Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless the context otherwise requires, all references in this section to “we,” “us,” or “our” refer collectively to Cheche Group Inc., and its subsidiaries, including Cheche Technology Inc. (“CCT”), Baodafang Technology Co., Ltd., Cheche Technology (Ningbo) Co., Ltd. (“WFOE”), and any other PRC-incorporated subsidiary that we may have in the future, as well as our WFOE’s contractual arrangements, commonly known as the VIE structure, with a variable interest entity (the “VIE”) and its subsidiaries (collectively, the “Affiliated Entities”). You should read the following discussion and analysis of our results of operations and financial condition together with the unaudited consolidated financial statements and related notes included elsewhere in this current report on Form 6-K. See “Exhibit 99.1—Unaudited Interim Consolidated Financial Statements as of December 31, 2025 and June 30, 2026, and the for the six months ended June 30, 2025 and 2026.” This discussion contains forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those we describe under “Risk Factors” of our annual report on Form 20-F for the year ended December 31, 2025 (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 27, 2026.

Overview

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands with no substantive operation. We carry out our business in China primarily through WFOE and our contractual arrangements, commonly known as the VIE Structure, with the Affiliated Entities. We are an insurance technology company operating an independent technology-empowered platform primarily for auto insurance transaction services. Capitalizing on our leading position in auto insurance transaction services, we have evolved into a nationally leading platform with a nationwide network that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. We offer a unified, cloud-based platform that delivers considerable value propositions to each of the participants in its ecosystem, including insurance carriers, insurance intermediaries, third-party platforms, referral partners and consumers. These participants access and utilize our flagship digital insurance transaction products Easy-Insur (车保易) and NEV Insurance Solution, as well as the insurance SaaS solution products Digital Surge (澎湃保) and Sky Frontier (天境) on our platform. These products are designed and programmed in different forms, including mobile, web, WeChat and third-party applications. The open architecture of our platform also enables interoperability of these products with numerous applications, systems and other offerings adopted by our ecosystem participants.

Our net revenues were RMB1,348.7 million and RMB885.0 million (US$130.4 million) for the six months ended June 30, 2025 and 2026, respectively. Our net loss was RMB25.6 million and RMB44.1 million (US$6.5 million) for the six months ended June 30, 2025 and 2026, respectively. We recorded adjusted net loss of RMB10.5 million and RMB37.7 million (US$5.6 million) for the six months ended June 30, 2025 and 2026, respectively. For a detailed description of our non-GAAP measures, see “—Non-GAAP Financial Measures.”

The following table sets forth a summary of our unaudited interim condensed consolidated statements of operations and comprehensive loss, both in absolute amount, for the periods indicated. This information has been derived from and should be read together with our unaudited interim condensed consolidated financial statements. The results of operations in any period are not necessarily indicative of the results that may be expected for any future period.

Non-GAAP Financial Measures

We use adjusted net loss, a non-GAAP financial measure, in evaluating our results of operations and for financial and operational decision-making purposes. Adjusted net loss represents net loss excluding the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd) and change in fair value of warrants.

We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Adjusted net loss enables our management to assess our results of operations without considering the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), and change in fair value of warrants. We believe that adjusted net loss helps identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that are included in net loss. We also believe that the use of such non-GAAP measure facilitates investors’ assessment of our operating performance. Adjusted net loss should not be considered in isolation or construed as an alternative to net loss or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the reconciliation of our historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted net loss presented here 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 our data. We encourage investors and others to review our 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. We mitigate 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 our performance.

The following tables set forth a reconciliation of our adjusted net loss to net loss for the periods indicated.

Recent Developments

On September 9, 2026, we entered into a non-binding term sheet in connection with a proposed strategic investment in Long Way Fortune (“Target”), a residential solar-plus-storage business with operations currently in Australia and Singapore. The term sheet contemplates an initial 20% minority investment in the Target with the potential for us to increase our ownership interest in the Target to up to 51% over time, subject to agreed conditions and performance milestones. The transaction will be a stock-for-stock investment in the Target at an overall implied equity value of US$490 million, with our consideration being stock-linked and subject to a delayed schedule of release over the next few years. The term sheet is non-binding and does not obligate us to consummate the proposed investment.

