SHANGHAI, March 12, 2018 /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 quarter and the full year ended December 31, 2017.
FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL HIGHLIGHTS
| (RMB '000, except percentages) |
Q4 2016 |
Q4 2016 % |
Q4 2017 |
Q4 2017 % |
YoY Change % |
||||
| One-time commissions |
185,294 |
54.8% |
308,932 |
67.1% |
66.7% |
||||
| Recurring management fees |
73,093 |
21.6% |
111,430 |
24.2% |
52.5% |
||||
| Recurring service fees |
25,849 |
7.6% |
23,728 |
5.2% |
-8.2% |
||||
| Other service fees |
54,267 |
16.0% |
15,926 |
3.5% |
-70.7% |
||||
| Total net revenues |
338,503 |
100.0% |
460,016 |
100.0% |
35.9% |
||||
| (RMB '000, except percentages) |
FY 2016 |
FY 2016 % |
FY 2017 |
FY 2017 % |
YoY Change % |
||||
| One-time commissions |
633,186 |
56.1% |
1,038,704 |
60.8% |
64.0% |
||||
| Recurring management fees |
260,622 |
23.1% |
363,651 |
21.3% |
39.5% |
||||
| Recurring service fees |
123,177 |
10.9% |
105,001 |
6.2% |
-14.8% |
||||
| Other service fees |
110,725 |
9.9% |
198,806 |
11.7% |
79.5% |
||||
| Total net revenues |
1,127,710 |
100.0% |
1,706,162 |
100.0% |
51.3% |
||||
FOURTH QUARTER AND FULL YEAR 2017 OPERATIONAL UPDATES
| Wealth management products distributed by the Company - breakdown by product type |
||||||||||
| Three months ended |
Twelve months ended |
|||||||||
| December 31, 2016 |
December 31, 2017 |
December 31, 2016 |
December 31, 2017 |
|||||||
| Product type |
(RMB in millions, except percentages) |
(RMB in millions, except percentages) |
||||||||
| Fixed income products |
10,326 |
72% |
13,857 |
88% |
29,963 |
66% |
45,437 |
83% |
||
| Private equity and venture capital fund products |
1,903 |
13% |
1,114 |
7% |
9,354 |
21% |
6,375 |
12% |
||
| Public market products |
1,084 |
7% |
350 |
2% |
3,981 |
9% |
449 |
1% |
||
| Other products |
1,173 |
8% |
452 |
3% |
2,001 |
4% |
2,055 |
4% |
||
| All products |
14,486 |
100% |
15,773 |
100% |
45,299 |
100% |
54,316 |
100% |
||
| Assets under management - breakdown by product type |
|||||
| As of |
|||||
| December 31, 2016 |
December 31, 2017 |
||||
| Product type |
(RMB in millions, except percentages) |
||||
| Fixed income products |
18,161 |
50% |
35,558 |
62% |
|
| Private equity and venture capital fund products |
14,971 |
41% |
18,868 |
33% |
|
| Public market products |
2,980 |
8% |
2,372 |
4% |
|
| Other products |
29 |
1% |
734 |
1% |
|
| All products |
36,141 |
100% |
57,532 |
100% |
|
"We are pleased to announce a set of solid results for 2017, with both Jupai's wealth management and asset management businesses growing rapidly," said Mr. Jianda Ni, Jupai's chairman of the board and chief executive officer. "Benefitting from the expansion of our business, and the increase in commission rates, our net revenues increased 51% year-over-year to RMB1.7 billion. On the bottom line, improved margins drove higher net income attributable to ordinary shareholders of RMB409.5 million, up almost 100% year-over-year compared with 2016."
