— Quarterly Operating
Income Up 63.3% YoY
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, 20181 and declared quarterly
dividend.
The Company also announced that on May 12, 2018,
its Board of Directors (the "Board") declared an annual aggregate
dividend of US$1.0 per ADS, or $0.05 per ordinary share, payable on
a quarterly basis. The dividend declaration reflects management and
the Board's current view on the Company's first quarter of 2018
financial results and its earnings growth outlook for 2018. The
first quarterly dividend for the year 2018 will be US$0.25 per ADS,
or US$0.0125 per ordinary share, amounting to a total of US$16.3
million, payable on or around June 10, 2018 to shareholders of
record on May 30, 2018.
Financial Highlights for the First
Quarter of 2018:
(In thousands, except per ADS) |
2017Q1(RMB) |
2018Q1(RMB) |
2018Q1(US$) |
Change % |
Total net revenues |
1,333,587 |
843,263 |
134,436 |
-36.8 |
Operating income |
55,214 |
90,181 |
14,376 |
63.3 |
Net income attributable to the Company’s shareholders2 |
69,740 |
130,218 |
20,758 |
86.7 |
Diluted net income per ADS |
1.15 |
2.00 |
0.32 |
73.9 |
Commenting on the first quarter 2018 financial results, Mr.
Chunlin Wang, chairman and chief executive officer of Fanhua,
stated, "We delivered another quarter of solid results that beat
our expectation, with operating income growing by 63.3%
year-over-year to RMB90.2 million, and net income attributable to
shareholders increasing by 86.7% year-over-year to RMB130.2
million.
"The performance of our core business, life
insurance business, was in line with our expectation. Our total
life insurance premiums grew by 40.1% from a year ago, outpacing
industry growth, primarily owing to strong year-over-year growth of
186.5% in renewal life insurance premiums during the quarter,
reflecting the attractive business nature of the long-term life
insurance business. i.e. the snowball effect created by the
accumulation of renewal business. First year annualized premiums
equivalent ("APEs") were down 12% year-over-year, consistent with
our expectation, mainly affected by the continued adjustment in
annuity products and the high base in the same period of last year.
In the meantime, the fundamentals of our life insurance segment
remain solid, as evidenced by the strong growth momentum in both
registered sales agents and performing sales, and over 40%
year-on-year growth in APEs of health insurance products for the
first quarter of 2018.
"We are also happy to see positive operational
and financial contributions from our various internet platforms
which have demonstrated leading advantages in each of their
respective areas and started to generate commercial value. These
achievements have fully demonstrated the foresight and accuracy of
the business strategies that we've implemented over the past few
years. We believe our internet platforms will become a new driver
for the continued growth of the company in the future.
"Looking ahead to the second quarter of 2018, we
expect the life insurance industry will be on track for a healthier
development, in view of current financial and insurance regulatory
trends. But we firmly believe that the decoupling of manufacturing
from distribution is an irreversible trend and the industry's
transition towards protection-oriented business is favorable for
Fanhua. As such, we expect to achieve positive growth in first year
life insurance APEs and operating income of no less than RMB100
million in the second quarter of 2018."
Financial Results for the First Quarter
of 2018
Total net revenues were RMB
843.3 million (US$134.4 million) for the first quarter of 2018,
representing a decrease of 36.8% from RMB 1,333.6 million for the
corresponding period in 2017.
- Net revenues for the life
insurance business were RMB 673.0
million (US$107.3 million) for the first quarter of 2018,
representing an increase of 9.7% from RMB613.4 million for the
corresponding period in 2017. The increase was primarily due to
growth in the number of sales agents and the rapid growth of
renewal commissions. Revenues generated from our life insurance
business accounted for 79.8% of our total net revenues in the first
quarter of 2018.
- Net revenues for the P&C insurance
business were RMB 92.5 million (US$14.7 million) for the
first quarter of 2018, representing a decrease of 85.9% from
RMB655.6 million for the corresponding period in 2017. The decrease
was primarily due to 1) the disposal of the equity interests of
some entities in the P&C insurance division in October 2017,
and 2) the transition of our P&C insurance business from a
commission-based business model towards a platform business model
starting from the fourth quarter of 2017. The revenue for P&C
insurance business mainly represent commission revenues generated
from Baoxian.com and technology service fees based on the volume of
insurance premiums transacted through CNpad. Revenues generated
from the P&C insurance business accounted for 11.0% of our
total net revenues in the first quarter of 2018.
