Today techs Huize Holding Restricted Stories Second Quarter 2022 Unaudited

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SHENZHEN, China, Sept. 23, 2022 (GLOBE NEWSWIRE) — Huize Holding Restricted, (“Huize”, the “Firm” or “we”) (NASDAQ: HUIZ), a number one digital insurance coverage product and repair platform for brand new era shoppers in China, at the moment introduced its unaudited monetary outcomes for the second quarter ended June 30, 2022.

Second Quarter 2022 Monetary and Operational Highlights

  • Robust enterprise efficiency: Gross Written Premiums (“GWP”) facilitated on our platform within the second quarter of 2022 elevated by 30.5% to RMB871.8 million from RMB668.0 million within the second quarter of 2021. First-year premiums (“FYP”) and renewal premiums facilitated on our platform within the second quarter of 2022 elevated by 59.9% and 6.1% to RMB484.9 million and RMB386.9 million from RMB303.2 million and RMB364.8 million within the second quarter of 2021, respectively.
  • Resilient income progress with efficient price management: Working income elevated by 13.5% year-over-year to RMB248.2 million within the second quarter of 2022. Working bills decreased by 17.6% year-over-year to RMB118.6 million within the second quarter of 2022.
  • Stable stability sheet and liquidity: As of June 30, 2022, our money and money equivalents amounted to RMB294.4 million (US$44.0 million).
  • Cumulative variety of insurance coverage shoppers served elevated to roughly 8.2 million, in comparison with 8.0 million within the first quarter of 2022. We cooperated with 100 insurer companions, together with 57 life and medical health insurance corporations and 43 property & casualty insurance coverage corporations, as of June 30, 2022.

Mr. Cunjun Ma, Founder and CEO of Huize commented, “We’re more than happy to report one other set of resilient working and monetary leads to the second quarter of 2022, regardless of the difficult macro setting and disruptions attributable to regional pandemic restrictions in China. Our exceptional outcomes have been underpinned by our confirmed means to fulfill the long-term insurance coverage wants of rising middle-class shoppers by means of each on-line and offline channels, and our profitable execution on the group-wide organizational construction optimization leading to continued price financial savings through the quarter.

We continued to work with our insurer companions to co-develop a variety of long-term personalized financial savings and safety merchandise which have acquired overwhelming demand from our customers. Within the second quarter, GWP for co-developed insurance coverage merchandise accounted for 59.6% of the overall GWP facilitated on our platform, and the GWP contribution of our long-term insurance coverage merchandise remained above 90% for the eleventh consecutive quarter. We keep our steering and anticipate to realize quarterly profitability within the second half of 2022, demonstrating our confidence within the gradual restoration in whole income and the bettering working effectivity.

Final quarter, we set a strategic roadmap for the subsequent three years to construct an omnichannel digital insurance coverage service ecosystem that integrates “Brokers, Companies, Clients (ABC)”. Now we have achieved passable progress in executing the “ABC” enterprise plans. To prospects, the typical ticket measurement of long-term financial savings merchandise, by way of FYP, was over RMB44,000 within the second quarter, demonstrating our means to deepen engagement with our high-value prospects by means of our confirmed on-line platform, increasing offline service protection, in addition to product innovation. To companies, we’ve got developed and exported our know-how to insurance coverage corporations to assist their digital buyer relationship administration, underwriting danger administration and insurance coverage claims. To brokers, we’ve got registered insurance coverage brokers masking Beijing, Shanghai, Sichuan, Guangdong and Shenzhen. By empowering them with diversified product choices, digital enterprise instruments and customer support assist, FYP facilitated by the “To-A” enterprise has reached RMB56.6 million within the first 6 months of 2022. Going ahead, we imagine the “ABC” enterprise plans will present us with large alternatives to boost shareholder worth and maintain our long-term enterprise progress.”

Second Quarter 2022 Monetary Outcomes

GWP and working income

GWP facilitated on our platform was RMB871.8 million (US$130.2 million) within the second quarter of 2022, a rise of 30.5% from RMB668.0 million in the identical interval of 2021. Of the GWP facilitated within the second quarter of 2022, first 12 months premiums (“FYP”) accounted for RMB484.9 million (or 55.6% of whole GWP), a rise of 59.9% year-over-year. Renewal premiums accounted for RMB386.9 million (or 44.4% of whole GWP), a rise of 6.1% year-over-year.

