Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39216 |
Entity Registrant Name | Huize Holding Limited |
Entity Central Index Key | 0001778982 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 49/F, Building T1 |
Entity Address, Address Line Two | Qianhai Financial Centre, Linhai Avenue |
Entity Address, Postal Zip Code | 518000 |
Entity Address, Country | CN |
Entity Address, City or Town | Shenzhen |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | false |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shenzhen, the People’s Republic of China |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Ronald Tam |
Entity Address, Address Line One | 49/F, Building T1 |
Entity Address, Address Line Two | Qianhai Financial Centre, Linhai Avenue |
Entity Address, Postal Zip Code | 518000 |
Entity Address, Country | CN |
Entity Address, City or Town | Shenzhen |
City Area Code | 755 |
Local Phone Number | 3689 9088 |
Contact Personnel Email Address | tanguohao@huize.com |
Country Region | 86 |
ADR [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (each representing 20 Class A common shares, par value US$0.00001 per share) |
Trading Symbol | HUIZ |
Security Exchange Name | NASDAQ |
Common Class A [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A common shares, par value US$0.00001 per share |
No Trading Symbol Flag | true |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 872,744,986 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 150,591,207 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 277,168 | $ 40,186 | ¥ 381,158 |
Restricted cash (including amounts of the consolidated VIE of RMB127,315 and RMB55,458 as of December 31, 2021 and 2022, respectively) | 98,917 | 14,342 | 183,408 |
Contract assets, net of allowance for doubtful accounts | 49,888 | 7,233 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 250,667 | 36,342 | 777,262 |
Insurance premium receivables (including amounts of the consolidated VIE of RMB1,217 and RMB1,792 as of December 31, 2021 and 2022, respectively) | 1,792 | 260 | 1,217 |
Amounts due from related parties | 489 | 71 | 128 |
Prepaid expense and other receivables | 71,818 | 10,413 | 77,511 |
Total current assets | 750,739 | 108,847 | 1,420,684 |
Non-current assets | |||
Restricted cash (including amounts of the consolidated VIE of RMB24,680 and RMB nil as of December 31, 2021 and 2022, respectively) | 0 | 0 | 44,418 |
Contract assets, net of allowance for doubtful accounts | 6,634 | 962 | 0 |
Property, plant and equipment, net | 38,518 | 5,585 | 48,461 |
Intangible assets, net | 53,498 | 7,756 | 21,626 |
Deferred tax assets | 0 | 0 | 605 |
Long-term investments | 77,305 | 11,208 | 73,001 |
Operating lease right-of-use assets | 162,180 | 23,514 | 247,819 |
Goodwill | 461 | 67 | 461 |
Other assets | 279 | 40 | 379 |
Total non-current assets | 338,875 | 49,132 | 436,770 |
Total assets | 1,089,614 | 157,979 | 1,857,454 |
Current liabilities | |||
Short-term borrowings (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB216,710 and RMB150,000 as of December 31, 2021 and 2022, respectively) | 150,000 | 21,748 | 216,710 |
Accounts payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB680,183 and RMB261,993 as of December 31, 2021 and 2022, respectively) | 262,266 | 38,025 | 680,369 |
Insurance premium payables (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB124,019 and RMB27,567 as of December 31, 2021 and 2022, respectively) | 27,567 | 3,997 | 124,019 |
Contract liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB2,681 and RMB702 as of December 31, 2021 and 2022, respectively) | 4,034 | 585 | 7,236 |
Other payables and accrued expenses (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB207,461 and RMB195,136 as of December 31, 2021 and 2022, respectively) | 58,251 | 8,446 | 71,255 |
Payroll and welfare payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB92,094 and RMB39,674 as of December 31, 2021 and 2022, respectively) | 43,938 | 6,370 | 93,451 |
Income taxes payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB2,440 and RMB2,440 as of December 31, 2021 and 2022, respectively) | 2,440 | 354 | 2,440 |
Operating lease liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB12,362 and RMB10,075 as of December 31, 2021 and 2022, respectively) | 10,075 | 1,461 | 14,886 |
Amounts due to related parties (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB11,875 and RMB495 as of December 31, 2021 and 2022, respectively) | 495 | 72 | 11,875 |
Total current liabilities | 559,066 | 81,058 | 1,222,241 |
Non-current liabilities | |||
Long-term borrowings (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB20,000 and RMB nil as of December 31, 2021 and 2022, respectively) | 0 | 0 | 20,000 |
Deferred tax liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB4,455 and RMB12,659 as of December 31, 2021 and 2022, respectively) | 12,491 | 1,811 | 4,892 |
Operating lease liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB245,396 and RMB176,032 as of December 31, 2021 and 2022, respectively) | 176,032 | 25,522 | 249,183 |
Payroll and welfare payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB nil and RMB nil of December 31, 2021 and 2022, respectively) | 0 | 0 | 225 |
Total non-current liabilities | 188,523 | 27,333 | 274,300 |
Total liabilities | 747,589 | 108,391 | 1,496,541 |
Commitments and contingencies | |||
Shareholders' equity | |||
Treasury stock, value | (15,306) | (2,219) | (9,545) |
Additional paid-in capital | 904,935 | 131,203 | 896,772 |
Accumulated other comprehensive loss | (17,695) | (2,566) | (27,295) |
Accumulated deficit | (531,127) | (77,006) | (499,940) |
Total shareholders' equity attributable to Huize Holding Limited shareholders | 340,879 | 49,422 | 360,064 |
Non-controlling interests | 1,146 | 166 | 849 |
Total shareholders' equity | 342,025 | 49,588 | 360,913 |
Total liabilities and shareholders' equity | 1,089,614 | 157,979 | 1,857,454 |
Common Class A [Member] | |||
Shareholders' equity | |||
Common shares | 62 | 9 | 62 |
Common Class B [Member] | |||
Shareholders' equity | |||
Common shares | ¥ 10 | $ 1 | ¥ 10 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares |
Insurance premium receivables | ¥ 1,792 | ¥ 1,217 |
Restricted Cash, Current | 0 | 24,680 |
Short-term borrowings | 150,000 | 216,710 |
Accounts payable | 262,266 | 680,369 |
Insurance premium payables | 27,567 | 124,019 |
Contract liabilities | 4,034 | 7,236 |
Other payables and accrued expenses | 58,251 | 71,255 |
Payroll and welfare payable | 43,938 | 93,451 |
Income taxes payable | 2,440 | 2,440 |
Amounts due to related parties | 495 | 11,875 |
Long-term borrowings | 0 | 20,000 |
Deferred tax liabilities | 12,491 | 4,892 |
Operating lease liabilities | ¥ 176,032 | ¥ 249,183 |
Treasury Stock, Shares | shares | 16,534,600 | 3,436,860 |
Common Class A [Member] | ||
Common shares authorized | shares | 7,000,000,000 | 7,000,000,000 |
Common shares issued | shares | 894,456,046 | 894,456,046 |
Common shares outstanding | shares | 873,068,986 | 886,166,726 |
Common Class B [Member] | ||
Common shares authorized | shares | 800,000,000 | 800,000,000 |
Common shares issued | shares | 150,591,207 | 150,591,207 |
Common shares outstanding | shares | 150,591,207 | 150,591,207 |
Variable Interest Entity [Member] | ||
Restricted cash | ¥ 55,458 | ¥ 127,315 |
Insurance premium receivables | 1,792 | 1,217 |
Short-term borrowings | 150,000 | 216,710 |
Accounts payable | 261,993 | 680,183 |
Insurance premium payables | 27,567 | 124,019 |
Contract liabilities | 702 | 2,681 |
Other payables and accrued expenses | 195,136 | 207,461 |
Payroll and welfare payable | 39,674 | 92,094 |
Income taxes payable | 2,440 | 2,440 |
Amounts due to related parties | 495 | 11,875 |
Long-term borrowings | 0 | 20,000 |
Deferred tax liabilities | 12,054 | 4,455 |
Operating lease liabilities | 176,032 | 245,396 |
Other non-current liabilities | 0 | 0 |
Variable Interest Entity [Member] | Nonrecourse [Member] | ||
Operating lease liabilities | ¥ 10,075 | ¥ 12,362 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Operating revenue | ||||
Brokerage income | ¥ 1,108,652 | $ 160,739 | ¥ 2,232,253 | ¥ 1,215,434 |
Other income | 49,256 | 7,141 | 12,763 | 4,788 |
Total operating revenue | 1,157,908 | 167,880 | 2,245,016 | 1,220,222 |
Operating costs and expenses | ||||
Cost of revenue | (706,009) | (102,361) | (1,688,087) | (813,507) |
Other cost | (28,282) | (4,101) | (2,670) | (2,846) |
Total operating costs | (734,291) | (106,462) | (1,690,757) | (816,353) |
Selling expenses | (231,664) | (33,588) | (350,573) | (230,438) |
General and administrative expenses | (154,715) | (22,432) | (197,619) | (150,207) |
Research and development expenses | (80,911) | (11,731) | (120,478) | (49,135) |
Total operating costs and expenses | (1,201,581) | (174,213) | (2,359,427) | (1,246,133) |
Operating income/(loss) | (43,673) | (6,333) | (114,411) | (25,911) |
Other income/(expenses) | ||||
Interest income/(expenses) | (5,062) | (734) | (3,206) | (1,157) |
Unrealized exchange income/(loss) | (79) | (11) | (59) | (9) |
Investment income/(loss) | (2,216) | (321) | (5,328) | 137 |
Others, net | 19,490 | 2,826 | 12,627 | 10,177 |
Profit/(Loss) before income tax, and share of income/(loss) of equity method investee | (31,540) | (4,573) | (110,377) | (16,763) |
Income tax expense | 0 | 0 | 0 | (1,768) |
Share of income/(loss) of equity method investee | (2,200) | (319) | 2,660 | 239 |
Net profit/(loss) | (33,740) | (4,892) | (107,717) | (18,292) |
Net profit/(loss) attributable to non-controlling interests | (2,553) | (370) | (51) | 0 |
Net profit/(loss) attributable to Huize Holding Limited | (31,187) | (4,522) | (107,666) | (18,292) |
Redeemable preferred shares redemption value accretion | 0 | 0 | 0 | (4,274) |
Allocation to redeemable preferred shares | 0 | 0 | 0 | 1,074 |
Net profit/(loss) attributable to common shareholders | (31,187) | (4,522) | (107,666) | (21,492) |
Net profit/(loss) | (33,740) | (4,892) | (107,717) | (18,292) |
Foreign currency translation adjustment, net of tax | 9,600 | 1,392 | (5,323) | (22,386) |
Comprehensive income/(loss) | (24,140) | (3,500) | (113,040) | (40,678) |
Comprehensive income/(loss) attributable to non-controlling interests | (2,553) | (370) | (51) | 0 |
Comprehensive income/(loss) attributable to Huize Holding Limited | ¥ (21,587) | $ (3,130) | ¥ (112,989) | ¥ (40,678) |
Weighted average number of common shares used in computing net profit per share | ||||
Basic | 1,021,958,881 | 1,021,958,881 | 1,021,861,206 | 963,817,614 |
Diluted | 1,021,958,881 | 1,021,958,881 | 1,021,861,206 | 963,817,614 |
Net loss per share attributable to common shareholders | ||||
Basic | (per share) | ¥ (0.03) | $ 0 | ¥ (0.11) | ¥ (0.02) |
Diluted | (per share) | ¥ (0.03) | $ 0 | ¥ (0.11) | ¥ (0.02) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' (Deficit)/Equity ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Common shares CNY (¥) shares | Treasury Stock CNY (¥) shares | Additional paid-in capital CNY (¥) | Accumulated other comprehensive (income)/ loss CNY (¥) | Accumulated deficit CNY (¥) | Non-Controlling interest CNY (¥) | Common Class A [Member] CNY (¥) shares | Common Class A [Member] Common shares CNY (¥) shares | Common Class B [Member] CNY (¥) shares | Common Class B [Member] Common shares CNY (¥) shares |
Balance Beginning at Dec. 31, 2019 | ¥ (308,653) | ¥ 33 | ¥ 64,882 | ¥ 414 | ¥ (373,982) | |||||||
Balance Beginning (Shares) at Dec. 31, 2019 | shares | 483,310,373 | |||||||||||
Net profit (loss) for the year | (18,292) | (18,292) | ||||||||||
Share-based payment compensation | 35,880 | 35,880 | ||||||||||
Redeemable preferred shares redemption value accretion | (4,274) | (4,274) | ||||||||||
Foreign currency translation | (22,386) | (22,386) | ||||||||||
Issuance of common shares upon Initial Public Offering ("IPO") | 324,215 | 324,208 | ¥ 7 | |||||||||
Issuance of common shares upon Initial Public Offering ("IPO") (Shares) | shares | 105,000,000 | |||||||||||
Shares issued upon exercise of over-allotment option | 4,852 | 4,851 | ¥ 1 | |||||||||
Shares issued upon exercise of over-allotment option (Shares) | shares | 1,449,060 | |||||||||||
Re-designation of common shares into Class A common shares and Class B common | ¥ (33) | ¥ 23 | ¥ 10 | |||||||||
Re-designation of common shares into Class A common shares and Class B common shares (Shares) | shares | (483,310,373) | 332,719,166 | 150,591,207 | |||||||||
Conversion and re-designation of redeemable preferred shares into Class A common shares | 458,901 | 458,870 | ¥ 31 | |||||||||
Conversion and re-designation of redeemable preferred shares into Class A common shares (Shares) | shares | 450,046,220 | |||||||||||
Repurchase of Class A common shares | (2,063) | ¥ (2,063) | ||||||||||
Repurchase of Class A common shares (Shares) | shares | 896,180 | |||||||||||
Shares issued upon exercise of option | 503 | 503 | ||||||||||
Shares issued upon exercise of option (Shares) | shares | 188,100 | |||||||||||
Balance Ending at Dec. 31, 2020 | 468,683 | ¥ (2,063) | 884,920 | (21,972) | (392,274) | ¥ 0 | ¥ 62 | ¥ 10 | ||||
Balance Ending (Shares) at Dec. 31, 2020 | shares | 0 | 896,180 | 889,402,546 | 150,591,207 | ||||||||
Net profit (loss) for the year | (107,717) | (107,666) | (51) | |||||||||
Share-based payment compensation | 11,355 | 11,355 | ||||||||||
Set-up of subsidiaries with non-controlling interests | 900 | 900 | ||||||||||
Foreign currency translation | (5,323) | (5,323) | ||||||||||
Conversion and re-designation of redeemable preferred shares into Class A common shares | ||||||||||||
Repurchase of Class A common shares | (7,482) | ¥ (7,482) | ||||||||||
Repurchase of Class A common shares (Shares) | shares | 3,436,860 | 2,540,680 | ||||||||||
Shares issued upon exercise of option | 497 | 497 | ¥ 0 | |||||||||
Shares issued upon exercise of option (Shares) | shares | 201,040 | |||||||||||
Balance Ending at Dec. 31, 2021 | 360,913 | ¥ (9,545) | 896,772 | (27,295) | (499,940) | 849 | ¥ 62 | ¥ 10 | ||||
Balance Ending (Shares) at Dec. 31, 2021 | shares | 0 | 3,436,860 | 889,603,586 | 150,591,207 | ||||||||
Net profit (loss) for the year | (33,740) | $ (4,892) | (31,187) | (2,553) | ||||||||
Share-based payment compensation | 8,163 | 8,163 | ||||||||||
Foreign currency translation | 9,600 | 1,392 | 9,600 | |||||||||
Conversion and re-designation of redeemable preferred shares into Class A common shares | ||||||||||||
Repurchase of Class A common shares | (5,761) | ¥ (5,761) | ||||||||||
Repurchase of Class A common shares (Shares) | shares | 16,534,600 | 13,097,740 | ||||||||||
Capital injection from non-controlling interests | 2,850 | 2,850 | ||||||||||
Balance Ending at Dec. 31, 2022 | ¥ 342,025 | $ 49,588 | ¥ (15,306) | ¥ 904,935 | ¥ (17,695) | ¥ (531,127) | ¥ 1,146 | ¥ 62 | ¥ 10 | |||
Balance Ending (Shares) at Dec. 31, 2022 | shares | 0 | 16,534,600 | 889,603,586 | 150,591,207 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net profit/(loss) | ¥ (33,740) | $ (4,892) | ¥ (107,717) | ¥ (18,292) |
Adjustments to reconcile net profit/(loss) to net cash provided by operating activities: | ||||
Allowance for doubtful account | 2,415 | 350 | 1,445 | 1,218 |
Depreciation and amortization | 18,427 | 2,672 | 7,424 | 5,108 |
Unrealized exchange (income)/ loss | 79 | 11 | 59 | 9 |
Share-based compensation expense | 8,163 | 1,184 | 11,355 | 35,880 |
Interest expense | 5,062 | 734 | 3,206 | 1,157 |
Investment (income)/loss | 1,885 | 273 | 5,328 | (137) |
Gain on disposal of subsidiary | 331 | 48 | ||
Share of (income)/loss of equity method investee | 2,200 | 319 | (2,660) | (239) |
Deferred income tax | 0 | 0 | (466) | |
Amortization of right-of-use assets | 27,788 | 4,029 | 32,941 | 8,408 |
Amortization of Directors and Officers Liability Insurance premium | 7,891 | 1,144 | 7,798 | 6,127 |
Loss/(gain) on disposal of property, plant and equipment | 513 | 74 | (194) | 44 |
Gain on termination of right-of-use assets | (7,215) | (1,046) | ||
Adjustments to reconcile net profit/(loss) to net cash provided by operating activities: | 33,799 | 4,900 | (41,015) | 38,817 |
Changes in operating assets and liabilities: | ||||
(Increase)/decrease in accounts receivable | 531,001 | 76,988 | (545,678) | (52,824) |
(Increase)/decrease in insurance premium receivables | (575) | (83) | 757 | 355 |
(Increase)/decrease in prepaid expense and other receivables | 22,786 | 3,304 | (40,020) | (30,755) |
(Increase)/decrease in amounts due from related parties | (361) | (52) | 123 | 29 |
Increase/(decrease) in amounts due to related party | (11,380) | (1,650) | 11,875 | (465) |
(Increase)/decrease in other assets | 200 | 29 | 0 | |
Increase/(decrease) in accounts payable | (428,580) | (62,138) | 452,550 | 103,091 |
Increase/(decrease) in insurance premium payables | (96,452) | (13,984) | (63,200) | 61,632 |
(Increase)/decrease in contract assets | (56,522) | (8,195) | 216 | (216) |
Increase/(decrease) in payroll and welfare payable | (49,760) | (7,215) | 25,578 | 24,082 |
Increase/(decrease) in tax payable | 0 | 2,234 | ||
Increase/(decrease) in other payables and accrued expenses | (13,155) | (1,907) | 29,860 | 2,577 |
Increase/(decrease) in operating lease liabilities | (12,866) | (1,865) | (14,199) | (10,891) |
Increase/(decrease) in contract liabilities | (3,202) | (464) | 7,236 | |
Net cash provided by/(used in) operating activities | (85,067) | (12,332) | (175,917) | 137,666 |
Cash flows from investing activities: | ||||
Purchase of long-term investment | (10,000) | (1,450) | (33,614) | (22,450) |
Purchase of property, equipment and intangible assets | (16,823) | (2,439) | (38,061) | (8,196) |
Proceeds from disposal of property, equipment and intangible assets | 1,048 | 152 | 980 | |
Proceeds from disposal of investments | 700 | 101 | 3,820 | |
Acquisition of subsidiary, net of cash acquired | (25,964) | (3,764) | (14,292) | (569) |
Cash received for disposal of subsidiary | 3,640 | 528 | ||
Advances to a third party | (26,000) | (3,770) | ||
Repayment from a third party | 16,000 | 2,320 | ||
Interests received | 876 | 127 | ||
Others | 237 | 34 | 241 | 137 |
Net cash provided by/(used in) investing activities | (56,286) | (8,161) | (80,926) | (31,078) |
Cash flows from financing activities: | ||||
Proceeds from borrowings | 270,200 | 39,175 | 184,000 | 105,400 |
Repayments of borrowings | (367,524) | (53,286) | (40,503) | (61,266) |
Proceeds from IPO, net of issuance costs | 340,479 | |||
Repurchase of Class A common shares | (6,659) | (965) | (3,003) | (2,063) |
Proceeds from exercise of share options | 0 | 0 | 497 | 503 |
Cash received by subsidiaries from minority shareholders | 900 | |||
Net cash provided by/(used in) financing activities | (101,133) | (14,663) | 141,891 | 383,053 |
Effect of exchange rate changes on cash and cash equivalents | 9,587 | 1,390 | (5,012) | (10,020) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (232,899) | (33,766) | (119,964) | 479,621 |
Total cash and cash equivalents and restricted cash at beginning of year | 608,984 | 88,294 | 728,948 | 249,327 |
Total cash and cash equivalents and restricted cash at end of year | 376,085 | 54,528 | 608,984 | 728,948 |
Supplemental disclosure of cash flow information | ||||
Cash paid for interest | (10,614) | (1,539) | (7,813) | (4,386) |
Cash paid for income tax | ||||
Supplemental disclosure of non-cash investing and financing activities | ||||
Accretion on redeemable preferred shares to redemption value | 0 | (4,274) | ||
Increase in lease liabilities arising from obtaining operating lease right-of-use assets | 2,011 | 292 | 13,400 | 270,256 |
Decrease in lease liabilities due to termination of lease contacts | (65,922) | (9,558) | ¥ 0 | ¥ 0 |
Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Cash received by subsidiaries from minority shareholders | ¥ 2,850 | $ 413 |
Principal Activities and Reorga
Principal Activities and Reorganization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principal Activities and Reorganization | 1. Principal activities and reorganization (a) History and Reorganization The Group commenced its operation in August 2006 by Mr. Cunjun Ma (“the founder”). Subsequently in December 2014, March 2016 and July 2016, the Company completed Series A, Series B and Series B+ financing respectively, and issued redeemable preferred shares to certain third party investors. In July 2018, the Company issued a convertible bond to certain third party investors. In October 2018, the investors converted the bond into Series B++ redeemable preferred shares. Huize Holding Limited (“Huize” or the “Company”) was incorporated on December 24, 2014 under the laws of the Cayman Islands. The Company commenced a reorganization (“Reorganization”) in preparation of an offshore listing by issuing 184,200,000 common shares and 98,900,000 redeemable preferred shares were issued to the three shareholders in 2014 and 2015 after the Company was established. In June 2015, Shenzhen Zhixuan was established as an indirect wholly foreign owned entity of the Company in the People’s Republic of China (the “PRC”). In June 2019, the Group completed the Reorganization by issuing 261,072,000 common shares, 105,122,000 Series A redeemable preferred shares, 185,512,580 Series B redeemable preferred shares, 43,937,180 Series B+ redeemable preferred shares and 16,574,460 Series B++ redeemable preferred shares to the shareholders of Huiye Tianze. After such share issuance, the total number of shares outstanding equals to that of Huiye Tianze. However, since the Company is an offshore entity, all PRC investors are required to register with relevant PRC governmental authorities in order to hold equity interest in the Company. All shareholders, except for one shareholder that which owns 21.87% of Huiye Tianze, have completed the relevant registrations. 78.13% of the shareholders received shares of the Company. The 21.87% shares of the Company were issued to an offshore affiliate of that shareholder. Concurrently, the Company obtained control over Huiye Tianze through Shenzhen Zhixuan by entering into a series of contractual arrangements as described in note 2b. As a result, Huiye Tianze became a consolidated VIE of the Group. The Company determined that the Reorganization is a recapitalization and accordingly prepared its financial statements using the carryover basis of assets and liabilities of Huiye Tianze and its subsidiaries. Accordingly, the Company became the ultimate holding company of Huiye Tianze and its subsidiaries, which are principally engaged in the provision of insurance brokerage services in the PRC. The Company and its consolidated subsidiaries and variable interest entities (“VIE”) are collectively referred to as the “Group”. In February 2020, the Company completed its initial public offering (“IPO”) in Nasdaq Global Market. The initial public offering of an aggregate of 5,250,000 American depository shares (“ADS”), each presenting 20 class A common shares of the Company, was priced at US$10.50 per ADS. On March 10, 2020, the underwriters have exercised part of their over-allotment option to purchase an additional 72,453 American Depositary Shares of the Company at the IPO price of US$10.50 per ADS. After giving effect to the exercise of the over-allotment option, the Company had issued and sold a total of 5,322,453 ADSs in the IPO, for total gross proceeds of approximately US$55.9 million. As of December 31, 2022 the Company’s principal subsidiaries, consolidated VIE and subsidiaries of VIE are as follows: Principal Subsidiaries Date of Incorporation/ Establishment Place of Incorporation/ Establishment Percentage of Direct or Indirect Economic Interest Principal Activities Smart Choice Ventures Limited (“Smart January 14, 2015 British Virgin Islands 100 % Investment holding Hong Kong Smart Choice Ventures Limited February 18, 2015 Hong Kong 100 % Investment holding Huize Hong Kong Insurance Broker Limited May 5, 2021 Hong Kong 100 % Insurance brokerage service Zhixuan International Management June 9, 2015 PRC 100 % Investment and VIE Shenzhen Huiye Tianze Investment Holding October 30, 2014 PRC 100 % Investment and consulting service VIE’s Principal Subsidiaries Huize Insurance Brokerage October 14, 2011 PRC 100 % Insurance brokerage service Shenzhen Huize Shidai Co., Ltd. (“Huize Shidai”) April 28, 2012 PRC 100 % Technology development Hefei Huize Internet Technology Co., Ltd. (“Hefei Huize”) August 5, 2015 PRC 100 % Technology development Shenzhen Zhixuan Wealth Investment Management Co., Ltd. (“Zhixuan Investment”) April 20, 2016 PRC 100 % Management consulting, Huize (Chengdu) Internet Technology Co., Ltd. (“Chengdu Huize”) May 11, 2018 PRC 100 % Technology development consulting service Shenzhen Huibang Technology Co., Ltd August 13, 2020 PRC 100 % Technology development consulting service Shenzhen Xiaoma Insurance Adjustment Co. July 2, 2021 PRC 100 % Insurance claims adjustment service Principal Subsidiaries Date of Incorporation/ Establishment Place of Incorporation/ Establishment Percentage of Direct or Indirect Economic Interest Principal Activities Shanghai Huiju Haoshi Information Technology Co., Ltd October 12, 2021 PRC 80 % Internet information Huize Yiyao (Chengdu) Internet Hospital Co., Ltd. October 27, 2021 PRC 100 % Medical and health Shenzhen Detong Insurance Agency Co., Ltd. (“Shenzhen Detong”, formerly known as Shanghai Senhao Insurance Agency Co., Ltd) March 12, 2022 PRC 100 % Insurance agency Shenzhen Huize Business Management Co., Ltd. July 5, 2022 PRC 100 % Business management |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies (a) Basis of presenta t The Group’s consolidated financial statements for the years ended December 31, 2020, 2021 and 2022 are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates. Significant accounting As an emerging growth company, the Company elects to use the extended transition year for complying with new or revised financial accounting standards. (b) Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and a consolidated VIE, including the VIE’s subsidiaries, for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or one of its subsidiaries is the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the VIE and the VIE’s subsidiaries have been eliminated upon consolidation. The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) between the Company’s PRC subsidiary, Zhixuan and the VIE, Huiye Tianze. Through the Contractual Agreements, the VIE is effectively controlled by the Company. Exclusive Business Cooperation Agreement Exclusive Option Agreement Pursuant to the exclusive option agreements, each shareholder of Huiye Tianze has irrevocably granted Zhixuan an exclusive option to purchase, or have its designated person or persons to purchase, at its discretion at any time, to the extent permitted under PRC law, all or part of their current and future shares in Huiye Tianze. As for the consideration, the purchase price should be equal to the minimum price as permitted by PRC law. Share Pledge Agreements Power of Attorney : attorney-in-fact The following table sets forth the assets, liabilities, results of operations and cash flows of Huiye Tianze and its subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIE and its subsidiaries are eliminated in the balances presented below: Selected Condensed Consolidated Balance Sheets Information As of December 31, 2021 December 31, 2022 RMB RMB Assets Current assets Cash and cash equivalent 323,011 205,781 Restricted cash 127,315 55,458 Contract assets, net of allowance for doubtful accounts — 49,888 Account receivable, net of allowance for impairment 777,055 250,238 Insurance premium receivables 1,217 1,792 Amount due from related parties — 340 Prepaid expense and other receivables 106,865 96,987 Total current assets 1,335,463 660,484 Non-current Restricted cash 24,680 — Contract assets, net of allowance for doubtful accounts — 6,634 Property, Plant and Equipment, net 47,800 38,133 Intangible assets, net 18,979 50,851 Deferred tax assets 605 — Long-term investments 59,450 66,250 Operating lease right-of-use 241,880 162,180 Goodwill 461 461 Other Assets 379 279 Total non-current assets 394,234 324,788 Total assets 1,729,697 985,272 As of December 31, 2021 December 31, 2022 RMB RMB Liabilities and Shareholders’ Equity Short-term borrowings 216,710 150,000 Accounts payable 680,183 261,993 Insurance premium payables 124,019 27,567 Contract liabilities 2,681 702 Other payables and accrued expenses 207,461 195,136 Payroll and welfare payable 92,094 39,674 Income taxes payable 2,440 2,440 Operating lease liabilities 12,362 10,075 Amount due to related parties 11,875 495 Total current liabilities 1,349,825 688,082 Non-current Long-term borrowings 20,000 — Deferred tax liabilities 4,455 12,054 Operating lease liabilities 245,396 176,032 Total non-current 269,851 188,086 Total liabilities 1,619,676 876,168 Shareholders’ equity Common shares 44,766 44,766 Additional paid-in 460,157 470,553 Accumulated deficit (395,751 ) (407,361 ) Total shareholders’ equity attributable to Huize Holding Limited shareholders 109,172 107,958 Non-controlling interests 849 1,146 Total shareholders’ equity 110,021 109,104 Total liabilities and shareholders’ equity 1,729,697 985,272 Selected Condensed Consolidated Statements of Income/(loss) Information For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Operating revenue Brokerage income 1,215,434 2,231,388 1,107,090 Other income 4,560 11,494 49,223 Total operating revenue 1,219,994 2,242,882 1,156,313 Operating costs and expenses Cost of revenue (813,507 ) (1,687,770 ) (705,067 ) Other cost (2,846 ) (2,670 ) (28,282 ) Total operating costs (816,353 ) (1,690,440 ) (733,349 ) Selling expenses (230,438 ) (346,305 ) (230,414 ) General and administrative expenses (136,921 ) (172,822 ) (136,519 ) Research and development expenses (49,135 ) (120,478 ) (80,911 ) Total operating costs and expenses (1,232,847 ) (2,330,045 ) (1,181,193 ) Operating income/(loss) (12,853 ) (87,163 ) (24,880 ) Other income/(expenses) Interest income/(expenses) (1,813 ) (4,092 ) (5,592 ) Unrealized exchange income/(loss) (421 ) — — Investment income/(loss) 137 (1,369 ) 568 Others, net 10,153 12,627 17,941 Profit/(loss) before income tax, and share of income /(loss) of equity method investee (4,797 ) (79,997 ) (11,963 ) Income tax expense (1,768 ) — — Share of income/(loss) of equity method investee 239 2,660 (2,200 ) Net profit/(loss) (6,326 ) (77,337 ) (14,163 ) Net profit/(loss) attributable to non-controlling — (51 ) (2,553 ) Net profit/(loss) attributable to Huize Holding Limited (6,326 ) (77,286 ) (11,610 ) Net profit/(loss) (6,326 ) (77,337 ) (14,163 ) Foreign currency translation adjustment, net of tax — — — Comprehensive income/(loss) (6,326 ) (77,337 ) (14,163 ) Comprehensive income/(loss) attributable to non-controlling — (51 ) (2,553 ) Comprehensive income/(loss) attributable to Huize Holding Limited (6,326 ) (77,286 ) (11,610 ) Selected Condensed Consolidated Cash Flows Information For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Net cash provided by/(used in) operating activities 168,225 (152,844 ) (69,094 ) Cash flows from investing activities: Purchase of long-term investment (22,450 ) (22,601 ) (10,000 ) Purchase of property, equipment and intangible assets (8,162 ) (37,359 ) (16,773 ) Proceeds from disposal of property, equipment and intangible assets — 961 1,044 Acquisition of subsidiary, net of cash paid (569 ) (11,805 ) (25,964 ) Payments of inter-company balances — (5,050 ) — Proceeds from disposal of investments — 890 700 Cash received for disposal of subsidiary — — 3,640 Advances to a third party — — (26,000 ) Repayment from a third party — — 16,000 Interests received — — 876 Others 137 241 237 Net cash provided by/(used in) investing activities (31,044 ) (74,723 ) (56,240 ) Cash flows from financing activities: Proceeds from borrowings 105,400 184,000 270,200 Repayments of borrowings (61,266 ) (40,503 ) (367,524 ) Proceeds from inter-company balances — 128,000 6,041 Proceeds from exercise of share option 245 247 — Cash received by subsidiaries from minority shareholders — 900 2,850 Net cash provided by/(used in) financing activities 44,379 272,644 (88,433 ) Effect of exchange rate changes on cash and cash equivalents — — — Net increase/(decrease) in cash and cash equivalents and restricted cash 181,560 45,077 (213,767 ) Total cash and cash equivalents and restricted cash at beginning of year 248,369 429,929 475,006 Total cash and cash equivalents and restricted cash at end of year 429,929 475,006 261,239 The Under the contractual arrangements with the VIE, the Company can have the assets transferred out of the VIE and VIE’s subsidiaries, except for restricted cash and insurance premium receivables balance as disclosed on the balance sheet. Except for these two amounts, there is no other asset of the VIE that can only be used to settle obligations of the VIE and VIE’s subsidiaries. Since the VIE are incorporated as limited liability companies under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIE. However, as the Company is conducting certain businesses through its VIE and VIE’s subsidiaries, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. In the opinion of the Company’s management, the contractual arrangements among its subsidiary, the VIE and their respective Nominee Shareholders are in compliance with current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. In addition, shareholders of the VIE are PRC holding entities of certain pre-IPO shareholders of the Company, including entities beneficially owned by Mr. Cunjun Ma, the chairman of the board of directors and the chief executive officer, who controls more of the Company’s total voting power. Therefore, the enforceability of the contractual agreements between us, the VIE and its shareholders depends on whether the Company’s shareholders or their PRC holding entities will fulfill these contractual agreements. There is a risk that the benefits of ownership between the Company and the VIE may not be aligned in the future. