Company: SDAWW
Filing Date: 2025-12-22
Form Type: 6-K
Source: 0001213900-25-124170
Chunk: 35

Company: SunCar Technology Group Inc.
Filing Date: 2025-12-22
Form: 6-K
Chunk 35
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 in the notes to the consolidated financial statements.

F-30 OPERATING AND FINANCIAL REVIEW AND PROSPECTS A. Operating Results You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in Form 6-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors” and elsewhere in the Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission on April 28, 2025 (the “Annual Report”). Business Overview We are a leading provider of cloud and mobile app-based auto eInsurance services, technology services, and auto services in China. We generate revenue from selling our auto eInsurance services, technology services, and auto services. For our auto eInsurance business, we facilitate the sale of auto insurance products underwritten by major insurance companies in China. We receive commissions from these insurance companies which are typically a percentage of the premium paid by the policy holder. We implement, automate, and streamline the insurance purchasing process through our proprietary cloud and mobile apps which connect our customers to the full spectrum of products from the leading insurers in China. The auto insurance premiums for EVs increased from US$623.3 million for the nine months ended September 30, 2024 to US$1,072.3 million for the nine months ended September 30, 2025, representing a year-over-year growth of 72.0%. Therefore, the revenue from EV insurance services amounted to US$47.3 million for the nine months ended September 30, 2025, as compared to US$27.4 million for the nine months ended September 30, 2024, representing a significant increase of 72.6%. We operate our technology services business by providing technical software and consulting related to auto eInsurance and auto services. We have built modular software tools such as customer relationship management (CRM), order management, finance management, and visual analysis systems, which run on our proprietary hybrid cloud platform. Our insurance sales partners and auto services providers use all or some of these online tools to manage their daily work, allowing them the opportunity to monetize the software we have built. We operate our auto service business by offering customized auto services to our enterprise customers (our “auto service partners