Fanhua Reports First Half 2024 Unaudited Financial Results
Fanhua Reports First Half 2024 Unaudited Financial Results
________________________GUANGZHOU, China, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Fanhua Inc. (Nasdaq: FANH) (the "Company" or "Fanhua"), a leading independent financial services provider in China, today announced its unaudited financial results for the first half ended June 30, 20241.
2024年9月18日，中国广州（GLOBE NEWSWIRE）-- 泛华控股集团（纳斯达克股票代码: FANH）（“公司”或“泛华”）是中国领先的独立金融服务供应商，今天宣布了截至20241年6月30日的未经审计的财务业绩。
Financial Highlights for the First Half of 2024:
2024年上半年财务亮点：
| (In thousands, except per ADS data and percentages) |
2023H1 (RMB) |
2024H1 (RMB) |
2024H1 (US$) |
Change % | ||||||||
| Total net revenues | 1,960,377 | 1,123,178 | 154,555 | (42.7) | ||||||||
| Operating income | 146,387 | 54,910 | 7,557 | (62.5) | ||||||||
| Loss from fair value change | — | (73,761) | (10,150) | — | ||||||||
| Net income attributable to shareholders | 136,967 | 4,738 | 653 | (96.5) | ||||||||
| Adjusted EBITDA2 | 178,221 | 77,665 | 10,687 | (56.4) | ||||||||
| Diluted net income per ADS | 2.54 | 0.09 | 0.01 | (96.5) | ||||||||
| Diluted adjusted EBITDA per ADS3 | 3.31 | 1.45 | 0.20 | (55.2) | ||||||||
| Cash, cash equivalent, short-term investments at end of the period | 1,611,554 | 770,133 | 105,974 | (52.2) | ||||||||
| (以千元为单位，除非另有说明，数据和百分比) | 2023年上半年 （人民币元） |
2024年上半年 （人民币元） |
2024上半年 - |
修改% | ||||||||
| 总净收入 | 1,960,377 | 1,123,178 | 154,555 | （42.7） | ||||||||
| 营业利润 | 146,387 | 54,910 | 7,557 | （62.5） | ||||||||
| 公允价值变动损失 | — | (73,761) | (10150) | — | ||||||||
| 归属于股东的净利润 | 136,967 | 4,738 | 653 | （96.5） | ||||||||
| 178,221 | 77,665 | 10,687 | （56.4） | |||||||||
| 每股摊薄净利润 | 2.54 | 0.09 | 0.01 | （96.5） | ||||||||
| 每股摊薄调整后的息税折旧及摊销前利润 | 3.31 | 1.45 | 0.20 | （-55.2） | ||||||||
| 期末现金、等价物、短期投资 | 1,611,554 | 770,133 | 105,974 | （52.2） | ||||||||
Key operating metrics for the First Half of 2024:
2024年上半年的关键运营指标:
| (In thousands, except percentages and number of agents) |
2023H1 (RMB) |
2024H1 (RMB) |
2024H1 (US$) |
Change % | ||||||||
| Total life gross written premiums ("GWP") | 8,703,510 | 8,642,319 | 1,189,223 | (0.7) | ||||||||
| - First year premium ("FYP") | 2,329,504 | 1,205,417 | 165,871 | (48.3) | ||||||||
| - Renewal premium | 6,374,006 | 7,436,902 | 1,023,352 | 16.7 | ||||||||
| Number of life insurance performing agents | 11,855 | 7,723 | — | (34.9) | ||||||||
| FYP per life insurance performing agent | 196 | 156 | — | (20.6) | ||||||||
| （以千为单位，除百分比和代理人数外） |
2023上半年 （人民币元） |
2024上半年 （人民币元） |
2024上半年 - |
修改% | ||||||||
| 总人寿保费净保费收入 ("GWP") | 8,703,510 | 8,642,319 | 1,189,223 | (0.7) | ||||||||
| - 首年保费（"FYP"） | 2,329,504 | 1,205,417 | 165,871 | (48.3) | ||||||||
| - 续期保费 | 6,374,006 | 7,436,902 | 1023352 | 16.7 | ||||||||
| 寿险业务高效人员数量 | 11,855 | 7,723 | — | (34.9) | ||||||||
| 每位寿险高效人员的FYP | 196 | 156 | — | (20.6) | ||||||||
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| 1 | This announcement contains currency conversions of certain Renminbi ("RMB") amounts into U.S. dollars (US$) at specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the effective noon buying rate as of June 28, 2024 in The City of New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board | |
| 2 | Adjusted EBITDA is defined as net income before income tax expense, share of loss of affiliates, investment income, interest income, financial cost, depreciation, amortization of intangible assets, share-based compensation expenses and change in fair value of equity investments and contingent consideration. | |
| 3 | Diluted adjusted EBITDA per ADS is defined as adjusted EBITDA divided by total weighted average number of diluted ADSs of the Company outstanding during the period. |
| 1 | 本公告中的一些人民币（"RMB"）金额转换为美元（US$）的汇率仅供读者方便使用。除非另有说明，所有人民币转换为美元的汇率均按照RMB7.2672兑换为1.00美元的汇率进行计算，该汇率截至2024年6月28日中午在纽约市出具的RMb电缆转账的有效购买汇率，详见美联储H.10每周统计发布的数据。 | |
| 2 | 调整后的税息折旧及摊销前利润（EBITDA）是指净利润前所得税费用、附属公司的损失份额、投资收益、利息收益、财务费用、固定资产折旧、无形资产摊销、股票期权支出及股权投资公允价值变动和有条件支付的费用。 | |
| 3 | 每股稀释调整后的税息折旧及摊销前利润（EBITDA）是指调整后的税息折旧及摊销前利润（EBITDA）除以公司在该期间内待发行的稀释后平均权重美国存托凭证（ADS）的总数。 |
Mr. Yinan Hu, Founder and Chief Executive Officer, commented: "In the first half of 2024, the implementation of the 'Unified Commissions and Fees in Reporting and Underwriting' policy in the agency and broker channel has caused unprecedented disruption in the sector. Against this backdrop, we took a series of proactive measures and steadily advanced our strategy of 'professionalization, service ecosystem development, intelligence, open platform, and internationalization' to ensure stable business operations. In the first half of 2024, we achieved gross written premiums of RMB8.8 billion, with first year premiums of RMB1.4 billion, fully demonstrating our resilience.
胡一楠先生，创始人兼首席执行官，评论说：“2024年上半年，‘统一佣金和费用报告和承销’政策在代理和券商渠道的实施引发了业界前所未有的混乱。在这种背景下，我们采取了一系列积极措施，稳步推进了我们的‘专业化、服务生态系统的发展、智能、开放平台和国际化’战略，以确保业务的稳定运营。在2024年上半年，我们实现了人民币88亿元的原始保费收入，首年保费达到14亿元，充分展示了我们的韧性。”
"We are pleased that the first AI model in the insurance industry, 'Du Xiaobao' L2, co-developed by Fanhua and Baidu Smart Cloud, was launched for trial operation and has been well received among sales agents. We firmly believe that artificial intelligence will play an increasingly important role in insurance distribution. It will not only enhance the overall customer experience but also reshape the traditional insurance sales model, bringing new growth momentum to the industry. 'Du XiaoBao' is central to our intelligence strategy and will play a crucial role in driving our future competitiveness, propelling the Company toward greater growth and new breakthroughs.
