BEIJING, March 24, 2022 (GLOBE NEWSWIRE) -- 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:

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:

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)

CHINA INDEX HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands of RMB, except for per share data)

For investor and media inquiries, please contact:

Ms. Jessie Yang
Investor Relations
Email: CIH-IR@fang.com

China Index Holdings Limited