Fanhua Inc., (Nasdaq:FANH), (the "Company" or "Fanhua"), 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, 20171.
(In thousands, except per ADS) |
2016 Q1
(RMB) |
2017 Q1(RMB) |
2017 Q1(US$) |
Change % |
Total net revenues |
907,864 |
|
1,467,380 |
213,183 |
61.6 |
Operating (loss) income |
(19,998 |
) |
63,202 |
9,182 |
N/A |
Net income attributable to the Company’s shareholders |
19,360 |
|
69,740 |
10,132 |
260.2 |
Diluted net income per ADS |
0.32 |
|
1.15 |
0.17 |
257.1 |
Financial Highlights for the First
Quarter of 2017:
Commenting on the first quarter 2017 financial
results, Mr. Chunlin Wang, Chief Executive Officer of Fanhua,
stated, "We had a good start in the first quarter of 2017. Total
revenues grew by 61.6% compared to the first quarter of 2016 and
operating income increased to RMB63.2 million, significantly higher
than our prior guidance. The strong performance was primarily
driven by a record high growth of 283.5% year-over-year in life
insurance business. Revenues from the life insurance business
represented 41.8% of our total revenues in the first quarter of
2017, as compared to 17.6% in the same period last year. We expect
revenues from the life insurance business to represent a higher
percentage of our total revenues and this business to be major
driver of sustainable and substantial growth in our revenues and
profits in the next several years."
Financial Results for the First quarter
of 2017
Total net revenues were RMB1.5
billion (US$213.2 million) for the first quarter of 2017,
representing an increase of 61.6% from RMB907.9 million for the
corresponding period in 2016.
- Net revenues for the insurance agency business
were RMB1.3 billion (US$184.4 million) for the first quarter of
2017, representing an increase of 81.9% from RMB697.5 million for
the corresponding period in 2016.- Net revenues for the
life insurance agency business were RMB613.4 million
(US$89.1 million) for the first quarter of 2017, representing an
increase of 283.5% from RMB159.9 million for the corresponding
period in 2016, primarily due to the increase in insurance premiums
derived from regular term life insurance policies by 292.2%
from the corresponding period in 2016 to RMB741.7 million (US$107.8
million) in the first quarter of 2017 as the result of successful
implementation of our cross-selling strategy and industry growth.
Revenues generated from the life insurance agency business
accounted for 41.8% of our total net revenues in the first quarter
of 2017.- Net revenues for the P&C
insurance agency
business were RMB655.6 million (US$95.2 million)
for the first quarter of 2017, representing an increase of 22.0%
from RMB537.5 million for the corresponding period in 2016. The
growth slow-down in this business was primarily because PICC
Property and Casualty Company Limited (“PICC P&C”) suspended
business cooperation with us starting from March 1, 2017. Revenues
generated from the P&C insurance business accounted for 44.7%
of our total net revenues in the first quarter of 2017.
- Net revenues for the insurance brokerage
business were RMB133.8 million (US$19.4 million) for the
first quarter of 2017, representing a decrease of 6.5% from
RMB143.1 million for the corresponding period in 2016. The decrease
was mainly due to the suspension of business cooperation with PICC
P&C starting from March 1, 2017. Revenues generated from the
insurance brokerage business accounted for 9.1% of total net
revenues in the first quarter of 2017.
- Net revenues for the claims adjusting business
were RMB64.6 million (US$9.4 million) for the first quarter of
2017, representing a decrease of 4.0% from RMB67.3 million for the
corresponding period in 2016. Revenues generated from the claims
adjusting business accounted for 4.4% of our total net revenues in
the first quarter of 2017.
Total operating costs and
expenses were RMB1.4 billion (US$204.0 million) for the
first quarter of 2017, representing an increase of 51.3% from
RMB927.9 million for the corresponding period in 2016.