Working income was RMB248.2 million (US$37.1 million) within the second quarter of 2022, a rise of 13.5% from RMB218.6 million in the identical interval of 2021. The rise was primarily pushed by the rise in FYP facilitated.

Working prices

Working prices have been RMB173.7 million (US$25.9 million) within the second quarter of 2022, a rise of 14.0% from RMB152.4 million in the identical interval of 2021. The rise was primarily on account of larger advertising channel price and was according to the rise in working income.

Working bills

Promoting bills decreased by 23.6% year-over-year to RMB59.5 million (US$8.9 million) within the second quarter of 2022, in contrast with RMB77.9 million in the identical interval of 2021, which was primarily on account of a lower in promoting and advertising bills, and a lower in salaries and employment advantages.

Normal and administrative bills have been RMB34.7 million (US$5.2 million) within the second quarter of 2022, a lower of 14.1% from RMB40.4 million in the identical interval of 2021. This lower was primarily on account of a lower in salaries and employment advantages, and a lower in rental and utilities bills.

Analysis and growth bills have been RMB24.3 million (US$3.6 million) within the second quarter of 2022, a lower of 5.4% from RMB25.7 million in the identical interval of 2021, primarily on account of a lower in personnel prices.

Web loss attributable to widespread shareholders and Non-GAAP web loss attributable to widespread shareholders

Web loss within the second quarter of 2022 was RMB39.4 million (US$5.9 million), in comparison with a web lack of RMB77.2 million in the identical interval of 2021. Non-GAAP web loss within the second quarter of 2022 was RMB37.5 million (US$5.6 million), in comparison with non-GAAP web lack of RMB83.3 million in the identical interval of 2021.

Money and money equivalents

As of June 30, 2022, the mixed stability of the Firm’s money and money equivalents amounted to RMB294.4 million (US$44.0 million), in comparison with RMB381.2 million as of December 31, 2021.

Share Repurchase Program

As of June 30, 2022, the Firm had bought an mixture of 357,257 ADSs for a complete quantity of roughly US$0.5 million, underneath its share repurchase program pursuant to which the Firm has been approved to repurchase as much as US$5 million ADSs by March 18, 2023, as beforehand introduced on March 18, 2022.

Enterprise Outlook

Based mostly on the Firm’s preliminary evaluation of the present market situations, the Firm at the moment expects to realize quarterly profitability within the second half of 2022. This forecast displays the Firm’s present and preliminary views available on the market and operational situations, that are topic to vary because of numerous market uncertainties.

Convention Name

The Firm’s administration crew will maintain an earnings convention name at 8:00 A.M. Japanese Time on Friday, September 23, 2022 (8:00 P.M. Beijing/Hong Kong Time on the identical day). Particulars for the convention name are as follows:

All individuals should use the hyperlink supplied above to finish the web registration course of upfront of the convention name. Upon registration, every participant will obtain a affirmation e mail containing dial-in numbers and a novel entry PIN, which will probably be used to hitch the convention name.

Moreover, a stay and archived webcast of the convention name may even be obtainable on the Firm’s investor relations web site at http://ir.huize.com.

About Huize Holding Restricted

Huize Holding Restricted is a number one digital insurance coverage product and repair platform for brand new era shoppers in China. Focusing on the youthful era, Huize is devoted to serving its insurance coverage shoppers for his or her life-long insurance coverage wants. Leveraging its on-line platform, Huize presents all kinds of insurance coverage merchandise with a concentrate on long-term life and medical health insurance merchandise and empowers its insurer companions to achieve a big fragmented consumer base within the insurance coverage retail market effectively and improve their insurance coverage gross sales. Huize supplies insurance coverage shoppers with digitalized insurance coverage expertise and providers, together with appropriate product suggestions, consulting service, clever underwriting, and help in declare software and settlement, which considerably enhance transaction expertise.

For extra data, please go to http://ir.huize.com.