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced. In March 2019, the National People’s Congress approved the Foreign Investment Law, which came into effect on January 1, 2020 and replaced the trio of existing laws regulating foreign investment in China together with their implementation rules and ancillary regulations. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation. For instance, under the Foreign Investment Law, “foreign investment” refers to the investment activities directly or indirectly conducted by foreign individuals, enterprises or other entities in China but it does not explicitly stipulate the contractual arrangements as a form of foreign investment. On December 26, 2019, the State Council promulgated the Implementation Regulations on the Foreign Investment Law, which came into effect on January 1, 2020. Though these regulations do not explicitly classify contractual arrangements as a form of foreign investment, there is no assurance that foreign investment via contractual arrangements would not be interpreted as a type of foreign investment activities under the definition in the future. In addition, the definition contains a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. Therefore, the Foreign Investment Law still leaves leeway for future laws, administrative regulations or provisions promulgated by the State Council to provide for contractual arrangements as a form of foreign investment. In any of these cases, it will be uncertain whether the Group’s contractual arrangements will be deemed to be in violation of the market access requirements for foreign investment under the PRC laws and regulations. If variable interest entities fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with the VIE and the Group’s ability to conduct business through the VIE could be severely limited. The Company’s ability to control the VIE also depends on the power of attorney Zhixuan has to vote on all matters requiring shareholders’ approvals in the VIE. As noted above, the Company believes these powers of attorney are legally binding and enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure or the contractual arrangements with the VIE were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions: • revoke the Group’s business and operating licenses; • require the Group to discontinue or restrict its operations; • restrict the Group’s right to collect revenues; • block the Group’s websites; • require the Group to restructure its operations, re-apply • impose additional conditions or requirements with which the Group may not be able to comply; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these restrictions or actions may result in a material adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Group to lose the right to direct the activities of the VIE or the right to receive their economic benefits, the Group would no longer be able to consolidate the financial statements of the VIE. In the opinion of management, the likelihood of losing the benefits in respect of the Group’s current ownership structure or the contractual arrangements with its VIE is remote. (c) Business combinations and non-controlling The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling non-controlling income/(loss). income/(loss). When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling For the Company’s majority-owned subsidiaries and VIE, a non-controlling non-controlling non-controlling non-controlling (d) Use of estimates Financial statements amounts that reflect significant accounting estimates and assumptions mainly include, but are not limited to (i) allowance for doubtful accounts (losses of accounts receivable, insurance premium receivables and other receivables), (ii) valuation and forfeiture rate of share-based compensation arrangements, (iii) operating revenue and cost of revenue recognition, (iv) fair value of long-term investments, (v) useful life of property, plant and equipment and intangible assets, (vi) valuation of acquired assets and liabilities assumed, (vii) assessment for impairment of intangible assets, (viii) realizability of deferred tax assets, (ix) uncertainty tax position and (x) discount rate of lease liability. Actual results could materially differ from these estimates. (e) Comprehensive income and foreign currency translation The Group’s operating results are reported in the consolidated statements of comprehensive income/(loss) pursuant to FASB ASC Topic 220, “Comprehensive Income”. Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Group’s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of entities, of which functional currency is other than Renminbi (“RMB”) which is the reporting currency of the Group, net of related income taxes, where applicable. Such subsidiaries’ assets and liabilities are translated into RMB at period-end (f) Convenience translation Translations of balances in the Group’s consolidated balance sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8972, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on the last trading day of 2022 (December 30, 2022). No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022 or at any other rate. (g) Cash and cash equivalents Cash and cash equivalents consist of (1) cash on hand; (2) bank deposits and short-term, highly liquid investments, with original maturities of less than three months that are readily convertible to known amounts of cash, and have insignificant risk of changes in value related to changes in interest rates. (h) Restricted cash In its capacity as an insurance broker, the Group collects “premiums” (unremitted insurance premiums) from certain insureds and remits the “premiums” to the appropriate insurance companies. Unremitted insurance premiums are held in custody until disbursed by the Group. The Group reports such amounts as restricted cash in the consolidated balance sheets, and classifies non-current (i) Accounts receivable Accounts receivable is recorded at the invoiced amount and do not bear interest. Accounts receivable represent brokerage fees receivable from insurance companies. The allowance for doubtful accounts is the Group’s best estimate of the amount of probable credit losses in the Group’s existing accounts receivable balance. The Group assesses the collectability of accounts receivable by determining the allowance percentage for the overdue balances by age. The Group makes allowance for the overdue balances of continuing cooperating insurance companies over 6 months and for the overdue balances of discontinuing cooperating insurance companies over 3 months. (j) Insurance premium receivables Insurance premium receivables consist of insurance premiums to be collected from the insured and are recorded at the invoiced amount and do not bear interest. The insurance premium received are included in net cash provided by operating activities in the consolidated statements of cash flows. (k) Fair value measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value include: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Recurring The Group’s financial instruments are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purpose. The carrying amount of cash and cash equivalents, restricted cash-current portion, accounts receivable, insurance premium receivables, amounts due from related parties, other receivables, accounts payable, insurance premium payables, other payables and amount due to related parties approximate their net carrying values reported in the consolidated balance sheets due to the short-term maturities of these instruments. Restricted cash-non-current cash-non-current Non-recurring The Group measures certain financial assets, including equity securities without readily determinable fair value and investments under equity method, at fair value on a non-recurring non-financial (l) Property, plant and equipment, net Property, plant and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, taking into account residual value, if any. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5~10 years 0%~5 % Computer and electronic equipment 3~5 years 0%~5 % Motor vehicles 4~5 years 5 % Leasehold improvements shorter of remaining lease Nil Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation/amortization are removed from the accounts and any resulting gain or loss is recognized in consolidated statements of comprehensive income/(loss). (m) Intangible assets, net Intangible assets with an indefinite useful life represent the insurance brokerage license, insurance agency license and insurance adjusting license. Intangible assets with an indefinite useful life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets with finite lives represent domain name and purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Domain name 10 years 0 % Purchased computer software 3~10 years 0 % (n) Impairment of long-lived assets and intangible assets Long-lived assets including property, plant and equipment and intangible assets with indefinite lives and finite lives, are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Group measures the carrying amount of long-lived assets against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2020, 2021 and December 31, 2022. (o) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Impairment of goodwill assessment is performed on at least an annual basis on December 31 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. According to ASC 350-20-35, two-step (p) Asset acquisition When the Company acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s financial statements. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value and does not give rise to goodwill. (q) Long-term investments (i) Equity investments accounted for using the equity method In accordance with ASC 323, “Investment — Equity Method and Joint Ventures”, the Group applies the equity method of accounting to equity investments, in common stock or in-substance An investment in in-substance Under the equity method, the Group initially records its investment at cost. The difference between the cost of the equity investment and the amount of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill or as an intangible asset as appropriate. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statements of comprehensive income (loss)after the date of acquisition. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continually reviews its investment in equity investees under the equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. The fair value determination, particularly for investments in early stage privately held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Group writes down the asset to its fair value and takes the corresponding charge to the consolidated statements of comprehensive income/(loss). (ii) Investments accounted for at fair values Securities with readily determinable fair values are measured at fair value. Equity securities accounted for at fair values include investments in i) marketable equity securities, which are publicly traded stock and ii) unlisted companies, for which the Company measures at fair value on a recurring basis. Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. (iii) Equity investments measured at measurement alternative and NAV practical expedient Private equity funds pursue various investment strategies. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. The private equity fund, over which the Group does not have the ability to exercise significant influence, is accounted for under the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”). For investments in an investee over which the Group does not have significant influence and which do not have readily determinable fair value and do not qualify for NAV practical expedient, the Company elects to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes, in accordance with ASU 2016-01. income/(loss) equal to the difference between the carrying value and fair value. (r) Short-term and long-term borrowings The short-term and long-term borrowings represent the Group’s borrowings from commercial banks for the working capital. Short-term borrowings include borrowings with maturity terms shorter than one year and the current portion of the long-term borrowings. (s) Insurance premium payables Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates, and insurance premiums due but not yet collected from the insured. (t) Lease Before January 1, 2020, the Group adopted ASC Topic 840 (“ASC 840”), Leases, and each lease is classified at the inception date as either a capital lease or an operating lease. The Group adopted ASU No. 2016-02, The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes a right of use(“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Lease terms are determined after taking into account of rental escalation clauses, renewal options and/or termination options, if any. Lease expense is recorded in the consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term. As a lessee, the Group accounts for a modification to a contract as a separate contract (that is, separate from the original contract) when both of the following conditions are present: a. The modification grants the lessee an additional right of use not included in the original lease. b. The lease payments increase commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. As a lessee, the Group remeasures the lease payments if any of the following occur: a. The lease is modified, and that modification is not accounted for as a separate contract. b. A contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based is resolved such that those payments now meet the definition of lease payments. c. There is a change in any of the following: • The lease term, as described. A lessee shall determine the revised lease payments on the basis of the revised lease term. • The assessment of whether the lessee is reasonably certain to exercise or not to exercise an option to purchase the underlying asset. A lessee shall determine the revised lease payments to reflect the change in the assessment of the purchase option. • Amounts probable of being owed by the lessee under residual value guarantees. A lessee shall determine the revised lease payments to reflect the change in amounts probable of being owed by the lessee under residual value guarantees. (u) Share-based compensation Employee share-based compensation All forms of share-based payments to employees, including employee stock options, employee stock purchase plans restricted shares and shares award, are treated the same as any other form of compensation by recognizing the related cost in the consolidated statements of comprehensive income/(loss) in accordance with ASC 718, “ |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value measurement The following tables set forth, by level within the fair value hierarchy, financial assets measured at fair value as of December 31, 2021 and 2022. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement. As of December 31, 2021 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Investments accounted for at fair value Listed equity securities 840 — — 840 As of December 31, 2022 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Investments accounted for at fair value Listed equity securities 808 — — 808 |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable, Net of Allowance for Doubtful Accounts | 4. Accounts receivable, net of allowance for doubtful accounts Accounts receivable, net of allowance for doubtful accounts by the Group consist of the following: As of December 31, 2021 December 31, 2022 RMB RMB Accounts receivable 780,431 255,251 Less: allowance for doubtful accounts (3,169 ) (4,584 ) Accounts receivable, net 777,262 250,667 The following table summarizes the movement of the Group’s provision for doubtful accounts: As of December 31, 2021 December 31, 2022 RMB RMB Balance at the beginning of the year 1,724 3,169 Provision for doubtful accounts 1,445 1,415 Balance at the end of the year 3,169 4,584 |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 5. Related party balances and transactions The table below sets major related parties of the Group and their relationships with the Group: Entity or individual name Relationship with the Group Cunjun Ma Chief Executive Officer and Director of the Group Individual Director or Officer Directors or Officers of the Group Shareholders and minority shareholders Shareholders and minority shareholders Xiaoke Huixuan (Shenzhen) Technology Co., Ltd. (“Xiaoke”) Company that the Group has significant influence on Huibao Huipei (Shenzhen) Technology Co., Ltd (“Huibao Huipei”) Company that the Group has significant influence on Details of related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows: Service provided by related parties: For the year ended December 31 2020 2021 2022 RMB RMB RMB Technology service fee to Xiaoke — 11,609 7,259 PPC advertisement service fee to Xiaoke — 412 — Channel cost to Huibao Huipei — 140 2,054 Total — 12,161 9,313 According to the cooperation agreements in 2021 and 2022, Xiaoke provides technology service to the Company, and Huibao Huipei serves as one of the Company’s traffic channels. Service provided to related parties: For the year ended December 31 2020 2021 2022 RMB RMB RMB Consulting service fee to Huibao Huipei — — 970 Total — — 970 The Company provides consulting service to Huibao Huipei according to the cooperation agreement in 2022. Details of related party balances as of December 31, 2021 and 2022 are as follows: Amounts due from related parties: As of December 31, 2021 December 31, 2022 RMB RMB Shareholders 128 149 Huibao Huipei — 340 128 489 The amount due from related parties represents the advance miscellaneous fees for shareholders and the receivable for consulting service provided to Huibao Huipei. Amounts due to related parties: As of December 31, 2021 December 31, 2022 RMB RMB Xiaoke 11,753 495 Others 122 — 11,875 495 The amount due to Xiaoke represents the payable for technology service. |
Prepaid expenses and other rece
Prepaid expenses and other receivables and other assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid expenses and other receivables and other assets | 6. Prepaid expenses and other receivables and other assets Prepaid expenses and other receivables and other assets consist of the following, with current portion presented as p non-current As of December 31, 2021 December 31, 2022 RMB RMB Current portion: Prepaid input value-added tax 43,817 32,083 VAT refund receivable 200 4,827 Rental and other deposits 14,532 9,609 Advances to suppliers 13,731 10,230 Interest receivables (a) 2,177 2,467 Advances to staff (b) 970 397 Directors and officers liability insurance premium 658 658 Claim advance on behalf of insurer 77 53 Prepayment for — 898 Advances to a third party (c) — 10,000 Others 1,939 1,596 78,101 72,818 Less: Allowance for impairment (590 ) (1,000 ) 77,511 71,818 As of December 31, 2021 December 31, 2022 RMB RMB Non-current Prepayment related to investment 200 — Advances to long-term assets 179 279 379 279 (a) This represented accrued interest income on bank deposits. (b) This represented advances to staff of the Group for daily business operations which are unsecured, interest-free and repayable on demand. (c) The amounts represent advances to a third party which are interest-bearing at a fixed interest rate of |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | 7. Property, Plant and Equipment, net Property, plant and equipment, net, consist of the following: As of December 31, 2021 December 31, 2022 RMB RMB Computer and electronic equipment 31,041 27,439 Leasehold improvements 27,238 28,124 Office furniture and equipment 10,755 10,330 Motor vehicles 2,443 2,448 Total 71,477 68,341 Less: Accumulated depreciation (1) (23,016 ) (29,823 ) Property, equipment and equipment, net 48,461 38,518 (1) Depreciation expenses for the years ended December 31, 2020, 2021 and 2022 were RMB4,684, RMB6,474 and RMB17,319, respectively. No impairment for property, plant and equipment was recorded for the years ended December 31, 2020, 2021 and 2022. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 8. Intangible assets, net The intangible assets, net consisted of the following: As of December 31, 2021 December 31, 2022 RMB RMB Insurance agency license (1) 12,336 45,150 Insurance adjusting license 3,067 3,067 Insurance brokerage license 2,647 2,647 Software and system 5,436 5,695 Domain name 580 580 Total 24,066 57,139 Less: Accumulated amortization (2) (2,440 ) (3,641 ) Intangible assets, net 21,626 53,498 (1) During the year ended December 31, 2022, the Group’s disposal of a subsidiary resulted in a decrease of RMB4,519 in insurance agency license, and the Group’s acquisition of a subsidiary resulted in an increase of RMB37,333 in insurance agency license. The addition of insurance agency license was derived from the acquisition of Shenzhen Detong. During the year ended December 31, 2022, the Company completed the acquisition of Shenzhen Detong. Since substantially all the fair value of the assets acquired from acquiree company was concentrated in a single asset, the acquiree company did not meet the criteria of a business and the transaction was accounted for as an asset acquisition. (2) Amortization expenses for the years ended December 31, 2020, 2021 and 2022 were RMB424, RMB950 and RMB1,201, respectively. No impairment for intangible assets was recorded for the years ended December 31, 2020, 2021 and 2022. The amortization of the coming 5 years is: As of December 31, 2022 RMB 2023 984 2024 694 2025 431 2026 130 2027 72 |
Long-term Investments
Long-term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company [Abstract] | |
Long-term Investments | 9. Long-term investments Equity Equity Investment Equity Total RMB RMB RMB RMB RMB Balances at January 1, 2020 14,500 8,895 — — 23,395 Additions 1,000 21,450 — — 22,450 Share of earnings/(loss) of an equity investee — 239 — — 239 Reclassification 9,195 (9,195 ) — — — Balances at December 31, 2020 24,695 21,389 — — 46,084 Balances at January 1, 2021 24,695 21,389 — — 46,084 Additions 12,500 9,900 4,641 6,373 33,414 Share of earnings/(loss) of an equity investee — 2,660 — — 2,660 Fair value change — — (1,339 ) (2,885 ) (4,224 ) Realized gain/(loss) — — 265 — 265 Exchange adjustments — — 203 29 232 Impairment (1,610 ) — — — (1,610 ) Disposal (890 ) — (2,930 ) — (3,820 ) Balances at December 31, 2021 34,695 33,949 840 3,517 73,001 Balances at January 1, 2022 34,695 33,949 840 3,517 73,001 Additions — 10,000 — — 10,000 Share of earnings/(loss) of an equity investee — (2,200 ) — — (2,200 ) Fair value change — — (109 ) (2,675 ) (2,784 ) Exchange adjustments — — 77 211 288 Disposal (1,000 ) — — — (1,000 ) Balances at December 31, 2022 33,695 41,749 808 1,053 77,305 Equity method As of December 31, 2020, 2021 and 2022, the Group’s investments accounted for under the equity method were RMB21,389, RMB33,949 and RMB41,749, respectively. The Group applies the equity method of accounting to account for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control. During the year ended December 31, 2020, the Group invested RMB19,000 in cash for 49.26% equity interest in a private equity fund, Nanjing Qiqian Alpha Equity Investment LLP, and RMB2,450 in cash for 49% equity interest in a technology service company, Huibao Huipei. As the Group has significant influence over these companies, the investments were accounted for using the equity method. During the year ended December 31, 2021, the Group invested RMB5,000 in cash for 49% equity interest in a technology service company, Xiaoke, and RMB4,900 in cash for 47.62% equity interest in a private equity fund, Shanghai Dewu Chuxing Investment Management Partnership (Limited Partnership). As the Group has significant influence over these companies, the investments were accounted for using the equity method. During the year ended December 31, 2022, the Group paid of its subscribed capital contribution to Shanghai Dewu Chuxing Investment Management Partnership (Limited Partnership). Since this contribution has not affected the Group’s proportion of equity interest in this investment, the Group still used equity method to account for this investment. Investment accounted for at fair value The Group paid RMB2,665 in cash to invest in private equity fund CCBT LANIAKEA CAPITAL FUND I L.P. in March 2021 and RMB1,976 in cash in stock of Nayuki in June 2021. The Group elected the fair value option in accordance with ASC 825 to account for the investments and recognized the fair value change in its consolidated statements of comprehensive income/(loss). In May 2021, the Group sold the investment in CCBT LANIAKEA CAPITAL FUND I L.P. and recognized investment gain of RMB265. For the years ended December 31, 2021 and 2022, the Group recognized a fair value loss of RMB1,339 and RMB109 for the investment in the stock of Nayuki, respectively. No Equity investments measured under measurement alternative and NAV practical expedient Equity investments without readily determinable fair values include investments in a private equity fund accounted for under NAV practical expedient, and investments in private companies accounted for under measurement alternative. Investment in private equity funds over which the Group does not have the ability to exercise significant influence are accounted for under the NAV practical expedient. In March 2021, the Group paid RMB6,373 in cash to invest in private investment fund of Right Time SPC. The Group does not have the ability to exercise significant influence and elect to account for the investment under the NAV practical expedient. During the years ended December 31, 2021 and 2022, the Group recognized a fair value loss of RMB2,885 and RMB2,675. No As of December 31, 2020, 2021 and 2022, the Group held investment in certain equity investments measured under measurement alternative. Impairment during the years ended December 31, 2020, 2021 and 2022 were nil, RMB1,610 and nil, respectively. |
Short-term Borrowing
Short-term Borrowing | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-term Borrowing | 10. Short-term borrowing As of December 31, 2021 December 31, 2022 RMB RMB Bank borrowings (1) 170,000 130,000 Current portion of long-term borrowings (note 14) 46,710 20,000 216,710 150,000 (1) The Group obtained short-term borrowings to support its operation. The borrowings bear interest ranging from 4.30% to 5.00% for the year ended December 31, 2021 and interest ranging from 4.60% to 5.00% for the year ended December 31, 2022. |
