Fanhua Reports Fourth Quarter and Fiscal Year 2018 Unaudited Financial Results
-- Quarterly Operating Income RMB83.4 million Up 34.3% YoY
-- Annual Operating Income
Financial Highlights for the Fourth Quarter of 2018:
(In thousands, except per ADS) | 2017Q4 (RMB) |
2018Q4 (RMB) |
2018Q4 (US$) |
Change % |
Total net revenues | 690,476 | 871,936 | 126,818 | 26.3 |
Operating income | 62,143 | 83,392 | 12,129 | 34.3 |
Net income attributable to the Company’s shareholders |
126,874 | 112,607 | 16,378 | -11.2 |
Diluted net income per ADS | 1.98 | 1.99 | 0.29 | 0.5 |
Financial Highlights for Year 2018:
(In thousands, except per ADS) | 2017 (RMB) |
2018 (RMB) |
2018 (US$) |
Change % |
Total net revenues | 4,088,473 | 3,471,263 | 504,874 | -15.1 |
Operating income | 273,136 | 425,743 | 61,922 | 55.9 |
Net income attributable to the Company’s shareholders |
449,228 | 609,915 | 88,708 | 35.8 |
Diluted net income per ADS | 7.29 | 9.83 | 1.43 | 34.8 |
Commenting on the fourth quarter and fiscal year 2018 financial results, Mr.
“Our operating income grew by 55.9% year-over-year to
“We wrapped up the year with strong note in the fourth quarter of 2018, with an operating income increasing by 34.3% from the corresponding period in 2017 to
“Looking ahead to 2019, as the complex international geopolitical landscape adds to uncertainty in macroeconomic environment in
“As such, we expect our APE on regular life insurance products to increase by 30% year-over-year and operating income by 40% year-over-year in the first quarter of 2019.
“For 2019, we expect APE on life insurance products to increase by 30% year-over-year to
“Investment income is expected to drop in 2019 mainly due to a decrease in cash reserve as a result of the Company’s increasing spending on share buyback and cash dividends, and the loans related to the Company’s 521 development plan, while share of income from affiliate may decline in 2019 as
“As a result of the aforementioned factors, we expect a slight increase in net income attributable to shareholders in 2019 on a year-on-year basis. However, as the shares related to the 521 development plan will be treated as treasury shares which won’t be included in the shares used for calculating basic earnings per share, according to relevant rules under the US GAAP, we anticipate that the growth of our basic earnings per share will be around 10%.
“On
Firstly, the Board approved to increase the Company’s annual dividend by 20% from
“Secondly, the Board approved a share repurchase program, authorizing the management to execute the repurchase of up to
Financial Results for the Fourth Quarter of 2018
Total net revenues were
- Net revenues for the life insurance business were
RMB735.0 million (US$106.9 million ) for the fourth quarter of 2018, representing an increase of 49.9% fromRMB490.3 million for the corresponding period in 2017. The increase was mainly driven by the growth in first year commissions as a result of the rapid growth in the number of sales agents and renewal commissions as a result of high persistency ratio. Revenues generated from our life insurance business accounted for 84.3% of our total net revenues in the fourth quarter of 2018. - Net revenues for the P&C insurance business were
RMB 39.3 million (US$5.7 million ) for the fourth quarter of 2018, representing a decrease of 61.4% fromRMB101.9 million for the corresponding period in 2017. The decrease was primarily due to i) the suspension of cooperation with an online lending service provider sinceJune 2018 ; and ii) the transition of our auto insurance business from a commission-based business model towards a platform business model starting from the fourth quarter of 2017. Revenues for the P&C insurance business are mainly derived from commissions generated from Baoxian.com and the technology service fees based on the volume of insurance premiums transacted through CNpad. A technology service fee is typically much smaller than the commission we previously received from insurance companies, though our costs are minimal. Revenues generated from the P&C insurance business accounted for 4.5% of our total net revenues in the fourth quarter of 2018. - Net revenues for the claims adjusting business were
RMB97.6 million (US$14.2 million ) for the fourth quarter of 2018, representing a decrease of 0.7% fromRMB98.3 million for the corresponding period in 2017. Revenues generated from the claims adjusting business accounted for 11.2% of our total net revenues in the fourth quarter of 2018.
