Fanhua Reports Second Quarter and First Half 2018 Unaudited Financial Results And Declares Quarterly Dividend of US$0.25 Per ADS
– Full Year Operating Income Guidance Revised Upwards to 50% Growth YoY
– Quarterly Diluted Net Income Per ADS US$0.40, Up 20.0% YoY
Quarterly Dividend Declaration:
On
Financial Highlights for the Second quarter of 2018:
(In thousands, except per ADS) | 2017 Q2 (RMB) |
2018 Q2 (RMB) |
2018 Q2 (US$) |
Change % |
Total net revenues | 1,002,482 | 972,116 | 146,910 | -3.0 |
Operating income | 72,024 | 127,597 | 19,283 | 77.2 |
Net income attributable to the Company’s shareholders | 140,347 | 171,842 | 25,969 | 22.4 |
Diluted net income per ADS | 2.20 | 2.64 | 0.40 | 20.0 |
Financial Highlights for the First half of 2018:
(In thousands, except per ADS) | First Half 2017 (RMB) |
First Half 2018 (RMB) |
First Half 2018 (US$) |
Change % |
Total net revenues | 2,336,069 | 1,815,379 | 274,347 | -22.3 |
Operating income | 127,238 | 217,778 | 32,912 | 71.2 |
Net income attributable to the Company’s shareholders | 210,087 | 302,060 | 45,648 | 43.8 |
Diluted net income per ADS | 3.37 | 4.64 | 0.70 | 37.7 |
Commenting on the financial results of the second quarter of 2018, Mr.
“Total life insurance premiums reached
- Annualized insurance premiums from the health insurance business were up 177.1% year-over-year, accounting for 79.4% of our total life insurance business as compared to 42.7% a year ago;
- First year premiums on regular insurance products grew by 41.4% year-over-year to approximately
RMB715.0 million , which is attributable to the strong year-over-year growth of 143.9% in the number of insurance policies sold during the second quarter of 2018, even though the average per policy premium for health insurance products, which have become the main products for the Company, is typically much lower than that of annuity and endowment insurance products; - Rapid expansion of sales force continued into the second quarter of 2018, with the number of registered sales agents growing 92.2% year-over-year to 630,995 and the number of performing sales agents for life insurance2 growing 97.0% year-over-year to 66,654;
- Life insurance premiums from renewals increased by 109.1% year-over-year to
RMB763.9 million . In the meantime, our 13th month persistency ratio outperformed the industry average and remained above 94.0%. We firmly believe in the value of our long-term regular life insurance business as it provides the Company with stable and recurring revenues and profits for years to come, which are crucial to the sustainable and sound development of the Company over the long run. We are pleased that our commitment to the long-term regular life insurance business has started to produce results, as evidenced by the stellar performance during the quarter.
“Looking ahead to the second half of 2018, in light of the extremely high base in the third quarter of 2017 primarily owing to the swell of fast-return annuity and participating endowment products following the implementation of Circular No. 134, we expect to see a slight year-over-year decrease in new life insurance premiums in the third quarter of 2018. However, we are still confident that we will be able to achieve no less than
“Despite the regulatory restriction on the sales of short term and fast-return savings-focused life insurance products, we remain confident in our ability to achieve positive growth in annualized life insurance premiums in 2018 and we believe the fast growth in our renewal business will continue, which will become an increasingly more important and stable source of profits for the Company. This allows us to raise our full year guidance for operating profit from 40% to no less than 50% growth year-over-year.”
Financial Results for the Second Quarter of 2018
Total net revenues were
- Net revenues for the life insurance business were
RMB808.3 million (US$122.2 million ) for the second quarter of 2018, representing an increase of 36.9% fromRMB590.3 million for the corresponding period in 2017. The increase was mainly driven by the growth in both first year and renewal commissions as a result of the rapid growth in the number of sales agents. Revenues generated from our life insurance business accounted for 83.2% of our total net revenues in the second quarter of 2018. - Net revenues for the P&C insurance business were
RMB91.8 million (US$13.9 million ) for the second quarter of 2018, representing a decrease of 73.0% fromRMB339.5 million for the corresponding period in 2017. The decrease was primarily due to i) the disposal of the equity interests of some entities in the P&C insurance division inOctober 2017 ; and ii) the transition of our auto insurance business from a commission-based business model towards a platform business model starting from the fourth quarter of 2017. Revenues for the P&C insurance business are mainly derived from commissions generated from Baoxian.com and the technology service fees based on the volume of insurance premiums transacted through CNpad. Revenues generated from the P&C insurance business accounted for 9.4% of our total net revenues in the second quarter of 2018. - Net revenues for the claims adjusting business were
RMB72.0 million (US$10.9 million ) for the second quarter of 2018, representing a decrease of 1.0% fromRMB72.7 million for the corresponding period in 2017. Revenues generated from the claims adjusting business accounted for 7.4% of our total net revenues in the second quarter of 2018.