Other payables and accrued expe
Other payables and accrued expenses | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Other payables and accrued expenses | 11. Other payables and accrued expenses Other payable and accrued expenses consist of the following: As of December 31, 2021 December 31, 2022 RMB RMB Other tax payables 32,006 14,994 Other payable to suppliers 17,365 8,915 Accrued marketing expense -loyalty points 7,414 4,643 Professional fees 7,068 6,211 Advances from the insured 3,211 3,251 Interest payable 655 746 Deposits 625 258 Withholding social security costs and housing benefits 1,152 14,717 Deferred income — 2,395 Others 1,759 2,121 71,255 58,251 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee benefits | 12. Employee benefits Full-time employees of the Group in the PRC are entitled to welfare benefits including pension insurance, medical insurance unemployment insurance, maternity insurance, on-the-job |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 13. Income taxes Cayman Islands The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the subsidiary established in Hong Kong is subject to 16.5% income tax rate on its taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. China The Company’s subsidiaries, consolidated VIE and subsidiary of the VIE established in the PRC are mainly subject to statutory income tax at a rate of 25%. On April 14, 2008, relevant governmental regulatory authorities released qualification criteria, application procedures and assessment processes for “high and new technology enterprises” (“HNTE”). The HNTE will be entitled to a favorable statutory tax rate of 15%. An enterprise’s qualification as a HNTE is reassessed by the relevant PRC governmental authorities every three years. On November 2, 2018, the local governments announced that Huize Shidai was qualified as HNTE and was subject to a preferential statutory tax rate of 15% since then. On October 9, 2021, the Chengdu Huize was also qualified as HNTE and was subject to a preferential statutory tax rate of 15% since then. Accordingly, Huize Shidai and Chengdu Huize are taxed at a rate of 15%, subject to reassessment. The Enterprise Income Tax (“EIT”) Law includes a provision specifying that legal entities organized outside of the PRC will be considered resident enterprises for the PRC income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident re-invested and accrued. Composition of income tax expense The current and deferred portions of income tax expense included in the consolidated statements of comprehensive income/(loss) during the years ended December 31, 2020, 2021 and 2022 are as follows: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Current income tax expense 2,234 — — Deferred income tax (benefit)/expense (466 ) — — Income tax expense 1,768 — — Tax Reconciliation Reconciliation between the income tax expense computed by applying the EIT tax rate to income before income taxes and actual provision were as follows: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Profit/(Loss) before income tax (16,524 ) (107,717 ) (33,740 ) Tax expense/(benefit) at EIT tax rate of 25% (4,131 ) (26,929 ) (8,435 ) Effect of different tax rates applicable to different subsidiaries of the Group 490 (3,195 ) (826 ) Changes in valuation allowance 1,290 37,948 16,154 Income not subject to tax (34 ) (769 ) (59 ) Expenses not deductible for tax purposes 11,561 2,872 5,608 Research and development tax credit (7,408 ) (12,627 ) (12,442 ) Effect on deferred tax assets due to change in tax rates — 2,700 — Income tax expense 1,768 — — Deferred tax assets and deferred tax liabilities The following tables set forth the significant components of the deferred tax assets and deferred tax liabilities: December 31, 2021 December 31, 2022 RMB RMB Deferred tax assets Advertising expenses 1,105 1,569 Net accumulated losses carry forward 67,714 94,697 Depreciation and amortization 271 338 Allowance for doubtful accounts 940 1,505 Accrued expenses 4,171 6,640 Operating lease liab ilitie s — 45,639 Less: valuation allowance (73,596 ) (90,049 ) Gross deferred tax asset s 605 60,339 Offse t — (60,339 ) Net deferred tax assets 605 — Deferred tax liabilities Intangible assets 4,287 12,491 Operating lease right-of-use asset s — 45,638 Gain on equity method investee 605 605 Variable consideration of renewal incom e — 14,096 Gross deferred tax liabilities 4,892 72,830 Offset — (60,339 ) Net deferred tax liabilities 4,892 12,491 Movement of valuation allowance For the years Ended December 31, 2020 2021 2022 RMB RMB RMB Balance at the beginning of the year 33,211 34,501 73,596 Additions 7,318 37,961 20,122 Acquisition of subsidiaries — 1,147 1,529 Reversals (6,028 ) (13 ) (3,968 ) Expiration — — (166 ) Disposal of subsidiaries — — (1,064 ) Balance at end of the year 34,501 73,596 90,049 Valuation allowance is provided against deferred tax assets when the Group determines that it is more-likely-than-not more-likely-than-not As of December 31, 2020, 2021 and 2022, the Group had tax on net operating loss carryforwards of approximately RMB31,218, RMB67,714 and RMB 94,697, respectively, which arose from the subsidiaries, VIE and the VIE’s subsidiary established in PRC. As of December 31, 2020, 2021 and 2022, of the tax on net operating loss carryforwards, RMB30,613, RMB67,109 and RMB94,092 was provided for valuation allowance, respectively, while the remaining In 2022, the reversal of valuation allowance was mainly caused by the decrease of net operation loss carry forward of Shenzhen Huize. According to the Circular of relevant governmental regulatory authorities of Taxation on Extending the Loss Carry-over Period of High-tech Enterprises and High-tech SMEs (Cai Shui [2018] No. 76), from January 1, 2018, the enterprises that have the qualifications of high-tech enterprises or high-tech SMEs will be able to make up for the losses that have not been utilized in the previous five years before the qualification year. The longest carry-over period is extended from 5 years to 10 years. As of December 31, 2022, the net operating loss carryforwards will expire during the period from 2024 to 2031, if unused. Uncertain tax positions The liabilities associated with uncertain tax positions were RMB2,440 and RMB2,440 as of December 31, 2021 and 2022, respectively. The Group did not accrue any potential penalties and interest related to these uncertain tax positions for all years presented on the basis that the likelihood of penalties and interest being charged is not considered to be probable. The amounts of uncertain tax positions listed above are based on the recognition and measurement criteria of ASC 740. However, due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of uncertain tax positions may result in liabilities which could be materially different from these estimates. The Group does not expect changes in uncertain tax positions recognized as of December 31, 2022 to be material in the next twelve months. In general, the PRC tax authorities have up to five years and in certain cases up to 10 |
Long-term borrowing
Long-term borrowing | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term borrowing | 14. Long-term borrowing The following table summarizes the details of the Group’s long-term borrowings: Maturity Date Principal Amount Interest Per Annum As of Type December 31, December 31, RMB RMB Bank loan May 20, 2022 20,000 4.60 % 20,000 — Bank loan May 19, 2023 20,000 4.75 % 20,000 20,000 Bank loan July 19, 2022 29,400 3.85 % 26,710 — Total 66,710 20,000 Less: Current portion of long-term borrowings (46,710 ) (20,000 ) 20,000 — As of December 31, 2021 and 2022, the loan with maturity date of July 19, 2022 was pledged by the deposits of HK Smart Choice and the credit of Huize Insurance Brokerage. Interest is payable on a monthly basis. |
Common Shares
Common Shares | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common shares | 15. Common shares The Company’s Memorandum and Articles of Association authorizes the Company to issue up to 4,549,953,780 common shares with a par value of US$0.00001 per shares. As of December 31, 2019, the Company has 483,310,373 shares issued and outstanding. Each common share is entitled to one vote. On February 12, 2020, The Company completed its IPO on the Nasdaq Global Market. 5,322,453 ADSs (including 72,453 ADSs sold upon the full exercise of the underwriters’ over-allotment options), representing 106,449,060 Class A common shares, were issued and sold to the public at a price of US$10.5 per ADS. Upon the completion of IPO, the Group divided its common shares into Class A common shares and Class B common shares. Holders of Class A common shares will be entitled to one vote per share, while holders of Class B common shares will be entitled to 15 votes per share. Each Class B common share is convertible into one Class A common share at any time by the holder thereof, while Class A common shares are not convertible into Class B common shares under any circumstances. Upon any sale, transfer, assignment or disposition of Class B common shares by a holder thereof to any person or entity that is not an affiliate of such holder, such Class B common shares shall be automatically and immediately converted into an equal number of Class A common shares. All of the 150,591,207 common shares held by Huidz Holding Limited, an entity controlled by Mr. Cunjun Ma, the chairman of the the re-designated one-for-one The holders of common shares are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all other classes of shares outstanding. In April 2020, board of directors authorized a share repurchase program under which the Company may repurchase up to US$10 million of its outstanding ADSs over the next 12 months, subject to relevant rules under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy. As of December 31, 2021 and 2022, the Company repurchased 171,843 ADSs in total (equivalent to 3,436,860 shares) and 826,730 ADSs in total (equivalent to 16,534,600 shares), respectively, and the costs of treasury stock were RMB9,545 and RMB15,306, respectively. |
Redeemable Preferred Shares
Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable preferred shares | 16. Redeemable preferred shares In September 2014, the Group issued 204,022,000 Series A Redeemable Preferred Shares (“Series A Redeemable Preferred Shares”) for an aggregate consideration of RMB39,404,003. Also, the Group upgraded 87,935,500 shares to Series A Redeemable preferred shares when these shares were transferred from Series Pre-A In March 2016, the Group issued 185,512,580 Series B Redeemable Preferred Shares (“Series B Redeemable Preferred Shares”) for an aggregate consideration of RMB200,000. In July 2016, the Group issued 43,937,180 Series B+ Redeemable preferred shares (“Series B+ Redeemable Preferred Shares”) for an aggregate consideration of RMB62,500. During the year ended December 31, 2018, 16,574,460 Redeemable Preferred Shares (“Series B++ Redeemable Preferred Shares) were converted from the convertible bond with the principal amount of RMB24,520 and interest amount of RMB907. The Group’s redeemable preferred shares activities for the years ended December 31, 2020, 2021 and 2022 are summarized below: Series A Shares Series B Shares Series B+ Shares Series B++ Shares Number of Shares Amount (RMB) Number of Shares Amount (RMB) Number of Shares Amount (RMB) Number of Shares Amount (RMB) Balances as of January 1, 2020 204,022,000 84,072 185,512,580 261,272 43,937,180 81,654 16,574,460 27,629 Redeemable Preferred Shares redemption value accretion — 788 — 2,634 — 701 — 151 Conversion and re-designation (204,022,000 ) (84,860 ) (185,512,580 ) (263,906 ) (43,937,180 ) (82,355 ) (16,574,460 ) (27,780 ) Balances as of December 31, 2020 — — — — — — — — Balances as of December 31, 2021 — — — — — — — — Balances as of December 31, 2022 — — — — — — — — The redeemable preferred shares issued by the Company carry the following rights: Voting right and board seats The Redeemable Preferred Shareholders shall have the right to one vote for each Redeemable Preferred Share, the same as common shareholders. The Redeemable Preferred Shareholders are entitled to appoint a total of three directors of the Board. To constitute a quorum for the meeting of the Board, it must include the three directors appointed by Redeemable Preferred Shareholders or their entrusted proxies. Redemption Redemption Condition for Redeemable Preferred Shares: The Redeemable Preferred Shares are redeemable in the event of the Company fails to complete a qualified IPO before December 31, 2020. The redemption price of the investor of Series B+ and Series B is the investment amount of the investors plus the annual rate of return on compound interest of 8% per annum. The redemption price of the investor of Series A and Series B++ is the investment amount of the investors plus the internal rate of return of compound interest of 10% per annum. The Group accretes changes in the redemption value over the period from the date of issuance of the Redeemable Preferred Shares to their respective earliest redemption date using the contractual interest rate. Changes in the redemption value are considered to be changes in accounting estimates. The accretion will be recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in paid-in Dividends Rights The Redeemable Preferred Shareholders shall be entitled to receive dividend according to their actual investment ratio, the same as common shareholders. As explained in note 15, all the redeemable preferred shares conversed into Class A common shares on a one-for-one |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | 17. Share-based compensation Share-based compensation was recognized in operating expenses for the years ended December 31, 2020, 2021 and 2022 as follows: For the year Ended December 31, 2020 2021 2022 RMB RMB RMB Cost of revenue 410 (387 ) 11 Selling expenses 10,642 (475 ) 1,041 General and administrative expenses 40,820 (665 ) 9,151 Research and development expenses 381 (297 ) 208 52,253 (1,824 ) 10,411 Global Share Incentive Plan In June 2019, the Company adopted a Global Share Incentive Plan (the “Global Plan”), which includes Option Plan, Restricted Shares Plan and Shares Award. Option Plan Under the Option Award Agreement, options which granted to employees vest upon satisfaction of a service condition, which is generally satisfied over four years. Additionally, the Option Grant includes a condition where employees can only exercise vested options upon the occurrence of that the Company’s common shares become listed securities, which substantially creates a performance condition (“IPO Condition”). Meanwhile, the Company offers their employees broker-assisted cashless exercise programs to help the employees exercise their stock options without having to use their personal funds to pay for the exercise price. The options are classified as liability-classified award. As of December 31, 2019, the Company granted 19,463,440 share options to certain of its employees. The Company finished its initial public offering in February 2020, the share-based compensation cost was recognized accordingly. During the years ended 2021, the Company granted 21,631,945 share options to employees pursuant to the Global Plan. No share options were granted during the year ended 2022. The following table summarized the Company’s activities under the Option Plan for the years ended December 31, 2020, 2021 and 2022: Number of options Weighted average Outstanding at January 1, 2020 19,463,440 0.1607 Granted — — Exercised (707,396 ) 0.1607 Forfeited (2,601,993 ) 0.1607 Outstanding at December 31, 2020 16,154,051 0.1607 Vested and exercisable at December 31, 2020 5,004,126 0.1607 Outstanding at January 1, 2021 16,154,051 0.1607 Granted 21,631,945 0.1609 Exercised (201,040 ) 0.1607 Forfeited (740,231 ) 0.1607 Outstanding at December 31, 2021 36,844,725 0.1608 Vested and exercisable at December 31, 2021 11,884,664 0.1709 Outstanding at January 1, 2022 36,844,725 0.1608 Granted — — Exercised — — Forfeited (3,020,669 ) 0.1515 Outstanding at December 31, 2022 33,824,056 0.1616 Vested and exercisable at December 31, 2022 24,166,379 0.1640 The following table summarizes information regarding the share options outstanding as of December 31, 2022: As of December 31, 2022 Options Weighted Weighted average Aggregate US$ US$ Outstanding 33,824,056 0.1616 7.67 — Exercisable 24,166,379 0.1640 7.52 — Expected to vest 9,657,677 0.1556 8.03 — The weighted average fair value of the options was US$ 0.0127 and US$ 0.0192 per option as of December 31, 2021 and 2022, respectively. The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the underlying stock at December 31, 2022. The fair value of the option plan was estimated on the date of each balance sheet date using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: Weighted average 2021 2022 Exercise price (US$) 0.1608 0.1616 Expected forfeiture rate (post-vesting) 10.85 % 5.86 % Expected volatility 40.57 % 51.70 % Excepted term (in years) 8.71 7.67 Expected dividend yield 0 % 0 % Risk-free interest rate 1.4658 % 3.9302 % Risk-free interest rate is estimated based on the yield curve of US Treasury BVAL Curve from Bloomberg as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options. Employees Restricted Shares Plan Under the Employees Restricted Shares Award Agreement, restricted shares which granted to employees vest upon satisfaction of a service condition and a performance condition, which is generally satisfied over four years. The restriction will be removed along with the satisfaction of the service condition. As of December 31, 2020, the Company granted 23,809,190 restricted common shares to certain senior management through Bodyguard Holding Limited (“Bodyguard”) as a holding platform. In March 2021, the Company granted additional 320,000 restricted shares to the senior management pursuant to the Global Plan. No restricted shares were granted during the year ended 2022. The following table summarized the Company’s restricted shares activities under the Employees Restricted Shares Plan for the years ended December 31, 2020, 2021 and 2022: Options to employees Weighted average grant-date fair value Non-vested 23,809,190 — Granted — — Vested (7,000,739 ) — Forfeited (3,475,844 ) — Non-vested 13,332,607 — Non-vested 13,332,607 — Granted 320,000 2.49 Vested (4,925,510 ) — Forfeited (613,553 ) — Non-vested 8,113,544 — Non-vested 8,113,544 — Granted — — Vested (4,519,185 ) — Forfeited (163,614 ) — Non-vested 3,430,745 — Restricted shares granted to employees are measured based on their grant-date fair values and recognized as compensation cost on a graded-vesting method over the requisite 2.25 to 4 years’ service period. The weighted average grant date fair value of restricted shares granted for the years ended December 31, 2020, 2021 and 2022 were nil, RMB2.49 per share and nil, respectively. As of December 31, 2020, 2021 and 2022, there were a total of RMB35,880, RMB11,355 and RMB8,163 share-based compensation expenses recognized, respectively. As of December 31, 2021 and 2022, there were RMB11,883 and RMB770 unrecognized share-based compensation, respectively. Shares Award Under the Shares Award Agreement, 14,229,183 common shares were awarded to Mr. Cunjun Ma directly through an entity wholly owned by Mr. Cunjun Ma with no consideration on June 30, 2019. The fair value of the shares awarded was RMB4.20 per share, and a total of RMB59,778 share-based compensation expense was recognized on June 30, 2019. No shares were awarded during the years ended December 31, 2020, 2021 and 2022. |
Operating Revenue
Operating Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Operating revenue | 18. Operating revenue For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Brokerage income -Life and health insurance business 1,166,118 2,170,767 1,046,469 -Property and casualty insurance business 49,316 61,486 62,183 Brokerage income subtotal 1,215,434 2,232,253 1,108,652 Other income 4,788 12,763 49,256 Total operating revenue 1,220,222 2,245,016 1,157,908 |
Selling Expense
Selling Expense | 12 Months Ended |
Dec. 31, 2022 | |
Selling Expense [Abstract] | |
Selling expense | 19. Selling expense For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Salaries and employment benefits 129,327 222,428 166,588 Advertising and marketing expenses 71,472 97,945 31,026 Rental and utilities expenses 6,961 13,781 15,358 Office expenses 5,877 5,623 4,086 Travelling expenses 1,689 3,734 1,911 Depreciation and amortizations 444 680 1,101 Share-based compensation expenses 10,642 (475 ) 1,041 Business development 384 761 827 Others 3,642 6,096 9,726 Total 230,438 350,573 231,664 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
General and Administrative Expense [Abstract] | |
General and administrative expenses | 20. General and administrative expenses For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Salaries and employment benefits 51,457 87,321 59,484 Rental and utilities expenses 2,332 33,486 25,056 Professional service expenses 20,075 31,868 18,858 Depreciation and amortizations 1,875 2,195 11,448 Share-based compensation expenses 40,820 (665 ) 9,151 Directors and Officers liability insurance premium 6,127 7,798 7,891 Office expenses 3,811 8,532 6,177 VAT Surcharge 3,845 6,954 3,529 Bank charges 7,849 7,955 3,048 Bad debt expense 1,218 1,445 2,415 Travelling expenses 1,648 1,675 786 Other 9,150 9,055 6,872 Total 150,207 197,619 154,715 |
Investment Income_(Loss)
Investment Income/(Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Income Loss From Investments Net [Abstract] | |
Investment Income/(Loss) | 21. Investment income/(loss) For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Fair value change of investments accounted for at fair value — (1,339 ) (109 ) Fair value change of equity investments measured under NAV practical expedient — (2,885 ) (2,675 ) Dividends received from equity investments 137 241 237 Impairment loss related to equity investments measured under measurement alternative — (1,610 ) — Realized gain/(loss) related to the investments accounted for at fair value — 265 — Gain on disposal of subsidiary — — 331 Total 137 (5,328 ) (2,216 ) |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net loss per share | 22. Net loss per share Basic net loss per share and diluted net loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2020, 2021 and 2022 as follows: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Numerator: Net loss (18,292 ) (107,717 ) (33,740 ) Less: Net loss attributable to non-controlling — (51 ) (2,553 ) Net loss attributable to common shares and redeemable preferred shares (18,292 ) (107,666 ) (31,187 ) Redeemable preferred shares (4,274 ) — — Allocation to redeemable preferred shareholders 1,074 — — Net loss attributable to common shareholders-Basic and diluted (21,492 ) (107,666 ) (31,187 ) Denominator: Denominator for basic loss per share weighted-average common shares outstanding 963,817,614 1,021,861,206 1,021,958,881 Dilutive effect of restricted shares — — — Dilutive effect of share options — — — Denominator for diluted loss per share weighted-average common shares outstanding 963,817,614 1,021,861,206 1,021,958,881 Basic and diluted loss per share (0.02 ) (0.11 ) (0.03 ) The potentially dilutive securities that were not included in the calculation of above dilutive net loss per share in the years presented where their inclusion would be anti-diluted include restricted shares of 1,789,534 shares, 4,054,623 shares and 11,273,390 shares for the years ended December 31, 2020, 2021 and 2022, respectively, and share options of 4,114,655 shares, nil and 20,246,077 shares for the years ended December 31, 2020, 2021 and 2022 on a weighted average basis, respectively. |
Lease
Lease | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease | 23.Lease The following table presents balances reported in the consolidated balance sheets related to the Group’s leases: As of As of RMB RMB Operating lease right-of-use 247,819 162,180 Operating lease liabilities 264,069 186,107 Lease for leases recognized straight basis lease For term over the Group elected not apply recognition ASC 842 Group recognized lease expenses straight basis the For year December 2020 rental under operating were the ended 31 2021 2022 cost of following For the Year Ended December 31, 2021 2022 RMB RMB Operating lease cost 46,102 39,476 Short term lease cost 385 1,724 Total lease cost 46,487 41,200 The following table presents the maturity of the Group’s operating lease liabilities as of December 31, 2022: As of RMB 2023 19,100 2024 26,084 2025 26,559 2026 28,201 2027 29,755 Thereafter 99,792 Total operating lease payments (undiscounted) 229,491 Less: Imputed interest (43,384 ) Total operating lease liabilities (discounted) 186,107 As of December 31, 2022, the Group has no significant lease contract that has been entered into but not yet commenced. Supplemental cash flow information related to the operating leases was as follow: For the Year Ended December 31, 2021 2022 RMB RMB Cash paid for amounts included in operating lease liabilities 27,360 24,554 Pursuant to the lease agreements dated in March and August 2022, the Group’s certain leased space was decreased, which led to terminations and partial terminations of the lease contracts. The difference between the decrease in the carrying amount of the lease liabilities and the proportionate decrease in the carrying amount of the right-of-use non-cash |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 24. Commitments and contingencies The Group had investment commitments of RMB55,546 as of December 31, 2021 and RMB11,000 as of December 31, 2022. |
Restricted Net Asset
Restricted Net Asset | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Assets Net [Abstract] | |
Restricted Net Asset | 25. Restricted net asset Relevant PRC laws and regulations permit payments of dividends by the Group’s entities incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s entities in the PRC are required to annually appropriate 10% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Company’s entities incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to its shareholders. In addition, restricted cash and insurance premium receivables of the VIE and its subsidiaries can only be used to settle relevant obligations of the VIE and its subsidiaries. Except for the above, there is no other restriction on use of proceeds generated by the Group’s subsidiaries and VIE to satisfy any obligations of the Company. As of December 31, 2022, the restricted net assets of the Group’s relevant PRC entities amounted to RMB262,124. Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 26. Parent company only condensed financial information The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X 5-04 12-04, The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general- purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant capital and other commitments or guarantees as of December 31, 2022. The subsidiaries did not pay any dividend to the Company for the years presented. The Condensed Financial Information of the Parent Company for the year ended December 31, 2020 has been revised to correct an immaterial error related to presentation of cash flows of amount due from subsidiary. Such cash flow was previously presented in error as cash flows from operating activities of the Parent Company and has been revised to cash flows from investing activities of the Parent Company. The impact of the above presentation error was not material to the previously issued financial statements taken as a whole. Balance sheet As of December 31, 2021 2022 RMB RMB USD$ Assets Cash and cash equivalent 16,291 5,613 814 Amount due from related parties 106 149 22 Prepaid expense and other receivables 291,666 316,172 45,839 Long-term investments 76,030 44,307 6,424 Total assets 384,093 366,241 53,099 Liabilities and Shareholders’ equity Other payables and accrued expenses 17,892 17,892 2,594 Contract liabilities 4,555 3,332 483 Payroll and welfare payable 1,582 4,138 600 Total liabilities 24,029 25,362 3,677 Shareholders’ equity Class A common shares (US$0.00001 par value; 7,000,000,000 shares authorized as of December 31, 2021 and 2022, respectively; 894,456,046 shares issued as of December 31, 2021 and 2022, respectively; 886,166,726 shares and 873,068,986 shares outstanding as of December 31, 2021 and 2022, respectively) 62 62 9 Class B common shares (US$0.00001 par value; 800,000,000 shares authorized as of December 31, 2021 and 2022, respectively; 150,591,207 shares issued and outstanding as of December 31, 2021 and 2022, respectively) 10 10 1 Treasury stock (3,436,860 shares and 16,534,600 shares as of December 31, 2021 and December 31, 2022, respectively) (9,545 ) (15,306 ) (2,219 ) Additional paid-in 896,772 904,935 131,203 Accumulated other comprehensive loss (27,295 ) (17,695 ) (2,566 ) Accumulated deficit (499,940 ) (531,127 ) (77,006 ) Total shareholders’ equity 360,064 340,879 49,422 Total liabilities and shareholders’ equity 384,093 366,241 53,099 Statement of Comprehensive Income/(Loss) Year Ended December 31, 2020 2021 2022 RMB RMB RMB USD$ Note 2(f) Operating revenue Other income 228 1,269 1,553 225 Total operating revenue 228 1,269 1,553 225 Operating cost and expenses General and administrative expenses (4,611 ) (5,994 ) (4,614 ) (670 ) Operating loss (4,383 ) (4,725 ) (3,061 ) (445 ) Other expense Interest income 11 4 — — Unrealized exchange income 421 — — — Profit/(loss) before income tax, and share of loss of subsidiaries and VIEs (3,951 ) (4,721 ) (3,061 ) (445 ) Share of income/(loss) of subsidiaries and VIEs (14,341 ) (102,945 ) (28,126 ) (4,078 ) Net profit/(loss) (18,292 ) (107,666 ) (31,187 ) (4,523 ) Redeemable preferred shares redemption value accretion (4,274 ) — — — Allocation to redeemable preferred shares 1,074 — — — Net profit/(loss) attributable to common shareholders (21,492 ) (107,666 ) (31,187 ) (4,523 ) Net profit/(loss) (18,292 ) (107,666 ) (31,187 ) (4,523 ) Foreign currency translation adjustment, net of tax (22,386 ) (5,323 ) 9,600 1,392 Total comprehensive income/(loss) (40,678 ) (112,989 ) (21,587 ) (3,131 ) Statement of cash flows Year Ended December 31, 2020 2021 2022 RMB RMB RMB USD$ Cash flows from operating activities: Net profit/(loss) (18,292 ) (107,666 ) (31,187 ) (4,523 ) Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Unrealized exchange (income)/loss (421 ) — — — Share of income/(loss) of subsidiaries and VIEs 14,341 102,945 28,126 4,078 Interest income (11 ) — — — (4,383 ) (4,721 ) (3,061 ) (445 ) Changes in operating assets and liabilities: Increase/(decrease) in other payables and accrued expenses (1,340 ) (4,730 ) — — Increase/(decrease) in contract liabilities — 4,555 (1,223 ) (177 ) (Increase)/decrease in prepaid expense and other receivables — 21 22,800 3,306 (Increase)/decrease in accounts receivable and contract assets (216 ) 216 — — (Increase)/decrease in amount due from related parties (189 ) 83 (43 ) (6 ) Net cash provided by/(used in) operating activities (6,128 ) (4,576 ) 18,473 2,678 Cash flows from investing activities: Investments in subsidiaries and consolidated VIEs (245 ) (247 ) — — Payments of inter-company balances (139,123 ) (161,216 ) (23,376 ) (3,389 ) Net cash provided by/(used in) investing activities (139,368 ) (161,463 ) (23,376 ) (3,389 ) Cash flows from financing activities: Proceeds from initial public offering, net of issuance costs 340,479 — — — Proceeds from exercise of options 503 497 — — Repurchase of Class A common shares (2,063 ) (3,003 ) (6,659 ) (965 ) Net cash provided by/(used in) financing activities 338,919 (2,506 ) (6,659 ) (965 ) Effect of exchange rate changes on cash and cash equivalents (6,268 ) (2,381 ) 884 128 Net increase/(decrease) in cash and cash equivalents and restricted cash 187,155 (170,926 ) (10,678 ) (1,548 ) Total cash and cash equivalents and restricted cash at beginning of year 62 187,217 16,291 2,362 Total cash and cash equivalents and restricted cash at end of year 187,217 16,291 5,613 814 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 27. Subsequent events The Company evaluated its subsequent events through April 19, 2023, the date on which these financial statements were issued. Except for the below transaction, there is no material events or transactions needing recognition or disclosure found. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presenta t The Group’s consolidated financial statements for the years ended December 31, 2020, 2021 and 2022 are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates. Significant accounting As an emerging growth company, the Company elects to use the extended transition year for complying with new or revised financial accounting standards. |
