Form 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2010
Commission File Number: 001-33768
CNINSURE INC.
22/F, Yinhai Building
No. 299 Yanjiang Zhong Road
Guangzhou, Guangdong 510110
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T
Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T
Rule 101(b)(7): o
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CNinsure Inc.
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By: |
/s/ Yinan Hu
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Name: |
Yinan Hu |
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Title: |
Chief Executive Officer |
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Date: May 25, 2010
Exhibit Index
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Exhibit 99.1 |
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Press release |
Exhibit 99.1
Exhibit 99.1
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IR-073 |
CNinsure Reports First Quarter 2010 Unaudited Financial Results
Earnings Exceed Prior Guidance
Basic Net Income Per ADS up 47.9% to RMB1.476 (US$0.216)
35% Year-over-Year Growth for Earnings Expected for Second Quarter 2010
GUANGZHOU, China, May 24, 2010/ PRNewswire-Asia-FirstCall/ CNinsure Inc., (Nasdaq: CISG),
(the Company or CNinsure), a leading independent insurance intermediary company operating in
China, today announced its unaudited financial results for the first quarter ended March 31,
2010.1
Financial Highlights for First Quarter 2010:
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Total net revenues: RMB282.0 million (US$41.3 million),
representing an increase of 30.6% from the corresponding period of
2009. |
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Income from operations: RMB72.7 million (US$10.6 million),
representing an increase of 58.3% from the corresponding period of
2009. |
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Operating margin was 25.8% for the first quarter of 2010, compared
to 21.3% for the corresponding period of 2009. |
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Net income attributable to the Companys shareholders: RMB67.3
million (US$9.9 million), representing an increase of 47.9% from
the corresponding period of 2009, which exceeded the previous
guidance of approximately 30% year-over-year growth. |
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Net margin was 23.9% for the first quarter of 2010, compared to
21.1% for the corresponding period of 2009. |
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Basic and diluted net income per American Depositary Share
(ADS): RMB1.476 (US$0.216) and RMB1.429 (US$0.209),
respectively, representing an increase of 47.9% and 43.3%,
respectively, from the corresponding period of 2009. |
During the first quarter, we continued to deliver strong financial performance with total net
revenues up 30.6% and earnings up 47.9% which exceeded our previous guidance. The inspiring results
get us off to a good start to achieve our full year targets, commenting on the first quarter
financial results, Mr. Yinan Hu, chairman and chief executive officer of the Company, stated. We
are also glad that our strategy to develop life insurance business has produced positive returns
with 156.7% growth in the first quarter, continuing to outpace other business lines.
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1 |
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This announcement contains translations of certain
Renminbi (RMB) amounts into U.S. dollars (US$) 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 RMB6.8258 to US$1.00, the effective
noon buying rate as of March 31, 2010 in The City of New York for cable
transfers of RMB as set forth in H.10 weekly statistical release of the Federal
Reserve Board. |
Page 1 of 11
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IR-073 |
Looking ahead, we remain optimistic about our prospects. We expect the next three to five years to
be the golden period for the development of Chinas insurance and financial services industries, in
the wake of Chinas widening economic recovery, the rapid accumulation of personal wealth by
Chinese people and the PRC governments stimulus incentives on domestic consumption. While
continuing to solidify our leadership position in the professional insurance intermediary sector,
we intend to explore new distribution channels and diversify our product and service offerings, so
as to better capitalize on the opportunities presented by the growing demand from consumers for
diversified financial services and products and to ensure the sustainable growth of our company in
the long run.
Financial Results for the First Quarter Ended March 31, 2010
Total net revenues for the first quarter ended March 31, 2010 were RMB282.0 million (US$41.3
million), representing an increase of 30.6% from RMB215.9 million for the corresponding period of
2009. The increase was primarily driven by the significant growth of the life insurance business,
and an increase in performance bonuses paid by life insurers as a result of growth in sales volume
and more contracts entered into with life insurers at group levels.
Total operating costs and expenses were RMB209.3 million (US$30.7 million) for the first quarter of
2010, representing an increase of 23.1% from RMB170.0 million for the corresponding period of 2009.
Commissions and fees expenses were RMB141.0 million (US$20.7 million) for the first quarter of
2010, representing an increase of 15.9% from RMB121.6 million for the corresponding period of 2009.
The increase was primarily due to sales growth and largely tracked the increase in net revenues
from commissions and fees.
Selling expenses were RMB14.5 million (US$2.1 million) for the first quarter of 2010, representing
an increase of 86.5% from RMB7.8 million for the corresponding period of 2009, primarily due to
sales growth and an increase in expenses incurred by newly established sales outlets.
General and administrative expenses were RMB53.9 million (US$7.9 million) for the first quarter of
2010, representing an increase of 32.7% from RMB40.6 million for the corresponding period of 2009.
