CNinsure Inc., (Nasdaq:CISG), (the "Company" or "CNinsure"),
a leading independent online-to-offline ("O2O") financial services
provider in China, today announced its unaudited financial results
for the first quarter ended March 31, 20161.
Financial Highlights for
First Quarter of
2016:
(In thousands, except per ADS) |
2015
Q1(RMB) |
2016 Q1(RMB) |
2016 Q1 (US$) |
Change % |
Total net revenues |
579,501 |
|
907,864 |
|
|
140,798 |
|
56.7 |
Operating income (loss) |
852 |
|
(19,998 |
) |
|
(3,102 |
) |
N/A |
Marketing campaign expenses2 |
— |
|
78,411 |
|
|
12,161 |
|
— |
Net income attributable to the Company’s shareholders |
33,002 |
|
19,360 |
|
|
3,003 |
|
-41.3 |
Basic net income per ADS |
0.57 |
|
0.34 |
|
|
0.05 |
|
-41.6 |
|
|
|
|
|
|
|
|
|
Key Operational Metrics for CNinsure's
Online Initiatives for the First Quarter of
2016:
- CNpad Mobile Application ("CNpad App") - Our mobile
workstation of proprietary sales support system:
- CNpad App was downloaded and activated 121,730
times as of March 31, 2016, as compared to 109,784 times as of
December 31, 2015 and 63,611 times as of March 31, 2015;
- The number of active users3 of CNpad App
was 27,905 in the first quarter of 2016, as compared to 36,679 in
the fourth quarter of 2015 and 20,512 in the first quarter of
2015;
- Insurance premiums generated
through CNpad App were
approximately RMB800.1 million (US$124.1 million) in the
first quarter of 2016, as compared to RMB989.2 million in the
fourth quarter of 2015 and RMB527.2 million in the first quarter of
2015. Total insurance premiums generated through CNpad App
accounted for 25.9% of our total insurance premiums in the first
quarter of 2016 as compared to 34.0% in the fourth quarter of 2015
and 25.0% in the first quarter of 2015.
- eHuzhu - Our online non-profit mutual aid
platform:
- The number of registered members was 765,238
as of March 31, 2016, as compared to 678,547 as of December 31,
2015 and 291,716 as of March 31, 2015.
- Baoxian.com - Our online insurance platform:
- The number of active customer
accounts4 was 27,769 in the first quarter of 2016, as
compared to 42,512 in the fourth quarter of 2015 and 6,512 in the
first quarter of 2015;
- Insurance premiums generated on or through
Baoxian.com was RMB12.0 million in the first quarter of
2016, as compared to RMB10.4 million in the fourth quarter of 2015
and RMB5.7 million in the first quarter of 2015;
Operating
Data:
- As of March 31, 2016, CNinsure’s distribution network consisted
of 447 sales outlets operating in 18 provinces, compared with 431
sales outlets operating in 16 provinces as of March 31, 2015. Its
claims service network covered 29 provinces with 155 service
outlets as of March 31, 2016, compared with 143 service outlets in
27 provinces as of March 31, 2015. CNinsure had 132,539 sales
agents and 1,400 professional claims adjustors as of March 31,
2016, compared with 66,859 sales agents, and 1,434 professional
claims adjustors as of March 31, 2015.
Commenting on the first quarter of 2016
financial results, Mr. Chunlin Wang, chief executive officer of
CNinsure, stated, "With the aim of achieving our eight year sales
target of RMB100 billion in insurance premiums, we focused on
expanding our sales network coverage and invested approximately
RMB78.4 million in marketing during the first quarter of 2016. We
are happy to report that these efforts have yielded encouraging
results. In the first quarter of 2016, insurance premiums were up
46.2% year-over-year and net revenues beat our guidance with a
strong growth of 56.7% year-over-year. Noticeably, revenues from
our property and casualty insurance and life insurance agency
businesses grew 43.3% and 173.4% year-over-year, respectively, and
revenues from our brokerage business increased 66.3%
year-over-year.
"The strong results of the first quarter of 2016
are evidence of the success of our marketing campaign and reaffirm
our confidence in our growth strategy. In the next quarter, we
expect to increase investment in marketing and continue to extend
our sales and service footprint nationwide, which we believe will
further strengthen our leading market position and put us further
ahead of our competitors."