Total operating costs and expenses were
- Commission costs were
RMB595.6 million (US$86.6 million ) for the fourth quarter of 2018, representing an increase of 30.5% fromRMB456.4 million for the corresponding period in 2017. The increase in commission cost was mainly in line with the growth of life insurance business.
-- Costs of the life insurance business wereRMB516.7 million (US$75.1 million ) for the fourth quarter of 2018, representing an increase of 64.3% fromRMB314.5 million for the corresponding period in 2017. The increase was in line with the growth in sales. Costs incurred by the life insurance business accounted for 86.7% of our total commission costs in the fourth quarter of 2018.
-- Costs of the P&C insurance business wereRMB23.1 million (US$3.4 million ) for the fourth quarter of 2018, representing a decrease of 72.6% fromRMB84.2 million for the corresponding period in 2017. The decrease was in line with the decrease in sales. The costs of the P&C insurance business for the fourth quarter of 2018, mainly represent commission costs incurred for business on Baoxian.com. Costs incurred by the P&C insurance business accounted for 3.9% of our total commission costs in the fourth quarter of 2018.
-- Costs of claims adjusting business wereRMB55.8 million (US$8.1 million ) for the fourth quarter of 2018, representing a decrease of 3.1% fromRMB57.6 million for the corresponding period in 2017. Costs incurred by the claims adjusting business accounted for 9.4% of our total commission costs in the fourth quarter of 2018. - Selling expenses were
RMB71.5 million (US$10.4 million ) for the fourth quarter of 2018, representing an increase of 16.3% fromRMB61.5 million for the corresponding period in 2017. The increase was primarily due to an increase of sales outlets. - General and administrative expenses were
RMB121.5 million (US$17.7 million ) for the fourth quarter of 2018, representing an increase of 10.1% fromRMB110.4 million for the corresponding period in 2017. The increase was primarily due to an increase in expenses incurred for setting up new offices and staff recruitment as a result of regional expansion of life branches.
As a result of the preceding factors, we had an operating income of
Operating margin was 9.6% for the fourth quarter of 2018, compared to 9.0% for the corresponding period in 2017.
Investment income was
Interest income was
Income tax expense was
Share of income of affiliates was
Net income from continuing operations was
Net loss from discontinued operations was nil for the fourth quarter of 2018 and
Net income attributable to the Company’s shareholders was
Net margin was 12.9% for the fourth quarter of 2018 compared with 18.4% for the corresponding period in 2017.
Basic and diluted net income per ADS were
Financial Results for Year 2018
Total net revenues were
- Net revenues for the life insurance business were
RMB2,870.8 million (US$417.5 million ) for 2018, representing an increase of 18.4% fromRMB2,424.4 million in 2017. The increase was mainly driven by the growth in first year commissions as a result of the rapid growth in the number of sales agents and renewal commissions as a result of high persistency ratio. Revenues generated from our life insurance business accounted for 82.7% of our total net revenues in 2018. - Net revenues for the P&C insurance business were
RMB273.1 million (US$39.7 million ) for 2018, representing a decrease of 79.9% fromRMB1,355.8 million in 2017. The decrease was primarily due to i) the suspension of cooperation with an online lending service provider sinceJune 2018 ; and ii) the transition of our auto insurance business from a commission-based business model towards a platform business model starting from the fourth quarter of 2017.Revenues for the P&C insurance business for the year 2018 are mainly derived from commissions generated from Baoxian.com and the technology service fees based on the volume of insurance premiums transacted through CNpad. Revenue generated from our P&C insurance business accounted for 7.9% of our total net revenue in 2018. - Net revenues for the claims adjusting business were
RMB327.4 million (US$47.6 million ) for 2018, representing an increase of 6.2% fromRMB308.3 million in 2017. Revenues generated from the claims adjusting business accounted for 9.4% of our total net revenues in 2018.
Total operating costs and expenses were
- Commission costs were
RMB2,346.0 million (US$341.2 million ) for 2018, representing a decrease of 23.3% fromRMB3,059.4 million in 2017. The decrease in commission cost was mainly due to the decrease in our P&C insurance business, partially offset by the growth of our life insurance business.
