Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading
independent financial services provider in China, today announced a
correction of a prior press release, “Fanhua Reports Second Quarter
and First Half 2022 Unaudited Financial Results” issued at 5PM on
August 23, 2022. The cash, cash equivalents and restricted cash at
beginning of period for the six months ended June 20, 2021 in the
unaudited condensed consolidated statement of cash flow should read
“350,098” instead of “1,219,436” and the cash, cash equivalents and
restricted cash at end of period for the six months ended June 20,
2021 in the unaudited condensed consolidated statement of cash flow
should read “429,330” instead of “1,298,668” as originally issued
inadvertently. The complete, correct release follows.
Fanhua Reports Second Quarter and First
Half 2022 Unaudited Financial Results
-- Life Insurance’s First Year Premiums for the
Second Quarter of 2022 Grew 43.7% YoY --
-- Operating Income for the Second Quarter of
2022 Beats Guidance --
Fanhua Inc. (Nasdaq: FANH) (the “Company” or
“Fanhua”), a leading independent financial services provider in
China, today announced its unaudited financial results for the
second quarter and first half ended June 30, 20221.
Financial Highlights for the Second
Quarter of 2022
(In thousands, except per ADS data) |
2021Q2(RMB) |
2022Q2(RMB) |
2022Q2(US$) |
Change % |
Total net revenues |
689,919 |
703,116 |
104,972 |
1.9 |
|
Operating income |
51,005 |
31,028 |
4,632 |
(39.2 |
) |
Net income attributable to the Company’s shareholders |
67,405 |
32,123 |
4,796 |
(52.3 |
) |
Diluted net income per ADS |
1.25 |
0.60 |
0.09 |
(52.0 |
) |
Cash, cash equivalents and short-term investments (as of June 30,
2021 and 2022) |
1,447,685 |
1,090,044 |
162,739 |
(24.7 |
) |
Financial Highlights for the First Half
of 2022
(In thousands, except per ADS data) |
First Half 2021(RMB) |
First Half 2022(RMB) |
First Half 2022(US$) |
Change % |
Total net revenues |
1,784,948 |
1,389,503 |
|
207,447 |
|
(22.2 |
) |
Operating income |
191,406 |
51,617 |
|
7,705 |
|
(73.0 |
) |
Impairment on investment in an affiliate |
— |
(78,277 |
) |
(11,686 |
) |
N/A |
|
Net income (loss) attributable to the Company’s shareholders |
205,790 |
(5,715 |
) |
(853 |
) |
(102.8 |
) |
Non-GAAP net income attributable to the Company’s shareholders |
205,790 |
72,562 |
|
10,833 |
|
(64.7 |
) |
Diluted net income (loss) per ADS |
3.83 |
(0.11 |
) |
(0.02 |
) |
(102.9 |
) |
Non-GAAP diluted net income per ADS |
3.83 |
1.35 |
|
0.20 |
|
(64.8 |
) |
Mr. Yinan Hu, chairman and chief executive
officer of Fanhua, commented on the financial results of second
quarter of 2022, “In the second quarter of 2022, as we continued
executing on our ‘Professionalization, Career-based, Digitalization
and Open Platform’ strategy and implemented a series of strategic
initiatives, the efforts started to show fruitful results, with
positive improvements across various operating metrics.”
“Our insurance business grew by 12.2%
year-over-year to RMB2.9 billion in gross written premiums (“GWP”),
of which our life insurance first year premiums (“FYP”) reached
RMB615.7 million, up 43.7% year-over-year and 25%
quarter-over-quarter. The growth was primarily driven by
substantial increases in the number of high-performing agents and
their per capita productivity, while we reduced the number of
non-performing and low-performing agents. For instance, the number
of “3-month 10K Premium Agents” who are defined as those
contributing over RMB10,000 annualized premiums equivalent (“APE”)
monthly for all three months during the quarter increased by 23.6%
year-over-year with per capita productivity up 33.3%
year-over-year, while the number of “100K Premium Agents” who are
defined as those contributing over RMB100,000 APE during the
quarter increased by 41.2% year-over-year with per capita
productivity growing by 6.3% year-over-year. These are clear signs
of the positive effects of our strategic focus on serving mid- to
high-end customers and high-performing agents.”
“We delivered RMB31.0 million operating income
in the second quarter of 2022, well exceeding our prior
expectation, despite the disruption to agents’ offline activities
and our claims adjusting business as a result of COVID-19 pandemic
in certain regions, as well as our increased expenditures on
digitalization and professionalization initiatives. The
year-over-year decrease in operating income was mainly due to (i) a
loss of RMB6.8 million within our claims adjusting segment due
impacts of COVID-19 during the quarter, as compared to a profit of
RMB3.5 million in the same period of 2021; (ii) an increase of
investment in our Yuntong branches2 which correspondingly incurred
a loss of RMB15.0 million during the second quarter of 2022; and
(iii) our increased expenditure amounting to RMB10.3 million on
refining our IT infrastructure to support digitalization of our
operation and empower front-line operation of our agents. Although
such investments may have increased our cost pressure, we believe
they are necessary to strengthen our capabilities.”
“After over a year of implementation and
continued refinement, our strategy is becoming clearer and more
pragmatic, and has resulted in significant improvement of our brand
image in our industry, further boosting the confidence of our staff
and sales force.”
“For the second half of 2022, Fanhua will focus
on pushing forward the following initiatives: (1) recruitment and
training of high-performing agents, in particular 100K Premium
Agents and Million-Dollar Roundtable3 members; (2) leveraging
insurance trust services, healthcare and elderly care services to
promote scenario-based marketing, fostering our differentiated
competitive edge; and (3) further enhancing the standardized
operation of the 3R (“Account Responsibility, Solution
Responsibility, and Fulfillment Responsibility”) marketing model on
our platform, to enable our agents to provide more professional and
all-around services to their clients.”
