Executive Summary & Financial Highlights Fanhua Inc. reported resilient Q3 2022 financial results with operating income growth and strategic focus on high-quality senior care and wealth management [Q3 2022 Financial Performance Overview](index=1&type=section&id=Q3%202022%20Financial%20Performance%20Overview) Fanhua Inc. reported resilient Q3 2022 financial results with operating income growing 14.2% to RMB32.2 million, despite an 8.6% decrease in total net revenues Financial Performance Summary | Metric (RMB) | 2021Q3 | 2022Q3 | Change % | | :-------------------------------------------------- | :----- | :----- | :------- | | Total net revenues | 683,537 | 624,746 | (8.6) | | Operating income | 28,163 | 32,165 | 14.2 | | Net income attributable to the Company's shareholders | 34,250 | 35,371 | 3.3 | | Diluted net income per ADS | 0.64 | 0.66 | 3.1 | | Cash, cash equivalents and short-term investments | 1,397,727 | 1,296,926 | (7.2) | - Gross written premiums (GWP) for life insurance business grew by **6.2% YoY** to **RMB2.8 billion**, with regular life insurance first-year premiums (FYP) increasing by **9.1% YoY** to **RMB529.7 million**[2](index=2&type=chunk) [CEO Commentary & Strategic Focus](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Focus) The CEO emphasized improved sales force quality and productivity, with a strategic focus on senior care, wealth management, and agent empowerment through digitalization - Per capita productivity of performing agents grew by nearly **20% year-over-year**[2](index=2&type=chunk) - The number of '100K Premium Agents' increased by **46% year-over-year**, contributing **48% of FYP** in Q3 2022, up from 39% in Q3 2021[2](index=2&type=chunk) - Strategic initiatives include supporting agents with whole life journey services, empowering professional growth through 3F trainings and 3R marketing models, and improving customer service efficiency through digitalization[4](index=4&type=chunk) Detailed Financial Results (Q3 2022) This section provides a detailed breakdown of Fanhua's Q3 2022 financial performance, covering revenues, operating costs, and profitability metrics [Total Net Revenues](index=2&type=section&id=Total%20Net%20Revenues) Total net revenues decreased 8.6% to RMB624.7 million, primarily due to declines in agency and claims adjusting businesses Total Net Revenues Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Total net revenues | 683.5 million | 624.7 million | (8.6) | [Agency Business Revenues](index=2&type=section&id=Agency%20Business%20Revenues) Agency business revenues saw a decline, primarily driven by the life insurance segment, despite growth in gross written premiums Agency Business Revenues Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Net revenues for agency business | 562.1 million | 522.7 million | (7.0) | | Total GWP (Agency) | N/A | 2,871.1 million | 6.0 | | FYP (Agency) | N/A | 610.9 million | 7.7 | | Renewal premiums (Agency) | N/A | 2,260.1 million | 5.6 | [Life Insurance Business Revenues](index=2&type=section&id=Life%20Insurance%20Business%20Revenues) Life insurance net revenues decreased by 8.5% to RMB480.6 million, influenced by commission rates and product mix changes Life Insurance Business Revenues Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Net revenues for life insurance business | 525.2 million | 480.6 million | (8.5) | | Total life insurance GWP | N/A | 2,789.9 million | 6.2 | | Life insurance FYP | N/A | 529.7 million | 9.1 | | Life insurance renewal premiums | N/A | 2,260.1 million | 5.6 | - The decrease in life insurance net revenues was mainly due to a decrease in the weighted average renewal commission rate of renewal premiums and, to a lesser extent, a change in product mix[6](index=6&type=chunk) - Life insurance business accounted for **76.9%** of total net revenues in Q3 2022[8](index=8&type=chunk) [P&C Insurance Business Revenues](index=3&type=section&id=P%26C%20Insurance%20Business%20Revenues) P&C insurance net revenues increased by 14.1% to RMB42.1 million, contributing 6.8% to total net revenues P&C Insurance Business Revenues Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Net revenues for P&C insurance business | 36.9 million | 42.1 million | 14.1 | - P&C insurance business accounted for **6.8%** of total net revenues in Q3 2022[8](index=8&type=chunk) [Claims Adjusting Business Revenues](index=3&type=section&id=Claims%20Adjusting%20Business%20Revenues) Claims adjusting business revenues decreased by 16.0% to RMB102.0 million due to COVID-19 disruptions and medical-insurance contraction Claims Adjusting Business Revenues Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Net revenues for claims adjusting business | 121.4 million | 102.0 million | (16.0) | - The decrease was due to disruption from COVID-19 lockdowns and contraction of medical-insurance related claims adjusting business[9](index=9&type=chunk) - Claims adjusting business accounted for **16.3%** of total net revenues in Q3 2022[9](index=9&type=chunk) [Operating Costs and Expenses](index=3&type=section&id=Operating%20Costs%20and%20Expenses) Total operating costs and expenses decreased 9.6% to RMB592.6 million, driven by lower commission and general and administrative expenses Total Operating Costs and Expenses Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Total operating costs and expenses | 655.4 million | 592.6 million | (9.6) | [Commission Costs](index=3&type=section&id=Commission%20Costs) Total commission costs decreased by 10.8% to RMB393.4 million, with both life and P&C insurance segments seeing reductions Total Commission Costs Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Total Commission costs | 440.9 million | 393.4 million | (10.8) | [Agency Business Commission Costs](index=3&type=section&id=Agency%20Business%20Commission%20Costs) Agency business commission costs decreased by 11.8% to RMB324.1 million, primarily from the life insurance segment Agency Business Commission Costs Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Commission costs for agency business | 367.5 million | 324.1 million | (11.8) | | Life insurance business costs | 341.6 million | 298.9 million | (12.5) | | P&C insurance business costs | 25.9 million | 25.2 million | (2.7) | - Costs incurred by the life insurance business accounted for **76.0%** of total commission costs, while P&C insurance business costs accounted