GUANGZHOU, China, Feb. 02, 2024 (GLOBE NEWSWIRE) -- FANHUA Inc. ("FANHUA" or the "Company") (NASDAQ:FANH), a leading independent financial services provider in China, today announced that Mr. Stephen Markscheid has tendered his resignation as an independent director of the Company due to personal reasons, effective on February 1, 2024. Accordingly, Mr. Markscheid will cease to be a member of each of the audit committee, the corporate governance and nominating committee and the compensation committee of the ...

Fanhua Inc. (NASDAQ:FANH) Q3 2023 Results Conference Call November 20, 2023 8:00 PM ET Company Participants Oasis Qiu - Investor Relations Manager Yinan Hu - Co-Chairman and Chief Executive Officer Ben Lin - Co-Chairman and Chief Strategy Officer Conference Call Participants Yuyu Zhang - CICC Operator Thank you for standing by for Fanhua's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. All lines have been placed on mute to prevent background noise. Aft ...

Exhibit 99.1 IR-382 FANHUA Reports Third Quarter 2023 Unaudited Financial Results -- Net Income Attributable to Shareholders for the Third Quarter of 2023 Up 382.6% YoY -- GUANGZHOU, China, November 20, 2023, Eastern Standard Time, (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 third quarter ended September 30, 2023. Financial Highlights for the Third Quarter of 2023: ...

Exhibit 99.1 IR-379 FANHUA Reports Second Quarter 2023 Unaudited Financial Results -- Operating Income for the Second Quarter of 2023 Up 177.3% YoY, Beating Prior Guidance -- GUANGZHOU, China, August 30, 2023, Eastern Daylight Time, (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 second quarter ended June 30, 2023. Financial Highlights for the Second Quarter of 2023: | ...

Fanhua Inc. (NASDAQ:FANH) Q2 2023 Earnings Conference Call August 30, 2023 9:00 PM ET Company Participants Oasis Qiu - Investor Relations Manager Yinan Hu - Co-Chairman and Chief Executive Officer Ben Lin - Co-Chairman and Chief Strategy Officer Conference Call Participants Coco Gong - Morgan Stanley Operator Thank you for standing by for Fanhua's Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. All lines have been placed on mute to prevent background n ...

Fanhua Inc. (NASDAQ:FANH) Q1 2023 Earnings Conference Call June 5, 2023 8:30 AM ET Company Participants Yinan Hu - Chairman and CEO Lichong Liu - Chief Operating Officer Peng Ge - Chief Financial Officer Oasis Qiu - IR Manager Conference Call Participants Daniel Wong - JPMorgan Operator Thank you for standing by for Fanhua's First Quarter 2023 Earnings Conference Call. [Operator instructions] I would now like to turn the meeting over to your host for today's conference, Ms. Oasis Qiu, Fanhua's Investor Rela ...

Fanhua Reports First Quarter 2023 Unaudited Financial Results -- Operating Income for the First Quarter of 2023 up 193.1% YoY, Beating Prior Guidance-- GUANGZHOU, China, May 30, 2023, Eastern Daylight Time, (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 quarter ended March 31, 2023. Financial Highlights for the First Quarter of 2023: | --- | --- | --- | --- | -- ...

