CNinsure Inc., (Nasdaq:CISG), (the "Company" or "CNinsure"), a
leading independent insurance intermediary company operating in
China, today announced its unaudited financial results for the
fourth quarter and fiscal year ended December 31, 2010.(1)
Financial Highlights:
Highlights for Fourth Quarter 2010l
- Total net revenues: RMB449.0 million (US$68.0 million),
representing an increase of 26.3% from the corresponding period of
2009.
- Income from operations: RMB132.7 million (US$20.1 million),
representing an increase of 20.4% from the corresponding period of
2009.
- Net income attributable to the Company's shareholders: RMB126.5
million (US$19.2 million), representing an increase of 34.9% from
the corresponding period of 2009. Excluding non-recurring
investment income incurred by business combination achieved in
stages, net income attributable to the Company's shareholders grew
32.4% from the corresponding period of 2009, which exceeded the
previous guidance of approximately 32% year-over-year growth.
- Basic and diluted net income per American Depositary Share
("ADS"): RMB2.514 (US$0.381) and RMB2.447 (US$0.371), respectively,
representing an increase of 22.3% and 22.7%, respectively, from the
corresponding period of 2009.
Highlights for Fiscal Year 2010
- Total net revenues: RMB1,485.0 million (US$225.0 million),
representing an increase of 28.6% from 2009.
- Income from operations: RMB431.6 million (US$65.4 million),
representing an increase of 32.3% from 2009.
- Net income attributable to the Company's shareholders: RMB422.3
million (US$64.0 million), representing an increase of 40.4% from
2009. Excluding non-recurring investment income incurred by
business combination achieved in stages, net income attributable to
the Company's shareholders grew 36.5% from 2009.
- Basic and diluted net income per ADS: RMB8.816 (US$1.336) and
RMB8.529 (US$1.292), respectively, representing an increase of
33.7% and 31.6%, respectively, from 2009.
Commenting on the financial results, Mr. Yinan Hu, chairman and
chief executive officer of the Company, stated, " I am pleased to
report that CNinsure continued to deliver solid financial results
in 2010 with total net revenues and net income attributable to the
Company's shareholders growing 28.6% and 40.4%, respectively, and
fully diluted EPS growing 31.6% to RMB 8.529, which exceeded the
management target.
"During 2010, we continued our efforts to enhance our long-term
competitiveness by further penetrating into the property and
casualty ("P&C") and life insurance markets, and launching
initiatives to explore the insurance brokerage, e-commerce
insurance, wealth management and consumer credit brokerage
businesses. Going forward, the life insurance business, which has
become a key growth driver for CNinsure benefiting from the strong
market demand and growth potential, will remain a strategic focus
for the Company. In the meantime, with telemarketing and online
sales rapidly gaining popularity as a distribution channel for
commodity type P&C insurance products, e-commerce insurance
business will become a new strategic focus for us in the next few
years. As such, we expect to make significant investment in IT
infrastructure, call center and advertisement to develop our
e-commerce insurance platform which we believe will enable us to
directly reach a broader customer base.
"CNinsure received several awards in 2010, including the
Insurance Intermediary of the Year for 2010 and a 2010 Financial
Innovation Award. We are honored that after ten years' of
development, CNinsure has won the support and recognition of the
regulatory body and its insurance partners, which has motivated us
to strengthen our commitment in the insurance intermediary market.
The management will reward their loyalty and support by presenting
them a better and stronger CNinsure. "
Financial Results for the
Fourth Quarter Ended
December
31,
2010
Total net revenues for the fourth quarter ended December 31,
2010 were RMB449.0 million (US$68.0 million), representing an
increase of 26.3% from RMB355.5million for the corresponding period
of 2009. The increase was primarily driven by the significant
growth of the life and P&C insurance businesses as a result of
the increase in the number of sales agents..
Total operating costs and expenses were RMB316.4 million
(US$47.9 million) for the fourth quarter of 2010, representing an
increase of 29.0% from RMB245.3 million for the corresponding
period of 2009.