Total operating costs and expenses were
- Commission costs were
RMB671.6 million (US$101.5 million ) for the second quarter of 2018, representing a decrease of 8.5% fromRMB733.6 million for the corresponding period in 2017. The decrease was mainly due to the decrease in commission costs of P&C insurance business, partially offset by the growth in commission costs of our life insurance business.- Costs of the life insurance business were
RMB553.4 million (US$83.6 million ) for the second quarter of 2018, representing an increase of 47.5% fromRMB375.3 million for the corresponding period in 2017. The increase was in line with the growth in sales. Costs incurred by the life insurance business accounted for 82.4% of our total commission costs in the second quarter of 2018. - Costs of the P&C insurance business were
RMB73.0 million (US$11.0 million ) for the second quarter of 2018, representing a decrease of 76.8% fromRMB315.2 million for the corresponding period in 2017. The decrease was in line with the decrease in sales, and primarily caused by i) the disposal of the equity interests of some entities in the P&C insurance division inOctober 2017 ; and ii) the transition of our P&C insurance business from a commission-based business model towards a platform business model starting from the fourth quarter of 2017. The costs of the P&C insurance business mainly represent commission costs incurred for business on Baoxian.com. Costs incurred by the P&C insurance business accounted for 10.9% of our total commission costs in the second quarter of 2018. - Costs of the claims adjusting business were
RMB45.2 million (US$6.8 million ) for the second quarter of 2018, representing an increase of 5.1% fromRMB43.0 million for the corresponding period in 2017. Costs incurred by the claims adjusting business accounted for 6.7% of our total commission costs in the second quarter of 2018.
- Costs of the life insurance business were
- Selling expenses were
RMB53.9 million (US$8.1 million ) for the second quarter of 2018, representing an increase of 0.4% fromRMB53.7 million for the corresponding period in 2017. - General and administrative expenses were
RMB119.0 million (US$18.0 million ) for the second quarter of 2018, representing a decrease of 16.9% fromRMB143.2 million for the corresponding period in 2017. The decrease was mainly due to a significant reduction in expenses incurred by our P&C insurance agencies as a result of the migration to the platform business model since the fourth quarter of 2017 as well as the disposal of certain P&C insurance agencies, though partially offset by an increase in expenses incurred by new office setup and staff recruitment in relation to regional expansion.
As a result of the preceding factors, we had an operating income of
Operating margin was 13.1% for the second quarter of 2018, compared to 7.2% for the corresponding period in 2017. The increase was primarily due to the increase in the sales of regular term life insurance policies and the increase in renewal life insurance business, which have higher profit margins.
Investment income was
Interest income was
Income tax expense was
Share of income of affiliates was
Net income from continuing operations was
Net income from discontinued operations3 was nil for the second quarter of 2018, as compared to a net loss of
Net income attributable to the Company’s shareholders was
Net margin was 17.7% for the second quarter of 2018 compared with 14.0% for the corresponding period in 2017.