- Total operating costs were RMB1.2 billion
(US$176.9 million) for the first quarter of 2017, representing an
increase of 71.8% from RMB708.8 million for the corresponding
period in 2016.- Costs of the insurance agency
business were RMB1.0 billion (US$151.5 million) for the
first quarter of 2017, representing an increase of 90.7% from
RMB546.8 million for the corresponding period in
2016. - Costs of the life insurance agency
business were RMB435.1 million (US$63.2 million) for the
first quarter of 2017, representing an increase of 297.9% from
RMB109.4 million for the corresponding period in 2016. The increase
was in line with the growth in sales. Costs incurred by the life
insurance agency business accounted for 35.7% of our total
operating costs in the first quarter of 2017. -
Costs of the P&C
insurance agency
business were RMB607.4 million (US$88.2 million)
for the first quarter of 2017, representing an increase of 38.8%
from RMB437.5 million for the corresponding period in 2016. The
increase was primarily driven by the growth in sales and increased
rate of commissions paid to sale agents. Costs incurred by the
P&C insurance business accounted for 49.9% of our total
operating costs in the first quarter of 2017.- Costs of
insurance brokerage business were RMB124.8 million
(US$18.1 million) for the first quarter of 2017, representing an
increase of 9.8% from RMB113.6 million for the corresponding period
in 2016. The increase in costs for the insurance brokerage business
was primarily driven by increased rate of commissions paid to sale
agents. Costs incurred by the insurance brokerage business
accounted for 10.3% of our total operating costs in the first
quarter of 2017.- Costs of claims adjusting
business were RMB50.3 million (US$7.3 million) for the
first quarter of 2017, representing an increase of 4.1% from
RMB48.3 million for the corresponding period in 2016. The increase
was primarily attributable to the increased average salaries for
claims adjustors. Costs incurred by the claims adjusting business
accounted for 4.1% of our total operating costs in the first
quarter of 2017.
- Selling expenses were RMB52.4 million (US$7.6
million) for the first quarter of 2017, representing a decrease of
52.0% from RMB109.1 million for the corresponding period in 2016.
The decrease was primarily because promotional marketing expenses
were paid to sales agents in the first quarter of 2016 while such
expenses were canceled in the first quarter of 2017.
- General and administrative
expenses were RMB134.2
million (US$19.5 million) for the first quarter of 2017,
representing an increase of 22.0% from RMB110.0 million for the
corresponding period in 2016. The increase was primarily due to an
increase in payroll expense.
As a result of the preceding factors, we had an
operating income of RMB63.2 million (US$9.2
million) for the first quarter of 2017, as compared to an operating
loss of RMB20.0 million for the corresponding period in 2016.
Operating margin was 4.3% for
the first quarter of 2017, compared to -2.2% for the corresponding
period in 2016. The increase was primarily due to the increase in
sales of regular term life insurance policies which have higher
profit margin.
Investment income was RMB10.3
million (US$1.5 million) for the first quarter of 2017,
representing a decrease of 37.5% from RMB16.5 million for the
corresponding period in 2016. The investment income represented
yields from short-term investments in financial products which
mainly consist of inter-bank deposits or collective trust products
with terms ranging from half a year to two years and interest
payable on a quarterly, semi-annual or annual basis. Our investment
income fluctuates from quarter to quarter because investment income
is recognized when received.Interest income was
RMB0.6 million (US$0.1 million) for the first quarter of 2017,
representing a decrease of 87.5% from RMB4.5 million for the
corresponding period in 2016. The decrease in interest income was
primarily due to decreases in term deposits as a result of
increases in short-term investments.
Income tax expense was RMB28.5
million (US$4.1 million) for the first quarter of 2017,
representing an increase of 71.4 times from RMB0.4 million for the
corresponding period in 2016. The increase was primarily due to an
increase in operating income. The effective tax rate for the first
quarter of 2017 was 37.7% compared with 6.3% for the corresponding
period in 2016. The increase in effective tax rate was mainly
because deferred tax assets allowance resulting from the operation
loss incurred by certain of our subsidiaries, which is not expected
to be utilized in the future, was fully recognized in the first
quarter of 2017.
Share of income of affiliates
was RMB17.7 million (US$2.6 million) for the first quarter of 2017,
representing an increase of 75.1% from RMB10.1 million for the
corresponding period in 2016, 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 RMB69.7 million (US$10.1 million) for the
first quarter of 2017, representing an increase of 260.2% from
RMB19.4 million for the corresponding period in 2016.