Commissions and fees expenses were RMB212.2 million (US$32.2
million) for the fourth quarter of 2010, representing an increase
of 19.8% from RMB177.2 million for the corresponding period of
2009. The increase was primarily due to sales growth and largely
tracked the increase in net revenues from commissions and fees.
Selling expenses were RMB23.4 million (US$3.5 million) for the
fourth quarter of 2010, representing an increase of 52.3% from
RMB15.3 million for the corresponding period of 2009, primarily due
to sales growth and an increase in expenses incurred in connection
with the establishment of new outlets.
General and administrative expenses were RMB80.8 million
(US$12.2 million) for the fourth quarter of 2010, representing an
increase of 52.9% from RMB52.8 million for the corresponding period
of 2009. The increase was primarily due to increases in the
following non-cash items:
(1) an increase of 49.8% in depreciation of fixed assets from
RMB4.3 million for the fourth quarter of 2009 to RMB6.5 million
(US$1.0 million) for the fourth quarter of 2010, largely as a
result of the operation of the upgraded IT system in more
affiliated entities in the fourth quarter of 2010;
(2) an increase of 157.6% in amortization of intangible assets
from RMB2.8 million for the fourth quarter of 2009 to RMB7.3
million (US$1.1 million) for the fourth quarter of 2010, largely as
a result of the acquisitions we made in 2010;
(3) a recognition of RMB4.6 million (US$0.7 million) impairment
loss in respect of intangible assets for the fourth quarter of
2010; and
(4) an increase of 298.9% in share-based
compensation expenses from RMB1.5 million for the fourth quarter of
2009 to RMB5.9 million (US$0.9 million) for the fourth quarter of
2010, associated with the grant of options to various directors,
officers and employees in February 2010.
As a result of the foregoing factors, income from operations was
RMB132.7 million (US$20.1 million) for the fourth quarter of 2010,
representing an increase of20.4% from RMB110.2 million for the
corresponding period of 2009. Operating margin was 29.5% for the
fourth quarter of 2010, compared to 31.0% for the corresponding
period of 2009.
In the fourth quarter of 2010, the Company acquired an
additional 46% equity interest in Shenyang Fangda Insurance Agency
Co., Ltd. ("Shenyang Fangda"), which increased the Company's equity
interest in Shenyang Fangda from 5% to 51%. As a result, the
Company recognized RMB3.2 million (US$0.5 million) investment
income, representing gains from re-measuring the 5% equity
interests formerly held by the Company in Shenyang Fangda. At the
same time, the Company recognized a RMB0.8 million (US$0.1 million)
deferred income tax expense, which was included in income tax
expense.
Interest income for the fourth quarter of 2010 was RMB7.2
million (US$1.1 million), representing an increase of 0.6% from
RMB7.2 million for the corresponding period of 2009.
Income tax expense for the fourth quarter of 2010 was RMB24.5
million (US$3.7 million), representing a decrease of 13.6% from
RMB28.3 million for the corresponding period of 2009. The effective
income tax rate applicable to the Company was 17.1% for the fourth
quarter of 2010, compared to 24.1% for the corresponding period of
2009. The decrease was primarily attributable to a tax holiday
enjoyed by an affiliated subsidiary of the Company.
Net income attributable to the Company's shareholders was
RMB126.5 million (US$19.2 million) for the fourth quarter of 2010,
representing an increase of 34.9% from RMB93.8 million for the
corresponding period of 2009. Excluding non-recurring investment
income incurred by business combination achieved in stages, net
income attributable to the Company's shareholders was RMB124.1
million (US$18.8 million) for the fourth quarter of 2010,
representing an increase of 32.4% from RMB93.8 from the
corresponding period of 2009.
Net margin was 28.2% for the fourth quarter of 2010 compared to
26.4% for the corresponding period of 2009.