“我们很高兴保险行业中首个人工智能模型‘杜小宝’L2由泛华和百度智能云共同开发，已开始试运营，并在销售代理人中得到了良好的响应。我们坚信人工智能将在保险分销中发挥日益重要的作用。它不仅将提升整体客户体验，而且将重塑传统保险销售模式，为行业带来新的增长动力。‘杜小宝’是我们智能策略的核心，并将在推动我们未来竞争力、推动公司取得更大增长和新突破中扮演关键角色。”
Open Platform and M&A Contributions over the First Half of 2024
2024年上半年开放平台和并购的贡献
- The number of platform professional users who used our Open Platform reached 963 as of June 30, 2024, generating RMB322.7 million in first year premiums, which accounted for 26.8% of our life insurance FYP.
- 截至2024年6月30日，使用我们开放平台的平台专业用户数量达到963，实现了人民币3.227亿元的首年保费，占我公司寿险首年保费的26.8%。
Share Repurchase Program
分享回购计划
On July 4, 2024, the Board authorized the expansion of the Company's share repurchase program by an additional US$20 million, bringing the total authorized amount of share repurchase to US$40 million. Under the Company's previously authorized share repurchase program, as of June 30, 2024, the Company had repurchased an aggregate of 726,616 ADSs, at an average price of approximately US$7.5 per ADS for a total amount of approximately US$5.4 million.
2024年7月4日，董事会批准将公司的回购计划额外扩大2000万美元，将授权的回购金额总额增至4000万美元。根据公司此前已授权的回购计划，在2024年6月30日，公司已回购了726,616股美国存托股份证书，平均价格约为7.5美元/股，总金额约为540万美元。
Analysis of our Financial Results for the First Half of 2024
2024年上半年财务业绩分析
Revenues
收入
Total net revenues were RMB1.1 billion (US$154.0 million) for the first half of 2024, representing a decrease of 42.7% from RMB2.0 billion for the corresponding period in 2023.
2024年上半年总净收入为11亿人民币（1亿5400万美元），较2023年同期的20亿元减少了42.7%。
-
Net revenues for agency business were RMB901.0 million (US$124.0 million) for the first half of 2024, representing a decrease of 48.6% from RMB1.8 billion for the corresponding period in 2023. Total GWP was RMB8.8 billion for the first half of 2024, remaining stable compared to the same period of 2023, of which FYP decreased by 43.7% year-over-year to RMB1.4 billion while renewal premiums grew by 16.7% year-over-year to RMB7.4 billion.
-
Net revenues for the life insurance business were RMB828.6 million (US$114.0 million) for the first half of 2024, representing a decrease of 50.2% from RMB1.7 billion for the corresponding period in 2023. The decrease was mainly due to i) the decrease in commission rates paid by insurance companies and decline in sales volume as the result of the implementation of the "Unified Commissions and Fees in Reporting and Underwriting" policy which imposed a commission cap in the broker and agency channel and ii) a relatively high base from the sales spike before the downward pricing rate adjustment of life insurance products from 3.5% to 3%. Total life insurance GWP decreased by 0.7% year-over-year to RMB8.6 billion, of which life insurance FYP decreased by 48.3% year-over-year to RMB1.2 billion while renewal premiums grew by 16.7% year-over-year to RMB7.4 billion.
Net revenues generated from our life insurance business accounted for 73.8% of our total net revenues in the first half of 2024, as compared to 84.8% in the same period of 2023.
- Net revenues for the non-life insurance business (formerly categorized as "property and casualty insurance business") were RMB72.4 million (US$10.0 million) for the first half of 2024, representing a decrease of 18.9% from RMB89.3 million for the corresponding period in 2023. Net revenues generated from the non-life insurance business accounted for 6.4% of our total net revenues in the first half of 2024, as compared to 4.6% in the same period of 2023.
-
Net revenues for the life insurance business were RMB828.6 million (US$114.0 million) for the first half of 2024, representing a decrease of 50.2% from RMB1.7 billion for the corresponding period in 2023. The decrease was mainly due to i) the decrease in commission rates paid by insurance companies and decline in sales volume as the result of the implementation of the "Unified Commissions and Fees in Reporting and Underwriting" policy which imposed a commission cap in the broker and agency channel and ii) a relatively high base from the sales spike before the downward pricing rate adjustment of life insurance products from 3.5% to 3%. Total life insurance GWP decreased by 0.7% year-over-year to RMB8.6 billion, of which life insurance FYP decreased by 48.3% year-over-year to RMB1.2 billion while renewal premiums grew by 16.7% year-over-year to RMB7.4 billion.
- 2024年上半年代理业务的净营收为90100万人民币（12400万美元），与2023年同期的18亿人民币相比，下降了48.6%。2024年上半年，总保费为88亿人民币，与2023年同期相比保持稳定，其中首年保费同比下降43.7%至14亿人民币，而续期保费同比增长16.7%至74亿人民币。
- 2024年上半年人身保险业务的净营收为82860万人民币（11400万美元），与2023年同期的17亿人民币相比，下降了50.2%。这一减少主要是因为：i）保险公司支付的佣金率下降，保险公司销售量因“报告与承销中的统一佣金和费用”政策的实施而下降，该政策在券商和代理渠道设定了佣金上限；ii）人身保险产品的定价率从3.5%调整为3%之前的销售峰值较高。总人身保险总保费同比下降0.7%至86亿人民币，其中首年保费同比下降48.3%至12亿人民币，而续期保费同比增长16.7%至74亿人民币。
2024年上半年我们的人身保险业务产生的净营收占总净营收的73.8%，而2023年同期为84.8%。
- 2024年上半年非人身保险业务（以前归类为“财产和意外伤害保险业务”）的净营收为7240万人民币（1000万美元），与2023年同期的8930万人民币相比，下降了18.9%。2024年上半年，非人身保险业务产生的净营收占总净营收的6.4%，而2023年同期为4.6%。
- 2024年上半年人身保险业务的净营收为82860万人民币（11400万美元），与2023年同期的17亿人民币相比，下降了50.2%。这一减少主要是因为：i）保险公司支付的佣金率下降，保险公司销售量因“报告与承销中的统一佣金和费用”政策的实施而下降，该政策在券商和代理渠道设定了佣金上限；ii）人身保险产品的定价率从3.5%调整为3%之前的销售峰值较高。总人身保险总保费同比下降0.7%至86亿人民币，其中首年保费同比下降48.3%至12亿人民币，而续期保费同比增长16.7%至74亿人民币。
- Net revenues for the claims adjusting business were RMB222.1 million (US$30.6 million) for the first half of 2024, representing an increase of 7.0% from RMB207.6 million for the corresponding period in 2023. The increase was mainly due to the growth in auto insurance claims adjusting business. Net revenues generated from the claims adjusting business accounted for 19.8% of our total net revenues in the first half of 2024, as compared to 10.6% in the same period of 2023.
