Added 19,066 New Subscribers in
2Q22
Revenues Up 9.8% YoY to RMB313.7 Million ($48.7
Million)
Gross Profit Up 11.0% YoY to RMB267.5
Million ($41.5
Million)
Operating Income Up 15.3% YoY to
RMB160.5 Million ($24.9 Million)
Non-GAAP Operating
Income Up 14.1% YoY to RMB172.8
Million ($26.8
Million)
Conference Call to be Held on
November 26, 2021, at 8:00 a.m. ET
HONG KONG, Nov. 24, 2021 /PRNewswire/ -- Global Cord Blood
Corporation (NYSE: CO) ("GCBC" or the "Company"), China's leading provider of cord blood
collection, laboratory testing, hematopoietic stem cell processing
and stem cell storage services, today announced its unaudited
financial results for the second quarter and first half of fiscal
2022 ended September 30, 2021.
Second Quarter of Fiscal 2022 Highlights
- Revenues increased by 9.8% year-over-year ("YoY") to
RMB313.7 million ($48.7 million).
- New subscribers and accumulated subscriber base were 19,066 and
938,092[1],
respectively.
- Gross profit increased by 11.0% YoY to RMB267.5 million ($41.5
million). Gross margin increased to 85.3% from 84.3% in the
prior year period.
- Operating income increased by 15.3% YoY to RMB160.5 million ($24.9
million). Operating margin increased to 51.2% from 48.7% in
the prior year period.
- Operating income before depreciation and amortization
("non-GAAP operating income[2]") increased by 14.1% YoY
to RMB172.8 million ($26.8 million).
- Net income attributable to the Company's shareholders decreased
by 4.3% YoY to RMB125.7 million
($19.5 million), mainly due to the
decrease in fair value of equity securities ("mark-to-market loss")
and the absence of dividend income.
- Net cash provided by operating activities was RMB157.0 million ($24.4
million).
First Half of Fiscal 2022 Highlights
- Revenues increased by 11.0% YoY to RMB628.8 million ($97.6
million).
- New subscribers and accumulated subscriber base were 38,739 and
938,092[1],
respectively.
- Gross profit increased by 11.8% YoY to RMB534.8 million ($83.0
million).
- Operating income increased by 16.3% YoY to RMB317.0 million ($49.2
million).
- Non-GAAP operating income[2] increased by 14.8% YoY
to RMB341.3 million ($53.0 million).
- Net income attributable to the Company's shareholders decreased
by 0.7% to RMB262.2 million
($40.7 million), mainly due to
mark-to-market loss of equity securities.
- Net cash provided by operating activities was RMB329.8 million ($51.2
million).
"Despite the uncertainty of industry-related regulation,
long-standing challenges of China's population structure, and lingering
effects from the COVID-19 pandemic, we managed to recruit 19,066
new subscribers in the second quarter of fiscal 2022, in line with
management's expectations," said Ms. Ting Zheng, Chairperson and
Chief Executive Officer of GCBC. "As we continue to monitor
relevant regulations and carry on with our organic growth efforts,
we have directed ample resources to analyze business development
opportunities in-depth to foster the long-term growth of the
Company."
