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China Finance Online Reports Third Quarter and First Nine Months of 2019 Unaudited Financial Results

BEIJING, Dec. 26, 2019 /PRNewswire/ -- China Finance Online Co. Limited ("China Finance Online," or the "Company," "we," "us" or "our") (NASDAQ GS: JRJC), a leading web-based financial services company that provides Chinese retail investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2019.Third Quarter 2019 Financial Highlights

Net revenues were $8.1 million.



Revenues from advertising grew 41.4% year-over-year.



Gross margin was 62.3%.



Net loss attributable to China Finance Online was $2.1 million, compared with a net loss of $6.0 million in the third quarter of 2018.



The Company's operational metrics continued to improve and operational efficiency continued to increase.



The Company's continued investment in fintech started to show results.

First Nine Months of 2019 Highlights

Net revenues were $26.8 million.



Net loss attributable to China Finance Online was $7.9 million, compared with a net loss of $15.5 million in the first nine months of 2018.



Built upon our development of a proprietary intelligent asset allocation system, Lingxi Robo-Advisor ("Lingxi") outperformed most of its peer products in the Chinese market with an average return of 1.7% in the third quarter of 2019, and outperformed a loss of 2.5% in the Shanghai Composite Index.

Mr. Zhiwei Zhao, Chairman and CEO of China Finance Online, commented that "During the third quarter of 2019, our bottom-line loss was significantly reduced. The weak Hong Kong markets and the falling investor confidence in the third quarter of 2019 led to a revenue decline in our brokerage business in Hong Kong. With the improvement of our business model and higher operation efficiency, our gross margin was also strengthened from the same period of last year." "Similar to the transition of brokerage services in the US, Chinese financial institutions are moving away from a trading commission-oriented business model to holistic financial services encompassing wealth management, investor education, and asset allocation advisory. Our dedication to leveraging technologies to empower wealth managers and improve customer loyalty has bought us closer to many financial institutions. This paradigm shift in the financial industry also set the stage for us to change the revenue model from one-off project services to annual retainers. Our Genius Zhisheng has received such standard annual contracts from brokerage firms. Our institutional business is showing good indications."
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