- Net revenues for the claims adjusting business
were RMB 77.8million (US$12.4 million) for the first quarter of
2018, representing an increase of 20.4% from RMB64.6 million for
the corresponding period in 2017. Revenues generated from the
claims adjusting business accounted for 9.2% of our total net
revenues in the first quarter of 2018.
Total operating costs and
expenses were RMB753.1 million (US$120.1 million) for the
first quarter of 2018, representing a decrease of 41.1% from RMB
1,278.4 million for the corresponding period in 2017.
- Commission costs were RMB597.4 million
(US$95.2 million) for the first quarter of 2018, representing a
decrease of 45.3% from RMB 1,092.8 million for the corresponding
period in 2017. The decrease in commission cost was mainly due to
the decrease in P&C insurance business, partially offset by the
growth of our life insurance business.
- Costs of the life insurance business were
RMB468.3 million (US$74.7 million) for the first quarter of 2018,
representing an increase of 7.6% from RMB435.1 million for the
corresponding period in 2017. The increase was in line with the
growth in sales. Costs incurred by the life insurance business
accounted for 78.4% of our total commission costs in the first
quarter of 2018.
- Costs of the P&C
insurance business were RMB80.2 million (US$12.8 million)
for the first quarter of 2018, representing a decrease of 86.8%
from RMB607.4 million for the corresponding period in 2017. The
decrease was primarily due to 1) the disposal of the equity
interests of some entities in the P&C insurance division in
October 2017, and 2) the transition of our P&C insurance
business from a commission-based business model towards a platform
business model starting from the fourth quarter of 2017. The cost
of the P&C insurance business mainly represents the cost
incurred for business on Baoxian.com. Costs incurred by the P&C
insurance business accounted for 13.4% of our total commission
costs in the first quarter of 2018.
- Costs of claims adjusting business were
RMB49.0 million (US$7.8 million) for the first quarter of 2018,
representing a decrease of 2.6% from RMB50.3 million for the
corresponding period in 2017. Costs incurred by the claims
adjusting business accounted for 8.2% of our total commission costs
in the first quarter of 2018.
- Selling expenses were RMB48.7 million (US$7.8
million) for the first quarter of 2018, representing a decrease of
6.9% from RMB52.3 million for the corresponding period in 2017. The
decrease was primarily due to the reduction in expenses related to
P&C insurance agencies as a result of the disposal of most of
our P&C insurance agency subsidiaries in the fourth quarter of
2017, as part of the implementation of a platform business model
for our auto insurance business.
- General and administrative
expenses were RMB107.0
million (US$17.1 million) for the first quarter of 2018,
representing a decrease of 19.7% from RMB133.2 million for the
corresponding period in 2017. The decrease was primarily due to the
reduction in expenses related to P&C insurance agencies as a
result of the disposal of most of our P&C insurance agency
subsidiaries in the fourth quarter of 2017, as part of the
implementation of a platform business model for our auto insurance
business.
As a result of the preceding factors, we had an
operating income of RMB90.2 million (US$14.4
million) for the first quarter of 2018, representing an increase of
63.3% from RMB55.2 million for the corresponding period in
2017.
Operating margin was 10.7% for
the first quarter of 2018, compared to 4.1% for the corresponding
period in 2017.
Investment income was RMB33.1
million (US$5.3 million) for the first quarter of 2018,
representing a increase of 221.4% from RMB10.3 million for the
corresponding period in 2017. The investment income represented
yields from short-term investments in financial products that
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 RMB10.8
million (US$1.7 million) for the first quarter of 2018,
representing an increase of 17 times from RMB0.6 million for
the corresponding period in 2017, primarily due to interest related
to amounts due from Shenzhen Chuangjia Investment Limited
Partnership, which beneficially owns 84.6% of Fanhua Puyi Fund
Sales Limited.
Income tax expense was RMB43.8
million (US$7.0 million) for the first quarter of 2018,
representing an increase of 60.4% from RMB27.3 million for the
corresponding period in 2017. The increase was primarily due to 1)
an increase in operating income and investment income, and 2)
provision of withholding income tax for dividend payment. The
effective tax rate for the first quarter of 2018 was 33.0% compared
with 40.3% for the corresponding period in 2017. The decrease in
effective tax rate was mainly due to the increase of deferred tax
assets arising from operation loss incurred by certain of our
subsidiaries and the loss is expected to be utilized in the
future.
