SHANGHAI, Sept. 6, 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 second quarter and six months ended June 30, 2018.
SECOND QUARTER AND FIRST HALF 2018 FINANCIAL HIGHLIGHTS
(RMB '000, except percentages) |
Q2 2017 |
Q2 2017 % |
Q2 2018 |
Q2 2018 % |
YoY Change % |
||||
One-time commissions |
230,010 |
52.7% |
282,243 |
63.6% |
22.7% |
||||
Recurring management fees |
93,906 |
21.5% |
121,696 |
27.4% |
29.6% |
||||
Recurring service fees |
33,317 |
7.6% |
11,431 |
2.6% |
-65.7% |
||||
Other service fees |
79,387 |
18.2% |
28,196 |
6.4% |
-64.5% |
||||
Total net revenues |
436,620 |
100.0% |
443,566 |
100.0% |
1.6% |
(RMB '000, except percentages) |
H1 2017 |
H1 2017 % |
H1 2018 |
H1 2018 % |
YoY Change % |
||||
One-time commissions |
464,768 |
57.7% |
558,677 |
63.7% |
20.2% |
||||
Recurring management fees |
161,524 |
20.1% |
244,604 |
27.9% |
51.4% |
||||
Recurring service fees |
59,542 |
7.4% |
26,489 |
3.0% |
-55.5% |
||||
Other service fees |
119,527 |
14.8% |
47,012 |
5.4% |
-60.7% |
||||
Total net revenues |
805,361 |
100.0% |
876,782 |
100.0% |
8.9% |
[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 June 29, 2018, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB6.6171 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, amortization of intangible assets resulted from business acquisitions and impairment loss of investment in affiliates. |
SECOND QUARTER AND FIRST HALF 2018 OPERATIONAL UPDATES
Wealth management products distributed by the Company - breakdown by product type |
||||||||||
Three months ended |
Six months ended |
|||||||||
June 30, 2017 |
June 30, 2018 |
June 30, 2017 |
June 30, 2018 |
|||||||
Product type |
(RMB in millions, except percentages) |
(RMB in millions, except percentages) |
||||||||
Fixed income products |
10,278 |
83% |
1,286 |
13% |
21,495 |
81% |
5,219 |
25% |
||
Private equity products |
1,601 |
13% |
7,949 |
82% |
3,934 |
15% |
13,991 |
68% |
||
Secondary market equity fund products |
72 |
1% |
268 |
3% |
92 |
0% |
960 |
5% |
||
Other products |
362 |
3% |
225 |
2% |
990 |
4% |
456 |
2% |
||
All products |
12,313 |
100% |
9,728 |
100% |
26,511 |
100% |
20,626 |
100% |
Assets under management – breakdown by product type |
|||||
As of |
|||||
June 30, 2017 |
June 30, 2018 |
||||
Product type |
(RMB in millions, except percentages) |
||||
Fixed income products |
26,573 |
56% |
22,766 |
40% |
|
Private equity products |
18,432 |
38% |
30,792 |
54% |
|
Secondary market equity fund products |
2,483 |
5% |
2,236 |
4% |
|
Other products |
473 |
1% |
860 |
2% |
|
All products |
47,961 |
100% |
56,654 |
100% |
"Over the past quarter, we have seen stronger headwinds in China's wealth management industry, as investors become increasingly conservative in the face of the government's accelerated deleveraging at the macro-economic level and tightened regulations in the financial services sector," said Mr. Jianda Ni, Jupai's chairman of the board and chief executive officer. "As a result, the aggregate value of wealth management products distributed by Jupai during the second quarter of 2018 decreased by 21% from the corresponding period in 2017 to RMB9.7 billion. However, Jupai benefited from our enhanced bargaining power with real estate companies which have been facing higher cost of capital due to the recent policy changes. Our average one-time commission rate rose further in the second quarter, reflecting Jupai's competitive advantage across the entire wealth management industry value chain. For the first half of 2018, Jupai's net revenues were RMB876.8 million, an 8.9% year-over-year increase, and our income from operations was RMB312.8 million, up 7.4% year over year."