Summary – Second Quarter and First Half Ended September 30, 2020 and 2021
|
|
Three Months Ended
September 30,
|
|
Six Months Ended
September 30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
(in
thousands)
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues
|
|
285,607
|
|
313,670
|
|
48,681
|
|
566,520
|
|
628,844
|
|
97,595
|
Gross
Profit
|
|
240,909
|
|
267,461
|
|
41,509
|
|
478,359
|
|
534,794
|
|
82,999
|
Operating
Income[3]
|
|
139,161
|
|
160,452
|
|
24,902
|
|
272,670
|
|
317,008
|
|
49,199
|
Change in Fair Value
of
|
|
5,699
|
|
(12,616)
|
|
(1,958)
|
|
24,104
|
|
(7,015)
|
|
(1,089)
|
Equity
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Income
|
|
1,281
|
|
-
|
|
-
|
|
1,281
|
|
1,120
|
|
174
|
Net Income
Attributable to
the Company's
Shareholders
|
|
131,434
|
|
125,736
|
|
19,515
|
|
263,943
|
|
262,157
|
|
40,686
|
Earnings per
Ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
(RMB/US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
–
Basic
|
|
1.08
|
|
1.03
|
|
0.16
|
|
2.17
|
|
2.15
|
|
0.33
|
–
Diluted
|
|
1.08
|
|
1.03
|
|
0.16
|
|
2.17
|
|
2.15
|
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues Breakdown
(%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Processing Fees and
Other
Services
|
|
57.5%
|
|
57.5%
|
|
|
|
57.5%
|
|
58.0%
|
|
|
Storage
Fees
|
|
42.5%
|
|
42.5%
|
|
|
|
42.5%
|
|
42.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Subscribers
(persons)
|
|
17,643
|
|
19,066
|
|
|
|
34,876
|
|
38,739
|
|
|
Total Accumulated
Subscribers (persons)
|
|
867,180
|
|
938,092[1]
|
|
|
|
867,180
|
|
938,092[1]
|
|
|
Summary – Selected Cash Flow Statement Items
|
|
Three Months Ended
September 30,
|
|
Six Months Ended
September 30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
(in
thousands)
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net cash provided
by
operating
activities
|
|
174,814
|
|
156,976
|
|
24,364
|
|
274,643
|
|
329,799
|
|
51,186
|
Net cash used
in
|
|
|
|
|
|
|
|
|
|
|
|
|
investing
activities
|
|
(3,876)
|
|
(3,687)
|
|
(572)
|
|
(11,320)
|
|
(6,233)
|
|
(967)
|
Net cash used
in
|
|
|
|
|
|
|
|
|
|
|
|
|
financing
activities
|
|
(6,074)
|
|
-
|
|
-
|
|
(6,074)
|
|
(7,729)
|
|
(1,200)
|
Second Quarter of Fiscal 2022 Financial Results
REVENUES. Revenues increased by 9.8% YoY to
RMB313.7 million ($48.7 million) in the second quarter of fiscal
2022, as a result of the increase in processing fees from new
subscribers and growth in storage fee revenues.
The Company recruited 19,066 new subscribers during the
reporting quarter, an increase of 8.1% YoY, partially due to the
lower subscriber base in the prior year period. Revenues generated
from processing fees and other services increased by 9.7% YoY to
RMB180.3 million ($28.0 million), representing 57.5% of total
revenues, same as in the prior year period.
The accumulated subscriber base as of September 30, 2021 expanded to 938,092[1]. Revenues generated from
storage fees in the reporting quarter increased by 10.0% YoY to
RMB133.4 million ($20.7 million).
GROSS PROFIT. Gross profit for the second quarter
increased by 11.0% YoY to RMB267.5
million ($41.5 million) and
gross margin increased to 85.3% from 84.3% in the prior year period
as efficiency gain outpaced rising labor cost.
OPERATING INCOME. Topline improvement and
postponing various sales and marketing activities lifted operating
income. Operating income for the second quarter increased by 15.3%
YoY to RMB160.5 million ($24.9 million). Operating margin improved to
51.2% from 48.7% in the prior year period. Depreciation and
amortization expenses were RMB12.4
million ($1.9 million),
compared to RMB12.3 million in the
prior year period. Non-GAAP operating income[2] increased by 14.1% YoY to
RMB172.8 million ($26.8 million).
Research and Development
Expenses. Research and development expenses increased to
RMB5.6 million ($0.9 million) from RMB5.0
million in the prior year period.
Sales and Marketing
Expenses. Sales and marketing expenses increased by 5.2%
YoY to RMB56.9 million ($8.8 million), as staff related expenses grew
while the Company continued to hold back some marketing and
promotional activities. Sales and marketing expenses as a
percentage of revenues decreased to 18.1% from 19.0% in the prior
year period and 18.8% in the prior quarter.