Basic and diluted net income per ADS were
As of
Financial Results for the First Half of 2018
Total net revenues were
- Net revenues for the life insurance business were
RMB1,481.3 million (US$223.9 million ) for the first half of 2018, representing an increase of 23.1% fromRMB1,203.6 million for the corresponding period in 2017. The increase was mainly due to the contribution from renewal commissions. Revenues generated from our life insurance business accounted for 81.6% of our total net revenues in the first half of 2018. - Net revenues for the P&C insurance business were
RMB184.2 million (US$27.8 million ) for the first half of 2018, representing a decrease of 81.5% fromRMB995.1 million for the corresponding period in 2017. The decrease was primarily due to i) the disposal of most of the our P&C insurance agencies inOctober 2017 ; and ii) the transition of our auto insurance business from a commission-based business model towards a platform business model starting from the fourth quarter of 2017. Revenues for the P&C insurance business are mainly derived from commissions generated from Baoxian.com and the technology service fees based on the volume of insurance premiums transacted through CNpad. Revenues generated from the P&C insurance business accounted for 10.1% of our total net revenues in the first half of 2018. - Net revenues for the claims adjusting business were
RMB149.9 million (US$22.6 million ) for the first half of 2018, representing an increase of 9.2% fromRMB137.3 million for the corresponding period in 2017. Revenues generated from the claims adjusting business accounted for 8.3% of our total net revenues in the first half of 2018.
Total operating costs and expenses were
- Commission costs were
RMB1,269.1 million (US$191.8 million ) for the first half of 2018, representing a decrease of 30.5% fromRMB1,826.4 million for the corresponding period in 2017. The decrease was mainly due to the decrease in commission costs of P&C insurance business, partially offset by the growth in commission costs of our life insurance business.- Costs of the life insurance business were
RMB1,021.7 million (US$154.4 million ) for the first half of 2018, representing an increase of 26.1% fromRMB810.4 million for the corresponding period in 2017. The increase was in line with the growth in sales. Costs incurred by the life insurance business accounted for 80.5% of our total commission costs in the first half of 2018. - Costs of the P&C insurancebusiness were
RMB153.2 million (US$23.2 million ) for the first half of 2018, representing a decrease of 83.4% fromRMB922.6 million for the corresponding period in 2017. The decrease was in line with the decrease in sales. The costs of the P&C insurance business mainly represent commission costs incurred for business on Baoxian.com. Costs incurred by the P&C insurance business accounted for 12.1% of our total commission costs in the first half of 2018. - Costs of the claims adjusting business were
RMB94.2 million (US$14.2 million ) for the first half of 2018, representing an increase of 1.0% fromRMB93.3 million for the corresponding period in 2017. Costs incurred by the claims adjusting business accounted for 7.4% of our total commission costs in the first half of 2018.
- Costs of the life insurance business were
- Selling expenses were
RMB102.6 million (US$15.5 million ) for the first half of 2018, representing a decrease of 3.2% fromRMB106.0 million for the corresponding period in 2017. The decrease was primarily due to the reduction in expenses as a result of the disposal of most of our P&C insurance agency subsidiaries in the fourth quarter of 2017, as part of the implementation of a platform business model for our auto insurance business. - General and administrative expenses were
RMB225.9 million (US$34.1 million ) for the first half of 2018, representing a decrease of 18.3% fromRMB276.5 million for the corresponding period in 2017. The decrease was mainly due to a significant reduction in expenses incurred by our P&C insurance agencies as a result of the migration to the platform business model since the fourth quarter of 2017 and the disposal of certain P&C insurance agencies, though partially offset by an increase in expenses incurred by new office setup and staff recruitment in relation to regional expansion.
As a result of the preceding factors, we had an operating income of
Operating margin was 12.0% for the first half of 2018, compared to 5.4% for the corresponding period in 2017. The increase was primarily due to the increase in the sales of regular term life insurance policies and the increase in renewal life insurance business, which have a higher profit margin.
Investment income was
Interest income was
Income tax expense was
Share of income of affiliates was
Net income from continuing operations was
Net income from discontinued operations2 was nil for the first half of 2018, as compared to
Net income attributable to the Company’s shareholders was
Net margin was 16.6% for the first half of 2018 compared with 9.0% for the corresponding period in 2017.
Basic and diluted net income per ADS were
Key Operational Metrics for
- CNpad Auto Insurance Mobile Application ("CNpad Auto Insurance App") - Our proprietary mobile sales support system:
- CNpad Auto Insurance App had been downloaded and activated 464,290 times as of
June 30, 2018 , representing an increase of 57.8% from 294,228 times as ofJune 30, 2017 ; - The number of active users4 of CNpad Auto Insurance App was 57,895 in the second quarter of 2018, representing a decrease of 3.9% from 60,234 in the second quarter of 2017;
- Insurance premiums generated through
CNpad Auto Insurance App wereRMB581.0 million (US$87.8 million ) in the second quarter of 2018, representing a decrease of 3.5% fromRMB 602.1 million for the corresponding period of 2017.
