China Index Holdings Announces Third Quarter 2022 Unaudited Financial Results
15 November 2022 - 11:27AM
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 third quarter ended September 30, 2022.
Third Quarter 2022
Highlights
-
Total revenues were RMB97.7 million, a decrease of
39.3% from RMB160.8 million in the corresponding period of
2021.
-
Operating income was RMB30.9 million, a decrease
of 60.4% from RMB78.0 million in the corresponding period of
2021.
-
Net income was RMB27.6 million, a decrease of
62.1% from RMB72.8 million in the corresponding period of
2021.
Third Quarter 2022 Financial
Results
Revenues
CIH reported total revenues of RMB97.7 million
in the third quarter of 2022, a decrease of 39.3% from RMB160.8
million in the corresponding period of 2021, primarily due to the
broad macro environment challenges the industry is facing.
-
Revenues from information and analytics services
(SaaS) were RMB51.6 million in the third quarter of 2022,
a decrease of 39.8% from RMB85.7 million in the corresponding
period of 2021.
-
Revenues from marketplace services were RMB46.1
million in the third quarter of 2022, a decrease of 38.6% from
RMB75.1 million in the corresponding period of 2021.
Cost of Revenues
Cost of revenues was RMB19.8 million in the
third quarter of 2022, a decrease of 28.0% from RMB27.5 million in
the corresponding period of 2021.
Operating Expenses
Operating expenses were RMB47.0 million in the
third quarter of 2022, a decrease of 15.0% from RMB55.3 million in
the corresponding period of 2021.
-
Selling and marketing expenses were RMB22.2
million in the third quarter of 2022, a decrease of 26.0% from
RMB29.9 million in the corresponding period of 2021, primarily due
to a decrease in personnel cost.
-
General and administrative expenses were RMB24.8
million in the third quarter of 2022, a decrease of 2.0% from
RMB25.3 million in the corresponding period of 2021.
Operating Income
Operating income was RMB30.9 million in the
third quarter of 2022, a decrease of 60.4% from RMB78.0 million in
the corresponding period of 2021.
Income Tax Expenses
Income tax expenses were RMB3.3 million in the
third quarter of 2022, a decrease of 70.3% from RMB11.0 million in
the corresponding period of 2021.
Net Income
Net income was RMB27.6 million in the third
quarter of 2022, a decrease of 62.1% from RMB72.8 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.
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 September 30, |
|
As of December 31, |
|
|
|
2022 |
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
356,841 |
|
|
|
361,521 |
|
|
Short-term investments |
|
|
23,576 |
|
|
|
- |
|
|
Accounts receivable, net of allowance for doubtful accounts |
|
|
63,860 |
|
|
|
49,217 |
|
|
Prepaid expenses and other current assets |
|
|
30,500 |
|
|
|
25,531 |
|
|
Amounts due from a related party - current |
|
|
8,536 |
|
|
|
- |
|
|
Total current assets |
|
|
483,313 |
|
|
|
436,269 |
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
444 |
|
|
|
1,424 |
|
|
Right of use assets |
|
|
38,520 |
|
|
|
38,892 |
|
|
Other non-current assets |
|
|
5,620 |
|
|
|
4,212 |
|
|
Total non-current assets |
|
|
44,584 |
|
|
|
44,528 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
527,897 |
|
|
|
480,797 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
|
15,728 |
|
|
|
11,465 |
|
|
Income taxes payable |
|
|
10,752 |
|
|
|
25,474 |
|
|
Deferred revenue |
|
|
170,730 |
|
|
|
216,188 |
|
|
Amounts due to a related party |
|
|
- |
|
|
|
12,300 |
|
|
Accrued expenses and other current liabilities |
|
|
93,969 |
|
|
|
99,657 |
|
|
Total current liabilities |
|
|
291,179 |
|
|
|
365,084 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
Long-term lease liabilities |
|
|
34,368 |
|
|
|
29,570 |
|
|
Other non-current liabilities |
|
|
80,299 |
|
|
|
75,288 |
|
|
Total non-current liabilities |
|
|
114,667 |
|
|
|
104,858 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
405,846 |
|
|
|
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 September 30,
2022 and December 31, 2021; 72,475,630 shares issued as of
September 30, 2022 and December 31, 2021; 66,788,662 and 66,787,537
shares outstanding as of September 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 September 30,
2022 and December 31, 2021; 23,636,706 shares issued and
outstanding as of September 30, 2022 and December 31, 2021; each
Class B ordinary share is convertible into one Class A ordinary
share) |
|
|
163 |
|
|
|
163 |
|
|
Treasury shares |
|
|
(39 |
) |
|
|
(39 |
) |
|
Capital deficit |
|
|
(119,138 |
) |
|
|
(121,631 |
) |
|
Retained earnings |
|
|
207,016 |
|
|
|
116,454 |
|
|
Accumulated other comprehensive income |
|
|
32,033 |
|
|
|
14,043 |
|
|
Total shareholders’ equity attributable to China Index
Holdings Limited |
|
|
120,535 |
|
|
|
9,490 |
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
1,516 |
|
|
|
1,365 |
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
|
122,051 |
|
|
|
10,855 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
|
527,897 |
|
|
|
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 September 30, |
|
|
|
|
2022 |
|
2021 |
|
|
Revenues |
|
|
97,669 |
|
160,785 |
|
|
Cost of revenues |
|
|
(19,785 |
) |
(27,493 |
) |
|
Gross profit |
|
|
77,884 |
|
|
133,292 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(22,157 |
) |
|
(29,947 |
) |
|
General and administrative expenses |
|
|
(24,827 |
) |
|
(25,332 |
) |
|
Operating income |
|
|
30,900 |
|
|
78,013 |
|
|
Interest income |
|
|
2,091 |
|
|
3,006 |
|
|
Investment income (loss) |
|
|
(2,453 |
) |
|
2,794 |
|
|
Government grants |
|
|
363 |
|
|
12 |
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
30,901 |
|
|
83,825 |
|
|
Income tax expenses |
|
|
(3,266 |
) |
|
(10,994 |
) |
|
|
|
|
|
|
|
|
Net income |
|
|
27,635 |
|
|
72,831 |
|
|
Less: net income (loss) attributable to noncontrolling
interests |
|
|
34 |
|
|
(29 |
) |
|
Net income attributable to China Index Holdings
Limited |
|
|
27,601 |
|
|
72,860 |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
Foreign currency translation adjustments, net of nil income
taxes |
|
|
17,844 |
|
|
(2,119 |
) |
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
45,479 |
|
|
70,712 |
|
|
Less: comprehensive income (loss) attributable to noncontrolling
interests |
|
|
34 |
|
|
(29 |
) |
|
Comprehensive income attributable to China Index Holdings
Limited |
|
|
45,445 |
|
|
70,741 |
|
|
|
|
|
|
|
|
|
Earnings per share for Class A and Class B ordinary
shares: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.31 |
|
|
0.81 |
|
|
Diluted |
|
|
0.31 |
|
|
0.81 |
|
|
Weighted average number of Class A and Class B ordinary
shares and ordinary shares equivalents outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
90,425,368 |
|
|
90,221,432 |
|
|
Diluted |
|
|
90,425,368 |
|
|
90,232,243 |
|
|
For investor and media inquiries, please contact:
Ms. Jessie Yang
Investor Relations
Email: CIH-IR@fang.com
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