Share of income of affiliates
was RMB40.5 million (US$6.5 million) for the first quarter of 2018,
representing an increase of 128.8% from RMB17.7 million for the
corresponding period in 2017, mainly attributable to an increase of
profits from Sincere Fame, a company in which we own 20.6% of the
equity interest.
Net income from continuing
operations was RMB129.6 million (US$20.7 million) for the
first quarter of 2018, representing an increase of 123.4% from
RMB58.0 million for the corresponding period in 2017.
Net income from discontinued
operations2 was nil for the first quarter of 2018. Net
income from discontinued operation was RMB6.8 million for the
corresponding period in 2017, representing net income from
operation of brokerage segment contribute to the Company.
Net income attributable to the Company’s
shareholders was RMB130.2 million (US$20.8 million) for
the first quarter of 2018, representing an increase of 86.7% from
RMB 69.7 million for the corresponding period in 2017.
Net margin was 15.4% for the
first quarter of 2018 compared with 4.7% for the corresponding
period in 2017.
Basic and
diluted net income per ADS were RMB2.00
(US$ 0.32) and RMB2.00 (US$0.32) for the first quarter of 2018,
respectively, representing increases of 66.7% and 73.9% from
RMB1.20 and RMB1.15 for the corresponding period in 2017.
As of March 31, 2018, the Company had RMB2,937.4 million
(US$468.3 million) in cash, cash
equivalents and short term
investments.
Key Operational Metrics for Fanhua's Online Initiatives
for 2018:
- CNpad Auto Insurance Mobile Application ("CNpad Auto
Insurance App") - Our proprietary mobile sales support
system:
- CNpad Auto Insurance App had been downloaded
and activated 418,342 times as of March 31, 2018, representing an
increase of 66.1% from 251,819 times as of March 31, 2017;
- The number of active users of CNpad Auto Insurance
App3 was 63,955 in the first quarter of 2018, representing
an increase of 13.3% from 56,446 in the first quarter of 2017;
- Insurance premiums generated
through CNpad Auto Insurance
App were RMB 571.0 million (US$91.0 million) in
the first quarter of 2018, representing a decrease of 38.2% from
RMB924.0 million for the first quarter of 2017.
- Lan Zhanggui - Our one-stop insurance
service platform that integrates the key functions of both CNpad
Auto Insurance and CNpad Life Insurance App, which was launched in
October 2017. All CNpad Life Insurance App accounts have been
converted to Lan Zhanggui.
- Lan Zhanggui had been downloaded and activated
579,348 times as of March 31, 2018, representing an increase of
130.1% from 251,819 times of downloads of CNpad Life Insurance App
as of March 31, 2017;
- The number of active users of Lan Zhanggui4
was 64,685 in the first quarter of 2018, representing an increase
of 38.3% from 46,785 active users of CNpad Life Insurance App in
the first quarter of 2017;
- Insurance premiums generated
through Lan Zhanggui were RMB513.0
million (US$81.8 million) in the first quarter of 2018,
representing a decrease of 22.3% from RMB660.0 million generated
through CNpad Life Insurance App for the first quarter of
2017.
- eHuzhu - Our online non-profit mutual aid
platform:
- The number of registered members was 3.1
million as of March 31, 2018, representing an increase of 93.8%
from 1.6 million as of March 31, 2017.
- Baoxian.com - Our online insurance
platform:
- The number of registered customer accounts was
1.6 million as of March 31, 2018, representing an increase of 87.1%
from approximately 0.8 million as of March 31, 2017;
- The number of active customer accounts5 was
62,100 in the first quarter of 2018, representing an increase of
29.3% from 48,046 in the first quarter of 2017;
- Insurance premiums generated on or through
Baoxian.com was RMB 605.0 million (US$96.5 million) in the
first quarter of 2018, representing an increase of 10.4 times from
RMB53.0 million in the first quarter of 2017.
Recent Developments
- As of March 31, 2018, Fanhua had 579,348 sales agents and 1,253
professional claims adjustors, compared with 280,916 sales agents
and 1,241 claims adjustors as of March 31, 2017. As of March 31,
2018, Fanhua's distribution network consisted of 541 sales outlets
in 21 provinces and 142 services outlets in 30 provinces, compared
with 810 sales outlets in 21 provinces and 149 service outlets in
29 provinces as of March 31, 2017.
Business Outlook
Fanhua expects its operating income to be no
less than RMB100.0 million for the second quarter of 2018. 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 2018 financial results as per the
following details.