- CNpad Auto Insurance App had been downloaded and activated 464,290 times as of
- Lan Zhanggui - Our one-stop insurance service platform that integrates the key functions of both
CNpad Auto Insurance and CNpad Life Insurance App, which was launched inOctober 2017 . All CNpad Life Insurance App accounts have been converted to Lan Zhanggui.- Lan Zhanggui had been downloaded and activated 630,995 times as of
June 30, 2018 , representing an increase of 139.3% from 263,696 times of downloads of CNpad Life Insurance App as ofJune 30, 2017 ; - The number of active users of Lan Zhanggui5 was 71,843 in the second quarter of 2018, representing an increase of 112.3% from 33,838 active users of CNpad Life Insurance App in the second quarter of 2017;
- Insurance premiums generated through Lan Zhanggui were
RMB 747.0 million (US$112.9 million ) in the second quarter of 2018, among which life insurance premiums accounted forRMB 707.4 million (US$106.9 million ) and property insurance premium wasRMB39.6 million (US$6.0 million ), representing an increase of 132.6% fromRMB321.2 million generated through CNpad Life Insurance App for the second quarter of 2017.
- Lan Zhanggui had been downloaded and activated 630,995 times as of
- eHuzhu - Our online non-profit mutual aid platform:
- The number of registered members was 3.5 million as of
June 30, 2018 , representing an increase of 94.4% from 1.8 million as ofJune 30, 2017 .
- The number of registered members was 3.5 million as of
- Baoxian.com - Our online insurance platform:
- The number of registered customer accounts was 1.8 million as of
June 30, 2018 , representing an increase of more than 75% from approximately 1.0 million as ofJune 30, 2017 . - The number of active customer accounts6 was 89,600 in the second quarter of 2018, representing an increase of 96.8% from 45,520 in the corresponding period of 2017;
- Insurance premiums generated on or through Baoxian.com was
RMB560.0 million (US$ 84.6 million ) in the second quarter of 2018, representing an increase of 11.5 times fromRMB44.7 million in the corresponding period of 2017.
- The number of registered customer accounts was 1.8 million as of
Fanhua had 630,995 sales agents and 1,191 professional claims adjustors as ofJune 30, 2018 , compared with 328,267 sales agents, and 1,228 professional claims adjustors as ofJune 30, 2017 . As ofJune 30, 2018 , Fanhua’s distribution network consisted of 580 sales outlets operating in 22 provinces, compared with 856 sales outlets operating in 21 provinces as ofJune 30, 2017 . Its claims adjusting service network covered 31 provinces with 132 service outlets as ofJune 30, 2018 , compared with 156 service outlets in 29 provinces as ofJune 30, 2017 .Fanhua was listed as one of the top 20 global insurance brokers, in theJuly 2018 edition of Best’s Review, a monthly magazine published byA. M. Best , one of the most prestigious insurance rating agencies in the world.Fanhua , which was ranked No. 20th in 2017, is the only Asian company on the list and has been on it for four consecutive years. The ranking was based on total revenues of 2017.- In
July 2018 , Baoxian.com won the Best Internet Insurance Platform 2017 in theThird China Internet Insurance Conference organized by China Insurance Quote, the most authoritative and influential insurance newspaper inChina .
Business Outlook
Conference Call
The Company will host a conference call to discuss its second quarter and first half 2018 financial results as per the following details.