Basic net income per ADS was RMB2.514 (US$0.381) for the fourth
quarter of 2010, representing an increase of 22.3% from RMB2.055
for the corresponding period of 2009. Fully diluted net income per
ADS was RMB2.447 (US$0.371) for the fourth quarter of 2010,
representing an increase of 22.7% from RMB1.995 for the
corresponding period of 2009.
As of December 31, 2010, the Company had RMB1.9 billion
(US$291.6 million) in cash and cash equivalents.
Financial Results for the
Year Ended December 31, 2010
Total net revenues for fiscal year 2010 were RMB1,485.0 million
(US$225.0 million), representing an increase of 28.6% from
RMB1,154.9 million in fiscal year 2009. The increase was primarily
driven by the significant growth of the life insurance business as
a result of the growth in the number of sales agents, the increase
in commission rate for new life insurance policies and the growth
in renewal commissions.
Total operating costs and expenses were RMB1,053.4 million
(US$159.6 million) for fiscal year 2010, representing an increase
of 27.1% from RMB828.7 million in fiscal year 2009.
Commissions and fees expenses were RMB708.4 million (US$107.3
million) for fiscal year 2010, representing an increase of 22.2%
from RMB579.9 million in fiscal year 2009. The increase was
primarily due to sales growth and largely tracked the increase in
net revenues from commissions and fees.
Selling expenses were RMB73.6 million (US$11.1 million) for
fiscal year 2010, representing an increase of 48.6% from RMB49.5
million in fiscal year 2009, primarily due to sales growth and an
increase in expenses incurred in connection with the establishment
of new outlets.
General and administrative expenses were RMB271.4 million
(US$41.1 million) for fiscal year 2010, representing an increase of
36.2% from RMB199.2 million in fiscal year 2009. The increase was
primarily due to increases in the following non-cash items:
(1) an increase of 59.5% in depreciation of fixed
assets from RMB14.1 million for fiscal year 2009 to RMB22.4 million
(US$3.4 million) in fiscal year 2010, largely as a result of
operating the upgraded IT system in more affiliated entities in
fiscal year 2010;
(2) an increase of 122.9% in amortization of
intangible assets from RMB9.7 million for fiscal year 2009 to
RMB21.5 million (US$3.3 million) in fiscal year 2010, largely as a
result of the acquisitions we made in 2010;
(3) a recognition of RMB4.6 million (US$0.7 million)
impairment loss in respect of intangible assets for the fourth
quarter of 2010; and
(4) an increase of 194.0% in share-based
compensation expenses from RMB7.6 million for fiscal year 2009 to
RMB22.2 million (US$3.4 million) in fiscal year 2010, associated
with the grant of options to various directors, officers and
employees in February 2010.
As a result of the foregoing factors, income from operations was
RMB431.6 million (US$65.4 million) for fiscal year 2010,
representing an increase of 32.3% from RMB326.2 million in fiscal
year 2009. Operating margin was 29.1% for fiscal year 2010,
compared to 28.2% in fiscal year 2009.
In the fiscal year 2010, the Company acquired an additional 41%
equity interest in each of Hebei Fanlian Insurance Agency Co., Ltd.
("Hebei Fanlian"), Ningbo Baolian Insurance Agency Co., Ltd.
("Ningbo Baolian") and Shandong Fanhua Mintai Insurance Agency Co.,
Ltd. ("Shandong Mintai"), and 46% equity interest in Shenyang
Fangda, which increased the Company's equity interests in Hebei
Fanlian, Ningbo Baolian and Shandong Mintai from 10% to 51% and in
Shenyang Fangda from 5% to 51%. As a result, the Company recognized
RMB41.2 million (US$6.2 million) investment income, representing
gains from re-measuring the 10% and 5% equity interests formerly
held by the Company in Hebei Fanlian, Ningbo Baolian, Fanhua Mintai
and Shenyang Fangda. At the same time, the Company recognized
RMB10.3 million (US$1.6 million) deferred income tax expense in
relation to the investment income, which was included in income tax
expense.