The increase was primarily due to the following factors:
(1) |
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an increase in share-based compensation expenses associated with the grant of options to
various directors, officers and employees in February 2010; |
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an increase in depreciation of fixed assets as a result of the operation of the upgraded IT
system in more affiliated entities in the first quarter of 2010; and |
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an increase in amortization of intangible assets as a result of the acquisitions that we made
in 2009 and the first quarter of 2010. |
Page 2 of 11
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IR-073 |
As a result of the foregoing factors, income from operations was RMB72.7 million (US$10.6 million)
for the first quarter of 2010, representing an increase of 58.3% from RMB45.9 million
for the corresponding period of 2009. Operating margin was 25.8% for the first quarter of 2010,
compared to 21.3% for the corresponding period of 2009.
In the first quarter of 2010, the Company acquired an additional 41% of equity interests in Hebei
Fanlian Insurance Agency Co., Ltd. (Hebei Fanlian), which increased its equity interest from 10%
to 51%. As a result, the Company recognized RMB10.2 million (US$1.5 million) investment income,
representing gains from remeasuring the 10% equity interests formerly held by the Company in Hebei
Fanlian. Meanwhile, RMB2.6 million (US$0.4 million) deferred income tax expense was recognized,
which was included in income tax expense.
Interest income for the first quarter of 2010 was RMB6.3 million (US$0.9 million), representing a
decrease of 35.7% from RMB9.8 million for the corresponding period of 2009, primarily due to a
decrease in bank deposit.
Income tax expense for the first quarter of 2010 was RMB23.0 million (US$3.4 million), representing
an increase of 48.3% from RMB15.5 million for the corresponding period of 2009. The increase was
primarily attributable to the increases of operating income. The effective income tax rate
applicable to the Company was 25.7% for the first quarter of 2010, compared to 27.4% for the
corresponding period of 2009.
Net income attributable to the Companys shareholders was RMB67.3 million (US$9.9 million) for the
first quarter of 2010, representing an increase of 47.9% from RMB45.5 million for the corresponding
period of 2009. Net income attributable to the Companys shareholders excluding the investment
income and deferred income tax expense in relation to the aforementioned acquisition of the
additional equity interests in Hebei Fanlian was RMB59.7 million (US$8.7 million) for the first
quarter of 2010, representing an increase of 31.0% from the corresponding period of 2009.
Net margin was 23.9% for the first quarter of 2010, compared to 21.1% for the corresponding period
of 2009.
Basic net income per ADS was RMB1.476 (US$0.216) for the first quarter of 2010, representing an
increase of 47.9% from RMB0.998 for the corresponding period of 2009. Fully diluted net income per
ADS was RMB1.429 (US$0.209) for the first quarter of 2010, representing an increase of 43.3% from
RMB0.997 for the corresponding period of 2009.
As of March 31, 2010, the Company had RMB1,346.2 million (US$197.2 million) in cash and cash
equivalents.
Page 3 of 11
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IR-073 |
Recent Developments:
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On May 13, 2010, CNinsure signed a corporate-to-corporate strategic partnership agreement
with PICC Property and Casualty Company Limited, the largest property and casualty insurance
company in China, for product distribution, development of
custom-designed insurance products, data sharing and the outsourcing of claims adjusting
services. This is the fifth strategic partnership agreement CNinsure has signed with property
and casualty insurance companies at the group level. With the signing of this agreement,
CNinsure has entered into strategic partnership with all of the top three property and
casualty insurance companies in China, including PICC P&C, Ping An Property & Casualty
Insurance Company Of China, Ltd. and China Pacific Property Insurance Co., Ltd. |
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On April 23, 2010, the Companys board of directors declared a
cash dividend of US$0.013 per ordinary share, equivalent to
US$0.26 per American Depositary Share, which amounts to a total
payment of US$11,862,470. The cash dividend is payable on or
around June 10, 2010 to shareholders of record as of the close of
business on May 20, 2010. |
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On April 1, 2010, CNinsure announced the acquisition of an
additional 41% equity interest in Shandong Fanhua Mintai Insurance
Agency Co., Ltd. and Ningbo Baolian Insurance Agency Co., Ltd.,
bringing its total shareholdings in these two agencies from 10% to
51%. The transactions were close in the second quarter of 2010. |
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As of March 31, 2010, CNinsures distribution and service network
consisted of 50 insurance agencies, three insurance brokerages and
four claims adjusting firms with 554 sales and services outlets
operating in 23 provinces, compared to 41 insurance agencies, five
insurance brokerages and three claims adjusting firms with 348
sales and service outlets operating in 21 provinces as of March
31, 2009. CNinsure had 45,039 sales agents and 1,421 professional
claims adjustors as of March 31, 2010, compared to 29,125 sales
agents and 855 professional claims adjustors as of March 31, 2009. |
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Net revenues from commissions and fees derived from the property
and casualty insurance, life insurance and claims adjusting
businesses for the first quarter of 2010 each contributed 55.8%,
31.0% and 13.2% of the Companys total net revenues, respectively,
in the first quarter of 2010, compared to 74.2%, 15.8%, 10.0%,
respectively, for the same period of 2009. |
Page 4 of 11
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IR-073 |
Business Outlook
CNinsure expects its net income attributable to the Companys shareholders to grow by approximately
35% for the second quarter 2010 compared to the corresponding period of 2009. This forecast
reflects CNinsures current and preliminary view, which is subject to change.
