SHANGHAI, Nov. 13, 2017 /PRNewswire/ -- Jupai Holdings Limited ("Jupai" or the "Company") (NYSE: JP), a leading third-party wealth management service provider, focusing on distributing wealth management products and providing quality product advisory services to high-net-worth individuals in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2017.
THIRD QUARTER AND FIRST NINE MONTHS 2017 FINANCIAL HIGHLIGHTS
| (RMB '000, except percentages) |
Q3 2016 |
Q3 2016 % |
Q3 2017 |
Q3 2017 % |
YoY Change % |
||||
| One-time commissions |
144,025 |
45.0% |
265,004 |
60.1% |
84.0% |
||||
| Recurring management fees |
88,867 |
27.7% |
90,697 |
20.6% |
2.1% |
||||
| Recurring service fees |
31,117 |
9.7% |
21,731 |
4.9% |
-30.2% |
||||
| Other service fees |
56,458 |
17.6% |
63,353 |
14.4% |
12.2% |
||||
| Total net revenues |
320,467 |
100.0% |
440,785 |
100.0% |
37.5% |
||||
| (RMB '000, except percentages) |
First Nine |
First Nine |
First Nine |
First Nine |
YoY Change % |
||||
| One-time commissions |
447,893 |
56.7% |
729,771 |
58.6% |
62.9% |
||||
| Recurring management fees |
187,529 |
23.8% |
252,221 |
20.2% |
34.5% |
||||
| Recurring service fees |
97,327 |
12.3% |
81,273 |
6.5% |
-16.5% |
||||
| Other service fees |
56,458 |
7.2% |
182,880 |
14.7% |
223.9% |
||||
| Total net revenues |
789,207 |
100.0% |
1,246,145 |
100.0% |
57.9% |
||||
| [1] The U.S. dollars (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the reader. The conversion of Renminbi (RMB) into U.S. dollars (US$) in this press release is based on the noon buying rate on September 29, 2017, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB6.6533 to US$1.00. The percentages stated in this press release are calculated based on the Renminbi amounts. |
| [2] Jupai's non-GAAP financial measures are derived from adjusting the corresponding GAAP financial measures by excluding the effects of share-based compensation and amortization of intangible assets resulted from business acquisitions. |
THIRD QUARTER AND FIRST NINE MONTHS 2017 OPERATIONAL UPDATES
| Wealth management products distributed by the Company - breakdown by product type |
||||||||||
| Three months ended |
Nine months ended |
|||||||||
| September 30, 2016 |
September 30, 2017 |
September 30, 2016 |
September 30, 2017 |
|||||||
| Product type |
(RMB in millions, except percentages) |
(RMB in millions, except percentages) |
||||||||
| Fixed income products |
9,656 |
81% |
10,085 |
84% |
19,637 |
64% |
31,580 |
82% |
||
| Private equity products |
1,191 |
10% |
1,327 |
11% |
7,451 |
24% |
5,261 |
14% |
||
| Secondary market equity fund products |
794 |
7% |
7 |
0% |
2,897 |
9% |
99 |
0% |
||
| Other products |
182 |
2% |
613 |
5% |
828 |
3% |
1,603 |
4% |
||
| All products |
11,823 |
100% |
12,032 |
100% |
30,813 |
100% |
38,543 |
100% |
||
| Assets under management - breakdown by product type |
|||||
| As of |
|||||
| September 30, 2016 |
September 30, 2017 |
||||
| Product type |
(RMB in millions, except percentages) |
||||
| Fixed income products |
13,514 |
45% |
28,415 |
57% |
|
| Private equity products |
13,081 |
45% |
18,694 |
37% |
|
| Secondary market equity fund products |
2,232 |
8% |
2,391 |
5% |
|
| Other products |
529 |
2% |
604 |
1% |
|
| All products |
29,356 |
100% |
50,104 |
100% |
|
| [3] "Active clients" for a given period refers to clients who purchase wealth management products distributed by Jupai at least once during that given period. |
| [4] "Assets under management" by Jupai refers to the amount of capital contributions made by the investors to the fund without adjustment for any gain or loss from investment. |
"For the first nine months of 2017, Jupai's business continued to see rapid growth, with significant profit margin expansion," said Mr. Jianda Ni, Jupai's chairman of the board and chief executive officer. "Jupai's net revenues for the first nine months of 2017 reached RMB1.25 billion, up 57.9% year-on-year, and our net income attributable to ordinary shareholders rose by 119.4% year-on-year to RMB318.8 million. We are confident that the momentum in our profit growth will be sustained into the fourth quarter of 2017."