- 2024年上半年理赔调查业务的净营收为22210万人民币（3060万美元），与2023年同期的20760万人民币相比，增长了7.0%。这一增长主要是由汽车保险理赔业务的增长所致。2024年上半年，理赔调查业务产生的净营收占总净营收的19.8%，而2023年同期为10.6%。
Gross profit
毛利润
Total gross profit was RMB424.6 million (US$58.4 million) for the first half of 2024, representing a decrease of 29.0% from RMB597.7 million for the corresponding period in 2023. By product line, the results were:
2024年上半年总毛利为人民币42460万（5840万美元），较2023年同期的人民币59770万减少了29.0%。按产品线划分，结果如下：
- Life insurance business recorded a gross profit of RMB323.8 million (US$44.6 million), representing a decrease of 35.2% from RMB500.0 million for the first half of 2023. The decrease was largely in line with the decrease in net revenues. Gross margin for the period was 39.1%, as compared with 30.1% in the same period of 2023.
- 寿险业务的总毛利为人民币32380万（4460万美元），较2023年上半年的人民币50000万减少了35.2%。此减少与净收入下降基本持平。该期间的毛利率为39.1%，而2023年同期为30.1%。
- Non-life insurance business recorded a gross profit of RMB26.1 million (US$3.6 million), representing an increase of 10.6% from RMB23.6 million for the first half of 2023, primarily due to the increased contribution from higher margin insurance brokerage business. Gross margin for the period was 36.0%, as compared with 26.4% in the same period of 2023.
- 非寿险业务的总毛利为人民币2610万（360万美元），较2023年上半年的人民币2360万增加了10.6%，主要是由于较高毛利的保险经纪业务贡献增加。该期间的毛利率为36.0%，而2023年同期为26.4%。
- Claims adjusting business recorded a gross profit of RMB74.8 million (US$10.3 million), representing an increase of 0.8% from RMB74.2 million for the first half of 2023. Gross margin for the period was 33.8%, as compared with 35.7% in the same period of 2023.
- 理赔调整业务的总毛利为人民币7480万（1030万美元），较2023年上半年的人民币7420万增加了0.8%。该期间的毛利率为33.8%，而2023年同期为35.7%。
Operating expenses
营业费用
Selling expenses were RMB110.1 million (US$15.2 million) for the first half of 2024, representing a decrease of 15.8% from RMB130.8 million for the corresponding period in 2023. The decrease was primarily due to cost savings from personnel optimization and decreased number of our sales outlets.
2024上半年销售费用为1.101亿元人民币（1520万美元），较2023年对应期的1.308亿元人民币下降15.8%。下降主要是由于人员优化和销售门店数量减少所带来的成本节省。
General and administrative expenses were RMB259.6 million (US$35.7 million) for the first half of 2024, representing a decrease of 19.0% from RMB320.5 million for the corresponding period in 2023. The decrease was mainly due to personnel optimization and decreased rental costs of branch offices at provincial level.
2024上半年管理费用为2.596亿元人民币（3570万美元），较2023年对应期的3.205亿元人民币下降19.0%。这主要是由于人员优化和省级分行租金成本的减少所致。
As a result of the foregoing factors, we recorded operating income of RMB54.9 million (US$7.6 million) for the first half of 2024, representing a decrease of 62.5% from RMB146.4 million for the corresponding period in 2023.
由于上述原因，我们2024年上半年的营业收入为5490万元人民币（760万美元），较2023年同期的1.464亿元人民币下降62.5%。
Operating margin was 4.9% for the first half of 2024, compared to 7.5% for the corresponding period in 2023.
2024年上半年营业利润率为4.9%，较2023年同期的7.5%下降。
Loss from fair value change was RMB73.7 million (US$10.2 million) for the first half of 2024, which primarily represented an unrealized holding loss of RMB82.5 million (US$11.4 million) in the first half of 2024, to reflect the change in the fair value of the Company's 2.8% equity interests in Cheche Group Inc. ("Cheche"), which was partially offset by an unrealized income of RMB8.8 million (US$1.2 million) representing the fair value change of the contingent consideration in regards to business combinations in the first quarter of 2023.
2024年上半年, 祥碩控股的资产公允价值变动导致损失为人民币7370万元（美元1020万），主要包括2024年上半年人民币8250万元（美元1140万）的未实现持有亏损，反映了公司对Cheche集团（“Cheche”）2.8%股权的公允价值变动，部分抵销了2023年第一季度的业务组合相关的未实现收入人民币880万元（美元120万元）的公允价值变动。
Investment income was RMB24.5 million (US$3.4 million) for the first half of 2024, representing a decrease of 2.0% from RMB25.0 million for the corresponding period in 2023. The decrease reflects the periodic fluctuation in yields from short-term investments in financial products as it is recognized when the investment matures or is disposed of.
2024年上半年投资收益为人民币2450万元（美元340万），比2023年相应期间的人民币2500万元减少2.0%。此减少反映了金融产品短期投资收益的周期性波动，当投资到期或处置时予以确认。
Income tax expense was RMB6.7 million (US$0.9 million) for the first half of 2024, representing a decrease of 82.5% from RMB38.3 million for the corresponding period in 2023.
2024年上半年所得税费用为人民币670万元（美元90万元），比2023年相应期间的人民币3830万元减少82.5%。
As a result of the foregoing factors, net income attributable to the Company's shareholders was RMB4.7 million (US$0.7 million) for the first half of 2024, representing a decrease of 96.6% from RMB137.0 million for the corresponding period in 2023.
因上述因素，祥碩控股归属于公司股东的净利润为人民币470万元（美元70万元），比2023年相应期间的人民币13700万元减少96.6%。
Net margin was 0.4% for the first half of 2024, as compared to 7.0% for the corresponding period in 2023.
2024年上半年净利率为0.4%，而2023年对应时期为7.0%。
Adjusted EBITDA2 was RMB77.7 million (US$10.7 million) for the first half of 2024, representing a decrease of 56.4% from RMB178.2 million for the corresponding period in 2023.
2024年上半年调整后的息税折旧与摊销前利润为人民币7770万（美元1070万），较2023年对应时期的人民币17820万下降了56.4%。
Adjusted EBITDA margin4 was 6.9% for the first half of 2024, as compared to 9.1% for the corresponding period in 2023.
2024年上半年调整后的息税折旧与摊销前利润率为6.9%，而2023年对应时期为9.1%。
Basic and diluted net income per ADS were RMB0.09 (US$0.01) and RMB0.09 (US$0.01) for the first half of 2024, respectively, representing a decrease of 96.5% and 96.5% from RMB2.54 and RMB2.54 for the corresponding period in 2023, respectively.
2024年上半年每股基本和摊薄净利润分别为人民币0.09（美元0.01），同比2023年对应时期的人民币2.54和人民币2.54分别减少了96.5%。
Basic5 and diluted adjusted EBITDA per ADS were RMB1.45 (US$0.20) and RMB1.45 (US$0.20) for the first half of 2024, representing a decrease of 56.2% and 56.2% from RMB3.31 and RMB3.31 for the corresponding period in 2023, respectively.
