tom: If I'm in a linear to the Oregon health with other Omega Glaser football if I'm in the immuno <unk>, Georgia boot.
Speaker Change: These services.
Steve Silver: So Steve So our partners.
Steve Silver: That's the first one the second one because we have.
Tom: <unk> and Athena in China, those are general volume.
Steve Silver: Reach amounts.
Tom: Two what are the similarities youre not <unk>, Joshua turnover and as usual change overall in general.
Steve Silver: Auto insurance operation experiences during the past few years, we have been co wife Susie.
Tom: Chile manner tissue tabular payroll deduction.
Steve Silver: Dan.
Steve Silver: <unk> mean car owners so.
Tom: Patrick Josh Accumulators would you how should.
Steve Silver: Whether it comes to operational.
Speaker Change: Trillium Ashish upon gosh with your normal type of increase of the AI Newmar yugo to harder rock.
Steve Silver: Operational.
Steve Silver: Technology, we are always the best choice for them.
Steve Silver: [noise].
Josh: Josh I'll mention the current I'm watching the truthful suddenly etiology or rich on the screen.
Steve Silver: Okay. The other one on the AI, if I'm Gonna Lithia Tallulah Gung Ho quit auto neither glad he is a football if I'm in a union lunar GSD <unk>, Georgia boot.
Speaker Change: Tricia permitted journal intrusion to the highly met Tony Chardonnay got food Hall, Jaeger Hershner, either higher IMU number G Joshua months ago.
Steve Silver: <unk> and Athena in China, those are general volume.
Steve Silver: There are two of the J C Nolan tissue or not <unk>, Josh to pneumonia and as usual change overall in general.
Josh: Yes.
Josh: Onshore Omega China Auto Ru.
Steve Silver: Chile manner tissue tabular payroll tax regime.
Josh: Now as for the second question about AI.
Steve Silver: Patrick Joshua Accumulators would you how should take Trillium Ashish upon gosh with your non top increase over AI you knew that you go to harder rock.
Josh: So apart from what I, just mentioned about the AI applications in the claims and underwriting.
Speaker Change: C J.
Josh: We think it has.
Speaker Change: And Tom was in a truthful you signed etiology or with Dundee.
Josh: Right now in China, most of any of these are smart connected and.
Speaker Change: Tricia permitted to nutrition.
Josh: So no.
Speaker Change: The higher limit to reach our dollar you got three call Degas Hershey, though you got higher IMU number to you quite know Joshua Mantega.
Josh: We intend on driving scale in China, our leidy globally.
Josh: So basically on the way.
Josh: Behind this deal.
Speaker Change: At Yes father, Tony I'll find out coal now youre trying to get a total.
Josh: A large amount of data no matter the driver user data our collegian data. So all of this data can be utilized in AI. So that's why right now.
Speaker Change: Now as for the second question.
Speaker Change: All the AI.
Speaker Change: So apart from what I, just mentioned about the AI applications in the claims and underwriting.
Josh: We are investing in.
Josh: Investing in AI techniques.
Josh: So basically in auto insurance, especially in our smart connected in a smart any reinsurance <unk> will be fully utilized in this industry. So this is our future and this is the direction of our future Oh.
Speaker Change: We think because right now in China most of any of these are smart connected <unk>.
Speaker Change: So no.
Speaker Change: Antenna and driving scale in China, our leidy globally.
Speaker Change: So basically underway behind this deal we produced a large amount of data no matter the driver yoga data <unk> data. So all of this data can be utilized in AI. So that's why right now we.
Our future strategic investment.
Josh: Okay. Thank you.
Josh: Okay.
Speaker Change: Are you investing in.
Josh: Was there a follow up.
Speaker Change: Investing in AI techniques.
Josh: Zhengzhou.
Speaker Change: So basically in auto insurance, especially in the smart <unk>.
Josh: Okay.
Josh: Okay clear.
Speaker Change: <unk> in a smart any reinsurance <unk> will be fully utilized in this industry. So this is our future and this is the direction of our future Oh.
Josh: Okay.
Speaker Change: The next question is a follow up from Allen Klee with Maxim Group. Please go ahead.
Allen Klee: Oh hi.
Speaker Change: Our future strategic investment.
Allen Klee: Yeah I'm sorry.
Allen Klee: Yeah.
Allen Klee: This concludes our question and answer session I would like to turn the conference back over to Lee for any closing remarks.
Speaker Change: Okay. Thank you.
Speaker Change: Okay.
Speaker Change: Was there a follow up.
Speaker Change: Zhengzhou.
Speaker Change: Okay.
Speaker Change: Thank you. We appreciate you taking the time to join US on the call today, if you have any follow up.
Speaker Change: Okay clear.
Speaker Change: Okay.
Speaker Change: The next question is a follow up from Allen Klee with Maxim Group. Please go ahead.
Speaker Change: Follow up questions. Please reach out to Investor relations.
Speaker Change: Have a good day. Thank you.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Allen Klee: Oh, Hi, I hit the button.
Speaker Change: Yeah I'm sorry.
Allen Klee: Yeah.
Allen Klee: Okay.
Allen Klee: Okay.
Allen Klee: This concludes our question and answer session I would like to turn the conference back over to Lee for any closing remarks.
Speaker Change: Thank you. We appreciate you taking the time to join US on the call. Today. If you have any follow up follow up questions. Please reach out to Investor Relations.
Allen Klee: Have a good day. Thank you.
Allen Klee: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Allen Klee: Okay.
Allen Klee: [music].