Financial Results for the
First Quarter
of 2016
Total net revenues were
RMB907.9 million (US$140.8 million) for the first quarter of 2016,
representing an increase of 56.7% from RMB579.5 million for the
corresponding period in 2015.
- Net revenues for the insurance agency business
were RMB697.5 million (US$108.2 million) for the first quarter of
2016, representing an increase of 60.9% from RMB433.5 million for
the corresponding period in 2015. The increase was primarily driven
by a 43.3% increase in net revenues derived from the P&C
insurance agency business, from RMB375.0 million for the first
quarter of 2015 to RMB537.5 million (US$83.4 million) for the first
quarter of 2016, and a 173.4% increase in net revenues derived from
the life insurance agency business, from RMB58.5 million for the
first quarter of 2015 to RMB159.9 million (US$24.8 million) for the
first quarter of 2016. The growth of the P&C insurance agency
business was primarily due to a 40.6% growth in insurance premiums
as a result of enhanced marketing efforts. The increase in net
revenues generated from the life insurance agency business was
primarily due to a 207.6% increase in commissions derived from new
long-term life insurance policy sales, primarily driven by enhanced
marketing efforts and the successful implementation of our
cross-selling strategy. Revenues generated from the insurance
agency business accounted for 76.8% of total net revenues in the
first quarter of 2016.
- Net revenues for the insurance brokerage
business were RMB143.1 million (US$22.2 million) for the
first quarter of 2016, representing an increase of 66.3% from
RMB86.1 million for the corresponding period in 2015. This growth
was primarily attributable to enhanced marketing efforts during the
quarter. Revenues generated from the insurance brokerage business
accounted for 15.8% of total net revenues in the first quarter of
2016.
- Net revenues for the claims adjusting business
were RMB67.3 million (US$10.4 million) for the first quarter of
2016, representing an increase of 12.3% from RMB59.9 million for
the corresponding period in 2015. Revenues generated from the
claims adjusting business accounted for 7.4% of total net revenues
in the first quarter of 2016.
Total operating costs and
expenses were RMB927.9 million (US$143.9 million) for the
first quarter of 2016, representing an increase of 60.3% from
RMB578.6 million for the corresponding period in 2015.
- Total operating costs were RMB708.8 million
(US$109.9 million) for the first quarter of 2016, representing an
increase of 57.8% from RMB449.1 million for the corresponding
period in 2015. The increase was primarily due to sales growth.
- Costs of insurance agency business were
RMB546.8 million (US$84.8 million) for the first quarter of 2016,
representing an increase of 61.2% from RMB339.3 million for the
corresponding period in 2015, primarily driven by a 44.6% increase
in costs for the P&C insurance agency business to RMB437.5
million (US$67.8 million) for the first quarter of 2016, and a
196.7% increase in costs for the life insurance agency business to
RMB109.4 million (US$17.0 million) for the first quarter of 2016.
Costs for the life insurance agency business increased faster than
the revenues, primarily reflecting growth in the sales of long-term
life insurance policies to new customers, which generally have
higher costs than the renewal of policies with existing customers.
Costs incurred by the insurance agency business accounted for 77.2%
of total operating costs in the first quarter of 2016.
- Costs of insurance brokerage business were
RMB113.6 million (US$17.6 million) for the first quarter of 2016,
representing an increase of 66.0% from RMB68.5 million for the
corresponding period in 2015. The increase was primarily due to
sales growth. Costs incurred by the insurance brokerage business
accounted for 16.0% of total operating costs in the first quarter
of 2016.
- Costs of claims adjusting business were
RMB48.3 million (US$7.5 million) for the first quarter of 2016,
representing an increase of 17.0% from RMB41.3 million for the
corresponding period in 2015. The increase was primarily due to
sales growth. Costs incurred by the claims adjusting business
accounted for 6.8% of total operating costs in the first quarter of
2016.
- Selling expenses were RMB109.1 million
(US$16.9 million) for the first quarter of 2016, representing an
increase of 301.5% from RMB27.2 million for the corresponding
period in 2015, primarily attributable to RMB78.4 million (US$12.2
million) in marketing expenses in the first quarter of the
year.