-- Costs of the life insurance business wereRMB1,943.1 million (US$282.6 million ) for 2018, representing an increase of 18.7% fromRMB1,636.3 million in 2017. The increase was in line with the growth in sales. Costs incurred by the life insurance business accounted for 82.8% of our total commission costs in 2018.
-- Costs of the P&C insurance business wereRMB208.8 million (US$30.4 million ) for 2018, representing a decrease of 83.0% fromRMB1,228.5 million in 2017. The decrease was in line with the decrease in revenue. Costs incurred by the P&C insurance business accounted for 8.9% of our total commission costs in 2018.
-- Costs of claims adjusting business wereRMB194.2 million (US$28.2 million ) for 2018, representing a decrease of 0.2% fromRMB194.5 million in 2017. Costs incurred by the claims adjusting business accounted for 8.3% of our total commission costs in 2018. - Selling expenses were
RMB231.1 million (US$33.6 million ) for 2018, representing an increase of 4.2% fromRMB221.8 million in 2017. The increase was primarily due to an increase of sales outlets. - General and administrative expenses were
RMB468.4 million (US$68.1 million ) for 2018, representing a decrease of 12.3% fromRMB534.1 million in 2017. The decrease was mainly due to a significant reduction in expenses incurred by our P&C insurance agencies as a result of the migration to the platform business model since the fourth quarter of 2017 as well as the disposal of certain P&C insurance agencies, partially offset by an increase in expenses incurred by new offices setup and staff recruitment in relation to regional expansion of life branches.
As a result of the preceding factors, we had an operating income of
Operating margin was 12.3% for 2018, compared to 6.7% in 2017.
Investment income was
Interest income was
Income tax expense was
Share of income of affiliates was
Net income from continuing operations was
Net income from discontinued operations was nil for 2018 and
Net income attributable to the Company’s shareholders was
Net margin was 17.6% for 2018 compared with 11.0% in 2017.
Basic and diluted net income per ADS were
As of
Key Operational Metrics for
- Lan Zhanggui - Our one-stop insurance service platform that integrates the key functions of both
CNpad Auto Insurance and CNpad Life Insurance App, which was launched inOctober 2017 . All CNpad Life Insurance App accounts have been converted to Lan Zhanggui.
-- Lan Zhanggui had been downloaded and activated 807,858 times as ofDecember 31, 2018 , representing an increase of 63.7% from 493,360 downloads as ofDecember 31, 2017 ;
-- The number of active users of Lan Zhanggui 2 was 150,761 users who have sold at least one life insurance policy, representing an increase of 19.1% from 126,603 in 2017;
-- Insurance premiums generated through Lan Zhanggui wereRMB2,496.4 million (US$363.1 million ) in 2018, among which life insurance premiums accounted forRMB2,377.7 million (US$345.8 million ) and property and casualty insurance premiums wereRMB 162.7 million (US$23.7 million ). - CNpad Auto Insurance Mobile Application("CNpad Auto Insurance App") - Our proprietary mobile sales support system:
-- CNpad Auto Insurance App had been downloaded and activated 537,588 times as ofDecember 31, 2018 , representing an increase of 47.2% from 365,282 times as ofDecember 31, 2017 ;
-- The number of active users of CNpad Auto Insurance App3 was 129,871 in 2018, representing a decrease of 18.2% from 158,778 in 2017;
-- Insurance premiums generated throughCNpad Auto Insurance App wereRMB2.2 billion (US$0.3 billion ) in 2018, representing a decrease of 18.5% fromRMB2.7 billion for 2017. - eHuzhu - Our online non-profit mutual aid platform:
-- The number of registered members was 3.4 million as ofDecember 31, 2018 , representing an increase of 25.9% from 2.7 million as ofDecember 31, 2017 . - Baoxian.com - Our online insurance platform:
-- The number of registered customer accounts was 2.2 million as ofDecember 31, 2018 , representing an increase of 46.7% from approximately 1.5 million as ofDecember 31, 2017 ;
-- The number of active customer accounts4 was 315,000 in 2018, representing an increase of 69.7% from 185,611 in 2017;
-- Insurance premiums generated on or through Baoxian.com wasRMB1.3 billion (US$0.2 billion ) in 2018, representing an increase of 85.7% fromRMB0.7 billion in 2017.