"In 2017, we further enhanced our long-term competitive advantages. Leveraging our strength in the real estate industry, our high quality real-estate-related wealth management products remained popular among investors amid more conservative market sentiment. The aggregate value of products distributed by Jupai for the full-year 2017 grew to RMB54.3 billion, a 20% increase year-over-year, as total assets under management rose to RMB57.5 billion as of December 31, 2017, a 59% increase year-over-year. In line with Jupai's commitment to delivering value to our shareholders, our board has declared a cash dividend of US$0.1 per ordinary share, equal to US$0.6 per ADS. "
"Moving ahead, Jupai will continue to broaden our product selection and promote our real estate-related equity products, building upon our rigorous risk management system and rich real estate resources. We are confident that with our mature business lines, Jupai is well-positioned to achieve healthy profit growth in 2018. In addition, we believe that performance fees and new business lines such as our overseas business and insurance offerings will generate incremental profit growth in the coming year. Management will continue to strive to fulfill our customers' ever-changing investment needs, enhance Jupai's capability to achieve stable long-term growth, and build Jupai into the leading wealth and asset management brand in China."
Ms. Min Liu, Jupai's chief financial officer, said, "Jupai concluded the year with a strong performance across our business lines. As management continued to grow our business scale, we further optimized our product mix and enhanced operating efficiency, leading to a significant expansion of our net profit margin from 18% in 2016 to 24% in 2017. We remain optimistic about our bottom line growth outlook for 2018."
FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2017 were RMB460.0 million (US$70.7 million), a 35.9% increase from RMB338.5 million for the corresponding period in 2016, primarily due to increases in one-time commissions. Net revenues were RMB1,706.2 million (US$262.2 million) for the full year of 2017, an increase of 51.3% from RMB1,127.7 million in 2016.
Operating Costs and Expenses
Operating costs and expenses for the fourth quarter of 2017 were RMB396.2 million (US$60.9 million), an increase of 62.1% from RMB244.4 million for the corresponding period in 2016. For the full year of 2017, operating costs and expenses were RMB1,182.6 million (US$181.8 million), an increase of 42.0% from RMB832.9 million in 2016.
Operating margin for the fourth quarter of 2017 was 13.9%, compared to 27.8% for the corresponding period in 2016. For the full year of 2017, operating margin was 30.7%, compared to 26.1% in 2016.
Income tax expenses for the fourth quarter of 2017 were RMB1.2 million (US$0.2 million), a 95.3% decrease from RMB26.0 million for the corresponding period in 2016. For the full year of 2017, income tax expenses were RMB123.0 million (US$18.9 million), an increase of 48.9% from RMB82.6 million in 2016. The increase was primarily due to an increase in taxable income.
Net Income
- Net Income
- Non-GAAP Net Income
Balance Sheet and Cash Flow
As of December 31, 2017, the Company had RMB1,527.8 million (US$234.8 million) in cash and cash equivalents, compared to RMB1,123.2 million (US$172.6 million) as of December 31, 2016.
Net cash provided by operating activities during the fourth quarter of 2017 was RMB161.1 million (US$24.8 million). For the full year of 2017, net cash provided by operating activities was RMB599.7 million (US$92.2 million).
Net cash provided by investing activities during the fourth quarter of 2017 was RMB144.9 million (US$22.3 million). For the full year of 2017, net cash used in investing activities was RMB74.0 million (US$11.4 million).
Net cash provided by financing activities during the fourth quarter of 2017 was RMB1.3 million (US$0.2 million). For the full year of 2017, net cash used in financing activities was RMB121.1 million (US$18.6 million).
Dividend
The Company announced today that its board of directors has approved and declared a cash dividend of US$0.1 per ordinary share. The cash dividend will be paid on or about May 31, 2018 to shareholders of record as of the close of business on April 30, 2018 (the "Record Date"). Holders of Jupai's ADSs, each representing six ordinary shares of Jupai, on the Record Date are accordingly entitled to the cash dividend of US$0.6 per ADS. The aggregate amount of cash dividends to be paid is approximately US$20 million, which will be funded by cash on the Company's balance sheet.
The determination to make dividend distributions and the amount of such distributions in any particular year will be made at the discretion of the board of directors and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors.
