Total debt surged to $84.5M in 2025Q2 from $35.2M in 2024Q4, pushing the D/E ratio to 0.25, while the current ratio fell to 1.31, signaling increased leverage and reduced liquidity.
| Total Current Assets | 1.16B | 1.36B | 1.18B | 780.25M | 600.85M | 752.56M |
| Cash & Short-Term Investments | 167.2M | 149.83M | 152.9M | 264.87M | 149.77M | 426.14M |
| Cash Only | 149.19M | 149.61M | 117.47M | 243.39M | 114.94M | 362.38M |
| Short-Term Investments | 18.01M | 226.14K | 35.42M | 21.47M | 34.82M | 63.76M |
| Accounts Receivable | 942.72M | 1.15B | 1B | 505.98M | 435.88M | 311.85M |
| Days Sales Outstanding | 104.28 | 139.03 | 105.6 | 55.94 | 59.39 | 65.59 |
| Inventory | 0 | 0 | 0 | 0 | 13.65M | 13.54M |
| Days Inventory Outstanding | - | - | - | - | 1.96 | 2.99 |
| Other Current Assets | 34.14M | 60.1M | 1.99M | 1.59M | -3.2M | -2.75M |
| Total Non-Current Assets | 129.37M | 119.38M | 107.11M | 113.72M | 111.65M | 116M |
| Property, Plant & Equipment | 9.23M | 7.29M | 7.02M | 11.92M | 16.89M | 19.14M |
| Fixed Asset Turnover | 347.58x | 412.95x | 494.68x | 277.06x | 158.58x | 90.67x |
| Goodwill | 84.61M | 84.66M | 84.61M | 84.61M | 84.61M | 84.61M |
| Intangible Assets | 4.9M | 3.85M | 5.95M | 8.05M | 10.15M | 12.25M |
| Long-Term Investments | 0 | 21.1M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 30.62M | 2.48M | 9.53M | 9.15M | 0 | 0 |
| Total Assets | 1.28B | 1.48B | 1.29B | 893.98M | 712.5M | 868.56M |
| Asset Turnover | 2.57x | 2.04x | 2.70x | 3.69x | 3.76x | 2.00x |
| Asset Growth % | 141.67% | 14.59% | 44.07% | 25.47% | -17.97% | - |
| Total Current Liabilities | 883.42M | 1.11B | 878.27M | 501.53M | 344.03M | 347.62M |
| Accounts Payable | 683.97M | 843.26M | 725.82M | 316.87M | 227.16M | 180.3M |
| Days Payables Outstanding | 80.29 | 108.02 | 79.93 | 36.59 | 32.68 | 39.77 |
| Short-Term Debt | 71.9M | 85.28M | 30M | 20M | 0 | 10M |
| Deferred Revenue (Current) | 4.3M | 1.04M | 1.78M | 4.29M | 888K | 8.71M |
| Other Current Liabilities | 13.17M | 69.88M | 9.04M | 9.33M | 9.49M | 7.13M |
| Current Ratio | 1.31x | 1.23x | 1.34x | 1.56x | 1.75x | 2.16x |
| Quick Ratio | 1.31x | 1.23x | 1.34x | 1.56x | 1.71x | 2.13x |
| Cash Conversion Cycle | 23.98 | - | - | - | 28.66 | 28.8 |
| Total Non-Current Liabilities | 59.93M | 14.52M | 53.9M | 14.26M | 1.63B | 1.53B |
| Long-Term Debt | 5M | 9.81M | 0 | 0 | 0 | 10.51M |
| Capital Lease Obligations | 10.2M | 801.5K | 2.14M | 5.4M | 6.23M | 8.29M |
| Deferred Tax Liabilities | 4.33M | 963.61K | 1.49M | 2.01M | 2.54M | 3.06M |
| Other Non-Current Liabilities | 50.23M | 1.51M | 48.84M | 5.42M | 1.62B | 1.5B |
| Total Liabilities | 943.35M | 1.12B | 932.17M | 515.79M | 1.97B | 1.87B |
| Total Debt | 84.53M | 95.89M | 35.17M | 29.35M | 13.9M | 36.67M |
| Net Debt | -64.66M | -53.72M | -82.3M | -214.04M | -101.04M | -325.72M |
| Debt / Equity | 0.25x | 0.27x | 0.10x | 0.08x | - | - |
| Debt / EBITDA | -2.65x | - | - | - | - | - |
| Net Debt / EBITDA | 2.03x | - | - | - | - | - |
| Interest Coverage | -80.20x | -6.98x | -72.42x | -109.62x | -26.72x | -21.54x |
| Total Equity | 341.47M | 355.4M | 355.75M | 378.18M | -1.26B | -1.01B |
| Equity Growth % | -20.12% | -0.1% | -5.93% | 130% | -25.4% | - |
| Book Value per Share | 4.15 | 4.30 | 4.11 | 5.01 | -15.86 | -12.65 |
| Total Shareholders' Equity | 341.47M | 355.4M | 355.75M | 378.18M | -1.26B | -1.01B |
| Common Stock | 6K | 6K | 6K | 5K | 2K | 30K |
| Retained Earnings | -2.2B | -2.19B | -2.18B | -2.11B | -1.26B | -1B |
| Treasury Stock | -1.02M | -1.03M | -1.02M | -1.02M | -1.02M | -1.03M |
| Accumulated OCI | 4.33M | -1.16M | 6.09M | 1.15M | -66K | -7.8M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory margin compression risk
Total assets grew to $1.3B by 2025Q2, but the pace has decelerated sharply from the 2022-2023 period, with liabilities rising faster than equity, suggesting a weakening financial structure according to CCG's filings.
