China Index Holdings Limited (NASDAQ: CIH), (“CIH” or the
“Company”), a leading real estate information and analytics service
platform provider in China, today announced its unaudited financial
results for the second quarter ended June 30, 2022.
Second Quarter 2022
Highlights
-
Total revenues were RMB110.2 million, a decrease
of 27.8% from RMB152.7 million in the corresponding period of
2021.
-
Operating income was RMB45.0 million, a decrease
of 37.6% from RMB72.1 million in the corresponding period of
2021.
-
Net income was RMB21.2 million, a decrease of
68.6% from RMB67.3 million in the corresponding period of
2021.
First Half 2022 Highlights
-
Total revenues were RMB228.7 million, a decrease
of 20.1% from RMB286.4 million in the corresponding period of
2021.
-
Operating income was RMB90.3 million, a decrease
of 32.0% from RMB132.9 million in the corresponding period of
2021.
-
Net income was RMB63.1 million, a decrease of
49.1% from RMB123.9 million in the corresponding period of
2021.
Second Quarter 2022 Financial
Results
Revenues
CIH reported total revenues of RMB110.2 million
in the second quarter of 2022, a decrease of 27.8% from RMB152.7
million in the corresponding period of 2021, primarily due to the
broad macro environment challenges the industry was facing.
-
Revenues from information and analytics services
(SaaS) were RMB63.4 million in the second quarter of 2022,
a decrease of 14.4% from RMB74.1 million in the corresponding
period of 2021.
-
Revenues from marketplace services were RMB46.8
million in the second quarter of 2022, a decrease of 40.4% from
RMB78.5 million in the corresponding period of 2021.
Cost of Revenues
Cost of revenues was RMB19.5 million in the
second quarter of 2022, a decrease of 31.8% from RMB28.6 million in
the corresponding period of 2021, primarily due to the cost-saving
actions CIH has taken in response to the broad macro environment
challenges.
Operating Expenses
Operating expenses were RMB45.7 million in the
second quarter of 2022, a decrease of 12.1% from RMB52.0 million in
the corresponding period of 2021.
-
Selling and marketing expenses were RMB29.4
million in the second quarter of 2022, a decrease of 8.9% from
RMB32.2 million in the corresponding period of 2021.
-
General and administrative expenses were RMB16.3
million in the second quarter of 2022, a decrease of 17.2% from
RMB19.7 million in the corresponding period of 2021.
Operating Income
Operating income was RMB45.0 million in the
second quarter of 2022, a decrease of 37.6% from RMB72.1 million in
the corresponding period of 2021.
Income Tax Expenses
Income tax expenses were RMB25.3 million in the
second quarter of 2022, an increase of 152.4% from RMB10.0 million
in the corresponding period of 2021.
Net Income
Net income was RMB21.2 million in the second
quarter of 2022, a decrease of 68.6% from RMB67.3 million in the
corresponding period of 2021.
First Half 2022 Financial
Results
Revenues
CIH reported total revenues of RMB228.7 million
in the first half of 2022, a decrease of 20.1% from RMB286.4
million in the corresponding period of 2021, primarily due to the
broad macro environment challenges the industry was facing.
-
Revenues from information and analytics services
(SaaS) were RMB120.1 million in the first half of 2022, a
decrease of 12.9% from RMB137.9 million in the corresponding period
of 2021.
-
Revenues from marketplace services were RMB108.6
million in the first half of 2022, a decrease of 26.8% from
RMB148.5 million in the corresponding period of 2021.
Cost of Revenues
Cost of Revenues was RMB41.2 million in the
first half of 2022, a decrease of 23.5% from RMB53.9 million in the
corresponding period of 2021, primarily due to the cost-saving
actions CIH has taken in response to the broad macro environment
challenges.
Operating Expenses
Operating expenses were RMB97.2 million in the
first half of 2022, a decrease of 2.4% from RMB99.6 million in the
corresponding period of 2021.
-
Selling and marketing expenses were RMB53.9
million in the first half of 2022, a decrease of 8.2% from RMB58.8
million in the corresponding period of 2021.
-
General and administrative expenses were RMB43.3
million in the first half of 2022, an increase of 6.0% from RMB40.8
million in the corresponding period of 2021.
Operating Income
Operating income was RMB90.3 million in the
first half of 2022, a decrease of 32.0% from RMB132.9 million in
the corresponding period of 2021.
Income Tax Expenses
Income tax expenses were RMB32.3 million in the
first half of 2022, an increase of 67.9% from RMB19.2 million in
the corresponding period of 2021.
Net Income
Net income was RMB63.1 million in the first half of
2022, a decrease of 49.1% from RMB123.9 million in the
corresponding period of 2021.