Time:
or
The toll free dial-in numbers:
United States | 1-855-500-8701 | ||
United Kingdom | 0800-015-9724 | ||
France | 0800-918-648 | ||
Germany | 0800-184-4876 | ||
Australia | 1-300-713-759 | ||
Canada | 1-855-757-1565 | ||
Taiwan | 0080-665-1951 | ||
Hong Kong | 800-906-606 | ||
India | 1-800-3010-6020 |
The toll dial-in numbers:
China (Mainland) | 400-120-0654 | ||
Singapore & Other Areas | +65-6713-5440 |
Conference ID #: 1267067
Additionally, a live and archived web cast of this call will be available at:
http://ir.fanhuaholdings.com/events-and-presentations
About
Our online platforms include (1) CNpad, a mobile sales support application, (2) Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; and (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in
As of
For more information about
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Among other things, management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about
FANHUA INC. | ||||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
As of December 31, |
As of June 30, |
As of June 30, |
||||||
2017 | 2018 | 2018 | ||||||
RMB |
RMB |
US$ |
||||||
ASSETS: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 363,746 | 303,256 | 45,829 | |||||
Restricted cash | 75,287 | 76,050 | 11,493 | |||||
Short term investments | 2,498,730 | 2,489,621 | 376,240 | |||||
Accounts receivable, net | 515,194 | 872,721 | 131,889 | |||||
Insurance premium receivables | 4,325 | 5,813 | 878 | |||||
Other receivables | 631,381 | 653,305 | 98,730 | |||||
Other current assets | 43,864 | 56,005 | 8,464 | |||||
Total current assets | 4,132,527 | 4,456,771 | 673,523 | |||||
Non-current assets: | ||||||||
Property, plant, and equipment, net | 26,075 | 31,141 | 4,706 | |||||
Goodwill and intangible assets, net | 127,079 | 111,604 | 16,866 | |||||
Deferred tax assets | 2,091 | 11,672 | 1,764 | |||||
Investment in affiliates | 404,783 | 493,204 | 74,535 | |||||
Other non-current assets | 45,187 | 58,733 | 8,876 | |||||
Total non-current assets | 605,215 | 706,354 | 106,747 | |||||
Total assets | 4,737,742 | 5,163,125 | 780,270 | |||||
Current liabilities: | ||||||||
Accounts payable | 203,024 | 435,601 | 65,830 | |||||
Insurance premium payables | 9,553 | 17,366 | 2,624 | |||||
Other payables and accrued expenses | 241,894 | 237,032 | 35,821 | |||||
Accrued payroll | 77,424 | 81,245 | 12,278 | |||||
Income tax payable | 129,965 | 161,032 | 24,336 | |||||
Total current liabilities | 661,860 | 932,276 | 140,889 | |||||
Non-current liabilities: | ||||||||
Other tax liabilities | 70,350 | 70,350 | 10,632 | |||||
Deferred tax liabilities | 17,139 | 37,030 | 5,596 | |||||
Total non-current liabilities | 87,489 | 107,380 | 16,228 | |||||
Total liabilities | 749,349 | 1,039,656 | 157,117 | |||||
Ordinary shares | 9,571 | 9,582 | 1,448 | |||||
Additional paid-in capital | 2,429,559 | 2,247,106 | 339,591 | |||||
Statutory reserves | 311,038 | 311,515 | 47,077 | |||||
Retained earnings | 1,468,708 | 1,770,291 | 267,533 | |||||
Accumulated other comprehensive loss | (93,108 | ) | (94,170 | ) | (14,231 | ) | ||
Subscription receivables | (248,717 | ) | (227,622 | ) | (34,399 | ) | ||
Total shareholders’ equity | 3,877,051 | 4,016,702 | 607,019 | |||||
Non-controlling interests | 111,342 | 106,767 | 16,134 | |||||
Total equity | 3,988,393 | 4,123,469 | 623,153 | |||||
Total liabilities and equity | 4,737,742 | 5,163,125 | 780,270 | |||||
FANHUA INC. | |||||||||||||||||
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income | |||||||||||||||||
(In thousands, except for shares and per share data) | |||||||||||||||||
For The Three Months Ended |
For The Six Months Ended |
||||||||||||||||