Conference Call
The Company will host a conference call to discuss the first quarter 2010 results at
Time: 9:00 pm Eastern Daylight Time on May 24, 2010
or 9:00 am Beijing/Hong Kong Time on May 25, 2010
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The dial-in numbers: |
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United States:
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+1-877-538-6619 |
United Kingdom:
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0808-234-6305 |
Canada:
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+1-866-8691-825 |
Singapore:
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800-852-3576 |
Taiwan:
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0080-185-6004 |
Hong Kong & Other Areas:
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+852-3005-2050 |
China (Mainland):
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400-681-6949 |
Password: 618842#
A replay of the call will be available for 30 days as follows:
+852-3005-2020 (Hong Kong & other areas)
PIN number: 147257#
Additionally, a live and archived web cast of this call will be available at:
http://www.corpasia.net/us/CISG/irwebsite/index.php?mod=event
About CNinsure Inc.
CNinsure is a leading independent intermediary company operating in China. CNinsures distribution
network reaches many of Chinas most economically developed regions and affluent cities. The
Company distributes a wide variety of property and casualty and life insurance products
underwritten by domestic and foreign insurance companies operating in China, and provides insurance
claims adjusting as well as other insurance-related services.
Page 5 of 11
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IR-073 |
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including
those related to CNinsures expectation of future business and financial performance, 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, the
managements 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 CNinsure and the industry.
Potential risks and uncertainties include, but are not limited to, those relating to CNinsures
limited operating history, especially its limited experience in selling life insurance products,
its ability to attract and retain productive agents, especially entrepreneurial agents, its ability
to maintain existing and develop new business relationships with insurance companies, its ability
to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the
Chinese insurance industry, its ability to compete effectively against its competitors, quarterly
variations in its operating results caused by factors beyond its control and macroeconomic
conditions in China and their potential impact on the sales of insurance products. All information
provided in this press release is as of May 24, 2010, and CNinsure undertakes no obligation to
update any forward-looking statements to reflect subsequent occurring events or circumstances, or
to changes in its expectations, except as may be required by law. Although CNinsure believes that
the expectations expressed in these forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsures filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
Page 6 of 11
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IR-073 |
CNINSURE INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
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As of December 31, |
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As of March 31, |
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As of March 31, |
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2009 |
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2010 |
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2010 |
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RMB |
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RMB |
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US$ |
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ASSETS: |
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Current assets: |
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Cash and cash equivalents |
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1,457,890 |
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1,346,181 |
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197,220 |
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Restricted cash |
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1,957 |
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11,294 |
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1,655 |
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Accounts receivable, net |
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181,360 |
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177,215 |
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25,963 |
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Insurance premium receivables |
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230 |
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75 |
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11 |
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Other receivables |
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52,108 |
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45,148 |
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6,613 |
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Deferred tax assets |
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2,602 |
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5,081 |
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744 |
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Amounts due from related parties |
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25,337 |
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23,655 |
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3,466 |
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Other current assets |
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6,015 |
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10,423 |
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1,527 |
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Total current assets |
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1,727,499 |
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1,619,072 |
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237,199 |
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Non-current assets: |
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Property, plant, and equipment, net |
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108,318 |
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105,848 |
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15,507 |
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Goodwill |
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535,911 |
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631,096 |
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92,458 |
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Intangible assets, net |
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81,485 |
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107,795 |
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15,792 |
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Deferred tax assets |
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3,801 |
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3,279 |
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480 |
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Investment in affiliates |
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86,701 |
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90,201 |
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13,215 |
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Other non-current assets |
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2,250 |
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2,275 |
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333 |
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Total assets |
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2,545,965 |
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2,559,566 |
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374,984 |
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Page 7 of 11
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IR-073 |
CNINSURE INC.