“In the third quarter of 2022, although
extrinsic factors such as the COVID-19 pandemic and the regulatory
requirement for double-recording may continue to exert an impact on
our business, Fanhua will continue to further implement our
development strategy, and work to improve company value by grasping
enormous market opportunities. While we expect to continue to
invest in technology and training which may pose cost pressure in
the near term and take time to come to fruition, the management is
still confident in achieving positive growth with an operating
profit of no less than RMB30 million.”
Financial Results for the Second Quarter
of 2022
Total net revenues were
RMB703.1 million (US$105.0 million) for the second quarter of 2022,
representing an increase of 1.9% from RMB689.9 million for the
corresponding period in 2021.
-
Net revenues for agency business were RMB603.4
million (US$90.1 million) for the second quarter of 2022,
representing an increase of 4.5% from RMB577.5 million for the
corresponding period in 2021. In the second quarter of 2022, total
GWP increased by 12.2% year-over-year to RMB2.9 billion, of which
FYP grew by 35.0% year-over-year to RMB688.3 million while renewal
premiums increased by 6.5% year-over-year to RMB2,162.4 million.
-
Net revenues for the life insurance business were
RMB570.7 million (US$85.2 million) for the second quarter of 2022,
representing an increase of 5.1% from RMB542.8 million for the
corresponding period in 2021. The increase was mainly due to the
growth of first year premiums of the life insurance business,
driven by an increase in the headcount of high-performing agents
and the growth of their per capita productivity. In the second
quarter of 2022, total life insurance GWP increased by 12.9%
year-over-year to RMB2,778.1 million, of which first year premiums
increased by 43.7% year-over-year to RMB615.7 million and renewal
premiums increased by 6.5% year-over-year to RMB2,162.4 million.Net
revenues generated from our life insurance business accounted for
81.2% of our total net revenues in the second quarter of 2022.
-
Net revenues for the P&C insurance business
were RMB32.7 million (US$4.9 million) for the second quarter of
2022, representing a decrease of 5.2% from RMB34.6 million for the
corresponding period in 2021. Net revenues for the P&C
insurance business are mainly derived from commissions for medical
insurance, accident insurance, travel insurance and homeowner
insurance products facilitated on Baowang (www.baoxian.com). Net
revenues generated from the P&C insurance business accounted
for 4.6% of our total net revenues in the second quarter of
2022.
-
Net revenues for the claims adjusting business
were RMB99.7 million (US$14.9 million) for the second quarter of
2022, representing a decrease of 11.4% from RMB112.5 million for
the corresponding period in 2021. The decrease was due to the
disruption to business as a result of the lockdowns in Shanghai and
other areas in response to the COVID-19 outbreaks in those regions.
Net revenues generated from the claims adjusting business accounted
for 14.2% of our total net revenues in the second quarter of
2022.
Total operating costs and
expenses were RMB672.1 million (US$100.3 million) for the
second quarter of 2022, representing an increase of 5.2% from
RMB638.9 million for the corresponding period in 2021.
-
Commission costs were RMB457.1 million (US$68.2
million) for the second quarter of 2022, representing an increase
of 5.9% from RMB431.7 million for the corresponding period in 2021.
-
Commission costs for agency business were RMB391.3
million (US$58.4 million) for the second quarter of 2022,
representing an increase of 7.6% from RMB363.6 million for the
corresponding period in 2021.
-
Costs of the life insurance business were RMB368.0
million (US$55.0 million) for the second quarter of 2022,
representing an increase of 9.1% from RMB337.2 million for the
corresponding period in 2021. The increase was in line with the
increase in net revenues generated from our life insurance
business. Costs incurred by the life insurance business accounted
for 80.5% of our total commission costs in the second quarter of
2022.
-
Costs of the P&C insurance business were
RMB23.3 million (US$3.5 million) for the second quarter of 2022,
representing a decrease of 11.7% from RMB26.4 million for the
corresponding period in 2021. The costs of the P&C insurance
business mainly represent commission costs we incurred for
operating Baowang (www.baoxian.com). The decrease in the costs of
P&C insurance business was in line with the decrease in net
revenues of P&C insurance business. Costs incurred by the
P&C insurance business accounted for 5.1% of our total
commission costs in the second quarter of 2022.
- Costs
of claims adjusting business were RMB65.8 million (US$9.8
million) for the second quarter of 2022, representing a decrease of
3.4% from RMB68.1 million for the corresponding period in 2021.
Costs incurred by the claims adjusting business accounted for 14.4%
of our total commission costs in the second quarter of 2022.
-
Selling expenses were RMB66.8 million (US$10.0
million) for the second quarter of 2022, representing a decrease of
15.8% from RMB79.3 million for the corresponding period in 2021.
The decrease was due to decreased sales events and decreased rental
costs of our sales outlets, partially offset by increased headcount
in our Yuntong branches.
-
General and administrative expenses were RMB148.2
million (US$22.1 million) for the second quarter of 2022,
representing an increase of 15.9% from RMB127.9 million for the
corresponding period in 2021. The increase was mainly due to
increased expenditures for execution of the Professionalization,
Digitalization and Open Platform strategy.
As a result of the foregoing factors, we
recorded an operating income of RMB31.0 million
(US$4.6 million) for the second quarter of 2022, representing a
decrease of 39.2% from RMB51.0 million for the corresponding period
in 2021.
Operating margin was 4.4% for
the second quarter of 2022, compared to 7.4% for the corresponding
period in 2021.
Investment income was RMB2.2
million (US$0.3 million) for the second quarter of 2022, as
compared to investment income of RMB6.3 million for the
corresponding period in 2021. The investment income in the second
quarter of 2022 consisted of yields from short-term investments in
financial products, and is recognized when the investment matures
or is disposed of.
Income tax expense was RMB7.6
million (US$1.1 million) for the second quarter of 2022,
representing a decrease of 52.2% from RMB15.9 million for the
corresponding period in 2021. The effective tax rate for the second
quarter of 2022 was 22.6% compared with 21.4% for the corresponding
period in 2021.
