China Index Holdings Announces Second Quarter 2020 Unaudited Financial Results
Second Quarter 2020 Highlights
- Total revenues were
RMB150.2 million , an increase of 12.1% fromRMB134.0 million in the corresponding period of 2019. - Operating income was
RMB68.4 million , an increase of 12.5% fromRMB60.8 million in the corresponding period of 2019. - Net income was
RMB62.3 million , an increase of 21.1% fromRMB51.4 million in the corresponding period of 2019.
First Half 2020 Highlights
- Total revenues were
RMB283.0 million , an increase of 11.8% fromRMB253.1 million in the corresponding period of 2019. - Operating income was
RMB137.9 million , an increase of 11.1% fromRMB124.1 million in the corresponding period of 2019. - Net income was
RMB126.2 million , an increase of 20.5% fromRMB104.7 million in the corresponding period of 2019.
“We are happy to deliver another solid quarter even under pandemic uncertainties,” commented
Second Quarter 2020 Financial Results
Revenues
CIH reported total revenues of
- Revenues from information and analytics services (SaaS) were
RMB67.6 million in the second quarter of 2020, an increase of 17.8% fromRMB57.4 million in the corresponding period of 2019, primarily due to an increase in number of customers. - Revenues from marketplace services were
RMB82.6 million in the second quarter of 2020, an increase of 7.9% fromRMB76.6 million in the corresponding period of 2019.
Cost of Revenue
Cost of revenue was
Operating Expenses
Operating expenses were
- Selling and marketing expenses were
RMB32.3 million in the second quarter of 2020, an increase of 35.1% fromRMB23.9 million in the corresponding period of 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
RMB26.1 million in the second quarter of 2020, an increase of 5.7% fromRMB24.7 million in the corresponding period of 2019, primarily due to increase in personnel costs of research and development department.
Operating Income
Operating income was
Income Tax Expenses
Income tax expenses were
Net Income
Net income was
First Half 2020 Financial Results
Revenues
CIH reported total revenues of
- Revenues from information and analytics services (SaaS) were
RMB128.9 million in the first half of 2020, an increase of 12.9% fromRMB114.2 million in the corresponding period of 2019, primarily due to an increase in number of customers. - Revenues from marketplace services were
RMB154.1 million in the first half of 2020, an increase of 10.9% fromRMB138.9 million in the corresponding period of 2019.
Cost of Revenue
Cost of revenue was
Operating Expenses
Operating expenses were
- Selling and marketing expenses were
RMB56.2 million in the first half of 2020, an increase of 24.3% fromRMB45.2 million in the corresponding period of 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
RMB46.0 million in the first half of 2020, an increase of 26.4% fromRMB36.4 million in the corresponding period of 2019, primarily due to increase in personnel costs of research and development department.
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 believes that the Company will maintain a double-digit growth momentum on its annual revenue for 2020. 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 |
+86 800-870-0075 / +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/9794027
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: | 9794027 |
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 and market position. 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
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”), except for share data)
As of |
As of |
|||||||
2020 | 2019 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 239,378 | 214,076 | ||||||
Short-term investments | 262,085 | 125,000 | ||||||
Accounts receivable, net of allowance for doubtful accounts | 22,005 | 24,243 | ||||||
Prepaid expenses and other current assets | 2,572 | 4,566 | ||||||
Amounts due from related parties | 14,667 | 4,820 | ||||||
Total current assets | 540,707 | 372,705 | ||||||
Non-current assets: | ||||||||
Property and equipment, net | 2,360 | 2,873 | ||||||
Right of use assets | 46,982 | 49,595 | ||||||
Total non-current assets | 49,342 | 52,468 | ||||||
Total assets | 590,049 | 425,173 | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | 5,170 | 7,844 | ||||||
Income taxes payable | 12,055 | 23,396 | ||||||
Deferred revenue | 257,703 | 203,531 | ||||||
Amount due to a related party | 3,946 | 7,734 | ||||||
Accrued expenses and other liabilities | 76,900 | 84,250 | ||||||
Total current liabilities | 355,774 | 326,755 | ||||||
Non-current liabilities: | ||||||||
Long-term lease liabilities | 35,638 | 37,679 | ||||||
Other non-current liabilities | 47,101 | 39,757 | ||||||
Total non-current liabilities | 82,739 | 77,436 | ||||||
Total liabilities | 438,513 | 404,191 | ||||||
Commitments and contingencies | - | - | ||||||
Equity: | ||||||||
Class A ordinary shares, par value |
500 | 500 | ||||||
Class B ordinary shares, par value |
163 | 163 | ||||||
(44 | ) | (46 | ) | |||||
Capital deficit | (130,814 | ) | (135,179 | ) | ||||
Retained earnings | 281,525 | 155,324 | ||||||
Accumulated other comprehensive income | 206 | 220 | ||||||
Total equity | 151,536 | 20,982 | ||||||
Total liabilities and equity | 590,049 | 425,173 | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands of RMB, except for per share data)
Three Months Ended |
Six Months Ended |
|||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Revenues | 150,219 | 133,964 | 283,014 | 253,109 | ||||||||
Cost of revenues | (23,410 | ) | (24,591 | ) | (42,911 | ) | (47,387 | ) | ||||
Gross profit | 126,809 | 109,373 | 240,103 | 205,722 | ||||||||
Operating expenses: | ||||||||||||
Selling and marketing expenses | (32,302 | ) | (23,917 | ) | (56,187 | ) | (45,223 | ) | ||||
General and administrative expenses | (26,143 | ) | (24,718 | ) | (46,011 | ) | (36,427 | ) | ||||
Operating income | 68,364 | 60,738 | 137,905 | 124,072 | ||||||||
Interest income | 468 | 287 | 860 | 353 | ||||||||
Change in fair value of the warrants | - | (1,539 | ) | - | (1,539 | ) | ||||||
Gains on sale of short-term investments | 2,571 | - | 4,076 | - | ||||||||
Government grants | 483 | 223 | 3,927 | 223 | ||||||||
Income before income taxes | 71,886 | 59,709 | 146,768 | 123,109 | ||||||||
Income tax expenses | (9,576 | ) | (8,275 | ) | (20,567 | ) | (18,448 | ) | ||||
Net income | 62,310 | 51,434 | 126,201 | 104,661 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustments, net of nil income taxes | (5 | ) | 67 | (18 |
) |
43 | ||||||
Unrealized holding gains on short-term investments net of |
2,072 | - | 3,469 | - | ||||||||
Less: Reclassification adjustment for gains on short-term investments realized in net income, net of |
(2,186 | ) | - | (3,465 | ) | - | ||||||
Total comprehensive income | 62,191 | 51,501 | 126,187 | 104,704 | ||||||||
Earnings per share for Class A and Class B ordinary shares: | ||||||||||||
Basic | 0.70 | 0.58 | 1.41 | 1.17 | ||||||||
Diluted | 0.69 | 0.57 | 1.38 | 1.17 | ||||||||
Weighted average number of Class A and Class B ordinary shares and ordinary shares equivalents outstanding: | ||||||||||||
Basic | 89,736,203 | 89,339,642 | 89,737,929 | 89,339,642 | ||||||||
Diluted | 90,939,356 | 89,775,907 | 91,246,792 | 89,775,907 |
For investor and media inquiries, please contact: Ms.Jessie Yang Investor Relations Email: CIH-IR@fang.com
Source: China Index Holdings Limited