Net margin was 4.8% for the
first quarter of 2017 compared with 2.1% for the corresponding
period in 2016.
Basic and
diluted net income per ADS were RMB1.20
(US$0.17) and RMB1.15 (US$0.17) for the first quarter of 2017,
respectively, representing increases of 257.0% and 257.1% from
RMB0.34 and RMB0.32 for the corresponding period in 2016.
As of March 31, 2017, the Company had RMB3.0 billion (US$437.2
million) in cash, cash
equivalents and short term
investments.
Key Operational Metrics for Fanhua's Online Initiatives
for the First Quarter of 2017:
- CNpad Mobile Application ("CNpad App") - Our
proprietary mobile sales support system:- CNpad
App had been downloaded and activated 251,819 times as of
March 31, 2017, representing an increase of 106.9% from 121,730
times as of March 31, 2016;- The number of active
users2 of CNpad App was 56,446 in the first quarter
of 2017, representing an increase of 102.3% from 27,905 in the
first quarter of 2016;- Insurance premiums
generated through CNpad
App were RMB1.6 billion (US$230.2 million) in the
first quarter of 2017, representing an increase of 98.0% from
RMB800.1 million for the corresponding period of 2016 and accounted
for 39.8% of our total insurance premiums in the first quarter of
2017 as compared to 25.9% for the corresponding period of
2016.
- eHuzhu - Our online non-profit mutual aid
platform:- The number of registered
members was 1.6 million as of March 31, 2017, representing
an increase of 107.2% from 0.8 million as of March 31, 2016.
- Baoxian.com - Our online insurance
platform:- The number of registered customer
accounts was 862,497 as of March 31, 2017, representing an
increase of 151.5% from 343,000 as of March 31, 2016.- The
number of active customer accounts3 was 48,046 in the
first quarter of 2017, representing an increase of 73.0% from
27,769 in the corresponding period of 2016;- Insurance
premiums generated on or through Baoxian.com was RMB53.0
million (US$7.7 million) in the first quarter of 2017, representing
an increase of 339.9% from RMB12.0 million in the corresponding
period of 2016.
Recent Development
- On April 20, 2017, Fanhua's board of directors declared a cash
dividend of US$0.006 per ordinary share, or US$0.12 per ADS to
shareholders of record on May 8, 2017, payable on or around on May
18, 2017. The total cash dividend was approximately US$7.4 million,
which represented 32.8% of the Company's audited net income
attributable to shareholders for the year 2016.
- On April 6, 2017, Fanhua announced the completion of a private
placement of its 66,000,000 ordinary shares (equivalent to
3,300,000 ADS), at a purchase price of US$0.44185 per ordinary
share (equivalent to US$8.837 per ADS), for a total investment of
US$29,162,100, by Fosun Industrial Holdings Limited ("Fosun"), a
wholly-owned subsidiary of Fosun International Limited (00656.HK).
The purchase price represented the average closing price of ADSs in
the past 20 trading days prior to the signing of the share purchase
agreement between Fosun and the Company on March 29, 2017. Fosun
holds 5.34% of the equity interests in the Company post-closing and
its purchased shares are subject to a contractual one-year lock-up.
In connection with this investment, Fosun and Fanhua agreed to
establish a long term strategic partnership to collaborate in areas
such as insurance, healthcare, investment and financial services.
Fanhua expects to strengthen business cooperation with Fosun's
affiliated insurance companies to leverage Fosun’s brand name and
variety of insurance offerings with its own extensive insurance
sales and service network.
- Fanhua had 280,916 sales agents and 1,241 professional claims
adjustors as of March 31, 2017, compared with 132,539 sales agents,
and 1,400 professional claims adjustors as of March 31, 2016. As of
March 31, 2017, Fanhua’s distribution network consisted of 810
sales outlets operating in 21 provinces, compared with 447 sales
outlets operating in 18 provinces as of March 31, 2016. Its claims
adjusting service network covered 29 provinces with 149 service
outlets as of March 31, 2017, compared with 155 service outlets in
29 provinces as of March 31, 2016.
