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 first quarter ended March 31, 2022.
First Quarter 2022
Highlights
-
Total revenues were RMB118.5 million, a decrease
of 11.4% from RMB133.7 million in the corresponding period of
2021.
-
Operating income was RMB45.3 million, a decrease
of 25.5% from RMB60.8 million in the corresponding period of
2021.
-
Net income was RMB41.9 million, a decrease of
25.9% from RMB56.6 million in the corresponding period of
2021.
First Quarter 2022 Financial
Results
Revenues
CIH reported total revenues of RMB118.5 million
in the first quarter of 2022, a decrease of 11.4% from RMB133.7
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 RMB56.6 million in the first quarter of 2022,
a decrease of 11.2% from RMB63.8 million in the corresponding
period of 2021.
-
Revenues from marketplace services were RMB61.9
million in the first quarter of 2022, a decrease of 11.6% from
RMB70.0 million in the corresponding period of 2021.
Cost of Revenues
Cost of revenues was RMB21.7 million in the
first quarter of 2022, a decrease of 14.1% from RMB25.3 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 RMB51.4 million in the
first quarter of 2022, an increase of 8.1% from RMB47.6 million in
the corresponding period of 2021.
-
Selling and marketing expenses were RMB24.5
million in the first quarter of 2022, a decrease of 7.4% from
RMB26.5 million in the corresponding period of 2021, primarily due
to a decrease in personnel cost.
-
General and administrative expenses were RMB26.9
million in the first quarter of 2022, an increase of 27.6% from
RMB21.1 million in the corresponding period of 2021, primarily due
to an increase in bad debt expense and the accrual of professional
fees.
Operating Income
Operating income was RMB45.3 million in the
first quarter of 2022, a decrease of 25.5% from RMB60.8 million in
the corresponding period of 2021.
Income Tax Expenses
Income tax expenses were RMB7.0 million in the
first quarter of 2022, a decrease of 24.1% from RMB9.2 million in
the corresponding period of 2021.
Net Income
Net income was RMB41.9 million in the first
quarter of 2022, a decrease of 25.9% from RMB56.6 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
decrease approximately 10% year-to-year. These estimates represent
management’s current and preliminary views, which are subject to
change.
Recent Developments
Board Changes
Mr. Jeff Xuesong Leng and Ms. Jill Jie Jiao have
resigned from the Board and committees of the Board for personal
reasons, effective May 20, 2022. Mr. Leng and Ms. Jiao’s
resignations did not result from any disagreement with the Company
or on any matter related to the Company's operations, policies or
practices. CIH thanks Mr. Leng and Ms. Jiao for their efforts and
contributions to the Company.
Mr. Jason Chenyang Wei and Mr. Jianping Ye have
been appointed as independent directors to the Board, effective May
20, 2022. Mr. Wei will serve as Chairperson on the Audit Committee
and as a member on the Nominating and Corporate Governance
Committee. Mr. Ye will serve as a member on the Audit Committee,
the Nominating and Corporate Governance Committee, and the
Compensation Committee. Upon the effectiveness of Mr. Leng’s and
Ms. Jiao’s resignations and Mr. Wei’s and Mr. Ye’s appointments,
the Board will consist of five directors, including three
independent directors. Below are Mr. Wei’s and Mr. Ye’s
biographies.
Mr. Jason Chenyang Wei is Associate Dean of
Tsinghua Institute of FinTech Research. At Tsinghua PBC School of
Finance (PBCSF), he serves as Director of the China Insurance and
Pension Research Center, and Secretary General of Tsinghua PBCSF
Global Forum of Real Estate Finance. He is former General Manager
of the New York Center and Chief U.S. Economist of Zenity Holdings,
a global industrial investment group headquartered in China. Prior
to joining Zenity, he was Head of Credit Research at American
International Group (AIG). Before joining AIG, he was Senior
Economist at the Federal Reserve Bank of Philadelphia, and before
that he was Economist at the Federal Reserve Bank of New York. He
is also a Research Fellow at Wharton Financial Institutions Center.
He has published on top-tier finance and policy journals including
Review of Financial Studies, Economic Policy Review, Tsinghua
Financial Review, and International Financial Review. He is former
Chairman of Board of The Chinese Finance Association (TCFA), the
largest global association of Chinese finance professionals with
over 6000 members worldwide. He served as President of TCFA from
2014 to 2015. He holds a Ph.D. in Finance from Stern School of
Business at New York University, a M.S. in Economics from
University of Texas at Austin, and a B.A. in Finance from Tsinghua
School of Economics and Management.
Mr. Jianping Ye is Professor and Doctoral
Supervisor of the School of Public Administration and Policy of
Renmin University of China. He is a member of the Science and
Technology Committee of the Ministry of Land and Resources, the
Vice Chairman of the Real Estate Appraisal and Brokerage Expert
Committee and the Policy Research Committee of the Ministry of
Housing and Urban-Rural Development of the People's Republic of
China. He is also an executive member of China Land Science Society
(also the Vice Chairman of Cultivated Land Protection Branch and
Popular Science Branch), the Director of the Department of Land
Management of the School of Public Administration and Policy of
Renmin University of China (2001-2012), the Vice President of China
Institute of Real Estate Appraisers and Agents (2012), Vice
President of Beijing Land Science Society, executive member of
Global Chinese Real Estate Congress, Honorary Professor of the
Departments of Architecture and Real Estate of the University of
Hong Kong, Director and Founder of the Asia Pacific Housing Network
(APHRN), and Senior Fellow of the Royal Institution of Chartered
Surveyors (FRICS). Mr. Ye holds a Ph.D. in Management and a
Master’s degree in Economics from Renmin University of China, and a
Bachelor’s degree in Engineering from Wuhan University.