General and Administrative
Expenses. General and administrative expenses amounted to
RMB44.5 million ($6.9 million) compared to RMB42.7 million in the prior year period. The
increase was led by higher staff costs. General and administrative
expenses as a percentage of revenues decreased to 14.2% from 14.9%
in the prior year period.
OTHER INCOME AND EXPENSES. In the reporting
period, the Company recognized a mark-to-market loss of
RMB12.6 million ($2.0 million), compared to a mark-to-market gain
of RMB5.7 million in the prior year
period. The changes were attributable to the Company's investments
in equity securities. In addition, no dividend was recorded in the
reporting quarter, whereas RMB1.3
million dividend was recorded in the prior year period.
NET INCOME ATTRIBUTABLE TO THE COMPANY'S
SHAREHOLDERS. As the increase in operating income offset by
the mark-to-market loss of equity securities, income before income
tax for the reporting quarter slightly increased by 0.1% YoY to
RMB156.4 million ($24.3 million). Income tax expense was
RMB28.3 million ($4.4 million). Net income attributable to the
Company's shareholders decreased by 4.3% YoY to RMB125.7 million ($19.5
million). Net margin for the second quarter was 40.1%.
EARNINGS PER SHARE. Basic and diluted earnings per
ordinary share for the second quarter of fiscal 2022 was
RMB1.03 ($0.16).
First Half of Fiscal 2022 Financial Results
Total revenues for the first half of fiscal year 2022 increased
by 11.0% YoY to RMB628.8 million
($97.6 million) as the number of new
subscribers continued to improve from the COVID-induced low base in
the prior year period and the enlarged accumulated subscriber base.
Revenues from processing fees and other services increased by 12.0%
YoY to RMB364.9 million ($56.6 million) and revenues from storage fees
increased by 9.7% YoY to RMB263.9
million ($41.0 million). Gross
profit increased by 11.8% YoY to RMB534.8
million ($83.0 million).
Operating income increased by 16.3% YoY to RMB317.0 million ($49.2
million). Non-GAAP operating income[2] increased by 14.8% YoY to
RMB341.3 million ($53.0 million). Net income attributable to the
Company's shareholders decreased by 0.7% to RMB262.2 million ($40.7
million). Basic and diluted earnings per ordinary share was
RMB2.15 ($0.33). Net cash provided by operating
activities improved by 20.1% YoY to RMB329.8
million ($51.2 million),
partially due to a lower base in the prior year period.
Corporate Developments
- On March 2, 2021, the Board of
Directors of the Company (the "Board") received a non-binding
proposal letter (the "Alternate Ocean Offer") from Alternate Ocean
Investment Company Limited ("Alternate Ocean"), pursuant to which
Alternate Ocean, acting on behalf of certain funds and/or entities
(the "Acquirer") that it manages and/or advises, proposed to
acquire all of the outstanding ordinary shares of the Company for
$5.00 per ordinary share in cash,
subject to certain conditions.
- On March 15, 2021, the Board
announced it had formed a special committee of independent
directors who are not affiliated with Alternate Ocean (the "Special
Committee") to evaluate the Alternate Ocean Offer. The Special
Committee consists of Mr. Mark D.
Chen, Dr. Ken Lu, Mr.
Jack Chow, and Mr. Jacky Cheng, each of whom currently serves as an
independent director on the Board with Mr. Chen serving as the
chair of the Special Committee.
- The Company cautions its shareholders and others considering
trading its ordinary shares that no decisions have been made with
respect to the Company's response to the proposed transaction. The
proposed transaction is still subject to various conditions,
including but not limited to, completion of due diligence, parties
entering into definitive agreement, and/or the Acquirer and the
Company each obtaining the relevant regulatory and shareholders'
approval. There can be no assurance that any definitive offer will
be made, that any agreement will be executed, or that this or any
other transaction will be approved or consummated.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on
Friday, November 26, 2021, to discuss
its financial performance and give a brief overview of the
Company's recent developments, followed by a question and answer
session. Interested parties can access the audio webcast through
the Company's IR website at http://ir.globalcordbloodcorp.com. A
replay of the webcast will be accessible two hours after the
conference call and available for seven days at the same URL above.
