Dear shareholders,
On behalf of Hywin Holdings Ltd., I would like
to express our deepest gratitude for your unwavering trust and
support. In spite of a challenging macroeconomic environment,
further complicated by the pandemic in 2022, with your support and
the dedication from all of our staff, Hywin was able to push ahead,
finding opportunities and making breakthroughs in this past
year.
Results for H1FY2023
In the first half of fiscal year 2023, Hywin
recorded net revenue of RMB1.04 billion, up 17.6% year-on-year,
with net income increasing by 0.3% to RMB70.58 million. As of
December 31, 2022, the total number of clients had reached 146,000,
up 8.7% year-on-year, including nearly 37,000 active clients, a
year-on-year increase of 3.9%. Repeat investment rate from existing
clients had reached 80.5% and remained at the top of the industry
throughout the year. At the same time, transaction value of the
wealth management business reached RMB40.11 billion, a 6.9%
increase over the previous year. Client assets under management
(AUM) for the asset management business increased by 114.3%
year-on-year to RMB7.01 billion, with Hywin International's
external asset management (EAM) business, also known as
discretionary investment for ultra-high-net-worth clients,
exceeding RMB5.8 billion in AUM. As for our Hywin Health segment,
the number of medical examination visits was 4,936, with an average
visit price of RMB2,520, generating revenue of RMB12.44 million.
The number of health management service clients totaled 1,178, with
an average revenue per client of RMB21,952, which is well above
industry average price levels, generating a revenue of RMB25.86
million.
I would attribute Hywin’s achievements in this
past year to our unremitting pursuit of professional excellence,
the continuous strengthening of our organization, the ongoing
diversification of our products and business lines, as well as the
implementation of a number of practical measures that helped us
adapt to market changes. We announced our new "Wealth + Health"
strategy, proactively adjusted our product mix, increased expansion
of our overseas businesses, as well as further strengthened our
risk management system.
Hywin’s Professional
Capabilities
With our professional capabilities being our
core competency, Hywin has accurately captured market trends and
client needs for the past 17 years to help clients realize
long-term value.
For the tenth consecutive year, Hywin has
published 14 asset allocation white papers. Our research team is
now passionately working with clients to identify opportunities for
investment and wealth creation during this time of economic
recovery. In addition to these 14 original papers, we have been
honored to carry out in-depth research in various fields, such as
the private equity investment market, family offices, digital
finance, and jointly publish research reports with renown
institutions and colleges including VP Bank, Shanghai Advanced
Institute of Finance of Shanghai Jiao Tong University, Hong Kong
University of Science and Technology, Hurun Report, Fortune, IBM,
and others.
On February 20 of this year, Hywin International
was elected as Vice Chair of the Hong Kong Limited Partnership Fund
Association (HKLPFA). As such, we began to work with regional
institutions such as Haitong International, SPDB International,
China Life Insurance, CNCB Investment and other members of the
Association, to further promote the development of Hong Kong into a
leading domicile for global alternatives managers. Hywin
International currently holds Securities and Futures Commission of
Hong Kong SAR Licenses 1, 4, 5, and 9, as well as insurance
brokerage license issued by the Hong Kong Insurance Authority.
Hywin International is also one of the "Top Tier Families Offices"
recognized by InvestHK.
Hywin International has rapidly expanded our
franchise in the global capital markets in this past year. We are
proud to announce the successful launch of a principal-protected
structured product linked to the FactSet Hywin Global Health Care
Index™ (FHGHC) by Hywin Holdings, Leonteq AG, a Swiss fintech
company with a leading marketplace for structured investment
solutions, and Arta TechFin, a hybrid fintech platform in
traditional assets and digital assets. This structured note is the
first commercialization of the FactSet Hywin index, which combines
an attractive theme with principal protection features. We expect
to products like this to become an increasingly popular bedrock of
our clients’ portfolios.
Hywin Family Office
This year, we also advanced Hywin's family
office services given the strong market opportunities in both
domestic and overseas businesses.
On January 9, 2023, Hywin's family office team
was included in the 7th Asia-Pacific Wealth Forum’s list of Top 50
Family Offices of the Year in China at the 2022 International
Private and Family Wealth Management Awards Ceremony. The forum,
hosted by the Wealth Management magazine and the think tank Cai Ce,
has made these awards a benchmark for excellence in wealth
management in the Asia-Pacific region.