Time: 9:00 PM Eastern Daylight Time on May 21, 2018 or 9:00
AM Beijing/Hong Kong Time on May 22, 2018
The toll free dial-in numbers:
United States
United Kingdom France
Germany Australia Canada
Taiwan Hong Kong |
1-855-500-8701
0800-015-97240800-918-6480800-184-48761-300-713-7591-855-757-15650080-665-1951
800-906-606 |
The toll dial-in numbers:
China (Mainland)
Singapore & Other Areas |
400-120-0654 +852-3018-6776 |
Conference ID #: 8473679
Additionally, a live and archived web cast of this call will be
available
at: http://ir.fanhuaholdings.com/events-and-presentations
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; (3) eHuzhu (www.ehuzhu.com), a non-profit
online mutual aid platform in China and (4) Lan Zhanggui, an
all-in-one platform which allows our agents to access and purchase
a wide variety of insurance products, including life insurance,
auto insurance, accident insurance, travel insurance and standard
health insurance products from multiple insurance companies on
their mobile devices.
As of March 31, 2018, our distribution and
service network consisted of 683 sales and service outlets covering
30 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
Statement of Financial
Position (In thousands) |
|
|
|
|
|
|
|
As of December
31, |
|
As of March
31, |
|
As of March
31, |
|
2017 |
|
2018 |
|
2018 |
|
RMB |
|
RMB |
|
US$ |
ASSETS: |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash
and cash equivalents.................. |
363,746 |
|
190,030 |
|
30,295 |
Restricted cash.................................... |
75,287 |
|
79,717 |
|
12,709 |
Short
term investments....................... |
2,498,730 |
|
2,747,397 |
|
438,000 |
Accounts receivable, net..................... |
515,194 |
|
582,750 |
|
92,904 |
Insurance premium receivables.......... |
4,325 |
|
4,378 |
|
698 |
Other
receivables................................ |
631,381 |
|
634,665 |
|
101,181 |
Other
current assets............................ |
43,864 |
|
52,236 |
|
8,328 |
Total current
assets........................... |
4,132,527 |
|
4,291,173 |
|
684,115 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Property, plant, and equipment, net.... |
26,075 |
|
27,717 |
|
4,419 |
Goodwill and intangible assets, net..... |
127,079 |
|
119,339 |
|
19,025 |
Deferred tax assets............................. |
2,091 |
|
4,816 |
|
768 |
Investment in affiliates....................... |
404,783 |
|
443,441 |
|
70,695 |
Other
non-current assets..................... |
45,187 |
|
45,186 |
|
7,203 |
Total non-current assets................... |
605,215 |
|
640,499 |
|
102,110 |
Total
assets........................................ |
4,737,742 |
|
4,931,672 |
|
786,225 |
FANHUA INC. Unaudited
Condensed Consolidated
Statement of Financial
Position-(Continued)(In
thousands) |
|
|
|
|
|
As of December 31, |
|
As of March 31, |
|
|
As of March 31, |
|
|
2017 |
|
2018 |
|
|
2018 |
|
|
RMB |
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable ................................. |
203,024 |
|
265,639 |
|
42,349 |
|
Insurance premium payables ................ |
9,553 |
|
16,726 |
|
2,667 |
|
Other
payables and accrued expenses... |
241,894 |
|
223,384 |
|
35,613 |
|
Accrued payroll ................................... |
77,424 |
|
63,936 |
|
10,193 |
|
Income tax payable .............................. |
129,965 |
|
136,632 |
|
21,782 |
|
Dividend payable |
— |
|
81,556 |
|
13,002 |
|
Total current
liabilities........................ |
661,860 |
|
787,873 |
|
125,606 |
|
|
|
|
|
Non-current liabilities: |
|
|
|
Other
tax liabilities................................ |
70,350 |
|
70,350 |
|
11,215 |
|
Deferred tax liabilities........................... |
17,139 |
|
27,085 |
|
4,318 |
|
Total non-current
liabilities................. |
87,489 |
|
97,435 |
|
15,533 |
|
Total
liabilities..................................... |
749,349 |
|
885,308 |
|
141,139 |
|
Ordinary shares..................................... |
9,571 |
|
9,571 |
|
1,526 |
|
Additional paid-in capital................... |
2,429,559 |
|
2,348,056 |
|
374,335 |
|
Statutory reserves............................... |
311,038 |
|
311,038 |
|
49,587 |
|
Retained
earnings........................................................