- General and administrative expenses were
RMB110.0 million (US$17.1 million) for the first quarter of 2016,
representing an increase of 7.4% from RMB102.4 million for the
corresponding period in 2015. The increase was primarily due to
increases in payroll and conference expenses, offset by decline in
share-based compensation expense, depreciation and amortization
expenses.
As a result of the preceding factors, we had an
operating loss of RMB20.0 million (US$3.1 million)
for the first quarter of 2016, as compared to an operating income
of RMB0.9 million for the corresponding period in 2015.
Investment income was RMB19.5
million (US$3.0 million) for the first quarter of 2016,
representing an increase of 570.4% from RMB2.9 million for the
corresponding period in 2015, primarily due to increase in
short-term investments in financial products, which generate higher
yields than term deposits, from RMB668.9 million as of March 31,
2015 to RMB2.6 billion (US$399.0 million) as of March 31, 2016.
These short-term investments mainly consisted of inter-bank
deposits or collective trust products with a term of half a year to
two years, which pay interest on a quarterly, semi-annual or annual
basis. Our investment income may fluctuate from quarter to quarter
because these investments are classified as available for sales and
because investment income is recognized when received.
Interest income was RMB4.5
million (US$0.7 million) for the first quarter of 2016,
representing a decrease of 75.7% from RMB18.6 million for the
corresponding period in 2015. The decrease in interest income was
primarily due to decreases in interest rates and term deposits as a
result of an increase in short-term investments.
Income tax expense was RMB0.4
million (US$0.1 million) for the first quarter of 2016,
representing a decrease of 87.3% from RMB3.1 million for the
corresponding period in 2015. The decrease was primarily due to
operating loss in the first quarter of 2016 compared with operating
income for the corresponding period in 2015. The effective tax rate
for the first quarter of 2016 was 6.3% compared with 12.8% for the
corresponding period in 2015.
Share of income of affiliates
was RMB10.1 million (US$1.6 million) for the first quarter of 2016,
representing an increase of 28.6% from RMB7.8 million for the
corresponding period in 2015, mainly attributable to an increase of
profits from Sincere Fame International Limited, in which the
Company owns 20.6% of the equity interests.
Net income attributable to the Company’s
shareholders was RMB19.4 million (US$3.0 million) for the
first quarter of 2016, representing a decrease of 41.3% from
RMB33.0 million for the corresponding period in 2015.
Net margin was 2.1% for the
first quarter of 2016 compared with 5.7% for the corresponding
period in 2015.
Basic and
diluted net income per ADS were RMB0.34
(US$0.05) and RMB0.32 (US$0.05) for the first quarter of 2016,
respectively, representing a decrease of 41.6% and 41.4% from
RMB0.57 and RMB0.55 for the corresponding period in 2015,
respectively.
As of March 31, 2016, the Company had RMB603.1
million (US$93.5 million) in cash and cash
equivalents.
Recent DevelopmentOn May 9, 2016, CISG Holdings
Limited ("CISG Holdings"), a wholly-owned subsidiary of CNinsure,
entered into a share purchase agreement with the minority
shareholders of Inscom Holding Limited (“Inscom”) to acquire the
remaining 34.9% of the equity interests in Inscom and the
outstanding share options of Inscom for a total consideration of
approximately RMB198.8 million which consists of (i) RMB181.1
million in cash and (ii) 7,416,000 ordinary shares of CNinsure,
equivalent to 370,800 American Depositary Shares (the “Inscom
Acquisition”). Upon completion of the Inscom Acquisition in May
2016, CISG Holdings's equity interests in Inscom increased from
65.1% to 100%.
CISG Holdings acquired 65.1% equity interests of Inscom in 2010,
as part of our strategic move to enter the e-commerce
insurance business. Inscom beneficially owns 100% of the equity
interests in Shenzhen Inscom E-commerce Co., Ltd., the operating
entity of Baoxian.com, our online insurance platform offering
travel, accidental and health insurance products. As of date,
except for two insurance agencies and the claims adjusting
operation, we have completed acquiring the minority interests of
all of our insurance intermediary companies.