"In the third quarter of 2017, our fixed-income products continued to gain traction with investors. Amid tightening regulatory requirements in China's financial industry and more conservative market sentiment, Jupai's competitive advantages in the fixed-income product category are increasingly evident, allowing us to identify quality underlying assets and provide investment products with attractive risk and return profiles. As we rapidly expand our real estate fixed-income product line, we have also steadily expanded our offerings for non-real-estate fixed-income products, and enhanced the revenue mix of our fixed-income product category. In the first nine months of 2017, the aggregate value of products distributed by Jupai rose to RMB38.5 billion, a 25.1% increase year-on-year, as total assets under management increased to RMB50.1 billion as of September 30, 2017, a 70.7% increase year-on-year."
"Looking forward, Jupai expects to continue to expand our business scale, increase our operating efficiency, and prudently expand overseas and into new business areas such as insurance. As we focus on our mission of fulfilling customers' investment needs, we are confident that we will build Jupai into the leading wealth and asset management brand in China."
Ms. Min Liu, Jupai's chief financial officer, said, "Jupai continued to grow rapidly over the first nine months of 2017. As our net revenue reached another record high level, our income attributable to ordinary shareholders for the first nine months of 2017 has already surpassed the full year figure for 2016 by a significant margin. We remain confident in the outlook for bottom line growth and margins going forward."
THIRD QUARTER AND FIRST NINE MONTHS 2017 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2017 were RMB440.8 million (US$66.3million), a 37.5% increase from RMB320.5 million for the corresponding period in 2016, primarily due to increases in one-time commissions. Net revenues were RMB1,246.1 million (US$187.3 million) for the first nine months of 2017, an increase of 57.9% from RMB789.2 million for the same period in 2016.
Operating Costs and Expenses
Operating costs and expenses for the third quarter of 2017 were RMB272.4 million (US$40.9 million), an increase of 32.6% from RMB205.4 million for the corresponding period in 2016. For the first nine months of 2017, operating costs and expenses were RMB786.4 million (US$118.2 million), an increase of 33.6% from RMB588.5 million for the same period in 2016.
Operating margin for the third quarter of 2017 was 38.2%, compared to 35.9% for the corresponding period in 2016. For the first nine months of 2017, operating margin was 36.9%, compared to 25.4% for the same period in 2016.
Income tax expenses for the third quarter of 2017 were RMB47.4 million (US$7.1 million), a 46.4% increase from RMB32.4 million for the corresponding period in 2016. For the first nine months of 2017, income tax expenses were RMB121.8 million (US$18.3 million), an increase of 114.9% from RMB56.7 million for the same period in 2016. The increase was primarily due to an increase in taxable income.
Net Income
Balance Sheet and Cash Flow
As of September 30, 2017, the Company had RMB1,220.6 million (US$183.5 million) in cash and cash equivalents, compared to RMB1,123.2 million as of December 31, 2016.
Net cash provided by operating activities during the third quarter of 2017 was RMB157.3 million (US$23.6 million). For the first nine months of 2017, net cash provided by operating activities was RMB438.7 million (US$65.9 million).
Net cash used in investing activities during the third quarter of 2017 was RMB108.5 million (US$16.3 million). For the first nine months of 2017, net cash used in investing activities was RMB218.9 million (US$32.9 million).