Recent Developments
As of
Business Outlook
Conference Call
The Company will host a conference call to discuss its fourth quarter and fiscal year 2018 financial results as per the following details.
Time:
or
The toll free dial-in numbers: |
|
United States | 1-855-500-8701 |
United Kingdom | 0800-015-9724 |
France | 0800-918-648 |
Germany | 0800-184-4876 |
Australia | 1-300-713-759 |
Canada | 1-855-757-1565 |
Taiwan | 0809-091-571 |
Hong Kong | 800-906-606 |
The toll dial-in numbers: |
|
China (Mainland) | 400-120-0654 |
Singapore & Other Areas | +65-6713-5090 |
Conference ID #: 3132748 |
Additionally, a live and archived web cast of this call will be available at:
http://ir.fanhuaholdings.com/events-and-presentations
About
Our online platforms include: (1) Lan Zhanggui, an all-in-one platform which allows our agents to access and purchase a wide variety of insurance products, including life insurance, auto insurance, accident insurance, travel insurance and standard health insurance products from multiple insurance companies on their mobile devices; (2) CNpad, a mobile sales support application; (3) Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products and (4) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in China.
As of
For more information about
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Among other things, management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about
1 This announcement contains currency conversions of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of
2 Active users of Lan Zhanggui included users who sold at least one life insurance policy and/or P&C insurance policy through Lan Zhanggui (including both its mobile application or WeChat public account) during the specific period and at least sold one life insurance policy through CNpad Life Insurance App in the same period of 2017.
3 Active users of CNpad App included users who made at least one purchase of auto insurance policy through CNpad App (including both its mobile application and WeChat public account) during the specific period.
4 Active customer accounts are defined as customer accounts that made at least one purchase directly through www.baoxian.com, its mobile application, or WeChat public account during the specified period.
FANHUA INC. | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(In thousands) | |||||
As of December 31, | As of December 31, | As of December 31, | |||
2017 | 2018 | 2018 | |||
RMB | RMB | US$ | |||
ASSETS: | |||||
Current assets: | |||||
Cash and cash equivalents | 363,746 | 772,823 | 112,403 | ||
Restricted cash | 75,287 | 75,343 | 10,958 | ||
Short term investments | 2,498,730 | 1,554,060 | 226,029 | ||
Accounts receivable, net | 515,194 | 508,474 | 73,955 | ||
Insurance premium receivables | 4,325 | 5,267 | 766 | ||
Other receivables | 631,381 | 86,150 | 12,530 | ||
Other current assets | 43,864 | 58,990 | 8,580 | ||
Total current assets | 4,132,527 | 3,061,107 | 445,221 | ||
Non-current assets: | |||||
Property, plant, and equipment, net | 26,075 | 37,934 | 5,517 | ||
Goodwill and intangible assets, net | 127,079 | 111,133 | 16,164 | ||
Deferred tax assets | 2,091 | 9,320 | 1,356 | ||
Investment in affiliates | 404,783 | 587,517 | 85,451 | ||
Other non-current assets | 45,187 | 59,600 | 8,668 | ||
Total non-current assets | 605,215 | 805,504 | 117,156 | ||
Total assets | 4,737,742 | 3,866,611 | 562,377 | ||
Current liabilities: | |||||
Accounts payable | 203,024 | 332,685 | 48,387 | ||
Insurance premium payables | 9,553 | 15,248 | 2,218 | ||
Other payables and accrued expenses | 241,894 | 254,824 | 37,063 | ||
Accrued payroll | 77,424 | 97,637 | 14,201 | ||
