China Index Holdings Announces Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results
Fourth Quarter 2020 Highlights
- Total revenues were
RMB182.0 million , an increase of 8.1% fromRMB168.3 million in the corresponding period of 2019. - Operating income was
RMB100.8 million , an increase of 16.0% fromRMB86.8 million in the corresponding period of 2019. - Net income was
RMB91.8 million , an increase of 22.8% fromRMB74.7 million in the corresponding period of 2019.
Fiscal Year 2020 Highlights
- Total revenues were
RMB635.9 million , an increase of 9.7% fromRMB579.7 million in 2019. - Operating income was
RMB325.2 million , an increase of 13.1% fromRMB287.6 million in 2019. - Net income was
RMB294.0 million , an increase of 19.8% fromRMB245.5 million in 2019.
“Despite an unprecedented year, our business has kept growth and our profits were solid in the fourth quarter,” commented
Fourth Quarter 2020 Financial Results
Revenues
CIH reported total revenues of
- Revenues from information and analytics services (SaaS) were
RMB85.6 million in the fourth quarter of 2020, an increase of 11.4% fromRMB76.8 million in the corresponding period of 2019, primarily due to an increase in number of customers. - Revenues from marketplace services were
RMB96.4 million in the fourth quarter of 2020, an increase of 5.4% fromRMB91.5 million in the corresponding period of 2019.
Cost of Revenue
Cost of revenue was
Operating Expenses
Operating expenses were
- Selling and marketing expenses were
RMB26.0 million in the fourth quarter of 2020, which remained stable compared toRMB26.4 million in the corresponding period of 2019. - General and administrative expenses were
RMB21.9 million in the fourth quarter of 2020, an increase of 3.5% fromRMB21.2 million in the corresponding period of 2019.
Operating Income
Operating Income was
Income Tax Expenses
Income tax expenses were
Net Income
Net income was
Fiscal Year 2020 Financial Results
Revenues
CIH reported total revenues of
- Revenues from information and analytics services (SaaS) were
RMB303.4 million for 2020, an increase of 13.0% fromRMB268.6 million in 2019, primarily due to an increase in number of customers. - Revenues from marketplace services were
RMB332.6 million for 2020, an increase of 6.9% fromRMB311.1 million in 2019, primarily due to an increase in number of customers.
Cost of Revenue
Cost of revenue was
Operating Expenses
Operating Expenses were
- Selling and marketing expenses were
RMB112.4 million for 2020, an increase of 13.5% fromRMB99.0 million in 2019, primarily due to an increase in personnel costs resulting from the growing number of selling and marketing personnel headcount. - General and administrative expenses were
RMB92.8 million for 2020, an increase of 12.4% fromRMB82.6 million in 2019.
Operating Income
Operating Income was
Income Tax Expenses
Income tax expenses were
Net Income
Net income was
Business Outlook
Based on current operations and market conditions, the management expects to maintain a double-digit growth momentum on its total revenue for 2021. These estimates represent management’s current and preliminary view, which are subject to change.
Conference Call Information
CIH’s management team will host a conference call on
International Toll: | +65 67135600 |
Toll-Free/Local Toll: | |
+1 877-440-9253 / +1 631-460-7472 | |
+852 800-906-603 / +852 3018-6773 | |
Mainland |
+86 800-820-5506 / +86 400-120-0948 |
Direct Event Passcode | 1578624# |
Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1578624#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1578624#), and your unique Registrant ID, followed by the pound or hash (#) sign to join the call.
Direct Event online registration: http://apac.directeventreg.com/registration/event/1853648
A telephone replay of the call will be available after the conclusion of the conference call from
International Toll: | +61 2-8199-0299 |
Toll-Free/Local Toll: | |
+1 855-452-5696 / +1 646-254-3697 | |
+852 800-963-117 / +852 3051-2780 | |
Mainland |
+86 400-602-2065 / +86 800-870-0206 |
Conference ID: | 1853648 |
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
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
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. Further information regarding these and other risks, uncertainties or factors is included in CIH’s filings with the
For investor and media inquiries, please contact:
Ms.