Net cash provided by financing activities during the third quarter of 2017 was RMB2.6 million (US$0.4 million). For the first nine months of 2017, net cash used in financing activities was RMB122.4 million (US$18.4 million).
BUSINESS OUTLOOK
The Company estimates that its net revenues for the fourth quarter of 2017 will be in the range of RMB460 million to RMB480 million, an increase of 35.9% to 41.8% compared to the same period in 2016. This forecast reflects the Company's current and preliminary view, which is subject to change.
CONFERENCE CALL
Jupai's management will host an earnings conference call on November 13, 2017 at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
| U.S./International: |
+1-866-548-4713 or +1-323-794-2093 |
| Hong Kong: |
800-961-105 or +852-3008-1527 |
| Mainland China: |
400-120-9101 or 800-820-6061 |
| Singapore: |
800-186-5107 or +65-6320-9025 |
| Passcode: |
1208868 |
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until November 20, 2017:
| U.S./International: |
+1-719-457-0820 |
| Hong Kong: |
800-901-108 |
| Mainland China: |
400-120-1651 |
| Singapore: |
800-101-2009 |
| Passcode: |
1208868 |
Additionally, a live and archived webcast will be available at http://jupai.investorroom.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures that exclude the effects of all forms of share-based compensation and amortization of intangible assets related to acquisition. The reconciliation of these non-GAAP financial measures to the nearest GAAP measures as set forth in the table captioned "Reconciliation of GAAP to Non-GAAP Results" below.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measure used by the Company may be prepared differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
When evaluating the Company's operating performance in the periods presented, management reviewed non-GAAP net income results reflecting adjustments to exclude the impacts of share-based compensation and amortization of intangible assets related to acquisition to supplement U.S. GAAP financial data. As such, the Company believes that the presentation of the non-GAAP net income attributable to ordinary shareholders, non-GAAP net income attributable to ordinary shares per diluted ADS and non-GAAP net margin attributable to ordinary shareholders provides important supplemental information to investors regarding financial and business trends relating to the Company's financial condition and results of operations in a manner consistent with that used by management. Pursuant to U.S. GAAP, the Company recognized significant amounts of expenses for the restricted shares and share options, and amortization of intangible assets related to acquisition in the periods presented. The Company utilized the non-GAAP financial results to make financial results comparable period to period and to better understand its historical business operations.
ABOUT JUPAI HOLDINGS LIMITED
Jupai Holdings Limited ("Jupai") (NYSE: JP) is a leading third-party wealth management service provider focusing on distributing wealth management products and providing quality product advisory services to high-net-worth individuals in China. Jupai's comprehensive and personalized client service and broad range of carefully selected third-party and self-developed products have made it a trusted brand among its clients. Jupai maintains extensive and targeted coverage of China's high-net-worth population.
For more information, please visit http://jupai.investorroom.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Jupai's strategic and operational plans, contain forward-looking statements. Jupai may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Jupai's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the goals and strategies of the Company and the Company's ability to manage its growth and implement its business strategies; future business development, financial condition and results of operations of the Company; condition of the wealth management market in China and internationally; the demand for and market acceptance of the products the Company distributes; the Company's ability to maintain and further grow its active high-net-worth client base and maintain or increase the amount of investment by clients; developments in relevant government policies and regulations relating to the Company's industry and the Company's ability to comply with those policies and regulations; the Company's ability to attract and retain quality employees; the Company's ability to adapt to potential uncertainties in China's real estate industry and stay abreast of market trends and technological advances; the results of the Company's investments in research and development to enhance its product choices and service offerings; general economic and business conditions in China; the Company's ability to protect its reputation and enhance its brand recognition. Further information regarding these and other risks is included in Jupai's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and Jupai does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under applicable law.