Share of income of affiliates, net of
impairment was RMB2.5 million (US$0.4 million) for the
second quarter of 2022, as compared to RMB11.0 million for the
corresponding period in 2021. We have ceased to record share of
income of CNFinance Holdings Limited (“CNFinance”) since the
Company distributed its shares of CNFinance to its shareholders as
dividends on June 28, 2022.
Net income was RMB28.7 million
(US$4.3 million) for the second quarter of 2022, representing a
decrease of 58.6% from RMB69.4 million for the corresponding period
in 2021.
Net income attributable to the Company’s
shareholders was RMB32.1 million (US$4.8 million) for the
second quarter of 2022, representing a decrease of 52.3% from
RMB67.4 million for the corresponding period in 2021.
Net margin was 4.6% for the
second quarter of 2022 as compared to 9.8% for the corresponding
period in 2021.
Basic and diluted net income per
ADS were RMB0.60 (US$0.09) and RMB0.60 (US$0.09) for the
second quarter of 2022, respectively, representing decreases of
52.4% and 52.0% from RMB1.26 and RMB1.25 for the corresponding
period in 2021, respectively.
As of June 30, 2022, the Company had RMB1,090.0
million (US$162.7 million) in cash, cash
equivalents and short-term investments.
Financial Results for the First Half of
2022
Total net revenues were
RMB1,389.5 million (US$207.4 million) for the first half of 2022,
representing a decrease of 22.2% from RMB1,784.9 million for the
corresponding period in 2021.
-
Net revenues for agency business were RMB1,191.4
million (US$177.9 million) for the first half of 2022, representing
a decrease of 24.5% from RMB1,577.5 million for the corresponding
period in 2021. In the first half of 2022, total GWP increased by
10.9% year-over-year to RMB6.3 billion, of which FYP decreased by
10.8% year-over-year to RMB1,251.1 million while renewal premiums
increased by 18.1% year-over-year to RMB5,045.6 million.
-
Net revenues for the life insurance business were
RMB1,129.2 million (US$168.6 million) for the first half of 2022,
representing a decrease of 25.3% from RMB1,512.0 million for the
corresponding period in 2021. The decrease was mainly due to i)
disruption to offline sales activities of our sales agents in the
first quarter of 2022 as a result of the COVID-19 outbreaks in
multiple regions of China, (ii) subdued customer demands for
insurance due to concerns on resurgences of the pandemic and
increased economic uncertainty and iii) high base in the first
quarter of 2021 as a result of the strong sales of critical illness
products prior to the transition to the new critical illness
definition framework. In the first half of 2022, total life
insurance GWP increased by 11.4% year-over-year to RMB6,153.9
million, of which FYP decreased by 11.4% year-over-year to
RMB1,108.3 million and renewal premiums increased by 18.1%
year-over-year to RMB5,045.6 million.
- Net
revenues generated from our life insurance business accounted for
81.3% of our total net revenues in the first half of 2022.
-
Net revenues for the P&C insurance business
were RMB62.2 million (US$9.3 million) for the first half of 2022,
representing a decrease of 5.0% from RMB65.5 million for the
corresponding period in 2021. Net revenues for the P&C
insurance business are mainly derived from commissions for medical
insurance, accident insurance, travel insurance and homeowner
insurance products facilitated on Baowang (www.baoxian.com). Net
revenues generated from the P&C insurance business accounted
for 4.5% of our total net revenues in the first half of 2022.
-
Net revenues for the claims adjusting business
were RMB198.1 million (US$29.6 million) for the first half of 2022,
representing a decrease of 4.5% from RMB207.4 million for the
corresponding period in 2021. The decrease was mainly caused by the
disruption to our business in Shenzhen, Shanghai and other areas
due to the COVID-19 outbreaks in those regions. Net revenues
generated from the claims adjusting business accounted for 14.2% of
our total net revenues in the first half of 2022.
Total operating costs and
expenses were RMB1,337.9 million (US$199.7 million) for
the first half of 2022, representing a decrease of 16.0% from
RMB1,593.5 million for the corresponding period in 2021.
-
Commission costs were RMB907.8 million (US$135.5
million) for the first half of 2022, representing a decrease of
22.4% from RMB1,169.4 million for the corresponding period in 2021.
-
Commission cost for agency business were RMB774.7
million (US$115.7 million) for the first half of 2022, representing
a decrease of 25.3% from RMB1,037.6 million for the corresponding
period in 2021.
-
Costs of the life insurance business were RMB731.5
million (US$109.2 million) for the first half of 2022, representing
a decrease of 26.1% from RMB989.9 million for the corresponding
period in 2021. The decrease was in line with the decline in net
revenues generated from our life insurance business. Costs incurred
by the life insurance business accounted for 80.6% of our total
commission costs in the first half of 2022.
-
Costs of the P&C insurance business were
RMB43.2 million (US$6.4 million) for the first half of 2022,
representing a decrease of 9.4% from RMB47.7 million for the
corresponding period in 2021. The costs of the P&C insurance
business mainly represent commission costs we incurred for
operating Baowang (www.baoxian.com). The decrease in the costs of
P&C insurance business was in line with the decrease in net
revenues of P&C insurance business. Costs incurred by the
P&C insurance business accounted for 4.8% of our total
commission costs in the first half of 2022.
- Costs
of claims adjusting business were RMB133.1 million
(US$19.9 million) for the first half of 2022, representing an
increase of 1.0% from RMB131.8 million for the corresponding period
in 2021. Costs incurred by the claims adjusting business accounted
for 14.7% of our total commission costs in the first half of
2022.
-
Selling expenses were RMB141.6 million (US$21.1
million) for the first half of 2022, representing a decrease of
10.2% from RMB157.7 million for the corresponding period in 2021.
The decrease was due to decreased sales events and decreased rental
costs of our sales outlets, partially offset by increased headcount
in our Yuntong branches.
-
General and administrative expenses were RMB288.5
million (US$43.1 million) for the first half of 2022, representing
an increase of 8.3% from RMB266.4 million for the corresponding
period in 2021. The increase was mainly due to increased
expenditures for execution of the Professionalization,
Digitalization and Open Platform strategy.