Dividend payable | 129,965 | 205,189 | 29,844 | ||
Total current liabilities | 661,860 | 905,583 | 131,713 | ||
Non-current liabilities: | |||||
Other tax liabilities | 70,350 | 70,350 | 10,232 | ||
Deferred tax liabilities | 17,139 | 5,624 | 818 | ||
Total non-current liabilities | 87,489 | 75,974 | 11,050 | ||
Total liabilities | 749,349 | 981,557 | 142,763 | ||
Total shareholders’ equity | 3,877,051 | 2,771,511 | 403,100 | ||
Non-controlling interests | 111,342 | 113,543 | 16,514 | ||
Total equity | 3,988,393 | 2,885,054 | 419,614 | ||
Total liabilities and equity | 4,737,742 | 3,866,611 | 562,377 | ||
FANHUA INC. | |||||||||||||||||||
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income | |||||||||||||||||||
(In thousands, except for shares and per share data) | |||||||||||||||||||
For The Three Months Ended | For The Twelve Months Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2017 | 2018 | 2018 | 2017 | 2018 | 2018 | ||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
Net revenues: | |||||||||||||||||||
Life insurance Business | 490,319 | 734,988 | 106,900 | 2,424,444 | 2,870,776 | 417,537 | |||||||||||||
P&C insurance Business | 101,858 | 39,315 | 5,718 | 1,355,773 | 273,097 | 39,720 | |||||||||||||
Claims adjusting Business | 98,299 | 97,633 | 14,200 | 308,256 | 327,390 | 47,617 | |||||||||||||
Total net revenues | 690,476 | 871,936 | 126,818 | 4,088,473 | 3,471,263 | 504,874 | |||||||||||||
Operating costs and expenses: | |||||||||||||||||||
Life insurance Business | (314,536) | (516,657) | (75,145) | (1,636,340) | (1,943,053) | (282,606) | |||||||||||||
P&C insurance Business | (84,217) | (23,062) | (3,354) | (1,228,542) | (208,803) | (30,369) | |||||||||||||
Claims adjusting Business | (57,643) | (55,840) | (8,122) | (194,525) | (194,159) | (28,239) | |||||||||||||
Total operating costs | (456,396) | (595,559) | (86,621) | (3,059,407) | (2,346,015) | (341,214) | |||||||||||||
Selling expenses | (61,539) | (71,519) | (10,402) | (221,785) | (231,075) | (33,608) | |||||||||||||
General and administrative expenses | (110,398) | (121,466) | (17,666) | (534,145) | (468,430) | (68,130) | |||||||||||||
Total operating costs and expenses | (628,333) | (788,544) | (114,689) | (3,815,337) | (3,045,520) | (442,952) | |||||||||||||
Income from operations | 62,143 | 83,392 | 12,129 | 273,136 | 425,743 | 61,922 | |||||||||||||
Other income, net: | |||||||||||||||||||
Investment income | 39,454 | 42,946 | 6,246 | 191,784 | 195,456 | 28,428 | |||||||||||||
Interest income | 12,401 | 821 | 119 | 25,891 | 34,207 | 4,975 | |||||||||||||
Others, net | 1,863 | 11,881 | 1,728 | 14,284 | 11,807 | 1,717 | |||||||||||||
Income from continuing operations before income taxes and income of affiliates and discontinued operations | 115,861 | 139,040 | 20,222 | 505,095 | 667,213 | 97,042 | |||||||||||||
Income tax expense | (38,126) | (57,075) | (8,301) | (167,803) | (224,586) | (32,665) | |||||||||||||
Share of income of affiliates | 55,192 | 36,047 | 5,243 | 108,944 | 174,468 | 25,375 | |||||||||||||
Net income from continuing operations | 132,927 | 118,012 | 17,164 | 446,236 | 617,095 | 89,752 | |||||||||||||
Net income (loss) from discontinued operations, net of tax | (1,175) | — | — | 5,480 | — | — | |||||||||||||
Net income | 131,752 | 118,012 | 17,164 | 451,716 | 617,095 | 89,752 | |||||||||||||
less: net income attributable to noncontrolling interests | 4,878 | 5,405 | 786 | 2,488 | 7,180 | 1,044 | |||||||||||||
Net income attributable to the Company’s shareholders | 126,874 | 112,607 | 16,378 | 449,228 | 609,915 | 88,708 | |||||||||||||
Net income per share: | |||||||||||||||||||