In the fiscal year 2009, the Company acquired additional 41% and
46% equity interests in Hangzhou Fanhua Zhixin Insurance Agency
Co., Ltd. ("Hangzhou Zhixin") and Zhengzhou Fanhua Anlian Insurance
Agency Co., Ltd ("Zhengzhou Anlian"), respectively, which increased
the Company's equity interests in these entities from 10% and 5% to
51%. As a result, the Company recognized RMB18.9 million investment
income, representing gains from re-measuring the 10% and 5% equity
interests formerly held by the Company in Hangzhou Zhixin and
Zhengzhou Anlian. At the same time, the Company recognized a RMB4.7
million deferred income tax expense in relation to the investment
income, which was included in income tax expense.
Interest income for fiscal year 2010 was RMB26.9 million (US$4.1
million), representing a decrease of 19.1% from RMB33.3 million in
fiscal year 2009.
Income tax expense for fiscal year 2010 was RMB96.7 million
(US$14.7 million), representing an increase of 1.2% from RMB95.6
million in fiscal year 2009. The effective income tax rate
applicable to the Company was 19.3% for fiscal year 2010, compared
to 25.6% in fiscal year 2009, the decrease was primarily
attributable to a tax holiday enjoyed by an affiliated subsidiary
of the Company.
Net income attributable to the Company's shareholders was
RMB422.3 million (US$64.0 million) for fiscal year 2010,
representing an increase of 40.4% from RMB300.8 million in fiscal
year 2009. If excluding non-recurring investment income incurred by
business combination achieved in stages, net income attributable to
the Company's shareholders was RMB391.4 million (US$59.3 million)
for fiscal year 2010, representing an increase of 36.5% from
RMB286.7 from fiscal year 2009.
Net margin was 28.4% for fiscal year 2010 compared to 26.1% in
fiscal year 2009.
Basic net income per ADS was RMB8.816 (US$1.336) for fiscal year
2010, representing an increase of 33.7% from RMB6.594 in fiscal
year 2009. Fully diluted net income per ADS was RMB8.529 (US$1.292)
for fiscal year 2010, representing an increase of 31.6% from
RMB6.481 in fiscal year 2009.
Recent developments:
- On February 17, 2011, CNinsure established Fanhua Lianxing
Insurance Sales Co., Ltd ("Fanhua Lianxing") to engage in the
distribution of life insurance business. Fanhua Lianxing, which is
wholly owned by CNinsure, is capitalized at RMB50 million. With
head office based in Beijing, Fanhua Lianxing has been granted an
insurance agency license for nation-wide operation by the CIRC. As
of date, two of CNinsure's affiliated life insurance agencies have
obtained nation-wide insurance agency operation licenses.
- On February 15, 2011, CNinsure entered a termination of
cooperation agreement (the "Agreement") with Chengdu Jingshi
Investment Co., Ltd ("Chengdu Jingshi"). Pursuant to the agreement,
both parties will continue to honor the existing agreements related
to the ongoing projects, but will terminate cooperation for future
acquisitions. In the mean time, Chengdu Jingshi remains liable for
its obligations to ensure the achievement of guaranteed performance
targets by the acquired entities. Currently, there are 19 ongoing
projects. CNinsure has acquired controlling stakes in 10 of the
ongoing projects and has the right of first refusal to acquire the
remaining stakes in three to five years. The remaining nine
projects are still in the development stage and CNinsure has
preemptive right to acquire controlling stake or 100% of the stakes
if the businesses satisfy CNinsure's requirements.
- On January 22, 2011,CNinsure was named the Insurance
Intermediary of the Year for 2010 at the 5th annual ceremony of
China Insurance Innovation Awards. A customized property &
casualty insurance product co-designed by CNinsure and Chartis
Insurance Company China Ltd. that targets small and medium
enterprises was also awarded the Most Innovative Insurance Product
at the ceremony.