Business Outlook
Due to current unstable market conditions,
management believes CIH’s 2022 annual revenue is expected to record
a double-digit decrease year-over-year. These estimates represent
management’s current and preliminary views, which are subject to
change.
Conference Call Information
CIH’s management team will host a conference
call on August 17, 2022 at 7:00 AM U.S. ET (7:00
PM Beijing/Hong Kong time). The dial-in details for the
live conference call are:
Toll-Free (Local Toll): |
|
United States |
+1 844-543-0451 (+1 864-991-4103) |
Hong Kong |
+852 3001-1960 |
Mainland China |
+86 400-842-4982 |
For participants who wish to join the call,
please complete online registration using the link provided below
at least 20 minutes prior to the scheduled call
start time. Upon registering, you will be provided with all
conference call access information, including dial-in numbers, your
unique personal PIN numbers and an e-mail with detailed
instructions to join the conference call.
Participant online registration:
https://register.vevent.com/register/BI320b1e647e064a2a87d84fa12a7ab233
A live and archived webcast, and a replay of the
conference call will be available
at http://ir.chinaindexholdings.com.
About CIH
CIH operates a leading real estate information
and analytics service platform in China in terms of geographical
coverage and volume of data points. Its services span across
database, analytics and promotions services for China's real estate
markets. CIH serves a substantial base of real estate participants
in China, including real estate developers, brokers and agents,
property management companies, financial institutions and
individual professionals, with a reliable, comprehensive and
seasonable collection of real estate data, complemented by a
variety of powerful analytical and marketing tools. For more
information about CIH, please visit
http://ir.chinaindexholdings.com.
Safe Harbor Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements are made under
the “safe harbor” provisions of the U.S. Private Securities
Litigation Reform Act of 1995.These forward-looking statements can
be identified by terminology such as “will,” “expects,” “is
expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,”
“believes,” “are likely to,” “estimates,” “may,” “should” and
similar expressions, and include, without limitation, statements
regarding CIH’s future financial performance, revenue guidance,
growth and growth rates, market position and continued business
transformation. Such statements are based upon management’s current
expectations and current market and operating conditions, and
relate to events that involve known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond CIH’s control, which may cause its actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Potential risks and
uncertainties include, without limitation, the impact of the
Company’s business development strategies, the Company’s ability to
continue as a going concern in the future, the impact of the
COVID-19 pandemic, and the impact of current and future government
policies affecting China’s real estate market. Further information
regarding these and other risks, uncertainties or factors is
included in CIH’s filings with the U.S. Securities and Exchange
Commission. CIH does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
CHINA INDEX HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands of Renminbi (“RMB”),
except for share data)
|
|
As of June 30, |
|
|
As of December 31, |
|
|
2022 |
|
2021 |
|
ASSETS |
|
Current assets: |
Cash and cash equivalents |
|
315,979 |
|
|
361,521 |
|
Short-term investments |
|
4,172 |
|
|
- |
|
Accounts receivable, net of allowance for doubtful accounts |
|
62,488 |
|
|
49,217 |
|
Prepaid expenses and other current assets |
|
29,597 |
|
|
25,531 |
|
Amounts due from a related party - current |
|
31,788 |
|
|
- |
|
Total current assets |
|
444,024 |
|
|
436,269 |
|
|
Non-current assets: |
Property and equipment, net |
|
729 |
|
|
1,424 |
|
Right of use assets |
|
40,215 |
|
|
38,892 |
|
Other non-current assets |
|
4,899 |
|
|
4,212 |
|
Total non-current assets |
|
45,843 |
|
|
44,528 |
|
|
Total assets |
|
489,867 |
|
|
480,797 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
Current liabilities: |
Accounts payable |
|
14,895 |
|
|
11,465 |
|
Income taxes payable |
|
8,754 |
|
|
25,474 |