for **6.4%**[10](index=10&type=chunk)[11](index=11&type=chunk) [Claims Adjusting Business Commission Costs](index=3&type=section&id=Claims%20Adjusting%20Business%20Commission%20Costs) Claims adjusting business costs decreased by 5.6% to RMB69.3 million, representing 17.6% of total commission costs Claims Adjusting Business Commission Costs Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Costs of claims adjusting business | 73.4 million | 69.3 million | (5.6) | - Costs incurred by the claims adjusting business accounted for **17.6%** of total commission costs[11](index=11&type=chunk) [Selling Expenses](index=3&type=section&id=Selling%20Expenses) Selling expenses decreased by 3.2% to RMB69.3 million in Q3 2022 Selling Expenses Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Selling expenses | 71.6 million | 69.3 million | (3.2) | [General and Administrative Expenses](index=3&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses decreased by 9.2% to RMB129.8 million due to personnel optimization, despite IT and training investments General and Administrative Expenses Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | General and administrative expenses | 142.9 million | 129.8 million | (9.2) | - The decrease was mainly due to cost savings from personnel optimization, partially offset by increased expenditures on IT infrastructure and trainings[12](index=12&type=chunk) [Profitability Metrics](index=3&type=section&id=Profitability%20Metrics) Fanhua achieved a 14.2% increase in operating income and improved margins, despite a decrease in net income due to lower investment income [Operating Income and Margin](index=3&type=section&id=Operating%20Income%20and%20Margin) Operating income increased by 14.2% to RMB32.2 million, with operating margin improving by 1.0 percentage point to 5.1% Operating Income and Margin Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Operating income | 28.2 million | 32.2 million | 14.2 | | Operating margin | 4.1% | 5.1% | 1.0 pp | [Investment Income](index=4&type=section&id=Investment%20Income) Investment income decreased significantly by 68.2% to RMB2.8 million, derived from short-term financial products Investment Income Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Investment income | 8.8 million | 2.8 million | (68.2) | - Investment income consisted of yields from short-term investments in financial products, recognized upon maturity or disposal[13](index=13&type=chunk) [Income Tax Expense](index=4&type=section&id=Income%20Tax%20Expense) Income tax expense decreased by 7.5% to RMB8.6 million, with the effective tax rate falling to 20.2% Income Tax Expense Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Income tax expense | 9.3 million | 8.6 million | (7.5) | | Effective tax rate | 21.4% | 20.2% | (1.2) pp | [Net Income and EPS](index=4&type=section&id=Net%20Income%20and%20EPS) Net income decreased by 9.8% to RMB33.2 million, while diluted net income per ADS increased by 3.1% to RMB0.66 Net Income and EPS Overview | Metric | 2021Q3 (RMB) | 2022Q3 (RMB) | Change % | | :---------------------- | :----------- | :----------- | :------- | | Net income | 36.8 million | 33.2 million | (9.8) | | Net income attributable to shareholders | 34.3 million | 35.4 million | 3.3 | | Net margin | 5.0% | 5.7% | 0.7 pp | | Diluted net income per ADS | 0.64 | 0.66 | 3.1 | Operational Metrics This section reviews Fanhua's operational performance, including platform usage, agent network, and distribution channels [Lan Zhanggui Platform](index=4&type=section&id=Lan%20Zhanggui%20Platform) Lan Zhanggui platform saw a 6.4% increase in active users to 17,822, maintaining stable insurance premiums generated Lan Zhanggui Platform Metrics | Metric | 2021Q3 | 2022Q3 | Change % | | :---------------------- | :----- | :----- | :------- | | Active users | 16,745 | 17,822 | 6.4 | | Insurance premiums generated (RMB) | 452.6 million | 454.2 million | 0.4 | [Baowang Platform](index=4&type=section&id=Baowang%20Platform) Baowang platform experienced a 50.8% decrease in active customer accounts but a 101.9% increase in premiums per active customer account Baowang Platform Metrics | Metric | 2021Q3 | 2022Q3 | Change % | | :---------------------- | :----- | :----- | :------- | | Active customer accounts | 116,991 | 57,575 | (50.8) | | Insurance premiums generated (RMB) | 88.8 million | 88.4 million | (0.5) | | Premiums per active customer account (RMB) | 760 | 1,535 | 101.9 | [Agent Network and Distribution](index=4&type=section&id=Agent%20Network%20and%20Distribution) Agent network saw a 46.0% decrease in performing agents, reflecting a strategic shift towards high-performing agents and high-end customers Agent Network Metrics | Metric | 2021Q3 | 2022Q3 | Change % | | :---------------------- | :----- | :----- | :------- | | Total performing agents | 60,887 | 32,884 | (46.0) | | Performing agents for life insurance | 16,576 | 7,598 | (54.2) | - The decrease in life insurance performing agents was primarily due to a strategic shift to serving high-end customers and high-performing agents, moving towards an elite-based agent pool[16](index=16&type=chunk) Distribution Network Outlets | Metric | As of Sep 30, 2021 | As of Sep 30, 2022 | Change | | :---------------------- | :----------------- | :----------------- | :----- | | Sales outlets | 750 | 697 | (53) | | Service outlets | 110 | 100 | (10) | Recent Developments & Business Outlook This section highlights recent achievements and provides Fanhua's business outlook for Q4 2022, considering industry challenges [Recent Achievements](index=6&type=section&id=Recent%20Achievements) eHuzhu platform expanded its member base and facilitated RMB1.2 billion in medical aid, while Fanhua received recognition for its RONS Open Platform - eHuzhu, Fanhua's online mutual aid platform, gathered over **1.9 million paying members** and assisted **10,323 families** in raising approximately **RMB1.2 billion** for medical costs as of September 30, 2022[20](index=20&type=chunk) - Fanhua was selected into the Top 100 Digitalized Insurance Institutions of 2022 for its innovative RONS Open Platform[20](index=20&type=chunk) [Q4 2022 Business Outlook](index=2&type=section&id=Q4%202022%20Business%20Outlook) Fanhua anticipates continued industry challenges due to COVID-19 but expects Q4 2022 operating income to be no less than RMB30.0 million - The growth