As a result of the foregoing factors, we
recorded an operating income of RMB51.6 million (US$7.7 million)
for the first half of 2022, representing a decrease of 73.0% from
RMB191.4 million for the corresponding period in 2021.
Operating margin was 3.7% for
the first half of 2022, compared to 10.7% for the corresponding
period in 2021.
Investment income was RMB6.3
million (US$0.9 million) for the first half of 2022, representing a
decrease of 61.8% from RMB16.5 million for the corresponding period
in 2021. The investment income in the first half of 2022 consisted
of yields from short-term investments in financial products, and is
recognized when the investment matures or is disposed of.
Income tax expense was RMB14.0
million (US$2.1 million) for the first half of 2022, representing a
decrease of 71.2% from RMB48.6 million for the corresponding period
in 2021. The effective tax rate for the first half of 2022 was
20.2% compared with 21.4% for the corresponding period in 2021.
Share of income of affiliates, net of
impairment was negative RMB68.1 million (US$10.2 million)
for the first half of 2022, compared to RMB26.3 million for the
corresponding period in 2021. The share of income of affiliates,
net of impairment for the first half of 2022 mainly included (i) an
other-than-temporary impairment loss of RMB78.3 million (US$11.7
million) on investment in CNFinance, (ii) share of income from
CNFinance of RMB11.3 million (US$1.7 million), compared to share of
income from CNFinance of RMB27.7 million in the same period of
2021.
Net loss was RMB13.0 million
(US$1.9 million) for the first half of 2022, as compared to net
income of RMB204.7 million for the corresponding period in
2021.
Net loss attributable to the Company’s
shareholders was RMB5.7 million (US$0.9 million) for the
first half of 2022, as compared to net income attributable to the
Company’s shareholders of RMB205.8 million for the corresponding
period in 2021, mainly due to the share of loss and impairment of
affiliates.
Non-GAAP net income attributable to the
Company’s shareholders, (exclusive of impairment on
investment in CNFinance), was RMB72.6 million (US$10.8 million) for
the first half of 2022, representing a decrease of 64.7% from
RMB205.8 million for the corresponding period in 2021.
Net margin was negative 0.4%
for the first half of 2022 as compared to 11.5% for the
corresponding period in 2021.
Non-GAAP net margin was 5.2%
for the first half of 2022 as compared to 11.5% for the
corresponding period in 2021.
Basic and diluted net loss per
ADS were RMB0.11 (US$0.02) and RMB0.11 (US$0.02) for the
first half of 2022, respectively, as compared to basic and diluted
net income per ADS of RMB3.83 and RMB3.83 for the corresponding
period in 2021, respectively.
Non-GAAP basic and diluted net income
per ADS were RMB1.35 (US$0.20) and RMB1.35 (US$0.20) for
the first half of 2022, respectively, representing decreases of
64.8% and 64.8% from RMB3.83 and RMB3.83 for the corresponding
period in 2021, respectively.
Other Key Operational
Metrics:
-
Lan Zhanggui - Our one-stop insurance service
platform:
- The
number of active users of Lan Zhanggui4
was 15,797 in the second quarter of 2022, as compared to 30,760 in
the same period of 2021. The decrease was mainly due to our focus
on serving higher-end customers and high-performing agents and
purposely reducing the number of non-performing or low efficiency
agents at the same time, and the decline in the number of users who
sell auto insurance.
-
Insurance premiums generated from Lan Zhanggui
were RMB524.6 million (US$78.3 million) in the second quarter of
2022 as compared to RMB495.4 million in the corresponding period of
2021. The insurance premiums generated per active user was
RMB33,209 in the second quarter of 2022, as compared to RMB16,105
in the corresponding period of 2021.
-
Baowang (www.baoxian.com)
- Our Direct-to-Consumer (“DTC”) online insurance platform for
Accident & Short Term Health insurance(“A&H”), travel and
homeowner insurance:
- The
number of active customer accounts5 was
56,647 in the second quarter of 2022, as compared to 96,978 in the
corresponding period of 2021;
-
Insurance premiums generated on Baoxian.com were
RMB88.2 million (US$13.2 million) in the second quarter of 2022,
representing a decrease of 0.5% from RMB88.6 million in the
corresponding period of 2021. The insurance premiums generated per
active customer account were RMB1,557 in the second quarter of
2022, as compared to RMB914 in the corresponding period of
2021.
- The
number of performing agents6 was 32,464 in the second quarter of
2022, compared to 50,982 in the corresponding period of 2021. The
number of performing agents for selling life insurance products was
10,653 in the second quarter of 2022, compared to 16,487 in the
corresponding period of 2021. The decrease in the number of
performing agents for selling life insurance products was primarily
because we shifted focus to serving high-end customers and
high-performing agents while purposely reducing the number of
non-performing or low efficiency agents. As of June 30, 2022,
Fanhua’s distribution network consisted of 712 sales outlets in 23
provinces and 104 services outlets in 31 provinces, compared with
771 sales outlets in 23 provinces and 112 service outlets in 31
provinces as of June 30, 2021.
Recent Developments
- As of
June 30, 2022, eHuzhu, our online mutual aid platform, which serves
to provide alternative risk protection programs to lower-income
group at more affordable costs, gathered over 2.0 million paying
members and assisted 9,538 families in raising over RMB1.1 billion
funds to cover their medical costs and help them get through tough
times.
- In July 2022,
Fanhua ranked 20th among the “Top 20 Global Insurance Brokers” in
2021, according to Best’s Review, a monthly magazine published by
A. M. Best, one of the most prestigious insurance rating agencies
in the world. Fanhua first made the list in 2009 and has been the
only Asian insurance broker on the list. The ranking was based on
total revenues in 2021.