Conference Call Information
CIH’s management team will host a conference
call on May 20 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 |
1776643# |
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 (1776643#), 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/1728096
A telephone replay of the call will be available
after the conclusion of the conference call from 10:00 AM ET on May
20, 2022 through 09:59 AM ET May 28, 2022. The dial-in details for
the telephone replay are:
International Toll: |
+61 2-8199-0299 |
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: |
1728096 |
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 LIMITEDUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts in thousands of
Renminbi (“RMB”), except for share data) |
|
|
As of March 31, |
|
|
As of December 31, |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
252,842 |
|
|
|
|
361,521 |
|
Short-term investments |
|
|
109,555 |
|
|
|
|
- |
|
Accounts receivable, net of allowance for doubtful accounts |
|
|
52,514 |
|
|
|
|
49,217 |
|
Prepaid expenses and other current assets |
|
|
24,543 |
|
|
|
|
25,531 |
|
Total current assets |
|
|
439,454 |
|
|
|
|
436,269 |
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
1,067 |
|
|
|
|
1,424 |
|
Right of use assets |
|
|
41,915 |
|
|
|
|
38,892 |
|
Other non-current assets |
|
|
4,508 |
|
|
|
|
4,212 |
|
Total non-current assets |
|
|
47,490 |
|
|
|
|
44,528 |
|
|
|
|
|
|
|
|
|
Total assets |
|
|
486,944 |
|
|
|
|
480,797 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
|
13,787 |
|
|
|
|
11,465 |
|
Income taxes payable |
|
|
28,784 |
|
|
|
|
25,474 |
|
Deferred revenue |
|
|
173,293 |
|
|
|
|
216,188 |
|
Amounts due to a related party |
|
|
5,684 |
|
|
|
|
12,300 |
|
Accrued expenses and other current liabilities |
|
|
96,891 |
|
|
|
|
99,657 |
|
Total current liabilities |
|
|
318,439 |
|
|
|
|
365,084 |
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
Long-term lease liabilities |
|
|
34,713 |
|
|
|
|
29,570 |
|
Other non-current liabilities |
|
|
77,803 |
|
|
|
|
75,288 |
|
Total non-current liabilities |
|
|
112,516 |
|
|
|
|
104,858 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
430,955 |
|
|
|
|
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 March 31,
2022 and December 31, 2021; 72,475,630 shares issued as of March
31, 2022 and December 31, 2021; 66,788,662 and 66,787,537 shares
outstanding as of March 31, 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 March 31,
2022 and December 31, 2021; 23,636,706 shares issued and
outstanding as of March 31, 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 March 31,
2022 and December 31, 2021, respectively) |
|
|
(39 |
) |
|
|
|
(39 |
) |
Capital deficit |
|
|
(120,769 |
) |
|
|
|
(121,631 |
) |
Retained earnings |
|
|
158,286 |
|
|
|
|
116,454 |
|
Accumulated other comprehensive income |
|
|
16,413 |
|
|
|
|
14,043 |
|
Total shareholders’ equity attributable to China Index
Holdings Limited |
|
|
54,554 |
|
|
|
|
9,490 |
|
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
1,435 |
|
|
|
|
1,365 |
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
|
55,989 |
|
|
|
|
10,855 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
|
486,944 |
|
|
|
|
480,797 |
|
|
|
|
|
|
|
|
|
|
|
CHINA INDEX HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in
thousands of RMB, except for per share data) |
|
|
Three Months Ended March 31 |
|
|
2022 |
|
2021 |
Revenues |
|
|
118,507 |
|
|
|
133,730 |
|
Cost of revenues |
|
|
(21,732 |
) |
|
|
(25,298 |
) |
Gross profit |
|
|
96,775 |
|
|
|
108,432 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(24,534 |
) |
|
|
(26,502 |
) |
General and administrative expenses |
|
|
(26,904 |
) |
|
|
(21,084 |
) |
Operating income |
|
|
45,337 |
|
|
|
60,846 |
|
Interest income |
|
|
1,372 |
|
|
|
1,607 |
|
Investment income |
|
|
579 |
|
|
|
2,678 |
|
Government grants |
|
|
1,604 |
|
|
|
643 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
48,892 |
|
|
|
65,774 |
|
Income tax expenses |
|
|
(6,990 |
) |
|
|
(9,212 |
) |
|
|
|
|
|
|
|
Net income |
|
|
41,902 |
|
|
|
56,562 |
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to noncontrolling interest
holders |
|
|
70 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to China Index Holdings
Limited |
|
|
41,832 |
|
|
|
56,548 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of nil income
taxes |
|
|
2,370 |
|
|
|
(3,975 |
) |
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
44,272 |
|
|
|
52,587 |
|
|
|
|
|
|
|
|
|
|
Less: comprehensive income attributable to noncontrolling
interest holders |
|
|
70 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to China Index Holdings
Limited |
|
|
44,202 |
|
|
|
52,573 |
|
|
|
|
|
|
|
|
|
|
Earnings per share for Class A and Class B ordinary
shares: |
|
|
|
|
|
|
|
|
Basic |
|
|
0.46 |
|
|
|
0.63 |
|
Diluted |
|
|
0.46 |
|
|
|
0.62 |
|
Weighted average number of Class A and Class B ordinary
shares and ordinary shares equivalents outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
90,424,735 |
|
|
|
90,048,134 |
|
Diluted |
|
|
90,424,735 |
|
|
|
91,186,956 |
|
For investor and media inquiries, please contact:
Ms. Jessie Yang
Investor Relations
Email: CIH-IR@fang.com
Grafico Azioni China (NASDAQ:CIH)
Storico
Da Lug 2024 a Ago 2024
Grafico Azioni China (NASDAQ:CIH)
Storico
Da Ago 2023 a Ago 2024