prospect of the Chinese insurance industry remains challenging for Q4 2022 due to ongoing COVID-19 resurgences[4](index=4&type=chunk) - Fanhua expects its operating income to be no less than **RMB30.0 million** for the fourth quarter of 2022[21](index=21&type=chunk) Company Information This section provides an overview of Fanhua Inc., its forward-looking statements, and investor relations contact information [About Fanhua Inc.](index=6&type=section&id=About%20Fanhua%20Inc.) Fanhua Inc. is a leading independent financial services provider in China, offering diverse insurance products and services through online platforms and an extensive offline network - Fanhua Inc. is a leading independent financial services provider in China, offering life and property and casualty insurance products, insurance claims adjusting services, and value-added services[23](index=23&type=chunk) - Key online platforms include Lan Zhanggui (all-in-one agent platform), Baowang (DTC online insurance platform), and eHuzhu (non-profit online mutual aid platform)[23](index=23&type=chunk) - As of September 30, 2022, Fanhua's network comprised **697 sales outlets** in 23 provinces and **100 service outlets** in 31 provinces[25](index=25&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to various risks and uncertainties, including agent retention, regulatory changes, competition, and macroeconomic conditions - Statements regarding future financial and operating results are forward-looking and subject to risks and uncertainties[26](index=26&type=chunk) - Potential risks include ability to attract and retain agents, maintain insurance company relationships, execute growth strategy, adapt to regulatory changes, compete effectively, and macroeconomic conditions in China, including COVID-19[26](index=26&type=chunk) [Conference Call & Investor Relations](index=6&type=section&id=Conference%20Call%20%26%20Investor%20Relations) Fanhua Inc. hosted a conference call on November 21, 2022, to discuss Q3 2022 financial results, with webcast and investor relations contact details provided - A conference call was scheduled for November 21, 2022, at 8:00 p.m. EST to discuss Q3 2022 financial results[22](index=22&type=chunk) - Live and archived webcast of the conference call is available on Fanhua's investor relations website[22](index=22&type=chunk) - Investor Relations contact: Tel: +86 (20) 8388-3191, Email: qiusr@fanhuaholdings.com[41](index=41&type=chunk) Unaudited Condensed Consolidated Financial Statements This section presents Fanhua's unaudited condensed consolidated financial statements, including balance sheets, income statements, and cash flow statements [Unaudited Condensed Consolidated Balance Sheets](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets and liabilities, with notable shifts in cash, short-term investments, and other receivables Unaudited Condensed Consolidated Balance Sheets | Metric (RMB thousands) | As of Dec 31, 2021 | As of Sep 30, 2022 | | :-------------------------------- | :----------------- | :----------------- | | Total current assets | 2,266,068 | 2,066,283 | | Total non-current assets | 976,050 | 791,016 | | Total assets | 3,242,118 | 2,857,299 | | Total current liabilities | 908,675 | 786,528 | | Total non-current liabilities | 373,081 | 397,088 | | Total liabilities | 1,281,756 | 1,183,616 | | Total equity | 1,960,362 | 1,673,683 | - Cash and cash equivalents decreased from **RMB564.6 million** (Dec 31, 2021) to **RMB377.3 million** (Sep 30, 2022)[30](index=30&type=chunk) - Other receivables increased significantly from **RMB60.8 million** (Dec 31, 2021) to **RMB279.6 million** (Sep 30, 2022), and other current assets from **RMB39.9 million** to **RMB220.9 million**[30](index=30&type=chunk) [Unaudited Condensed Consolidated Statements of Income and Comprehensive Income](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Consolidated statements show decreased total net revenues for both periods, with quarterly operating income up but nine-month operating income significantly down Unaudited Condensed Consolidated Statements of Income and Comprehensive Income | Metric (RMB thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total net revenues | 683,537 | 624,746 | 2,468,485 | 2,014,249 | | Income from operations | 28,163 | 32,165 | 219,569 | 83,782 | | Net income | 36,765 | 33,202 | 241,485 | 20,215 | | Net income attributable to shareholders | 34,250 | 35,371 | 240,040 | 29,656 | | Diluted net income per ADS | 0.64 | 0.66 | 4.47 | 0.55 | - Share of income of affiliates turned into a loss for both the three and nine months ended September 30, 2022[34](index=34&type=chunk) - Comprehensive income attributable to the Company's shareholders increased for the three months ended Sep 30, 2022, but decreased significantly for the nine-month period[37](index=37&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flow](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Operating cash flow was positive for the quarter but negative for nine months, with significant investing outflows due to short-term investments and third-party loans Unaudited Condensed Consolidated Statements of Cash Flow | Metric (RMB thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net cash generated from (used in) operating activities | 17,705 | 19,788 | 58,082 | (17,165) | | Net cash generated from (used in) investing activities | 329,365 | (151,120) | 533,788 | (125,945) | | Net cash used in financing activities | (51,958) | — | (209,207) | (52,066) | | Net increase (decrease) in cash, cash equivalents and restricted cash | 295,112 | (131,332) | 382,663 | (195,176) | | Cash, cash equivalents and restricted cash at end of period | 724,099 | 462,837 | 724,099 | 462,837 | - Significant cash outflows in investing activities for the nine months ended Sep 30, 2022, included **RMB340.0 million** prepayment for short-term investments and **RMB205.8 million** cash lent to third parties[40](index=40&type=chunk)

Start Time: 20:00 January 1, 0000 8:36 PM ET Fanhua Inc. (NASDAQ:FANH) Q3 2022 Earnings Conference Call November 21, 2022, 20:00 PM ET Company Participants Yinan Hu - Chairman and CEO Oasis Qiu - IR Manager Conference Call Participants Operator Thank you for standing by for Fanhua's Third Quarter 2022 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. After the management's prepared remarks, there will be a ques ...