BUSINESS OUTLOOK
The Company estimates that its net revenues for the first quarter of 2018 will be in the range of RMB400 million to RMB420 million, an increase of 8.5% to 13.9% compared to the same period in 2017. 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 March 12, 2018 at 8:00 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: |
+1-845-675-0437 or +1-866-519-4004 |
| Hong Kong: |
+852-3018-6771 or 800-906-601 |
| Mainland China: |
400-620-8038 or 800-819-0121 |
| Singapore: |
+65-6713-5090 or 800-101-2868 |
| Passcode: |
9273537 |
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 March 20, 2018:
| U.S./International: |
+1-855-452-5696 |
| Hong Kong: |
800-963-117 |
| Mainland China: |
400-632-2162 |
| Singapore: |
800-616-2305 |
| Passcode: |
9273537 |
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
| [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 December 29, 2017, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB6.5063 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. |
| [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" or "AUM" of Jupai refers to the amount of capital commitments made by investors to the funds managed by the Company, for which the Company is entitled to receive management fees. The amount of AUM of Jupai is recorded and carried based on the historical cost of the contributed assets instead of fair market value of assets for almost all AUM of Jupai. For assets denominated in currencies other than Renminbi, the AUM are translated into Renminbi upon their contribution, without interim value adjustments solely due to changes in foreign exchange rates. As a result, Jupai's management fees for almost all its AUM are calculated based on the historical cost balance of the AUM. |
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
| Jupai Holdings Limited |
|||||
| Unaudited Condensed Consolidated Balance Sheets |
|||||
| As of |
|||||
| December 31, |
December 31, |
December 31, |
|||
| 2016 |
2017 |
2017 |
|||
| RMB |
RMB |
USD |
|||
| Assets |
|||||
| Current assets: |
|||||
| Cash and cash equivalents |
1,123,166,156 |
1,527,777,270 |
234,815,067 |
||
| Short-term investments |
25,210,000 |
8,403,612 |
1,291,612 |
||
| Accounts receivable |
52,111,944 |
53,512,590 |
8,224,734 |
||
| Other receivables |
71,064,287 |
22,989,264 |
3,533,385 |
||
| Amounts due from related parties |
133,560,483 |
268,760,059 |
41,307,665 |
||
| Deferred tax assets - current[5] |
55,791,373 |
- |
- |
||
| Investments at cost method - current |
- |
14,800,000 |
2,274,718 |
||
| Other current assets |
12,551,186 |
12,276,204 |
1,886,818 |
||
| Total current assets |
1,473,455,429 |
1,908,518,999 |
293,333,999 |
||
| Investments at cost method - non-current |
70,450,000 |
50,450,000 |
7,754,023 |
||
| Investment in affiliates |
85,830,444 |
181,922,556 |
27,960,986 |
||
| Advanced payment for acquisition |
77,560,000 |
- |
- |
||
| Property and equipment, net |
37,199,812 |
44,957,054 |
6,909,773 |
||
| Intangible assets |
83,072,545 |
74,350,855 |
11,427,517 |
||
| Goodwill |
277,752,765 |
261,621,691 |
40,210,518 |
||
| Other non-current assets |
14,238,686 |
32,459,581 |
4,988,946 |
||
| Deferred tax assets - non-current |
8,494,738 |
71,807,042 |
11,036,540 |
||
| Total Assets |
2,128,054,419 |
2,626,087,778 |
403,622,302 |
||
| Liabilities and Equity |
|||||
| Current liabilities: |
|||||
| Accrued payroll and welfare expenses |
101,864,007 |
212,718,285 |
32,694,202 |