- As of December 31, 2010, CNinsure's distribution and service
network consisted of 660 sales and services outlets operating in 23
provinces, compared to 501 sales and service outlets operating in
22 provinces as of December 31, 2009. CNinsure had 50,086 sales
agents and 1,497 professional claims adjustors as of December 31,
2010, compared to 38,675 sales agents and 1,556 professional claims
adjustors as of December 31, 2009.
- Net revenues from commissions and fees derived from the
property and casualty insurance, life insurance and claims
adjusting businesses for the fiscal year 2010 each contributed
55.3%, 32.8% and 11.9% of the Company's total net revenues,
respectively, compared to 67.8%, 20.0%, 12.2%, respectively, for
the same period of 2009.
- On December 22, 2010, CNinsure entered into a strategic
partnership agreement with China Continent Property and Casualty
Insurance Co., Ltd., pursuant to which, both parties agree to work
closely on product distribution, development of customized
products, data sharing as well as outsourcing of claims adjusting
services. It is also agreed that commissions for CNinsure are
subject to upward adjustment on top of the market commissions if
CNinsure meets certain targets in terms of sales volume and
quality.
- On December 3, 2010, CNinsure's board of directors approved a
corporate share repurchase program authorizing up to US$100 million
in ADS repurchases by June 30, 2011. As of December 31, 2010, the
Company had repurchased 331,059 ADS for an aggregate price of
approximately US$5.6 million on the open
market.
- In November 2010, CNinsure launched a co-branded customized
accident insurance product with Taiping Life Insurance Co., Ltd.
("Taiping Life"). This new insurance product is custom designed by
Taiping Life for CNinsure to meet the needs of various target group
of customers and is exclusively distributed through CNinsure's
sales network. CNinsure has launched ten customized insurance
products with insurance companies.
- CNinsure was awarded a 2010 Financial Innovation Award by the
People's Government of Guangdong Province of China and received a
cash prize of RMB0.5 million for its successful implementation of
the "operating platform + entrepreneurial agent program".
Business Outlook
CNinsure expects its net income attributable to the Company's
shareholders, excluding non-recurring investment income incurred by
business combination achieved in stages and the estimated strategic
spending on e-commerce insurance, to grow by approximately 20~23%
for the first quarter 2011 compared to the corresponding period of
2010. This forecast reflects CNinsure's current and preliminary
view, which is subject to change.
Conference Call
The Company will host a conference call to discuss the fourth
quarter and fiscal year 2010 results at
Time: 8:00 pm Eastern Standard
Time on March 1, 2011
or 9:00
am Beijing/Hong Kong Time on March 2, 2011
The dial-in numbers: United
States:
+1-866-549-1292 United
Kingdom:
0808-234-6305
Canada:
+1-866-8691-825
Singapore:
800-852-3576
Taiwan:
0080-185-6004 Hong Kong & Other
Areas: +852-3005-2050
China
(Mainland):
400-681-6949
Password: 885507#
A replay of the call will be available for 30 days as follows:
+852-3005-2020 (Hong Kong
& other areas) PIN number: 142589#
Additionally, a live and archived web cast of this call will be
available at:
http://www.corpasia.net/us/CISG/irwebsite/index.php?mod=event
About CNinsure Inc.
CNinsure is a leading independent intermediary company operating
in China. CNinsure's distribution network reaches many of China's
most economically developed regions and affluent cities. The
Company distributes a wide variety of property and casualty and
life insurance products underwritten by domestic and foreign
insurance companies operating in China, and provides insurance
claims adjusting as well as other insurance-related services.
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these forward-
looking statements by terminology such as "will," "expects,"
"believes," "anticipates," "intends," "estimates" and similar
statements. Among other things, the management's quotations and the
Business Outlook section contain forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about CNinsure and the industry.
Potential risks and uncertainties include, but are not limited to,
those relating to CNinsure's limited operating history, especially
its limited experience in selling life insurance products, its
ability to attract and retain productive agents, especially
entrepreneurial agents, its ability to maintain existing and
develop new business relationships with insurance companies, its
ability to execute its growth strategy, its ability to adapt to the
evolving regulatory environment in the Chinese insurance industry,
its ability to compete effectively against its competitors,
quarterly variations in its operating results caused by factors
beyond its control and macroeconomic conditions in China and their
potential impact on the sales of insurance products. All
information provided in this press release is as of March 1, 2011,
and CNinsure undertakes no obligation to update any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although CNinsure believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsure's filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F.