Use of Non-GAAP Monetary Measure Assertion

In evaluating our enterprise, we contemplate and use non-GAAP web revenue/(loss) attributable to widespread shareholders as a supplemental measure to overview and assess our working efficiency. The presentation of the non-GAAP monetary measure just isn’t meant to be thought-about in isolation or as an alternative to the monetary data ready and introduced in accordance with U.S. GAAP. We outline non-GAAP web revenue/(loss) attributable to widespread shareholders as web revenue/(loss) attributable to widespread shareholders excluding share-based compensation bills and curiosity on convertible bond. Such changes don’t have any affect on earnings tax as a result of both the non-GAAP changes have been recorded at entities positioned in tax free jurisdictions, such because the Cayman Islands or as a result of the non-GAAP changes have been recorded at working entities positioned within the PRC for which the non-GAAP changes weren’t deductible for tax functions.

We current the non-GAAP monetary measure as a result of it’s utilized by our administration to judge our working efficiency and formulate enterprise plans. Non-GAAP web revenue/(loss) attributable to widespread shareholders permits our administration to evaluate our working outcomes with out contemplating the affect of share-based compensation bills and the curiosity on convertible bond. We additionally imagine that using this non-GAAP monetary measure facilitates buyers’ evaluation of our working efficiency.

This non-GAAP monetary measure just isn’t outlined underneath U.S. GAAP and isn’t introduced in accordance with U.S. GAAP. The non-GAAP monetary measure has limitations as an analytical software. One of many key limitations of utilizing adjusted web revenue/(loss) attributable to widespread shareholders is that it doesn’t mirror all gadgets of earnings and expense that have an effect on our operations. Additional, the non-GAAP monetary measure might differ from the non-GAAP monetary data utilized by different corporations, together with peer corporations, and due to this fact their comparability could also be restricted.

The non-GAAP monetary measure shouldn’t be thought-about in isolation or construed as an alternative choice to web revenue/(loss) attributable to widespread shareholders or some other measure of efficiency or as an indicator of our working efficiency. Traders are inspired to overview the historic non-GAAP monetary measure in gentle of essentially the most immediately comparable GAAP measure, as proven beneath. The non-GAAP monetary measure introduced right here will not be corresponding to equally titled measure introduced by different corporations. Different corporations might calculate equally titled measures in a different way, limiting the usefulness of such measures when analyzing our knowledge comparatively. We encourage buyers and others to overview our monetary data in its entirety and never depend on a single monetary measure.

Trade Fee Data

This announcement comprises translations of sure RMB quantities into U.S. {dollars} at a specified charge solely for the comfort of the reader. Except in any other case famous, all translations from RMB to U.S. {dollars} and from U.S. {dollars} to RMB are made at a charge of RMB6.6981 to US$1.00, the alternate charge on June 30, 2022, set forth within the H.10 statistical launch of the Federal Reserve Board. The Firm makes no illustration that the RMB or U.S. {dollars} quantities referred could possibly be transformed into U.S. {dollars} or RMB, because the case could also be, at any explicit charge or in any respect.

Secure Harbor Assertion

This announcement comprises forward-looking statements. These statements are made underneath the “protected harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. Statements that aren’t historic information, together with statements about Huize’s beliefs and expectations, are forward-looking statements. These forward-looking statements will be recognized by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “assured” and comparable statements. Amongst different issues, enterprise outlook and quotations from administration on this announcement, include forward-looking statements. Huize can also make written or oral forward-looking statements in its periodic experiences to the U.S. Securities and Trade Fee (the “SEC”), in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Ahead-looking statements contain inherent dangers and uncertainties. A today techs lot of elements might trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: Huize’s aim and methods; Huize’s growth plans; Huize’s future enterprise growth, monetary situation and outcomes of operations; Huize’s expectation relating to the demand for, and market acceptance of, its on-line insurance coverage merchandise; Huize’s expectations relating to its relationship with insurer companions and insurance coverage shoppers and different events it collaborates with; basic financial and enterprise situations; and assumptions underlying or associated to any of the foregoing.