........................................................ |
1,468,708 |
|
1,598,926 |
|
254,907 |
|
Accumulated other comprehensive
loss.................................................. |
(93,108 |
) |
(111,190 |
) |
(17,726 |
) |
Subscription receivables..................... |
(248,717 |
) |
(215,770 |
) |
(34,399 |
) |
Total shareholders’ equity................ |
3,877,051 |
|
3,940,631 |
|
628,230 |
|
Non-controlling interests.................... |
111,342 |
|
105,733 |
|
16,856 |
|
Total
equity....................................... |
3,988,393 |
|
4,046,364 |
|
645,086 |
|
Total liabilities and equity................ |
4,737,742 |
|
4,931,672 |
|
786,225 |
|
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, |
|
2017 |
|
2018 |
|
2018 |
|
|
RMB |
RMB |
US$ |
Net revenues6: |
|
|
|
Agency |
1,269,002 |
|
765,426 |
|
122,027 |
|
Life insurance Business |
613,391 |
|
672,967 |
|
107,287 |
|
P&C insurance Business |
655,611 |
|
92,459 |
|
14,740 |
|
Claims adjusting |
64,585 |
|
77,837 |
|
12,409 |
|
Total net
revenues |
1,333,587 |
|
843,263 |
|
134,436 |
|
Operating costs and expenses: |
|
|
|
Agency |
(1,042,504 |
) |
(548,420 |
) |
(87,432 |
) |
Life insurance Business |
(435,110 |
) |
(468,253 |
) |
(74,651 |
) |
P&C insurance Business |
(607,394 |
) |
(80,167 |
) |
(12,781 |
) |
Claims adjusting |
(50,303 |
) |
(49,006 |
) |
(7,813 |
) |
Total operating costs |
(1,092,807 |
) |
(597,426 |
) |
(95,245 |
) |
Selling expenses |
(52,339 |
) |
(48,702 |
) |
(7,764 |
) |
General and administrative expenses |
(133,227 |
) |
(106,954 |
) |
(17,051 |
) |
Total operating costs and expenses |
(1,278,373 |
) |
(753,082 |
) |
(120,060 |
) |
Income from
continuing operations |
55,214 |
|
90,181 |
|
14,376 |
|
Other income, net: |
|
|
|
Investment income |
10,288 |
|
33,111 |
|
5,279 |
|
Interest income |
559 |
|
10,757 |
|
1,715 |
|
Others, net |
1,611 |
|
(1,120 |
) |
(179 |
) |
Income from continuing operations before income taxes and
share of income of affiliates and discontinued
operations |
67,672 |
|
132,929 |
|
21,191 |
|
Income tax expense |
(27,294 |
) |
(43,824 |
) |
(6,987 |
) |
Share
of income of affiliates |
17,669 |
|
40,484 |
|
6,454 |
|
Net
income from continuing operations |
58,047 |
|
129,589 |
|
20,658 |
|
Net
income from discontinued operations, net of tax |
6,765 |
|
— |
— |
|
Net income |
64,812 |
|
129,589 |
|
20,658 |
|
Less:
net loss attributable to noncontrolling interests |
(4,928 |
) |
(629 |
) |
(100 |
) |
Net income attributable to the
Company’s shareholders |
69,740 |
|
130,218 |
|
20,758 |
|
FANHUA
INC.Unaudited
Condensed Consolidated Statements
of Income and
Comprehensive
Income-(Continued)(In thousands, except for shares
and per share data) |
|
|
|
For The Three Months Ended |
|
March 31, |
|
2017 |
|
2018 |
|
2018 |
|
|
RMB |
RMB |
US$ |
Net income per share: Basic:
Net income from continuing operations |
0.05 |
|
0.10 |
|
0.02 |
|
Net income from discontinued operations |
0.01 |
|
— |
|
— |
|
Net income |
0.06 |
|
0.10 |
|
0.02 |
|
Diluted: |
|
|
|
Net income from continuing operations |
0.05 |
|
0.10 |
|
0.02 |
|
Net income from discontinued operations |
0.01 |
|
— |
|
— |
|
Net income |
0.06 |
|
0.10 |
|
0.02 |
|
|
|
|
|
Net income per ADS:
Basic: |
|
|
|
Net income from continuing operations |
1.08 |
|
2.00 |
|
0.32 |
|
Net income from discontinued operations |
0.12 |
|
— |
|
— |
|
Net income |
1.20 |
|
2.00 |
|
0.32 |
|
Diluted: |
|
|
|
Net income from continuing operations |
1.04 |
|
2.00 |
|
0.32 |
|
Net income from discontinued operations |
0.11 |
|
— |
|
— |
|
Net income |
1.15 |
|
2.00 |
|
0.32 |
|
Shares used in calculating net income per share:
Basic.................................................................. |
1,165,429,597 |
|
1,300,191,084 |
|
1,300,191,084 |
|
Diluted................................................................. |
1,213,183,900 |
|
1,302,989,111 |
|
1,302,989,111 |
|
Net
income.................................................... |
64,812 |
|
129,589 |
|
20,658 |
|
Other
comprehensive income (loss), net of tax: Foreign currency