(1) This announcement contains translations of certain Renminbi
(RMB) amounts into U.S. dollars (US$) at specified rates solely for
the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB6.60
to US$1.00, the effective noon buying rate as of December 30, 2010
in The City of New York for cable transfers of RMB as set forth in
H.10 weekly statistical release of the Federal Reserve Board.
CNINSURE
INC. |
Unaudited Condensed
Consolidated Balance Sheets |
(In
thousands) |
|
|
As of December 31, |
As of December
31, |
As of December
31, |
|
2009 |
2010 |
2010 |
|
RMB |
RMB |
US$ |
ASSETS: |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
1,457,890 |
1,924,884 |
291,649 |
Restricted cash |
1,957 |
9,177 |
1,390 |
Accounts receivable, net |
181,360 |
243,175 |
36,845 |
Insurance premium receivables |
230 |
92 |
14 |
Other receivables |
52,108 |
67,034 |
10,157 |
Deferred tax assets |
2,602 |
5,691 |
862 |
Amounts due from related parties |
25,337 |
40,000 |
6,061 |
Other current assets |
6,015 |
12,372 |
1,874 |
Total current assets |
1,727,499 |
2,302,425 |
348,852 |
|
|
|
|
Non-current assets: |
|
|
|
Property, plant, and equipment, net |
108,318 |
102,175 |
15,481 |
Goodwill |
535,911 |
1,154,373 |
174,905 |
Intangible assets, net |
81,485 |
145,653 |
22,069 |
Deferred tax assets |
3,801 |
6,755 |
1,023 |
Investment in affiliates |
86,701 |
139,116 |
21,078 |
Other non-current assets |
2,250 |
3,959 |
600 |
Total assets |
2,545,965 |
3,854,456 |
584,008 |
|
CNINSURE
INC. |
Unaudited Condensed
Consolidated Balance Sheets-(Continued) |
|
(In
thousands) |
|
|
As of December 31, |
As
of December
31, |
As
of December
31, |
|
2009 |
2010 |
2010 |
|
RMB |
RMB |
US$ |
LIABILITIES AND EQUITY: |
Current liabilities: |
|
|
|
Accounts payable |
72,716 |
89,573 |
13,572 |
Insurance premium payables |
1,957 |
1,364 |
207 |
Other payables and accrued expenses |
182,139 |
93,460 |
14,160 |
Accrued payroll |
24,152 |
31,237 |
4,733 |
Income tax payable |
37,410 |
34,927 |
5,292 |
Amounts due to related parties |
19,274 |
37,800 |
5,727 |
Total current
liabilities |
337,648 |
288,361 |
43,691 |
|
|
|
|
Non-current
liabilities: |
|
|
|
Other tax liabilities |
2,537 |
5,519 |
836 |
Deferred tax liabilities |
19,075 |
43,513 |
6,593 |
Total liabilities |
359,260 |
337,393 |
51,120 |
|
|
|
|
Ordinary shares |
7,036 |
7,649 |
1,159 |
Additional paid-in capital |
1,604,774 |
2,261,849 |
342,704 |
Statutory reserves |
103,877 |
136,681 |
20,709 |
Retained earnings |
348,663 |
738,165 |
111,843 |
Accumulated other comprehensive loss |
(72,542) |
(83,360) |
(12,630) |
Total CNinsure Inc. shareholders'
equity |
1,991,808 |
3,060,984 |
463,785 |
Noncontrolling interests |
194,897 |
456,079 |
69,103 |
Total equity |
2,186,705 |
3,517,063 |
532,888 |
Total liabilities and
equity |
2,545,965 |
3,854,456 |
584,008 |
|
CNINSURE
INC. |
|
Unaudited Condensed
Consolidated Statements of Operations |
(In thousands, except