Listeners can also access the call by dialing 1-646-722-4977 or
1-855-824-5644 for US callers, or +852-3027-6500 for Hong Kong callers, access code: 14958969#.
[1] During the three months and six months ended
September 30, 2021, 19,066 and 38,739
new subscribers were recruited. During the three months and six
months ended September 30, 2021, the
Company determined that the recoverability of 1,169 and 2,084
private cord blood units was remote and therefore, the Company
terminated their subscription services according to the
subscription contracts. Out of these prior private cord blood
units, 969 and 1,684 prior private cord blood units were being
treated as if they were donated cord blood units and will be part
of the Company's non-current inventories. Hence, the net
accumulated subscriber base was 938,092 as of September 30, 2021.
[2] See exhibit 3 to this press release for a
reconciliation of non-GAAP operating income to exclude the non-cash
items related to the depreciation and amortization expenses to the
comparable financial measure prepared in accordance with U.S.
generally accepted accounting principles ("U.S. GAAP").
[3] The reported operating income for the three
months ended September 30, 2020 and
2021 included depreciation and amortization expenses related to
property, plant and equipment and intangible assets of RMB12.3 million and RMB12.4 million ($1.9
million), respectively. The reported operating income for
the six months ended September 30,
2020 and 2021 included depreciation and amortization
expenses related to property, plant and equipment and intangible
assets of RMB24.6 million and
RMB24.3 million ($3.8 million), respectively.
Use of Non-GAAP Financial Measures
GAAP results for the three months and six months ended
September 30, 2021 include non-cash
items related to depreciation and amortization expenses. To
supplement the Company's unaudited condensed consolidated financial
statements presented on a U.S. GAAP basis, the Company has provided
adjusted financial information excluding the impact of these items
in this press release. The non-GAAP financial measure represents
non-GAAP operating income. Such adjustment is a departure of U.S.
GAAP; however, the Company's management believes that these
adjusted measures provide investors with a better understanding of
how the results relate to the Company's historical performance.
Also, management uses non-GAAP operating income as a measurement
tool for evaluating actual operating performance compared to budget
and prior periods. These adjusted measures should not be considered
an alternative to operating income, or any other measure of
financial performance or liquidity presented in accordance with
U.S. GAAP. These measures are not necessarily comparable to a
similarly titled measure of another company. A reconciliation of
the adjustments to U.S. GAAP results appears in exhibit 3
accompanying this press release. This additional adjusted
information is not meant to be considered in isolation or as a
substitute for U.S. GAAP financials. The adjusted financial
information that the Company provides also may differ from the
adjusted information provided by other companies.
About Global Cord Blood Corporation
Global Cord Blood Corporation is the first and largest umbilical
cord blood banking operator in China in terms of geographical coverage and
the only cord blood banking operator with multiple licenses. Global
Cord Blood Corporation provides cord blood collection, laboratory
testing, hematopoietic stem cell processing and stem cell storage
services. For more information, please visit the Company's website
at:
http://www.globalcordbloodcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. These
statements relate to future events or the Company's future
financial performance. The Company has attempted to identify
forward-looking statements by terminology including "anticipates",
"believes", "expects", "can", "continue", "could", "estimates",
"intends", "may", "plans", "potential", "predict", "should" or
"will" or the negative of these terms or other comparable
terminology. These statements are only predictions, uncertainties
and other factors may cause the Company's actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. The information in this press release is not intended
to project future performance of the Company. Although the Company
believes that the expectations reflected in the forward-looking
statements are reasonable, the Company does not guarantee future
results, levels of activity, performance or achievements. The
Company expectations are as of the date this press release is
issued, and the Company does not intend to update any of the
forward-looking statements after the date this press release is
issued to conform these statements to actual results, unless
required by law.
