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GlobeNewswire (Europe)
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China Index Holdings Limited: China Index Holdings Announces Third Quarter 2022 Unaudited Financial Results

BEIJING, Nov. 15, 2022 (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 third quarter ended September 30, 2022.

Third Quarter 2022 Highlights

  • Total revenues were RMB97.7 million, a decrease of 39.3% from RMB160.8 million in the corresponding period of 2021.
  • Operating income was RMB30.9 million, a decrease of 60.4% from RMB78.0 million in the corresponding period of 2021.
  • Net income was RMB27.6 million, a decrease of 62.1% from RMB72.8 million in the corresponding period of 2021.

Third Quarter 2022 Financial Results

Revenues

CIH reported total revenues of RMB97.7 million in the third quarter of 2022, a decrease of 39.3% from RMB160.8 million in the corresponding period of 2021, primarily due to the broad macro environment challenges the industry is facing.

  • Revenues from information and analytics services (SaaS) were RMB51.6 million in the third quarter of 2022, a decrease of 39.8% from RMB85.7 million in the corresponding period of 2021.
  • Revenues from marketplace services were RMB46.1 million in the third quarter of 2022, a decrease of 38.6% from RMB75.1 million in the corresponding period of 2021.

Cost of Revenues

Cost of revenues was RMB19.8 million in the third quarter of 2022, a decrease of 28.0% from RMB27.5 million in the corresponding period of 2021.

Operating Expenses

Operating expenses were RMB47.0 million in the third quarter of 2022, a decrease of 15.0% from RMB55.3 million in the corresponding period of 2021.

  • Selling and marketing expenses were RMB22.2 million in the third quarter of 2022, a decrease of 26.0% from RMB29.9 million in the corresponding period of 2021, primarily due to a decrease in personnel cost.
  • General and administrative expenses were RMB24.8 million in the third quarter of 2022, a decrease of 2.0% from RMB25.3 million in the corresponding period of 2021.

Operating Income

Operating income was RMB30.9 million in the third quarter of 2022, a decrease of 60.4% from RMB78.0 million in the corresponding period of 2021.

Income Tax Expenses

Income tax expenses were RMB3.3 million in the third quarter of 2022, a decrease of 70.3% from RMB11.0 million in the corresponding period of 2021.

Net Income

Net income was RMB27.6 million in the third quarter of 2022, a decrease of 62.1% from RMB72.8 million in the corresponding period of 2021.

Business Outlook

Due to current unstable market conditions, management believes CIH's 2022 annual revenue is expected to record a double-digit decrease year-over-year. These estimates represent management's current and preliminary views, 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 a reliable, 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. Potential risks and uncertainties include, without limitation, the impact of the Company's business development strategies, the Company's ability to continue as a going concern in the future, the impact of the COVID-19 pandemic, and the impact of current and future government policies affecting China's real estate market. 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 September 30, As of December 31, 
  2022 2021 
ASSETS       
Current assets:       
Cash and cash equivalents  356,841   361,521  
Short-term investments  23,576   -  
Accounts receivable, net of allowance for doubtful accounts  63,860   49,217  
Prepaid expenses and other current assets  30,500   25,531  
Amounts due from a related party - current  8,536   -  
Total current assets  483,313   436,269  
        
Non-current assets:       
Property and equipment, net  444   1,424  
Right of use assets  38,520   38,892  
Other non-current assets  5,620   4,212  
Total non-current assets  44,584   44,528  
        
Total assets  527,897   480,797  
        
LIABILITIES AND SHAREHOLDERS' EQUITY       
Current liabilities:       
Accounts payable  15,728   11,465  
Income taxes payable  10,752   25,474  
Deferred revenue  170,730   216,188  
Amounts due to a related party  -   12,300  
Accrued expenses and other current liabilities  93,969   99,657  
Total current liabilities  291,179   365,084  
        
Non-current liabilities:       
Long-term lease liabilities  34,368   29,570  
Other non-current liabilities  80,299   75,288  
Total non-current liabilities  114,667   104,858  
        
Total liabilities  405,846   469,942  
        
SHAREHOLDERS' EQUITY       
Class A ordinary shares (US$0.001 per share, 1,000,000,000 shares authorized for Class A and Class B in aggregate as of September 30, 2022 and December 31, 2021; 72,475,630 shares issued as of September 30, 2022 and December 31, 2021; 66,788,662 and 66,787,537 shares outstanding as of September 30, 2022 and December 31, 2021, respectively)  500   500  
Class B ordinary shares (US$0.001 per share, 1,000,000,000 shares authorized for Class A and Class B in aggregate as of September 30, 2022 and December 31, 2021; 23,636,706 shares issued and outstanding as of September 30, 2022 and December 31, 2021; each Class B ordinary share is convertible into one Class A ordinary share)  163   163  
Treasury shares  (39)  (39) 
Capital deficit  (119,138)  (121,631) 
Retained earnings  207,016   116,454  
Accumulated other comprehensive income  32,033   14,043  
Total shareholders' equity attributable to China Index Holdings Limited  120,535   9,490  
        
Noncontrolling interests  1,516   1,365  
        
Total shareholders' equity  122,051   10,855  
        
Total liabilities and shareholders' equity  527,897   480,797  


CHINA INDEX HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands of RMB, except for per share data)

   Three Months Ended
September 30,
 
   2022
 2021  
Revenues  97,669 160,785  
Cost of revenues  (19,785)(27,493) 
Gross profit  77,884  133,292  
       
Operating expenses:      
Selling and marketing expenses  (22,157) (29,947) 
General and administrative expenses  (24,827) (25,332) 
Operating income  30,900  78,013  
Interest income  2,091  3,006  
Investment income (loss)  (2,453) 2,794  
Government grants  363  12  
       
Income before income taxes  30,901  83,825  
Income tax expenses  (3,266) (10,994) 
       
Net income  27,635  72,831  
Less: net income (loss) attributable to noncontrolling interests  34  (29) 
Net income attributable to China Index Holdings Limited  27,601  72,860  
       
Other comprehensive income (loss)      
Foreign currency translation adjustments, net of nil income taxes  17,844  (2,119) 
       
Total comprehensive income  45,479  70,712  
Less: comprehensive income (loss) attributable to noncontrolling interests  34  (29) 
Comprehensive income attributable to China Index Holdings Limited  45,445  70,741  
       
Earnings per share for Class A and Class B ordinary shares:         
Basic  0.31  0.81  
Diluted  0.31  0.81  
Weighted average number of Class A and Class B ordinary shares and ordinary shares equivalents outstanding:         
Basic  90,425,368  90,221,432  
Diluted  90,425,368  90,232,243  

 

 
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