June 30, |
June 30, |
||||||||||||||||
2017 | 2018 | 2018 | 2017 | 2018 | 2018 | ||||||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||
Net revenues: | |||||||||||||||||
Agency | 929,794 | 900,092 | 136,025 | 2,198,796 | 1,665,518 | 251,699 | |||||||||||
Life insurance Business | 590,258 | 808,308 | 122,154 | 1,203,649 | 1,481,275 | 223,856 | |||||||||||
P&C insurance Business | 339,536 | 91,784 | 13,871 | 995,147 | 184,243 | 27,843 | |||||||||||
Claims adjusting | 72,688 | 72,024 | 10,885 | 137,273 | 149,861 | 22,648 | |||||||||||
Total net revenues | 1,002,482 | 972,116 | 146,910 | 2,336,069 | 1,815,379 | 274,347 | |||||||||||
Operating costs and expenses: | |||||||||||||||||
Agency | (690,521 | ) | (626,453 | ) | (94,672 | ) | (1,733,025 | ) | (1,174,873 | ) | (177,551 | ) | |||||
Life insurance Business | (375,282 | ) | (553,424 | ) | (83,636 | ) | (810,392 | ) | (1,021,677 | ) | (154,400 | ) | |||||
P&C insurance Business | (315,239 | ) | (73,029 | ) | (11,036 | ) | (922,633 | ) | (153,196 | ) | (23,151 | ) | |||||
Claims adjusting | (43,033 | ) | (45,195 | ) | (6,830 | ) | (93,336 | ) | (94,201 | ) | (14,236 | ) | |||||
Total operating costs | (733,554 | ) | (671,648 | ) | (101,502 | ) | (1,826,361 | ) | (1,269,074 | ) | (191,787 | ) | |||||
Selling expenses | (53,671 | ) | (53,895 | ) | (8,145 | ) | (106,010 | ) | (102,597 | ) | (15,505 | ) | |||||
General and administrative expenses | (143,233 | ) | (118,976 | ) | (17,980 | ) | (276,460 | ) | (225,930 | ) | (34,143 | ) | |||||
Total operating costs and expenses | (930,458 | ) | (844,519 | ) | (127,627 | ) | (2,208,831 | ) | (1,597,601 | ) | (241,435 | ) | |||||
Income from operations | 72,024 | 127,597 | 19,283 | 127,238 | 217,778 | 32,912 | |||||||||||
Other income, net: | |||||||||||||||||
Investment income | 97,890 | 43,941 | 6,641 | 108,178 | 77,052 | 11,644 | |||||||||||
Interest income | 1,948 | 9,127 | 1,379 | 2,507 | 19,884 | 3,005 | |||||||||||
Others, net | 9,190 | (188 | ) | (29 | ) | 10,801 | (1,308 | ) | (198 | ) | |||||||
Income before income taxes and income of affiliates | 181,052 | 180,477 | 27,274 | 248,724 | 313,406 | 47,363 | |||||||||||
Income tax expense | (51,498 | ) | (57,264 | ) | (8,654 | ) | (78,792 | ) | (101,088 | ) | (15,277 | ) | |||||
Share of income of affiliates | 12,024 | 49,662 | 7,505 | 29,693 | 90,146 | 13,623 | |||||||||||
Net income from continuing operations | 141,578 | 172,875 | 26,125 | 199,625 | 302,464 | 45,709 | |||||||||||
Net income from discontinued operations, net of tax | (120 | ) | — | — | 6,645 | — | — | ||||||||||
Net income | 141,458 | 172,875 | 26,125 | 206,270 | 302,464 | 45,709 | |||||||||||
less: net income (loss) attributable to noncontrolling interests | 1,111 | 1,033 | 156 | (3,817 | ) | 404 | 61 | ||||||||||
Net income attributable to the Company’s shareholders | 140,347 | 171,842 | 25,969 | 210,087 | 302,060 | 45,648 | |||||||||||
Net income per share: | |||||||||||||||||
Basic | |||||||||||||||||
Net income from continuing operations | 0.11 | 0.13 | 0.02 | 0.17 | 0.23 | 0.04 | |||||||||||
Net income from discontinued operation | — | — | — | 0.01 | — | — | |||||||||||
Net income | 0.11 | 0.13 | 0.02 | 0.18 | 0.23 | 0.04 | |||||||||||
Diluted | |||||||||||||||||
Net income from continuing operations | 0.11 | 0.13 | 0.02 | 0.16 | 0.23 | 0.04 | |||||||||||
Net income from discontinued operation | — | — | — | 0.01 | — | — | |||||||||||
Net income | 0.11 | 0.13 | 0.02 | 0.17 | 0.23 | 0.04 | |||||||||||
Net income per ADS: | |||||||||||||||||
Basic | |||||||||||||||||
Net income from continuing operations | 2.28 | 2.64 | 0.40 | 3.39 | 4.65 | 0.70 | |||||||||||