The forward-looking statements included in this press release
are subject to risks, uncertainties and assumptions about the
Company's businesses and business environments. These statements
reflect the Company's current views with respect to future events
and are not a guarantee of future performance. Actual results of
the Company's operations may differ materially from information
contained in the forward-looking statements as a result of risk
factors some of which include, among other things: the ongoing
impact of COVID-19, including the partial lockdowns implemented in
various cities in the PRC and the imposition by some hospitals in
the PRC of restrictions on entrance to solely to hospital staff and
patients; levels of consumer confidence in the healthcare services
sector generally in the PRC as a result of the outbreak; the length
of the COVID-19 outbreak and severity of such outbreak across the
globe; the pace of recovery following the COVID-19 outbreak;
continued compliance with government regulations regarding cord
blood banking in the People's Republic of
China, or PRC and any other jurisdiction in which the
Company conducts its operations; changing legislation or regulatory
environments in the PRC (including but not limited to cord blood
license related regulations, Biosecurity laws, antitrust laws) and
any other jurisdiction in which the Company conducts its
operations; the acceptance by subscribers of the Company's
different pricing and payment options and reaction to the
introduction of the Company's premium-quality pricing strategy;
demographic trends in the regions of the PRC in which the Company
is the exclusive licensed cord blood banking operator; labor and
personnel relations; the existence of a significant shareholder
able to influence and direct the corporate policies of the Company;
credit risks affecting the Company's revenue and profitability;
changes in the healthcare industry, including those which may
result in the use of stem cell therapies becoming redundant or
obsolete; the Company's ability to effectively manage its growth,
including maintaining effective controls and procedures and
attracting and retaining key management and personnel; changing
interpretations of generally accepted accounting principles; the
availability of capital resources, including in the form of capital
markets financing opportunities, in light of legislative
developments in the U.S. affecting listed issuers whose independent
registered public accounting firms are based in China and not subject to U.S. Public Company
Accounting Oversight Board inspections, international pressure on
trade and currency against the PRC and its potential impact on the
PRC consumer behavior, as well as general economic conditions, the
non-binding proposal letter from Alternate Ocean and the potential
transaction contemplated by such letter, and other relevant risks
detailed in the Company's filings with the Securities and Exchange
Commission in the United
States.
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars as of and for the period ending
September 30, 2021 were made at the
noon buying rate of RMB6.4434 to
$1.00 on September 30, 2021 in the City of New York for cable transfers in
Renminbi per U.S. dollar as certified for customs purposes by the
Federal Reserve Bank of New York.
Global Cord Blood Corporation makes no representation that the
Renminbi or U.S. dollar amounts referred to in this press release
could have been or could be converted into U.S. dollars or
Renminbi, at any particular rate or at all.
EXHIBIT
1
|
|
GLOBAL CORD BLOOD
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