translation
adjustments......................................... |
(159 |
) |
(7,322 |
) |
(1,167 |
) |
Fair value
changes................................................ |
264 |
|
— |
|
— |
|
Share of other comprehensive loss of affiliates... |
(1,457 |
) |
(1,827 |
) |
(291 |
) |
Comprehensive
income................................ |
63,460 |
|
120,440 |
|
19,200 |
|
Less: Comprehensive lose attributable to the noncontrolling
interests.............................................................. |
(4,928 |
) |
(629 |
) |
(100 |
) |
Comprehensive income attributable to the
Company’s
shareholders................................................ |
68,388 |
|
121,069 |
|
19,300 |
|
FANHUA
INC.Unaudited Condensed
Consolidated Statements of Cash Flow(In
thousands) |
|
|
|
For The Three Months Ended |
|
March 31, |
|
2017 |
|
2018 |
|
2018 |
|
|
RMB |
RMB |
US$ |
Net cash generated from
operating activities............... |
9,095 |
|
30,554 |
|
4,871 |
|
Net cash used in
(generated from) investing
activities............................. |
117,719 |
|
(211,604 |
) |
(33,735 |
) |
Net
cash generated from financing activities |
3,836 |
|
19,086 |
|
3,043 |
|
Net increase (decrease) in cash, cash equivalents and
restricted cash............... |
130,650 |
|
(161,964 |
) |
(25,821 |
) |
Cash, cash equivalents and restricted cash at beginning of
period.............................. |
273,979 |
|
439,033 |
|
69,992 |
|
Effect of exchange rate changes on cash and cash
equivalents........................................ |
(194 |
) |
(7,322 |
) |
(1,167 |
) |
Cash, cash equivalents and restricted cash at end of
period........................................ |
404,435 |
|
269,747 |
|
43,004 |
|
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 RMB6.2726 to US$1.00, the effective noon
buying rate as of March 30, 2018 in The City of New York for cable
transfers of RMB as set first in the H.10 weekly statistical
release of the Federal Reserve Board.
2 Due to the disposal of Fanhua Bocheng
Insurance Brokerage Co., Ltd. (“Bocheng”)in November 2017, the
Company is required to present its financial results on a
continuing and discontinued basis. The company's results of
operations related to discontinued operations have been restated as
discontinued operations on a retrospective basis for all periods
presented accordingly. Profits and losses related to Bocheng are
presented as discontinued operations while profits and losses for
the remaining business are presented as continuing operations.
3 Active users of CNpad App included users who made at
least one purchase of life insurance policy and/or P&C
insurance policy through CNpad App (including both its mobile
application or WeChat public account ) during the specific
period.
4 Active users of Lan Zhanggui included users who made at
least one purchase of life insurance policy through CNpad Life
Insurance App in 2017 and Lan Zhanggui (including both its
mobile application or WeChat public account) during the specific
period.
5 Active customer accounts are defined as
customer accounts that made at least one purchase directly through
www.baoxian.com, its mobile application, or WeChat public account
during the specified period.
6 In May 2014, the Financial
Accounting Standards Board ("FASB") issued an
Accounting Standards Update ("ASU") which amended
revenue recognition guidance and
required more detail disclosures. This new policy
enables users of financial statements to understand the nature,
amount, timing and uncertainty of revenue and cash flows arising
from customer contracts. The company adopted this ASU on January 1,
2018 for all revenue contracts with our customers using the
modified retrospective approach and concluded that nil impact on
retained earnings. In addition, the impact of applying this ASU for
the three months ended March 31,2018 was also nil.
For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 8388-3191
Email: qiusr@fanhuaholdings.com
Source: Fanhua Inc.
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