- Fanhua has
recently launched training and certification programs of Family
Office Consultant (“FOC”), Family Retirement Planner (“FRP”) and
Family Policy Custodian (“FPC”) to help its sales team to improve
professional skills. The FOC training provides agents with courses
on laws, tax, family trust, insurance trust and more aspects
centering “insurance + trust”, aiming at training them into
professionals in wealth protection and legacy management. We
organized 18 FOC training programs and granted FOC certifications
to 1,676 qualified agents in the first half of 2022. The FRC
training aims to train professionals on the capability of providing
customers with services of retirement planning, savings and wealth
management and legacy management based on value-added whole life
insurance products. We have organized 133 FRP training programs in
total providing complete training for 9,308 agents.
- On July 29,
2022, in the Jinnuo Awards organized by China Banking and Insurance
News, one of the most authoritative publication in the banking and
insurance industries, Fanhua won the award of “Marketing Example of
Financial Products”, and Fanhua eHuzhu’s “Marketing Program of Top
10 Cancer Fighting Cases” was selected as one of the “Outstanding
Social Responsibility Projects in the Finance Industry of the
Year”. Fanhua has won Jinnuo awards for four years in a row.
Business Outlook
Fanhua expects its operating income to be no
less than RMB30 million for the third quarter of 2022. This
forecast is based on the current market conditions and reflects
Fanhua’s preliminary estimate, which is subject to change caused by
various factors.
Conference Call
The Company will host a conference call to
discuss its second quarter and first half 2022 financial results as
per the following details.
Time: 9:00 p.m. Eastern Daylight Time on August
23, 2022or 9:00 a.m. Beijing/Hong Kong Time on August 24, 2022
Please pre-register online in advance to join the conference
call by navigating to the link provided below and dial in 10
minutes before the call is scheduled to begin. Conference call
details will be provided upon registration.
Conference Call Preregistration:
https://register.vevent.com/register/BI1468182f82a945f6967767ffca560b32
Additionally, a live and archived webcast of the conference call
will be available at Fanhua’s investor relations website:
https://edge.media-server.com/mmc/p/r9af7t6q
About Fanhua Inc.
Fanhua Inc. is a leading independent 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, including life and property and
casualty 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: (i) 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; (ii) Baowang (www.baoxian.com),
an online entry portal for comparing and purchasing short term
health, accident, travel and homeowner insurance products and (iii)
eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform
in China.
As of June 30, 2022, our distribution and
service network consisted of 712 sales outlets covering 23
provinces, autonomous regions and centrally-administered
municipalities and 104 service outlets covering 31 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, future development of COVID-19 outbreak and
their potential impact on the sales of insurance products. Except
as otherwise indicated, all information provided in this press
release speaks 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.
About Non-GAAP Financial
Measures
In addition to the Company’s consolidated
financial results under generally accepted accounting principles in
the United States (“GAAP”), the Company also provides non-GAAP net
income attributable to the Company’s shareholders, non-GAAP net
margin and non-GAAP basic and diluted net income per ADS, all of
which are non-GAAP financial measures, as supplemental measures to
review and assess operating performance. Non-GAAP net income
attributable to the Company’s shareholders is defined as net income
attributable to the Company’s shareholders before impairment on
investment in an affiliate. Non-GAAP net margin is defined as
non-GAAP net income attributable to the Company’s shareholders as a
percentage of net revenues. Non-GAAP basic net income per ADS is
defined as non-GAAP net income attributable to the Company’s
shareholders divided by total weighted average number of ADSs of
the Company outstanding during the period. Non-GAAP diluted net
income per ADS is defined as non-GAAP net income attributable to
the Company’s shareholders divided by total weighted average number
of diluted ADSs of the Company outstanding during the period. The
Company believes that both management and investors benefit from
referring to these non-GAAP financial measures in assessing the
Company’s performance and when planning and forecasting future
periods.
The Company’s non-GAAP financial measures do not
reflect all items of income and expenses that affect the Company’s
operations. Specifically, the Company’s non-GAAP measures exclude
impairment on investment in an affiliate. Further, these non-GAAP
financial measures may not be comparable to similarly titled
measures presented by other companies, including peer companies.
The presentation of these non-GAAP financial measures has
limitations as analytical tools, and investors should not consider
them in isolation from, or as a substitute for analysis of, the
financial information prepared and presented in accordance with
GAAP. We encourage investors and other interested persons to review
our financial information in its entirety and not rely on a single
financial measure.
For more information on these non-GAAP financial
measures, please see the tables captioned “Reconciliations of GAAP
Financial Measures to Non-GAAP Financial Measures” set forth at the
end of this press release.