As of March 31 and
September 30, 2021
|
|
|
March
31,
|
|
September
30,
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands
except share
data)
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
6,075,798
|
|
6,390,632
|
|
991,812
|
Accounts receivable,
less allowance for credit losses
|
|
|
|
|
|
(March 31,
2021: RMB137,961; September 30, 2021:
|
|
|
|
|
|
RMB150,060
(US$23,289))
|
130,298
|
|
144,667
|
|
22,452
|
Inventories
|
44,257
|
|
33,821
|
|
5,250
|
Prepaid expenses and
other receivables
|
47,788
|
|
79,343
|
|
12,313
|
Total current
assets
|
6,298,141
|
|
6,648,463
|
|
1,031,827
|
Property, plant and
equipment, net
|
498,656
|
|
484,434
|
|
75,183
|
Operating lease
right-of-use assets
|
5,039
|
|
3,969
|
|
616
|
Non-current
deposits
|
344,752
|
|
343,529
|
|
53,315
|
Non-current accounts
receivable, less allowance for credit
|
|
|
|
|
|
losses (March
31, 2021: RMB67,095; September 30,
|
|
|
|
|
|
2021:
RMB62,544 (US$9,707))
|
217,208
|
|
241,377
|
|
37,461
|
Inventories
|
91,446
|
|
93,261
|
|
14,474
|
Intangible assets,
net
|
88,202
|
|
85,892
|
|
13,330
|
Investment in equity
securities at fair value
|
117,911
|
|
108,974
|
|
16,912
|
Other equity
investment
|
189,129
|
|
189,129
|
|
29,352
|
Deferred tax
assets
|
55,845
|
|
59,230
|
|
9,192
|
Total
assets
|
7,906,329
|
|
8,258,258
|
|
1,281,662
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
9,479
|
|
13,442
|
|
2,086
|
Accrued expenses and
other payables
|
136,448
|
|
153,872
|
|
23,880
|
Operating lease
liabilities
|
1,636
|
|
1,675
|
|
260
|
Deferred
revenue
|
449,359
|
|
451,022
|
|
69,998
|
Income tax
payable
|
29,547
|
|
30,767
|
|
4,775
|
Total current
liabilities
|
626,469
|
|
650,778
|
|
100,999
|
Non-current deferred
revenue
|
2,392,906
|
|
2,441,499
|
|
378,915
|
Non-current operating
lease liabilities
|
147
|
|
50
|
|
8
|
Other non-current
liabilities
|
482,224
|
|
495,826
|
|
76,951
|
Deferred tax
liabilities
|
16,132
|
|
16,701
|
|
2,592
|
Total
liabilities
|
3,517,878
|
|
3,604,854
|
|
559,465
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Shareholders'
equity of Global Cord Blood
|
|
|
|
|
|
Corporation
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
-
US$0.0001 par value, 250,000,000 shares
authorized,
|
|
|
|
|
|
121,687,974 and 121,551,075 shares issued and
|
|
|
|
|
|
outstanding as of March 31 and September 30, 2021,
|
|
|
|
|
|
respectively
|
83
|
|
83
|
|
13
|
Additional paid-in
capital
|
2,101,582
|
|
2,101,582
|
|
326,161
|
Treasury stock, at
cost (March 31 and September 30,
|
|
|
|
|
|
2021: 136,899 shares, respectively)
|
(2,815)
|
|
(2,815)
|
|
(437)
|
Accumulated other
comprehensive losses
|
(103,179)
|
|
(105,354)
|
|
(16,351)
|
Retained
earnings
|
2,386,187
|
|
2,648,344
|
|
411,016
|
Total equity
attributable to Global Cord Blood
|
|
|
|
|
|
Corporation
|
4,381,858
|
|
4,641,840
|
|
720,402
|
Non-controlling
interests
|
6,593
|
|
11,564
|
|
1,795
|
Total
equity
|
4,388,451
|
|
4,653,404
|
|
722,197
|
Total liabilities
and equity
|
7,906,329
|
|
8,258,258
|
|
1,281,662
|
EXHIBIT
2
|
|
GLOBAL CORD BLOOD
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
For the Three Months
and Six Months Ended September 30, 2020 and 2021
|
|
|
|
Three months ended
September 30,
|
|
Six months ended
September 30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
285,607
|
|
313,670
|
|
48,681
|
|
566,520
|
|
628,844
|
|
97,595
|
Cost of
revenues
|
|
(44,698)
|
|
(46,209)
|
|
(7,172)
|
|
(88,161)
|
|
(94,050)
|
|
(14,596)
|
Gross
profit
|
|
240,909
|
|
267,461
|
|
41,509
|
|
478,359
|
|
534,794
|
|
82,999
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
(4,953)
|
|
(5,573)
|
|
(865)
|
|