Net income from discontinued operation | — | — | — | 0.11 | — | — | |||||||||||
Net income | 2.28 | 2.64 | 0.40 | 3.50 | 4.65 | 0.70 | |||||||||||
Diluted | |||||||||||||||||
Net income from continuing operations | 2.20 | 2.64 | 0.40 | 3.26 | 4.64 | 0.70 | |||||||||||
Net income from discontinued operation | — | — | — | 0.11 | — | — | |||||||||||
Net income | 2.20 | 2.64 | 0.40 | 3.37 | 4.64 | 0.70 | |||||||||||
Shares used in calculating net income per share: | |||||||||||||||||
Basic | 1,231,971,654 | 1,300,304,491 | 1,300,304,491 | 1,198,884,443 | 1,300,248,101 | 1,300,248,101 | |||||||||||
Diluted | 1,276,541,316 | 1,301,503,664 | 1,301,503,664 | 1,245,046,426 | 1,302,246,701 | 1,302,246,701 | |||||||||||
Net income | 141,458 | 172,875 | 26,125 | 206,270 | 302,464 | 45,709 | |||||||||||
Other comprehensive income (loss), net of tax: Foreign currency translation adjustments | (2,820 | ) | 5,068 | 766 | (2,979 | ) | (2,254 | ) | (341 | ) | |||||||
Fair value changes | (896 | ) | — | — | (632 | ) | — | — | |||||||||
Share of other comprehensive gain (loss) of affiliates | 911 | 101 | 15 | (546 | ) | (1,726 | ) | (261 | ) | ||||||||
Comprehensive income | 138,653 | 178,044 | 26,906 | 202,113 | 298,484 | 45,107 | |||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interests | 1,111 | 1,033 | 156 | (3,817 | ) | 404 | 61 | ||||||||||
Comprehensive income attributable to the Company’s shareholders | 137,542 | 177,011 | 26,750 | 205,930 | 298,080 | 45,046 | |||||||||||
FANHUA INC. | |||||||||||
Unaudited Condensed Consolidated Statements of Cash Flow | |||||||||||
(In thousands) | |||||||||||
For The Three Months Ended |
For The Six Months Ended |
||||||||||
June 30, |
June 30, |
||||||||||
2017 | 2018 | 2018 | 2017 | 2018 | 2018 | ||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
OPERATING ACTIVITIES | |||||||||||
Net cash generated from (used in) operating activities | 108,858 | (4,339) | (656) | 117,953 | 26,215 | 3,962 | |||||
Net cash generated from (used in) investing activities | 4,701 | 298,905 | 45,172 | 122,420 | 87,301 | 13,193 | |||||
Net cash generated from (used in) financing activities | 194,019 | (182,496) | (27,580) | 197,855 | (163,410) | (24,695) | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 307,578 | 112,070 | 16,936 | 438,228 | (49,894) | (7,540) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 404,435 | 269,747 | 40,765 | 273,979 | 439,033 | 66,348 | |||||
Effect of exchange rate changes on cash and cash equivalents | (2,880) | (2,511) | (379) | (3,074) | (9,833) | (1,486) | |||||
Cash, cash equivalents and restricted cash at end of period | 709,133 | 379,306 | 57,322 | 709,133 | 379,306 | 57,322 | |||||
1 This announcement contains currency conversions of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of
2 Performing sales agents for life insurance are defined as sales agents who have sold at least one life insurance policy during the reporting period.
3 Due to the disposal of
4 Active users are defined as users who made at least one purchase through CNpad App during the specified period.
5 Active users of Lan Zhanggui included users who made at least one purchase of life insurance policy through CNpad Life Insurance App in 2017 and Lan Zhanggui (including both its mobile application or WeChat public account) during the specific period.
6 Active customer accounts are defined as customer accounts that made at least one purchase directly through www.baoxian.com or its mobile application during the specified period.
For more information, please contact: Oasis Qiu Investor Relations Manager Tel: +86 (20) 8388-3191 Email: qiusr@fanhuaholdings.com Source:Fanhua Inc.
Source: Fanhua Inc.