|
Deferred revenue |
|
179,847 |
|
|
216,188 |
|
Amounts due to a related party |
|
- |
|
|
12,300 |
|
Accrued expenses and other current liabilities |
|
96,508 |
|
|
99,657 |
|
Total current liabilities |
|
300,004 |
|
|
365,084 |
|
|
Non-current liabilities: |
Long-term lease liabilities |
|
35,132 |
|
|
29,570 |
|
Other non-current liabilities |
|
79,061 |
|
|
75,288 |
|
Total non-current liabilities |
|
114,193 |
|
|
104,858 |
|
|
Total liabilities |
|
414,197 |
|
|
469,942 |
|
|
|
SHAREHOLDERS’ EQUITY |
Class A ordinary shares (US$0.001 per share, 1,000,000,000 shares
authorized for Class A and Class B in aggregate as of June 30, 2022
and December 31, 2021; 72,475,630 shares issued as of June 30, 2022
and December 31, 2021; 66,788,662 and 66,787,537 shares outstanding
as of June 30, 2022 and December 31, 2021, respectively) |
|
500 |
|
|
500 |
|
Class B ordinary shares (US$0.001 per share, 1,000,000,000 shares
authorized for Class A and Class B in aggregate as of June 30, 2022
and December 31, 2021; 23,636,706 shares issued and outstanding as
of June 30, 2022 and December 31, 2021; each Class B ordinary share
is convertible into one Class A ordinary share) |
|
163 |
|
|
163 |
|
Treasury shares (5,686,968 and 5,688,093 shares as of June 30, 2022
and December 31, 2021, respectively) |
|
(39 |
) |
|
(39 |
) |
Capital deficit |
|
(120,040 |
) |
|
(121,631 |
) |
Retained earnings |
|
179,415 |
|
|
116,454 |
|
Accumulated other comprehensive income |
|
14,189 |
|
|
14,043 |
|
Total shareholders’ equity attributable to China Index
Holdings Limited |
|
74,188 |
|
|
9,490 |
|
|
Noncontrolling interests |
|
1,482 |
|
|
1,365 |
|
|
Total shareholders’ equity |
|
75,670 |
|
|
10,855 |
|
|
Total liabilities and shareholders’ equity |
|
489,867 |
|
|
480,797 |
|
|
|
|
|
|
|
|
CHINA INDEX HOLDINGS
LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME(Amounts in thousands of
RMB, except for per share data)
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenues |
|
110,219 |
|
|
152,655 |
|
|
228,726 |
|
|
286,385 |
|
Cost of revenues |
|
(19,501 |
) |
|
(28,583 |
) |
|
(41,233 |
) |
|
(53,881 |
) |
Gross profit |
|
90,718 |
|
|
124,072 |
|
|
187,493 |
|
|
232,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
(29,367 |
) |
|
(32,243 |
) |
|
(53,901 |
) |
|
(58,745 |
) |
General and administrative expenses |
|
(16,346 |
) |
|
(19,737 |
) |
|
(43,250 |
) |
|
(40,819 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
45,005 |
|
|
72,092 |
|
|
90,342 |
|
|
132,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,158 |
|
|
2,717 |
|
|
2,530 |
|
|
4,324 |
|
Investment income |
|
265 |
|
|
2,466 |
|
|
844 |
|
|
5,144 |
|
Government grants |
|
49 |
|
|
98 |
|
|
1,653 |
|
|
740 |
|
Income before income taxes |
|
46,477 |
|
|
77,373 |
|
|
95,369 |
|
|
143,148 |
|
Income tax expenses |
|
(25,301 |
) |
|
(10,026 |
) |
|
(32,291 |
) |
|
(19,240 |
) |
Net income |
|
21,176 |
|
|
67,347 |
|
|
63,078 |
|
|
123,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income (loss) attributable to noncontrolling
interests |
|
47 |
|
|
(21 |
) |
|
117 |
|
|
(7 |
) |
Net income attributable to China Index Holdings
Limited |
|
21,129 |
|
|
67,368 |
|
|
62,961 |
|
|
123,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of nil income
taxes |
|
(2,224 |
) |
|
9,516 |
|
|
146 |
|
|
5,542 |
|
Total Comprehensive income |
|
18,952 |
|
|
76,863 |
|
|
63,224 |
|
|
129,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: comprehensive income (loss) attributable to noncontrolling
interests |
|
47 |
|
|
(21 |
) |
|
117 |
|
|
(7 |
) |
Comprehensive income attributable to China Index Holdings
Limited |
|
18,905 |
|
|
76,884 |
|
|
63,107 |
|
|
129,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for Class A and Class B ordinary
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.23 |
|
|
0.75 |
|
|
0.70 |
|
|
1.38 |
|
Diluted |
|
0.23 |
|
|
0.74 |
|
|
0.70 |
|
|
1.36 |
|
Weighted average number of Class A and Class B ordinary
shares and ordinary shares equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
90,425,368 |
|
|
90,084,259 |
|
|
90,425,053 |
|
|
90,066,296 |
|
Diluted |
|
90,425,368 |
|
|
90,941,935 |
|
|
90,425,053 |
|
|
91,078,299 |
|
For investor and media inquiries, please contact:
Ms. Jessie Yang
Investor Relations
Email: CIH-IR@fang.com
China (NASDAQ:CIH)
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