2024年上半年，每ADS基本和稀释调整后的EBITDA分别为人民币1.45元（0.20美元）和人民币1.45元（0.20美元），较2023年对应期间的人民币3.31元和人民币3.31元下降了56.2%。
As of June 30, 2024, the Company had RMB770.1 million (US$106.0 million) in cash, cash equivalents and short-term investments, as compared with RMB1.6 billion as of June 30, 2023. The decrease was due to loans provided to third parties amounting to RMB705 million in the aggregate, among which loans of RMB610 million have been pledged with equity interests as collaterals and fully guaranteed by the controlling shareholder of the debtor as of the date of this announcement. The loans to third parties all have one-year term with an average annual interest rate of 5%.
截至2024年6月30日，公司的现金、现金等价物和短期投资合计为77,010万人民币（1,0600万美元），而2023年6月30日为16亿人民币。这是因为向第三方提供的贷款总额为70,500万人民币，其中61,000万人民币的贷款已被担保的股权作为抵押品全权由债务人的控股股东作全额担保。这些贷款的期限均为一年，平均年利率为5%。
Fanhua's Insurance Sales and Service Distribution Network:
泛华的保险销售与服务分销网络：
- As of June 30, 2024, excluding newly acquired entities, Fanhua's distribution network consisted of 539 sales outlets in 24 provinces and 69 services outlets in 31 provinces as of June 30, 2024, compared with 606 sales outlets in 24 provinces and 89 services outlets in 31 provinces as of June 30, 2023. The decrease in the number of sales outlets reflected our focus on growing profitable branches, coupled with the challenging decisions to close those which were not yielding profits. The number of the Company's in-house claims adjustors was 2,457 as of June 30, 2024, compared with 2,120 as of June 30, 2023.
- 截至2024年6月30日（不包括新收购的实体），泛华的分销网络包括24个省份的539个销售网点和31个省份的69个服务网点，而2023年6月30日则分别为24个省份的606个销售网点和31个省份的89个服务网点。销售网点数量的减少体现了我们专注于发展盈利的分支机构，并决定关闭不盈利的网点。截至2024年6月30日，公司内部理赔人员数量为2,457人，而2023年6月30日为2,120人。
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________________________
| 4 | Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of net revenues. | |
| 5 | Basic adjusted EBITDA per ADS is defined as adjusted EBITDA divided by total weighted average number of ADSs of the Company outstanding during the period. |
| 4 | 调整后的EBITDA利润率定义为调整后的EBITDA占净收入的百分比。 | |
| 5 | 每股基本调整后的EBITDA定义为调整后的EBITDA除以公司在该期间持有的总ADS的加权平均数。 |
About Fanhua Inc.
关于泛华控股集团
Driven by its digital technologies and professional expertise in the insurance industry, Fanhua Inc. is the leading independent financial service provider in China, focusing on providing insurance-oriented family asset allocation services that covers customers' full lifecycle and a one-stop service platform for individual sales agents and independent insurance intermediaries.
凭借其在保险行业的数字技术和专业专长，泛华控股集团是中国领先的独立金融服务提供商，专注于提供以保险为导向的家庭资产配置服务，涵盖客户的整个生命周期，并为个人销售代理人和独立保险中介提供一站式服务平台。
With strategic focus on long-term life insurance products, we offer a broad range of insurance products, claims adjusting services and various value-added services to meet customers' diverse needs, through an extensive network of digitally empowered sales agents and professional claims adjustors. We also operate Baowang (), an online insurance platform that provides customers with a one-stop insurance shopping experience.
我们专注于长期人寿保险产品，为客户提供广泛的保险产品、理赔调整服务和各种增值服务，以满足客户多样化的需求，通过一个庞大的数字化销售代理人和专业理赔调整员网络。我们还经营着保望（Baowang），这是一个在线保险平台，为客户提供一站式保险购物体验。
For more information about Fanhua Inc., please visit
有关泛华控股集团的更多信息，请访问
Forward-looking Statements
前瞻性声明
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 and the industry. Potential risks and uncertainties include, but are not limited to, those relating to 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 including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua 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 Fanhua is included in Fanhua's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
本新闻稿包含具有前瞻性质的声明。这些声明，包括涉及公司未来财务和营业结果的声明，均在1995年美国私人证券诉讼改革法案的“安全港”条款下作出。您可以通过诸如“将”，“预计”，“相信”，“预期”，“打算”，“估计”等术语来识别这些前瞻性声明。管理层的引语和业务展望部分包含前瞻性声明。这些前瞻性声明涉及已知和未知的风险和不确定因素，并基于关于泛华和行业的当前期望、假设、估计和展望。潜在的风险和不确定性包括但不限于，其吸引和留住高效代理人，特别是创业代理人，保持现有并开发新的与保险公司的业务关系的能力，执行其增长策略的能力，适应中国保险行业不断变化的监管环境的能力，有效竞争其竞争对手的能力，由于中国宏观经济状况等因素引起的其营业结果季度性波动的原因是超出其控制范围的。除非另有说明，本新闻稿中提供的所有信息截至本日期，泛华不承担更新任何前瞻性声明以反映后续发生事件或情形，或更改其期望的义务，除非法律要求。尽管泛华认为这些前瞻性声明中表达的期望是合理的，但它不能向您保证其期望会被证明是正确的，投资者被警告实际结果可能会与预期结果大不相同。泛华面临的风险和不确定性的更多信息已包含在泛华在美国证券交易委员会提交的文件中，包括其20-F表格的年度报告。
About Non-GAAP Financial Measures
有关非依据美国通用会计原则测量的财务指标
In addition to the Company's consolidated financial results under generally accepted accounting principles in the United States ("GAAP"), the Company also provides adjusted EBITDA, adjusted EBITDA margin and basic and diluted adjusted EBITDA per ADS, all of which are non-GAAP financial measures, as supplemental measures to review and assess operating performance. Adjusted EBITDA is defined as net income before income tax expense, share of loss of affiliates, investment income, interest income, financial cost, depreciation, amortization of intangible assets, share-based compensation expenses and change in fair value of equity investments and contingent consideration. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of net revenues. Basic adjusted EBITDA per ADS is defined as adjusted EBITDA divided by total weighted average number of ADSs of the Company outstanding during the period. Diluted adjusted EBITDA per ADS is defined as adjusted EBITDA divided by total weighted average number of diluted ADSs of the Company outstanding during the period. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company's performance and when planning and forecasting future periods. The Company's non-GAAP financial measures do not reflect all items of income and expenses that affect the Company's operations. Specifically, the Company's non-GAAP measures exclude interest income, investment income, financial cost, income tax expense, depreciation, amortization of intangible assets, share of loss of affiliates, share-based compensation expenses and change in fair value of equity investments and contingent consideration. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies, including peer companies. The presentation of these non-GAAP financial measures has limitations as analytical tools, and investors should not consider them in isolation from, or as a substitute for analysis of, the financial information prepared and presented in accordance with GAAP. We encourage investors and other interested persons to review our financial information in its entirety and not rely on a single financial measure.