Contacts:
Jupai Holdings Limited
Harry He
Director of Investor Relations
Jupai Holdings Limited
Phone: +86 (21) 6026 9129
Email: ir@jpinvestment.cn
Philip Lisio
The Foote Group
Phone: +86 (10) 8429 9544
Email: Jupai-IR@thefootegroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
| Jupai Holdings Limited |
|||||
| Unaudited Condensed Consolidated Balance Sheets |
|||||
| (In RMB) |
|||||
| As of |
|||||
| December 31, |
September 30, |
September 30, |
|||
| 2016 |
2017 |
2017 |
|||
| RMB |
RMB |
USD |
|||
| Assets |
|||||
| Current assets: |
|||||
| Cash and cash equivalents |
1,123,166,156 |
1,220,577,015 |
183,454,378 |
||
| Short-term investments |
25,210,000 |
151,225,012 |
22,729,324 |
||
| Accounts receivable |
52,111,944 |
77,776,163 |
11,689,863 |
||
| Other receivables |
71,064,287 |
24,803,714 |
3,728,032 |
||
| Amounts due from related parties |
133,560,483 |
215,618,374 |
32,407,734 |
||
| Deferred tax assets - current[5] |
55,791,373 |
- |
- |
||
| Investments at cost method - current |
- |
20,000,000 |
3,006,027 |
||
| Other current assets |
12,551,186 |
15,080,065 |
2,266,554 |
||
| Total current assets |
1,473,455,429 |
1,725,080,343 |
259,281,912 |
||
| Investments at cost method - non-current |
70,450,000 |
50,450,000 |
7,582,703 |
||
| Investment in affiliates |
85,830,444 |
177,916,177 |
26,741,042 |
||
| Advanced payment for acquisition |
77,560,000 |
257,447 |
38,695 |
||
| Property and equipment, net |
37,199,812 |
39,002,655 |
5,862,152 |
||
| Intangible assets |
83,072,545 |
80,057,662 |
12,032,775 |
||
| Goodwill |
277,752,765 |
265,733,889 |
39,940,164 |
||
| Long-term prepayment |
6,261,152 |
11,810,709 |
1,775,165 |
||
| Other non-current assets |
7,977,534 |
23,014,809 |
3,459,157 |
||
| Deferred tax assets - non-current |
8,494,738 |
63,097,699 |
9,483,670 |
||
| Total Assets |
2,128,054,419 |
2,436,421,390 |
366,197,435 |
||
| Liabilities and Equity |
|||||
| Current liabilities: |
|||||
| Accrued payroll and welfare expenses |
101,864,007 |
103,975,758 |
15,627,697 |
||
| Income tax payable |
138,131,812 |
175,380,391 |
26,359,911 |
||
| Other tax payable |
58,189,283 |
87,840,558 |
13,202,555 |
||
| Dividend payable |
10,160,503 |
- |
- |
||
| Amounts due to related parties-current |
6,118,678 |
7,179,063 |
1,079,023 |
||
| Deferred revenue from related parties |
121,644,250 |
149,029,663 |
22,399,360 |
||
| Deferred revenues |
36,432,195 |
29,678,882 |
4,460,776 |
||
| Other current liabilities |
10,397,008 |
12,195,300 |
1,832,970 |
||
| Total current liabilities |
482,937,736 |
565,279,615 |
84,962,292 |
||
| Deferred revenue - non-current from related parties |
75,413,617 |
73,655,744 |
11,070,558 |
||
| Deferred revenue - non-current |
5,677,905 |
9,329,670 |
1,402,262 |
||
| Non-current uncertain tax position liabilities |
5,938,816 |
- |
- |
||
| Deferred tax liabilities - non-current |
9,815,595 |
5,941,223 |
892,974 |
||
| Total Liabilities |
579,783,669 |
654,206,252 |
98,328,086 |
||
| Equity |
1,548,270,750 |
1,782,215,138 |
267,869,349 |
||
| Total Liabilities and Total Shareholders' Equity |
2,128,054,419 |