|
FANHUA INC.Unaudited Condensed
Consolidated Balance Sheets(In
thousands) |
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
As of June 30, |
|
As of June 30, |
|
2021 |
|
2022 |
|
2022 |
|
RMB |
|
RMB |
|
US$ |
ASSETS: |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
564,624 |
|
|
509,815 |
|
|
76,113 |
|
Restricted cash |
76,303 |
|
|
66,984 |
|
|
10,000 |
|
Short term investments |
870,682 |
|
|
580,229 |
|
|
86,626 |
|
Accounts receivable, net |
653,757 |
|
|
592,768 |
|
|
88,499 |
|
Other receivables |
60,755 |
|
|
169,571 |
|
|
25,316 |
|
Other current assets |
39,947 |
|
|
133,170 |
|
|
19,882 |
|
Total current assets |
2,266,068 |
|
|
2,052,537 |
|
|
306,436 |
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Restricted bank deposit - non current |
15,595 |
|
|
15,626 |
|
|
2,333 |
|
Contract assets, net - non-current |
192,114 |
|
|
282,274 |
|
|
42,142 |
|
Property, plant, and equipment, net |
46,800 |
|
|
103,611 |
|
|
15,469 |
|
Goodwill and intangible assets, net |
109,869 |
|
|
109,869 |
|
|
16,403 |
|
Deferred tax assets |
18,728 |
|
|
25,614 |
|
|
3,824 |
|
Investment in affiliates |
335,808 |
|
|
5,498 |
|
|
821 |
|
Other non-current assets |
31,459 |
|
|
31,310 |
|
|
4,674 |
|
Right of use assets |
225,677 |
|
|
185,515 |
|
|
27,697 |
|
Total non-current assets |
976,050 |
|
|
759,317 |
|
|
113,363 |
|
Total assets |
3,242,118 |
|
|
2,811,854 |
|
|
419,799 |
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
377,558 |
|
|
314,825 |
|
|
47,002 |
|
Insurance premium payables |
24,054 |
|
|
19,044 |
|
|
2,843 |
|
Other payables and accrued expenses |
178,157 |
|
|
171,920 |
|
|
25,667 |
|
Accrued payroll |
111,672 |
|
|
85,810 |
|
|
12,811 |
|
Income tax payable |
130,222 |
|
|
125,304 |
|
|
18,707 |
|
Current operating lease liability |
87,012 |
|
|
82,149 |
|
|
12,265 |
|
Total current liabilities |
908,675 |
|
|
799,052 |
|
|
119,295 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable – non-current |
97,869 |
|
|
143,800 |
|
|
21,469 |
|
Other tax liabilities |
73,213 |
|
|
54,930 |
|
|
8,201 |
|
Deferred tax liabilities |
73,716 |
|
|
86,728 |
|
|
12,948 |
|
Non-current operating lease liability |
128,283 |
|
|
92,823 |
|
|
13,858 |
|
Total non-current liabilities |
373,081 |
|
|
378,281 |
|
|
56,476 |
|
Total liabilities |
1,281,756 |
|
|
1,177,333 |
|
|
175,771 |
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
8,089 |
|
|
8,091 |
|
|
1,208 |
|
Statutory reserves |
557,221 |
|
|
557,221 |
|
|
83,191 |
|
Retained earnings |
1,311,715 |
|
|
988,270 |
|
|
147,545 |
|
Accumulated other comprehensive loss |
(39,140 |
) |
|
(34,266 |
) |
|
(5,116 |
) |
Total shareholders’ equity |
1,837,885 |
|
|
1,519,316 |
|
|
226,828 |
|
Non-controlling interests |
122,477 |
|
|
115,205 |
|
|
17,200 |
|
Total equity |
1,960,362 |
|
|
1,634,521 |
|
|
244,028 |
|
Total liabilities and equity |
3,242,118 |
|
|
2,811,854 |
|
|
419,799 |
|
|
|
|
|
|
|
|
|
|
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 |
|
For the Six Months Ended |
|
June 30, |
|
June 30, |
|
2021 |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
US$ |
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
577,453 |
|
|
603,406 |
|
|
90,086 |
|
|
1,577,557 |
|
|
1,191,394 |
|
|
177,870 |
|
Life insurance business |
542,789 |
|
|
570,654 |
|
|
85,196 |
|
|
1,512,023 |
|
|
1,129,228 |
|
|
168,589 |
|
P&C insurance business |
34,664 |
|
|
32,752 |
|
|
4,890 |
|
|
65,534 |
|
|
62,166 |
|
|
9,281 |
|
Claims adjusting |
112,466 |
|
|
99,710 |
|
|
14,886 |
|
|
207,391 |
|
|
198,109 |
|
|
29,577 |
|
Total net revenues |
689,919 |
|
|
703,116 |
|
|
104,972 |
|
|
1,784,948 |
|
|
1,389,503 |
|
|
207,447 |
|
Operating costs and expenses: |
|
|
|
|
|
|
Agency |
(363,620 |
) |
|
(391,258 |
) |
|
(58,413 |
) |
|
(1,037,638 |
) |
|
(774,701 |
) |
|
(115,660 |
) |
Life insurance Business |
(337,260 |
) |
|
(367,976 |
) |
|
(54,937 |
) |
|
(989,942 |
) |
|
(731,503 |
) |
|
(109,211 |
) |
P&C insurance Business |
(26,360 |
) |
|
(23,282 |
) |
|
(3,476 |
) |
|
(47,696 |
) |
|
(43,198 |
) |
|
(6,449 |
) |
Claims adjusting |
(68,117 |
) |
|
(65,827 |
) |
|
(9,828 |
) |
|
(131,756 |
) |
|
(133,076 |
) |
|
(19,868 |
) |
Total operating costs |
(431,737 |
) |
|
(457,085 |
) |
|
(68,241 |
) |
|
(1,169,394 |
) |
|
(907,777 |
) |
|
(135,528 |
) |
Selling expenses |
(79,322 |
) |
|
(66,761 |
) |
|
(9,967 |
) |
|
(157,725 |
) |
|
(141,629 |
) |
|
(21,145 |
) |
General and administrative expenses |
(127,855 |
) |
|
(148,242 |
) |
|
(22,132 |
) |
|
(266,423 |
) |
|
(288,480 |
) |
|
(43,069 |
) |
Total operating costs and expenses |
(638,914 |
) |
|
(672,088 |
) |
|
(100,340 |
) |
|
(1,593,542 |
) |
|
(1,337,886 |
) |
|
(199,742 |
) |
Income from operations |
51,005 |
|
|
31,028 |
|
|
4,632 |
|
|
191,406 |
|
|
51,617 |
|
|
7,705 |
|
Other income, net: |
|
|
|
|
|
|