Additional data relating to these and different dangers is included in Huize’s filings with the SEC. All data supplied on this press launch is as of the date of this press launch, and Huize doesn’t undertake any obligation to replace any forward-looking assertion, besides as required underneath relevant legislation.

For investor and media inquiries, please contact:

Investor Relations
investor@huize.com

Media Relations
mediacenter@huize.com

Christensen

In China
Ms. Jasmine Zhu
Cellphone: +852 2117 0861
Electronic mail: jasmine.zhu@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Cellphone: +1-480-614-3004
Electronic mail: linda.bergkamp@christensencomms.com

Huize Holding Restricted
Unaudited Consolidated Stability Sheets
(all quantities in 1000’s, apart from share and per share knowledge)

    As of December 31    As of June 30
    2021      2022
    RMB     RMB     USD  
Belongings                  
Present property                  
today techs bottom ; “>Money and money equivalents   381,158     294,390     43,951  
Restricted money   183,408     125,222     18,695  
Contract property       59,066     8,818  
Accounts receivables, web of allowance for impairment   777,262     258,822     38,641  
Insurance coverage premium receivables   1,217     1,099     164  
Quantities due from associated events   128     668     100  
Deferred prices       1,715     256  
Pay as you go expense and different receivables   77,511     101,432     15,143  
Complete present property   1,420,684     842,414     125,768  
                   
Non-current property                  
Restricted money   44,418     24,481     3,655  
Contract property       3,600     537  
Property, plant and tools, web   48,461     43,485     6,492  
Intangible property, web   21,626     54,095     8,076  
Deferred tax property   605     605     90  
Lengthy-term investments   73,001     77,912     11,632  
Working lease right-of-use property   247,819     233,531     34,865  
Goodwill   461     461     69  
Different property   379     325     49  
Complete non-current property   436,770     438,495     65,465  
Complete property   1,857,454     1,280,909     191,233  
                   
Liabilities, Mezzanine Fairness and Shareholders’ Fairness                  
Present liabilities                  
Brief-term borrowings   216,710     251,240     37,509  
Accounts payable   680,369     251,452     37,541  
Insurance coverage premium payables   124,019     45,766     6,833  
Contract liabilities   7,236     5,178     773  
Provisions       334     50  
Different payables and accrued bills   71,255     59,245     8,844  
Payroll and welfare payable   93,451     45,671     6,819  
Earnings taxes payable   2,440     2,440     364  
Working lease liabilities   14,886     14,485     2,163  
Quantity on account of associated events   11,875     5,794     865  
Complete present liabilities   1,222,241 today techs ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; “>    681,605     101,761  
                   
Non-current liabilities                  
Lengthy-term borrowings   20,000          
Deferred tax liabilities   4,892     13,096     1,955  
Working lease liabilities   249,183     248,573     37,111  
Payroll and welfare payable   225     152     23  
Complete non-current liabilities   274,300     261,821     39,089  
Complete liabilities   1,496,541     943,426     140,850  
                   
Commitments and contingencies                  
Shareholders’ fairness                  
Class A standard shares   62     62     9  
Class B widespread shares   10     10     1  
Treasury inventory   (9,545 )   (12,787 )   (1,909 )
Further paid-in capital   896,772     900,942     134,507  
today techs padding-left: 25.0px; vertical-align: bottom ; “>Collected different complete loss   (27,295 )   (21,582 )   (3,222 )
Collected deficit   (499,940 )   (528,760 )   (78,943 )
Complete shareholders’ fairness   360,064     337,885     50,443  
Non-controlling pursuits   849     (402 )   (60 )
Complete shareholders’ fairness   360,913     337,483     50,383  
Complete liabilities and shareholders’ fairness   1,857,454     1,280,909     191,233  
                   

Huize Holding Restricted
Unaudited Consolidated Statements of Complete Earnings
(all quantities in 1000’s, apart from share and per share knowledge)