Basis of consolidation | (b) Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and a consolidated VIE, including the VIE’s subsidiaries, for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or one of its subsidiaries is the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the VIE and the VIE’s subsidiaries have been eliminated upon consolidation. The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) between the Company’s PRC subsidiary, Zhixuan and the VIE, Huiye Tianze. Through the Contractual Agreements, the VIE is effectively controlled by the Company. Exclusive Business Cooperation Agreement Exclusive Option Agreement Pursuant to the exclusive option agreements, each shareholder of Huiye Tianze has irrevocably granted Zhixuan an exclusive option to purchase, or have its designated person or persons to purchase, at its discretion at any time, to the extent permitted under PRC law, all or part of their current and future shares in Huiye Tianze. As for the consideration, the purchase price should be equal to the minimum price as permitted by PRC law. Share Pledge Agreements Power of Attorney : attorney-in-fact The following table sets forth the assets, liabilities, results of operations and cash flows of Huiye Tianze and its subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIE and its subsidiaries are eliminated in the balances presented below: Selected Condensed Consolidated Balance Sheets Information As of December 31, 2021 December 31, 2022 RMB RMB Assets Current assets Cash and cash equivalent 323,011 205,781 Restricted cash 127,315 55,458 Contract assets, net of allowance for doubtful accounts — 49,888 Account receivable, net of allowance for impairment 777,055 250,238 Insurance premium receivables 1,217 1,792 Amount due from related parties — 340 Prepaid expense and other receivables 106,865 96,987 Total current assets 1,335,463 660,484 Non-current Restricted cash 24,680 — Contract assets, net of allowance for doubtful accounts — 6,634 Property, Plant and Equipment, net 47,800 38,133 Intangible assets, net 18,979 50,851 Deferred tax assets 605 — Long-term investments 59,450 66,250 Operating lease right-of-use 241,880 162,180 Goodwill 461 461 Other Assets 379 279 Total non-current assets 394,234 324,788 Total assets 1,729,697 985,272 As of December 31, 2021 December 31, 2022 RMB RMB Liabilities and Shareholders’ Equity Short-term borrowings 216,710 150,000 Accounts payable 680,183 261,993 Insurance premium payables 124,019 27,567 Contract liabilities 2,681 702 Other payables and accrued expenses 207,461 195,136 Payroll and welfare payable 92,094 39,674 Income taxes payable 2,440 2,440 Operating lease liabilities 12,362 10,075 Amount due to related parties 11,875 495 Total current liabilities 1,349,825 688,082 Non-current Long-term borrowings 20,000 — Deferred tax liabilities 4,455 12,054 Operating lease liabilities 245,396 176,032 Total non-current 269,851 188,086 Total liabilities 1,619,676 876,168 Shareholders’ equity Common shares 44,766 44,766 Additional paid-in 460,157 470,553 Accumulated deficit (395,751 ) (407,361 ) Total shareholders’ equity attributable to Huize Holding Limited shareholders 109,172 107,958 Non-controlling interests 849 1,146 Total shareholders’ equity 110,021 109,104 Total liabilities and shareholders’ equity 1,729,697 985,272 Selected Condensed Consolidated Statements of Income/(loss) Information For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Operating revenue Brokerage income 1,215,434 2,231,388 1,107,090 Other income 4,560 11,494 49,223 Total operating revenue 1,219,994 2,242,882 1,156,313 Operating costs and expenses Cost of revenue (813,507 ) (1,687,770 ) (705,067 ) Other cost (2,846 ) (2,670 ) (28,282 ) Total operating costs (816,353 ) (1,690,440 ) (733,349 ) Selling expenses (230,438 ) (346,305 ) (230,414 ) General and administrative expenses (136,921 ) (172,822 ) (136,519 ) Research and development expenses (49,135 ) (120,478 ) (80,911 ) Total operating costs and expenses (1,232,847 ) (2,330,045 ) (1,181,193 ) Operating income/(loss) (12,853 ) (87,163 ) (24,880 ) Other income/(expenses) Interest income/(expenses) (1,813 ) (4,092 ) (5,592 ) Unrealized exchange income/(loss) (421 ) — — Investment income/(loss) 137 (1,369 ) 568 Others, net 10,153 12,627 17,941 Profit/(loss) before income tax, and share of income /(loss) of equity method investee (4,797 ) (79,997 ) (11,963 ) Income tax expense (1,768 ) — — Share of income/(loss) of equity method investee 239 2,660 (2,200 ) Net profit/(loss) (6,326 ) (77,337 ) (14,163 ) Net profit/(loss) attributable to non-controlling — (51 ) (2,553 ) Net profit/(loss) attributable to Huize Holding Limited (6,326 ) (77,286 ) (11,610 ) Net profit/(loss) (6,326 ) (77,337 ) (14,163 ) Foreign currency translation adjustment, net of tax — — — Comprehensive income/(loss) (6,326 ) (77,337 ) (14,163 ) Comprehensive income/(loss) attributable to non-controlling — (51 ) (2,553 ) Comprehensive income/(loss) attributable to Huize Holding Limited (6,326 ) (77,286 ) (11,610 ) Selected Condensed Consolidated Cash Flows Information For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Net cash provided by/(used in) operating activities 168,225 (152,844 ) (69,094 ) Cash flows from investing activities: Purchase of long-term investment (22,450 ) (22,601 ) (10,000 ) Purchase of property, equipment and intangible assets (8,162 ) (37,359 ) (16,773 ) Proceeds from disposal of property, equipment and intangible assets — 961 1,044 Acquisition of subsidiary, net of cash paid (569 ) (11,805 ) (25,964 ) Payments of inter-company balances — (5,050 ) — Proceeds from disposal of investments — 890 700 Cash received for disposal of subsidiary — — 3,640 Advances to a third party — — (26,000 ) Repayment from a third party — — 16,000 Interests received — — 876 Others 137 241 237 Net cash provided by/(used in) investing activities (31,044 ) (74,723 ) (56,240 ) Cash flows from financing activities: Proceeds from borrowings 105,400 184,000 270,200 Repayments of borrowings (61,266 ) (40,503 ) (367,524 ) Proceeds from inter-company balances — 128,000 6,041 Proceeds from exercise of share option 245 247 — Cash received by subsidiaries from minority shareholders — 900 2,850 Net cash provided by/(used in) financing activities 44,379 272,644 (88,433 ) Effect of exchange rate changes on cash and cash equivalents — — — Net increase/(decrease) in cash and cash equivalents and restricted cash 181,560 45,077 (213,767 ) Total cash and cash equivalents and restricted cash at beginning of year 248,369 429,929 475,006 Total cash and cash equivalents and restricted cash at end of year 429,929 475,006 261,239 The Under the contractual arrangements with the VIE, the Company can have the assets transferred out of the VIE and VIE’s subsidiaries, except for restricted cash and insurance premium receivables balance as disclosed on the balance sheet. Except for these two amounts, there is no other asset of the VIE that can only be used to settle obligations of the VIE and VIE’s subsidiaries. Since the VIE are incorporated as limited liability companies under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIE. However, as the Company is conducting certain businesses through its VIE and VIE’s subsidiaries, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. In the opinion of the Company’s management, the contractual arrangements among its subsidiary, the VIE and their respective Nominee Shareholders are in compliance with current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. In addition, shareholders of the VIE are PRC holding entities of certain pre-IPO shareholders of the Company, including entities beneficially owned by Mr. Cunjun Ma, the chairman of the board of directors and the chief executive officer, who controls more of the Company’s total voting power. Therefore, the enforceability of the contractual agreements between us, the VIE and its shareholders depends on whether the Company’s shareholders or their PRC holding entities will fulfill these contractual agreements. There is a risk that the benefits of ownership between the Company and the VIE may not be aligned in the future. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced. In March 2019, the National People’s Congress approved the Foreign Investment Law, which came into effect on January 1, 2020 and replaced the trio of existing laws regulating foreign investment in China together with their implementation rules and ancillary regulations. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation. For instance, under the Foreign Investment Law, “foreign investment” refers to the investment activities directly or indirectly conducted by foreign individuals, enterprises or other entities in China but it does not explicitly stipulate the contractual arrangements as a form of foreign investment. On December 26, 2019, the State Council promulgated the Implementation Regulations on the Foreign Investment Law, which came into effect on January 1, 2020. Though these regulations do not explicitly classify contractual arrangements as a form of foreign investment, there is no assurance that foreign investment via contractual arrangements would not be interpreted as a type of foreign investment activities under the definition in the future. In addition, the definition contains a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. Therefore, the Foreign Investment Law still leaves leeway for future laws, administrative regulations or provisions promulgated by the State Council to provide for contractual arrangements as a form of foreign investment. In any of these cases, it will be uncertain whether the Group’s contractual arrangements will be deemed to be in violation of the market access requirements for foreign investment under the PRC laws and regulations. If variable interest entities fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with the VIE and the Group’s ability to conduct business through the VIE could be severely limited. The Company’s ability to control the VIE also depends on the power of attorney Zhixuan has to vote on all matters requiring shareholders’ approvals in the VIE. As noted above, the Company believes these powers of attorney are legally binding and enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure or the contractual arrangements with the VIE were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions: • revoke the Group’s business and operating licenses; • require the Group to discontinue or restrict its operations; • restrict the Group’s right to collect revenues; • block the Group’s websites; • require the Group to restructure its operations, re-apply • impose additional conditions or requirements with which the Group may not be able to comply; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these restrictions or actions may result in a material adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Group to lose the right to direct the activities of the VIE or the right to receive their economic benefits, the Group would no longer be able to consolidate the financial statements of the VIE. In the opinion of management, the likelihood of losing the benefits in respect of the Group’s current ownership structure or the contractual arrangements with its VIE is remote. |
Business combinations and non-controlling interests | (c) Business combinations and non-controlling The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling non-controlling income/(loss). income/(loss). When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling For the Company’s majority-owned subsidiaries and VIE, a non-controlling non-controlling non-controlling non-controlling |
Use of estimates | (d) Use of estimates Financial statements amounts that reflect significant accounting estimates and assumptions mainly include, but are not limited to (i) allowance for doubtful accounts (losses of accounts receivable, insurance premium receivables and other receivables), (ii) valuation and forfeiture rate of share-based compensation arrangements, (iii) operating revenue and cost of revenue recognition, (iv) fair value of long-term investments, (v) useful life of property, plant and equipment and intangible assets, (vi) valuation of acquired assets and liabilities assumed, (vii) assessment for impairment of intangible assets, (viii) realizability of deferred tax assets, (ix) uncertainty tax position and (x) discount rate of lease liability. Actual results could materially differ from these estimates. |
Comprehensive income and foreign currency translation | (e) Comprehensive income and foreign currency translation The Group’s operating results are reported in the consolidated statements of comprehensive income/(loss) pursuant to FASB ASC Topic 220, “Comprehensive Income”. Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Group’s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of entities, of which functional currency is other than Renminbi (“RMB”) which is the reporting currency of the Group, net of related income taxes, where applicable. Such subsidiaries’ assets and liabilities are translated into RMB at period-end |
Convenience translation | (f) Convenience translation Translations of balances in the Group’s consolidated balance sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8972, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on the last trading day of 2022 (December 30, 2022). No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022 or at any other rate. |
Cash and cash equivalents | (g) Cash and cash equivalents Cash and cash equivalents consist of (1) cash on hand; (2) bank deposits and short-term, highly liquid investments, with original maturities of less than three months that are readily convertible to known amounts of cash, and have insignificant risk of changes in value related to changes in interest rates. |
Restricted cash | (h) Restricted cash In its capacity as an insurance broker, the Group collects “premiums” (unremitted insurance premiums) from certain insureds and remits the “premiums” to the appropriate insurance companies. Unremitted insurance premiums are held in custody until disbursed by the Group. The Group reports such amounts as restricted cash in the consolidated balance sheets, and classifies non-current |
Accounts receivable | (i) Accounts receivable Accounts receivable is recorded at the invoiced amount and do not bear interest. Accounts receivable represent brokerage fees receivable from insurance companies. The allowance for doubtful accounts is the Group’s best estimate of the amount of probable credit losses in the Group’s existing accounts receivable balance. The Group assesses the collectability of accounts receivable by determining the allowance percentage for the overdue balances by age. The Group makes allowance for the overdue balances of continuing cooperating insurance companies over 6 months and for the overdue balances of discontinuing cooperating insurance companies over 3 months. |
Insurance premium receivables | (j) Insurance premium receivables Insurance premium receivables consist of insurance premiums to be collected from the insured and are recorded at the invoiced amount and do not bear interest. The insurance premium received are included in net cash provided by operating activities in the consolidated statements of cash flows. |
Fair value measurement | (k) Fair value measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value include: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Recurring The Group’s financial instruments are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purpose. The carrying amount of cash and cash equivalents, restricted cash-current portion, accounts receivable, insurance premium receivables, amounts due from related parties, other receivables, accounts payable, insurance premium payables, other payables and amount due to related parties approximate their net carrying values reported in the consolidated balance sheets due to the short-term maturities of these instruments. Restricted cash-non-current cash-non-current Non-recurring The Group measures certain financial assets, including equity securities without readily determinable fair value and investments under equity method, at fair value on a non-recurring non-financial |
Property, plant and equipment, net | (l) Property, plant and equipment, net Property, plant and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, taking into account residual value, if any. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5~10 years 0%~5 % Computer and electronic equipment 3~5 years 0%~5 % Motor vehicles 4~5 years 5 % Leasehold improvements shorter of remaining lease Nil Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation/amortization are removed from the accounts and any resulting gain or loss is recognized in consolidated statements of comprehensive income/(loss). |
Intangible assets, net | (m) Intangible assets, net Intangible assets with an indefinite useful life represent the insurance brokerage license, insurance agency license and insurance adjusting license. Intangible assets with an indefinite useful life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets with finite lives represent domain name and purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Domain name 10 years 0 % Purchased computer software 3~10 years 0 % |
Impairment of long-lived assets and intangible assets | (n) Impairment of long-lived assets and intangible assets Long-lived assets including property, plant and equipment and intangible assets with indefinite lives and finite lives, are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Group measures the carrying amount of long-lived assets against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2020, 2021 and December 31, 2022. |
Goodwill | (o) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Impairment of goodwill assessment is performed on at least an annual basis on December 31 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. According to ASC 350-20-35, two-step |
Asset acquisition | (p) Asset acquisition When the Company acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s financial statements. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value and does not give rise to goodwill. |
Long-term investments | (q) Long-term investments (i) Equity investments accounted for using the equity method In accordance with ASC 323, “Investment — Equity Method and Joint Ventures”, the Group applies the equity method of accounting to equity investments, in common stock or in-substance An investment in in-substance Under the equity method, the Group initially records its investment at cost. The difference between the cost of the equity investment and the amount of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill or as an intangible asset as appropriate. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statements of comprehensive income (loss)after the date of acquisition. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continually reviews its investment in equity investees under the equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. The fair value determination, particularly for investments in early stage privately held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Group writes down the asset to its fair value and takes the corresponding charge to the consolidated statements of comprehensive income/(loss). (ii) Investments accounted for at fair values Securities with readily determinable fair values are measured at fair value. Equity securities accounted for at fair values include investments in i) marketable equity securities, which are publicly traded stock and ii) unlisted companies, for which the Company measures at fair value on a recurring basis. Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. (iii) Equity investments measured at measurement alternative and NAV practical expedient Private equity funds pursue various investment strategies. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. The private equity fund, over which the Group does not have the ability to exercise significant influence, is accounted for under the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”). For investments in an investee over which the Group does not have significant influence and which do not have readily determinable fair value and do not qualify for NAV practical expedient, the Company elects to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes, in accordance with ASU 2016-01. income/(loss) equal to the difference between the carrying value and fair value. |
Short-term and long-term borrowings | (r) Short-term and long-term borrowings The short-term and long-term borrowings represent the Group’s borrowings from commercial banks for the working capital. Short-term borrowings include borrowings with maturity terms shorter than one year and the current portion of the long-term borrowings. |
Insurance premium payables | (s) Insurance premium payables Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates, and insurance premiums due but not yet collected from the insured. |
Lease | (t) Lease Before January 1, 2020, the Group adopted ASC Topic 840 (“ASC 840”), Leases, and each lease is classified at the inception date as either a capital lease or an operating lease. The Group adopted ASU No. 2016-02, The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes a right of use(“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Lease terms are determined after taking into account of rental escalation clauses, renewal options and/or termination options, if any. Lease expense is recorded in the consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term. As a lessee, the Group accounts for a modification to a contract as a separate contract (that is, separate from the original contract) when both of the following conditions are present: a. The modification grants the lessee an additional right of use not included in the original lease. b. The lease payments increase commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. As a lessee, the Group remeasures the lease payments if any of the following occur: a. The lease is modified, and that modification is not accounted for as a separate contract. b. A contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based is resolved such that those payments now meet the definition of lease payments. c. There is a change in any of the following: • The lease term, as described. A lessee shall determine the revised lease payments on the basis of the revised lease term. • The assessment of whether the lessee is reasonably certain to exercise or not to exercise an option to purchase the underlying asset. A lessee shall determine the revised lease payments to reflect the change in the assessment of the purchase option. • Amounts probable of being owed by the lessee under residual value guarantees. A lessee shall determine the revised lease payments to reflect the change in amounts probable of being owed by the lessee under residual value guarantees. |
Share-based compensation | (u) Share-based compensation Employee share-based compensation All forms of share-based payments to employees, including employee stock options, employee stock purchase plans restricted shares and shares award, are treated the same as any other form of compensation by recognizing the related cost in the consolidated statements of comprehensive income/(loss) in accordance with ASC 718, “Stock Compensation”. In accordance with the guidance, the Company determines whether a share option should be classified and accounted for as a liability award or an equity award. Compensation cost related to employee stock options or similar equity instruments is measured at the grant date based on the fair value of the award. The fair value of a liability-classified award will be re-measured pro-rated For restricted shares granted with service conditions and performance conditions and graded vesting features, share-based compensation expenses are recorded net of estimated forfeitures using graded vesting method during the requisite service period, such that expenses are recorded only for those share-based awards that are expected to ultimately vest. For share options granted with service condition and the occurrence of an IPO as performance condition, cumulative share-based compensation expenses for the options that have satisfied the service condition, amounting to RMB16,390, were recorded upon the completion of the IPO in 2020, the remaining share-based compensation expenses are recorded net of estimated forfeitures using graded-vesting method during the requisite service period. The Group utilizes the binomial option pricing model to determine the fair value of share options, and determines the fair value of restricted share based on the fair value of the underlying common shares at the grant date considering the dilutive effect of restricted share. |
Fair value of redeemable preferred shares and common shares | (v) Fair value of redeemable preferred shares and common shares Shares of the Company, which do not have quoted market prices, were valued based on the income approach. The income approach involves applying the discounted cash flow analysis based on projected cash flow using the Group’s best estimate as of the valuation dates. Estimating future cash flow requires the Group to analyze projected revenue growth, gross margins, effective tax rates, capital expenditures and working capital requirements. In determining an appropriate discount rate, the Group considered the cost of equity and the rate of return expected by venture capitalists. The Group also applied a discount for lack of marketability given that the shares underlying the award were not publicly traded at the time of grant. Determination of estimated fair value of the Group requires complex and subjective judgments due to its limited financial and operating history, unique business risks and limited public information on companies in China similar to the Group. Option-pricing method was used to allocate enterprise value to redeemable preferred shares and common shares. The method treats redeemable preferred shares and common shares as call options on the enterprise’s value, with exercise prices based on the redeemable preferred shares. The strike prices of the “options” based on the characteristics of the Group’s capital structure, including number of shares of each class of common shares, seniority levels and redemption values for the redeemable preferred shares. The option-pricing method also involves making estimates of the volatility of the Group’s equity securities. The anticipated timing is based on the plans of board of directors and management of the Group. Estimating the volatility of the share price of a privately held company is complex because there is no readily available market for the shares. Volatility is estimated based on annualized standard deviation of daily stock price return of comparable companies. |