Financial Data and Key Metrics Changes - In Q2 2022, the insurance business grew 12.2% year-over-year to RMB2.9 billion in gross written premiums, with life insurance first-year premiums reaching RMB615.7 million, up 43.7% year-over-year and 25% quarter-over-quarter [7][10] - Operating income for the quarter was RMB31 million, exceeding prior expectations, but down from a profit of RMB3.5 million in the same period last year due to COVID-19 impacts and increased investments [10][11] - Excluding specific impacts, operating income would have been approximately RMB63 million, representing a growth of 34% [11] Business Line Data and Key Metrics Changes - The number of high-performing agents increased significantly, with three-month 10,000 Premium Agents up 23.6% year-over-year and 100,000 Premium Agents up 41.2% year-over-year [8][9] - The total number of performing agents decreased by 37.6% as the company focused on high-performing agents [9] Market Data and Key Metrics Changes - The company reported a strong demand for savings products driven by the aging population in China, with expectations of continued demand over the next decade [28][30] - Whole-life insurance and annuity products accounted for 79% of first-year premiums, up from 68% year-over-year, while critical illness products dropped to 7% from 20% [27] Company Strategy and Development Direction - The company is focusing on recruitment and training of top talents, expanding Family Office Consultant and Family Retirement Planner training programs, and leveraging advantages in insurance trust services and healthcare [12][13][15] - Plans to enhance digital operations through the upgraded Lan Zhanggui app, which has shown significant improvements in operational efficiencies [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive growth with an operating income of no less than RMB30 million in the second half of 2022, despite external challenges such as COVID-19 and regulatory requirements [18][22] - The company believes it has bottomed out and does not expect further substantial declines in business [23] Other Important Information - The company has organized over 100 customer engagement activities and set up 123 trust accounts with over RMB1.2 billion in trusted assets [13][14] - The management is optimistic about the long-term demand for savings products due to demographic trends in China [28] Q&A Session Summary Question: Expectations for revenue and profit in the second half of the year - Management indicated that new strategies are effective in driving growth, with expectations for growth momentum to pick up in the latter half of the year, despite challenges [21][22] Question: Profile of sales agents - Approximately 60% of agents are aged 40 to 60, aligning with the target customer demographic, with efforts to recruit younger, higher-educated agents [24][26] Question: Current product mix and demand for savings products - Whole-life and annuity products dominate the mix, with strong future demand anticipated for savings products driven by the aging population [27][28]

Financial Performance - Total net revenues for Q2 2022 were RMB 703.1 million (US$ 105.0 million), representing a 1.9% increase from RMB 689.9 million in Q2 2021[8] - Operating income for Q2 2022 was RMB 31.0 million (US$ 4.6 million), a decrease of 39.2% from RMB 51.0 million in Q2 2021[16] - Net income attributable to shareholders for Q2 2022 was RMB 32.1 million (US$ 4.8 million), down 52.3% from RMB 67.4 million in Q2 2021[3] - Total operating costs and expenses increased by 5.2% to RMB 672.1 million (US$ 100.3 million) in Q2 2022 compared to RMB 638.9 million in Q2 2021[13] - The operating margin for Q2 2022 was 4.4%, down from 7.4% in Q2 2021[18] - Net income for the second quarter of 2022 was RMB 28.7 million (US$ 4.3 million), a decrease of 58.6% from RMB 69.4 million in the same period of 2021[19] - For the first half of 2022, total net revenues were RMB 1,389.5 million (US$ 207.4 million), a decrease of 22.2% from RMB 1,784.9 million in the first half of 2021[4] - Non-GAAP net income attributable to shareholders for the first half of 2022 was RMB 72.6 million (US$ 10.8 million), a decrease of 64.7% from RMB 205.8 million in the first half of 2021[4] - Basic net income per share for Q2 2022 was RMB 0.03, down from RMB 0.06 in Q2 2021[57] - Total net revenues for the first half of 2022 were RMB 1,389.5 million (US$ 207.4 million), representing a decrease of 22.2% from RMB 1,784.9 million for the corresponding period in 2021[21] - Net revenues decreased by 22.2% to $1,389,503 million in 2022 from $1,784,948 million in 2021[62] - Income from operations fell by 73.0% to $51,617 million in 2022 compared to $191,406 million in 2021[62] - Operating margin declined to 3.7% in 2022 from 10.7% in 2021, a decrease of 65.4%[62] - Net income attributable to the Company's shareholders was a loss of $5,715 million in 2022, down from a profit of $205,790 million in 2021, representing a 64.7% decline[62] - Net margin dropped to (0.4)% in 2022 from 11.5% in 2021, a decrease of 54.8%[62] - Basic net income per ADS decreased by 64.8% to $(0.11) in 2022 from $3.83 in 2021[62] Life Insurance Performance - Life insurance first year premiums (FYP) grew 43.7% year-over-year to RMB 615.7 million in Q2 2022, contributing to a total gross written premium (GWP) of RMB 2.9 billion, which is a 12.2% increase year-over-year[6] - Net revenues for the life insurance business were RMB 1,129.2 million (US$ 168.6 million) for the first half of 2022, a decrease of 25.3% from RMB 1,512.0 million in the same period of 2021[22] - Life insurance business revenues increased to RMB 570,654 thousand in Q2 2022, up 5.1% from RMB 542,789 thousand in Q2 2021[55] Operational Metrics - The number of "3-month 10K Premium Agents" increased by 23.6% year-over-year, with per capita productivity up 33.3% year-over-year[6] - The number of active users of Lan Zhanggui was 15,797 in the second quarter of 2022, down from 30,760 in the same period of 2021[35] - The number of performing agents was 32,464 in the second quarter of 2022, compared to 50,982 in the same period of 2021[37] - Insurance premiums generated from Lan Zhanggui were RMB 524.6 million (US$ 78.3 million) in the second quarter of 2022, compared to RMB 495.4 million in