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 fourth quarter and fiscal year ended December 31,
2021.
Fourth Quarter 2021
Highlights
-
Total revenues were RMB173.8 million, a decrease
of 4.5% from RMB182.0 million in the corresponding period of
2020.
-
Operating income was RMB95.8 million, compared to
an operating loss of RMB451.6 million in the corresponding period
of 2020.
-
Net income was RMB82.5 million, compared to a net
loss of RMB520.6 million in the corresponding period of 2020.
Fiscal Year 2021 Highlights
-
Total revenues were RMB621.0 million, a decrease
of 2.4% from RMB635.9 million in 2020.
-
Operating income was RMB306.8 million, compared to
an operating loss of RMB227.2 million in 2020.
-
Net income was RMB279.2 million, compared to a net
loss of RMB318.4 million in 2020.
Fourth Quarter 2021 Financial
Results
Revenues
CIH reported total revenues of RMB173.8 million
in the fourth quarter of 2021, a decrease of 4.5% from RMB182.0
million in the corresponding period of 2020.
-
Revenues from information and analytics services
(SaaS) were RMB88.3 million in the fourth quarter of 2021,
an increase of 3.1% from RMB85.6 million in the corresponding
period of 2020.
-
Revenues from marketplace services were RMB85.5
million in the fourth quarter of 2021, a decrease of 11.2% from
RMB96.4 million in the corresponding period of 2020 primarily due
to the broad macro environment challenges the industry was
facing.
Cost of Revenues
Cost of revenues was RMB28.7 million in the
fourth quarter of 2021, a decrease of 13.8% from RMB33.4 million in
the corresponding period of 2020 primarily due to the cost-saving
actions CIH has taken in response to the broad macro environment
challenges.
Operating Expenses
Operating expenses were RMB49.2 million in the
fourth quarter of 2021, a decrease of 91.8% from RMB600.2 million
in the corresponding period of 2020.
-
Selling and marketing expenses were RMB24.9
million in the fourth quarter of 2021, a decrease of 4.0% from
RMB26.0 million in the corresponding period of 2020.
-
General and administrative expenses were RMB24.3
million in the fourth quarter of 2021, a decrease of 95.8% from
RMB574.2 million in the corresponding period of 2020, primary due
to the bad debt expense of the amounts due from Fang Holdings
Limited (“Fang”) in 2020 associated with the repayment of the
Company to the holders of convertible notes on behalf of Fang.
Operating Income
Operating Income was RMB95.8 million in the
fourth quarter of 2021, compared to an operating loss of RMB451.6
million in the corresponding period of 2020.
Income Tax Expenses
Income tax expenses were RMB16.3 million in the
fourth quarter of 2021, a decrease of 78.5% from RMB75.5 million in
the corresponding period of 2020.
Net Income
Net income was RMB82.5 million in the fourth
quarter of 2021, compared to a net loss of RMB520.6 million in the
corresponding period of 2020.
Fiscal Year 2021 Financial
Results
Revenues
CIH reported total revenues of RMB621.0 million
for 2021, a decrease of 2.4% from RMB635.9 million in 2020.
-
Revenues from information and analytics services
(SaaS) were RMB311.9 million for 2021, an increase of 2.8%
from RMB303.4 million in 2020, primarily due to an increase in the
number of customers.
-
Revenues from marketplace services were RMB309.1
million for 2021, a decrease of 7.1% from RMB332.6 million in 2020
primarily due to the broad macro environment challenges the
industry was facing.
Cost of Revenues
Cost of revenues was RMB110.1 million for 2021,
an increase of 4.3% from RMB105.5 million in 2020.
Operating Expenses
Operating Expenses were RMB204.1 million for
2021, a decrease of 73.1% from RMB757.6 million in 2020.
-
Selling and marketing expenses were RMB113.6
million for 2021, an increase of 1.1% from RMB112.4 million in
2020.
-
General and administrative expenses were RMB90.4
million for 2021, a decrease of 86.0% from RMB645.1 million in
2020, primary due to the bad debt expense of the amounts due from
Fang in 2020 associated with the repayment of the Company to the
holders of convertible notes on behalf of Fang.