2,436,421,390 |
366,197,435 |
||
| [5] Jupai adopted ASU 2015-17 and therefore, deferred tax assets and liabilities are classified as non-current assets and liabilities starting 2017. Prior balances were not retrospectively adjusted. |
| Jupai Holdings Limited |
|||||||
| Unaudited Condensed Consolidated Income Statements |
|||||||
| (In RMB, except for ADS data and percentages) |
|||||||
| Three months ended |
|||||||
| September 30, |
September 30, |
September 30, |
YoY |
||||
| 2016 |
2017 |
2017 |
Change % |
||||
| RMB |
RMB |
USD |
|||||
| Revenues |
|||||||
| Third party revenues |
140,604,586 |
106,852,364 |
16,060,055 |
-24.0% |
|||
| Related party revenues |
182,050,798 |
335,292,485 |
50,394,915 |
84.2% |
|||
| Total revenues |
322,655,384 |
442,144,849 |
66,454,970 |
37.0% |
|||
| Business taxes and related surcharges |
(2,188,327) |
(1,360,338) |
(204,461) |
-37.8% |
|||
| Net revenues |
320,467,057 |
440,784,511 |
66,250,509 |
37.5% |
|||
| Operating costs and expenses: |
|||||||
| Cost of revenues |
(120,279,680) |
(173,668,668) |
(26,102,635) |
44.4% |
|||
| Selling expenses |
(68,239,307) |
(74,900,713) |
(11,257,679) |
9.8% |
|||
| General and administrative expenses |
(35,675,530) |
(45,871,467) |
(6,894,544) |
28.6% |
|||
| Other operating income - government subsidies |
18,769,539 |
22,076,600 |
3,318,143 |
17.6% |
|||
| Total operating cost and expenses |
(205,424,978) |
(272,364,248) |
(40,936,715) |
32.6% |
|||
| Income from operations |
115,042,079 |
168,420,263 |
25,313,794 |
46.4% |
|||
| Interest income |
619,035 |
1,680,560 |
252,590 |
171.5% |
|||
| Investment income |
4,729,880 |
3,827,354 |
575,256 |
-19.1% |
|||
| Net other loss |
(29,388) |
(132,902) |
(19,975) |
352.2% |
|||
| Total other income |
5,319,527 |
5,375,012 |
807,871 |
1.0% |
|||
| Income before taxes and income from equity in affiliates |
120,361,606 |
173,795,275 |
26,121,665 |
44.4% |
|||
| Income tax expense |
(32,399,968) |
(47,438,160) |
(7,130,020) |
46.4% |
|||
| Income (loss) from equity in affiliates |
(972,580) |
155,211 |
23,329 |
-116.0% |
|||
| Net income |
86,989,058 |
126,512,326 |
19,014,974 |
45.4% |
|||
| Less: Net income attributable to non-controlling interests |
(8,146,378) |
(10,853,416) |
(1,631,283) |
33.2% |
|||
| Net income attributable to ordinary shareholders |
78,842,680 |
115,658,910 |
17,383,691 |
46.7% |
|||
| Net income per ADS: |
|||||||
| Basic |
2.45 |
3.54 |
0.53 |
44.5% |
|||
| Diluted |
2.36 |
3.39 |
0.51 |
43.6% |
|||
| Weighted average number of ADSs used in computation: |
|||||||
| Basic |
32,206,187 |
32,631,080 |
32,631,080 |
||||
| Diluted |
33,417,263 |
34,083,757 |
34,083,757 |
||||
| Jupai Holdings Limited |
|||||||
| Unaudited Condensed Consolidated Income Statements |
|||||||
| (In RMB, except for ADS data and percentages) |
|||||||
| Nine months ended |
|||||||
| September 30, |
September 30, |
September 30, |
YoY |
||||
| 2016 |
2017 |
2017 |
Change % |
||||
| RMB |
RMB |
USD |
|||||
| Revenues |
|||||||
| Third party revenues |
296,436,511 |
390,341,474 |
58,668,852 |
31.7% |
|||
| Related party revenues |