"Jupai continued to focus on developing high-quality real estate related products during the first half of 2018, resulting in 18.1% year-over-year growth in our total assets under management to RMB56.7 billion as of June 30, 2018. We expect the cumulative increase in our total AUM to create room for increase in our management and performance fees, and thus enhance our bottom line growth going forward."
"Looking forward, despite the industry-wide challenges we anticipate over the next couple of quarters, we remain confident about the long-term outlook for the wealth and asset management industry in China. In our view, the recent macro-economic policies which encourage deleveraging and strengthen regulatory control over financial services will enable the healthy development of China's wealth and asset management industry over the long run. We view this period of industry-wide transition as an opportunity to lay a solid foundation for Jupai's long-term growth through implementing various strategies to further strengthen our team, expand our product offerings, and enhance our risk control systems. We look forward to continuing to fulfill the ever-changing wealth and asset management needs of our clients, as we build Jupai into the leading wealth and asset management brand in China."
Ms. Min Liu, Jupai's chief financial officer, said, "Despite a challenging market environment, our ongoing improvements in operating efficiency and cost controls allowed Jupai to maintain our margins in the first half of 2018 at healthy levels. For the first half of 2018, our non-GAAP net margin attributable to Jupai's ordinary shareholders, which excluded a non-cash impairment loss of RMB18.0 million, was 27.6%, substantially flat compared to 28.1% in the same period last year. Jupai will further enhance our talent management, streamline our costs, and improve our efficiency in order to maximize shareholder value for the long term."
[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 contributions 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. |
SECOND QUARTER AND FIRST HALF 2018 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2018 were RMB443.6 million (US$67.0 million), a 1.6% increase from the corresponding period in 2017, primarily due to increases in both one-time commissions and recurring management fees. Net revenues were RMB876.8 million (US$132.5 million) for the first half of 2018, an increase of 8.9% from the same period in 2017.
Starting from January 1, 2018, the Company adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), on a modified-retrospective basis. The adoption has no material impact on the Company's financial positions, results of operations, or cash flows.
Operating Costs and Expenses
Operating costs and expenses for the second quarter of 2018 were RMB283.3 million (US$42.8 million), an increase of 4.7% from the corresponding period in 2017. For the first half of 2018, operating costs and expenses were RMB564.0 million (US$85.2 million), an increase of 9.7% from the same period in 2017.
Operating margin for the second quarter of 2018 was 36.1%, compared to 38.0% for the corresponding period in 2017. For the first half of 2018, operating margin was 35.7%, compared to 36.2% for the same period in 2017.
Income tax expenses for the second quarter of 2018 were RMB49.3 million (US$7.4 million), a 10.2% increase from the corresponding period in 2017. For the first half of 2018, income tax expenses were RMB88.4 million (US$13.4 million), an increase of 18.9% from the same period in 2017, primarily due to an increase in taxable income.
Net Income
- Net Income
The industry regulations newly introduced on March 28, 2018 emphasize that asset management businesses conducted through the internet are subject to oversight from financial regulatory authorities. Pursuant to these regulations, Shanghai Runju Financial Information Service Co., Ltd. ("Runju"), a non-controlling investee of Jupai, has formulated a new business plan to adjust its business model. Based on management's latest evaluation, RMB18.0 million (US$2.7 million) of impairment loss was recorded in income (loss) from equity in affiliates for the second quarter ended June 30, 2018. Future impairment analysis will be performed at each quarter end.
- Non-GAAP Net Income
Balance Sheet and Cash Flow
As of June 30, 2018, the Company had RMB1,080.5 million (US$163.3 million) in cash and cash equivalents, compared to RMB1,527.8 million as of December 31, 2017.
Net cash provided by operating activities during the second quarter of 2018 was RMB139.5 million (US$21.1 million). For the first half of 2018, net cash used in operating activities was RMB11.1 million (US$1.7 million).