除根据美国通用会计准则（“GAAP”）编制的公司合并财务报告外，公司还提供调整后的EBITDA，调整后的EBITDA利润率以及每股基本和稀释调整后的EBITDA，这些都是非GAAP财务指标，作为补充措施来审查和评估运营业绩. 调整后的EBITDA的定义为税前净利润，联营公司损失份额，投资收益，利息收入，财务成本，折旧，无形资产的摊销，股权投资和有限条件的公平价值变动；调整后的EBITDA利润率定义为调整后的EBITDA占净收入的百分比；每股基本调整后的EBITDA定义为期间内公司流通在外的ADS的加权平均数除以调整后的EBITDA；每股稀释调整后的EBITDA定义为期间内公司稀释在外的ADS的加权平均数除以调整后的EBITDA. 公司认为，在评估公司业绩并进行规划和预测未来期间时，管理层和投资者都能从参考这些非GAAP财务指标中受益. 公司的非GAAP财务指标未反映所有影响公司运营的收入和费用项目. 具体而言，公司的非GAAP指标不包括利息收入，投资收益，财务成本，所得税费用，折旧，无形资产的摊销，联营公司损失份额，股权激励费用以及股权投资的公平价值变动和有限条件的确定. 此外，这些非GAAP财务指标可能与其他公司（包括同行公司）呈现的同类指标不可比较. 显示这些非GAAP财务指标的限制是分析工具，投资者不应将其孤立看待，也不应作为根据GAAP编制和呈现的财务信息的替代分析. 我们鼓励投资者和其他相关人士将我们的财务信息作为一个整体进行审查，并不仅依赖单一财务指标.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin" set forth at the end of this press release.
有关这些非GAAP财务指标的更多信息，请参见本新闻稿末尾所附的"将净利润与调整后的EBITDA及调整后的EBITDA利润率对账表"。
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FANHUA INC. Unaudited Condensed Consolidated Balance Sheets (In thousands) | |||||||||||
| As of December 31, | As of June 30, | As of June 30, | |||||||||
| 2023 | 2024 | 2024 | |||||||||
| RMB | RMB | US$ | |||||||||
| ASSETS: | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | 521,538 | 189,527 | 26,080 | ||||||||
| Restricted cash | 53,238 | 47,920 | 6,594 | ||||||||
| Short term investments | 928,270 | 580,606 | 79,894 | ||||||||
| Accounts receivable, net | 639,418 | 582,516 | 80,157 | ||||||||
| Other receivables | 111,770 | 714,383 | 98,302 | ||||||||
| Other current assets | 121,331 | 44,344 | 6,102 | ||||||||
| Total current assets | 2,375,565 | 2,159,296 | 297,129 | ||||||||
| Non-current assets: | |||||||||||
| Restricted bank deposit – non-current | 27,228 | 26,783 | 3,685 | ||||||||
| Contract assets, net - non-current | 711,424 | 726,879 | 100,022 | ||||||||
| Property, plant, and equipment, net | 91,659 | 86,223 | 11,865 | ||||||||
| Goodwill and intangible assets, net | 432,465 | 421,851 | 58,050 | ||||||||
| Deferred tax assets | 40,735 | 35,250 | 4,851 | ||||||||
| Investment in affiliates | - | 8,614 | 1,185 | ||||||||
| Other non-current assets | 235,752 | 244,166 | 33,598 | ||||||||
| Right of use assets | 136,056 | 112,011 | 15,413 | ||||||||
| Total non-current assets | 1,675,319 | 1,661,777 | 228,669 | ||||||||
| Total assets | 4,050,884 | 3,821,073 | 525,798 | ||||||||
| FANHUA INC. 未经审计的简明合并资产负债表 （以千为单位） | |||||||||||
| 截至12月31日， | 截至6月30日， | 截至6月30日， | |||||||||
| 2023 | 2024 | 2024 | |||||||||
| 人民币 | 人民币 | 美元 | |||||||||
| 资产: | |||||||||||
| 流动资产： | |||||||||||
| 现金及现金等价物 | 521,538 | 189,527 | 26,080 | ||||||||
| 受限现金 | 53,238 | 47,920 | 6,594 | ||||||||
| 短期投资 | 928,270 | 580,606 | 79,894 | ||||||||
| 2,687,823 | 639,418 | 582,516 | 80,157 | ||||||||
| 其他应收款 | 111,770 | 714,383 | 98302 | ||||||||
| 其他资产 | 121331 | 44,344 | 6,102 | ||||||||
| 总流动资产 | 2,375,565 | 2,159,296 | 297,129 | ||||||||
| 非流动资产： | |||||||||||
| 受限银行存款-非流动资产 | 27,228 | 26,783 | 3,685 | ||||||||
| 合同资产净额 - 非流动资产 | 711,424 | 726,879 | 100,022 | ||||||||
| 固定资产净额 | 91,659 | 86,223 | 11,865 | ||||||||
| 商誉和无形资产，净值 | 432,465 | 421,851 | 58,050 | ||||||||
| 递延所得税资产 | 40,735 | 35,250 | 4,851 | ||||||||
| 对关联公司的投资 | - | 8,614 | 1,185 | ||||||||
| 其他非流动资产 | 235,752 | 244,166 | 165,975股普通股的转让:由于股票期权行权和限制性股票单位归属，以及其他股权奖励措施，但未考虑扣除相关税款和支付费用。 | ||||||||
| 使用权资产 | 136,056 | 112,011 | 15,413 | ||||||||
| 总非流动资产 | 1,675,319 | 1,661,777 | 228,669 | ||||||||
| 总资产 | 4,050,884 | 3,821,073 | 525,798 | ||||||||
| Current liabilities: | |||||||||||
| Short-term loan | 164,300 | 98,375 | 13,537 | ||||||||
| Accounts payable | 406,807 | 337,807 | 46,484 | ||||||||
| Insurance premium payables | 14,943 | 10,418 | 1,434 | ||||||||
| Other payables and accrued expenses | 185,999 | 177,787 | 24,464 | ||||||||
| Accrued payroll | 94,305 | 62,566 | 8,609 | ||||||||
| Income tax payable | 100,260 | 96,780 | 13,317 | ||||||||
| Current operating lease liability | 57,164 | 49,521 | 6,814 | ||||||||
| Total current liabilities | 1,023,778 | 833,254 | 114,659 | ||||||||
| Non-current liabilities: | |||||||||||
| Accounts payable – non-current | 401,385 | 408,416 | 56,200 | ||||||||
| Other tax liabilities | 34,368 | 29,722 | 4,090 | ||||||||
| Deferred tax liabilities | 149,151 | 144,808 | 19,926 | ||||||||
| Non-current operating lease liability | 71,311 | 57,707 | 7,941 | ||||||||
| Other non-current liabilities | 33,373 | 33,375 | 4,593 | ||||||||
| Total non-current liabilities | 689,588 | 674,028 | 92,750 | ||||||||
| Total liabilities | 1,713,366 | 1,507,282 | 207,409 | ||||||||
| Ordinary shares | 8,675 | 8,675 | 1,194 | ||||||||
| Treasury stock | (178) | (197) | (27) | ||||||||
| Additional Paid-in capital | 162,721 | 177,993 | 24,493 | ||||||||
| Statutory reserves | 608,376 | 608,376 | 83,715 | ||||||||
| Retained earnings | 1,319,605 | 1,324,343 | 182,236 | ||||||||
| Accumulated other comprehensive loss | (27,936) | (33,208) | (4,570) | ||||||||
| Total shareholders' equity | 2,071,263 | 2,085,982 | 287,041 | ||||||||