the corresponding period of 2021[35] Cash and Assets - As of June 30, 2022, the Company had RMB 1,090.0 million (US$ 162.7 million) in cash, cash equivalents, and short-term investments[20] - Total current assets increased to RMB 2,266,068 thousand from RMB 2,052,537 thousand year-over-year, reflecting a growth of approximately 10.4%[51] - Total assets reached RMB 3,242,118 thousand, up from RMB 2,811,854 thousand, indicating a year-over-year increase of about 15.3%[51] - Total liabilities amounted to RMB 1,281,756 thousand, compared to RMB 1,177,333 thousand in the previous year, representing an increase of approximately 8.8%[51] - Retained earnings grew to RMB 1,311,715 thousand from RMB 988,270 thousand, marking an increase of about 32.7% year-over-year[51] Future Outlook - The company expects to achieve an operating profit of no less than RMB 30 million in Q3 2022 despite ongoing challenges from COVID-19 and regulatory requirements[6] - Fanhua expects operating income to be no less than RMB 30 million for Q3 2022, based on current market conditions[43] Risks and Challenges - The company is subject to risks including competition and regulatory changes in the Chinese insurance industry, which may impact future performance[47] Non-GAAP Measures - Non-GAAP net income attributable to shareholders is defined as net income before impairment on investment in an affiliate, providing a clearer view of operational performance[48] - The company emphasizes the importance of non-GAAP financial measures for assessing performance and future planning[49] Online Platforms - Fanhua's online platforms include Lan Zhanggui, Baowang, and eHuzhu, enhancing accessibility to various insurance products[45] - eHuzhu, the online mutual aid platform, gathered over 2.0 million paying members and assisted 9,538 families in raising over RMB 1.1 billion for medical costs[38]

Financial Data and Key Metrics Changes - In Q1 2022, Fanhua's operating income reached RMB 20.6 million, meeting expectations despite external challenges [8] - The gross written premiums (GWP) of Fanhua's life insurance business grew by 10.1% year-over-year, contrasting with a 3.1% decline in the overall life insurance industry in China [7] Business Line Data and Key Metrics Changes - The first-year premiums of life insurance dropped in Q1 2022, but the 13-month persistence ratio remained above 91%, indicating high business quality and stability [7] - The first-year premiums facilitated on Fanhua's RONS open platform reached about RMB 40 million, up by 62.3% quarter-over-quarter [13] Market Data and Key Metrics Changes - The COVID-19 pandemic, particularly the omicron variant, severely impacted offline activities, leading to the cancellation of one-third of training programs and customer activities [6] - The overall life insurance industry in China faced a decline in GWP, which affected consumer demand for insurance products [7] Company Strategy and Development Direction - Fanhua continues to execute its strategy focused on Professionalization, Career-based, Digitalization, and Open Platform, achieving cost reductions and efficiency improvements [8] - The company is enhancing its capabilities to offer insurance trust and family trust services to high-net-worth clients, with significant training sessions conducted for sales agents [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving operating profit in Q2 2022 despite ongoing challenges from COVID-19 and regulatory changes [13] - The management noted that external macroeconomic uncertainties make it difficult to provide accurate full-year guidance, particularly due to the impact of COVID-19 [20] Other Important Information - Fanhua announced a dividend plan to distribute shares equivalent to approximately $31.4 million, close to the total cash dividends paid in 2021 [14] Q&A Session Summary Question: Inquiry about savings product performance and future outlook - The first-year premium of savings products was flat year-over-year, but the percentage of total first-year premium increased compared to previous periods. There is a trend in customer demand shifting towards elderly care products [16][18] - Full-year guidance is challenging due to external uncertainties, particularly from COVID-19, but there are signs of sequential improvement in operational metrics [20] Question: Impact of new sales regulations on commission income - Management welcomed the new measures aimed at promoting healthy industry development and noted that high-performing agents increased their commission income through productivity improvements rather than higher commission rates [22][23]

PART I [Key Information](index=8&type=section&id=Item%203.%20Key%20Information) This section details Fanhua's corporate structure, including its VIE, associated risks, and condensed financial data for its entities [The Consolidated VIE and China Operations](index=8&type=section&id=The%20Consolidated%20VIE%20and%20China%20Operations) Fanhua operates its online insurance business in China through a VIE structure, subject to PRC regulations on fund flows - Fanhua operates its online insurance business via a VIE structure, with a 2021 restructuring reducing direct equity to **49%** while maintaining control through contracts[14](index=14&type=chunk)[15](index=15&type=chunk)[57](index=57&type=chunk) - Fund flows from PRC subsidiaries to the parent are subject to PRC regulations, including currency conversion controls and statutory reserve requirements for dividends[20](index=20&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - In 2021, inter-company cash flows included **RMB 89.8 million** in advances received by subsidiaries from the VIE, **RMB 16.4 million** in repayments, and **RMB 16.2 million** in commissions paid by the VIE to subsidiaries[22](index=22&type=chunk) [Financial Information Related to the VIEs](index=10&type=section&id=Financial%20Information%20Related%20to%20the%20VIEs) This section provides condensed consolidating financial data for 2021, highlighting the VIE's relatively small contribution to total assets and revenues Summary Consolidated Balance Sheet Data as of December 31, 2021 (RMB in thousands) | | Parent | Consolidated VIE and its subsidiaries | WOFE | Other Subsidiaries | Consolidated total | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total