Net cash provided by investing activities during the second quarter of 2018 was RMB224.5 million (US$33.9 million). For the first half of 2018, net cash used in investing activities was RMB332.5 million (US$50.2 million).
Net cash used in financing activities during the second quarter of 2018 was RMB107.8 million (US$16.3 million). For the first half of 2018, net cash used in financing activities was RMB103.7 million (US$15.7 million).
BUSINESS OUTLOOK
The Company estimates that its net income attributable to ordinary shareholders for the full year of 2018 will be in the range of RMB532.3 million to RMB573.3 million, an increase of 30.0% to 40.0% compared to 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 September 6, 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 |
Passcode: |
5768579 |
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 September 14, 2018:
U.S./International: |
+1-855-452-5696 |
Hong Kong: |
800-963-117 |
Mainland China: |
400-632-2162 |
Singapore |
800-616-2305 |
Passcode: |
5768579 |
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, amortization of intangible assets related to acquisition and impairment loss of investment in affiliates. 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, amortization of intangible assets related to acquisition and impairment loss of investment in affiliates, 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, amortization of intangible assets related to acquisition and impairment loss of investment in affiliates 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; and 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, |
June 30, |
June 30, |
|||
2017 |
2018 |
2018 |
|||
RMB |
RMB |
USD |
|||
Assets |
|||||
Current assets: |
|||||
Cash and cash equivalents |
1,527,777,270 |
1,080,471,168 |
163,284,697 |
||
Short-term investments |
23,203,612 |
23,203,612 |
3,506,613 |
||
Accounts receivable |
53,512,590 |
72,088,811 |
10,894,320 |
||
Other receivables |
22,989,264 |
18,195,632 |
2,749,790 |
||
Amounts due from related parties |
268,760,059 |
484,087,163 |
73,156,997 |
||
Other current assets |
12,276,204 |
15,375,537 |
2,323,607 |
||
Total current assets |
1,908,518,999 |
1,693,421,923 |
255,916,024 |
||
Long-term investments |
50,450,000 |
50,450,000 |
7,624,186 |
||
Investment in affiliates |
181,922,556 |
382,934,110 |
57,870,382 |
||
Amounts due from related parties — non-current |
- |
4,563,583 |
689,665 |
||
Property and equipment, net |
44,957,054 |
40,415,576 |
6,107,748 |
||
Intangible assets, net |
74,350,855 |
64,764,782 |
9,787,487 |
||
Goodwill |
261,621,691 |
264,919,758 |
40,035,629 |
||
Other non-current assets |
32,459,581 |
38,381,250 |
5,800,313 |
||
Deferred tax assets — non-current |
71,807,042 |
71,807,042 |
10,851,739 |
||
Total Assets |
2,626,087,778 |
2,611,658,024 |
394,683,173 |
||
Liabilities and Equity |
|||||
Current liabilities: |
|||||
Accrued payroll and welfare expenses |
212,718,285 |
100,195,121 |
15,141,848 |
||
Income tax payable |
179,224,777 |
208,848,057 |
31,561,871 |
||
Other tax payable |
57,325,185 |
59,191,640 |
8,945,254 |
||
Dividend payable |
- |
18,903,912 |
2,856,827 |
||
Amounts due to related parties-current |
27,294,813 |