Business Outlook
Fanhua expects its operating income to be no
less than RMB70 million for the second quarter of 2017. This
forecast reflects Fanhua’s current view, which is subject to
change.
Conference Call
The Company will host a conference call to
discuss its first quarter 2017 financial results as per the
following details.
Time: 9:00 PM Eastern Daylight Time on May 22, 2017
or 9:00 AM Beijing/Hong Kong Time on May
23, 2017
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 #: 16213567
Additionally, a live and archived web cast of this call will be
available at: http://ir.fanhuaholdings.com/events.cfm
About Fanhua Inc.
Fanhua 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.
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.
As of March 31, 2017, our distribution and
service network consisted of 31 insurance agencies, two insurance
brokerages and three claims adjusting firms, with 959 sales and
service outlets covering 29 provinces.
For more information about Fanhua Inc., please
visit http://ir.fanhuaholdings.com/.
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 Fanhua 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 Fanhua 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 Fanhua 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 Fanhua is
included in Fanhua's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F.
|
FANHUA INC. |
Unaudited Condensed Consolidated Balance
Sheets |
|
(In thousands) |
|
|
|
As of December 31, |
|
As of March 31, |
|
As of March 31, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS: |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash
and cash equivalents |
240,242 |
|
362,213 |
|
52,623 |
|
Restricted cash |
33,737 |
|
42,222 |
|
6,134 |
|
Short
term investments |
2,797,842 |
|
2,647,387 |
|
384,616 |
|
Accounts receivable, net |
502,975 |
|
668,798 |
|
97,164 |
|
Insurance premium receivables |
187 |
|
341 |
|
49 |
|
Other
receivables |
49,186 |
|
108,126 |
|
15,708 |
|
Amounts due from related parties |
32,495 |
|
62,529 |
|
9,084 |
|
Other
current assets |
37,900 |
|
36,574 |
|
5,314 |
|
Total current assets |
3,694,564 |
|
3,928,190 |
|
570,692 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Property, plant, and equipment, net |
31,414 |
|
30,393 |
|
4,416 |
|
Goodwill and intangible assets, net |
181,549 |
|
172,986 |
|
25,132 |
|
Deferred tax assets |
8,277 |
|
9,893 |
|
1,437 |
|
Investment in affiliates |
294,576 |
|
310,788 |
|
45,152 |
|
Other
non-current assets |
28,188 |
|
28,188 |
|
4,095 |
|
Total non-current assets |
544,004 |
|
552,248 |
|
80,232 |
|
Total assets |
4,238,568 |
|
4,480,438 |
|
650,924 |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
278,188 |
|
491,043 |
|
71,339 |
|
Insurance premium payables |
5,491 |
|
6,224 |
|
904 |
|
Other
payables and accrued expenses |
314,051 |
|
251,273 |
|
36,505 |
|
Accrued payroll |
59,201 |
|
63,557 |
|
9,234 |
|
Income tax payable |
90,188 |
|
109,191 |
|
15,864 |
|
Total current liabilities |
747,119 |
|
921,288 |
|
133,846 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Other
tax liabilities |
72,778 |
|
72,612 |
|
10,549 |
|
Deferred tax liabilities |
14,577 |
|
14,404 |
|
2,093 |
|
Total non-current liabilities |
87,355 |
|
87,016 |
|
12,642 |
|
Total liabilities |
834,474 |
|
1,008,304 |
|
146,488 |
|
|
|
|
|
|
|
|
Ordinary shares |
8,658 |
|
8,684 |
|
1,262 |
|
Additional paid-in capital |
2,301,655 |
|
2,306,209 |
|
335,049 |
|
Statutory reserves |
311,590 |
|
301,590 |
|
43,815 |
|
Retained earnings |