Investment income |
6,308 |
|
|
2,220 |
|
|
331 |
|
|
16,541 |
|
|
6,274 |
|
|
937 |
|
Interest income |
516 |
|
|
1,158 |
|
|
173 |
|
|
1,042 |
|
|
1,837 |
|
|
274 |
|
Others, net |
16,518 |
|
|
(565 |
) |
|
(83 |
) |
|
17,995 |
|
|
9,408 |
|
|
1,405 |
|
Income from operations before income taxes and share of
income of affiliates |
74,347 |
|
|
33,841 |
|
|
5,053 |
|
|
226,984 |
|
|
69,136 |
|
|
10,321 |
|
Income tax expense |
(15,890 |
) |
|
(7,641 |
) |
|
(1,141 |
) |
|
(48,591 |
) |
|
(13,989 |
) |
|
(2,088 |
) |
Share income of affiliates,
net of impairment |
10,965 |
|
|
2,500 |
|
|
373 |
|
|
26,327 |
|
|
(68,134 |
) |
|
(10,172 |
) |
Net income (loss) |
69,422 |
|
|
28,700 |
|
|
4,285 |
|
|
204,720 |
|
|
(12,987 |
) |
|
(1,939 |
) |
Less: net income (loss) attributable to non-controlling
interests |
2,017 |
|
|
(3,423 |
) |
|
(511 |
) |
|
(1,070 |
) |
|
(7,272 |
) |
|
(1,086 |
) |
Net income (loss)
attributable to the Company’s shareholders |
67,405 |
|
|
32,123 |
|
|
4,796 |
|
|
205,790 |
|
|
(5,715 |
) |
|
(853 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
For The Six Months Ended |
|
June 30, |
|
June 30, |
|
2021 |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2022 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.06 |
|
|
0.03 |
|
|
0.01 |
|
|
0.19 |
|
|
(0.01 |
) |
|
(0.01 |
) |
Diluted |
0.06 |
|
|
0.03 |
|
|
0.01 |
|
|
0.19 |
|
|
(0.01 |
) |
|
(0.01 |
) |
Net income (loss) per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
1.26 |
|
|
0.60 |
|
|
0.09 |
|
|
3.83 |
|
|
(0.11 |
) |
|
(0.02 |
) |
Diluted |
1.25 |
|
|
0.60 |
|
|
0.09 |
|
|
3.83 |
|
|
(0.11 |
) |
|
(0.02 |
) |
Shares used in
calculating net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
1,073,891,784 |
|
|
1,074,291,784 |
|
|
1,074,291,784 |
|
|
1,073,891,784 |
|
|
1,074,143,718 |
|
|
1,074,143,718 |
|
Diluted |
1,074,291,210 |
|
|
1,074,291,784 |
|
|
1,074,291,784 |
|
|
1,074,291,224 |
|
|
1,074,143,718 |
|
|
1,074,143,718 |
|
Net income
(loss) |
69,422 |
|
|
28,700 |
|
|
4,285 |
|
|
204,720 |
|
|
(12,987 |
) |
|
(1,939 |
) |
Other comprehensive (loss) income, net of tax: Foreign currency
translation adjustments |
(1,311 |
) |
|
706 |
|
|
105 |
|
|
(7,689 |
) |
|
796 |
|
|
119 |
|
Share of other comprehensive (loss) income of affiliates |
(1,038 |
) |
|
5,101 |
|
|
762 |
|
|
(496 |
) |
|
4,688 |
|
|
700 |
|
Unrealized net gains (loss) on available-for-sale investments |
4,286 |
|
|
4,502 |
|
|
672 |
|
|
(2,694 |
) |
|
(610 |
) |
|
(91 |
) |
Comprehensive income
(loss) |
71,359 |
|
|
39,009 |
|
|
5,824 |
|
|
193,841 |
|
|
(8,113 |
) |
|
(1,211 |
) |
Less: Comprehensive income (loss) attributable to the
non-controlling interests |
2,017 |
|
|
(3,423 |
) |
|
(511 |
) |
|
(1,070 |
) |
|
(7,272 |
) |
|
(1,086 |
) |
Comprehensive income
(loss) attributable to the Company’s shareholders |
69,342 |
|
|
42,432 |
|
|
6,335 |
|
|
194,911 |
|
|
(841 |
) |
|
(125 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FANHUA INC.Unaudited Condensed Consolidated
Statements of Cash Flow(In thousands,
except for shares and per share
data) |
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
June 30, |
|
June 30, |
|
2021 |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2022 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
69,422 |
|
|
28,700 |
|
|
4,285 |
|
|
204,720 |
|
|
(12,987 |
) |
|
(1,939 |
) |
Adjustments to
reconcile net income to net cash generated from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
(1,335 |
) |
|
(149 |
) |
|
(22 |
) |
|
(1,427 |
) |
|
(1,798 |
) |
|
(268 |
) |
Share
of income of affiliates, net of impairment |
(10,965 |
) |
|
(2,500 |
) |
|
(373 |
) |
|
(26,327 |
) |
|
68,134 |
|
|
10,172 |
|
Other
non-cash adjustments |
(5,878 |
) |
|
44,394 |
|
|
6,629 |
|
|
32,036 |
|
|
80,049 |
|
|
11,952 |
|
Changes in operating assets and liabilities |
(91,318 |
) |
|
(20,324 |
) |
|
(3,035 |
) |
|
(168,625 |
) |
|
(170,351 |
) |
|
(25,432 |
) |
Net cash (used in)
generated from operating activities |
(40,074 |
) |
|
50,121 |
|
|
7,484 |
|
|
40,377 |
|
|
(36,953 |
) |
|
(5,515 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of short term investments |
(2,977,210 |
) |
|
(686,000 |
) |
|
(102,417 |
) |
|
(5,744,640 |
) |
|
(1,541,000 |
) |
|
(230,065 |
) |
Proceeds from disposal of short term investments |
2,736,181 |
|
|
765,884 |
|
|
114,343 |
|
|
5,956,254 |
|
|
1,834,331 |
|
|
273,858 |
|
Prepayment for acquisition of short-term investments |
- |
|
|
(100,000 |
) |
|
(14,930 |
) |
|
- |
|
|
(100,000 |
) |
|
(14,930 |
) |
Cash
rendered for loan receivables from a third party |
- |
|
|
(100,000 |
) |
|
(14,930 |
) |
|
- |
|
|
(100,000 |
) |
|
(14,930 |
) |
Others |
(10,065 |
) |
|
(6,392 |
) |
|
(954 |
) |
|
(7,191 |
) |
|
(68,156 |
) |
|
(10,176 |
) |
Net cash (used in) generated from investing
activities |