Unaudited Condensed Consolidated Balance Sheets-(Continued)
(In thousands)
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As of December 31, |
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As of March 31, |
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As of March 31, |
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2009 |
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2010 |
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2010 |
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RMB |
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RMB |
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US$ |
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LIABILITIES AND EQUITY: |
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Current liabilities: |
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Accounts payable |
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72,716 |
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70,538 |
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10,334 |
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Insurance premium payables |
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1,957 |
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3,959 |
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580 |
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Other payables and accrued expenses |
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182,139 |
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88,299 |
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12,936 |
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Accrued payroll |
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24,152 |
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20,450 |
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2,996 |
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Income tax payable |
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37,410 |
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38,561 |
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5,650 |
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Amounts due to related parties |
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19,274 |
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488 |
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71 |
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Total current liabilities |
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337,648 |
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222,295 |
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32,567 |
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Non-current liabilities: |
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Other tax liabilities |
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2,537 |
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2,646 |
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388 |
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Deferred tax liabilities |
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19,075 |
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25,958 |
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3,803 |
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Total liabilities |
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359,260 |
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250,899 |
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36,758 |
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Ordinary shares |
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7,036 |
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7,036 |
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1,031 |
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Additional paid-in capital |
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1,604,774 |
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1,609,223 |
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235,756 |
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Statutory reserves |
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103,877 |
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103,874 |
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15,218 |
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Retained earnings |
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348,663 |
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416,011 |
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60,947 |
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Accumulated other comprehensive loss |
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(72,542 |
) |
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(72,526 |
) |
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(10,626 |
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Total CNinsure Inc. shareholders
equity |
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1,991,808 |
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2,063,618 |
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302,326 |
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Noncontrolling interests |
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194,897 |
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245,049 |
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35,900 |
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Total equity |
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2,186,705 |
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2,308,667 |
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338,226 |
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Total liabilities and equity |
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2,545,965 |
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2,559,566 |
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374,984 |
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Page 8 of 11
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IR-073 |
CNINSURE INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except for shares and per share data)
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For The Three Months Ended |
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March 31, |
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2009 |
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2010 |
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2010 |
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RMB |
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RMB |
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US$ |
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Net revenues: |
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Commissions and fees |
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215,654 |
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281,927 |
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41,303 |
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Other service fees |
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|
217 |
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29 |
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4 |
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Total net revenues |
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215,871 |
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281,956 |
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41,307 |
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Operating costs and expenses: |
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Commissions and fees |
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(121,627 |
) |
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(140,953 |
) |
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(20,650 |
) |
Selling expenses |
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(7,764 |
) |
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(14,478 |
) |
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(2,121 |
) |
General and administrative expenses |
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(40,571 |
) |
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(53,857 |
) |
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(7,890 |
) |
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Total operating costs and expenses |
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(169,962 |
) |
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(209,288 |
) |
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(30,661 |
) |
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
45,909 |
|
|
|
72,668 |
|
|
|
10,646 |
|
Other income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
|
|
|
|
|
10,230 |
|
|
|
1,499 |
|
Interest income |
|
|
9,775 |
|
|
|
6,289 |
|
|
|
921 |
|
Interest expense |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
Others, net |
|
|
854 |
|
|
|
100 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes and
income of affiliates |
|
|
56,536 |
|
|
|
89,287 |
|
|
|
13,081 |
|
Income tax expense |
|
|
(15,493 |
) |
|
|
(22,973 |
) |
|
|
(3,366 |
) |
Share of income (loss) of affiliates |
|
|
(34 |
) |
|
|
3,500 |
|
|
|
513 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
41,009 |
|
|
|
69,814 |
|
|
|
10,228 |
|
|
|
|
|
|
|
|
|
|
|
Page 9 of 11
|
|
|
|
|
|
|
|
IR-073 |
CNINSURE INC.
Unaudited Condensed Consolidated Statements of Operations-(Continued)
(In thousands, except for shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
|
|
March 31, |
|
|
|
2009 |
|
|
2010 |
|
|
2010 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Less: Net income
(loss) attributable
to the
noncontrolling
interests |
|
|
(4,537 |
) |
|
|
2,466 |
|
|
|
361 |
|
Net income
attributable to the
Companys
shareholders |
|
|
45,546 |
|
|
|
67,348 |
|
|
|
9,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.050 |
|
|
|
0.074 |
|
|
|
0.011 |
|
Diluted |
|
|
0.050 |
|
|
|
0.071 |
|
|
|
0.010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.998 |
|
|
|
1.476 |
|
|
|
0.216 |
|
Diluted |
|
|
0.997 |
|
|
|
1.429 |
|
|
|
0.209 |
|
Shares used in calculating net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
912,497,726 |
|
|
|
912,497,726 |
|
|
|
912,497,726 |
|
Diluted |
|
|
913,489,567 |
|
|
|
942,535,742 |
|
|
|
942,535,742 |
|
Page 10 of 11
|
|
|
|
|
|
|
|
IR-073 |
For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86-20-6122-2777 x 850
Email: qiusr@cninsure.net
Source: CNinsure Inc.
Page 11 of 11