Redeemable preferred shares | (w) Redeemable preferred shares The Company classified the redeemable preferred shares as mezzanine equity in the consolidated balance sheets because they were redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain events outside of the Company’s control. The redeemable preferred shares are recorded initially at fair value, net of issuance costs. The Group determined that the redemption features do not require bifurcation as they either are clearly and closely related to the redeemable preferred shares or do not meet the definition of a derivative. The Group has determined that there was no embedded beneficial conversion feature (“BCF”) attributable to the redeemable preferred shares. In making this determination, the Group compared the initial effective conversion prices of the redeemable preferred shares and the fair values of the Group’s common shares determined by the Group at the issuance dates. The initial effective conversion prices were greater than the fair values of the common shares to which the redeemable preferred shares are convertible into at the issuance dates. Subsequently, the carrying amount is increased by periodic accretion, using the interest method, so that the carrying amount will equal to mandatory redemption amount on the redemption date. |
Employee benefit plans | (x) Employee benefit plans As stipulated by the regulations of the PRC, the Group’s subsidiaries and VIE in the PRC participate in various defined contribution plans organized by municipal and provincial governments for its employees. The Group is required to make contributions to these plans at a percentage of the salaries, bonuses and certain allowances of the employees. Under these plans, certain pension, medical and other welfare benefits are provided to employees. The Group has no other material obligation for the payment of employee benefits associated with these plans other than the annual contributions described above. The contributions are charged to the consolidated statements of income and comprehensive income/(loss) as they become payable in accordance with the rules of the above mentioned defined contribution plans. |
Revenue recognition | (y) Revenue recognition Revenue is the transaction price the Group expects to be entitled to in exchange for the promised services in a contract in the common course of the Group’s activities and is recorded net of value-added tax (“VAT”). The services to be accounted for mainly include insurance brokerage and consulting services. The Group has adopted ASU 2014-09, The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the Group applies the following steps: • Step 1: Identify the contract (s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation According to Topic 606, the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer is recognized as a contract asset. The Group recognize a contract liability if the customer’s payment of consideration precedes the Group’s performance. Insurance brokerage services The primary source of revenues is commissions from insurance brokerage services, determined based on a percentage of total premiums paid by insured over the term of the insurance policy. The brokerage fee rate, which is paid by the insurance companies, shall be based on the terms specified in the annual service contract with the insurance company for each product sold through the Group. The transaction price includes variable service fees which is estimated using the expected value method and is limited to the amount of variable consideration that is probable not to be reversed in future periods. The Group assesses whether the estimate of variable consideration is constrained. The Group determines that the insurance company, or the insurer, is its customer in this agreement. Insurance brokerage services revenue is recognized when the signed insurance policy is in place and the premium is collected from the insured since the Company has fulfilled its performance obligation to sell an insurance policy on behalf of the insurance company. The Group is also entitled to a performance bonus from insurance companies if the cumulative average monthly sales volume exceeds a predetermined level. Such bonus is determined at the end of each month and recognized as revenue. Other services The Group provides digital and technology development services to certain insurance companies. Upon the delivery of programs developed, the Group’s performance obligation related to the technology service has been fully fulfilled. However, the timing of revenue recognition may differ from contract to contract based on whether performance obligations satisfy the criteria of recognizing revenue over time, in accordance with ASC 606. Since the deliverables usually do not have alternative use to the Group, revenue is recognized over time once there is an indicator that the Group has an enforceable right to payment for performance completed to date. Otherwise, the revenue is recognized at a point in time. For cargo insurance products, in addition to the commission from brokerage service paid by the insurance companies, the Group also generates service fees from rendering consulting service to assist the insured to obtain such a cargo insurance policy. The Group determines that the insured is its customer in this consulting service arrangement. Upon successful purchase of cargo insurance products by the insured, the Group’s performance obligation related to consulting service to the insured has been fully fulfilled, as such, revenue for those services is recognized when the insurance product has been purchased. While the insurance premium is set by the respective insurance companies, the consulting service fee is determined by the Group based on a percentage of insurance premium. Of the total contract price received from the insured, the amount equal to the premium of the cargo insurance product as agreed with insurance company is recorded as insurance premium payable while the remaining is recorded as revenue for the consulting service. Value added tax The Group is subject to value-added-tax Contract Balance The Group classifies its right to consideration in exchange for products or services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. Generally, the amount of revenue recognized from insurance brokerage services exceeds the amount billed to customers following the predetermined premium payment schedules at inception of the insurance policy. The Group does not have an unconditional right to such exceeding amount. Accounts receivable represent the considerations for which the Group has satisfied its performance obligations and has the unconditional right to consideration. At each reporting date, the Group assesses whether there is any indicator of impairment to the contract assets and accounts receivable (Note 2(i)). An impairment loss, if any, is recorded as general and administrative expenses on the Consolidated Statements of Comprehensive Income/(Loss). |
Contract Balance | Contract Balance The Group classifies its right to consideration in exchange for products or services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. Generally, the amount of revenue recognized from insurance brokerage services exceeds the amount billed to customers following the predetermined premium payment schedules at inception of the insurance policy. The Group does not have an unconditional right to such exceeding amount. Accounts receivable represent the considerations for which the Group has satisfied its performance obligations and has the unconditional right to consideration. At each reporting date, the Group assesses whether there is any indicator of impairment to the contract assets and accounts receivable (Note 2(i)). An impairment loss, if any, is recorded as general and administrative expenses on the Consolidated Statements of Comprehensive Income/(Loss). |
Cost of revenue | (z) Cost of revenue A large component of the Group’s cost of brokerage income is channel cost, which is service fee paid to user traffic channels for successful sales, including social media influencers, emerging media channels and financial institutions. These user traffic channels have influences over their followers and users, who are potential insurance policyholders. Determination of channel cost is based on the service fee rate multiplied by the insurance premium sold. Channel cost is recognized in the year it incurred. The accounts payable represent channel cost payable to user traffic channels. Another component of cost of brokerage income is payroll of insurance consultants, who are in charge of identifying and acquiring potential customers through providing advices related to insurance product. Cost of other income mainly consists of payroll for digital and technology development services. |
Selling expenses | (aa) Selling expenses The Group records its marketing campaign expenses and loyalty points as selling expenses. Marketing campaign expenses consist primarily of advertising and marketing expenses. Advertising and marketing expenses are charged to the consolidated statements of comprehensive income/(loss) as incurred. Beside marketing campaign expenses, selling expenses consist of salaries and employment benefits for employees who work in brokerage service line, office rental, telecommunications and office supply expenses incurred in connection with sales activities. The Group operates a loyalty program which offers points to its users. Such loyalty points can be used to redeem a variety of gifts and services that the Group purchased from third-party providers. Users have a variety of ways to obtain the points, such as signing up an account, inviting friends, and comment on the insurance product, etc. The Group accounts for such points as selling expenses with a corresponding liability recorded under other payables and accrued expenses of consolidated balance sheets upon the offering of these points. The Group estimates liabilities under the loyalty program based on cost of the gifts and services that can be redeemed taking into account estimated breakage. At the time of redemption, the Group records a reduction of other payables and accrued expenses. |
General and administrative expenses | (bb) General and administrative Expenses General and administrative expenses consist of payroll, rental, and related expenses for employees involved in general corporate functions, including finance, legal and human resources, as well as costs associated with use of facilities and equipment, such as depreciation expenses and other general corporate related expenses. General and administrative expenses also include surcharges on VAT payments according to PRC tax. |
Research and development expenses | (cc) Research and development expenses Research and development expenses consist primarily of payroll for research and development employees involved in designing and testing of new products and service and outsourcing labor costs. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant. |
Others, net | (dd) Others, net Others, net, mainly consist of non-operating |
Taxation | (ee) Taxation Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the consolidated statements of comprehensive income/(loss) in the year of the enactment of the change. The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with unused accumulated tax loss, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and loss carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. For a particular tax-paying component of the Group and within a particular tax jurisdiction, all deferred tax liabilities and assets, as well as any related valuation allowance, are offset and presented as a single noncurrent amount. The Group recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not 50 |
Net profit/(loss) per share | (ff) Net profit /(loss) per share Basic loss per share is computed by dividing net profit/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the year using the two-class two-class if-converted |
Segment reporting | (gg) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group determines that their chief executive officer (“CEO”) is the chief operating decision-maker. The Group is principally engaged into insurance brokerage services, income of which accounted for over 90% of the total revenue. No geographical segment analysis is shown as more than 90% of the Group’s revenue are derived from activities in and from customers located in the PRC and more than 90% of the carrying values of the Group’s long-lived assets other than financial instruments are located in the PRC. During the years ended 31 December 2021 and 2022, the board of directors concluded that the Group has only one reportable segment – insurance brokerage services. The other segments are individually and collectively insignificant for segment reporting purpose. As such, no segment information is presented |
Recent accounting pronouncements | (ii) Recent accounting pronouncements In June 2016, the FASB issued ASU 2016-13, available-for-sale In December 2019, the FASB issued ASU 2019-12, 2019-12 2019-12 In January 2020, the FASB issued ASU 2020-1, 2020-01 In August 2020, the FASB issued ASU 2020-06, 470-20) (Subtopic 815-40)”. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group is currently evaluating the impact of this accounting standard update on its consolidated financial statements. |
Principal Activities and Reor_2
Principal Activities and Reorganization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Principal Subsidaries, Consolidated VIE and Subsidiaries of VIE | As of December 31, 2022 the Company’s principal subsidiaries, consolidated VIE and subsidiaries of VIE are as follows: Principal Subsidiaries Date of Incorporation/ Establishment Place of Incorporation/ Establishment Percentage of Direct or Indirect Economic Interest Principal Activities Smart Choice Ventures Limited (“Smart January 14, 2015 British Virgin Islands 100 % Investment holding Hong Kong Smart Choice Ventures Limited February 18, 2015 Hong Kong 100 % Investment holding Huize Hong Kong Insurance Broker Limited May 5, 2021 Hong Kong 100 % Insurance brokerage service Zhixuan International Management June 9, 2015 PRC 100 % Investment and VIE Shenzhen Huiye Tianze Investment Holding October 30, 2014 PRC 100 % Investment and consulting service VIE’s Principal Subsidiaries Huize Insurance Brokerage October 14, 2011 PRC 100 % Insurance brokerage service Shenzhen Huize Shidai Co., Ltd. (“Huize Shidai”) April 28, 2012 PRC 100 % Technology development Hefei Huize Internet Technology Co., Ltd. (“Hefei Huize”) August 5, 2015 PRC 100 % Technology development Shenzhen Zhixuan Wealth Investment Management Co., Ltd. (“Zhixuan Investment”) April 20, 2016 PRC 100 % Management consulting, Huize (Chengdu) Internet Technology Co., Ltd. (“Chengdu Huize”) May 11, 2018 PRC 100 % Technology development consulting service Shenzhen Huibang Technology Co., Ltd August 13, 2020 PRC 100 % Technology development consulting service Shenzhen Xiaoma Insurance Adjustment Co. July 2, 2021 PRC 100 % Insurance claims adjustment service Principal Subsidiaries Date of Incorporation/ Establishment Place of Incorporation/ Establishment Percentage of Direct or Indirect Economic Interest Principal Activities Shanghai Huiju Haoshi Information Technology Co., Ltd October 12, 2021 PRC 80 % Internet information Huize Yiyao (Chengdu) Internet Hospital Co., Ltd. October 27, 2021 PRC 100 % Medical and health Shenzhen Detong Insurance Agency Co., Ltd. (“Shenzhen Detong”, formerly known as Shanghai Senhao Insurance Agency Co., Ltd) March 12, 2022 PRC 100 % Insurance agency Shenzhen Huize Business Management Co., Ltd. July 5, 2022 PRC 100 % Business management |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summarized of Financial Information Group's Consolidated Financial Statements | The following table sets forth the assets, liabilities, results of operations and cash flows of Huiye Tianze and its subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIE and its subsidiaries are eliminated in the balances presented below: Selected Condensed Consolidated Balance Sheets Information As of December 31, 2021 December 31, 2022 RMB RMB Assets Current assets Cash and cash equivalent 323,011 205,781 Restricted cash 127,315 55,458 Contract assets, net of allowance for doubtful accounts — 49,888 Account receivable, net of allowance for impairment 777,055 250,238 Insurance premium receivables 1,217 1,792 Amount due from related parties — 340 Prepaid expense and other receivables 106,865 96,987 Total current assets 1,335,463 660,484 Non-current Restricted cash 24,680 — Contract assets, net of allowance for doubtful accounts — 6,634 Property, Plant and Equipment, net 47,800 38,133 Intangible assets, net 18,979 50,851 Deferred tax assets 605 — Long-term investments 59,450 66,250 Operating lease right-of-use 241,880 162,180 Goodwill 461 461 Other Assets 379 279 Total non-current assets 394,234 324,788 Total assets 1,729,697 985,272 As of December 31, 2021 December 31, 2022 RMB RMB Liabilities and Shareholders’ Equity Short-term borrowings 216,710 150,000 Accounts payable 680,183 261,993 Insurance premium payables 124,019 27,567 Contract liabilities 2,681 702 Other payables and accrued expenses 207,461 195,136 Payroll and welfare payable 92,094 39,674 Income taxes payable 2,440 2,440 Operating lease liabilities 12,362 10,075 Amount due to related parties 11,875 495 Total current liabilities 1,349,825 688,082 Non-current Long-term borrowings 20,000 — Deferred tax liabilities 4,455 12,054 Operating lease liabilities 245,396 176,032 Total non-current 269,851 188,086 Total liabilities 1,619,676 876,168 Shareholders’ equity Common shares 44,766 44,766 Additional paid-in 460,157 470,553 Accumulated deficit (395,751 ) (407,361 ) Total shareholders’ equity attributable to Huize Holding Limited shareholders 109,172 107,958 Non-controlling interests 849 1,146 Total shareholders’ equity 110,021 109,104 Total liabilities and shareholders’ equity 1,729,697 985,272 Selected Condensed Consolidated Statements of Income/(loss) Information For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Operating revenue Brokerage income 1,215,434 2,231,388 1,107,090 Other income 4,560 11,494 49,223 Total operating revenue 1,219,994 2,242,882 1,156,313 Operating costs and expenses Cost of revenue (813,507 ) (1,687,770 ) (705,067 ) Other cost (2,846 ) (2,670 ) (28,282 ) Total operating costs (816,353 ) (1,690,440 ) (733,349 ) Selling expenses (230,438 ) (346,305 ) (230,414 ) General and administrative expenses (136,921 ) (172,822 ) (136,519 ) Research and development expenses (49,135 ) (120,478 ) (80,911 ) Total operating costs and expenses (1,232,847 ) (2,330,045 ) (1,181,193 ) Operating income/(loss) (12,853 ) (87,163 ) (24,880 ) Other income/(expenses) Interest income/(expenses) (1,813 ) (4,092 ) (5,592 ) Unrealized exchange income/(loss) (421 ) — — Investment income/(loss) 137 (1,369 ) 568 Others, net 10,153 12,627 17,941 Profit/(loss) before income tax, and share of income /(loss) of equity method investee (4,797 ) (79,997 ) (11,963 ) Income tax expense (1,768 ) — — Share of income/(loss) of equity method investee 239 2,660 (2,200 ) Net profit/(loss) (6,326 ) (77,337 ) (14,163 ) Net profit/(loss) attributable to non-controlling — (51 ) (2,553 ) Net profit/(loss) attributable to Huize Holding Limited (6,326 ) (77,286 ) (11,610 ) Net profit/(loss) (6,326 ) (77,337 ) (14,163 ) Foreign currency translation adjustment, net of tax — — — Comprehensive income/(loss) (6,326 ) (77,337 ) (14,163 ) Comprehensive income/(loss) attributable to non-controlling — (51 ) (2,553 ) Comprehensive income/(loss) attributable to Huize Holding Limited (6,326 ) (77,286 ) (11,610 ) Selected Condensed Consolidated Cash Flows Information For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Net cash provided by/(used in) operating activities 168,225 (152,844 ) (69,094 ) Cash flows from investing activities: Purchase of long-term investment (22,450 ) (22,601 ) (10,000 ) Purchase of property, equipment and intangible assets (8,162 ) (37,359 ) (16,773 ) Proceeds from disposal of property, equipment and intangible assets — 961 1,044 Acquisition of subsidiary, net of cash paid (569 ) (11,805 ) (25,964 ) Payments of inter-company balances — (5,050 ) — Proceeds from disposal of investments — 890 700 Cash received for disposal of subsidiary — — 3,640 Advances to a third party — — (26,000 ) Repayment from a third party — — 16,000 Interests received — — 876 Others 137 241 237 Net cash provided by/(used in) investing activities (31,044 ) (74,723 ) (56,240 ) Cash flows from financing activities: Proceeds from borrowings 105,400 184,000 270,200 Repayments of borrowings (61,266 ) (40,503 ) (367,524 ) Proceeds from inter-company balances — 128,000 6,041 Proceeds from exercise of share option 245 247 — Cash received by subsidiaries from minority shareholders — 900 2,850 Net cash provided by/(used in) financing activities 44,379 272,644 (88,433 ) Effect of exchange rate changes on cash and cash equivalents — — — Net increase/(decrease) in cash and cash equivalents and restricted cash 181,560 45,077 (213,767 ) Total cash and cash equivalents and restricted cash at beginning of year 248,369 429,929 475,006 Total cash and cash equivalents and restricted cash at end of year 429,929 475,006 261,239 |
Summary of Estimated Useful Life and Residual Value of Property Plant and Equipment | Property, plant and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, taking into account residual value, if any. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5~10 years 0%~5 % Computer and electronic equipment 3~5 years 0%~5 % Motor vehicles 4~5 years 5 % Leasehold improvements shorter of remaining lease Nil |
Summary of Estimated Useful Life and Residual Value of Intangible Assets | Intangible assets with finite lives represent domain name and purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Domain name 10 years 0 % Purchased computer software 3~10 years 0 % |
Summary of Customer Concentration Risk | Details of the customers accounting for 10% or more of total operating revenue are as follows: Year Ended December 31 2020 % 2021 % 2022 % RMB RMB RMB Customer A 32,347 3 % 715,287 32 % 309,781 27 % Customer K 292,975 24 % 489,862 22 % 140,991 12 % Customer L 152,296 12 % 191,059 9 % 44,546 4 % Customer I 157,750 13 % 46,972 2 % 19,552 2 % 635,368 52 % 1,443,180 65 % 514,870 45 % Details of the customers which accounted for 10% or more of accounts receivable are as follows: As of December, 31 2021 % 2022 % RMB RMB Customer K 32,702 4 % 47,941 19 % Customer M — — 37,531 15 % Customer A 464,289 60 % 32,456 13 % Customer H 165,688 21 % 19,404 8 % 662,679 85 % 137,332 55 % |
Schedule of Concentration in Monetary as Well as Percentage of Cash and Cash Equivalents | Details of the banks which accounted for 10% or more of cash and cash equivalents and restricted cash are as follows: As of December, 31 2021 % 2022 % RMB RMB Bank A 294,418 48 % 154,381 41 % Bank B 144,317 24 % 73,255 19 % Bank C 46,534 8 % 67,444 18 % Bank D 61 0 % 40,917 11 % 485,330 80 % 335,997 89 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Assets Measured on Recurring Basis | The following tables set forth, by level within the fair value hierarchy, financial assets measured at fair value as of December 31, 2021 and 2022. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement. As of December 31, 2021 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Investments accounted for at fair value Listed equity securities 840 — — 840 As of December 31, 2022 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Investments accounted for at fair value Listed equity securities 808 — — 808 |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary of Account Receivables, Net of Allowance for Doubtful Accounts | Accounts receivable, net of allowance for doubtful accounts by the Group consist of the following: As of December 31, 2021 December 31, 2022 RMB RMB Accounts receivable 780,431 255,251 Less: allowance for doubtful accounts (3,169 ) (4,584 ) Accounts receivable, net 777,262 250,667 |
Summary of Movement of Allowance for Doubtful Accounts | The following table summarizes the movement of the Group’s provision for doubtful accounts: As of December 31, 2021 December 31, 2022 RMB RMB Balance at the beginning of the year 1,724 3,169 Provision for doubtful accounts 1,445 1,415 Balance at the end of the year 3,169 4,584 |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Service Provided by or to Related Parties | Details of related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows: Service provided by related parties: For the year ended December 31 2020 2021 2022 RMB RMB RMB Technology service fee to Xiaoke — 11,609 7,259 PPC advertisement service fee to Xiaoke — 412 — Channel cost to Huibao Huipei — 140 2,054 Total — 12,161 9,313 Service provided to related parties: For the year ended December 31 2020 2021 2022 RMB RMB RMB Consulting service fee to Huibao Huipei — — 970 Total — — 970 |
Schedule of Related Party Transactions | Details of related party balances as of December 31, 2021 and 2022 are as follows: Amounts due from related parties: As of December 31, 2021 December 31, 2022 RMB RMB Shareholders 128 149 Huibao Huipei — 340 128 489 Amounts due to related parties: As of December 31, 2021 December 31, 2022 RMB RMB Xiaoke 11,753 495 Others 122 — 11,875 495 |
Prepaid Expenses and Other Re_2
Prepaid Expenses and Other Receivables and Other assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Prepaid Expenses and Receivables | Prepaid expenses and other receivables and other assets consist of the following, with current portion presented as p non-current As of December 31, 2021 December 31, 2022 RMB RMB Current portion: Prepaid input value-added tax 43,817 32,083 VAT refund receivable 200 4,827 Rental and other deposits 14,532 9,609 Advances to suppliers 13,731 10,230 Interest receivables (a) 2,177 2,467 Advances to staff (b) 970 397 Directors and officers liability insurance premium 658 658 Claim advance on behalf of insurer 77 53 Prepayment for — 898 Advances to a third party (c) — 10,000 Others 1,939 1,596 78,101 72,818 Less: Allowance for impairment (590 ) (1,000 ) 77,511 71,818 As of December 31, 2021 December 31, 2022 RMB RMB Non-current Prepayment related to investment 200 — Advances to long-term assets 179 279 379 279 (a) This represented accrued interest income on bank deposits. (b) This represented advances to staff of the Group for daily business operations which are unsecured, interest-free and repayable on demand. (c) The amounts represent advances to a third party which are interest-bearing at a fixed interest rate of |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net, consist of the following: As of December 31, 2021 December 31, 2022 RMB RMB Computer and electronic equipment 31,041 27,439 Leasehold improvements 27,238 28,124 Office furniture and equipment 10,755 10,330 Motor vehicles 2,443 2,448 Total 71,477 68,341 Less: Accumulated depreciation (1) (23,016 ) (29,823 ) Property, equipment and equipment, net 48,461 38,518 (1) Depreciation expenses for the years ended December 31, 2020, 2021 and 2022 were RMB4,684, RMB6,474 and RMB17,319, respectively. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The intangible assets, net consisted of the following: As of December 31, 2021 December 31, 2022 RMB RMB Insurance agency license (1) 12,336 45,150 Insurance adjusting license 3,067 3,067 Insurance brokerage license 2,647 2,647 Software and system 5,436 5,695 Domain name 580 580 Total 24,066 57,139 Less: Accumulated amortization (2) (2,440 ) (3,641 ) Intangible assets, net 21,626 53,498 (1) During the year ended December 31, 2022, the Group’s disposal of a subsidiary resulted in a decrease of RMB4,519 in insurance agency license, and the Group’s acquisition of a subsidiary resulted in an increase of RMB37,333 in insurance agency license. The addition of insurance agency license was derived from the acquisition of Shenzhen Detong. During the year ended December 31, 2022, the Company completed the acquisition of Shenzhen Detong. Since substantially all the fair value of the assets acquired from acquiree company was concentrated in a single asset, the acquiree company did not meet the criteria of a business and the transaction was accounted for as an asset acquisition. (2) Amortization expenses for the years ended December 31, 2020, 2021 and 2022 were RMB424, RMB950 and RMB1,201, respectively. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The amortization of the coming 5 years is: As of December 31, 2022 RMB 2023 984 2024 694 2025 431 2026 130 2027 72 |
Long-term Investments (Tables)
Long-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company [Abstract] | |
Summary of Long Term Investments | Equity Equity Investment Equity Total RMB RMB RMB RMB RMB Balances at January 1, 2020 14,500 8,895 — — 23,395 Additions 1,000 21,450 — — 22,450 Share of earnings/(loss) of an equity investee — 239 — — 239 Reclassification 9,195 (9,195 ) — — — Balances at December 31, 2020 24,695 21,389 — — 46,084 Balances at January 1, 2021 24,695 21,389 — — 46,084 Additions 12,500 9,900 4,641 6,373 33,414 Share of earnings/(loss) of an equity investee — 2,660 — — 2,660 Fair value change — — (1,339 ) (2,885 ) (4,224 ) Realized gain/(loss) — — 265 — 265 Exchange adjustments — — 203 29 232 Impairment (1,610 ) — — — (1,610 ) Disposal (890 ) — (2,930 ) — (3,820 ) Balances at December 31, 2021 34,695 33,949 840 3,517 73,001 Balances at January 1, 2022 34,695 33,949 840 3,517 73,001 Additions — 10,000 — — 10,000 Share of earnings/(loss) of an equity investee — (2,200 ) — — (2,200 ) Fair value change — — (109 ) (2,675 ) (2,784 ) Exchange adjustments — — 77 211 288 Disposal (1,000 ) — — — (1,000 ) Balances at December 31, 2022 33,695 41,749 808 1,053 77,305 |
Short-term Borrowing (Tables)
Short-term Borrowing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Short-term Borrowing | As of December 31, 2021 December 31, 2022 RMB RMB Bank borrowings (1) 170,000 130,000 Current portion of long-term borrowings (note 14) 46,710 20,000 216,710 150,000 (1) The Group obtained short-term borrowings to support its operation. The borrowings bear interest ranging from 4.30% to 5.00% for the year ended December 31, 2021 and interest ranging from 4.60% to 5.00% for the year ended December 31, 2022. |
Other Payables and Accrued Ex_2