On September 1, 2026, we announced the launch of the ABAO Agent Family, a suite of five specialized AI agents built on our proprietary vertical insurance large language model, which marks our strategic evolution from a digital insurance transaction platform into an AI-driven insurance infrastructure provider.

On June 24, 2026, we announced the launch of “Cheche Score,” a proprietary AI-powered dynamic pricing solution for new energy vehicle (“NEV”) insurance, which establishes a data-driven, differentiated pricing model purpose-built for the era of intelligent driving and represents a significant step forward in our strategy to redefine risk management across China’s fast-growing NEV insurance market.

On June 22, 2026, we announced the official launch of “ABAO Agent,” an AI-powered intelligent underwriting agent. Built on our proprietary, large language model and deeply integrated with core insurance workflows, ABAO Agent delivers end-to-end intelligent automation across underwriting and policy renewal, which marks a pivotal step in our strategic evolution from a digital insurance transaction platform to a AI-driven insurtech company.

On May 28, 2026, we announced the official launch of our proprietary, AI large model-driven intelligent connected vehicle pricing product. Targeting China’s expanding market of approximately 20 million intelligent connected NEVs, the product utilizes advanced machine learning and multi-dimensional data analytics. By analyzing real-time driving behavior, usage patterns, and localized risk scenarios, the technology delivers precise, personalized insurance pricing tailored to individual drivers.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Net revenues. Our net revenues decreased by 34.4% from RMB1,348.7 million for the six months ended June 30, 2025 to RMB885.0 million (US$130.4 million) for the six months ended June 30, 2026, as a result of the restructuring of our business portfolio.

Cost of revenues. Our cost of revenues decreased by 35.5% from RMB1,282.9 million for the six months ended June 30, 2025 to RMB827.6 million (US$122.0 million) for the six months ended June 30, 2026, due to a decline in net revenues and higher gross margin driven by the restructuring of our business portfolio.

Selling and marketing expenses. Our selling and marketing expenses decreased by 4.3% from RMB37.3 million for the six months ended June 30, 2025 to RMB35.6 million (US$5.3 million) for the six months ended June 30, 2026, primarily due to the decrease in staff cost and share-based compensation expenses.

General and administrative expenses. Our general and administrative expenses increased by 55.4% from RMB37.3 million for the six months ended June 30, 2025 to RMB57.9 million (US$8.5 million) for the six months ended June 30, 2026, primarily due to the recognition of RMB35.1 million (US$5.2 million) specific allowance of credit losses for long-aged and high-risk receivables, partially offset by the decrease in share-based compensation expenses and professional service fees.

Research and development expenses. Our research and development expenses decreased by 21.0% from RMB18.3 million for the six months ended June 30, 2025 to RMB14.5 million (US$2.1 million) for the six months ended June 30, 2026, mainly due to the decrease in staff costs and professional service fees.

Net loss. As a result of the foregoing, we incurred a net loss of RMB44.1 million (US$6.5 million) for the six months ended June 30, 2026, as compared to a net loss of RMB25.6 million for the six months ended June 30, 2025.

Liquidity and Capital Resources

For the six months ended June 30, 2025 and 2026, our principal source of liquidity was cash generated from financing activities and short-term borrowings from banks.

As of December 31, 2025 and June 30, 2026, we had cash and cash equivalents of RMB144.5 million and RMB131.7 million (US$19.4 million), respectively.