25,509,527 |
3,855,092 |
||
Deferred revenue from related parties |
171,546,620 |
160,977,027 |
24,327,428 |
||
Deferred revenue |
17,921,745 |
11,346,039 |
1,714,654 |
||
Other current liabilities |
31,941,785 |
17,028,269 |
2,573,374 |
||
Total current liabilities |
697,973,210 |
601,999,592 |
90,976,348 |
||
Deferred revenue — non-current from related parties |
62,917,485 |
47,801,163 |
7,223,884 |
||
Deferred revenue — non-current |
6,611,915 |
3,553,957 |
537,087 |
||
Deferred tax liabilities— non-current |
4,717,167 |
2,483,860 |
375,370 |
||
Total Liabilities |
772,219,777 |
655,838,572 |
99,112,689 |
||
Equity |
1,853,868,001 |
1,955,819,452 |
295,570,484 |
||
Total Liabilities and Total Shareholders' Equity |
2,626,087,778 |
2,611,658,024 |
394,683,173 |
Jupai Holdings Limited |
|||||||
Unaudited Condensed Consolidated Income Statements |
|||||||
(In RMB, except for USD data, ADS data and percentages) |
|||||||
Three months ended |
|||||||
June 30, |
June 30, |
June 30, |
YoY |
||||
2017 |
2018 |
2018 |
Change % |
||||
RMB |
RMB |
USD |
|||||
Revenues |
|||||||
Third party revenues |
181,615,717 |
70,460,817 |
10,648,292 |
-61.2% |
|||
Related party revenues |
256,327,796 |
374,857,647 |
56,649,839 |
46.2% |
|||
Total revenues |
437,943,513 |
445,318,464 |
67,298,131 |
1.7% |
|||
Taxes and surcharges |
(1,323,349) |
(1,752,939) |
(264,910) |
32.5% |
|||
Net revenues |
436,620,164 |
443,565,525 |
67,033,221 |
1.6% |
|||
Operating costs and expenses: |
|||||||
Cost of revenues |
(161,980,682) |
(173,905,280) |
(26,281,193) |
7.4% |
|||
Selling expenses |
(65,363,762) |
(71,771,603) |
(10,846,383) |
9.8% |
|||
General and administrative expenses |
(45,122,521) |
(52,533,204) |
(7,939,007) |
16.4% |
|||
Other operating income — government subsidies |
1,932,631 |
14,899,473 |
2,251,662 |
670.9% |
|||
Total operating cost and expenses |
(270,534,334) |
(283,310,614) |
(42,814,921) |
4.7% |
|||
Income from operations |
166,085,830 |
160,254,911 |
24,218,300 |
-3.5% |
|||
Interest income |
1,005,019 |
929,446 |
140,461 |
-7.5% |
|||
Investment income |
2,886,193 |
633,532 |
95,742 |
-78.0% |
|||
Other (loss) income |
(1,761,304) |
278,688 |
42,116 |
-115.8% |
|||
Total other income |
2,129,908 |
1,841,666 |
278,319 |
-13.5% |
|||
Income before taxes and income from equity in affiliates |
168,215,738 |
162,096,577 |
24,496,619 |
-3.6% |
|||
Income tax expense |
(44,703,075) |
(49,257,419) |
(7,443,958) |
10.2% |
|||
Income (loss) from equity in affiliates |
1,829,772 |
(20,051,928) |
(3,030,320) |
-1195.9% |
|||
Net income |
125,342,435 |
92,787,230 |
14,022,341 |
-26.0% |
|||
Net income attributable to non-controlling interests |
(12,880,046) |
(4,945,241) |
(747,343) |
-61.6% |
|||
Net income attributable to ordinary shareholders |
112,462,389 |
87,841,989 |
13,274,998 |
-21.9% |
|||
Net income per ADS: |
|||||||
Basic |
3.47 |
2.63 |
0.40 |
-24.2% |
|||
Diluted |
3.33 |
2.49 |
0.38 |
-25.2% |
|||
Weighted average number of ADSs used in computation: |
|||||||
Basic |
32,366,756 |
33,402,453 |
33,402,453 |
3.2% |
|||
Diluted |
33,754,351 |
35,233,971 |
35,233,971 |
4.4% |
Jupai Holdings Limited |
|||||||
Unaudited Condensed Consolidated Income Statements |