Basic: | |||||||||||||||||||
Net income from continuing operations | 0.10 | 0.10 | 0.01 | 0.36 | 0.49 | 0.07 | |||||||||||||
Net income from discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||
Net income | 0.10 | 0.10 | 0.01 | 0.36 | 0.49 | 0.07 | |||||||||||||
Diluted: | |||||||||||||||||||
Net income from continuing operations | 0.10 | 0.10 | 0.01 | 0.36 | 0.49 | 0.07 | |||||||||||||
Net income from discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||
Net income | 0.10 | 0.10 | 0.01 | 0.36 | 0.49 | 0.07 | |||||||||||||
Net income per ADS: | |||||||||||||||||||
Basic: | |||||||||||||||||||
Net income from continuing operations | 2.00 | 1.99 | 0.29 | 7.20 | 9.84 | 1.43 | |||||||||||||
Net income (loss) from discontinued operations | (0.02) | 0.00 | 0.00 | 0.09 | 0.00 | 0.00 | |||||||||||||
Net income | 1.98 | 1.99 | 0.29 | 7.29 | 9.84 | 1.43 | |||||||||||||
Diluted: | |||||||||||||||||||
Net income from continuing operations | 2.00 | 1.98 | 0.29 | 7.20 | 9.83 | 1.43 | |||||||||||||
Net income (loss) from discontinued operations | (0.02) | 0.00 | 0.00 | 0.09 | 0.00 | 0.00 | |||||||||||||
Net income | 1.98 | 1.99 | 0.29 | 7.29 | 9.83 | 1.43 | |||||||||||||
Shares used in calculating net income per share: | |||||||||||||||||||
Basic | 1,280,599,856 | 1,131,722,922 | 1,131,722,922 | 1,231,698,725 | 1,239,264,464 | 1,239,264,464 | |||||||||||||
Diluted | 1,283,796,409 | 1,132,884,871 | 1,132,884,871 | 1,261,223,049 | 1,240,854,034 | 1,240,854,034 | |||||||||||||
Net income | 131,752 | 118,012 | 17,164 | 451,716 | 617,095 | 89,752 | |||||||||||||
Other comprehensive income (loss), net of tax: Foreign currency translation adjustments | (9,755) | 7,288 | 1,060 | 21,101 | 10,194 | 1,483 | |||||||||||||
Fair value changes | — | — | — | (632) | — | — | |||||||||||||
Share of other comprehensive gain of affiliates | 920 | 4,629 | 673 | 1,263 | 1,763 | 256 | |||||||||||||
Comprehensive income | 122,917 | 129,929 | 18,897 | 473,448 | 629,052 | 91,491 | |||||||||||||
Less: Comprehensive income attributable to the noncontrolling interests | 4,878 | 5,405 | 786 | 2,488 | 7,180 | 1,044 | |||||||||||||
Comprehensive income attributable to the Company’s shareholders | 118,039 | 124,524 | 18,111 | 470,960 | 621,872 | 90,447 | |||||||||||||
FANHUA INC. | ||||||||||||||||||
Unaudited Condensed Consolidated Statements of Cash Flow | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
For the Three Months Ended |
For the Twelve Months Ended |
|||||||||||||||||
December 31, |
December 31, |
|||||||||||||||||
2017 | 2018 | 2018 | 2017 | 2018 | 2018 | |||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
Net cash generated from operating activities | 59,853 | 169,686 | 24,680 | 152,127 | 535,878 | 77,940 | ||||||||||||
Net cash (used in) generated from investing activities | 43,668 | 184,117 | 26,779 | (23,723) | 1,578,223 | 229,543 | ||||||||||||
Net cash generated from (used in) financing activities | (150,452) | (234,145) | (34,055) | 47,558 | (1,687,195) | (245,392) | ||||||||||||
Net increase (decrease) in cash and cash equivalents, and restricted cash | (46,931) | 119,658 | 17,404 | 175,962 | 426,906 | 62,091 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 489,895 | 741,608 | 107,862 | 273,979 | 439,033 | 63,855 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,931) | (13,100) | (1,905) | (10,908) | (17,773) | (2,585) | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | 439,033 | 848,166 | 123,361 | 439,033 | 848,166 | 123,361 | ||||||||||||
For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 8388-3191
Email: qiusr@fanhuaholdings.com
Source:
Source: Fanhua Inc.