We believe that we will be able to meet our operating needs for the next twelve months from the date of this current report, with cash balances of approximately RMB131.7 million (US$19.4 million) and short-term investments of approximately RMB0.2 million (US$0.03 million) as of June 30, 2026, respectively. However, we may require additional funding due to changing business conditions or other future developments, including any investments or acquisitions we may pursue. If our existing cash resources are insufficient to meet our working capital requirements, we may seek to issue equity or equity-linked securities or debt securities or obtain financing from banks and other third parties. As of June 30, 2026, the credit line of Bank of Beijing RMB20.0 million (due in June 2028) has not been used. The sale of equity or equity-linked securities would result in additional dilution to our shareholders, while the incurrence of indebtedness could subject us to operating and financial covenants that restrict our operations and ability to pay dividends to our shareholders. There is no assurance that we will be successful in raising funds, obtaining sufficient funding on terms acceptable to us, or if at all, which could have a material adverse effect on our business, financial condition and results of operations. See “Item 3. Key Information— D. Risk Factors — Risks Related to Our Securities — The issuance of additional share capital in connection with financings, acquisitions, investments, our equity incentive plans or otherwise will dilute all other shareholders” of the Annual Report.

The following table sets forth a summary of our cash flows for the periods indicated.

Operating Activities

Net cash used in operating activities for the six months ended June 30, 2026 was RMB2.3 million, primarily due to a net loss of RMB44.1 million, as adjusted by (1) adjustments primarily consisting of provision of allowance for current expected credit losses of RMB34.1 million, share-based compensation expense of RMB2.9 million, amortization of right-of-use asset of RMB2.7 million, changes in fair value of amounts due to related party of RMB2.3 million, amortization of intangible assets of RMB1.1 million, partially offset by foreign exchange gains of RMB6.6 million, and (2) net cash inflow of RMB5.3 million from changes in operating assets and liabilities, primarily due to a decrease of RMB445.7 million in accounts receivable, an increase of RMB0.7 million in accrued expenses and other current liabilities and an increase of RMB0.2 million in contract liabilities, partially offset by a decrease of RMB411.9 million in account payable, an increase of RMB14.3 million in amounts due from related parties, a decrease of RMB4.4 million in salary and welfare benefits payable, a decrease of RMB4.3 million in tax payable, an increase of RMB3.7 million in prepayments and other current assets and a decrease of RMB2.7 million in lease liabilities. 

Net cash used in operating activities for the six months ended June 30, 2025 was RMB8.6 million, primarily due to a net loss of RMB25.6 million, as adjusted by adjustments primarily consisting of share-based compensation expense of RMB13.0 million, changes in fair value of amounts due to related party of RMB2.1 million, amortization of right-of-use asset of RMB2.7 million, partially offset by changes in fair value of warrant of RMB1.1 million.

Investing Activities

Net cash used in investing activities for the six months ended June 30, 2026 was RMB0.2 million, primarily due to the purchase of property, equipment and leasehold improvement.

Net cash generated from investing activities for the six months ended June 30, 2025 was RMB17.4 million, primarily due to the cash received from maturities of short-term investments the placement of short-term investments of RMB32.2 million, and partially offset by the placement of short-term investments of RMB14.8 million.

Financing Activities

Net cash generated from financing activities for the six months ended June 30, 2026 was RMB7.9 million, primarily due to the cash received from short-term borrowings from bank of RMB68.2 million, and partially offset by the cash repayment of short-term and long-term borrowings to bank of RMB60.3 million.

Net cash generated from financing activities for the six months ended June 30, 2025 was RMB44.9 million, primarily due to the cash received from short-term and long-term borrowings from bank of RMB71.9 million, and partially offset by the cash repayment of short-term borrowings to bank of RMB25.0 million.

Capital Expenditures

We incur capital expenditures primarily for purchases of property and equipment. Our capital expenditures were RMB0.04 million and RMB0.2 million for the six months ended June 30, 2025 and 2026, respectively. We will continue to incur capital expenditures to support the growth of our business.

Financial Information Related to the VIEs

The following table presents the unaudited condensed consolidated financial information relating to Cheche Group Inc., and CCT (collectively, the “Parent Company”), WFOE, CCT’s subsidiaries (other than WFOE), the VIE and its subsidiaries for the periods and as of the dates presented.

Selected Condensed Consolidated Statements of Operations Data

Selected Condensed Consolidated Balance Sheets Data