||
| Income tax payable |
138,131,812 |
179,224,777 |
27,546,344 |
||
| Other tax payable |
58,189,283 |
57,325,185 |
8,810,720 |
||
| Dividend payable |
10,160,503 |
- |
- |
||
| Amounts due to related parties-current |
6,118,678 |
27,294,813 |
4,195,136 |
||
| Deferred revenue from related parties |
121,644,250 |
171,546,620 |
26,366,233 |
||
| Deferred revenues |
36,432,195 |
17,921,745 |
2,754,522 |
||
| Other current liabilities |
10,397,008 |
31,941,785 |
4,909,362 |
||
| Total current liabilities |
482,937,736 |
697,973,210 |
107,276,519 |
||
| Deferred revenue - non-current from related parties |
75,413,617 |
62,917,485 |
9,670,240 |
||
| Deferred revenue - non-current |
5,677,905 |
6,611,915 |
1,016,233 |
||
| Non-current uncertain tax position liabilities |
5,938,816 |
- |
- |
||
| Deferred tax liabilities - non-current |
9,815,595 |
4,717,167 |
725,015 |
||
| Total Liabilities |
579,783,669 |
772,219,777 |
118,688,007 |
||
| Equity |
1,548,270,750 |
1,853,868,001 |
284,934,295 |
||
| Total Liabilities and Total Shareholders' Equity |
2,128,054,419 |
2,626,087,778 |
403,622,302 |
||
| [5] Jupai adopted ASU 2015-17 and therefore, deferred tax assets and liabilities are classified as non-current assets and liabilities starting 2017. |
|||||
| Jupai Holdings Limited |
|||||||
| Unaudited Condensed Consolidated Income Statements |
|||||||
| (In RMB, except for USD data, ADS data and percentages) |
|||||||
| Three months ended |
|||||||
| December 31, |
December 31, |
December 31, |
YoY |
||||
| 2016 |
2017 |
2017 |
Change % |
||||
| RMB |
RMB |
USD |
|||||
| Revenues |
|||||||
| Third party revenues |
118,858,942 |
89,576,073 |
13,767,591 |
-24.6% |
|||
| Related party revenues |
221,320,799 |
372,323,897 |
57,225,135 |
68.2% |
|||
| Total revenues |
340,179,741 |
461,899,970 |
70,992,726 |
35.8% |
|||
| Business taxes and related surcharges |
(1,676,536) |
(1,883,403) |
(289,474) |
12.3% |
|||
| Net revenues |
338,503,205 |
460,016,567 |
70,703,252 |
35.9% |
|||
| Operating costs and expenses: |
|||||||
| Cost of revenues |
(145,890,981) |
(267,106,022) |
(41,053,444) |
83.1% |
|||
| Selling expenses |
(64,725,845) |
(82,388,186) |
(12,662,832) |
27.3% |
|||
| General and administrative expenses |
(49,156,055) |
(60,436,708) |
(9,288,952) |
22.9% |
|||
| Other operating income - government subsidies |
15,358,806 |
13,721,000 |
2,108,879 |
-10.7% |
|||
| Total operating cost and expenses |
(244,414,075) |
(396,209,916) |
(60,896,349) |
62.1% |
|||
| Income from operations |
94,089,130 |
63,806,651 |
9,806,903 |
-32.2% |
|||
| Interest income |
323,632 |
1,196,907 |
183,961 |
269.8% |
|||
| Investment income |
1,344,072 |
1,256,870 |
193,177 |
-6.5% |
|||
| Other income (loss), net |
(190,557) |
(169,658) |
(26,075) |
-11.0% |
|||
| Total other income |
1,477,147 |
2,284,119 |
351,063 |
54.6% |
|||
| Income before taxes and income from equity in affiliates |
95,566,277 |
66,090,770 |
10,157,966 |
-30.8% |
|||
| Income tax expense |
(25,950,122) |
(1,222,246) |
(187,856) |
-95.3% |
|||
| Income (loss) from equity in affiliates |
2,444,297 |
6,311,307 |
970,030 |
158.2% |
|||
| Net income |
72,060,452 |
71,179,831 |
10,940,140 |
-1.2% |
|||
| Net loss (income) attributable to non-controlling interests |
(9,781,558) |
19,498,156 |
2,996,811 |
-299.3% |
|||
| Net income attributable to ordinary shareholders |
62,278,894 |
90,677,987 |
13,936,951 |
45.6% |
|||
| Net income per ADS: |
|||||||
| Basic |
1.93 |
2.75 |