| Non-controlling interests | 266,255 | 227,809 | 31,348 | ||||||||
| Total equity | 2,337,518 | 2,313,791 | 318,389 | ||||||||
| Total liabilities and equity | 4,050,884 | 3,821,073 | 525,798 | ||||||||
| 流动负债: | |||||||||||
| 短期贷款 | 164,300 | 98,375 | 13,537 | ||||||||
| 应付账款 | 406,807 | 337,807 | 7,267 | ||||||||
| 保险费应付款 | 14,943 | 10,418 | 1,434 | ||||||||
| 其他应付款及预提费用 | 185,999 | 177,787 | 24,464 | ||||||||
| 应计工资 | 94,305 | 62,566 | 8,609 | ||||||||
| 应交所得税 | 100,260 | 96,780 | 13,317 | ||||||||
| 当前的运营租赁负债 | 57,164 | 49,521 | 6,814 | ||||||||
| 流动负债合计 | 1,023,778 | 833,254 | 114,659 | ||||||||
| 非流动负债: | |||||||||||
| 长期应付款 | 401,385 | 408,416 | 56,200 | ||||||||
| 其他税项负债 | 34,368 | 29,722 | 4,090 | ||||||||
| 递延税款负债 | 149,151 | 144,808 | 19,926 | ||||||||
| 非流动经营租赁负债 | 71,311 | 57,707 | 7,941 | ||||||||
| 其他非流动负债 | 33,373 | 33,375 | 4,593 | ||||||||
| 所有非流动负债 | 689,588 | 674,028 | 92,750 | ||||||||
| 负债合计 | 1,713,366 | 1,507,282 | 207,409 | ||||||||
| 普通股 | 8,675 | 8,675 | 1,194 | ||||||||
| 自家保管的股票 | （178） | （197） | (27) | ||||||||
| 增资 | 162,721 | 177,993 | 24,493 | ||||||||
| 法定储备金 | 608,376 | 608,376 | 83,715 | ||||||||
| 保留盈余 | 1,319,605 | 1,324,343 | 182,236 | ||||||||
| 累计其他综合损失 | （27,936） | (33,208) | （4,570） | ||||||||
| 股东权益合计 | 2,071,263 | 2,085,982 | 287,041 | ||||||||
| 非控股权益 | 266,255 | 227,809 | 31,348 | ||||||||
| 股东权益总计 | 2,337,518 | 2,313,791 | 318,389 | ||||||||
| 负债和所有者权益总额 | 4,050,884 | 3,821,073 | 525,798 | ||||||||
|
FANHUA INC. Unaudited Condensed Consolidated Statements of Income and Comprehensive Income (In thousands, except for shares and per share data) | |||||||||||
| For the Six Months Ended | |||||||||||
| December 31, | |||||||||||
| 2023 | 2024 | 2024 | |||||||||
| RMB | RMB | US$ | |||||||||
| Net revenues: | |||||||||||
| Agency | 1,752,742 | 901,064 | 123,990 | ||||||||
| Life insurance business | 1,663,463 | 828,621 | 114,022 | ||||||||
| Non-life insurance business | 89,279 | 72,443 | 9,968 | ||||||||
| Claims adjusting | 207,635 | 222,114 | 30,565 | ||||||||
| Total net revenues | 1,960,377 | 1,123,178 | 154,555 | ||||||||
| Operating costs and expenses: | |||||||||||
| Agency | (1,229,172) | (551,247) | (75,854) | ||||||||
| Life insurance business | (1,163,502) | (504,866) | (69,472) | ||||||||
| Non-life insurance business | (65,670) | (46,381) | (6,382) | ||||||||
| Claims adjusting | (133,479) | (147,333) | (20,274) | ||||||||
| Total operating costs | (1,362,651) | (698,580) | (96,128) | ||||||||
| Selling expenses | (130,802) | (110,122) | (15,153) | ||||||||
| General and administrative expenses | (320,537) | (259,566) | (35,717) | ||||||||
| Total operating costs and expenses | (1,813,990) | (1,068,268) | (146,998) | ||||||||
| Income from operations | 146,387 | 54,910 | 7,557 | ||||||||
| Other income (loss), net: | |||||||||||
| Loss from fair value change | — | (73,761) | (10,150) | ||||||||
| Investment income | 24,957 | 24,451 | 3,365 | ||||||||
| Interest income | 9,097 | 8,586 | 1,180 | ||||||||
| Financial cost | (4,682) | (960) | (132) | ||||||||
| Others, net | 6,482 | (3,216) | (443) | ||||||||
| Income from operations before income taxes and share income of affiliates | 182,241 | 10,010 | 1,377 | ||||||||
| Income tax expense | (38,289) | (6,659) | (916) | ||||||||
| Share of loss of affiliates | (540) | (1,121) | (154) | ||||||||
| Net income | 143,412 | 2,230 | 307 | ||||||||
| Less: net (loss) income attributable to non-controlling interests | 6,445 | (2,508) | (345) | ||||||||
| Net income attributable to the Company's shareholders | 136,967 | 4,738 | 652 | ||||||||
| FANHUA INC. 未审计的综合收益和综合收益简明合并财务报表 (以千为单位，除股份和每股数据以外) | |||||||||||
| 截至2022年六月30日的六个月 | |||||||||||
| 12月31日 | |||||||||||
| 2023 | 2024 | 2024 | |||||||||
| 人民币 | 人民币 | 美元 | |||||||||
| 净收入： | |||||||||||
| 代理 | 1,752,742 | 901,064 | 123,990 | ||||||||
| 人寿保险业务 | 1,663,463 | 828,621 | 114,022 | ||||||||
| 非人寿保险业务 | 89,279 | 72,443 | 9,968 | ||||||||
| 理赔调整 | 207,635 | 30,565 | |||||||||
| 总净收入 | 1,960,377 | 1,123,178 | 154,555 | ||||||||
| 经营成本和费用： | |||||||||||
| 代理 | (1,229,172) | （551,247） | （75,854） | ||||||||
| 人寿保险业务 | (1,163,502) | (504,866) | (69,472) | ||||||||
| 非人寿保险业务 | (65,670) | (46,381) | (6,382) | ||||||||
| 理赔调整 | (133,479) | (147,333) | (20,274) | ||||||||
| 总运营成本 | (1,362,651) | (698,580) | (96,128) | ||||||||
| 销售费用 | (130,802) | (110,122) | (15,153) | ||||||||
| 一般及管理费用 | (320,537) | (259,566) | (35,717) | ||||||||
| 总运营成本和费用 | (1,813,990) | (1,068,268) | (146,998) | ||||||||
| 营业利润 | 146,387 | 54,910 | 7,557 | ||||||||
| 其他收益（损失），净额： | |||||||||||
| 公允价值变动损失 | — | (73,761) | (10150) | ||||||||
| 投资收益 | 24,957 | 24,451 | 3,365 | ||||||||
| 利息收入 | 9,097 | 8,586 | 1,180 | ||||||||
| 财务费用 | （4,682） | (960) | (132) | ||||||||
| 其他, 净额 | 6,482 | （3,216） | (443) | ||||||||
| 税前营业收入和附属公司的利润分配 | 182,241 | 10,010 | 1,377 | ||||||||
| 所得税费用 | (38,289) | (6,659) | （916） | ||||||||