Other Payables and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Other payable and accrued expenses consist of the following: As of December 31, 2021 December 31, 2022 RMB RMB Other tax payables 32,006 14,994 Other payable to suppliers 17,365 8,915 Accrued marketing expense -loyalty points 7,414 4,643 Professional fees 7,068 6,211 Advances from the insured 3,211 3,251 Interest payable 655 746 Deposits 625 258 Withholding social security costs and housing benefits 1,152 14,717 Deferred income — 2,395 Others 1,759 2,121 71,255 58,251 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Composition of Income Tax Expense | The current and deferred portions of income tax expense included in the consolidated statements of comprehensive income/(loss) during the years ended December 31, 2020, 2021 and 2022 are as follows: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Current income tax expense 2,234 — — Deferred income tax (benefit)/expense (466 ) — — Income tax expense 1,768 — — |
Summary of Reconciliation of Income Tax Expense | Reconciliation between the income tax expense computed by applying the EIT tax rate to income before income taxes and actual provision were as follows: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Profit/(Loss) before income tax (16,524 ) (107,717 ) (33,740 ) Tax expense/(benefit) at EIT tax rate of 25% (4,131 ) (26,929 ) (8,435 ) Effect of different tax rates applicable to different subsidiaries of the Group 490 (3,195 ) (826 ) Changes in valuation allowance 1,290 37,948 16,154 Income not subject to tax (34 ) (769 ) (59 ) Expenses not deductible for tax purposes 11,561 2,872 5,608 Research and development tax credit (7,408 ) (12,627 ) (12,442 ) Effect on deferred tax assets due to change in tax rates — 2,700 — Income tax expense 1,768 — — |
Significant Components of Deferred Tax Assets and Deferred Tax Liabilities | The following tables set forth the significant components of the deferred tax assets and deferred tax liabilities: December 31, 2021 December 31, 2022 RMB RMB Deferred tax assets Advertising expenses 1,105 1,569 Net accumulated losses carry forward 67,714 94,697 Depreciation and amortization 271 338 Allowance for doubtful accounts 940 1,505 Accrued expenses 4,171 6,640 Operating lease liab ilitie s — 45,639 Less: valuation allowance (73,596 ) (90,049 ) Gross deferred tax asset s 605 60,339 Offse t — (60,339 ) Net deferred tax assets 605 — Deferred tax liabilities Intangible assets 4,287 12,491 Operating lease right-of-use asset s — 45,638 Gain on equity method investee 605 605 Variable consideration of renewal incom e — 14,096 Gross deferred tax liabilities 4,892 72,830 Offset — (60,339 ) Net deferred tax liabilities 4,892 12,491 |
Summary of Movement of Valuation Allowance | Movement of valuation allowance For the years Ended December 31, 2020 2021 2022 RMB RMB RMB Balance at the beginning of the year 33,211 34,501 73,596 Additions 7,318 37,961 20,122 Acquisition of subsidiaries — 1,147 1,529 Reversals (6,028 ) (13 ) (3,968 ) Expiration — — (166 ) Disposal of subsidiaries — — (1,064 ) Balance at end of the year 34,501 73,596 90,049 |
Long-term Borrowing (Tables)
Long-term Borrowing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of the Group's long-term borrowings | The following table summarizes the details of the Group’s long-term borrowings: Maturity Date Principal Amount Interest Per Annum As of Type December 31, December 31, RMB RMB Bank loan May 20, 2022 20,000 4.60 % 20,000 — Bank loan May 19, 2023 20,000 4.75 % 20,000 20,000 Bank loan July 19, 2022 29,400 3.85 % 26,710 — Total 66,710 20,000 Less: Current portion of long-term borrowings (46,710 ) (20,000 ) 20,000 — |
Redeemable Preferred Shares (Ta
Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Summary Of Group's Redeemable Preferred Shares Activities | The Group’s redeemable preferred shares activities for the years ended December 31, 2020, 2021 and 2022 are summarized below: Series A Shares Series B Shares Series B+ Shares Series B++ Shares Number of Shares Amount (RMB) Number of Shares Amount (RMB) Number of Shares Amount (RMB) Number of Shares Amount (RMB) Balances as of January 1, 2020 204,022,000 84,072 185,512,580 261,272 43,937,180 81,654 16,574,460 27,629 Redeemable Preferred Shares redemption value accretion — 788 — 2,634 — 701 — 151 Conversion and re-designation (204,022,000 ) (84,860 ) (185,512,580 ) (263,906 ) (43,937,180 ) (82,355 ) (16,574,460 ) (27,780 ) Balances as of December 31, 2020 — — — — — — — — Balances as of December 31, 2021 — — — — — — — — Balances as of December 31, 2022 — — — — — — — — |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Share-based compensation was recognized in operating expenses for the years ended December 31, 2020, 2021 and 2022 as follows: For the year Ended December 31, 2020 2021 2022 RMB RMB RMB Cost of revenue 410 (387 ) 11 Selling expenses 10,642 (475 ) 1,041 General and administrative expenses 40,820 (665 ) 9,151 Research and development expenses 381 (297 ) 208 52,253 (1,824 ) 10,411 |
Summary of Share Based Compensation Stock Options Activity Outstanding | The following table summarizes information regarding the share options outstanding as of December 31, 2022: As of December 31, 2022 Options Weighted Weighted average Aggregate US$ US$ Outstanding 33,824,056 0.1616 7.67 — Exercisable 24,166,379 0.1640 7.52 — Expected to vest 9,657,677 0.1556 8.03 — |
Summary of Assumptions Used to Determine Fair Value of Share Options Granted | The fair value of the option plan was estimated on the date of each balance sheet date using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: Weighted average 2021 2022 Exercise price (US$) 0.1608 0.1616 Expected forfeiture rate (post-vesting) 10.85 % 5.86 % Expected volatility 40.57 % 51.70 % Excepted term (in years) 8.71 7.67 Expected dividend yield 0 % 0 % Risk-free interest rate 1.4658 % 3.9302 % |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following table summarized the Company’s restricted shares activities under the Employees Restricted Shares Plan for the years ended December 31, 2020, 2021 and 2022: Options to employees Weighted average grant-date fair value Non-vested 23,809,190 — Granted — — Vested (7,000,739 ) — Forfeited (3,475,844 ) — Non-vested 13,332,607 — Non-vested 13,332,607 — Granted 320,000 2.49 Vested (4,925,510 ) — Forfeited (613,553 ) — Non-vested 8,113,544 — Non-vested 8,113,544 — Granted — — Vested (4,519,185 ) — Forfeited (163,614 ) — Non-vested 3,430,745 — |
Global Share Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Option, Activity | The following table summarized the Company’s activities under the Option Plan for the years ended December 31, 2020, 2021 and 2022: Number of options Weighted average Outstanding at January 1, 2020 19,463,440 0.1607 Granted — — Exercised (707,396 ) 0.1607 Forfeited (2,601,993 ) 0.1607 Outstanding at December 31, 2020 16,154,051 0.1607 Vested and exercisable at December 31, 2020 5,004,126 0.1607 Outstanding at January 1, 2021 16,154,051 0.1607 Granted 21,631,945 0.1609 Exercised (201,040 ) 0.1607 Forfeited (740,231 ) 0.1607 Outstanding at December 31, 2021 36,844,725 0.1608 Vested and exercisable at December 31, 2021 11,884,664 0.1709 Outstanding at January 1, 2022 36,844,725 0.1608 Granted — — Exercised — — Forfeited (3,020,669 ) 0.1515 Outstanding at December 31, 2022 33,824,056 0.1616 Vested and exercisable at December 31, 2022 24,166,379 0.1640 |
Operating Revenue (Tables)
Operating Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Brokerage income -Life and health insurance business 1,166,118 2,170,767 1,046,469 -Property and casualty insurance business 49,316 61,486 62,183 Brokerage income subtotal 1,215,434 2,232,253 1,108,652 Other income 4,788 12,763 49,256 Total operating revenue 1,220,222 2,245,016 1,157,908 |
Selling Expense (Tables)
Selling Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Selling Expense [Abstract] | |
Schedule of Selling Expense | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Salaries and employment benefits 129,327 222,428 166,588 Advertising and marketing expenses 71,472 97,945 31,026 Rental and utilities expenses 6,961 13,781 15,358 Office expenses 5,877 5,623 4,086 Travelling expenses 1,689 3,734 1,911 Depreciation and amortizations 444 680 1,101 Share-based compensation expenses 10,642 (475 ) 1,041 Business development 384 761 827 Others 3,642 6,096 9,726 Total 230,438 350,573 231,664 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
General and Administrative Expense [Abstract] | |
Summary of General And Administrative Expenses | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Salaries and employment benefits 51,457 87,321 59,484 Rental and utilities expenses 2,332 33,486 25,056 Professional service expenses 20,075 31,868 18,858 Depreciation and amortizations 1,875 2,195 11,448 Share-based compensation expenses 40,820 (665 ) 9,151 Directors and Officers liability insurance premium 6,127 7,798 7,891 Office expenses 3,811 8,532 6,177 VAT Surcharge 3,845 6,954 3,529 Bank charges 7,849 7,955 3,048 Bad debt expense 1,218 1,445 2,415 Travelling expenses 1,648 1,675 786 Other 9,150 9,055 6,872 Total 150,207 197,619 154,715 |
Investment income_(loss) (Table
Investment income/(loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Income | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Fair value change of investments accounted for at fair value — (1,339 ) (109 ) Fair value change of equity investments measured under NAV practical expedient — (2,885 ) (2,675 ) Dividends received from equity investments 137 241 237 Impairment loss related to equity investments measured under measurement alternative — (1,610 ) — Realized gain/(loss) related to the investments accounted for at fair value — 265 — Gain on disposal of subsidiary — — 331 Total 137 (5,328 ) (2,216 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share Basic And Diluted | Basic net loss per share and diluted net loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2020, 2021 and 2022 as follows: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Numerator: Net loss (18,292 ) (107,717 ) (33,740 ) Less: Net loss attributable to non-controlling — (51 ) (2,553 ) Net loss attributable to common shares and redeemable preferred shares (18,292 ) (107,666 ) (31,187 ) Redeemable preferred shares (4,274 ) — — Allocation to redeemable preferred shareholders 1,074 — — Net loss attributable to common shareholders-Basic and diluted (21,492 ) (107,666 ) (31,187 ) Denominator: Denominator for basic loss per share weighted-average common shares outstanding 963,817,614 1,021,861,206 1,021,958,881 Dilutive effect of restricted shares — — — Dilutive effect of share options — — — Denominator for diluted loss per share weighted-average common shares outstanding 963,817,614 1,021,861,206 1,021,958,881 Basic and diluted loss per share (0.02 ) (0.11 ) (0.03 ) |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information Related to Leases | The following table presents balances reported in the consolidated balance sheets related to the Group’s leases: As of As of RMB RMB Operating lease right-of-use 247,819 162,180 Operating lease liabilities 264,069 186,107 |
Summary of Lease Cost | For the ended 31 2021 2022 cost of following For the Year Ended December 31, 2021 2022 RMB RMB Operating lease cost 46,102 39,476 Short term lease cost 385 1,724 Total lease cost 46,487 41,200 |
Summary of Operating Lease Liabilities | The following table presents the maturity of the Group’s operating lease liabilities as of December 31, 2022: As of RMB 2023 19,100 2024 26,084 2025 26,559 2026 28,201 2027 29,755 Thereafter 99,792 Total operating lease payments (undiscounted) 229,491 Less: Imputed interest (43,384 ) Total operating lease liabilities (discounted) 186,107 |
Summary of Supplemental Cash Flow Information Related to the Operating Leases | Supplemental cash flow information related to the operating leases was as follow: For the Year Ended December 31, 2021 2022 RMB RMB Cash paid for amounts included in operating lease liabilities 27,360 24,554 |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Balance sheet As of December 31, 2021 2022 RMB RMB USD$ Assets Cash and cash equivalent 16,291 5,613 814 Amount due from related parties 106 149 22 Prepaid expense and other receivables 291,666 316,172 45,839 Long-term investments 76,030 44,307 6,424 Total assets 384,093 366,241 53,099 Liabilities and Shareholders’ equity Other payables and accrued expenses 17,892 17,892 2,594 Contract liabilities 4,555 3,332 483 Payroll and welfare payable 1,582 4,138 600 Total liabilities 24,029 25,362 3,677 Shareholders’ equity Class A common shares (US$0.00001 par value; 7,000,000,000 shares authorized as of December 31, 2021 and 2022, respectively; 894,456,046 shares issued as of December 31, 2021 and 2022, respectively; 886,166,726 shares and 873,068,986 shares outstanding as of December 31, 2021 and 2022, respectively) 62 62 9 Class B common shares (US$0.00001 par value; 800,000,000 shares authorized as of December 31, 2021 and 2022, respectively; 150,591,207 shares issued and outstanding as of December 31, 2021 and 2022, respectively) 10 10 1 Treasury stock (3,436,860 shares and 16,534,600 shares as of December 31, 2021 and December 31, 2022, respectively) (9,545 ) (15,306 ) (2,219 ) Additional paid-in 896,772 904,935 131,203 Accumulated other comprehensive loss (27,295 ) (17,695 ) (2,566 ) Accumulated deficit (499,940 ) (531,127 ) (77,006 ) Total shareholders’ equity 360,064 340,879 49,422 Total liabilities and shareholders’ equity 384,093 366,241 53,099 |
Condensed Statement of Comprehensive Income | Statement of Comprehensive Income/(Loss) Year Ended December 31, 2020 2021 2022 RMB RMB RMB USD$ Note 2(f) Operating revenue Other income 228 1,269 1,553 225 Total operating revenue 228 1,269 1,553 225 Operating cost and expenses General and administrative expenses (4,611 ) (5,994 ) (4,614 ) (670 ) Operating loss (4,383 ) (4,725 ) (3,061 ) (445 ) Other expense Interest income 11 4 — — Unrealized exchange income 421 — — — Profit/(loss) before income tax, and share of loss of subsidiaries and VIEs (3,951 ) (4,721 ) (3,061 ) (445 ) Share of income/(loss) of subsidiaries and VIEs (14,341 ) (102,945 ) (28,126 ) (4,078 ) Net profit/(loss) (18,292 ) (107,666 ) (31,187 ) (4,523 ) Redeemable preferred shares redemption value accretion (4,274 ) — — — Allocation to redeemable preferred shares 1,074 — — — Net profit/(loss) attributable to common shareholders (21,492 ) (107,666 ) (31,187 ) (4,523 ) Net profit/(loss) (18,292 ) (107,666 ) (31,187 ) (4,523 ) Foreign currency translation adjustment, net of tax (22,386 ) (5,323 ) 9,600 1,392 Total comprehensive income/(loss) (40,678 ) (112,989 ) (21,587 ) (3,131 ) |
Condensed Cash Flow Statement | Statement of cash flows Year Ended December 31, 2020 2021 2022 RMB RMB RMB USD$ Cash flows from operating activities: Net profit/(loss) (18,292 ) (107,666 ) (31,187 ) (4,523 ) Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Unrealized exchange (income)/loss (421 ) — — — Share of income/(loss) of subsidiaries and VIEs 14,341 102,945 28,126 4,078 Interest income (11 ) — — — (4,383 ) (4,721 ) (3,061 ) (445 ) Changes in operating assets and liabilities: Increase/(decrease) in other payables and accrued expenses (1,340 ) (4,730 ) — — Increase/(decrease) in contract liabilities — 4,555 (1,223 ) (177 ) (Increase)/decrease in prepaid expense and other receivables — 21 22,800 3,306 (Increase)/decrease in accounts receivable and contract assets (216 ) 216 — — (Increase)/decrease in amount due from related parties (189 ) 83 (43 ) (6 ) Net cash provided by/(used in) operating activities (6,128 ) (4,576 ) 18,473 2,678 Cash flows from investing activities: Investments in subsidiaries and consolidated VIEs (245 ) (247 ) — — Payments of inter-company balances (139,123 ) (161,216 ) (23,376 ) (3,389 ) Net cash provided by/(used in) investing activities (139,368 ) (161,463 ) (23,376 ) (3,389 ) Cash flows from financing activities: Proceeds from initial public offering, net of issuance costs 340,479 — — — Proceeds from exercise of options 503 497 — — Repurchase of Class A common shares (2,063 ) (3,003 ) (6,659 ) (965 ) Net cash provided by/(used in) financing activities 338,919 (2,506 ) (6,659 ) (965 ) Effect of exchange rate changes on cash and cash equivalents (6,268 ) (2,381 ) 884 128 Net increase/(decrease) in cash and cash equivalents and restricted cash 187,155 (170,926 ) (10,678 ) (1,548 ) Total cash and cash equivalents and restricted cash at beginning of year 62 187,217 16,291 2,362 Total cash and cash equivalents and restricted cash at end of year 187,217 16,291 5,613 814 |
Principal Activities and Reor_3
Principal Activities and Reorganization - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Mar. 10, 2020 USD ($) $ / shares shares | Feb. 12, 2020 $ / shares shares | Jun. 30, 2019 shares | Feb. 29, 2020 $ / shares shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2015 shares | Dec. 31, 2014 shares | Dec. 31, 2022 | |
Principal Activities and Reorganization [Line Items] | ||||||||
Percentage of shareholders received shares of company | 78.13% | |||||||
Percentage of shareholders pending registration | 21.87% | |||||||
Shares issued, price per ADR | $ / shares | $ 10.5 | |||||||
Proceeds from Issuance Initial Public Offering | ¥ | ¥ 340,479 | |||||||
IPO [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 5,250,000 | |||||||
American depository receipts, description | 20 class A common shares | |||||||
Shares issued, price per ADR | $ / shares | $ 10.5 | |||||||
Series A Preferred Stock [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 105,122,000 | |||||||
Series B Preferred Stock [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 185,512,580 | |||||||
Series B+ redeemable preferred shares [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 43,937,180 | |||||||
Series B++ redeemable preferred shares [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 16,574,460 | |||||||
Redeemable Preferred Stock [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 98,900,000 | 98,900,000 | ||||||
American Depositary Shares [Member] | IPO [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 5,322,453 | 5,322,453 | ||||||
Proceeds from Issuance Initial Public Offering | $ | $ 55.9 | |||||||
American Depositary Shares [Member] | Over-Allotment Option [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 72,453 | 72,453 | ||||||
Shares issued, price per ADR | $ / shares | $ 10.5 | |||||||
Common Stock [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 261,072,000 | 184,200,000 | 184,200,000 |
Principal Activities and Reor_4
Principal Activities and Reorganization - Summary of Principal Subsidaries, Consolidated VIE and Subsidiaries of VIE (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Subsidiaries [Member] | Smart Choice Ventures Limited ("Smart Choice") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Jan. 14, 2015 |
Place of Incorporation/ Establishment | British Virgin Islands |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Investment holding |
Subsidiaries [Member] | Hong Kong Smart Choice Ventures Limited ("HK Smart Choice") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Feb. 18, 2015 |
Place of Incorporation/ Establishment | Hong Kong |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Investment holding |
Subsidiaries [Member] | Zhixuan International Management Consulting (Shenzhen) Co., Ltd. ("Shenzhen Zhixuan") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Jun. 09, 2015 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Investment andinvestment consultingservice |
Subsidiaries [Member] | Huize Hong Kong Insurance Broker Limited [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | May 05, 2021 |
Place of Incorporation/ Establishment | Hong Kong |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Insurance brokerage service |
Subsidiaries [Member] | Shanghai Huiju Haoshi Information Technology Co., Ltd [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Oct. 12, 2021 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 80% |
Principal Activities | Internet informationconsulting service |
Subsidiaries [Member] | Huize Yiyao (Chengdu) Internet Hospital Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Oct. 27, 2021 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Medical and healthconsulting service |
Subsidiaries [Member] | Shenzhen Detong Insurance Agency Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Mar. 12, 2022 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Insurance agencyservice |
Subsidiaries [Member] | Shenzhen Huize Business Management Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Jul. 05, 2022 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Business managementand catering service |
Variable Interest Entity, Primary Beneficiary [Member] | Shenzhen Huiye Tianze Investment Holding Co., Ltd ("Huiye Tianze") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Oct. 30, 2014 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Investment andinvestment consulting service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Huize Insurance Brokerage Co., Ltd. (Huize Insurance Brokerage) [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Oct. 14, 2011 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Insurance brokerage service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Shenzhen Huize Shidai Co., Ltd. ("Huize Shidai") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Apr. 28, 2012 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Technology developmentand internet informationconsulting service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Hefei Huize Internet Technology Co., Ltd. ("Hefei Huize") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Aug. 05, 2015 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Technology developmentand internet informationconsulting service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Shenzhen Zhixuan Wealth Investment Management Co., Ltd. ("Zhixuan Investment") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Apr. 20, 2016 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Management consulting,investment consultingand financial consulting |
Variable Interest Entity, Not Primary Beneficiary [Member] | Huize (Chengdu) Internet Technology Co., Ltd. ("Chengdu Huize") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | May 11, 2018 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Technology development consulting service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Shenzhen Huibang Technology Co Ltd [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Aug. 13, 2020 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Technology development consulting service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Shenzhen Xiaoma Insurance Adjustment Co. Ltd | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Jul. 02, 2021 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100% |
Principal Activities | Insurance claims adjustment service |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summarized of Financial Information Group's Consolidated Financial Statements (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2019 CNY (¥) | |
Current assets | ||||||
Cash and cash equivalent | ¥ 277,168 | ¥ 381,158 | $ 40,186 | |||
Restricted cash | 98,917 | 183,408 | 14,342 | |||
Contract assets, net of allowance for doubtful accounts | 49,888 | 0 | 7,233 | |||
Account receivable, net of allowance for impairment | 250,667 | 777,262 | 36,342 | |||
Insurance premium receivables | 1,792 | 1,217 | 260 | |||
Amount due from related parties | 489 | 128 | 71 | |||
Prepaid expense and other receivables | 71,818 | 77,511 | 10,413 | |||
Total current assets | 750,739 | 1,420,684 | 108,847 | |||
Non-current assets | ||||||
Restricted cash | 0 | 44,418 | 0 | |||
Contract assets, net of allowance for doubtful accounts | 6,634 | 0 | 962 | |||
Property, Plant and Equipment, net | 38,518 | 48,461 | 5,585 | |||
Intangible assets, net | 53,498 | 21,626 | 7,756 | |||
Deferred tax assets | 0 | 605 | 0 | |||
Long-term investments | 77,305 | 73,001 | ¥ 46,084 | 11,208 | ¥ 23,395 | |
Operating lease right-of-use assets | 162,180 | 247,819 | 23,514 | |||
Goodwill | 461 | 461 | 67 | |||
Other Assets | 279 | 379 | 40 | |||
Total non-current assets | 338,875 | 436,770 | 49,132 | |||
Total assets | 1,089,614 | 1,857,454 | 157,979 | |||
Current liabilities | ||||||
Short-term borrowings | 150,000 | 216,710 | 21,748 | |||
Accounts payable | 262,266 | 680,369 | 38,025 | |||
Insurance premium payables | 27,567 | 124,019 | 3,997 | |||
Contract liabilities | 4,034 | 7,236 | 585 | |||
Other payables and accrued expenses | 58,251 | 71,255 | 8,446 | |||
Payroll and welfare payable | 43,938 | 93,451 | 6,370 | |||
Income taxes payable | 2,440 | 2,440 | 354 | |||
Operating lease liabilities | 10,075 | 14,886 | 1,461 | |||
Amount due to related parties | 495 | 11,875 | 72 | |||
Total current liabilities | 559,066 | 1,222,241 | 81,058 | |||
Non-current liabilities | ||||||
Long-term borrowings | 0 | 20,000 | 0 | |||
Deferred tax liabilities | 12,491 | 4,892 | 1,811 | |||
Operating lease liabilities | 176,032 | 249,183 | 25,522 | |||
Total non-current liabilities | 188,523 | 274,300 | 27,333 | |||
Total liabilities | 747,589 | 1,496,541 | 108,391 | |||
Shareholders' equity | ||||||
Additional paid-in capital | 904,935 | 896,772 | 131,203 | |||
Accumulated deficit | (531,127) | (499,940) | (77,006) | |||
Total shareholders' equity attributable to Huize Holding Limited shareholders | 340,879 | 360,064 | 49,422 | |||
Non-controlling interests | 1,146 | 849 | 166 | |||
Total shareholders' equity | 342,025 | 360,913 | 468,683 | 49,588 | ¥ (308,653) | |
Total liabilities and shareholders' equity | 1,089,614 | 1,857,454 | $ 157,979 | |||
Operating revenue | ||||||
Brokerage income | 1,108,652 | $ 160,739 | 2,232,253 | 1,215,434 | ||
Other income | 49,256 | 7,141 | 12,763 | 4,788 | ||
Total operating revenue | 1,157,908 | 167,880 | 2,245,016 | 1,220,222 | ||
Operating costs and expenses | ||||||
Cost of revenue | (706,009) | (102,361) | (1,688,087) | (813,507) | ||
Other cost | (28,282) | (4,101) | (2,670) | (2,846) | ||
Total operating costs | (734,291) | (106,462) | (1,690,757) | (816,353) | ||
Selling expenses | (231,664) | (33,588) | (350,573) | (230,438) | ||
General and administrative expenses | (154,715) | (22,432) | (197,619) | (150,207) | ||
Research and development expenses | (80,911) | (11,731) | (120,478) | (49,135) | ||
Total operating costs and expenses | (1,201,581) | (174,213) | (2,359,427) | (1,246,133) | ||
Operating income/(loss) | (43,673) | (6,333) | (114,411) | (25,911) | ||
Other income/(expenses) | ||||||
Interest income/(expenses) | (5,062) | (734) | (3,206) | (1,157) | ||
Unrealized exchange income/(loss) | (79) | (11) | (59) | (9) | ||
Investment income/(loss) | (2,216) | (321) | (5,328) | 137 | ||
Others, net | 19,490 | 2,826 | 12,627 | 10,177 | ||
Profit before income tax, and share of (loss)/income of equity method investee | (31,540) | (4,573) | (110,377) | (16,763) | ||
Income tax expense | 0 | 0 | 0 | (1,768) | ||
Share of (loss)/income of equity method investee | (2,200) | (319) | 2,660 | 239 | ||
Net profit/(loss) | (33,740) | (4,892) | (107,717) | (18,292) | ||
Net profit/(loss) attributable to non-controlling interests | (2,553) | (370) | (51) | 0 | ||
Net profit/(loss) attributable to Huize Holding Limited | (31,187) | (4,522) | (107,666) | (18,292) | ||
Net profit/(loss) | (33,740) | (4,892) | (107,717) | (18,292) | ||
Foreign currency translation adjustment, net of tax | 9,600 | 1,392 | (5,323) | (22,386) | ||
Comprehensive income/(loss) | (24,140) | (3,500) | (113,040) | (40,678) | ||
Comprehensive income/(loss) attributable to non-controlling interests | (2,553) | (370) | (51) | 0 | ||
Comprehensive income/(loss) attributable to Huize Holding Limited | (21,587) | (3,130) | (112,989) | (40,678) | ||
Net cash provided by/(used in) operating activities | (85,067) | (12,332) | (175,917) | 137,666 | ||
Cash flows from investing activities: | ||||||
Purchase of long-term investment | (10,000) | (1,450) | (33,614) | (22,450) | ||
Purchase of property, equipment and intangible assets | (16,823) | (2,439) | (38,061) | (8,196) | ||
Proceeds from disposal of property, equipment and intangible assets | 1,048 | 152 | 980 | |||
Acquisition of subsidiary, net of cash paid | (25,964) | (3,764) | (14,292) | (569) | ||
Proceeds from disposal of investments | 700 | 101 | 3,820 | |||
Cash received for disposal of subsidiary | 3,640 | 528 | ||||
Interests received | 876 | 127 | ||||
Others | 237 | 34 | 241 | 137 | ||
Net cash provided by/(used in) investing activities | (56,286) | (8,161) | (80,926) | (31,078) | ||
Cash flows from financing activities: | ||||||
Proceeds from borrowings | 270,200 | 39,175 | 184,000 | 105,400 | ||
Repayments of borrowings | (367,524) | (53,286) | (40,503) | (61,266) | ||
Proceeds from exercise of share option | 0 | 0 | 497 | 503 | ||
Cash received by subsidiaries from minority shareholders | 900 | |||||
Net cash provided by/(used in) financing activities | (101,133) | (14,663) | 141,891 | 383,053 | ||
Effect of exchange rate changes on cash and cash equivalents | 9,587 | 1,390 | (5,012) | (10,020) | ||
Net increase/(decrease) in cash and cash equivalents and restricted cash | (232,899) | (33,766) | (119,964) | 479,621 | ||
Total cash and cash equivalents and restricted cash at beginning of year | 608,984 | 88,294 | 728,948 | 249,327 | ||
Total cash and cash equivalents and restricted cash at end of year | 376,085 | 54,528 | 608,984 | 728,948 | ||
Huiye Tianze and Its Subsidiaries [Member] | ||||||
Other income/(expenses) | ||||||
Share of (loss)/income of equity method investee | (2,200) | 2,660 | 239 | |||
Subsidiaries [Member] | ||||||
Cash flows from financing activities: | ||||||
Cash received by subsidiaries from minority shareholders | 2,850 | $ 413 | ||||
Huiye Tianze and Its Subsidiaries [Member] | ||||||
Current assets | ||||||
Cash and cash equivalent | 205,781 | 323,011 | ||||
Restricted cash | 55,458 | 127,315 | ||||
Contract assets, net of allowance for doubtful accounts | 49,888 | |||||
Account receivable, net of allowance for impairment | 250,238 | 777,055 | ||||
Insurance premium receivables | 1,792 | 1,217 | ||||
Amount due from related parties | 340 | |||||
Prepaid expense and other receivables | 96,987 | 106,865 | ||||
Total current assets | 660,484 | 1,335,463 | ||||