Financial Position - As of December 31, 2022, the company had cash and cash equivalents of RMB567.5 million (US$82.3 million) and short-term investments of RMB347.8 million (US$50.4 million) [493] - As of December 31, 2022, the company had aggregate undistributed earnings of approximately RMB1,399.7 million (US$202.9 million) available for distribution [509] - The company experienced a foreign currency translation gain of RMB3.7 million (US$0.5 million) in 2022 due to fluctuations in exchange rates [492] Cash Flow and Operating Activities - Net cash generated from operating activities for the year ended December 31, 2022 was RMB137.8 million (US$20.0 million), with a net income of RMB85.7 million (US$12.4 million) [499] - The company anticipates that its cash flow from operations will be sufficient to meet its cash needs for at least the next 12 months [495] Investment Activities - Net cash used in investing activities for the year ended December 31, 2022 was RMB127.6 million (US$18.5 million), primarily due to cash used for purchasing short-term investment products [501] - The company incurred capital expenditures of RMB77.7 million (US$11.3 million) for the year ended December 31, 2022, primarily for IT infrastructure and online platforms [506] Financing Activities - Net cash used in financing activities was RMB20.4 million (US$3.0 million) for the year ended December 31, 2022, mainly for dividend payments totaling RMB52.1 million (US$7.5 million) [504] Business Strategy and Marketing - The company expects to require cash for ongoing business needs, particularly for acquisitions of quality insurance intermediary companies and expansion of its distribution network [494] - The company plans to increase spending on marketing and advertising to enhance brand recognition and promote online platforms [494] Revenue Recognition and Estimates - The constraint applied to the total estimated renewal commissions for long-term life insurance products decreased from 86% as of December 31, 2021, to 69% as of December 31, 2022 [519] - The company has accumulated sufficient historical data and experiences to make reasonable estimates of variable considerations starting from January 1, 2021 [517] - The estimated renewal commissions are recognized as revenue only when it is probable that a significant reversal in cumulative revenue recognized will not occur [517] - The company continues to reassess the estimated constrained values on a quarterly basis to ensure the reasonableness of applied assumptions [521] - The estimation of variable consideration is influenced by factors such as limited history of selling current life insurance products and the complexity of renewal rate estimates [519] Accounting Practices - The company uses the equity method of accounting for investments where it can exercise significant influence but does not have controlling interest [522] - Fair values of investments in equity investees are determined using valuation techniques based on the best available information, including projected revenue growth rates and profit margins [523] - The company has not adopted any recently issued accounting pronouncements that may impact its financial position and results of operations [524]

Financial Data and Key Metrics Changes - In Q4 2022, total gross written premiums (GWP) reached approximately RMB3.6 billion, an increase of 11.7% year-over-year, with first-year premiums (FYP) growing by 19.6% year-over-year [12][14] - For the full year 2022, total GWP facilitated by Fanhua grew by 10.3% year-over-year to RMB12.9 billion, while FYP reached RMB2.9 billion, up by 3.5% year-over-year [14] - Non-GAAP net income attributable to shareholders grew by 76.1% year-over-year to RMB70.9 million, with operating income for 2022 reaching RMB168 million [13][14] Business Line Data and Key Metrics Changes - The number of premium agents increased year-over-year for three consecutive quarters, with their contribution to new business rising to 56% in 2022, up from 45% the previous year [12] - The affiliated fund RONS Open Platform division achieved profitability one year into operation, connecting with over 130 institutional clients and facilitating over RMB250 million in first-year premiums, representing a sixfold growth from 2021 [12] Market Data and Key Metrics Changes - The insurance industry in China is undergoing a transformation, with a shift towards more elite, personalized, and fragmented sales organizations [5][19] - The competition is expected to focus on digital technology and AI-driven platforms, leading to a concentration of support platforms for independent agents [6][22] Company Strategy and Development Direction - Fanhua's strategy includes professionalization, career-based development, digitalization, and an open platform approach, aiming to transform from a traditional distributor to a digital technology-based platform company [6][14] - The company plans to enhance its digital operation capabilities and accelerate strategic acquisitions, targeting at least 50% year-over-year growth in both life insurance FYP and operating income in 2023 [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of China's economy post-pandemic, which is expected to provide a favorable environment for the insurance industry's transformation [14][15] - The competitive landscape is evolving, with a trend towards the consolidation of support platforms and the need for independent agents to join these platforms for sustained growth [19][22] Other Important Information - Fanhua has completed the construction of its open platform, which has shown encouraging results in agent support and productivity [7][11] - The company has initiated several acquisitions to accelerate the expansion of its open platform strategy, with plans to acquire 10 insurance intermediate companies in 2023 [14][24] Q&A Session Summary Question: Outlook for the insurance agent and brokerage industry in China - Management noted that the competitive landscape is undergoing fundamental changes, with sales organizations becoming more elite and fragmented, requiring support from digital platforms [19][20] Question: Details on the open platform strategy and future acquisitions - Management confirmed that they have announced three acquisitions and have 10 more in the pipeline, with plans to acquire 20 to 30 regional leading insurance intermediate companies over the next two years [24]

Exhibit 99.1 Financial Highlights for the Fourth Quarter of 2022: Financial Highlights for Year 2022: IR-372 Fanhua Reports Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results -- Net Income Attributable to Shareholders for the Fourth Quarter of 2022 up 545.0% YoY -- GUANGZHOU, China, March 13, 2023, Eastern Daylight Time, (GLOBE NEWSWIRE) Fanhua Inc. (Nasdaq: FANH) (the "Company" or "Fanhua"), a leading independent financial services provider in China, today announced its unaudited financial res ...