| 关联公司损失所占份额 | (540) | (1,121) | (154) | ||||||||
| 净收入 | 143,412 | 2,230 | 307 | ||||||||
| 6,445 | (2,508) | (345) | |||||||||
| 净利润归属于公司股东的金额 | 136,967 | 4,738 | 652 | ||||||||
|
FANHUA INC. Unaudited Condensed Consolidated Statements of Income and Comprehensive Income-(Continued) (In thousands, except for shares and per share data) | |||||||||||
| For The Six Months Ended | |||||||||||
| June 30, | |||||||||||
| 2023 | 2024 | 2024 | |||||||||
| RMB | RMB | US$ | |||||||||
| Net incomeper share: | |||||||||||
| Basic | 0.13 | 0.01 | — | ||||||||
| Diluted | 0.13 | 0.01 | — | ||||||||
| Net incomeper ADS: | |||||||||||
| Bsic | 2.54 | 0.09 | 0.01 | ||||||||
| Diluted | 2.54 | 0.09 | 0.01 | ||||||||
| Shares used in calculating net income per share: | |||||||||||
| Basic | 1,077,103,934 | 1,066,793,835 | 1,066,793,835 | ||||||||
| Diluted | 1,077,451,347 | 1,069,840,827 | 1,069,840,827 | ||||||||
| Net income | 143,412 | 2,230 | 307 | ||||||||
| Other comprehensive income, net of tax: Foreign currency translation adjustments | 8,880 | 783 | 108 | ||||||||
| Unrealized net (losses) gains on available-for-sale investments | 2,695 | (6,054) | (833) | ||||||||
| Comprehensive income (loss) | 154,987 | (3,041) | (418) | ||||||||
| Less: | |||||||||||
| Comprehensive (loss) income attributable to the non-controlling interests | 6,445 | (2,508) | (345) | ||||||||
| Comprehensive income (loss) attributable to the Company's shareholders | 148,542 | (533) | (73) | ||||||||
| FANHUA INC. 未经审计的简明合并利润表和综合收益表（续） (以千为单位，除股份和每股数据以外) | |||||||||||
| 截至六个月的结束 | |||||||||||
| 6月30日, | |||||||||||
| 2023 | 2024 | 2024 | |||||||||
| 人民币 | 人民币 | 美元 | |||||||||
| 每股净利润： | |||||||||||
| 基本 | 0.13 | 0.01 | — | ||||||||
| 稀释的 | 0.13 | 0.01 | — | ||||||||
| 净利润每股收益： | |||||||||||
| 基础 | 2.54 | 0.09 | 0.01 | ||||||||
| 稀释的 | 2.54 | 0.09 | 0.01 | ||||||||
| 用于计算每股净利润的股份： | |||||||||||
| 基本 | 10.771 亿 103 万 934 | 10.667 亿 793 万 835 | 1,066,793,835 | ||||||||
| 稀释的 | 10亿7745万1347 | 10亿6984万827 | 10亿6984万827 | ||||||||
| 净收入 | 143,412 | 2,230 | 307 | ||||||||
| 其他综合收益，净税：外币翻译调整 | 8,880 | 783 | 108 | ||||||||
| 可供出售投资的未实现净（损失）收益 | 2,695 | （6,054） | （833） | ||||||||
| 综合收益（损失） | 154,987 | (3,041) | (418) | ||||||||
| 减： | |||||||||||
| 非控股权益归属于综合（损失）收益 | 6,445 | (2,508) | (345) | ||||||||
| 综合收益（亏损）归属于公司股东 | 148,542 | (533) | (73) | ||||||||
|
FANHUA INC. Unaudited Condensed Consolidated Statements of Cash Flow (In thousands, except for shares and per share data) | |||||||||||
| For the Six Months Ended | |||||||||||
| June 30, | |||||||||||
| 2023 | 2024 | 2024 | |||||||||
| RMB | RMB | US$ | |||||||||
| OPERATING ACTIVITIES | |||||||||||
| Net income | 143,412 | 2,230 | 307 | ||||||||
| Adjustments to reconcile net income to net cash generated from operating activities: | |||||||||||
| Investment income | (6,989) | (5,256) | (723) | ||||||||
| Share of loss of affiliates | 540 | 1,121 | 154 | ||||||||
| Other non-cash adjustments | 74,859 | 145,765 | 20,058 | ||||||||
| Changes in operating assets and liabilities | (178,173) | (110,934) | (15,265) | ||||||||
| Net cash generated from operating activities | 33,649 | 32,926 | 4,531 | ||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of short-term investments | (2,103,010) | (1,617,780) | (222,614) | ||||||||
| Proceeds from disposal of short-term investments | 1,823,149 | 1,962,588 | 270,061 | ||||||||
| Cash rendered for loan receivables from third parties | (80,000) | (728,800) | (100,286) | ||||||||
| Cash received for loan receivables from third parties | 180,000 | 130,500 | 17,957 | ||||||||
| Cash acquired from business acquisitions | 21,208 | — | — | ||||||||
| Disposal of subsidiaries, net of cash disposed | — | (12,761) | (1,756) | ||||||||
| Others | (6,185) | (3,982) | (548) | ||||||||
| Net cash used in investing activities | (164,838) | (270,235) | (37,186) | ||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from bank and other borrowings | 182,268 | 98,375 | 13,537 | ||||||||
| Repayment of bank and other borrowings | (18,026) | (164,300) | (22,608) | ||||||||
| Repurchase of ordinary shares from open market | (22,107) | (5,734) | (789) | ||||||||
| Dividend distributed to non-controlling interest | — | (29,500) | (4,059) | ||||||||
| Others | (4,238) | — | — | ||||||||
| Net cash generated from (used in) financing activities | 137,897 | (101,159) | (13,919) | ||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 6,708 | (338,468) | (46,574) | ||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 648,211 | 602,004 | 82,839 | ||||||||
| Effect of exchange rate changes on cash and cash equivalents | 6,668 | 694 | 94 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | 661,587 | 264,230 | 36,359 | ||||||||
| FANHUA INC. 未经审计的现金流量表 (以千为单位，除股份和每股数据以外) | |||||||||||
| 截至2022年六月30日的六个月 | |||||||||||
| 6月30日, | |||||||||||
| 2023 | 2024 | 2024 | |||||||||