for shares and per share data) |
|
|
For The Three
Months Ended
December31, |
For The
Twelve Months Ended
December31, |
|
2009 |
2010 |
2010 |
2009 |
2010 |
2010 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net revenues: |
|
|
|
|
|
|
Commissions and fees |
355,217 |
448,695 |
67,984 |
1,154,090 |
1,484,389 |
224,907 |
Other service fees |
278 |
327 |
50 |
761 |
640 |
97 |
Total net revenues |
355,495 |
449,022 |
68,034 |
1,154,851 |
1,485,029 |
225,004 |
Operating costs and
expenses: |
|
|
|
|
|
|
Commissions and fees |
(177,180) |
(212,235) |
(32,156) |
(579,911) |
(708,403) |
(107,333) |
Selling expenses |
(15,342) |
(23,362) |
(3,540) |
(49,498) |
(73,567) |
(11,147) |
General and administrative expenses |
(52,809) |
(80,758) |
(12,236) |
(199,246) |
(271,444) |
(41,128) |
Total operating costs and
expenses |
(245,331) |
(316,355) |
(47,932) |
(828,655) |
(1,053,414) |
(159,608) |
Income from
operations |
110,164 |
132,667 |
20,102 |
326,196 |
431,615 |
65,396 |
Other income, net: |
|
|
|
|
|
|
Investment income |
— |
3,194 |
484 |
18,905 |
41,244 |
6,249 |
Interest income |
7,195 |
7,241 |
1,097 |
33,299 |
26,924 |
4,080 |
Interest expense |
— |
(5) |
(1) |
(4) |
(5) |
(1) |
Others, net |
371 |
159 |
24 |
1,408 |
391 |
59 |
Changes in fair value of contingent
consideration payables |
— |
— |
— |
(5,946) |
— |
— |
Net income before income
taxes and income of affiliates |
117,730 |
143,256 |
21,706 |
373,858 |
500,169 |
75,783 |
Income tax expense |
(28,328) |
(24,483) |
(3,710) |
(95,618) |
(96,743) |
(14,658) |
Share of income of affiliates |
811 |
3,097 |
469 |
774 |
12,904 |
1,955 |
Net income |
90,213 |
121,870 |
18,465 |
279,014 |
416,330 |
63,080 |
|
CNINSURE INC. |
Unaudited
Condensed Consolidated Statements of
Operations-(Continued) |
(In thousands, except
for shares and per share data) |
|
|
For The Three
Months Ended
December31, |
For The Twelve
Months Ended
December31, |
|
2009 |
2010 |
2010 |
2009 |
2010 |
2010 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Less:Net loss attributable to the
noncontrolling interests |
(3,561) |
(4,664) |
(707) |
(21,827) |
(5,978) |
(906) |
Net income attributable to the
Company's shareholders |
93,774 |
126,534 |
19,172 |
300,841 |
422,308 |
63,986 |
Net income per share: |
|
|
|
|
|
|
Basic |
0.103 |
0.126 |
0.019 |
0.330 |
0.441 |
0.067 |
Diluted |
0.100 |
0.122 |
0.019 |
0.324 |
0.426 |
0.065 |
Net income per ADS: |
|
|
|
|
|
|
Basic |
2.055 |
2.514 |
0.381 |
6.594 |
8.816 |
1.336 |
Diluted |
1.995 |
2.447 |
0.371 |
6.481 |
8.529 |
1.292 |
Shares used in calculating net income
per share: |
|
|
|
|
|
|
Basic |
912,497,726 |
1,006,781,184 |
1,006,781,184 |
912,497,726 |
958,029,717 |
958,029,717 |
Diluted |
940,308,935 |
1,034,047,730 |
1,034,047,730 |
928,312,312 |
990,318,528 |
990,318,528 |
CONTACT: Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2777 x 850
Email: qiusr@cninsure.net
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