Investor Relations
Email: CIH-IR@fang.com
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”))
As of |
As of |
|||||
2020 | 2019 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 280,355 | 214,076 | ||||
Short-term investments | 391,671 | 125,000 | ||||
Accounts receivable, net of allowance for doubtful accounts | 34,938 | 24,243 | ||||
Prepaid expenses and other current assets | 2,559 | 4,566 | ||||
Amount due from related parties | - | 4,820 | ||||
Total current assets | 709,523 | 372,705 | ||||
Non-current assets: | ||||||
Property and equipment, net | 2,345 | 2,873 | ||||
ROU assets | 44,369 | 49,595 | ||||
Good Will | 1,744 | - | ||||
Total non-current assets | 48,458 | 52,468 | ||||
Total assets | 757,981 | 425,173 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||
Current liabilities: | ||||||
Accounts payable | 9,343 | 7,844 | ||||
Income taxes payable | 26,737 | 23,396 | ||||
Deferred revenue | 224,141 | 203,531 | ||||
Amounts due to related parties | 156 | 7,734 | ||||
Accrued expenses and other liabilities | 90,673 | 84,250 | ||||
Total current liabilities | 351,050 | 326,755 | ||||
Non-current liabilities: | ||||||
Long-term lease liability | 27,427 | 37,679 | ||||
Other non-current liabilities | 56,086 | 39,757 | ||||
Total non-current liabilities | 83,513 | 77,436 | ||||
Total liabilities | 434,563 | 404,191 | ||||
Commitments and contingencies | - | - | ||||
Equity | ||||||
Class A ordinary shares, par value |
500 | 500 | ||||
Class B ordinary shares, par value |
163 | 163 | ||||
(42 | ) | (46 | ) | |||
Capital deficit | (126,567 | ) | (135,179 | ) | ||
Retained earnings | 449,659 | 155,324 | ||||
Accumulated other comprehensive income | 1,496 | 220 | ||||
Total ordinary shareholders’ equity | 325,209 | 20,982 | ||||
Noncontrolling interest | (1,791 | ) | - | |||
Total shareholders’ equity | 323,418 | 20,982 | ||||
Total liabilities and shareholders’ equity | 757,981 | 425,173 | ||||
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands of RMB)
Three Months Ended |
Year Ended |
||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Revenues | 181,967 | 168,291 | 635,910 | 579,650 | |||||||
Cost of revenues | (33,359 | ) | (33,940 | ) | (105,528 | ) | (110,492 | ) | |||
Gross profit | 148,608 | 134,351 | 530,382 | 469,158 | |||||||
Operating expenses: | |||||||||||
Selling and marketing expenses | (25,969 | ) | (26,370 | ) | (112,414 | ) | (99,020 | ) | |||
General and administrative expenses | (21,889 | ) | (21,160 | ) | (92,818 | ) | (82,615 | ) | |||
Operating income | 100,750 | 86,821 | 325,150 | 287,523 | |||||||
Interest income | 354 | 710 | 1,625 | 2,200 | |||||||
Change in fair value of securities | 1,359 | 1,786 | 1,359 | (1,152 | ) | ||||||
Investment income | 3,092 | 714 | 8,983 | 714 | |||||||
Government grants | 1,372 | 17 | 5,997 | 903 | |||||||
Income before income taxes | 106,927 | 90,048 | 343,114 | 290,188 | |||||||
Income tax expenses | (15,150 | ) | (15,288 | ) | (49,079 | ) | (44,737 | ) | |||
Net income | 91,777 | 74,760 | 294,035 | 245,451 | |||||||
Less: Net income attributable to non-controlling interests | (304 | ) | - | (304 | ) | - | |||||
Net income attributable to ordinary shareholders | 92,081 | 74,760 | 294,339 | 245,451 | |||||||
Other comprehensive income | |||||||||||
Unrealized holding gains on short-term investments, net of |
2,556 | 607 | 7,900 | 607 | |||||||
Less: Reclassification adjustment for gains on short-term investments realized in net income, net of |
(2,628 | ) | (607 | ) | (7,636 | ) | (607 | ) | |||
Foreign currency translation adjustments, net of nil income taxes | 943 | 21 | 1,012 | (7 | ) | ||||||
Total comprehensive income | 92,648 | 74,781 | 295,311 | 245,444 | |||||||
Total comprehensive income attributable to ordinary shareholders | 92,952 | 74,781 | 295,615 | 245,444 | |||||||
Earnings per share for Class A and Class B ordinary shares: | |||||||||||
Basic | 1.02 | 0.83 | 3.28 | 2.74 | |||||||
Diluted | 1.02 | 0.83 | 3.27 | 2.73 | |||||||
Weighted average number of Class A and Class B ordinary shares outstanding: | |||||||||||
Basic | 90,048,134 | 89,739,655 | 89,842,465 | 89,739,655 | |||||||
Diluted | 90,162,622 | 90,133,853 | 89,930,473 | 89,770,212 |
China Index Holdings Limited