494,809,881 |
860,461,812 |
129,328,576 |
73.9% |
|||
| Total revenues |
791,246,392 |
1,250,803,286 |
187,997,428 |
58.1% |
|||
| Business taxes and related surcharges |
(2,039,153) |
(4,658,231) |
(700,139) |
128.4% |
|||
| Net revenues |
789,207,239 |
1,246,145,055 |
187,297,289 |
57.9% |
|||
| Operating costs and expenses: |
|||||||
| Cost of revenues |
(331,143,931) |
(470,401,882) |
(70,702,041) |
42.1% |
|||
| Selling expenses |
(172,571,637) |
(199,783,565) |
(30,027,740) |
15.8% |
|||
| General and administrative expenses |
(106,802,821) |
(143,615,868) |
(21,585,659) |
34.5% |
|||
| Other operating income - government subsidies |
22,027,028 |
27,417,443 |
4,120,879 |
24.5% |
|||
| Total operating cost and expenses |
(588,491,361) |
(786,383,872) |
(118,194,561) |
33.6% |
|||
| Income from operations |
200,715,878 |
459,761,183 |
69,102,728 |
129.1% |
|||
| Interest income |
3,389,286 |
10,188,988 |
1,531,419 |
200.6% |
|||
| Investment income |
11,275,816 |
8,755,346 |
1,315,940 |
-22.4% |
|||
| Net other income (loss) |
170,989 |
(1,870,983) |
(281,211) |
-1194.2% |
|||
| Total other income |
14,836,091 |
17,073,351 |
2,566,148 |
15.1% |
|||
| Income before taxes and income from equity in affiliates |
215,551,969 |
476,834,534 |
71,668,876 |
121.2% |
|||
| Income tax expense |
(56,662,010) |
(121,776,263) |
(18,303,137) |
114.9% |
|||
| Income (loss) from equity in affiliates |
(904,981) |
(3,731,860) |
(560,904) |
312.4% |
|||
| Net income |
157,984,978 |
351,326,411 |
52,804,835 |
122.4% |
|||
| Less: Net income attributable to non-controlling interests |
(12,680,003) |
(32,512,219) |
(4,886,631) |
156.4% |
|||
| Net income attributable to ordinary shareholders |
145,304,975 |
318,814,192 |
47,918,204 |
119.4% |
|||
| Net income per ADS: |
|||||||
| Basic |
4.53 |
9.83 |
1.48 |
117.0% |
|||
| Diluted |
4.35 |
9.43 |
1.42 |
116.8% |
|||
| Weighted average number of ADSs used in computation: |
|||||||
| Basic |
32,068,274 |
32,435,136 |
32,435,136 |
||||
| Diluted |
33,430,172 |
33,819,713 |
33,819,713 |
||||
| Jupai Holdings Limited |
|||||||
| Unaudited Condensed Comprehensive Income Statements |
|||||||
| (In RMB) |
|||||||
| Three months ended |
|||||||
| September 30, |
September 30, |
September 30, |
Change |
||||
| 2016 |
2017 |
2017 |
|||||
| RMB |
RMB |
USD |
|||||
| Net income |
86,989,058 |
126,512,326 |
19,014,974 |
45.4% |
|||
| Other comprehensive income (loss), net of tax: |
|||||||
| Change in cumulative foreign currency translation adjustment |
10,146,853 |
(12,059,498) |
(1,812,559) |
-218.8% |
|||
| Other comprehensive income (loss) |
10,146,853 |
(12,059,498) |
(1,812,559) |
-218.8% |
|||
| Comprehensive income |
97,135,911 |
114,452,828 |
17,202,415 |
17.8% |
|||
| Less: Comprehensive income attributable to non-controlling interests |
8,729,244 |
10,866,767 |
1,633,290 |
24.5% |
|||
| Comprehensive income attributable to ordinary shareholders |
88,406,667 |
103,586,061 |
15,569,125 |
17.2% |
|||
| Jupai Holdings Limited |
|||||||
| Unaudited Condensed Comprehensive Income Statements |
|||||||
| (In RMB) |
|||||||
