China Index Holdings Announces Third Quarter 2019 Financial Results
Third Quarter 2019 Highlights
- Total revenues were
RMB158.3 million , an increase of 38.7% fromRMB114.1 million in the corresponding period of 2018.
- Operating income was
RMB76.6 million , an increase of 42.1% fromRMB53.9 million in the corresponding period of 2018.
- Net income was
RMB66.0 million , an increase of 43.5% fromRMB46.0 million in the corresponding period of 2018.
“Our third quarter results reflect CIH's continued broad-based growth as a leader in digitizing
Third Quarter 2019 Financial Results
Revenues
CIH reported total revenues of
- Revenues from information and analytics services (SaaS) were
RMB77.6 million in the third quarter of 2019, an increase of 46.4% fromRMB53.0 million in the corresponding period of 2018, primarily due to an increase in number of customers.
- Revenues from marketplace services were
RMB80.7 million in the third quarter of 2019, an increase of 32.1% fromRMB61.1 million in the corresponding period of 2018, 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
RMB27.5 million in the third quarter of 2019, an increase of 22.8% fromRMB22.4 million in the corresponding period of 2018, primarily due to an increase in personnel costs resulting from the growing number of selling and marketing personnel headcount.
- General and administrative expenses were
RMB17.4 million in the third quarter of 2019, an increase of 43.8% fromRMB12.1 million in the corresponding period of 2018, primarily due to an increase in personnel costs to support our business expansion.
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, management remains confident in achieving CIH’s total revenue expectations for 2019, which ranges from approximately
Conference Call Information
CIH’s management team will host a conference call on
International Toll: | +65 67135090 |
Toll-Free/Local Toll: | |
United States | +1 866-519-4004 / +1 845-675-0437 |
Hong Kong | +852 800-906-601 / +852 3018-6771 |
Mainland China | +86 800-819-0121 / +86 400-620-8038 |
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: | |
United States | +1 855-452-5696 / +1 646-254-3697 |
Hong Kong | +852 800-963-117 / +852 3051-2780 |
Mainland China | +86 400-602-2065 / +86 800-870-0205 |
Conference ID: | 7072609 |
A live and archived webcast of the conference call will be available at http://ir.chinaindexholdings.com.
About CIH
CIH operates the largest 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 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. Further information regarding these and other risks, uncertainties or factors is included in CIH’s filings with the
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS i
(Amounts in thousands of Renminbi (“RMB”))
As of September 30, | As of December 31, | ||||
2019 | 2018 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 155,176 | 164,202 | |||
Time deposits | 70,000 | - | |||
Accounts receivable, net of allowance for doubtful accounts | 33,238 | 15,534 | |||
Prepaid expenses and other current assets | 2,226 | 693 | |||
Amount due from related parties | 5,903 | 1,970 | |||
Total current assets | 266,543 | 182,399 | |||
Non-current assets: | |||||
Property and equipment, net | 3,142 | 3,932 | |||
Right of use assets, net | 48,451 | - | |||
Total non-current assets | 51,593 | 3,932 | |||
Total assets | 318,136 | 186,331 | |||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |||||
Current liabilities: | |||||
Accounts payable | 7,192 | 5,184 | |||
Amounts due to related parties | 1,000 | 680 | |||
Deferred revenue | 193,453 | 143,254 | |||
Income taxes payable | 25,983 | 14,480 | |||
Accrued expenses and other liabilities | 79,105 | 79,532 | |||
Total current liabilities | 306,733 | 243,130 | |||
Non-current liabilities: | |||||
Long-term lease liability | 40,830 | - | |||
Other non-current liabilities | 25,862 | 15,496 | |||
Total non-current liabilities | 66,692 | 15,496 | |||
Total liabilities | 373,425 | 258,626 | |||
Commitments and contingencies | - | - | |||
Shareholders’ deficit: | |||||
Class A ordinary shares, par value US$0.001 per share, 1000,000,000 shares authorized for Class A and Class B in aggregate, issued shares as of September 30, 2019 and December 31, 2018:72,475,630 and nil; outstanding shares as of September 30, 2019,and December 31, 2018: 65,794,039 and nil | 500 | - | |||
Class B ordinary shares, par value US$0.001 per share, 1000,000,000 shares authorized for Class A and Class B in aggregate, issued and outstanding as of September 30, 2019 and December 31, 2018: 23,636,706 and nil | 163 | ||||
Treasury shares | (46) | - | |||
Additional paid-in capital | (133,764) | - | |||
Retained earnings | 77,659 | - | |||
Parent company deficit | - | (72,522) | |||
Accumulated other comprehensive income | 199 | 227 | |||
Total shareholders’ deficit | (55,289) | (72,295) | |||
Total liabilities and shareholders’ deficit | 318,136 | 186,331 | |||
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF
COMPREHENSIVE INCOME i
(Amounts in thousands of RMB))
Three Months Ended September 30 |
||||||
2019 | 2018 | |||||
Revenues | 158,250 | 114,151 | ||||
Cost of revenues | (29,165) | (19,449) | ||||
Gross profit | 129,085 | 94,702 | ||||
Operating expenses: | ||||||
Selling and marketing expenses | (27,427) | (22,397) | ||||
General and administrative expenses | (17,392) | (12,132) | ||||
Research and development expenses | (7,636) | (6,275) | ||||
Operating income | 76,630 | 53,898 | ||||
Interest income | 1,137 | 118 | ||||
Change in fair value of warrant | (1,399) | - | ||||
Gains on sale of available-for-sale investments | - | 886 | ||||
Government grants | 663 | 519 | ||||
Income before income taxes | 77,031 | 55,421 | ||||
Income tax expenses | (11,001) | (9,424) | ||||
Net income | 66,030 | 45,997 | ||||
Other comprehensive (loss) income | ||||||
Foreign currency translation adjustments, net of nil income taxes | (71) | 30 | ||||
Total comprehensive income | 65,959 | 46,027 | ||||
Earnings per share for Class A and Class B ordinary shares: | ||||||
Basic | 0.74 | 0.51 | ||||
Diluted | 0.73 | 0.51 | ||||
Weighted average number of Class A and Class B ordinary shares outstanding: | ||||||
Basic | 89,410,461 | 89,399,642 | ||||
Diluted | 90,133,853 | 89,399,642 |
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1 In terms of geographical coverage and volume of data points as of
i The financial results prior to the separation of CIH from
For investor and media inquiries, please contact: Ms.Jessie Yang Investor Relations Email: CIH-IR@fang.com
Source: China Index Holdings Limited