Non-current assets | ||||||
Restricted cash | 0 | 24,680 | ||||
Contract assets, net of allowance for doubtful accounts | 6,634 | |||||
Property, Plant and Equipment, net | 38,133 | 47,800 | ||||
Intangible assets, net | 50,851 | 18,979 | ||||
Deferred tax assets | 0 | 605 | ||||
Long-term investments | 66,250 | 59,450 | ||||
Operating lease right-of-use assets | 162,180 | 241,880 | ||||
Goodwill | 461 | 461 | ||||
Other Assets | 279 | 379 | ||||
Total non-current assets | 324,788 | 394,234 | ||||
Total assets | 985,272 | 1,729,697 | ||||
Current liabilities | ||||||
Short-term borrowings | 150,000 | 216,710 | ||||
Accounts payable | 261,993 | 680,183 | ||||
Insurance premium payables | 27,567 | 124,019 | ||||
Contract liabilities | 702 | 2,681 | ||||
Other payables and accrued expenses | 195,136 | 207,461 | ||||
Payroll and welfare payable | 39,674 | 92,094 | ||||
Income taxes payable | 2,440 | 2,440 | ||||
Operating lease liabilities | 10,075 | 12,362 | ||||
Amount due to related parties | 495 | 11,875 | ||||
Total current liabilities | 688,082 | 1,349,825 | ||||
Non-current liabilities | ||||||
Long-term borrowings | 0 | 20,000 | ||||
Deferred tax liabilities | 12,054 | 4,455 | ||||
Operating lease liabilities | 176,032 | 245,396 | ||||
Total non-current liabilities | 188,086 | 269,851 | ||||
Total liabilities | 876,168 | 1,619,676 | ||||
Shareholders' equity | ||||||
Common shares | 44,766 | 44,766 | ||||
Additional paid-in capital | 470,553 | 460,157 | ||||
Accumulated deficit | (407,361) | (395,751) | ||||
Total shareholders' equity attributable to Huize Holding Limited shareholders | 107,958 | 109,172 | ||||
Non-controlling interests | 1,146 | 849 | ||||
Total shareholders' equity | 109,104 | 110,021 | ||||
Total liabilities and shareholders' equity | 985,272 | 1,729,697 | ||||
Operating revenue | ||||||
Brokerage income | 1,107,090 | 2,231,388 | 1,215,434 | |||
Other income | 49,223 | 11,494 | 4,560 | |||
Total operating revenue | 1,156,313 | 2,242,882 | 1,219,994 | |||
Operating costs and expenses | ||||||
Cost of revenue | (705,067) | (1,687,770) | (813,507) | |||
Other cost | (28,282) | (2,670) | (2,846) | |||
Total operating costs | (733,349) | (1,690,440) | (816,353) | |||
Selling expenses | (230,414) | (346,305) | (230,438) | |||
General and administrative expenses | (136,519) | (172,822) | (136,921) | |||
Research and development expenses | (80,911) | (120,478) | (49,135) | |||
Total operating costs and expenses | (1,181,193) | (2,330,045) | (1,232,847) | |||
Operating income/(loss) | (24,880) | (87,163) | (12,853) | |||
Other income/(expenses) | ||||||
Interest income/(expenses) | (5,592) | (4,092) | (1,813) | |||
Unrealized exchange income/(loss) | 0 | 0 | (421) | |||
Investment income/(loss) | 568 | (1,369) | 137 | |||
Others, net | 17,941 | 12,627 | 10,153 | |||
Profit before income tax, and share of (loss)/income of equity method investee | (11,963) | (79,997) | (4,797) | |||
Income tax expense | 0 | 0 | (1,768) | |||
Net profit/(loss) | (14,163) | (77,337) | (6,326) | |||
Net profit/(loss) attributable to non-controlling interests | (2,553) | (51) | 0 | |||
Net profit/(loss) attributable to Huize Holding Limited | (11,610) | (77,286) | (6,326) | |||
Net profit/(loss) | (14,163) | (77,337) | (6,326) | |||
Foreign currency translation adjustment, net of tax | 0 | 0 | 0 | |||
Comprehensive income/(loss) | (14,163) | (77,337) | (6,326) | |||
Comprehensive income/(loss) attributable to non-controlling interests | (2,553) | (51) | 0 | |||
Comprehensive income/(loss) attributable to Huize Holding Limited | (11,610) | (77,286) | (6,326) | |||
Net cash provided by/(used in) operating activities | (69,094) | (152,844) | 168,225 | |||
Cash flows from investing activities: | ||||||
Purchase of long-term investment | (10,000) | (22,601) | (22,450) | |||
Purchase of property, equipment and intangible assets | (16,773) | (37,359) | (8,162) | |||
Proceeds from disposal of property, equipment and intangible assets | 1,044 | 961 | 0 | |||
Acquisition of subsidiary, net of cash paid | (25,964) | (11,805) | (569) | |||
Payments of inter-company balances | 0 | (5,050) | 0 | |||
Proceeds from disposal of investments | 700 | 890 | 0 | |||
Cash received for disposal of subsidiary | 3,640 | |||||
Advances to a third party | (26,000) | |||||
Repayment from a third party | 16,000 | |||||
Interests received | 876 | |||||
Others | 237 | 241 | 137 | |||
Net cash provided by/(used in) investing activities | (56,240) | (74,723) | (31,044) | |||
Cash flows from financing activities: | ||||||
Proceeds from borrowings | 270,200 | 184,000 | 105,400 | |||
Repayments of borrowings | (367,524) | (40,503) | (61,266) | |||
Proceeds from inter-company balances | 6,041 | 128,000 | 0 | |||
Proceeds from exercise of share option | 0 | 247 | 245 | |||
Net cash provided by/(used in) financing activities | (88,433) | 272,644 | 44,379 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||
Net increase/(decrease) in cash and cash equivalents and restricted cash | (213,767) | 45,077 | 181,560 | |||
Total cash and cash equivalents and restricted cash at beginning of year | 475,006 | 429,929 | 248,369 | |||
Total cash and cash equivalents and restricted cash at end of year | 261,239 | 475,006 | 429,929 | |||
Huiye Tianze and Its Subsidiaries [Member] | Subsidiaries [Member] | ||||||
Cash flows from financing activities: | ||||||
Cash received by subsidiaries from minority shareholders | ¥ 2,850 | ¥ 900 | ¥ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Life and Residual Value of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Office furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Residual value | 0% |
Office furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Residual value | 5% |
Computer and electronic equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Residual value | 0% |
Computer and electronic equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Residual value | 5% |
Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual value | 5% |
Motor vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 4 years |
Motor vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | shorter of remaining lease period and estimated useful life |
Residual value | 0% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Estimated Useful Life and Residual Value of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Domain name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Residual value | 0% |
Purchased computer software [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Residual value | 0% |
Purchased computer software [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 3 years |
Purchased computer software [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Customer Concentration Risk (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 1,157,908 | $ 167,880 | ¥ 2,245,016 | ¥ 1,220,222 | |
Accounts receivable | 250,667 | 777,262 | $ 36,342 | ||
Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | 309,781 | 715,287 | ¥ 32,347 | ||
Accounts receivable | ¥ 32,456 | ¥ 464,289 | |||
Customer A [Member] | Operating revenue [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 27% | 27% | 32% | 3% | |
Customer A [Member] | Accounts receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 13% | 13% | 60% | ||
Customer K [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 140,991 | ¥ 489,862 | ¥ 292,975 | ||
Accounts receivable | ¥ 47,941 | ¥ 32,702 | |||
Customer K [Member] | Operating revenue [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 12% | 12% | 22% | 24% | |
Customer K [Member] | Accounts receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 19% | 19% | 4% | ||
Customer L [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 44,546 | ¥ 191,059 | ¥ 152,296 | ||
Customer L [Member] | Operating revenue [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 4% | 4% | 9% | 12% | |
Customer H [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | ¥ 19,404 | ¥ 165,688 | |||
Customer H [Member] | Accounts receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 8% | 8% | 21% | ||
Customer I [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 19,552 | ¥ 46,972 | ¥ 157,750 | ||
Customer I [Member] | Operating revenue [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 2% | 2% | 2% | 13% | |
Customer M [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | ¥ 37,531 | ||||
Customer M [Member] | Accounts receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 15% | 15% | |||
Customers [Member] | Operating revenue [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 514,870 | ¥ 1,443,180 | ¥ 635,368 | ||
Concentration risk, percentage | 45% | 45% | 65% | 52% | |
Customers [Member] | Accounts receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | ¥ 137,332 | ¥ 662,679 | |||
Concentration risk, percentage | 55% | 55% | 85% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Concentration in Monetary as Well as Percentage of Cash and Cash Equivalents (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Disclosure in Tabular of Concentration in Monetary as Well as Percentage of Cash and Cash Equivalents [Line Items] | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ¥ 376,085 | ¥ 608,984 | $ 54,528 | $ 88,294 | ¥ 728,948 | ¥ 249,327 |
Bank A [Member] | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents [Member] | Concentration Risk by Bank [Member] | ||||||
Disclosure in Tabular of Concentration in Monetary as Well as Percentage of Cash and Cash Equivalents [Line Items] | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ¥ 154,381 | ¥ 294,418 | ||||
Concentration Risk, Percentage | 41% | 48% | ||||
Bank B [Member] | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents [Member] | Concentration Risk by Bank [Member] | ||||||
Disclosure in Tabular of Concentration in Monetary as Well as Percentage of Cash and Cash Equivalents [Line Items] | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ¥ 73,255 | ¥ 144,317 | ||||
Concentration Risk, Percentage | 19% | 24% | ||||
Bank C [Member] | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents [Member] | Concentration Risk by Bank [Member] | ||||||
Disclosure in Tabular of Concentration in Monetary as Well as Percentage of Cash and Cash Equivalents [Line Items] | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ¥ 67,444 | ¥ 46,534 | ||||
Concentration Risk, Percentage | 18% | 8% | ||||
Bank D [Member] | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents [Member] | Concentration Risk by Bank [Member] | ||||||
Disclosure in Tabular of Concentration in Monetary as Well as Percentage of Cash and Cash Equivalents [Line Items] | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ¥ 40,917 | ¥ 61 | ||||
Concentration Risk, Percentage | 11% | 0% | ||||
Banks [Member] | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents [Member] | Concentration Risk by Bank [Member] | ||||||
Disclosure in Tabular of Concentration in Monetary as Well as Percentage of Cash and Cash Equivalents [Line Items] | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ¥ 335,997 | ¥ 485,330 | ||||
Concentration Risk, Percentage | 89% | 80% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 CNY (¥) | |
Accounting policies [line items] | |||||||
Foreign exchange convenience rate | 6.8972 | 6.8972 | |||||
Unremitted insurance premiums | ¥ 30,578 | ¥ 126,715 | $ 4,433 | ||||
Restricted cash balance | 24,880 | 25,280 | 3,607 | ||||
Pledged deposits | 43,459 | 75,831 | 6,302 | ||||
Impairment loss | 0 | 0 | ¥ 0 | ||||
Share-based compensation expense | ¥ 8,163 | $ 1,184 | 11,355 | 35,880 | |||
Valued added tax percentage | 6% | 6% | |||||
Cash and cash equivalents and restricted cash | ¥ 376,085 | 608,984 | 728,948 | $ 54,528 | $ 88,294 | ¥ 249,327 | |
Cash equivalents due within three months | three months | three months | |||||
Gain on government subsidies | ¥ 12,779 | ||||||
Gain on termination of lease contracts | 6,702 | ||||||
Service Condition [Member] | |||||||
Accounting policies [line items] | |||||||
Share-based compensation expense | ¥ 16,390 | ||||||
Board of Directors Chairman [Member] | Huiye Tianze and Its Subsidiaries [Member] | |||||||
Accounting policies [line items] | |||||||
Voting rights percentage | 50% | 50% | |||||
Currency risk [Member] | |||||||
Accounting policies [line items] | |||||||
Cash and cash equivalents and restricted cash | ¥ 261,891 | ¥ 481,589 | ¥ 429,970 |
Fair Value measurement - Summar
Fair Value measurement - Summary of Fair Value Assets Measured on Recurring Basis (Detail) - Listed Equity Securities [Member] - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments accounted for at fair value | ||
Investments, Fair Value | ¥ 808 | ¥ 840 |
Fair Value, Inputs, Level 1 [Member] | ||
Investments accounted for at fair value | ||
Investments, Fair Value | 808 | 840 |
Fair Value, Inputs, Level 2 [Member] | ||
Investments accounted for at fair value | ||
Investments, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Investments accounted for at fair value | ||
Investments, Fair Value | ¥ 0 | ¥ 0 |
Accounts Receivable, Net of A_3
Accounts Receivable, Net of Allowance for Doubtful Accounts - Summary of Account Receivables, Net of Allowance for Doubtful Accounts (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Receivables [Abstract] | ||||
Accounts receivable | ¥ 255,251 | ¥ 780,431 | ||
Less: allowance for doubtful accounts | (4,584) | (3,169) | ¥ (1,724) | |
Accounts receivable, net | ¥ 250,667 | $ 36,342 | ¥ 777,262 |
Accounts Receivable, Net of A_4
Accounts Receivable, Net of Allowance for Doubtful Accounts - Summary of Movement of Allowance for Doubtful Accounts (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | ||
Balance at the beginning of the year | ¥ 3,169 | ¥ 1,724 |
Provision for doubtful accounts | 1,415 | 1,445 |
Balance at the end of the year | ¥ 4,584 | ¥ 3,169 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Schedule of Service Provided by or to Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Service provided by related parties | ¥ 9,313 | ¥ 12,161 | |
Service provided to related parties | 970 | ||
Technology service fee [Member] | Xiaoke [Member] | |||
Related Party Transaction [Line Items] | |||
Service provided by related parties | 7,259 | 11,609 | |
PPC advertisement service fee [Member] | Xiaoke [Member] | |||
Related Party Transaction [Line Items] | |||
Service provided by related parties | 412 | ||
Channel cost [Member] | Huibao Huipei [Member] | |||
Related Party Transaction [Line Items] | |||
Service provided by related parties | 2,054 | 140 | |
Consulting service fee [Member] | Huibao Huipei [Member] | |||
Related Party Transaction [Line Items] | |||
Service provided to related parties | ¥ 970 |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Schedule of Related Party Transactions (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Due from related parties | ¥ 489 | ¥ 128 |
Due to related parties | 495 | 11,875 |
Shareholders [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 149 | 128 |
Huibao Huipei [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 340 | |
Xiaoke [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | ¥ 495 | 11,753 |
Other [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | ¥ 122 |
Prepaid Expenses and Other Re_3
Prepaid Expenses and Other Receivables and Other assets - Summary of Prepaid Expenses and Receivables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current portion: | |||
Prepaid input value-added tax | ¥ 32,083 | ¥ 43,817 | |
VAT refund receivable | 4,827 | 200 | |
Rental and other deposits | 9,609 | 14,532 | |
Advances to suppliers | 10,230 | 13,731 | |
Interest receivables | 2,467 | 2,177 | |
Advances to staff | 397 | 970 | |
Directors and officers liability insurance premium | 658 | 658 | |
Claim advance on behalf of insurer | 53 | 77 | |
Prepayment for share repurchase | 898 | ||
Advances to a third party | 10,000 | ||
Others | 1,596 | 1,939 | |
Prepaid Expense And Other Assets Before Impairment | 72,818 | 78,101 | |
Less: Allowance for impairment | (1,000) | (590) | |
Total prepaid expenses and other receivables | 71,818 | $ 10,413 | 77,511 |
Non-current portion: | |||
Prepayment related to investment | 200 | ||
Advances to long-term assets | 279 | 179 | |
Total | ¥ 279 | ¥ 379 |
Prepaid Expenses and Other Re_4
Prepaid Expenses and Other Receivables and Other assets - Summary of Prepaid Expenses and Receivables (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Interest-bearing at a fixed interest rate | 5% |
Property, Plant and Equipment_3
Property, Plant and Equipment, net - Summary of Property, Plant and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | ¥ 68,341 | ¥ 71,477 | ||
Less: Accumulated depreciation | [1] | (29,823) | (23,016) | |
Property, equipment and equipment, net | 38,518 | $ 5,585 | 48,461 | |
Computer and electronic equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | 27,439 | 31,041 | ||
Leaseholds improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | 28,124 | 27,238 | ||
Office furniture and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | 10,330 | 10,755 | ||
Motor vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | ¥ 2,448 | ¥ 2,443 | ||
[1]Depreciation expenses for the years ended December 31, 2020, 2021 and 2022 were RMB4,684, RMB6,474 and RMB17,319, respectively. |
Property, Plant and Equipment_4
Property, Plant and Equipment, net - Summary of Property, Plant and Equipment, Net (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | ¥ 17,319 | ¥ 6,474 | ¥ 4,684 |
Property, Plant and Equipment_5
Property, Plant and Equipment, net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Impairment for property, plant and equipment | ¥ 0 | ¥ 0 | ¥ 0 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | ¥ 57,139 | ¥ 24,066 | |
Less: Accumulated amortization | [1] | (3,641) | (2,440) |
Intangible assets, net | 53,498 | 21,626 | |
Insurance agency license [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | [2] | 45,150 | 12,336 |
Insurance adjusting license [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 3,067 | 3,067 | |
Insurance brokerage license [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 2,647 | 2,647 | |
Software and system [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 5,695 | 5,436 | |
Domain name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | ¥ 580 | ¥ 580 | |
[1]Amortization expenses for the years ended December 31, 2020, 2021 and 2022 were RMB424, RMB950 and RMB1,201, respectively.[2]During the year ended December 31, 2022, the Group’s disposal of a subsidiary resulted in a decrease of RMB4,519 in insurance agency license, and the Group’s acquisition of a subsidiary resulted in an increase of RMB37,333 in insurance agency license. |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expenses | ¥ 1,201 | ¥ 950 | ¥ 424 |
Insurance agency licence [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 37,333 | ||
Insurance agency licence [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | ¥ 4,519 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment for intangible assets | ¥ 0 | ¥ 0 | ¥ 0 |
Intangible Assets, Net - Sche_3
Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | ¥ 984 |
2024 | 694 |
2025 | 431 |
2026 | 130 |
2027 | ¥ 72 |
Long-term Investments - Summary
Long-term Investments - Summary of Long Term Investments (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | ¥ 73,001 | ¥ 46,084 | ¥ 23,395 | |
Additions | 10,000 | 33,414 | 22,450 | |
Share of earnings/(loss) of an equity investee | (2,200) | $ (319) | 2,660 | 239 |
Reclassification | ||||
Fair value change | (2,784) | (4,224) | ||
Realized gain/(loss) | 265 | |||
Exchange adjustments | 288 | 232 | ||
Impairment | (1,610) | |||
Disposal | (1,000) | (3,820) | ||
Ending balance | 77,305 | $ 11,208 | 73,001 | 46,084 |
Equity investments measured under measurement alternative [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | 34,695 | 24,695 | 14,500 | |
Additions | 12,500 | 1,000 | ||
Share of earnings/(loss) of an equity investee | ||||
Reclassification | 9,195 | |||
Fair value change | ||||
Realized gain/(loss) | ||||
Exchange adjustments | ||||
Impairment | (1,610) | |||
Disposal | (1,000) | (890) | ||
Ending balance | 33,695 | 34,695 | 24,695 | |
Equity Method [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | 33,949 | 21,389 | 8,895 | |
Additions | 10,000 | 9,900 | 21,450 | |
Share of earnings/(loss) of an equity investee | (2,200) | 2,660 | 239 | |
Reclassification | (9,195) | |||
Fair value change | ||||
Realized gain/(loss) | ||||
Exchange adjustments | ||||
Impairment | ||||
Disposal | ||||
Ending balance | 41,749 | 33,949 | 21,389 | |
Investment Accounted For At Fair Value [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | 840 | |||
Additions | 4,641 | |||
Share of earnings/(loss) of an equity investee | ||||
Reclassification | ||||
Fair value change | (109) | (1,339) | ||
Realized gain/(loss) | 265 | |||
Exchange adjustments | 77 | 203 | ||
Impairment | ||||
Disposal | (2,930) | |||
Ending balance | 808 | 840 | ||
Equity Investments Measured Under NAV Practical Expedient [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | 3,517 | |||
Additions | 6,373 | |||
Share of earnings/(loss) of an equity investee | ||||
Reclassification | ||||
Fair value change | (2,675) | (2,885) | ||
Realized gain/(loss) | ||||
Exchange adjustments | 211 | 29 | ||
Impairment | ||||
Disposal | ||||
Ending balance | ¥ 1,053 | ¥ 3,517 |
Long-term Investments - Additio
Long-term Investments - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 01, 2021 | May 31, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Investment Holdings [Line Items] | ||||||
Investments accounted for under equity method | ¥ 41,749 | ¥ 33,949 | ¥ 21,389 | |||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | ¥ 1,610 | |||||
Investment accounted for at fair value | ¥ 0 | |||||
Nanjing Qiqian Alpha Equity Investment LLP [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Equity interest in a private entity | 49.26% | |||||
Shanghai Dewu Chuxing Investment Management Partnership [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Equity interest in a private entity | 47.62% | |||||
Huibao Huipei [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Equity interest in a private entity | 49% | |||||
Nayuki [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to Acquire Investments | ¥ 1,976 | |||||
Xiaoke [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to acquire equity interest in a private entity | ¥ 5,000 | |||||
CCBT LANIAKEA CAPITAL FUND I L.P [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Fair Value Of Investment Income (Loss) | ¥ 265 | |||||
Payments to Acquire Investments | 2,665 | |||||
Common Stock [Member] | Nayuki [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Fair Value Of Investment Income (Loss) | (109) | (1,339) | ||||
Private Equity Funds [Member] | Right Time SPC [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Fair Value Of Investment Income (Loss) | (2,675) | (2,885) | ||||
Payments to acquire equity securities, FV-NI | ¥ 6,373 | |||||
Nanjing Qiqian Alpha Equity Investment LLP [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to acquire equity interest in a private entity | ¥ 19,000 | |||||
Shanghai Dewu Chuxing Investment Management Partnership [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to acquire equity interest in a private entity | ¥ 10,000 | ¥ 4,900 | ||||
Huibao Huipei [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to acquire equity interest in a private entity | ¥ 2,450 |
Short-term Borrowing - Summary
Short-term Borrowing - Summary of Short-term Borrowing (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Bank borrowings | ¥ 130,000 | ¥ 170,000 |
Current portion of long-term borrowings | 20,000 | 46,710 |
Short-term borrowing | ¥ 150,000 | ¥ 216,710 |
Short-term Borrowing - Summar_2
Short-term Borrowing - Summary of Short-term Borrowing (Parenthetical) (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Percentage of interest of short term borrowing | 4.60% | 4.30% |
Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Percentage of interest of short term borrowing | 5% | 5% |
Other Payables and Accrued Ex_3
Other Payables and Accrued Expenses (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current portion: | ||
Other tax payables | ¥ 14,994 | ¥ 32,006 |
Other payable to suppliers | 8,915 | 17,365 |
Accrued marketing expense -loyalty points | 4,643 | 7,414 |
Professional fees | 6,211 | 7,068 |
Advances from the insured | 3,251 | 3,211 |
Interest payable | 746 | 655 |
Deposits | 258 | 625 |
Withholding social security costs and housing benefits | 14,717 | 1,152 |
Deferred Income | 2,395 | |
Others | 2,121 | 1,759 |
Total current portion | ¥ 58,251 | ¥ 71,255 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee benefits, total contributions | ¥ 54,641 | ¥ 64,238 | ¥ 18,924 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||||||
Oct. 09, 2021 | Nov. 02, 2018 | Nov. 02, 2015 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | |
Tax rate on taxable income | 15% | 15% | ||||||
HNTE, reduced tax rate | 15% | |||||||
Withholding income tax rate | 10% | |||||||
Withholding income tax rate, Foreign invested enterprise | 5% | |||||||
Withholding income tax rate, ownership threshold | 25% | |||||||
Net operating loss carryforwards | ¥ 94,697 | ¥ 31,218 | ¥ 67,714 | |||||
Net operating loss carryforwards, valuation allowance | 94,092 | 30,613 | 67,109 | |||||
Net operating loss carryforwards, expected to be utilized | ¥ 605 | ¥ 605 | 605 | |||||
Net operating loss carryforwards, carry over period | 5 years | 10 years | ||||||
Net operating loss carryforwards, expiration term | 2024 to 2031 | |||||||
Accrued withholding tax on undistributed earnings of domestic subsidiaries | ¥ 0 | |||||||
Increase in unrecognized tax benefits is reasonably possible | ¥ 2,440 | ¥ 2,440 | ||||||
Chengdu Huize [Member] | ||||||||
Tax rate on taxable income | 15% | |||||||
Inland Revenue, Hong Kong [Member] | ||||||||
Tax rate on taxable income | 16.50% | |||||||
State Administration of Taxation, China [Member] | ||||||||
Tax rate on taxable income | 25% | |||||||
Peoples Replublic Of China Tax Authority [Member] | Minimum [Member] | ||||||||
Number of years open to income tax examination | 5 years | |||||||
Peoples Replublic Of China Tax Authority [Member] | Maximum [Member] | ||||||||
Number of years open to income tax examination | 10 years |
Income Taxes - Summary of Compo
Income Taxes - Summary of Composition of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Current income tax expense | ¥ 0 | ¥ 0 | ¥ 2,234 | |
Deferred income tax (benefit)/expense | 0 | 0 | (466) | |
Income tax expense | ¥ 0 | $ 0 | ¥ 0 | ¥ 1,768 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Profit/(Loss) before income tax | ¥ (33,740) | ¥ (107,717) | ¥ (16,524) | |
Tax expense/(benefit) at EIT tax rate of 25% | (8,435) | (26,929) | (4,131) | |
Effect of different tax rates applicable to different subsidiaries of the Group | (826) | (3,195) | 490 | |
Changes in valuation allowance | 16,154 | 37,948 | 1,290 | |
Income not subject to tax | (59) | (769) | (34) | |
Expenses not deductible for tax purposes | 5,608 | 2,872 | 11,561 | |
Research and development tax credit | (12,442) | (12,627) | (7,408) | |
Effect on deferred tax assets due to change in tax rates | 2,700 | |||
Income tax expense | ¥ 0 | $ 0 | ¥ 0 | ¥ 1,768 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||||
Advertising expenses | ¥ 1,569 | ¥ 1,105 | ||
Net accumulated losses-carry forward | 94,697 | 67,714 | ||
Depreciation and amortization | 338 | 271 | ||
Allowance for doubtful accounts | 1,505 | 940 | ||
Accrued expenses | 6,640 | 4,171 | ||
Operating lease liabilities | 45,639 | |||
Less: valuation allowance | (90,049) | (73,596) | ¥ (34,501) | ¥ (33,211) |
Gross deferred tax assets | 60,339 | 605 | ||
Offset | (60,339) | |||
Net deferred tax assets | 0 | 605 | ||
Deferred tax liabilities | ||||
Intangible assets | 12,491 | 4,287 | ||
Operating lease right-of-use assets | 45,638 | |||
Gain on equity method investee | 605 | 605 | ||
Variable consideration of renewal income | 14,096 | |||
Gross deferred tax liabilities | 72,830 | 4,892 | ||
Offset | (60,339) | |||
Net deferred tax liabilities | ¥ 12,491 | ¥ 4,892 |
Income Taxes - Summary of Movem
Income Taxes - Summary of Movement of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at the beginning of the year | ¥ 73,596 | ¥ 34,501 | ¥ 33,211 |
Additions | 20,122 | 37,961 | 7,318 |
Acquisition of subsidiaries | 1,529 | 1,147 | 0 |
Reversals | (3,968) | (13) | (6,028) |
Expiration | (166) | ||
Disposal of subsidiaries | (1,064) | ||
Balance at end of the year | ¥ 90,049 | ¥ 73,596 | ¥ 34,501 |
Long-term Borrowing - Summary o
Long-term Borrowing - Summary of long-term borrowings (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Debt Instrument [Line Items] | |||
Bank loan | ¥ 20,000 | ¥ 66,710 | |
Less: Current portion of long-term borrowings | (20,000) | (46,710) | |
Long-term borrowings | ¥ 0 | $ 0 | 20,000 |
Bank Loan Due May 20, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Bank loan | 20,000 | ||
Maturity Date | May 20, 2022 | ||
Principal Amount | ¥ 20,000 | ||
Interest Rate Per Annum | 4.60% | 4.60% | |
Bank Loan Due May 19, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Bank loan | ¥ 20,000 | 20,000 | |
Maturity Date | May 19, 2023 | ||
Principal Amount | ¥ 20,000 | ||
Interest Rate Per Annum | 4.75% | 4.75% | |
Bank Loan Due July 19, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Bank loan | ¥ 26,710 | ||
Maturity Date | Jul. 19, 2022 | ||
Principal Amount | ¥ 29,400 | ||
Interest Rate Per Annum | 3.85% | 3.85% |
Long-term Borrowing - Additiona
Long-term Borrowing - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Description of debt instruments maturity date of pledged assets | As of December 31, 2021 and 2022, the loan with maturity date of July 19, 2022 was pledged by the deposits of HK Smart Choice and the credit of Huize Insurance Brokerage. |
Deposits of HK Smart Choice And Credit of Huize Insurance Brokerage | Loan Maturity on July 19, 2022 | |