| Nine months ended |
|||||||
| September 30, |
September 30, |
September 30, |
Change |
||||
| 2016 |
2017 |
2017 |
|||||
| RMB |
RMB |
USD |
|||||
| Net income |
157,984,978 |
351,326,411 |
52,804,835 |
122.4% |
|||
| Other comprehensive income (loss), net of tax: |
|||||||
| Change in cumulative foreign currency translation adjustment |
22,200,346 |
(28,285,790) |
(4,251,393) |
-227.4% |
|||
| Other comprehensive income (loss) |
22,200,346 |
(28,285,790) |
(4,251,393) |
-227.4% |
|||
| Comprehensive income |
180,185,324 |
323,040,621 |
48,553,442 |
79.3% |
|||
| Less: Comprehensive income attributable to non-controlling interests |
13,262,870 |
32,525,570 |
4,888,637 |
145.2% |
|||
| Comprehensive income attributable to ordinary shareholders |
166,922,454 |
290,515,051 |
43,664,805 |
74.0% |
|||
| Jupai Holdings Limited |
|||||
| Reconciliation of GAAP to Non-GAAP Results |
|||||
| (In RMB, except for ADS data and percentages) |
|||||
| Three months ended |
|||||
| September 30, |
September 30, |
Change |
|||
| 2016 |
2017 |
||||
| RMB |
RMB |
||||
| Net margin attributable to ordinary shareholders |
24.6% |
26.2% |
|||
| Adjusted net margin attributable to ordinary shareholders (non-GAAP) |
27.4% |
28.6% |
|||
| Net income attributable to ordinary shareholders |
78,842,680 |
115,658,910 |
46.7% |
||
| Adjustment for share-based compensation |
5,454,983 |
6,782,134 |
24.3% |
||
| Adjustment for amortization of intangible assets related to acquisition |
3,589,976 |
3,456,344 |
-3.7% |
||
| Adjusted net income attributable to ordinary shares(non-GAAP) |
87,887,639 |
125,897,388 |
43.2% |
||
| Net income attributable to ordinary shares per ADS, diluted |
2.36 |
3.39 |
43.6% |
||
| Adjusted net income attributable to ordinary shares per ADS, diluted (non-GAAP) |
2.63 |
3.69 |
40.3% |
||
| Weighted average number of ADSs used in computation: |
|||||
| Diluted |
33,417,263 |
34,083,757 |
2.0% |
||
| Jupai Holdings Limited |
|||||
| Reconciliation of GAAP to Non-GAAP Results |
|||||
| (In RMB, except for ADS data and percentages) |
|||||
| Nine months ended |
|||||
| September 30, |
September 30, |
Change |
|||
| 2016 |
2017 |
||||
| RMB |
RMB |
||||
| Net margin attributable to ordinary shareholders |
18.4% |
25.6% |
|||
| Adjusted net margin attributable to ordinary shareholders (non-GAAP) |
21.7% |
28.3% |
|||
| Net income attributable to ordinary shareholders |
145,304,975 |
318,814,192 |
119.4% |
||
| Adjustment for share-based compensation |
15,591,240 |
23,169,038 |
48.6% |
||
| Adjustment for amortization of intangible assets related to acquisition |
10,412,017 |
10,583,287 |
1.6% |
||
| Adjusted net income attributable to ordinary shares(non-GAAP) |
171,308,232 |
352,566,517 |
105.8% |
||
| Net income attributable to ordinary shares per ADS, diluted |
4.35 |
9.43 |
116.8% |
||
| Adjusted net income attributable to ordinary shares per ADS, diluted (non-GAAP) |
5.12 |
10.42 |
103.5% |
||
| Weighted average number of ADSs used in computation: |
|||||
| Diluted |
33,430,172 |
33,819,713 |
1.2% |
||
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