    For the Three Months Ended June 30,
  For the Six Months Ended June 30,
    2021    2022   2021    2022
    RMB
  RMB
  USD
  RMB
  RMB
  USD
Working income                                    
Brokerage earnings   217,268     231,802     34,607     949,898     523,620     78,174  
Different earnings   1,353     16,422     2,452     3,704     24,087     3,596  
Complete working income   218,621     248,224     37,059     953,602     547,707     81,770  
Working prices and bills           today techs 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; “>                         
Value of income   (151,969 )   (163,070 )   (24,346 )   (708,665 )   (311,330 )   (46,480 )
Different price   (418 )   (10,643 )   (1,589 )   (1,189 )   (12,058 )   (1,800 )
Complete working prices   (152,387 )   (173,713 )   (25,935 )   (709,854 )   (323,388 )   (48,280 )
Promoting bills   (77,853 )   (59,537 )   (8,889 )   (154,829 )   (133,455 )   (19,924 )
Normal and administrative bills   (40,399 )   (34,730 )   (5,185 )   (94,460 )   (72,988 )   (10,897 )
Analysis and growth bills   (25,742 )   (24,314 )   (3,630 )   (44,575 )   (47,657 )   (7,115 )
Complete working prices and bills   (296,381 )   (292,294 )   (43,639 )   (1,003,718 )   (577,488 )   (86,216 )
Working loss   (77,760 )   (44,070 )   (6,580 )   (50,116 )   (29,781 )   (4,446 )
                                     
Different earnings/(bills)                                    
Curiosity bills   (657 )   (1,290 )   (193 )   (877 )   (2,545 )   (380 )
Unrealized alternate loss   (9 )   (31 )   (5 )   (11 )   (45 )   (7 )
Funding (loss)/earnings   (482 )   357     53     (241 )   (1,782 )   (266 )
Others, web   1,402     5,271     787     4,040     6,722     1,004  
Loss earlier than earnings tax, and share of lack of fairness technique investee   (77,506 )   (39,763 )   (5,938 )   (47,205 )   (27,431 )   (4,095 )
Earnings tax expense   1,529                      
Share of lack of fairness technique investee   (1,200 )   (199 )   (30 )   (1,451 )   (2,640 )   (394 )
Web loss   (77,177 )   (39,962 )   (5,968 )   (48,656 )   (30,071 )   (4,489 )
                                     
Web loss attributable to non-controlling pursuits       (585 )   (87 )       (1,251 )   (187 )
Web loss attributable to widespread shareholders   (77,177 )   (39,377 )   (5,881 )   (48,656 )   (28,820 )   (4,302 )
                                     
Web loss   (77,177 )   (39,962 )   (5,968 )   (48,656 )   (30,071 )   (4,489 )
Overseas forex translation adjustment, web of tax   (4,693 )   6,375     952     (3,470 )   5,713     853  
Complete loss   (81,870 )   (33,587 )   (5,016 )   (52,126 )   (24,358 )   (3,636 )
Complete loss attributable to non-controlling pursuits       (585 )   (87 )       (1,251 )   (187 )
Complete loss attributable to widespread shareholders   (81,870 )   (33,002 )   (4,929 )   (52,126 )   (23,107 )   (3,449 )
                                     
Weighted common quantity of widespread shares utilized in computing web revenue per share                                    
Fundamental and diluted   1,021,197,639     1,020,237,707     1,020,237,707     1,022,075,704     1,023,005,019     1,023,005,019  
Web loss per share attributable to widespread shareholders                                    
Fundamental and diluted   (0.08 )   (0.04 )   (0.01 )   (0.05 )   (0.03 )   (0.00 )
                                     

Huize Holding Restricted
Unaudited Reconciliations of GAAP and Non-GAAP Outcomes
(all quantities in 1000’s, apart from share and per share knowledge)

    For the Three Months Ended June 30,   For the Six Months Ended June 30,
    2021    2022   2021    2022
    RMB   RMB   USD   RMB   RMB   USD
Web loss attributable to widespread shareholders   (77,177 )   (39,377 )   (5,881 )   (48,656 )   (28,820 )   (4,302 )
Share-based compensation bills   (6,119 )   1,920     287     4,108     3,703     553  
Non-GAAP web loss attributable to widespread shareholders   (83,296 )   (37,457 )   (5,594 )   (44,548 )   (25,117 )   (3,749 )
                                     

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