Operating Income
Operating Income was RMB306.8 million for 2021,
compared to an operating loss of RMB227.2 million in 2020.
Income Tax Expenses
Income tax expenses were RMB46.5 million for
2021, a decrease of 57.5% from RMB109.5 million in 2020.
Net Income
Net income was RMB279.2 million for 2021,
compared to a net loss of RMB318.4 million in 2020.
Business Outlook
Due to current unstable market conditions,
management believes CIH’s 2022 Q1 revenue will decrease within 15%
from the same quarter last year, while annual revenue is expected
to decrease approximately 10% year-to-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 March 24, 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:
International Toll: |
+65 67135110 |
Toll-Free/Local Toll: |
|
United States |
+1 833-239-5755 / +1 332-208-9430 |
Hong Kong |
+852 800-906-603 / +852 3018-6773 |
Mainland China |
+86 800-820-5506 / +86 400-820-5097 |
Direct Event Passcode |
1766081# |
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,
Direct Event passcode (1766081#), a unique registrant ID and an
e-mail with detailed instructions to join the conference call.
Direct Event online registration:
http://apac.directeventreg.com/registration/event/7883976
A telephone replay of the call will be available
after the conclusion of the conference call from 10:00 AM ET on
March 24, 2022 through 08:59 AM ET March 31, 2022. The dial-in
details for the telephone replay are:
International Toll: |
+61 2-9003-4211 |
Toll-Free/Local Toll: |
|
United States |
+1 855-452-5696 / +1 646-254-3697 |
Hong Kong |
+852 800-963-117 / +852 3051-2780 |
Mainland China |
+86 800-988-0601 / +86 400-820-9703 |
Conference ID: |
7883976 |
A live and archived webcast 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 December 31, |
|
|
As of December 31, |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
361,521 |
|
|
280,355 |
|
Short-term investments |
- |
|
|
391,671 |
|
Accounts receivable, net of allowance for doubtful accounts |
49,217 |
|
|
29,680 |
|
Prepaid expenses and other current assets |
25,531 |
|
|
2,557 |
|
Amounts due from a related party |
- |
|
|
3,090 |
|
Total current assets |
436,269 |
|
|
707,353 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Property and equipment, net |
1,424 |
|
|
2,345 |
|
Right of use assets |
38,892 |
|
|
44,369 |
|
Other non-current assets |
4,212 |
|
|
3,270 |
|
Total non-current assets |
44,528 |
|
|
49,984 |
|
|
|
|
|
|
|
Total assets |
480,797 |
|
|
757,337 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
11,465 |
|
|
9,343 |
|
Income taxes payable |
25,474 |
|
|
26,737 |
|
Deferred revenue |
216,188 |
|
|
224,141 |
|
Amounts due to a related party |
12,300 |
|
|
156 |
|
Accrued expenses and other liabilities |
99,657 |
|
|
637,693 |
|
Total current liabilities |
365,084 |
|
|
898,070 |
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term lease liabilities |
29,570 |
|
|
27,427 |
|
Other non-current liabilities |
75,288 |
|
|
117,987 |
|
Total non-current liabilities |
104,858 |
|
|
145,414 |
|
|
|
|
|
|
|
Total liabilities |
469,942 |
|
|
1,043,484 |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
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 December 31,
2021 and 2020; 72,475,630 shares issued as of December 31, 2021 and
2020; 66,787,537 and 66,411,428 shares outstanding as of December
31, 2021 and 2020, 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 December 31,
2021 and 2020; 23,636,706 shares issued and outstanding as of
December 31, 2021 and 2020; each Class B ordinary share is
convertible into one Class A ordinary share) |
163 |
|
|
163 |
|
