AIFU Inc 6-K, filed Mar 20, 2024

AIFU Inc. (AIFU)

6-K 2024-03-20 For: 2024-03-20

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Added on April 11, 2026

About this 6-K

AIFU Inc filed this 6-K on March 20, 2024.

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	Fanhua Inc.

	By:	/s/ Yinan Hu
	Name: Title:	Yinan Hu Chief Executive Officer

Exhibit No.		Description.

Exhibit 99.1		Press Release

(In thousands, except per ADS data and percentages)	2022 (RMB)		2023 (RMB)		2023 (US$)		Change %
Total net revenues		2,781,614		3,198,389		450,484		15.0
Operating income		168,675		195,825		27,581		16.1
Net income attributable to shareholders		100,272		280,477		39,504		179.7
Adjusted EBITDA²		184,786		243,300		34,268		31.7
Diluted net income per ADS		1.87		5.21		0.74		178.6
Cash, cash equivalent, short-term investments at end of the period		915,279		1,449,808		204,201		58.4
Key operating metrics
Total life gross written premiums (“GWP”)		12,408,998		16,109,985		2,269,044		29.8
- First year premium (“FYP”)		2,556,867		3,478,110		489,882		36.0
- Renewal premium		9,852,131		12,631,875		1,779,162		28.2

Financial Highlights for the Fourth Quarter of 2023: (In thousands, except per ADS data and percentages)	2022Q4 (RMB)		2023Q4 (RMB)			2023Q4 (US$)			Change %
Total net revenues		767,365		603,392			84,986			(21.4	)
Operating income		84,893		16,242			2,288			(80.9	)
Net income (loss) attributable to shareholders		70,616		(27,189	)		(3,829	)		N/A
Adjusted EBITDA²		77,103		40,150			5,655			(47.9	)
Diluted net income (loss) per ADS		1.31		(0.51	)		(0.07	)		N/A
Key operating metrics
Total life gross written premiums (“GWP”)		3,465,190		3,969,430			559,083			14.6
- First year premium (“FYP”)		918,822		564,170			79,462			(38.6	)
- Renewal premium		2,546,368		3,405,260			479,621			33.7

³	Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of net revenues.
⁴	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.
⁵	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

	As of December 31,			As of December 31,			As of December 31,
	2022			2023			2023
	RMB			RMB			US$
ASSETS:
Current assets:
Cash and cash equivalents		567,525			521,538			73,457
Restricted cash		59,957			53,238			7,498
Short term investments		347,754			928,270			130,744
Accounts receivable, net		667,554			639,418			90,060
Insurance premium receivables		－			16			2
Other receivables		231,049			111,754			15,740
Other current assets		419,735			121,331			17,090
Total current assets		2,293,574			2,375,565			334,591

Non-current assets:
Restricted bank deposit – non-current		20,729			27,228			3,835
Contract assets, net - non-current		385,834			711,424			100,202
Property, plant, and equipment, net		98,459			91,659			12,910
Goodwill and intangible assets, net		109,997			432,465			60,912
Deferred tax assets		20,402			40,735			5,737
Investment in affiliates		4,035			－			－
Other non-current assets		11,400			235,752			33,205
Right of use assets		145,086			136,056			19,163
Total non-current assets		795,942			1,675,319			235,964
Total assets		3,089,516			4,050,884			570,555

Current liabilities:
Short-term loan		35,679			164,300			23,141
Accounts payable		436,784			406,807			57,298
Insurance premium payables		16,580			14,943			2,105
Other payables and accrued expenses		174,326			185,999			26,197
Accrued payroll		96,279			94,305			13,283
Income tax payable		130,024			100,260			14,121
Current operating lease liability		62,304			57,164			8,051
Total current liabilities		951,976			1,023,778			144,196

Non-current liabilities:
Accounts payable – non-current		192,917			401,385			56,534
Other tax liabilities		36,647			34,368			4,841
Deferred tax liabilities		102,455			149,151			21,007
Non-current operating lease liability		74,190			71,311			10,044
Other non-current liabilities		－			33,373			4,701
Total non-current liabilities		406,209			689,588			97,127
Total liabilities		1,358,185			1,713,366			241,323

Ordinary shares		8,091			8,675			1,222
Treasury stock		(10	)		(178	)		(25	)
Additional Paid-in capital		461			162,721			22,919
Statutory reserves		559,520			608,376			85,688
Retained earnings		1,087,984			1,319,605			185,862
Accumulated other comprehensive loss		(32,643	)		(27,936	)		(3,935	)
Total shareholders’ equity		1,623,403			2,071,263			291,731
Non-controlling interests		107,928			266,255			37,501
Total equity		1,731,331			2,337,518			329,232
Total liabilities and equity		3,089,516			4,050,884			570,555