As one of the industry’s earliest providers of
family office services, in addition to our presence across Mainland
China, we seek to explore and expand into overseas markets via Hong
Kong as the hub. As one of the first Chinese institutions to offer
family office services in Hong Kong, Hywin now sets an example for
the industry promoted worldwide by the Hong Kong SAR
government.
Digital Hywin
We also invested significantly in Digital Hywin
in this past year. We continued to enhance our data intelligence in
order to improve the client experience and operating efficiency.
Committed to our digitalization strategy, we continue to invest in
research and development (R&D) and sought to apply cutting-edge
technology in the wealth management field.
Adhering to the principle of KYN (Know Your
Needs) in wealth management, Hywin seeks to develop in-depth
insight into client needs and provide a differentiated,
multi-dimensional online + offline service experience. In addition,
“Allomaster”, our scenario-based sales and marketing system
responsive to individual clients’ varied asset allocation needs,
also officially went live in 2022. Designed to support relationship
managers’ construction of fund portfolios, this system provides
fund performance comparisons and post-investment holding analyses
that are customized to clients’ personalized asset allocation
needs. The “Invest Path” service platform, a specialized platform
for institutional client fund trading, supports client needs for
professional, secure and speedy investment fund trade execution
online. As a result, “Invest Path” enhances our overall liquidity
management and risk management capabilities for our clients, and
improves efficiency and enables better control of operational risk.
Behind "Invest Path" and "Allomaster" lies our HIPA system.
Developed and refined by Hywin Technology over several years, HIPA
combines a "customer data engine" with AI algorithms which
continuously accumulate and analyze client data, empowering
multi-scenario asset allocation, and fulfilling clients’
personalized full life-cycle needs.
In addition to the increasingly important role
that technology plays in our wealth segment, Hywin Technology is
also making inroads in health management.
Since its establishment, Hywin Health has placed
digitization and the construction of a digital ecosystem at the
core of its strategic planning. Hywin Health has since quickly made
progress in its health service model, online service matrix, and
digital health profiles, among others. The recent official launch
of Hywin Technology’s digital health cloud platform will gradually
be rolled out and be implemented across all the company's health
management centers. The cloud platform allows Hywin Health to use
digital intelligence tools in our health management offerings,
reshaping client journeys and improving the overall client
experience. Besides, Hywin Health’s cloud platform will improve the
standardization, automation, and objective measurement of our
health management service standards. It will strengthen our
centralized management of all centers nationwide, as well as
centralize data across businesses, clients, and product supply
chains nationwide, thereby greatly improving Hywin Health’s
operational efficiency going forward.
Technology will be a core pillar of Hywin’s
business expansion and innovations going forward. Our technology
roadmap will be guided by Hywin’s overall strategy of "Wealth +
Health". Since 2021, Hywin Technology has obtained nearly 30
software copyrights. In 2022, Hywin Technology was officially
approved as a national high-tech enterprise. In June 2023, Hywin
Technology was certified as a "Specialized, Excellent, Featured and
Innovative" Enterprise by the Ministry of Industry and Information
Technology and Shanghai Municipal Commission of Economy and
Informatization. These achievements serve as a recognition of
Hywin's continuous investment in technological R&D, as well as
echo the Chinese government’s overall national strategy.
Corporate Governance
In June 2022, we appointed Mr. Vincent Chun Hung
Chan, a capital markets and investment management veteran, as an
Independent Director of Hywin Holdings. With this appointment,
Independent Directors hold half of our Board seats. We will
continue to optimize the board’s structure to guide the direction
of the company and enhance corporate governance.
ESG
We also continued to lead the industry in our
ESG commitment and championed a range of societal and environmental
initiatives after joining the United Nations-supported Principles
for Responsible Investment (PRI). In December last year, we
released our first Sustainability Report, and Hywin received the
2022 ESG Award for Responsible Practices from a well-known Chinese
media The Paper, in recognition of our efforts in creating
long-term value for our investors, clients, employees, the
industry, the public, and other stakeholders.