0.42 |
42.5% |
|||
| Diluted |
1.85 |
2.59 |
0.40 |
40.0% |
|||
| Weighted average number of ADSs used in computation: |
|||||||
| Basic |
32,266,156 |
33,001,547 |
33,001,547 |
||||
| Diluted |
33,573,542 |
34,973,169 |
34,973,169 |
||||
| Jupai Holdings Limited |
|||||||
| Unaudited Condensed Consolidated Income Statements |
|||||||
| (In RMB, except for USD data, ADS data and percentages) |
|||||||
| Twelve months ended |
|||||||
| December 31, |
December 31, |
December 31, |
YoY |
||||
| 2016 |
2017 |
2017 |
Change % |
||||
| RMB |
RMB |
USD |
|||||
| Revenues |
|||||||
| Third party revenues |
415,295,453 |
479,917,547 |
73,761,977 |
15.6% |
|||
| Related party revenues |
716,130,680 |
1,232,785,709 |
189,475,694 |
72.1% |
|||
| Total revenues |
1,131,426,133 |
1,712,703,256 |
263,237,671 |
51.4% |
|||
| Business taxes and related surcharges |
(3,715,689) |
(6,541,634) |
(1,005,431) |
76.1% |
|||
| Net revenues |
1,127,710,444 |
1,706,161,622 |
262,232,240 |
51.3% |
|||
| Operating costs and expenses: |
|||||||
| Cost of revenues |
(477,034,912) |
(737,507,904) |
(113,352,889) |
54.6% |
|||
| Selling expenses |
(237,297,482) |
(282,171,751) |
(43,369,004) |
18.9% |
|||
| General and administrative expenses |
(155,958,876) |
(204,052,576) |
(31,362,307) |
30.8% |
|||
| Other operating income - government subsidies |
37,385,834 |
41,138,443 |
6,322,863 |
10.0% |
|||
| Total operating cost and expenses |
(832,905,436) |
(1,182,593,788) |
(181,761,337) |
42.0% |
|||
| Income from operations |
294,805,008 |
523,567,834 |
80,470,903 |
77.6% |
|||
| Interest income |
3,712,918 |
11,385,895 |
1,749,980 |
206.7% |
|||
| Investment income |
12,619,887 |
10,012,216 |
1,538,849 |
-20.7% |
|||
| Net other income (loss) |
(19,568) |
(2,040,641) |
(313,640) |
10,328.5% |
|||
| Total other income |
16,313,237 |
19,357,470 |
2,975,189 |
18.7% |
|||
| Income before taxes and income from equity in affiliates |
311,118,245 |
542,925,304 |
83,446,092 |
74.5% |
|||
| Income tax expense |
(82,612,132) |
(122,998,509) |
(18,904,525) |
48.9% |
|||
| Income (loss) from equity in affiliates |
1,539,316 |
2,579,447 |
396,453 |
67.6% |
|||
| Net income |
230,045,429 |
422,506,242 |
64,938,020 |
83.7% |
|||
| Net income attributable to non-controlling interests |
(22,461,561) |
(13,014,063) |
(2,000,224) |
-42.1% |
|||
| Net income attributable to ordinary shareholders |
207,583,868 |
409,492,179 |
62,937,796 |
97.3% |
|||
| Net income per ADS: |
|||||||
| Basic |
6.46 |
12.57 |
1.93 |
94.6% |
|||
| Diluted |
6.20 |
11.95 |
1.84 |
92.7% |
|||
| Weighted average number of ADSs used in computation: |
|||||||
| Basic |
32,112,336 |
32,577,902 |
32,577,902 |
||||
| Diluted |
33,460,986 |
34,278,651 |
34,278,651 |
||||
| Jupai Holdings Limited |
|||||||
| Unaudited Condensed Comprehensive Income Statements |
|||||||
| (In RMB, except for USD data and percentages) |
|||||||
| Three months ended |
|||||||
| December 31, |
December 31, |
December 31, |
Change |
||||
| 2016 |
2017 |
2017 |
|||||
| RMB |
RMB |
USD |
|||||
| Net income |
72,060,452 |
71,179,831 |
10,940,140 |
-1.2% |
|||
| Other comprehensive income (loss), net of tax: |
|||||||
| Change in cumulative foreign currency translation adjustment |
21,826,553 |
(8,091,986) |
(1,243,715) |
-137.1% |
|||
| Other comprehensive income (loss) |
21,826,553 |
(8,091,986) |
(1,243,715) |
-137.1% |
|||
| Comprehensive income |
93,887,005 |
63,087,845 |
9,696,425 |
-32.8% |
|||