|||||||
(In RMB, except for USD data, ADS data and percentages) |
|||||||
Six months ended |
|||||||
June 30, |
June 30, |
June 30, |
YoY |
||||
2017 |
2018 |
2018 |
Change % |
||||
RMB |
RMB |
USD |
|||||
Revenues |
|||||||
Third party revenues |
283,489,110 |
130,137,315 |
19,666,820 |
-54.1% |
|||
Related party revenues |
525,169,327 |
749,594,247 |
113,281,384 |
42.7% |
|||
Total revenues |
808,658,437 |
879,731,562 |
132,948,204 |
8.8% |
|||
Taxes and surcharges |
(3,297,893) |
(2,949,252) |
(445,701) |
-10.6% |
|||
Net revenues |
805,360,544 |
876,782,310 |
132,502,503 |
8.9% |
|||
Operating costs and expenses: |
|||||||
Cost of revenues |
(296,733,214) |
(304,362,763) |
(45,996,397) |
2.6% |
|||
Selling expenses |
(124,882,852) |
(157,125,195) |
(23,745,326) |
25.8% |
|||
General and administrative expenses |
(97,744,401) |
(117,563,389) |
(17,766,603) |
20.3% |
|||
Other operating income — government subsidies |
5,340,843 |
15,040,473 |
2,272,970 |
181.6% |
|||
Total operating cost and expenses |
(514,019,624) |
(564,010,874) |
(85,235,356) |
9.7% |
|||
Income from operations |
291,340,920 |
312,771,436 |
47,267,147 |
7.4% |
|||
Interest income |
8,508,428 |
2,075,494 |
313,656 |
-75.6% |
|||
Investment income |
4,927,992 |
1,762,391 |
266,339 |
-64.2% |
|||
Other (loss) income |
(1,738,081) |
1,387,560 |
209,693 |
-179.8% |
|||
Total other income |
11,698,339 |
5,225,445 |
789,688 |
-55.3% |
|||
Income before taxes and income from equity in affiliates |
303,039,259 |
317,996,881 |
48,056,835 |
4.9% |
|||
Income tax expense |
(74,338,103) |
(88,373,667) |
(13,355,347) |
18.9% |
|||
Loss from equity in affiliates |
(3,887,071) |
(21,238,446) |
(3,209,631) |
446.4% |
|||
Net income |
224,814,085 |
208,384,768 |
31,491,857 |
-7.3% |
|||
Net income attributable to non-controlling interests |
(21,658,803) |
(4,665,194) |
(705,021) |
-78.5% |
|||
Net income attributable to ordinary shareholders |
203,155,282 |
203,719,574 |
30,786,836 |
0.3% |
|||
Net income per ADS: |
|||||||
Basic |
6.28 |
6.12 |
0.92 |
-2.5% |
|||
Diluted |
6.02 |
5.79 |
0.88 |
-3.8% |
|||
Weighted average number of ADSs used in computation: |
|||||||
Basic |
32,335,540 |
33,263,317 |
33,263,317 |
2.9% |
|||
Diluted |
33,746,769 |
35,184,517 |
35,184,517 |
4.3% |
Jupai Holdings Limited |
|||||||
Unaudited Condensed Comprehensive Income Statements |
|||||||
(In RMB, except for USD data and percentages) |
|||||||
Three months ended |
|||||||
June 30, |
June 30, |
June 30, |
Change |
||||
2017 |
2018 |
2018 |
|||||
RMB |
RMB |
USD |
|||||
Net income |
125,342,435 |
92,787,230 |
14,022,341 |
-26.0% |
|||
Other comprehensive income, net of tax: |
|||||||
Change in cumulative foreign currency translation adjustment |
(10,039,828) |
23,720,224 |
3,584,686 |
-336.3% |
|||
Other comprehensive income |
(10,039,828) |
23,720,224 |
3,584,686 |
-336.3% |
|||
Comprehensive income |
115,302,607 |
116,507,454 |
17,607,027 |
1.0% |
|||
Less: Comprehensive income attributable to non-controlling |
12,880,046 |
4,945,241 |
747,343 |
-61.6% |
|||
Comprehensive income attributable to ordinary shareholders |
102,422,561 |
111,562,213 |
16,859,684 |
8.9% |
Jupai Holdings Limited |
|||||||