The Economic Observer recently launched its 2023
ESG Practice 50·Responsible Listed Companies Award to recognize
enterprises that make outstanding contributions in respect of the
environment, society, and corporate governance, and encourage more
financial institutions and enterprises to actively implement the
principles of ESG and promote sustainable development. On June 8,
2023, it was announced that Hywin was one of the winners, in
recognition of Hywin’s contributions to sustainable
investments.
On May 19, winners of the 2022 Annual Ranking of
China's Most Competitive Wealth Management Institutions in
Investment were announced, and Hywin Wealth won No.3 among the “Top
5 2022 Most Competitive Wealth Management Institutions” by
ChinaVenture, with the jury commenting that Hywin's organic growth
and momentum were exceptionally resilient in the face of market
fluctuations. As the asset allocation needs of high-net-worth
individuals in China expand, Hywin will continue its efforts across
product diversification, service diversification, and strategy
diversification, in order to lay a good foundation for further
future growth.
WealthBriefingAsia Award
On June 1, 2023, Hywin Holdings was named "Best
Wealth Manager of Greater China 2023". In addition, the Company’s
Chief Executive Officer, Madame Wang Dian, was recognized as "Best
CEO in Greater China Wealth Management 2023". This is the third
consecutive year that Hywin is named for both awards. Hywin
Holdings was the only wealth management institution in China to be
named in the list, a further proof of Hywin's outstanding
performance in wealth management segment.
In light of the dynamic nature of China’s wealth
management industry, it is essential to gain deep insights into the
intrinsic needs of the high-net-worth families and work proactively
to win market share.
Hywin Health
Guided by our "Wealth + Health" dual platform
strategy, Hywin Holdings entered the health management industry in
2022 through the acquisitions of Grand Doctor, Life Infinity, and
Sincerity and Compassion Health Management Center, with the
strategic goal of creating a new high-end health management
paradigm in China. Hywin Health aims to achieve this goal by
integrating these three health management institutions’ core
competencies, accumulated over a decade of operation, together with
the first-class international resources that Hywin has. Hywin
Health’s strategy will revolve around high-end medical examination,
preventive care, health management, and specialist referrals. In
the current phase, we have developed an AI-based health evaluation
system and a digital health management platform for our health
management business. Through continued refinement of client data
from both our medical examination and health management businesses,
we also plan to further customize and expand the value-added health
management solutions that we offer to clients.
Conclusion
Following a challenging 2022, Hywin overcame
challenges and showed strong resilience and growth potential,
demonstrating once again our ability to attract and maintain
high-net-worth clients. This year 2023 marks the second anniversary
of our IPO and our 17th birthday. Hywin looks to unleash more
growth potential with innovations, further strengthen our
operations, and we are committed to providing high quality services
to our clients and creating sustainable growth for our
shareholders.
Yours faithfully,Wang DianCEO and Director,
Hywin Holdings Ltd.
About Hywin Holdings Ltd.
Hywin (NASDAQ: HYW) is a leading independent
wealth management service provider in China focusing on providing
asset allocation advisory services and comprehensive financial
products to high-net-worth clients. The Company’s primary services
are wealth management, asset management, other comprehensive
financial services, and health management services. Wealth
management is currently the Company’s largest business segment, in
which its onshore and offshore solution platforms serve clients
across generations. The Company also offers integrated and high-end
health screening and health management services to high-net-worth
clients in China, and aims to become a dual-platform serving
clients across market cycles and life cycles. For more information,
please visit https://ir.hywinwealth.com/.
Safe Harbor Statement
This press release contains statements that may
constitute “forward-looking” statements pursuant to the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as “anticipate,” “estimate,” “forecast,” “plan,”
“project,” “potential,” “continue,” “ongoing,” “expect,” “aim,”
“believe,” “intend,” “may,” “should,” “will,” “is/are likely to,”
“could” and similar statements. Statements that are not historical
facts, including statements about the Company's beliefs, plans, and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Contact:Hywin Holdings
Ltd.Email: ir@hywinwealth.com
Media Contact:ICR, LLCEdmond
LococoPhone: +86 138-1079-1408 Email: HywinPR@icrinc.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9bcf6286-08d2-4755-a329-c8836fd16d9f
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