assets** | 4,020,407 | 186,143 | 1,902,273 | 6,461,451 | 3,242,118 | | **Total liabilities** | 2,182,522 | 133,789 | 1,377,087 | 2,671,551 | 1,281,756 | | **Total net assets** | 1,837,885 | 52,354 | 525,186 | 3,789,900 | 1,960,362 | Summary Consolidated Statement of Income Data for the Year Ended December 31, 2021 (RMB in thousands) | | Parent | Consolidated VIE and its subsidiaries | WOFE | Other subsidiaries | Consolidated total | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | — | 16,267 | — | 3,268,763 | 3,271,114 | | **Income (loss) from operations** | (331) | 537 | (37,677) | 339,376 | 301,905 | | **Net income** | 250,989 | 515 | 298,837 | 264,725 | 259,941 | Summary Consolidated Cash Flow Data for the Year Ended December 31, 2021 (RMB in thousands) | | Parent | Consolidated VIE and its subsidiaries | WOFE | Other subsidiaries | Consolidated total | | :--- | :--- | :--- | :--- | :--- | :--- | | **Cash flows from operating activities** | (784) | 32,674 | (7,013) | 101,321 | 126,198 | | **Cash flows from investing activities** | 201,339 | (73,430) | (283,323) | 261,650 | 450,399 | | **Cash flows from financing activities** | (242,518) | — | 501,745 | (175,362) | (260,298) | [Risk Factors](index=18&type=section&id=D.%20Risk%20Factors) This section outlines significant investment risks, including corporate structure, business, China operations, and ADS-specific factors - **Corporate Structure Risks:** The VIE structure for online insurance poses a primary risk, as PRC authorities could deem contractual arrangements non-compliant, leading to severe penalties and potential loss of control[56](index=56&type=chunk)[59](index=59&type=chunk)[84](index=84&type=chunk) - **Business and Industry Risks:** Key risks include failure to implement strategic initiatives, potential suspension of contracts with major partners (each over **10%** of 2021 revenue), intense competition, and evolving online insurance regulations[106](index=106&type=chunk)[109](index=109&type=chunk)[137](index=137&type=chunk) - **Risks of Doing Business in China:** Uncertainties in the PRC legal system, government currency controls, potential PRC taxes on global income, and economic downturns pose significant risks[184](index=184&type=chunk)[188](index=188&type=chunk)[195](index=195&type=chunk) - **Risks Related to ADSs and PCAOB Inspections:** Potential delisting from U.S. exchanges under the HFCA Act due to PCAOB inspection issues with the China-based auditor could render ADSs illiquid or worthless[53](index=53&type=chunk)[210](index=210&type=chunk)[214](index=214&type=chunk) [Information on the Company](index=57&type=section&id=Item%204.%20Information%20on%20the%20Company) This section provides a detailed overview of Fanhua Inc., including its corporate history, business operations, organizational structure, and properties [History and Development of the Company](index=57&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Fanhua Inc., incorporated in 2007, re-established a VIE structure in 2021 for its online business and received a privatization proposal - The company re-established a VIE structure for its online insurance business in 2021 to comply with new internet insurance rules, reducing its direct equity in Xinbao Investment to **49%**[257](index=257&type=chunk) - On December 16, 2021, the board received a preliminary non-binding proposal from a consortium led by Chairman and CEO Mr. Yinan Hu to take the company private for **$9.80 per ADS**[182](index=182&type=chunk)[265](index=265&type=chunk) [Business Overview](index=59&type=section&id=B.%20Business%20Overview) Fanhua is a leading independent insurance intermediary in China, operating an O2O model across two segments in a highly regulated market - Fanhua operates an integrated O2O model, combining a large offline network of **284,053 sales agents** as of December 31, 2021, with online platforms like Lan Zhanggui and Baowang[269](index=269&type=chunk)[272](index=272&type=chunk) - The company has two operating segments: Insurance Agency, accounting for **86.0%** of 2021 net revenues, and Claims Adjusting, accounting for **14.0%**[281](index=281&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk)[290](index=290&type=chunk) - The Chinese insurance industry is highly regulated by the CBIRC, which oversees companies and intermediaries, approves products, and enforces market conduct[309](index=309&type=chunk)[321](index=321&type=chunk) - New internet insurance regulations, effective February 2021, prompted the company's 2021 restructuring by setting higher requirements for online platforms and IT system safety[354](index=354&type=chunk)[357](index=357&type=chunk) [Organizational Structure](index=80&type=section&id=C.%20Organizational%20Structure) Fanhua Inc., a Cayman Islands holding company, operates in China through a WOFE and a VIE for its online insurance business, with control maintained via contractual arrangements - The company's online insurance business operates through a VIE, Xinbao Investment, due to PRC foreign investment restrictions, with direct equity reduced to **49%** in 2021[391](index=391&type=chunk) - Control over the VIE is maintained through contractual arrangements, including a loan agreement, equity pledge, irrevocable power of attorney, and exclusive purchase option[397](index=397&type=chunk)[400](index=400&type=chunk)[402](index=402&type=chunk)[403](index=403&type=chunk) - As of December 31, 2021, consolidated VIEs accounted for **0.5%** of total consolidated net revenues and **2.2%** of consolidated total assets[405](index=405&type=chunk) [Operating and Financial Review and Prospects](index=85&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes Fanhua's 2021 financial performance, highlighting stable revenues, a slight net income decline, and strong liquidity [Operating Results](index=85&type=section&id=A.