Treasury shares |
(39 |
) |
|
(42 |
) |
Capital deficit |
(121,631 |
) |
|
(126,571 |
) |
Retained earnings (accumulated deficits) |
116,454 |
|
|
(162,728 |
) |
Accumulated other comprehensive income |
14,043 |
|
|
1,232 |
|
Total shareholders’ equity (deficit) attributable to China
Index Holdings Limited |
9,490 |
|
|
(287,446 |
) |
|
|
|
|
|
|
Noncontrolling interests |
1,365 |
|
|
1,299 |
|
|
|
|
|
|
|
Total shareholders’ equity (deficit) |
10,855 |
|
|
(286,147 |
) |
|
|
|
|
|
|
Total liabilities and shareholders’ equity
(deficit) |
480,797 |
|
|
757,337 |
|
|
|
|
|
|
|
CHINA INDEX HOLDINGS
LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (LOSS)(Amounts in
thousands of RMB, except for per share data)
|
Three Months EndedDecember 31 |
|
Year EndedDecember 31 |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues |
173,783 |
|
|
181,967 |
|
|
620,953 |
|
|
635,910 |
|
Cost of revenues |
(28,745 |
) |
|
(33,359 |
) |
|
(110,118 |
) |
|
(105,528 |
) |
Gross profit |
145,038 |
|
|
148,608 |
|
|
510,835 |
|
|
530,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
(24,934 |
) |
|
(25,969 |
) |
|
(113,626 |
) |
|
(112,414 |
) |
General and administrative expenses |
(24,282 |
) |
|
(574,216 |
) |
|
(90,434 |
) |
|
(645,145 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
95,822 |
|
|
(451,577 |
) |
|
306,775 |
|
|
(227,177 |
) |
Interest income |
2,420 |
|
|
354 |
|
|
9,750 |
|
|
1,625 |
|
Change in fair value of the warrants |
- |
|
|
1,359 |
|
|
- |
|
|
1,359 |
|
Investment income |
520 |
|
|
3,403 |
|
|
8,458 |
|
|
9,294 |
|
Government grants |
13 |
|
|
1,372 |
|
|
765 |
|
|
5,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
98,775 |
|
|
(445,089 |
) |
|
325,748 |
|
|
(208,902 |
) |
Income tax expense |
(16,266 |
) |
|
(75,525 |
) |
|
(46,500 |
) |
|
(109,454 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
82,509 |
|
|
(520,614 |
) |
|
279,248 |
|
|
(318,356 |
) |
Less: Net income (loss) attributable to noncontrolling interest
holders |
48 |
|
|
(304 |
) |
|
66 |
|
|
(304 |
) |
Net income (loss) attributable to China Index Holdings
Limited |
82,461 |
|
|
(520,310 |
) |
|
279,182 |
|
|
(318,052 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding loss on short-term investments for the periods
ended December 31, 2021 and 2020 |
- |
|
|
(5,344 |
) |
|
- |
|
|
- |
|
Less: Reclassification adjustment for loss on short-term
investments realized in net income for the periods ended December
31, 2021 and 2020 |
- |
|
|
5,008 |
|
|
- |
|
|
- |
|
Foreign currency translation adjustments |
9,388 |
|
|
943 |
|
|
12,811 |
|
|
1,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
91,897 |
|
|
(520,007 |
) |
|
292,059 |
|
|
(317,344 |
) |
Less: comprehensive income (loss) attributable to noncontrolling
interest holders |
48 |
|
|
(304 |
) |
|
66 |
|
|
(304 |
) |
Total comprehensive income (loss) attributable to China
Index Holdings Limited |
91,849 |
|
|
(519,703 |
) |
|
291,993 |
|
|
(317,040 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share for Class A and Class B ordinary
shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.91 |
|
|
(5.78 |
) |
|
3.10 |
|
|
(3.54 |
) |
Diluted |
0.91 |
|
|
(5.78 |
) |
|
3.08 |
|
|
(3.54 |
) |
Weighted average number of Class A and Class B ordinary
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
90,424,243 |
|
|
90,048,134 |
|
|
90,196,440 |
|
|
89,842,465 |
|
Diluted |
90,424,243 |
|
|
90,048,134 |
|
|
90,602,539 |
|
|
89,842,465 |
|
For investor and media inquiries, please contact:
Ms. Jessie Yang
Investor Relations
Email: CIH-IR@fang.com
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