Commenting on the Inscom Acquisition, Mr. Chunlin Wang said, "We
believe that acquiring all of the equity interests in Inscom will
allow us to increase investment to accelerate the growth of our
online insurance business, which is an important component to
achieving our eight-year growth target of RMB100 billion of
insurance premiums."
Business
Outlook
CNinsure expects its total net revenues to grow
by approximately 40% for the second quarter of 2016 compared with
the corresponding period in 2015. This forecast reflects CNinsure’s
current view, which is subject to change.
Conference Call
The Company will host a conference call to
discuss its first quarter 2016 financial results as per the
following details.
Time: 9:00 pm Eastern Time on May 24, 2016or
9:00 am Beijing/Hong Kong Time on May 25, 2016
The toll
free dial-in numbers: |
|
United States |
1-855-500-8701 |
United Kingdom |
0800-015-9724 |
France |
0800-918-648 |
Germany |
0800-184-4876 |
Australia |
1-300-713-759 |
Canada |
1-855-757-1565 |
Taiwan |
0080-665-1951 |
Hong Kong |
800-906-606 |
|
The toll dial-in
numbers: |
|
China (Mainland) |
400-120-0654 |
Singapore & Other
Areas |
+65-6713-5440 |
Conference ID #: 6100551 Additionally, a live and archived web
cast of this call will be available at:
http://ir.cninsure.net/events.cfm
About CNinsure Inc.
CNinsure Inc. is a leading independent
online-to-offline financial services provider. Through our online
platforms and offline sales and service network, we offer a wide
variety of financial products and services to individuals and
businesses, including property and casualty and life insurance
products. We also provide insurance claims adjusting services, such
as damage assessments, surveys, authentications and loss
estimations, as well as value-added services, such as emergency
vehicle roadside assistance.
Our online platforms include (1) CNpad, a mobile
sales support application, (2) Baoxian.com, an online entry portal
for comparing and purchasing health, accident, travel and homeowner
insurance products; and (3) eHuzhu (www.ehuzhu.com), a non-profit
online mutual aid platform in China. Our extensive distribution and
service network covers 29 provinces in China, including most
economically developed regions and cities.
For more information about CNinsure Inc., please
visit http://ir.cninsure.net/.
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, 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 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 the date hereof, 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.
CNINSURE INC. |
Unaudited Condensed Consolidated Balance
Sheets |
(In thousands) |
|
|
|
As of December 31, |
|
As of March 31, |
|
As of March 31, |
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS: |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash
and cash equivalents |
|
1,115,266 |
|
|
|
603,058 |
|
|
|
93,526 |
|
Restricted cash |
|
17,585 |
|
|
|
18,666 |
|
|
|
2,895 |
|
Short
term investments |
|
2,026,256 |
|
|
|
2,572,756 |
|
|
|
399,001 |
|
Accounts
receivable, net |
|
241,264 |
|
|
|
286,816 |
|
|
|
44,481 |
|
Insurance premium receivables |
|
1,526 |
|
|
|
667 |
|
|
|
103 |
|
Other
receivables |
|
51,828 |
|
|
|
66,739 |
|
|
|
10,350 |
|
Amounts due from related parties |
|
36,508 |
|
|
|
32,781 |
|
|
|
5,084 |
|
Other
current assets |
|
22,828 |
|
|
|
25,388 |
|
|
|
3,938 |
|
Total current assets |
|
3,513,061 |
|
|
|
3,606,871 |
|
|
|
559,378 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Property, plant, and equipment, net |
|
34,145 |
|
|
|
31,450 |
|
|
|
4,877 |
|
Goodwill and intangible assets, net |
|
153,182 |
|
|
|
140,464 |
|
|
|
21,785 |
|
Deferred tax assets |
|
1,658 |
|
|
|
5,905 |
|
|
|
916 |
|
Investment in affiliates |
|
284,194 |
|
|
|
274,641 |
|
|
|
42,593 |
|
Other
non-current assets |
|
28,188 |
|
|
|
28,188 |
|
|
|
4,372 |
|
Total non-current assets |
|
501,367 |
|
|
|
480,648 |
|
|
|
74,543 |
|
Total assets |
|
4,014,428 |
|
|
|
4,087,519 |
|
|
|
633,921 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable (including accounts payable of the consolidated
variable interest entities ("VIEs") without recourse to CNinsure
Inc. of RMB4,141 and RMB4,284 (US$664) as of December 31, 2015 and
March 31, 2016, respectively) |
|
160,891 |
|
|
|
175,836 |
|
|
|
27,270 |
|
Insurance premium payables (including insurance premium payables of
the consolidated VIEs without recourse to CNinsure Inc. of RMB1,680
and RMB3,434 (US$533) as of December 31, 2015 and March 31, 2016,
respectively) |
|
5,187 |
|
|
|
6,268 |
|
|
|
972 |
|
Other
payables and accrued expenses (including other payables and accrued
expense of the consolidated VIEs without recourse to CNinsure Inc.