Debt instrument maturity date | Jul. 19, 2022 |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Mar. 10, 2020 $ / shares shares | Feb. 12, 2020 $ / shares shares | Jun. 30, 2019 shares | Feb. 29, 2020 $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2015 shares | Dec. 31, 2014 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Apr. 30, 2020 USD ($) | Dec. 31, 2019 $ / shares shares | |
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Common shares, authorized | 4,549,953,780 | ||||||||||||
Common shares, par value | $ / shares | $ 0.00001 | ||||||||||||
Common shares, shares issued | 483,310,373 | ||||||||||||
Common shares, shares outstanding | 483,310,373 | ||||||||||||
Shares issued, price per ADR | $ / shares | $ 10.5 | ||||||||||||
Treasury stock, value | ¥ 15,306 | $ 2,219 | ¥ 9,545 | ||||||||||
Common Stock [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Stock issued during the period | 261,072,000 | 184,200,000 | 184,200,000 | ||||||||||
Shares, outstanding | 0 | 0 | 0 | 0 | 483,310,373 | ||||||||
Number of stock shares repurchased | 16,534,600 | 3,436,860 | |||||||||||
IPO [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Stock issued during the period | 5,250,000 | ||||||||||||
Shares issued, price per ADR | $ / shares | $ 10.5 | ||||||||||||
Common Class A [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Common shares, authorized | 7,000,000,000 | 7,000,000,000 | 7,000,000,000 | ||||||||||
Common shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||||
Common shares, shares issued | 894,456,046 | 894,456,046 | 894,456,046 | ||||||||||
Common shares, shares outstanding | 873,068,986 | 873,068,986 | 886,166,726 | ||||||||||
Stock issued during the period | 106,449,060 | 105,000,000 | |||||||||||
Common stock voting rights per share | one vote | ||||||||||||
Common Class A [Member] | Common Stock [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Shares, outstanding | 889,603,586 | 889,402,546 | 889,603,586 | 889,603,586 | |||||||||
Common Class B [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Common shares, authorized | 800,000,000 | 800,000,000 | 800,000,000 | ||||||||||
Common shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||||
Common shares, shares issued | 150,591,207 | 150,591,207 | 150,591,207 | ||||||||||
Common shares, shares outstanding | 150,591,207 | 150,591,207 | 150,591,207 | ||||||||||
Common stock voting rights per share | 15 votes | ||||||||||||
Common Class B [Member] | Common Stock [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Shares, outstanding | 150,591,207 | 150,591,207 | 150,591,207 | 150,591,207 | |||||||||
Common Class B [Member] | Huidz Holding Limited [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Shares, outstanding | 150,591,207 | ||||||||||||
Common Class B [Member] | Cunjun Ma [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Shares, outstanding | 150,591,207 | ||||||||||||
Variable interest entity of ownership percentage | 76.40% | ||||||||||||
American Depositary Shares [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Share repurchase program authorized amount | $ | $ 10,000 | ||||||||||||
Number of stock shares repurchased | 826,730 | 171,843 | |||||||||||
American Depositary Shares [Member] | Over-Allotment Option [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Stock issued during the period | 72,453 | 72,453 | |||||||||||
Shares issued, price per ADR | $ / shares | $ 10.5 | ||||||||||||
American Depositary Shares [Member] | IPO [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Stock issued during the period | 5,322,453 | 5,322,453 |
Redeemable Preferred Shares and
Redeemable Preferred Shares and Convertible Bond - Summary Of Group's Redeemable Preferred Shares Activities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ 458,901 | ||
Series A Preferred Stock [Member] | |||
Balances as of January 1 | ¥ 84,072 | ||
Balances as of January 1, Shares | 204,022,000 | ||
Redeemable Preferred Shares redemption value accretion | ¥ 788 | ||
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ (84,860) | ||
Conversion and Re-Designation of Preferred Shares Into Class A common Shares, Shares | (204,022,000) | ||
Balances as of December 31 | |||
Balances as of December 31, Shares | |||
Series B Preferred Stock [Member] | |||
Balances as of January 1 | ¥ 261,272 | ||
Balances as of January 1, Shares | 185,512,580 | ||
Redeemable Preferred Shares redemption value accretion | ¥ 2,634 | ||
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ (263,906) | ||
Conversion and Re-Designation of Preferred Shares Into Class A common Shares, Shares | (185,512,580) | ||
Balances as of December 31 | |||
Balances as of December 31, Shares | |||
Series B+ redeemable preferred shares [Member] | |||
Balances as of January 1 | ¥ 81,654 | ||
Balances as of January 1, Shares | 43,937,180 | ||
Redeemable Preferred Shares redemption value accretion | ¥ 701 | ||
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ (82,355) | ||
Conversion and Re-Designation of Preferred Shares Into Class A common Shares, Shares | (43,937,180) | ||
Balances as of December 31 | |||
Balances as of December 31, Shares | |||
Series B++ redeemable preferred shares [Member] | |||
Balances as of January 1 | ¥ 27,629 | ||
Balances as of January 1, Shares | 16,574,460 | ||
Redeemable Preferred Shares redemption value accretion | ¥ 151 | ||
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ (27,780) | ||
Conversion and Re-Designation of Preferred Shares Into Class A common Shares, Shares | (16,574,460) | ||
Balances as of December 31 | |||
Balances as of December 31, Shares |
Redeemable Preferred Shares a_2
Redeemable Preferred Shares and Convertible Bond - Additional Information (Detail) - CNY (¥) | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2014 | Dec. 31, 2022 | Dec. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2016 | Mar. 31, 2016 | |
Series A Preferred Stock [Member] | ||||||||
Redeemable Preferred Shares issued | 204,022,000 | 204,022,000 | ||||||
Redeemable Preferred Shares issued, value | ¥ 39,404,003 | ¥ 84,072,000 | ||||||
Redeemable Preferred Shares Converted | 87,935,500 | |||||||
Redeemable Preferred Shares, annual rate of return | 10% | |||||||
Series B+ redeemable preferred shares [Member] | ||||||||
Redeemable Preferred Shares issued | 43,937,180 | 43,937,180 | ||||||
Redeemable Preferred Shares issued, value | ¥ 81,654,000 | ¥ 62,500,000 | ||||||
Redeemable Preferred Shares, annual rate of return | 8% | |||||||
Series B++ redeemable preferred shares [Member] | ||||||||
Redeemable Preferred Shares issued | 16,574,460 | |||||||
Redeemable Preferred Shares issued, value | ¥ 27,629,000 | |||||||
Redeemable Preferred Shares on conversion of convertible bond | 16,574,460 | |||||||
Convertible bond, principal amount | ¥ 24,520,000 | |||||||
Convertible bond, interest | ¥ 907,000 | |||||||
Redeemable Preferred Shares, annual rate of return | 10% | |||||||
Series B redeemable preferred shares [Member] | ||||||||
Redeemable Preferred Shares issued | 185,512,580 | |||||||
Redeemable Preferred Shares issued, value | ¥ 200,000,000 | |||||||
Redeemable Preferred Shares, annual rate of return | 8% |
Share-based Compensation - Shar
Share-based Compensation - Share-based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | ¥ 10,411 | ¥ (1,824) | ¥ 52,253 |
Cost of revenue | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | 11 | (387) | 410 |
Selling expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | 1,041 | (475) | 10,642 |
General and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | 9,151 | (665) | 40,820 |
Research and development expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | ¥ 208 | ¥ (297) | ¥ 381 |
Share-based Compensation - Sh_2
Share-based Compensation - Share-based Payment Arrangement, Option, Activity (Detail) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options, Outstanding | 33,824,056 | ||
Weighted average exercise price, Outstanding | $ 0.1616 | ||
Global Share Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options, Outstanding | 36,844,725 | 16,154,051 | 19,463,440 |
Number of options, Granted | 0 | 21,631,945 | |
Number of options, Exercised | (201,040) | (707,396) | |
Number of options, Forfeited | (3,020,669) | (740,231) | (2,601,993) |
Number of options, Outstanding | 33,824,056 | 36,844,725 | 16,154,051 |
Number of options, Vested and exercisable | 24,166,379 | 11,884,664 | 5,004,126 |
Weighted average exercise price, Outstanding | $ 0.1608 | $ 0.1607 | $ 0.1607 |
Weighted average exercise price, Granted | 0.1609 | ||
Weighted average exercise price, Exercised | 0.1607 | 0.1607 | |
Weighted average exercise price, Forfeited | 0.1515 | 0.1607 | 0.1607 |
Weighted average exercise price, Outstanding | 0.1616 | 0.1608 | 0.1607 |
Weighted average exercise price, Vested and exercisable | $ 0.164 | $ 0.1709 | $ 0.1607 |
Share-based Compensation - Summ
Share-based Compensation - Summary of Share Based Compensation Stock Options Activity Outstanding (Detail) - Share-based Payment Arrangement, Option [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Schedule Of Share Based Compensation Stock Options Activity Outstanding [Line Items] | |
Options number, Outstanding | shares | 33,824,056 |
Options number, Exercisable | shares | 24,166,379 |
Options number, Expected to vest | shares | 9,657,677 |
Weighted average exercise price, Outstanding | $ / shares | $ 0.1616 |
Weighted average exercise price, Exercisable | $ / shares | 0.164 |
Weighted average exercise price, Expected to vest | $ / shares | $ 0.1556 |
Weighted average remaining contractual life, Outstanding | 7 years 8 months 1 day |
Weighted average remaining contractual life, Exercisable | 7 years 6 months 7 days |
Weighted average remaining contractual life, Expected to vest | 8 years 10 days |
Aggregate intrinsic value, Outstanding | $ | $ 0 |
Aggregate intrinsic value, Exercisable | $ | 0 |
Aggregate intrinsic value, Expected to vest | $ | $ 0 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Assumptions Used to Determine Fair Value of Share Options Granted (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Exercise price (US$) | $ 0.1616 | $ 0.1608 |
Expected forfeiture rate (post-vesting) | 5.86% | 10.85% |
Expected volatility | 51.70% | 40.57% |
Excepted term (in years) | 7 years 8 months 1 day | 8 years 8 months 15 days |
Expected dividend yield | 0% | 0% |
Risk-free interest rate | 3.9302% | 1.4658% |
Share-based Compensation - Sh_3
Share-based Compensation - Share-based Payment Arrangement, Restricted Stock Unit, Activity (Detail) - Restricted Stock [Member] - ¥ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to Employees, Non-vested Beginning Balance | 8,113,544 | 13,332,607 | 23,809,190 |
Options to Employees, Granted | 320,000 | ||
Options to Employees, Vested | (4,519,185) | (4,925,510) | (7,000,739) |
Options to Employees, Forfeited | (163,614) | (613,553) | (3,475,844) |
Options to Employees, Non-vested Ending Balance | 3,430,745 | 8,113,544 | 13,332,607 |
Weighted Average Grant-Date Fair Value, Granted | ¥ 2.49 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) ¥ / shares in Units, ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019 CNY (¥) ¥ / shares shares | Mar. 31, 2021 shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 CNY (¥) $ / shares ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares $ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | Dec. 31, 2019 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based awards granted, vesting period | 4 years | |||||||
Share-based compensation expenses | ¥ | ¥ 10,411 | ¥ (1,824) | ¥ 52,253 | |||||
Previously Reported [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based awards granted, vesting period | 2 years 3 months | |||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share options outstanding | 33,824,056 | 33,824,056 | ||||||
Share-based Payment Arrangement, Option [Member] | Global Share Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 0 | 21,631,945 | ||||||
Share options outstanding | 33,824,056 | 33,824,056 | 36,844,725 | 36,844,725 | 16,154,051 | 19,463,440 | ||
Weighted average fair value of the options | $ / shares | $ 0.0192 | $ 0.0127 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Shares Granted | 3,430,745 | 3,430,745 | 8,113,544 | 8,113,544 | 13,332,607 | 23,809,190 | ||
Share-based compensation expenses | ¥ | ¥ 8,163 | ¥ 11,355 | ¥ 35,880 | |||||
Unrecognized Share Based Compensation | ¥ | ¥ 770 | $ 770 | ¥ 11,883 | $ 11,883 | ||||
Weighted Average Grant-Date Fair Value, Non-vested | ¥ / shares | ¥ 0 | $ 0 | ¥ 2.49 | $ 2.49 | ¥ 0 | |||
Share Based Compensation, Other Than Share Options Granted | 320,000 | |||||||
Restricted Stock [Member] | MR Cunjun Ma [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Shares Granted | 14,229,183 | |||||||
Share-based compensation expenses | ¥ | ¥ 59,778 | |||||||
Weighted Average Grant-Date Fair Value, Non-vested | ¥ / shares | ¥ 4.2 | |||||||
Restricted Stock [Member] | Employee Restricted Shares Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Shares Granted | 23,809,190 | |||||||
Share Based Compensation, Other Than Share Options Granted | 320,000 |
Operating Revenue - Disaggregat
Operating Revenue - Disaggregation of Revenue (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Brokerage income | ||||
Brokerage income subtotal | ¥ 1,108,652 | $ 160,739 | ¥ 2,232,253 | ¥ 1,215,434 |
Other income | 49,256 | 7,141 | 12,763 | 4,788 |
Total operating revenue | 1,157,908 | $ 167,880 | 2,245,016 | 1,220,222 |
Life and health insurance business | ||||
Brokerage income | ||||
Brokerage income subtotal | 1,046,469 | 2,170,767 | 1,166,118 | |
Property and casualty insurance business | ||||
Brokerage income | ||||
Brokerage income subtotal | ¥ 62,183 | ¥ 61,486 | ¥ 49,316 |
Selling Expense - Schedule of S
Selling Expense - Schedule of Selling Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Selling Expense [Abstract] | ||||
Salaries and employment benefits | ¥ 166,588 | ¥ 222,428 | ¥ 129,327 | |
Advertising and marketing expenses | 31,026 | 97,945 | 71,472 | |
Rental and utilities expenses | 15,358 | 13,781 | 6,961 | |
Office expenses | 4,086 | 5,623 | 5,877 | |
Travelling expenses | 1,911 | 3,734 | 1,689 | |
Depreciation and amortizations | 1,101 | 680 | 444 | |
Share-based compensation expenses | 1,041 | (475) | 10,642 | |
Business development | 827 | 761 | 384 | |
Others | 9,726 | 6,096 | 3,642 | |
Total | ¥ 231,664 | $ 33,588 | ¥ 350,573 | ¥ 230,438 |
General and Administrative Ex_3
General and Administrative Expenses - Summary of General And Administrative Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
General and Administrative Expense [Abstract] | ||||
Salaries and employment benefits | ¥ 59,484 | ¥ 87,321 | ¥ 51,457 | |
Rental and utilities expenses | 25,056 | 33,486 | 2,332 | |
Professional service expenses | 18,858 | 31,868 | 20,075 | |
Depreciation and amortizations | 11,448 | 2,195 | 1,875 | |
Share-based compensation expenses | 9,151 | (665) | 40,820 | |
Directors and Officers liability insurance premium | 7,891 | 7,798 | 6,127 | |
Office expenses | 6,177 | 8,532 | 3,811 | |
VAT Surcharge | 3,529 | 6,954 | 3,845 | |
Bank charges | 3,048 | 7,955 | 7,849 | |
Bad debt expense | 2,415 | $ 350 | 1,445 | 1,218 |
Travelling expenses | 786 | 1,675 | 1,648 | |
Other | 6,872 | 9,055 | 9,150 | |
Total | ¥ 154,715 | $ 22,432 | ¥ 197,619 | ¥ 150,207 |
Investment income_(loss) - Summ
Investment income/(loss) - Summary of Investment Income (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Net Investment Income [Line Items] | ||||
Fair value change | ¥ (2,784) | ¥ (4,224) | ||
Dividends received from equity investments | 237 | 241 | ¥ 137 | |
Impairment loss related to equity investments measured under measurement alternative | (1,610) | |||
Realized gain/(loss) related to the investments accounted for at fair value | 265 | |||
Gain on disposal of subsidiary | 331 | $ 48 | ||
Total | (2,216) | $ (321) | (5,328) | ¥ 137 |
Equity investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Fair value change | (2,675) | (2,885) | ||
Investments accounted for at fair value [Member] | ||||
Net Investment Income [Line Items] | ||||
Fair value change | ¥ (109) | (1,339) | ||
Realized gain/(loss) related to the investments accounted for at fair value | ¥ 265 |
Net Loss Per Share (Detail)
Net Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss | ¥ (33,740) | $ (4,892) | ¥ (107,717) | ¥ (18,292) |
Less: Net loss attributable to non-controlling interests | (2,553) | (370) | (51) | 0 |
Net loss attributable to common shares and redeemable preferred shares | (31,187) | (4,522) | (107,666) | (18,292) |
Redeemable preferred shares redemption value accretion | 0 | 0 | 0 | (4,274) |
Allocation to redeemable preferred shareholders | 0 | 0 | 0 | 1,074 |
Net loss attributable to common shareholders-Basic and diluted | ¥ (31,187) | $ (4,522) | ¥ (107,666) | ¥ (21,492) |
Denominator: | ||||
Denominator for basic loss per share weighted-average common shares outstanding | 1,021,958,881 | 1,021,958,881 | 1,021,861,206 | 963,817,614 |
Denominator for diluted loss per share weighted-average common shares outstanding | 1,021,958,881 | 1,021,958,881 | 1,021,861,206 | 963,817,614 |
Basic loss per share | (per share) | ¥ (0.03) | $ 0 | ¥ (0.11) | ¥ (0.02) |
Diluted loss per share | (per share) | ¥ (0.03) | $ 0 | ¥ (0.11) | ¥ (0.02) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | |||
Antidiluted securities | 11,273,390 | 4,054,623 | 1,789,534 |
Stock Option [Member] | |||
Antidiluted securities | 20,246,077 | 0 | 4,114,655 |
Lease - Summary of Supplemental
Lease - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Leases [Abstract] | |||
Operating lease right-of-use assets | ¥ 162,180 | $ 23,514 | ¥ 247,819 |
Operating lease liabilities | ¥ 186,107 | ¥ 264,069 |
Lease - Summary of Lease Cost (
Lease - Summary of Lease Cost (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | ||
Operating lease cost | ¥ 39,476 | ¥ 46,102 |
Short term lease cost | 1,724 | 385 |
Total lease cost | ¥ 41,200 | ¥ 46,487 |
Lease - Summary of Operating L
Lease - Summary of Operating Lease Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | ¥ 19,100 | |
2024 | 26,084 | |
2025 | 26,559 | |
2026 | 28,201 | |
2027 | 29,755 | |
Thereafter | 99,792 | |
Total operating lease payments (undiscounted) | 229,491 | |
Less: Imputed interest | (43,384) | |
Total operating lease liabilities (discounted) | ¥ 186,107 | ¥ 264,069 |
Lease - Summary of Supplement_2
Lease - Summary of Supplemental Cash Flow Information Related to the Operating Leases (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Supplemental Cash Flow Information Related To Leases [Abstract] | ||
Cash paid for amounts included in operating lease liabilities | ¥ 24,554 | ¥ 27,360 |
Lease - Additional Information
Lease - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 CNY (¥) | |
Leases [Abstract] | |||
Operating lease rental expense | ¥ 6,941 | ||
Gain on termination of right-of-use assets | ¥ 7,215 | $ 1,046 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital commitments | ¥ 11,000 | ¥ 55,546 |
Restricted Net Asset - Addition
Restricted Net Asset - Additional Information (Detail) - CHINA ¥ in Thousands | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Restricted Assets Net [Line Items] | |
Percentage of statutory general reserve after tax income | 10% |
Percentage of general reserve threshold to equity | 50% |
Restricted net assets | ¥ 262,124 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information - Summary of Condensed Balance sheet (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Assets [Abstract] | |||||
Cash and cash equivalent | ¥ 277,168 | $ 40,186 | ¥ 381,158 | ||
Amount due from related parties | 489 | 128 | |||
Prepaid expense and other receivables | 71,818 | 10,413 | 77,511 | ||
Long-term investments | 77,305 | 11,208 | 73,001 | ¥ 46,084 | ¥ 23,395 |
Total assets | 1,089,614 | 157,979 | 1,857,454 | ||
Liabilities and Shareholders' equity | |||||
Other payables and accrued expenses | 58,251 | 8,446 | 71,255 | ||
Contract liabilities | 258 | 625 | |||
Payroll and welfare payable | 0 | 0 | 225 | ||
Total liabilities | 747,589 | 108,391 | 1,496,541 | ||
Shareholders' equity | |||||
Treasury stock (3,436,860 shares and 16,534,600 shares as of December 31, 2021 and December 31, 2022, respectively) | (15,306) | (2,219) | (9,545) | ||
Additional paid-in capital | 904,935 | 131,203 | 896,772 | ||
Accumulated other comprehensive loss | (17,695) | (2,566) | (27,295) | ||
Accumulated deficit | (531,127) | (77,006) | (499,940) | ||
Total shareholders' equity attributable to Huize Holding Limited shareholders | 340,879 | 49,422 | 360,064 | ||
Total liabilities and shareholders' (deficit)/equity | 1,089,614 | 157,979 | 1,857,454 | ||
Common Class A [Member] | |||||
Shareholders' equity | |||||
Common Stock Value | 62 | 9 | 62 | ||
Common Class B [Member] | |||||
Shareholders' equity | |||||
Common Stock Value | 10 | 1 | 10 | ||
Parent Company [Member] | |||||
Assets [Abstract] | |||||
Cash and cash equivalent | 5,613 | 814 | 16,291 | ||
Amount due from related parties | 149 | 22 | 106 | ||
Prepaid expense and other receivables | 316,172 | 45,839 | 291,666 | ||
Long-term investments | 44,307 | 6,424 | 76,030 | ||
Total assets | 366,241 | 53,099 | 384,093 | ||
Liabilities and Shareholders' equity | |||||
Other payables and accrued expenses | 17,892 | 2,594 | 17,892 | ||
Contract liabilities | 3,332 | 483 | 4,555 | ||
Payroll and welfare payable | 4,138 | 600 | 1,582 | ||
Total liabilities | 25,362 | 3,677 | 24,029 | ||
Shareholders' equity | |||||
Treasury stock (3,436,860 shares and 16,534,600 shares as of December 31, 2021 and December 31, 2022, respectively) | (15,306) | (2,219) | (9,545) | ||
Additional paid-in capital | 904,935 | 131,203 | 896,772 | ||
Accumulated other comprehensive loss | (17,695) | (2,566) | (27,295) | ||
Accumulated deficit | (531,127) | (77,006) | (499,940) | ||
Total shareholders' equity attributable to Huize Holding Limited shareholders | 340,879 | 49,422 | 360,064 | ||
Total liabilities and shareholders' (deficit)/equity | 366,241 | 53,099 | 384,093 | ||
Parent Company [Member] | Common Class A [Member] | |||||
Shareholders' equity | |||||
Common Stock Value | 62 | 9 | 62 | ||
Parent Company [Member] | Common Class B [Member] | |||||
Shareholders' equity | |||||
Common Stock Value | ¥ 10 | $ 1 | ¥ 10 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information - Summary of Condensed Balance sheet (Parenthetical) (Detail) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 |
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | ||
Common shares, authorized | 4,549,953,780 | ||
Common shares, shares issued | 483,310,373 | ||
Common shares, shares outstanding | 483,310,373 | ||
Treasury Stock, Shares | 16,534,600 | 3,436,860 | |
Common Class A [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | $ 0.00001 | |
Common shares, authorized | 7,000,000,000 | 7,000,000,000 | |
Common shares, shares issued | 894,456,046 | 894,456,046 | |
Common shares, shares outstanding | 873,068,986 | 886,166,726 | |
Common Class B [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | $ 0.00001 | |
Common shares, authorized | 800,000,000 | 800,000,000 | |
Common shares, shares issued | 150,591,207 | 150,591,207 | |
Common shares, shares outstanding | 150,591,207 | 150,591,207 | |
Parent Company [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Treasury Stock, Shares | 16,534,600 | 3,436,860 | |
Parent Company [Member] | Common Class A [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | $ 0.00001 | |
Common shares, authorized | 7,000,000,000 | 7,000,000,000 | |
Common shares, shares issued | 894,456,046 | 894,456,046 | |
Common shares, shares outstanding | 873,068,986 | 886,166,726 | |
Parent Company [Member] | Common Class B [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | $ 0.00001 | |
Common shares, authorized | 800,000,000 | 800,000,000 | |
Common shares, shares issued | 150,591,207 | 150,591,207 | |
Common shares, shares outstanding | 150,591,207 | 150,591,207 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information - Summary of Comprehensive Income/(Loss) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Condensed Statement Of Comprehensive Income [Line Items] | ||||
Other income | ¥ 49,256 | $ 7,141 | ¥ 12,763 | ¥ 4,788 |
Total operating revenue | 1,157,908 | 167,880 | 2,245,016 | 1,220,222 |
General and administrative expenses | 154,715 | 22,432 | 197,619 | 150,207 |
Operating Loss | (43,673) | (6,333) | (114,411) | (25,911) |
Other expense | ||||
Unrealized exchange income | (79) | (11) | (59) | (9) |
Profit/(loss) before income tax, and share of loss of subsidiaries and VIEs | (31,540) | (4,573) | (110,377) | (16,763) |
Share of income/(loss) of subsidiaries and VIEs | (2,200) | (319) | 2,660 | 239 |
Net profit/(loss) | (31,187) | (4,522) | (107,666) | (18,292) |
Redeemable preferred shares redemption value accretion | 0 | 0 | 0 | 4,274 |
Net profit/(loss) attributable to common shareholders | (31,187) | (4,522) | (107,666) | (21,492) |
Net profit/(loss) | (31,187) | (4,522) | (107,666) | (18,292) |
Foreign currency translation adjustment, net of tax | 9,600 | 1,392 | (5,323) | (22,386) |
Total comprehensive income/(loss) | (21,587) | (3,130) | (112,989) | (40,678) |
Parent Company [Member] | ||||
Condensed Statement Of Comprehensive Income [Line Items] | ||||
Other income | 1,553 | 225 | 1,269 | 228 |
Total operating revenue | 1,553 | 225 | 1,269 | 228 |
General and administrative expenses | (4,614) | (670) | (5,994) | (4,611) |
Operating Loss | (3,061) | (445) | (4,725) | (4,383) |
Other expense | ||||
Interest income | 4 | 11 | ||
Unrealized exchange income | 421 | |||
Profit/(loss) before income tax, and share of loss of subsidiaries and VIEs | (3,061) | (445) | (4,721) | (3,951) |
Share of income/(loss) of subsidiaries and VIEs | (28,126) | (4,078) | (102,945) | (14,341) |
Net profit/(loss) | (31,187) | (4,523) | (107,666) | (18,292) |
Redeemable preferred shares redemption value accretion | (4,274) | |||
Allocation to redeemable preferred shares | 1,074 | |||
Net profit/(loss) attributable to common shareholders | (31,187) | (4,523) | (107,666) | (21,492) |
Net profit/(loss) | (31,187) | (4,523) | (107,666) | (18,292) |
Foreign currency translation adjustment, net of tax | 9,600 | 1,392 | (5,323) | (22,386) |
Total comprehensive income/(loss) | ¥ (21,587) | $ (3,131) | ¥ (112,989) | ¥ (40,678) |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Information - Condensed Cash Flow Statement (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net profit/(loss) | ¥ (31,187) | $ (4,522) | ¥ (107,666) | ¥ (18,292) |
Adjustments to reconcile net profit/(loss) to net cash used in operating activities: | ||||
Unrealized exchange (income)/loss | 79 | 11 | 59 | 9 |
Share of income/(loss) of subsidiaries and VIEs | 2,200 | 319 | (2,660) | (239) |
Increase/(decrease) in other payables and accrued expenses | (13,155) | (1,907) | 29,860 | 2,577 |
Increase/(decrease) in contract liabilities | (3,202) | (464) | 7,236 | |
(Increase)/decrease in prepaid expense and other receivables | (22,786) | (3,304) | 40,020 | 30,755 |
Net cash provided by/(used in) operating activities | (85,067) | (12,332) | (175,917) | 137,666 |
Cash flows from investing activities: | ||||
Investments in subsidiaries and consolidated VIEs | 10,000 | 1,450 | 33,614 | 22,450 |
Net cash provided by/(used in) investing activities | (56,286) | (8,161) | (80,926) | (31,078) |
Cash flows from financing activities: | ||||
Proceeds from initial public offering, net of issuance costs | 340,479 | |||
Proceeds from exercise of options | 0 | 0 | 497 | 503 |
Repurchase of Class A common shares | 6,659 | 965 | 3,003 | 2,063 |
Net cash provided by/(used in) financing activities | (101,133) | (14,663) | 141,891 | 383,053 |
Effect of exchange rate changes on cash and cash equivalents | 9,587 | 1,390 | (5,012) | (10,020) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (232,899) | (33,766) | (119,964) | 479,621 |
Total cash and cash equivalents and restricted cash at beginning of year | 608,984 | 88,294 | 728,948 | 249,327 |
Total cash and cash equivalents and restricted cash at end of year | 376,085 | 54,528 | 608,984 | 728,948 |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net profit/(loss) | (31,187) | (4,523) | (107,666) | (18,292) |
Adjustments to reconcile net profit/(loss) to net cash used in operating activities: | ||||
Unrealized exchange (income)/loss | (421) | |||
Share of income/(loss) of subsidiaries and VIEs | 28,126 | 4,078 | 102,945 | 14,341 |
Interest income | (11) | |||
Changes in operating assets and liabilities: | (3,061) | (445) | (4,721) | (4,383) |
Increase/(decrease) in other payables and accrued expenses | 0 | (4,730) | (1,340) | |
Increase/(decrease) in contract liabilities | (1,223) | (177) | 4,555 | |
(Increase)/decrease in prepaid expense and other receivables | 22,800 | 3,306 | 21 | |
(Increase)/decrease in accounts receivable and contract assets | 216 | (216) | ||
(Increase)/decrease in amount due from related parties | (43) | (6) | 83 | (189) |
Net cash provided by/(used in) operating activities | 18,473 | 2,678 | (4,576) | (6,128) |
Cash flows from investing activities: | ||||
Investments in subsidiaries and consolidated VIEs | 0 | 0 | (247) | (245) |
Payments of inter-company balances | (23,376) | (3,389) | (161,216) | (139,123) |
Net cash provided by/(used in) investing activities | (23,376) | (3,389) | (161,463) | (139,368) |
Cash flows from financing activities: | ||||
Proceeds from initial public offering, net of issuance costs | 340,479 | |||
Proceeds from exercise of options | 497 | 503 | ||
Repurchase of Class A common shares | (6,659) | (965) | (3,003) | (2,063) |
Net cash provided by/(used in) financing activities | (6,659) | (965) | (2,506) | 338,919 |
Effect of exchange rate changes on cash and cash equivalents | 884 | 128 | (2,381) | (6,268) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (10,678) | (1,548) | (170,926) | 187,155 |
Total cash and cash equivalents and restricted cash at beginning of year | 16,291 | 2,362 | 187,217 | 62 |
Total cash and cash equivalents and restricted cash at end of year | ¥ 5,613 | $ 814 | ¥ 16,291 | ¥ 187,217 |