(251,094 |
) |
|
(126,508 |
) |
|
(18,888 |
) |
|
204,423 |
|
|
25,175 |
|
|
3,7576 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
(139,469 |
) |
|
(52,069 |
) |
|
(7,774 |
) |
|
(139,469 |
) |
|
(52,069 |
) |
|
(7,774 |
) |
Dividend distributed to non-controlling interest |
(7,580 |
) |
|
- |
|
|
- |
|
|
(7,580 |
) |
|
- |
|
|
- |
|
Others |
- |
|
|
- |
|
|
- |
|
|
(10,200 |
) |
|
- |
|
|
- |
|
Net cash used in financing activities |
(147,049 |
) |
|
(52,069 |
) |
|
(7,774 |
) |
|
(157,249 |
) |
|
(52,069 |
) |
|
(7,774 |
) |
Net (decrease) increase in cash, cash equivalents and
restricted cash |
(438,217 |
) |
|
(128,456 |
) |
|
(19,178 |
) |
|
87,551 |
|
|
(63,847 |
) |
|
(9,532 |
) |
Cash, cash equivalents and restricted cash at beginning of
period |
869,338 |
|
|
721,388 |
|
|
107,700 |
|
|
350,098 |
|
|
656,522 |
|
|
98,016 |
|
Effect of exchange rate changes on cash and cash equivalents |
(1,791 |
) |
|
(507 |
) |
|
(76 |
) |
|
(8,319 |
) |
|
(250 |
) |
|
(38 |
) |
Cash, cash equivalents and restricted cash at end of period |
429,330 |
|
|
592,425 |
|
|
88,446 |
|
|
429,330 |
|
|
592,425 |
|
|
88,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FANHUA INC.Reconciliations of GAAP Financial
Measures to Non-GAAP Financial Measures(In RMB in
thousands, except shares and per share data) |
|
|
For The Six Months Ended June 30 |
|
2021 |
|
2022 |
|
|
|
|
GAAP |
|
|
Impairmentoninvestmentin affiliates |
|
|
Non-GAAP |
|
|
GAAP |
|
|
Impairmentoninvestmentin affiliates |
|
|
Non-GAAP |
|
|
Change% |
Net revenues |
1,784,948 |
|
|
__ |
|
|
1,784,948 |
|
|
1,389,503 |
|
|
__ |
|
|
1,389,503 |
|
|
(22.2 |
) |
Income from operations |
191,406 |
|
|
__ |
|
|
191,406 |
|
|
51,617 |
|
|
__ |
|
|
51,617 |
|
|
(73.0 |
) |
Operating margin |
10.7 |
% |
|
__ |
|
|
10.7 |
% |
|
3.7 |
% |
|
|
|
|
3.7 |
% |
|
(65.4 |
) |
Share of income of affiliates,
net of impairment |
26,327 |
|
|
__ |
|
|
26,327 |
|
|
(68,134 |
) |
|
(78,277 |
) |
|
10,143 |
|
|
(61.5 |
) |
Netincome(loss)
attributable to the Company’s shareholders |
205,790 |
|
|
__ |
|
|
205,790 |
|
|
(5,715 |
) |
|
(78,277 |
) |
|
72,562 |
|
|
(64.7 |
) |
Net margin |
11.5 |
% |
|
__ |
|
|
11.5 |
% |
|
(0.4 |
%) |
|
__ |
|
|
5.2 |
% |
|
(54.8 |
) |
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.19 |
|
|
__ |
|
|
0.19 |
|
|
(0.01 |
) |
|
__ |
|
|
0.07 |
|
|
(63.2 |
) |
Diluted |
0.19 |
|
|
__ |
|
|
0.19 |
|
|
(0.01 |
) |
|
__ |
|
|
0.07 |
|
|
(63.2 |
) |
Net income (loss) per ADS : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
3.83 |
|
|
__ |
|
|
3.83 |
|
|
(0.11 |
) |
|
__ |
|
|
1.35 |
|
|
(64.8 |
) |
Diluted |
3.83 |
|
|
__ |
|
|
3.83 |
|
|
(0.11 |
) |
|
__ |
|
|
1.35 |
|
|
(64.8 |
) |
Shares used in calculating net income (loss) per share : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
1,073,891,784 |
|
|
__ |
|
|
1,073,891,784 |
|
|
1,074,143,718 |
|
|
__ |
|
|
1,074,143,718 |
|
|
__ |
|
Diluted |
1,074,291,224 |
|
|
__ |
|
|
1,074,291,224 |
|
|
1,074,143,718 |
|
|
__ |
|
|
1,074,143,718 |
|
|
__ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information, please contact:
Investor Relations
Tel: +86 (20) 8388-3191
Email: qiusr@fanhuaholdings.com
Source: Fanhua Inc.
_________________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 RMB6.6981 to US$1.00, the effective
noon buying rate as of June 30, 2022 in The City of New York for
cable transfers of RMB as set forth in the H.10 weekly statistical
release of the Federal Reserve Board.2 Yuntong, literally
translated as Cloud Phoenixtree, was established in 2021 and is a
high-end brand designated for our branches for elite and
professional sales force in major cities.3
The Million Dollar Round Table (“MDRT”) is a global, independent association of the world’s leading life insurance and
financial services professionals. To qualify for MDRT
membership in 2022, applicants must meet any of the following
requirements, among others, (i) a minimum of $61,000 in paid
eligible insurance commissions, (ii) a minimum of $122,000 of
eligible insurance premiums, or (iii) a minimum annual gross income
from the sale and service of insurance and financial products of
$105.000.4 Active users of Lan Zhanggui in a given period refer to
users who sold at least one insurance policy through Lan Zhanggui
(through either its mobile application or WeChat public account)
during such period.5 Active customer accounts in a given
period refer to customer accounts that made at least one purchase
directly through www.baoxian.com, its mobile application, or WeChat
public account during such period.6 Performing agents in a given
period refer to agents who sold at least one insurance policy
during such period.
Fanhua (NASDAQ:FANH)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fanhua (NASDAQ:FANH)
Historical Stock Chart
From Sep 2023 to Sep 2024