1,018,928 |
|
1,098,668 |
|
159,616 |
|
Accumulated other comprehensive loss |
(65,844) |
|
(69,678) |
|
(10,123) |
|
Subscription receivables |
(288,135) |
|
(285,653) |
|
(41,500) |
|
Total The Company's shareholders’
equity |
3,286,852 |
|
3,359,820 |
|
488,119 |
|
Non-controlling interests |
117,242 |
|
112,314 |
|
16,317 |
|
Total equity |
3,404,094 |
|
3,472,134 |
|
504,436 |
|
Total liabilities and equity |
4,238,568 |
|
4,480,438 |
|
650,924 |
|
|
|
|
|
|
|
|
FANHUA 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, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
|
Net
revenues: |
|
|
|
|
|
|
Agency |
697,471 |
|
1,269,002 |
|
184,362 |
|
Brokerage |
143,106 |
|
133,793 |
|
19,438 |
|
Claims adjusting |
67,287 |
|
64,585 |
|
9,383 |
|
Total net
revenues |
907,864 |
|
1,467,380 |
|
213,183 |
|
Operating costs
and expenses: |
|
|
|
|
|
|
Agency |
(546,807) |
|
(1,042,504) |
|
(151,456) |
|
Brokerage |
(113,629) |
|
(124,775) |
|
(18,128) |
|
Claims adjusting |
(48,339) |
|
(50,303) |
|
(7,308) |
|
Total operating
costs |
(708,775) |
|
(1,217,582) |
|
(176,892) |
|
Selling expenses |
(109,132) |
|
(52,408) |
|
(7,614) |
|
General and
administrative expenses |
(109,955) |
|
(134,188) |
|
(19,495) |
|
Total operating
costs and expenses |
(927,862) |
|
(1,404,178) |
|
(204,001) |
|
(Loss) income
from operations |
(19,998) |
|
63,202 |
|
9,182 |
|
Other income,
net: |
|
|
|
|
|
|
Investment income |
16,460 |
|
10,288 |
|
1,495 |
|
Interest
income |
4,518 |
|
567 |
|
82 |
|
Others,
net |
5,241 |
|
1,611 |
|
234 |
|
Income before
income taxes and income of affiliates |
6,221 |
|
75,668 |
|
10,993 |
|
Income
tax expense |
(394) |
|
(28,525) |
|
(4,144) |
|
Share of
income of affiliates |
10,090 |
|
17,669 |
|
2,567 |
|
Net
income |
15,917 |
|
64,812 |
|
9,416 |
|
less: net loss
attributable to noncontrolling interests |
(3,443) |
|
(4,928) |
|
(716) |
|
Net income
attributable to the Company’s shareholders |
19,360 |
|
69,740 |
|
10,132 |
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
Basic |
0.02 |
|
0.06 |
|
0.01 |
|
Diluted |
0.02 |
|
0.06 |
|
0.01 |
|
|
|
|
|
|
|
|
Net income per ADS: |
|
|
|
|
|
|
Basic |
0.34 |
|
1.20 |
|
0.17 |
|
Diluted |
0.32 |
|
1.15 |
|
0.17 |
|
|
|
|
|
|
|
|
Shares used in calculating net income per
share: |
|
|
|
|
|
|
Basic |
1,155,069,427 |
|
1,165,429,597 |
|
1,165,429,597 |
|
Diluted |
1,202,524,286 |
|
1,213,183,900 |
|
1,213,183,900 |
|
|
|
|
|
|
|
|
Net
income |
15,917 |
|
64,812 |
|
9,416 |
|
Other
comprehensive loss, net of tax: Foreign currency translation
adjustments |
(1,298) |
|
(159) |
|
(23) |
|
Fair
value changes |
— |
|
264 |
|
38 |
|
Share of
other comprehensive loss of affiliates |
(19,643) |
|
(1,457) |
|
(212) |
|
Comprehensive
(loss) income |
(5,024) |
|
63,460 |
|
9,219 |
|
Less:
Comprehensive loss attributable to the noncontrolling
interests |
(3,443) |
|
(4,928) |
|
(716) |
|
Comprehensive
income attributable to the Company’s shareholders |
(1,581) |
|
68,388 |
|
9,935 |
|
|
|
|
|
|
|
|
FANHUA INC. |
Unaudited Condensed Consolidated Statements of
Cash Flow |
(In
thousands) |
|
For The Three Months Ended |
|
|
March 31, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
Net income |
15,917 |
|
64,812 |
|
9,416 |
|
Adjustments to reconcile net income to net cash generated
from operating activities: |
|
|
|
|
|
|
Depreciation |
3,344 |
|
3,703 |
|
538 |
|
Amortization of intangible assets |
1,317 |
|
8,563 |
|
1,244 |
|
Allowance for doubtful receivables |
(690) |
|
7,669 |
|
1,114 |