Unaudited Condensed Comprehensive Income Statements |
|||||||
(In RMB, except for USD data and percentages) |
|||||||
Six months ended |
|||||||
June 30, |
June 30, |
June 30, |
Change |
||||
2017 |
2018 |
2018 |
|||||
RMB |
RMB |
USD |
|||||
Net income |
224,814,085 |
208,384,768 |
31,491,857 |
-7.3% |
|||
Other comprehensive income, net of tax: |
|||||||
Change in cumulative foreign currency translation adjustment |
(16,226,292) |
2,301,164 |
347,760 |
-114.2% |
|||
Other comprehensive income |
(16,226,292) |
2,301,164 |
347,760 |
-114.2% |
|||
Comprehensive income |
208,587,793 |
210,685,932 |
31,839,617 |
1.0% |
|||
Less: Comprehensive income attributable to non-controlling |
21,658,803 |
4,665,194 |
705,021 |
-78.5% |
|||
Comprehensive income attributable to ordinary shareholders |
186,928,990 |
206,020,738 |
31,134,596 |
10.2% |
Jupai Holdings Limited |
|||||
Reconciliation of GAAP to Non-GAAP Results |
|||||
(In RMB, except for ADS data and percentages) |
|||||
Three months ended |
|||||
June 30, |
June 30, |
Change |
|||
2017 |
2018 |
||||
RMB |
RMB |
||||
Net margin attributable to ordinary shareholders |
25.8% |
19.8% |
|||
Adjusted net margin attributable to ordinary shareholders (non-GAAP) |
28.7% |
26.0% |
|||
Net income attributable to ordinary shareholders |
112,462,389 |
87,841,989 |
-21.9% |
||
Adjustment for share-based compensation |
9,500,023 |
6,173,219 |
-35.0% |
||
Adjustment for amortization of intangible assets related to acquisition |
3,530,985 |
3,503,125 |
-0.8% |
||
Adjustment for impairment loss of investment in affiliates |
- |
18,000,000 |
0.0% |
||
Adjusted net income attributable to ordinary shareholders (non-GAAP) |
125,493,397 |
115,518,333 |
-7.9% |
||
Net income attributable to ordinary shareholders per ADS, diluted |
3.33 |
2.49 |
-25.2% |
||
Adjusted net income attributable to ordinary shareholders per ADS, |
3.72 |
3.28 |
-11.8% |
||
Weighted average number of ADSs used in computation: |
|||||
Diluted |
33,754,351 |
35,233,971 |
4.4% |
Jupai Holdings Limited |
|||||
Reconciliation of GAAP to Non-GAAP Results |
|||||
(In RMB, except for ADS data and percentages) |
|||||
Six months ended |
|||||
June 30, |
June 30, |
Change |
|||
2017 |
2018 |
||||
RMB |
RMB |
||||
Net margin attributable to ordinary shareholders |
25.2% |
23.2% |
|||
Adjusted net margin attributable to ordinary shareholders (non-GAAP) |
28.1% |
27.6% |
|||
Net income attributable to ordinary shareholders |
203,155,282 |
203,719,574 |
0.3% |
||
Adjustment for share-based compensation |
16,386,904 |
13,086,098 |
-20.1% |
||
Adjustment for amortization of intangible assets related to acquisition |
7,126,943 |
6,835,553 |
-4.1% |
||
Adjustment for impairment loss of investment in affiliates |
- |
18,000,000 |
0.0% |
||
Adjusted net income attributable to ordinary shareholders (non-GAAP) |
226,669,129 |
241,641,225 |
6.6% |
||
Net income attributable to ordinary shareholders per ADS, diluted |
6.02 |
5.79 |
-3.8% |
||
Adjusted net income attributable to ordinary shareholders per ADS, |
6.72 |
6.87 |
2.2% |
||
Weighted average number of ADSs used in computation: |
|||||
Diluted |
33,746,769 |
35,184,517 |
4.3% |
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