%20Operating%20Results) In 2021, total net revenues remained stable at **RMB 3.27 billion**, while net income attributable to shareholders decreased by **6.4%** FY2021 vs. FY2020 Performance (RMB in millions) | Metric | 2020 | 2021 | YoY Change | US$ (2021) in millions | | :--- | :--- | :--- | :--- | :--- | | **Total Net Revenues** | 3,268.1 | 3,271.1 | +0.1% | 513.3 | | - Insurance Agency | 2,835.0 | 2,811.9 | -0.8% | 441.2 | | - Claims Adjusting | 433.1 | 459.2 | +6.0% | 72.1 | | **Income from Operations** | 302.2 | 301.9 | -0.1% | 47.4 | | **Net Income Attributable to Shareholders** | 268.3 | 251.0 | -6.4% | 39.4 | - The decline in life insurance agency revenue resulted from a product mix shift towards whole life products, despite a **12.5%** year-over-year increase in total life insurance GWP to **RMB 11.3 billion**[462](index=462&type=chunk) - General and administrative expenses increased by **18.1%** to **RMB 547.6 million** in 2021, driven by strategic initiatives and increased social benefit contributions[465](index=465&type=chunk) - Share of income of affiliates resulted in a net loss of **RMB 20.6 million** in 2021, including a **RMB 29.3 million** impairment loss on the investment in CNFinance[470](index=470&type=chunk) [Liquidity and Capital Resources](index=97&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) Fanhua's liquidity is primarily from operations, with **RMB 564.6 million** cash and **RMB 870.7 million** short-term investments as of December 31, 2021 Cash and Liquidity Position (as of Dec 31, 2021) | Item | Amount (RMB millions) | Amount (US$ millions) | | :--- | :--- | :--- | | Cash and cash equivalents | 564.6 | 88.6 | | Short-term investments | 870.7 | 136.6 | Summary of Cash Flows (RMB in millions) | Cash Flow Activity | 2020 | 2021 | | :--- | :--- | :--- | | Net cash from operating activities | 402.3 | 126.2 | | Net cash from investing activities | 325.3 | 450.4 | | Net cash used in financing activities | (638.8) | (260.3) | - Capital expenditures totaled **RMB 30.8 million** (**US$4.8 million**) in 2021, primarily for IT infrastructure, online platforms, and new sales outlets[485](index=485&type=chunk) [Directors, Senior Management and Employees](index=102&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section details Fanhua's board, management, employee base, and share ownership, highlighting governance and key personnel - As of December 31, 2021, the company had **5,785 employees** and **284,053 registered sales agents**, a decrease from **362,580 agents** in 2020[551](index=551&type=chunk)[556](index=556&type=chunk) - The board of directors comprises six members, with a majority of independent directors, and operates through four committees: Audit, Compensation, Corporate Governance & Nominating, and Financial Reporting & Disclosure[535](index=535&type=chunk)[536](index=536&type=chunk)[537](index=537&type=chunk) - As of March 31, 2022, executive officers and directors collectively owned **25.6%** of outstanding ordinary shares, with Chairman and CEO Yinan Hu beneficially owning **18.6%**[562](index=562&type=chunk)[563](index=563&type=chunk) - The company's 521 Share Incentive Plan, approved in 2018, was canceled in December 2020 due to unmet performance targets, with all subscribed shares returned and deposits refunded[534](index=534&type=chunk)[962](index=962&type=chunk) [Major Shareholders and Related Party Transactions](index=113&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details Fanhua's major shareholders and significant related party transactions, including a 2021 privatization proposal - A significant related party transaction is the preliminary non-binding proposal received on December 16, 2021, from a consortium led by Chairman and CEO Mr. Yinan Hu to take the company private[568](index=568&type=chunk) - The company has a strategic partnership with Puyi Inc., an affiliate, for resource sharing, incurring **RMB 5.4 million** in commission costs to Puyi Enterprise in 2021[569](index=569&type=chunk)[570](index=570&type=chunk) [Financial Information](index=113&type=section&id=Item%208.%20Financial%20Information) This section covers Fanhua's consolidated financial statements, legal proceedings, and its dividend policy, including historical quarterly payouts - The company's dividend policy, adopted in September 2017, targets a quarterly payout of no less than **50%** of net operating income attributable to shareholders[576](index=576&type=chunk) Quarterly Dividend History (2021-2022) | Declaration Date | Per Ordinary Share (US$) | Per ADS (US$) | Record Date | Payable Date | | :--- | :--- | :--- | :--- | :--- | | Mar 22, 2021 | 0.0125 | 0.25 | Mar 31, 2021 | Apr 15, 2021 | | May 27, 2021 | 0.0075 | 0.15 | Jun 11, 2021 | Jun 25, 2021 | | Aug 23, 2021 | 0.0075 | 0.15 | Sep 7, 2021 | Sep 23, 2021 | | Nov 23, 2021 | 0.0075 | 0.15 | Dec 8, 2021 | Dec 22, 2021 | | Mar 28, 2022 | 0.0075 | 0.15 | Apr 12, 2022 | Apr 26, 2022 | - As a holding company, Fanhua relies on dividends from its PRC subsidiaries, which are subject to PRC regulations on profit distribution and statutory reserve requirements[579](index=579&type=chunk) [Additional Information](index=116&type=section&id=Item%2010.%20Additional%20Information) This section provides supplementary details on Fanhua's share capital, articles of association, and material tax considerations across jurisdictions - The company is incorporated in the Cayman Islands, which currently levies no taxes on corporate profits, income, or gains[597](index=597&type=chunk) - Under PRC tax law, if deemed a 'resident enterprise,' Fanhua would face a **25%** EIT on worldwide income, and foreign shareholder dividends could incur a **10%** withholding tax[599](index=599&type=chunk)[601](index=601&type=chunk) - For U.S. federal income tax purposes, the company believes it was not a PFIC for 2021 but was for 2017 and prior years, impacting U.S. Holders of its ADSs[251](index=251&type=chunk)[617](index=617&type=chunk)[619](index=619&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=127&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section details Fanhua's exposure to market risks, primarily interest rate and foreign exchange fluctuations impacting its RMB-denominated operations - The company's primary market risks are interest rate risk and foreign exchange risk[646](index=646&type=chunk)[647](index=647&type=chunk) - Foreign exchange risk arises from RMB-denominated revenues and USD-traded ADSs; a **10%** RMB appreciation would decrease foreign currency financial assets by **RMB 6.1 million**[647](index=647&type=chunk)[648](index=648&type=chunk) [Description of Securities Other than Equity Securities](index=127&type=section&id=Item%2012.