The asset base increased primarily due to a surge in current liabilities, which jumped from $515.8M in 2023Q4 to $943.4M in 2025Q2, while equity contracted from $378.2M to $341.5M over the same period. This divergence indicates that the company is funding operations through increased short-term obligations rather than retained earnings or capital raises, a trend that may pressure liquidity if revenue continues to decline.
Total debt rose to $84.5M in 2025Q2 from $35.2M in 2024Q4, pushing the D/E ratio to 0.25 from 0.10, a significant increase that appears tied to short-term borrowings rather than strategic long-term financing, per CCG's balance sheet.
The debt increase is concentrated in the first half of 2025, with total debt jumping from $35.2M to $132.8M in Q1 before settling at $84.5M in Q2. This volatility suggests reliance on short-term credit lines to manage working capital gaps, which introduces refinancing risk given the company's negative operating cash flow. The low D/E historically may have reflected limited access to credit, but the recent spike warrants monitoring for covenant compliance.
Cash and equivalents grew to $149.2M in 2025Q2, representing 11.5% of total assets, while goodwill remains static at $84.6M, indicating that the balance sheet is becoming more liquid but also reliant on intangible assets that may be impaired, as reported in CCG's financials.
The cash buildup from $117.5M in 2024Q4 to $149.2M in 2025Q2 provides a buffer against operating losses, but the goodwill balance has not changed since 2022, suggesting no impairments despite the revenue decline. PPE net has fluctuated between $7M and $12.5M, reflecting a low capital intensity model. The asset mix is increasingly weighted toward current assets, which may improve liquidity ratios but does not address the underlying margin compression.
Shareholders' equity declined to $341.5M in 2025Q2 from $378.2M in 2023Q4, driven by retained earnings deepening to -$2.2B, reflecting cumulative losses that have consumed over six times the current equity base, according to CCG's balance sheet.
The retained earnings deficit has grown from -$1.3B in 2022Q4 to -$2.2B in 2025Q2, indicating that the company has never generated sustainable profits. Equity has been supported by capital raises, but the absence of share repurchases or dividends suggests management is preserving cash. The negative retained earnings raise questions about the long-term viability of the business model if profitability remains elusive.
The current ratio fell to 1.31 in 2025Q2 from 1.56 in 2023Q4, as current liabilities grew faster than current assets, reducing the liquidity cushion and signaling potential strain in meeting short-term obligations, per CCG's reported figures.
The decline in the current ratio is driven by a $427.6M increase in current liabilities since 2023Q4, while current assets grew by only $306.5M. Cash alone covers 15.8% of total liabilities, but with negative operating cash flow, the company may need to draw on debt or equity to fund operations. The quick ratio, excluding inventory, is likely similar given the service-based nature of the business, leaving little room for error.
Goodwill of $84.6M has remained unchanged for over two years despite a 13.3% revenue decline, suggesting that CCG may be carrying an overstated intangible asset that could trigger a future impairment charge, based on its financial statements.
The static goodwill balance, combined with persistent negative margins and a shrinking revenue base, creates a disconnect between book value and economic reality. If the company's market capitalization continues to trade below book value, an impairment test may force a write-down, which would further erode equity. Investors should monitor the goodwill-to-equity ratio, which stood at 24.8% in 2025Q2, as a potential catalyst for a future earnings hit.
Quick answers to the most common questions about buying CCG stock.
As of 2025, Cheche Group Inc. (CCG) had total assets of $1.48B including $1.36B in current assets.
Cheche Group Inc. (CCG) carries total debt of $95.9M, offset by $149.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cheche Group Inc. (CCG) has total shareholders' equity (book value) of $355.4M ($4.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cheche Group Inc. (CCG) reported a current ratio of 1.23x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.