|
Compensation expenses associated with stock option |
2,895 |
|
— |
|
— |
|
Investment income |
(9,098) |
|
(6,264) |
|
(910) |
|
Gain
on disposal of subsidiaries |
(3,030) |
|
(1,302) |
|
(189) |
|
Loss
(gain) on disposal of property, plant and equipment |
2 |
|
(34) |
|
(5) |
|
Share
of income of affiliates |
(10,090) |
|
(17,669) |
|
(2,567) |
|
Changes in operating assets and liabilities |
22,140 |
|
(50,383) |
|
(7,319) |
|
Net cash generated from operating activities |
22,707 |
|
9,095 |
|
1,322 |
|
|
|
|
|
|
|
|
Cash flows (used in) generated from investing
activities: |
|
|
|
|
|
|
Purchase of property, plant and equipment |
(1,633) |
|
(2,872) |
|
(417) |
|
Proceeds from disposal of property and equipment |
24 |
|
38 |
|
5 |
|
Purchase of short term investments |
(2,205,000) |
|
(1,119,194) |
|
(162,598) |
|
Proceeds from disposal of short term investments |
1,667,599 |
|
1,276,264 |
|
185,417 |
|
Disposal of subsidiaries, net of cash disposed |
6,436 |
|
(6,517) |
|
(947) |
|
Increase in amounts due from related parties |
— |
|
(30,000) |
|
(4,358) |
|
|
|
|
|
|
|
|
Net cash (used in) generated from investing
activities |
(532,574) |
|
117,719 |
|
17,102 |
|
|
|
|
|
|
|
|
Cash flows
(used in) generated from
financing activities: |
|
|
|
|
|
|
Acquisition of additional interest in subsidiaries |
(1,200) |
|
— |
|
— |
|
Proceeds
on exercise of stock options |
1 |
|
3,836 |
|
557 |
|
Net cash (used in) generated from financing
activities |
(1,199) |
|
3,836 |
|
557 |
|
|
|
|
|
|
|
|
Net (decrease) increase in cash, cash equivalents and
restricted cash |
(511,066) |
|
130,650 |
|
18,981 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
1,132,851 |
|
273,979 |
|
39,804 |
|
Effect
of exchange rate changes on cash and cash equivalents |
(61) |
|
(194) |
|
(28) |
|
Cash, cash equivalents and restricted cash at end of
period |
621,724 |
|
404,435 |
|
58,757 |
|
Interest
paid |
— |
|
— |
|
— |
|
Income
taxes paid |
2,607 |
|
7,129 |
|
1,036 |
|
|
|
|
|
|
|
|
In November 2016, the FASB issued ASU No. 2016-18 ("ASU
2016-18"), Statement of Cash Flows (Topic 230) - Restricted Cash.
This ASU requires amounts generally described as restricted cash
and restricted cash equivalents to be included with cash and cash
equivalents when reconciling beginning-of-period and end-of-period
total amounts shown on the statement of cash flows. The provisions
of ASU 2016-18 are effective for reporting periods beginning after
December 15, 2017 and are to be applied retrospectively; early
adoption is permitted. We elected to early adopt ASU 2016-18 in the
first quarter of 2017. In connection with the adoption of
this update, we have reclassified RMB1.1 million of restricted cash
from investing activities to the cash, cash equivalents, and
restricted cash balance in the three-month period ended March 31,
2016 to be consistent with the 2017 presentation.
1 This announcement contains currency conversions of certain
Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates
solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of RMB
6.8832 to US$ 1.00, the effective noon buying rate as of March 31,
2017 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 Active users are defined as users who made at least one
purchase through CNpad App during the specified period.
3 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 QiuInvestor Relations ManagerTel: +86 (20)
8388-3191Email:
qiusr@fanhuaholdings.com Source: Fanhua
Inc.
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