of RMB5,720 and RMB4,889 (US$758) as of December 31, 2015 and March
31, 2016, respectively) |
|
213,562 |
|
|
|
273,781 |
|
|
|
42,460 |
|
Accrued payroll (including accrued payroll of the consolidated VIEs
without recourse to CNinsure Inc. of RMB1,625 and RMB783 (US$121)
as of December 31, 2015 and March 31, 2016, respectively) |
|
48,150 |
|
|
|
39,128 |
|
|
|
6,068 |
|
Income tax payable (including income tax payable of the
consolidated of VIEs without recourse to CNinsure Inc. of RMB1,152
and RMB1,080 (US$167) as of December 31, 2015 and March 31, 2016,
respectively) |
|
60,658 |
|
|
|
63,012 |
|
|
|
9,772 |
|
Total current liabilities |
|
488,448 |
|
|
|
558,025 |
|
|
|
86,542 |
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Other
tax liabilities |
|
70,354 |
|
|
|
70,354 |
|
|
|
10,911 |
|
Deferred tax liabilities |
|
22,057 |
|
|
|
15,331 |
|
|
|
2,378 |
|
Total non-current liabilities |
|
92,411 |
|
|
|
85,685 |
|
|
|
13,289 |
|
Total liabilities |
|
580,859 |
|
|
|
643,710 |
|
|
|
99,831 |
|
|
|
|
|
|
|
Ordinary shares |
|
8,592 |
|
|
|
8,593 |
|
|
|
1,333 |
|
Additional paid-in capital |
|
2,454,244 |
|
|
|
2,473,265 |
|
|
|
383,571 |
|
Statutory reserves |
|
302,115 |
|
|
|
301,727 |
|
|
|
46,794 |
|
Retained earnings |
|
871,356 |
|
|
|
891,104 |
|
|
|
138,199 |
|
Accumulated other comprehensive loss |
|
(50,048 |
) |
|
|
(70,989 |
) |
|
|
(11,009 |
) |
Subscription receivables |
|
(268,829 |
) |
|
|
(267,592 |
) |
|
|
(41,500 |
) |
Total CNinsure Inc. shareholders’ equity |
|
3,317,430 |
|
|
|
3,336,108 |
|
|
|
517,388 |
|
Non-controlling interests |
|
116,139 |
|
|
|
107,701 |
|
|
|
16,702 |
|
Total equity |
|
3,433,569 |
|
|
|
3,443,809 |
|
|
|
534,090 |
|
Total liabilities and equity |
|
4,014,428 |
|
|
|
4,087,519 |
|
|
|
633,921 |
|
|
|
|
|
|
|
CNINSURE INC. |
|
Unaudited Condensed Consolidated Statements of
Income and Comprehensive Income |
(In thousands, except for
shares and per share data) |
|
|
|
|
For The
Three Months Ended |
|
March
31, |
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
|
RMB |
|
RMB |
|
US$ |
Net revenues: |
|
|
|
|
|
Agency |
|
433,532 |
|
|
|
697,471 |
|
|
|
108,169 |
|
Brokerage |
|
86,066 |
|
|
|
143,106 |
|
|
|
22,194 |
|
Claims
adjusting |
|
59,903 |
|
|
|
67,287 |
|
|
|
10,435 |
|
Total net revenues |
|
579,501 |
|
|
|
907,864 |
|
|
|
140,798 |
|
Operating costs and expenses: |
|
|
|
|
|
Agency |
|
(339,280 |
) |
|
|
(546,807 |
) |
|
|
(84,803 |
) |
Brokerage |
|
(68,470 |
) |
|
|
(113,629 |
) |
|
|
(17,622 |
) |
Claims
adjusting |
|
(41,307 |
) |
|
|
(48,339 |
) |
|
|
(7,497 |
) |
Total operating costs |
|
(449,057 |
) |
|
|
(708,775 |
) |
|
|
(109,922 |
) |
Selling
expenses |
|
(27,184 |
) |
|
|
(109,132 |
) |
|
|
(16,925 |
) |
General
and administrative expenses |
|
(102,408 |
) |
|
|
(109,955 |
) |
|
|
(17,053 |
) |