(9,298)
|
|
(10,671)
|
|
(1,656)
|
Sales and
marketing
|
|
(54,124)
|
|
(56,924)
|
|
(8,834)
|
|
(109,184)
|
|
(116,327)
|
|
(18,054)
|
General and
administrative
|
|
(42,671)
|
|
(44,512)
|
|
(6,908)
|
|
(87,207)
|
|
(90,788)
|
|
(14,090)
|
Total operating
expenses
|
|
(101,748)
|
|
(107,009)
|
|
(16,607)
|
|
(205,689)
|
|
(217,786)
|
|
(33,800)
|
Operating
income
|
|
139,161
|
|
160,452
|
|
24,902
|
|
272,670
|
|
317,008
|
|
49,199
|
Other
income/(expenses), net
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
8,810
|
|
7,989
|
|
1,240
|
|
15,577
|
|
16,179
|
|
2,511
|
Foreign currency
exchange
|
|
|
|
|
|
|
|
|
|
|
|
|
gains/(losses)
|
|
66
|
|
(15)
|
|
(2)
|
|
108
|
|
131
|
|
20
|
Change in fair value
of equity
|
|
|
|
|
|
|
|
|
|
|
|
|
securities
|
|
5,699
|
|
(12,616)
|
|
(1,958)
|
|
24,104
|
|
(7,015)
|
|
(1,089)
|
Dividend
income
|
|
1,281
|
|
-
|
|
-
|
|
1,281
|
|
1,120
|
|
174
|
Others
|
|
1,195
|
|
583
|
|
90
|
|
2,918
|
|
1,222
|
|
190
|
Total other
income/(expenses),
|
|
|
|
|
|
|
|
|
|
|
|
|
net
|
|
17,051
|
|
(4,059)
|
|
(630)
|
|
43,988
|
|
11,637
|
|
1,806
|
Income before
income tax
|
|
156,212
|
|
156,393
|
|
24,272
|
|
316,658
|
|
328,645
|
|
51,005
|
Income tax
expense
|
|
(22,890)
|
|
(28,251)
|
|
(4,384)
|
|
(48,911)
|
|
(61,517)
|
|
(9,547)
|
Net
income
|
|
133,322
|
|
128,142
|
|
19,888
|
|
267,747
|
|
267,128
|
|
41,458
|
Net income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling
interests
|
|
(1,888)
|
|
(2,406)
|
|
(373)
|
|
(3,804)
|
|
(4,971)
|
|
(772)
|
Net income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Cord Blood
Corporation's
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders
|
|
131,434
|
|
125,736
|
|
19,515
|
|
263,943
|
|
262,157
|
|
40,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to
ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic
|
|
1.08
|
|
1.03
|
|
0.16
|
|
2.17
|
|
2.15
|
|
0.33
|
-
Diluted
|
|
1.08
|
|
1.03
|
|
0.16
|
|
2.17
|
|
2.15
|
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive losses, net
|
|
|
|
|
|
|
|
|
|
|
|
of nil
income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign
currency translation
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
|
(4,202)
|
|
(229)
|
|
(36)
|
|
(4,641)
|
|
(2,175)
|
|
(338)
|
Comprehensive
income
|
|
129,120
|
|
127,913
|
|
19,852
|
|
263,106
|
|
264,953
|
|
41,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling
interests
|
|
(1,888)
|
|
(2,406)
|
|
(373)
|
|
(3,804)
|
|
(4,971)
|
|
(772)
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to
Global Cord Blood
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation's
shareholders
|
|
127,232
|
|
125,507
|
|
19,479
|
|
259,302
|
|
259,982
|
|
40,348
|
EXHIBIT
3
|
|
GLOBAL CORD BLOOD
CORPORATION
|
RECONCILIATION OF
NON-GAAP OPERATING INCOME
|
For the Three Months
and Six Months Ended September 30, 2020 and 2021
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in
thousands)
|
GAAP amount of
operating
|
|
|
|
|
|
|
|
|
|
|
|
|
income
|
|
139,161
|
|
160,452
|
|
24,902
|
|
272,670
|
|
317,008
|
|
49,199
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses[4]
|
|
12,266
|
|
12,370
|
|
1,920
|
|
24,622
|
|
24,265
|
|
3,765
|
Non-GAAP
operating
|
|
|
|
|
|
|
|
|
|
|
|
|
income
|
|
151,427
|
|
172,822
|
|
26,822
|
|
297,292
|
|
341,273
|
|
52,964
|
[4] Depreciation and amortization expenses
relate to property, plant and equipment and intangible assets
respectively.
View original
content:https://www.prnewswire.com/news-releases/global-cord-blood-corporation-reports-financial-results-for-the-second-quarter-and-first-half-of-fiscal-2022-301431473.html
SOURCE Global Cord Blood Corporation