| 人民币 | 人民币 | 美元 | |||||||||
| 营业收入 | |||||||||||
| 净收入 | 143,412 | 2,230 | 307 | ||||||||
| 调整以使净利润与经营活动产生的现金净额相符： | |||||||||||
| 投资收益 | (6,989) | （5,256） | (723) | ||||||||
| 关联公司损失所占份额 | 540 | 1,121 | 154 | ||||||||
| 其他非现金调整 | 74,859 | 145,765 | 20,058 | ||||||||
| 营运资产和负债的变化 | (178,173) | (110,934) | (15,265) | ||||||||
| 现金净流量来源于运营活动 | 33,649 | 32,926 | 4,531 | ||||||||
| 投资活动现金流量： | |||||||||||
| 购买短期投资 | （2,103,010） | （1,617,780） | (222,614) | ||||||||
| 短期投资的处置所得 | 1,823,149 | 1,962,588 | 270,061 | ||||||||
| 从第三方获得的贷款应收款项的现金收到 | (80,000) | (728,800) | (100,286) | ||||||||
| 从第三方获得的贷款应收款项的现金付出 | 180,000 | 130,500 | 17,957 | ||||||||
| 从业务收购获得的现金 | 21,208 | — | — | ||||||||
| 处置子公司，扣除处置现金净额 | — | (12,761) | （1,756） | ||||||||
| 其他 | (6,185) | （3,982） | （548） | ||||||||
| 投资活动产生的净现金流出 | (164,838) | (270,235) | (37,186) | ||||||||
| 筹集资金的现金流量： | |||||||||||
| 来自银行和其他借款的收益 | 182,268 | 98,375 | 13,537 | ||||||||
| 银行和其他借款的偿还 | （18,026） | （164,300） | （22,608） | ||||||||
| 从开放市场回购普通股 | (22,107) | (5,734) | (789) | ||||||||
| 分配给非控制股权的股息 | — | (29,500) | (4,059) | ||||||||
| 其他 | (4,238) | — | — | ||||||||
| 筹资活动的净现金流量 | 137,897 | (101,159) | (13,919) | ||||||||
| 现金，现金等价物和受限现金净增加（减少） | 6,708 | (338,468) | (46,574) | ||||||||
| 期初现金、现金等价物及受限制的现金余额 | 648,211 | 602,004 | 82,839 | ||||||||
| 现金及现金等价物汇率变动影响 | 6,668 | 694 | 94 | ||||||||
| 期末现金、现金等价物及受限制的现金余额 | 661,587 | 264,230 | 36,359 | ||||||||
|
FANHUA INC. Reconciliations of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin (In thousands, except for shares and per share data) | |||||||||||
| For The Six Months Ended | |||||||||||
| June 30 | |||||||||||
| 2023 | 2024 | 2024 | |||||||||
| RMB | RMB | USD | |||||||||
| Net income | 143,412 | 4,738 | 652 | ||||||||
| Income tax expense............................................. | 38,289 | 6,659 | 916 | ||||||||
| Share of loss of affiliates..................................... | 540 | 1,121 | 154 | ||||||||
| Investment income............................................... | (24,957) | (24,451) | (3,365) | ||||||||
| Interest income..................................................... | (9,097) | (8,586) | (1,180) | ||||||||
| Financial cost....................................................... | 4,682 | 960 | 132 | ||||||||
| Depreciation........................................................ | 8,371 | 7,339 | 1,010 | ||||||||
| Amortization of intangible assets........................ | 8,797 | 8,395 | 1,155 | ||||||||
| Share-based compensation expenses................... | 8,184 | 7,729 | 1,064 | ||||||||
| Change in fair value of equity investments and contingent consideration.................................... | — | 73,761 | 10,150 | ||||||||
| Adjusted EBITDA | 178,221 | 77,665 | 10,687 | ||||||||
| Total net revenues................................................ | 1,960,377 | 1,123,177 | 154,554 | ||||||||
| Adjusted EBITDA Margin.................................. | 9.1% | 6.9% | 6.9% | ||||||||
| Adjusted EBITDA per ADS: | |||||||||||
| Basic | 3.31 | 1.46 | 0.20 | ||||||||
| Diluted | 3.31 | 1.45 | 0.20 | ||||||||
| Shares used in calculating adjusted EBITDA per share: | |||||||||||
| Basic | 1,077,103,934 | 1,066,793,835 | 1,066,793,835 | ||||||||
| Diluted | 1,077,451,347 | 1,069,840,827 | 1,069,840,827 | ||||||||
| FANHUA INC. 净利润调整至调整后的税息折旧及摊销前利润和调整后的税息折旧及摊销前利润率 (以千为单位，除股份和每股数据以外) | |||||||||||
| 截至六个月的结束 | |||||||||||
| 6月30日 | |||||||||||
| 2023 | 2024 | 2024 | |||||||||
| 人民币 | 人民币 | 美元指数 | |||||||||
| 净收入 | 143,412 | 4,738 | 652 | ||||||||
| 所得税费用............................................. | 38,289 | 6,659 | 916 | ||||||||
| 关联公司的损失份额..................................... | 540 | 1,121 | 154 | ||||||||
| 投资收益............................................... | (24,957) | (24,451) | (3,365) | ||||||||
| 利息收入..................................................... | (9,097) | (8,586) | (1,180) | ||||||||
| 财务成本....................................................... | 4,682 | 960 | 132 | ||||||||
| 折旧 | 8,371 | 7,339 | 1,010 | ||||||||
| 无形资产摊销........................ | 8,797 | 8,395 | 1,155 | ||||||||
| 股份报酬支出................... | 8,184 | 7,729 | 1,064 | ||||||||
| 股票投资和待摊考虑的公允价值变动 | — | 41,523 | 10,150 | ||||||||
| 调整后的EBITDA | 178,221 | 77,665 | 10,687 | ||||||||
| 总净收入................................................ | 1,960,377 | 1,123,177 | 154,554 | ||||||||
| 调整后的息税折旧摊销前利润率.................................. | 9.1% | 6.9% | 6.9% | ||||||||
| 每股调整后的EBITDA： | |||||||||||
| 基本 | 3.31 | 1.46 | 0.20 | ||||||||
| 稀释的 | 3.31 | 1.45 | 0.20 | ||||||||
| 用于计算每股调整后的息税摊销前利润的股份： | |||||||||||
| 基本 | 10.771 亿 103 万 934 | 10.667 亿 793 万 835 | 10.667 亿 793 万 835 | ||||||||
| 稀释的 | 10亿7745万1347 | 10亿6984万827 | 10亿6984万827 | ||||||||
Source: Fanhua Inc.
来源：泛华控股集团
For more information, please contact:Investor RelationsTel: +86 (20) 8388-3191Email: ir@fanhgroup.com
如需更多信息，请联系:投资者关系 电话: +86 (20) 8388-3191 电子邮件: ir@fanhgroup.com