Total operating costs and expenses |
|
(578,649 |
) |
|
|
(927,862 |
) |
|
|
(143,900 |
) |
Income (loss) from operations |
|
852 |
|
|
|
(19,998 |
) |
|
|
(3,102 |
) |
Other income,
net: |
|
|
|
|
|
Investment income |
|
2,907 |
|
|
|
19,490 |
|
|
|
3,023 |
|
Interest income |
|
18,562 |
|
|
|
4,518 |
|
|
|
701 |
|
Others, net |
|
2,051 |
|
|
|
2,211 |
|
|
|
343 |
|
Income before income taxes and income of
affiliates |
|
24,372 |
|
|
|
6,221 |
|
|
|
965 |
|
Income
tax expense |
|
(3,109 |
) |
|
|
(394 |
) |
|
|
(61 |
) |
Share of
income of affiliates |
|
7,846 |
|
|
|
10,090 |
|
|
|
1,565 |
|
Net income |
|
29,109 |
|
|
|
15,917 |
|
|
|
2,469 |
|
less: net loss
attributable to noncontrolling interests |
|
(3,893 |
) |
|
|
(3,443 |
) |
|
|
(534 |
) |
Net income
attributable to the Company’s shareholders |
|
33,002 |
|
|
|
19,360 |
|
|
|
3,003 |
|
|
|
|
|
|
|
Net income per share: |
|
0.03 |
|
|
|
0.02 |
|
|
|
0.00 |
|
Basic |
Diluted |
|
0.03 |
|
|
|
0.02 |
|
|
|
0.00 |
|
|
|
|
|
|
|
Net income per ADS: |
|
|
|
|
|
Basic |
|
0.57 |
|
|
|
0.34 |
|
|
|
0.05 |
|
Diluted |
|
0.55 |
|
|
|
0.32 |
|
|
|
0.05 |
|
|
|
|
|
|
|
Shares used in calculating net income per
share: |
|
1,150,565,906 |
|
|
|
1,155,069,427 |
|
|
|
1,155,069,427 |
|
Basic |
Diluted |
|
1,201,532,908 |
|
|
|
1,202,524,286 |
|
|
|
1,202,524,286 |
|
|
|
29,109 |
|
|
|
15,917 |
|
|
|
2,469 |
|
Net
income |
Other
comprehensive loss, net of tax: Foreign currency translation
adjustments |
|
(815 |
) |
|
|
(1,298 |
) |
|
|
(201 |
) |
Share of
other comprehensive loss of affiliates, net of tax |
— |
|
|
(19,643 |
) |
|
|
(3,046 |
) |
Comprehensive
income |
|
28,294 |
|
|
|
(5,024 |
) |
|
|
(778 |
) |
Less:
Comprehensive loss attributable to the noncontrolling
interests |
|
(3,893 |
) |
|
|
(3,443 |
) |
|
|
(534 |
) |
Comprehensive
income attributable to the CNinsure Inc’s
shareholders |
|
32,187 |
|
|
|
(1,581 |
) |
|
|
(244 |
) |
|
|
|
|
|
|
CNINSURE INC. |
Unaudited Condensed Consolidated Statements of
Cash Flow |
(In
thousands) |
|
For The
Three Months Ended |
|
March
31, |
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
Net income |
|
29,109 |
|
|
|
15,917 |
|
|
|
2,469 |
|
Adjustments to reconcile net income to net cash (used in)
generated from operating activities: |
|
|
|
|
|
Depreciation |
|
6,623 |
|
|
|
3,344 |
|
|
|
519 |
|
Amortization of intangible assets |
|
3,554 |
|
|
|
1,317 |
|
|
|
204 |
|
Allowance for doubtful receivables |
|
399 |
|
|
|
(690 |
) |
|
|
(107 |
) |
Compensation expenses associated with stock options |
|
4,641 |
|
|
|
2,895 |
|
|
|
449 |
|
Investment income |
|
(2,108 |
) |
|
|
(12,128 |
) |
|
|
(1,881 |
) |
(Gain) loss on disposal of property, plant and equipment |
|
(29 |
) |
|
|
2 |
|
|
|
0.0 |
|
Share
of income of affiliates |
|
(7,846 |
) |
|
|
(10,090 |
) |
|
|
(1,565 |
) |