	For the Three Months Ended									For the Twelve Months Ended
	December 31,									December 31,
	2022			2023			2023			2022			2023			2023
	RMB			RMB			US$			RMB			RMB			US$
Net revenues:
Agency		662,755			483,552			68,107			2,376,851			2,760,448			388,801
Life insurance business		627,479			446,510			62,890			2,237,312			2,593,803			365,330
Non-life insurance business		35,276			37,042			5,217			139,539			166,645			23,471
Claims adjusting		104,610			119,840			16,879			404,763			437,941			61,683
Total net revenues		767,365			603,392			84,986			2,781,614			3,198,389			450,484
Operating costs and expenses:
Agency		(428,707	)		(310,200	)		(43,691	)		(1,527,572	)		(1,868,672	)		(263,197	)
Life insurance business		(406,188	)		(284,161	)		(40,023	)		(1,436,606	)		(1,749,475	)		(246,408	)
Non-life insurance business		(22,519	)		(26,039	)		(3,668	)		(90,966	)		(119,197	)		(16,789	)
Claims adjusting		(65,702	)		(73,210	)		(10,311	)		(268,031	)		(276,744	)		(38,979	)
Total operating costs		(494,409	)		(383,410	)		(54,002	)		(1,795,603	)		(2,145,416	)		(302,176	)
Selling expenses		(61,754	)		(60,245	)		(8,485	)		(272,706	)		(250,223	)		(35,243	)
General and administrative expenses		(126,309	)		(143,495	)		(20,211	)		(544,630	)		(606,925	)		(85,484	)
Total operating costs and expenses		(682,472	)		(587,150	)		(82,698	)		(2,612,939	)		(3,002,564	)		(422,903	)
Income from operations		84,893			16,242			2,288			168,675			195,825			27,581
Other income (loss), net:
Gains (loss) from fair value change		－			(61,459	)		(8,656	)		－			102,867			14,489
Investment income		8,765			22,224			3,130			17,809			49,106			6,916
Interest income		3,899			2,576			363			13,674			15,047			2,119
Financial cost		－			(2,009	)		(283	)		－			(9,357	)		(1,318	)
Others, net		(12,743	)		12,896			1,816			(3,823	)		(3,670	)		(517	)
Income (loss) from operations before income taxes and share income of affiliates		84,814			(9,530	)		(1,342	)		196,335			349,818			49,270
Income tax expense		(18,465	)		(5,000	)		(704	)		(41,016	)		(59,402	)		(8,367	)
Share of income (loss) of affiliates, net of impairment		(841	)		(554	)		(78	)		(69,596	)		(1,317	)		(185	)
Net income (loss)		65,508			(15,084	)		(2,124	)		85,723			289,099			40,718

Less: net (loss) income attributable to non-controlling interests		(5,108	)		12,105			1,705			(14,549	)		8,622			1,214
Net income (loss) attributable to the Company’s shareholders		70,616			(27,189	)		(3,829	)		100,272			280,477			39,504

	For The Three Months Ended									For The Twelve Months Ended
	December 30,									December 30,
	2022			2023			2023			2022			2023		2023
	RMB			RMB			US$			RMB			RMB		US$
Net income (loss) per share:
Basic		0.07			(0.03	)		－			0.09			0.26		0.04
Diluted		0.07			(0.03	)		－			0.09			0.26		0.04
Net income (loss) per ADS:
Basic		1.31			(0.51	)		(0.07	)		1.87			5.22		0.74
Diluted		1.31			(0.51	)		(0.07	)		1.87			5.21		0.74
Shares used in calculating net income per share:
Basic		1,074,204,304			1,070,501,493			1,070,501,493			1,074,196,310			1,074,372,067		1,074,372,067
Diluted		1,075,017,689			1,070,501,493			1,070,501,493			1,074,457,821			1,076,740,198		1,076,740,198
Net income (loss)		65,508			(15,084	)		(2,124	)		85,723			289,099		40,718
Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments		(1,018	)		(6,354	)		(895	)		3,728			2,249		317
Share of other comprehensive income of affiliates		—			—			—			4,688			—		—
Unrealized net (losses) gains on available-for-sale investments		(3,157	)		(5,625	)		(792	)		(1,919	)		2,458		346
Comprehensive income (loss)		61,333			(27,063	)		(3,811	)		92,220			293,806		41,381
Less:
Comprehensive (loss) income attributable to the non-controlling interests		(5,108	)		12,105			1,706			(14,549	)		8,622		1,214
Comprehensive income (loss) attributable to the Company’s shareholders		66,441			(39,168	)		(5,517	)		106,769			285,184		40,167