%20Description%20of%20Securities%20Other%20than%20Equity%20Securities) This section details fees associated with the company's American Depositary Shares (ADSs) payable to the depositary, J.P. Morgan Fees Payable by ADS Holders to Depositary (J.P. Morgan) | Service | Fee | | :--- | :--- | | Issuance of ADSs | US$5.00 per 100 ADSs (or portion) | | Dividend distribution | US$0.02 or less per ADS | | Withdrawal of underlying security | US$5.00 per 100 ADSs (or portion) | | General depositary services (annual) | US$0.02 per ADS (or portion) | - The depositary, J.P. Morgan, reimbursed the company **US$1.1 million** for ADR program-related expenses in both 2020 and 2021[652](index=652&type=chunk) PART II [Controls and Procedures](index=130&type=section&id=Item%2015.%20Controls%20and%20Procedures) This section confirms the effectiveness of Fanhua's disclosure controls and internal control over financial reporting as of December 31, 2021 - Management concluded that as of December 31, 2021, the company's disclosure controls and procedures were effective[655](index=655&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2021, based on the COSO framework (2013)[658](index=658&type=chunk) - The independent auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2021[659](index=659&type=chunk) [Corporate Governance and Other Disclosures](index=132&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers Fanhua's corporate governance, including auditor changes, principal accountant fees, and Nasdaq listing standard exemptions - On August 25, 2021, the company changed its independent registered public accounting firm from Deloitte Hong Kong to Deloitte Touche Tohmatsu Certified Public Accountants LLP (Mainland China)[668](index=668&type=chunk)[673](index=673&type=chunk) Principal Accountant Fees (in thousands of US$) | Fee Category | 2020 | 2021 | | :--- | :--- | :--- | | Audit fees | 1,600.0 | 1,650.0 | | Audit-related fees | — | — | | Tax fees | — | — | | All other fees | — | — | - As a foreign private issuer, the company follows Cayman Islands 'home country practice' for governance, exempting it from Nasdaq's annual shareholder meeting requirement[676](index=676&type=chunk) PART III [Financial Statements](index=135&type=section&id=Item%2018.%20Financial%20Statements) This section presents Fanhua's audited consolidated financial statements for 2021, prepared under U.S. GAAP, including the auditor's report and notes - Deloitte's auditor report identified the estimation of variable renewal commissions for long-term life insurance products as a Critical Audit Matter due to complex and judgmental estimates[698](index=698&type=chunk)[700](index=700&type=chunk) - Effective January 1, 2021, the company began recognizing estimated variable renewal commissions for long-term life insurance at the point of sale, recognizing **RMB 258.7 million** in 2021[498](index=498&type=chunk)[806](index=806&type=chunk)[807](index=807&type=chunk)

Financial Data and Key Metrics Changes - In 2021, Fanhua registered a total Gross Written Premium (GWP) of RMB 11.6 billion, representing a year-over-year increase of 12.3% despite a 0.3% decline in the industry life insurance GWP [11] - First-year premiums reached RMB 2.8 billion, a year-over-year increase of 4.1%, with whole life insurance first-year premiums growing over 64% year-over-year [11] - The number of high-premium customers with annual premiums over RMB 100,000 accounted for approximately 34% of total first-year premiums in 2021 [11] Business Line Data and Key Metrics Changes - Critical illness sales on Fanhua's platforms have shown a continuous decline, while sales of savings-type products, such as whole life insurance and annuities, have been on the rise [9][11] - The percentage of whole life and annuity products collectively accounted for 70% of total first-year premiums in Q4, compared to only 20% from critical illness products [19] Market Data and Key Metrics Changes - The total number of agents in China's insurance industry has decreased from 9 million to 6 million, leading to a polarized salesforce [9] - Despite a decline in total agents, Fanhua's high-performing agents (those generating annual first-year premiums of RMB 100,000 and above) increased from 3,230 in 2018 to 5,432 in 2021 [9] Company Strategy and Development Direction - Fanhua plans to focus on high-net-worth markets by offering insurance trust and family trust services, aiming for a 30% increase in premiums from high-value customers [13][14] - The company aims to transform into a digitalized and specialized entity, emphasizing professionalism, digitalization, and an open platform strategy [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the life insurance industry in China faced challenges due to COVID-19 and regulatory changes, but also highlighted significant opportunities due to an aging population [6][7] - The company expects to see a growing demand for elderly care and legacy management services, with a target demographic of individuals aged 40 to 70 [20][21] Other Important Information - Fanhua's strategy includes enhancing the quality of its salesforce and adapting to changing consumer demands, particularly in the context of retirement and family asset allocation [12][14] Q&A Session Summary Question: Impact of new Internet insurance regulations on small and medium-sized companies - Management observed a positive attitude from small and medium-sized insurance companies towards cooperation and product design, indicating that the new regulations are favorable for business development [17][18] Question: Growth in savings-type products and future outlook - Management noted a significant shift in product mix, with savings-type products expected to become the main offerings, while critical illness insurance growth may slow down [19]

Fanhua, Inc. (NASDAQ:FANH) Q3 2021 Earnings Conference Call November 23, 2021 8:00 PM ET Company Participants Chunlin Wang - Chairman & CEO Oasis Qiu - IR Manager Conference Call Participants Xue Yuan Wang - CICC Operator Thank you for standing by for Fanhua's Third Quarter 2021 Earnings Conference Call. [Operator Instructions]. For your information, this conference call is now being broadcasted live over the internet. Webcast replay will be available within 3 hours after the conference is finished. Please ...