Changes in operating assets and liabilities |
|
(37,991 |
) |
|
|
22,140 |
|
|
|
3,434 |
|
Net cash (used in) generated from operating
activities |
|
(3,648 |
) |
|
|
22,707 |
|
|
|
3,522 |
|
|
|
|
|
|
|
Cash flows used in investing activities: |
|
|
|
|
|
Purchase of property, plant and equipment |
|
(1,336 |
) |
|
|
(1,633 |
) |
|
|
(253 |
) |
Proceeds from disposal of property and equipment |
|
248 |
|
|
|
24 |
|
|
|
4 |
|
Purchase of short term investments |
— |
|
|
(2,205,000 |
) |
|
|
(341,967 |
) |
Proceeds from disposal of short term investments |
|
22,108 |
|
|
|
1,667,599 |
|
|
|
258,623 |
|
Disposal of subsidiaries, net |
— |
|
|
6,436 |
|
|
|
998 |
|
Increase in restricted cash |
|
(1,675 |
) |
|
|
(1,081 |
) |
|
|
(168 |
) |
Increase in amounts due from related parties |
|
(35,773 |
) |
|
— |
|
— |
Net cash used in investing activities |
|
(16,428 |
) |
|
|
(533,655 |
) |
|
|
(82,763 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows used in financing activities: |
|
|
|
|
|
|
|
|
Acquisition of additional interests in subsidiaries |
|
(108,000 |
) |
|
|
(1,200 |
) |
|
|
(186 |
) |
Dividend
distributed to noncontrolling interests |
|
(2,450 |
) |
|
— |
|
— |
Proceeds
on exercise of stock options |
— |
|
|
1 |
|
|
|
0.0 |
|
Net cash used in financing activities |
|
(110,450 |
) |
|
|
(1,199 |
) |
|
|
(186 |
) |
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(130,526 |
) |
|
|
(512,147 |
) |
|
|
(79,427 |
) |
Cash and cash equivalents at beginning of
period |
|
2,103,068 |
|
|
|
1,115,266 |
|
|
|
172,963 |
|
Effect
of exchange rate changes on cash and cash equivalents |
|
(815 |
) |
|
|
(61 |
) |
|
|
(10 |
) |
Cash and cash equivalents at end of period |
|
1,971,727 |
|
|
|
603,058 |
|
|
|
93,526 |
|
Interest
paid |
— |
|
— |
|
— |
Income
taxes paid |
|
2,194 |
|
|
|
2,607 |
|
|
|
404 |
|
|
|
1 This announcement contains currency
conversions 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 RMB6.448 to US$1.00, the effective noon
buying rate as of March 31, 2016 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.
2 The marketing campaign expenses are
defined as expenses related to targeted marketing activities to
promote sales in order to gain more market shares, which is in line
with the Company's long term growth strategy. Such expenses are
included in selling expenses in the unaudited condensed
consolidated income and comprehensive income.
3 Active users are defined as users who
made at least one purchase through CNpad App during the specified
period.
4 Active customer accounts are defined as
customer accounts that made at least one purchase directly through
www.baoxian.com or its mobile application during the specified
period.
For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 8388-3191
Email: qiusr@cninsure.net
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