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China Index Holdings Announces First Quarter 2019 Financial Results

2019-06-20 20:01 15574

BEIJING, June 20, 2019 /PRNewswire/ -- China Index Holdings Limited (NASDAQ: CIH), ("CIH" or the "Company"), the largest real estate information and analytics service platform provider in China*, today announced its unaudited financial results** for the first quarter ended March 31, 2019.

First Quarter 2019 Highlights

  • Total revenues were RMB119.1 million, an increase of 35.2% from RMB88.2 million in the corresponding period of 2018.
  • Operating income was RMB63.3 million, an increase of 56.0% from RMB40.6 million in the corresponding period of 2018.
  • Net income was RMB53.2 million, an increase of 46.9% from RMB36.2 million in the corresponding period of 2018.

"There is a huge potential in digitizing China's property market, " commented Ms. Yu Huang, CEO of CIH. "As the pioneer in the digital world of China's property market, CIH is taking the advantage of the first mover and positioned to keep its leadership in empowering China's property market, especially commercial property market, by big data and innovative technologies."

First Quarter 2019 Financial Results

Revenues

CIH reported total revenues of RMB119.1 million in the first quarter of 2019, an increase of 35.2% from RMB88.2 million in the corresponding period of 2018.

Revenues from information and analytics services (SaaS) were RMB56.8 million in the first quarter of 2019, an increase of 18.1% from RMB48.1 million in the corresponding period of 2018, primarily due to an increase in number of customers.

Revenues from marketplace services were RMB62.3 million in the first quarter of 2019, an increase of 55.7% from RMB40.1 million in the corresponding period of 2018.

  • Revenue from promotion services was RMB49.1 million in the first quarter of 2019, an increase of 30.3% from RMB37.7 million in the corresponding period of 2018, primarily due to an increase in the number of customers.
  • Revenue from listing services was RMB13.2 million in the first quarter of 2019, an increase of 462.5% from RMB2.4 million in the corresponding period of 2018, primarily due to an increase in the number of customers.

Cost of Revenue

Cost of revenue was RMB22.8 million in the first quarter of 2019, an increase of 1.4% from RMB22.5 million in the corresponding period of 2018.

Operating Expenses

Selling and marketing expenses were RMB21.3 million in the first quarter of 2019, an increase of 35.4% from RMB15.7 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 RMB6.2 million in the first quarter of 2019, an increase of 12.9% from RMB5.5 million in the corresponding period of 2018, primarily due to an increase in personnel costs to support our business expansion.

Research and development expenses were RMB5.5 million in the first quarter of 2019, an increase of 43.0% from RMB3.9 million in the corresponding period of 2018, primarily due to an increase in staff costs driven by the growth of the research and development team.

Operating Income

Operating Income was RMB63.3 million in the first quarter of 2019, an increase of 56.0% from RMB40.6 million in the corresponding period of 2018.

Income Tax Expenses

Income tax expenses were RMB10.2 million in the first quarter of 2019, an increase of 54.6% from RMB6.6 million in the corresponding period of 2018.

Net Income

Net income was RMB53.2 million in the first quarter of 2019, an increase of 46.9% from RMB36.2 million in the corresponding period of 2018.

Business Outlook

Based on current operations and market conditions, CIH's total revenue for the year of 2019 is expected to be between approximately RMB580.0 million and approximately RMB610.0 million. This represents a year to year increase from approximately 37.8% to approximately 44.9%. These estimates represent the management's current and preliminary view, which are subject to change.

Conference Call Information

CIH's management team will host a conference call on June 20, 2019 at 8:00 AM U.S. EST (8:00 PM Beijing/Hong Kong time). The dial-in details for the live conference call are:

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 11:00 AM ET on June 20, 2019 through 9:59 AM ET June 28, 2019. The dial-in details for the telephone replay are:

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:

8293887

A live and archived webcast of the conference call will be available at https://edge.media-server.com/m6/p/rrg4jnap.

About CIH

CIH operates the largest real estate information and analytics service platform in China.* Its services span across database, analytics, promotions and listing 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 www.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.

For investor and media inquiries, please contact:

Ms. Lili Chen
Financial Controller
Phone: +86-10-5631 9106 
Email: chenlili@fang.com

* In terms of geographical coverage and volume of data points as of December 31, 2018, according to an industry report prepared by Frost & Sullivan in 2019

**The financial results have been prepared on a stand-alone basis and are derived from the consolidated financial results and underlying accounting records of Fang Holdings Limited ("Fang"), as the financial results of CIH had been historically included within the consolidated financial results of Fang prior to its separation from Fang, which was completed on June 11, 2019

 

 

REAL ESTATE INFORMATION, ANALYTICS AND MARKETPLACE SERVICES BUSINESS 

OF FANG HOLDINGS LIMITED(CIH)

UNAUDITED CONDENSED COMBINED BALANCE SHEETS

(Amounts in thousands of Renminbi ("RMB"))





As of March 31, 


As of December 31,


2019


2018





ASSETS






Current assets:






Cash and cash equivalents


49,135



164,202

Accounts receivable


15,640



15,534

Prepaid expenses and other current assets


646



693

Prepayments to related parties


-



1,970

Total current assets


65,421



182,399







Non-current assets:












Property and equipment, net


3,651



3,932

Right of use assets, net


50,677



-

Total non-current assets


54,328



3,932







Total assets


119,749



186,331







LIABILITIES AND DEFICIT












Current liabilities:






Accounts payable


5,227



5,184

Amounts due to related parties


-



680

Deferred revenue


155,755



143,254

Income taxes payable


14,689



14,480

Accrued expenses and other liabilities 


80,233



79,532

Total current liabilities


255,904



243,130







Non-current liabilities:






Long-term lease liability


45,983



-

Other non-current liabilities


18,202



15,496

Total non-current liabilities


64,185



15,496







Total liabilities


320,089



258,626







Commitments and contingencies


-



-







Deficit:






Parent Company deficit


(200,543)



(72,522)

Accumulated other comprehensive income


203



227

Total deficit


(200,340)



(72,295)







Total liabilities and deficit


119,749



186,331

 

 

 

REAL ESTATE INFORMATION, ANALYTICS AND MARKETPLACE SERVICES BUSINESS 

OF FANG HOLDINGS LIMITED(CIH)

UNAUDITED CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands of RMB)




For the Three Months Ended March 31



2019



2018







Revenues


119,145



88,157

Cost of revenues


(22,796)



(22,484)

Gross profit


96,349



65,673







Operating expenses:






Selling and marketing expenses


(21,306)



(15,736)

General and administrative expenses


(6,178)



(5,471)

Research and development expenses


(5,531)



(3,869)







Operating income 


63,334



40,597

Interest income


66



254

Gains on sale of available-for-sale investments


-



1,958







Income before income taxes 


63,400



42,809

Income tax expenses


(10,173)



(6,581)







Net income 


53,227



36,228







Other comprehensive income (loss)






Foreign currency translation adjustments, net of nil income


(24)



(15)

    taxes



Unrealized holding gains on available-for-sale securities,


-



1,664

    net of nil and RMB294 income taxes for the three months



    ended March 31, 2019 and 2018



Less: Reclassification adjustment for gains on available-


-



(1,664)

    for-sale securities realized in net income, net of nil and



    RMB294 income taxes for the three months ended March



    31, 2019 and 2018









Total comprehensive income 


53,203



36,213

 

 

Cision View original content:http://www.prnewswire.com/news-releases/china-index-holdings-announces-first-quarter-2019-financial-results-300872010.html

Source: China Index Holdings Limited
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