| Less: Comprehensive income attributable to non-controlling interests |
10,408,097 |
(19,488,167) |
(2,995,276) |
-287.2% |
|||
| Comprehensive income attributable to ordinary shareholders |
83,478,908 |
82,576,012 |
12,691,701 |
-1.1% |
|||
| Jupai Holdings Limited |
|||||||
| Unaudited Condensed Comprehensive Income Statements |
|||||||
| (In RMB, except for USD data and percentages) |
|||||||
| Twelve months ended |
|||||||
| December 31, |
December 31, |
December 31, |
Change |
||||
| 2016 |
2017 |
2017 |
|||||
| RMB |
RMB |
USD |
|||||
| Net income |
230,045,429 |
422,506,242 |
64,938,020 |
83.7% |
|||
| Other comprehensive income (loss), net of tax: |
|||||||
| Change in cumulative foreign currency translation adjustment |
44,026,899 |
(36,377,776) |
(5,591,162) |
-182.6% |
|||
| Other comprehensive income (loss) |
44,026,899 |
(36,377,776) |
(5,591,162) |
-182.6% |
|||
| Comprehensive income |
274,072,328 |
386,128,466 |
59,346,858 |
40.9% |
|||
| Less: Comprehensive income attributable to non-controlling interests |
23,670,967 |
13,037,403 |
2,003,812 |
-44.9% |
|||
| Comprehensive income attributable to ordinary shareholders |
250,401,361 |
373,091,063 |
57,343,046 |
49.0% |
|||
| Jupai Holdings Limited |
|||||
| Reconciliation of GAAP to Non-GAAP Results |
|||||
| (In RMB, except for ADS data and percentages) |
|||||
| Three months ended |
|||||
| December 31, |
December 31, |
Change |
|||
| 2016 |
2017 |
||||
| RMB |
RMB |
||||
| Net margin attributable to ordinary shareholders |
18.4% |
19.7% |
|||
| Adjusted net margin attributable to ordinary shareholders (non-GAAP) |
21.2% |
22.0% |
|||
| Net income attributable to ordinary shareholders |
62,278,894 |
90,677,987 |
45.6% |
||
| Adjustment for share-based compensation |
5,832,454 |
7,286,901 |
24.9% |
||
| Adjustment for amortization of intangible assets related to acquisition |
3,549,952 |
3,420,889 |
-3.6% |
||
| Adjusted net income attributable to ordinary shares(non-GAAP) |
71,661,300 |
101,385,777 |
41.5% |
||
| Net income attributable to ordinary shares per ADS, diluted |
1.85 |
2.59 |
40.0% |
||
| Adjusted net income attributable to ordinary shares per ADS, diluted (non-GAAP) |
2.13 |
2.90 |
36.2% |
||
| Weighted average number of ADSs used in computation: |
|||||
| Diluted |
33,573,542 |
34,973,169 |
4.2% |
||
| Jupai Holdings Limited |
|||||
| Reconciliation of GAAP to Non-GAAP Results |
|||||
| (In RMB, except for ADS data and percentages) |
|||||
| Twelve months ended |
|||||
| December 31, |
December 31, |
Change |
|||
| 2016 |
2017 |
||||
| RMB |
RMB |
||||
| Net margin attributable to ordinary shareholders |
18.4% |
24.0% |
|||
| Adjusted net margin attributable to ordinary shareholders (non-GAAP) |
21.5% |
26.6% |
|||
| Net income attributable to ordinary shareholders |
207,583,868 |
409,492,179 |
97.3% |
||
| Adjustment for share-based compensation |
21,423,694 |
30,455,939 |
42.2% |
||
| Adjustment for amortization of intangible assets related to acquisition |
13,961,969 |
14,004,176 |
0.3% |
||
| Adjusted net income attributable to ordinary shares(non-GAAP) |
242,969,531 |
453,952,294 |
86.8% |
||
| Net income attributable to ordinary shares per ADS, diluted |
6.20 |
11.95 |
92.7% |
||
| Adjusted net income attributable to ordinary shares per ADS, diluted (non-GAAP) |
7.26 |
13.24 |
82.4% |
||
| Weighted average number of ADSs used in computation: |
|||||
| Diluted |
33,460,986 |
34,278,651 |
2.4% |
||
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