	For the Three Months Ended									For the Twelve Months Ended
	December 31,									December 31,
	2022			2023			2023			2022			2023			2023
	RMB			RMB			US$			RMB			RMB			US$
OPERATING ACTIVITIES
Net income (loss)		65,508			(15,084	)		(2,124	)		85,723			289,099			40,718
Adjustments to reconcile net income to net cash generated from operating activities:
Investment income		(8,032	)		（8,479)			(1,194	)		(10,963	)		(17,047	)		(2,401	)
Share of loss (income) of affiliates, net of impairment		841			554			78			69,596			1,317			185
Other non-cash adjustments		53,295			90,583			12,733			168,371			67,194			9,464
Changes in operating assets and liabilities		43,305			(9,064	)		(1,253	)		(174,975	)		(235,578	)		(33,179	)
Net cash generated from operating activities		154,917			58,510			8,240			137,752			104,985			14,787
Cash flows from investing activities:
Purchase of short-term investments		(556,540	)		(1,481,600	)		(208,679	)		(2,550,300	)		(4,399,910	)		(619,714	)
Proceeds from disposal of short-term investments		751,694			1,493,611			210,371			3,239,556			4,226,001			595,220
Prepayment for acquisition of short-term investments		(200,000	)		—-			—			(540,000	)		—			—
Cash rendered for loan receivables from third parties		—			(50,000	)		(7,042	)		(205,800	)		(160,000	)		(22,536	)
Cash received for loan receivables from third parties		4,500			9,000			1,268			24,500			229,000			32,254
Purchase of a long-term investment		—			(10,463	)		(1,474	)		—			(135,463	)		(19,080	)

Others		(1,271	)		(7,540	)		(1,062	)		(95,518	)		(5,449	)		(767	)
Net cash used in investing activities		(1,617	)		(46,992	)		(6,618	)		(127,562	)		(245,821	)		(34,623	)
Cash flows from financing activities：
Dividends paid		—			—			—			(52,069	)		—			—
Proceeds from bank and other borrowings		35,679			32			5			35,679			182,300			25,676
Repayment of bank and other borrowings		—			(35,712	)		(5,030	)		—			(56,627	)		(7,976	)
Interests paid		—			(2,930	)		(413	)		—			(9,358	)		(1,318	)
Acquisition of additional equity interests in non-wholly owned subsidiaries		—			—			—			—			(110	)		(15	)
Repurchase of ordinary shares from open market		(3,984	)		(5,012	)		(706	)		(3,984	)		(29,044	)		(4,091	)
Capital contribution from non-controlling interests		—			7,330			1,032			—			7,330			1.032
Others		—			—			—			3			—			—
Net cash generated from (used in) financing activities		31,695			(36,292	)		(5,112	)		(20,371	)		94,491			13,308
Net increase (decrease) in cash, cash equivalents and restricted cash		184,995			(24,774	)		(3,490	)		(10,181	)		(46,345	)		(6,528	)
Cash, cash equivalents and restricted cash at beginning of period		462,837			633,006			89,157			656,522			648,211			91,299
Effect of exchange rate changes on cash and cash equivalents		379			(6,228	)		(877	)		1,870			138			19
Cash, cash equivalents and restricted cash at end of period		648,211			602,004			84,790			648,211			602,004			84,790

	For The Three Months Ended									For The Twelve Months Ended
	December 31									December 31
	2022			2023			2023			2022			2023			2023
	RMB			RMB			USD			RMB			RMB			USD
Net income	65,508			(15,084		)	(2,124		)	85,723			289,099			40,718
Income tax expense		18,465			5,000			704			41,016			59,402			8,367
Share of income(loss) of affiliates, net of impairment		841			554			78			69,596			1,317			185
Investment income		(8,765	)		(22,224	)		(3,130	)		(17,809	)		(49,106	)		(6,916	)
Interest income		(3,899	)		(2,576	)		(363	)		(13,674	)		(15,047	)		(2,119	)
Financial cost		—			2,009			283			—			9,357			1,318
Depreciation		4,654			3,909			551			19,473			16,192			2,281
Amortization of intangible assets		—			4,198			591			—			17,858			2,515
Share-based compensation expenses		299			2,905			409			461			17,095			2,408
Change in fair value of equity investments and contingent consideration		—			61,459			8,656			—			(102,867	)		(14,489	)
Adjusted EBITDA		77,103			40,150			5,655			184,786			243,300			34,268
Total net revenues		767,365			603,392			84,986			2,781,614			3,198,389			450,484
Adjusted EBITDA Margin		10.0	%		6.7	%		6.7	%		6.6	%		7.6	%		7.6	%
Adjusted EBITDA per ADS ：
Basic		1.44			0.75			0.11			3.44			4.53			0.64
Diluted		1.43			0.75			0.11			3.44			4.52			0.64
Shares used in calculating adjusted EBITDA per share:
Basic		1,074,204,304			1,070,501,493			1,070,501,493			1,074,196,310			1,074,372,067			1,074,372,067
Diluted		1,075,017,689			1,070,501,493			1,070,501,493			1,074,457,821			1,076,740,198			1,076,740,198