China Index Holdings Announces First Half 2021 Unaudited Financial Results
12/13/2021 - 06:59 AM
BEIJING, Dec. 13, 2021 (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 first half year ended June 30, 2021.
First Half 2021 Highlights
Total revenues were RMB286.4 million, an increase of 1.2% from RMB283.0 million in the corresponding period of 2020.Operating income was RMB132.9 million, a decrease of 3.6% from RMB137.9 million in the corresponding period of 2020.Net income was RMB123.9 million, a decrease of 1.8% from RMB126.2 million in the corresponding period of 2020. “We are glad to see a continued growth in the first half of 2021,” commented Yu Huang, CEO of CIH. “We will further increase our investment in research and development to enrich our database and analytics to overcome uncertainties in the macro environment.”
First Half 2021 Financial Results
Revenues
CIH reported total revenues of RMB286.4 million in the first half of 2021, an increase of 1.2 % from RMB283.0 million in the corresponding period of 2020.
Revenues from information and analytics services (SaaS) were RMB137.9 million in the first half of 2021, an increase of 6.9% from RMB128.9 million in the corresponding period of 2020, primarily due to an increase in the number of customers.Revenues from marketplace services were RMB148.5 million in the first half of 2021, a decrease of 3.6% from RMB154.1 million in the corresponding period of 2020. Cost of Revenue
Cost of revenue was RMB53.9 million in the first half of 2021, an increase of 25.6% from RMB42.9 million in the corresponding period of 2020, primarily due to an increase in campaign costs and technology fees.
Operating Expenses
Operating expenses were RMB99.6 million in the first half of 2021, a decrease of 2.6% from RMB102.2 million in the corresponding period of 2020.
Selling and marketing expenses were RMB58.7 million in the first half of 2021, an increase of 4.6% from RMB56.2 million in the corresponding period of 2020, primarily due to an increase in personnel costs resulting from the growing number of selling and marketing personnel headcount.General and administrative expenses were RMB40.8 million in the first half of 2021, a decrease of 11.3% from RMB46.0 million in the corresponding period of 2020, primarily due to the decrease in bad debt expense associated with account receivables. Operating Income
Operating Income was RMB132.9 million in the first half of 2021, a decrease of 3.6% from RMB137.9 million in the corresponding period of 2020.
Income Tax Expenses
Income tax expenses were RMB19.2 million in the first half of 2021, a decrease of 6.5% from RMB20.6 million in the corresponding period of 2020.
Net Income
Net income was RMB123.9 million in the first half of 2021, a decrease of 1.8% from RMB126.2 million in the corresponding period of 2020.
Business Outlook
Based on current operations and market conditions, management believes that CIH’s annual revenue for 2021 is expected to be similar to last year. These estimates represent management’s current and preliminary view, 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 an authoritative, 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. 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 June 30, As of December 31, 2021 2020 ASSETS Current assets: Cash and cash equivalents 427,467 280,355 Short-term investments 398,819 391,671 Accounts receivable, net of allowance for doubtful accounts 36,186 29,680 Prepaid expenses and other current assets 6,734 2,557 Amount due from related parties - 3,090 Total current assets 869,206 707,353 Non-current assets: Property and equipment, net 1,968 2,345 Right of use assets, net 41,630 44,369 Other noncurrent assets 2,831 3,270 Total non-current assets 46,429 49,984 Total assets 915,635 757,337 LIABILITIES AND DEFICIT Current liabilities: Accounts payable 6,141 9,343 Income taxes payable 10,454 26,737 Deferred revenue 282,478 224,141 Amount due to a related party 5,110 156 Accrued expenses and other liabilities 610,571 637,693 Total current liabilities 914,754 898,070 Non-current liabilities: Long-term lease liability 28,498 27,427 Other non-current liabilities 126,252 117,987 Total non-current liabilities 154,750 145,414 Total liabilities 1,069,504 1,043,484 Equity: Class A ordinary shares, (US$0.00 1 per share, 1,000,000,000 shares authorized for Class A and Class B in aggregate as of June 30, 2021 and December 31, 2020; 72,475,630 shares issued as of June 30, 2021 and December 31, 2020; 66,486,304 and 66,411,428 shares outstanding as of June 30, 2021 and December 31, 2020, respectively) 500 500 Class B ordinary shares (US$0.00 1 per share, 1,000,000,000 shares authorized for Class A and Class B in aggregate as of June 30, 2021 and December 31, 2020; 23,636,706 shares issued and outstanding as of June 30, 2021 and December 31, 2020; each Class B ordinary share is convertible into one Class A ordinary share) 163 163 Treasury shares (41 ) (42 ) Capital deficit (123,745 ) (126,571 ) Accumulated deficits (38,813 ) (162,728 ) Accumulated other comprehensive income 6,775 1,232 Total shareholders’ equity (deficit) attributable to China Index Holdings Limited (155,161 ) (287,446 ) Noncontrolling interests 1,292 1,299 Total shareholders’ deficit (153,869 ) (286,147 ) Total liabilities and deficit 915,635 757,337
CHINA INDEX HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands of RMB, except for per share data)
Six Months Ended June 30 2021 2020 Revenues 286,385 283,014 Cost of revenues (53,881 ) (42,911 ) Gross profit 232,504 240,103 Operating expenses: Selling and marketing expenses (58,745 ) (56,187 ) General and administrative expenses (40,819 ) (46,011 ) Operating income 132,940 137,905 Interest income 4,324 860 Gains on sale of short-term investments 5,144 4,076 Government grants 740 3,927 Income before income taxes 143,148 146,768 Income tax expenses (19,240 ) (20,567 ) Net income 123,908 126,201 Less: net income attributable to noncontrolling interest holders (7 ) - Net income (loss) attributable to China Index Holdings Limited 123,915 126,201 Other comprehensive income (loss) Foreign currency translation adjustments, net of nil income taxes 5,542 (18 ) Unrealized holding gains on short-term investments net of nil and RMB612 income taxes for the periods ended September 30, 2021 and 2020 - 3,469 Less: Reclassification adjustment for gains on short-term investments realized in net income, net of and nil and RMB611 income taxes for the periods ended September 30, 2021 and 2020 - (3,456 ) Total comprehensive income 129,450 126,187 Less: comprehensive loss attributable to noncontrolling interest holders (7 ) - Comprehensive income (loss) attributable to China Index Holdings Limited 129,457 126,187 Earnings per share for Class A and Class B ordinary shares: Basic 1.38 1.41 Diluted 1.36 1.38 Weighted average number of Class A and Class B ordinary shares and ordinary shares equivalents outstanding: Basic 90,066,296 89,737,929 Diluted 91,078,299 91,246,792