UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2014

 

Commission File Number: 001-36442

 

 

JUMEI INTERNATIONAL HOLDING LIMITED

 

 

20th Floor, Tower B, Zhonghui Plaza

11 Dongzhimen South Road, Dongcheng District

Beijing 100007

The People’s Republic of China

Tel: +86 10-5676-6999

 

(Address of principal executive offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F x  Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):              

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):              

 

 
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

  JUMEI INTERNATIONAL HOLDING LIMITED  
       
       
  By: /s/ Mona Meng Gao  
  Name:  Mona Meng Gao  
  Title: Co-Chief Financial Officer  

 

Date: August 28, 2014

 

 
 

 

EXHIBIT INDEX

 

Exhibit 99.1 – Press Release

 

 



 

 

Exhibit 99.1

 

Jumei Reports Unaudited Second Quarter 2014 Financial Results

 

-- "Company sees continued fast growth in financial and operating performance" --

 

BEIJING, Aug. 18, 2014 /PRNewswire/ -- Jumei International Holding Limited (NYSE: JMEI) ("Jumei" or the "Company"), China's leading online retailer of beauty products, today announced its unaudited financial results for the second quarter ended June 30, 2014. The Company will host a conference call to discuss the results at 8:00 AM U.S. Eastern Daylight Time on August 19, 2014 (8:00 PM China time on the same day).

 

Second Quarter 2014 Highlights

 

·Total net GMV[1] increased 64.3% year-over-year to US$289.4 million, primarily due to a 42.9% increase in the number of active customers[2] and a 39.2% increase in total orders[3]
·Net revenues increased 41.9% year-over-year to US$154.4 million
·Gross profit as a percentage of net revenues increased to 46.3% from 41.5% during the same period of 2013. Gross profit as a percentage of total net GMV decreased to 24.7% from 25.7% for the same period in 2013, primarily due to the expansion of marketplace services.
·Net income attributable to ordinary shareholders increased 53.6% to US$15.4 million
·Non-GAAP net income attributable to ordinary shareholders[4] increased 68.2% to US$17.8 million
·The Company successfully completed its IPO on the New York Stock Exchange on May 16, 2014. Including the exercise of the over-allotment and the concurrent private placement, the Company raised a total of US$429.9 million.

 

[1] "Net GMV" are to the sum of (i) net revenues generated from merchandise sales, and (ii) net revenues generated from marketplace services and adding back corresponding payables to our third-party merchants;
[2] An "active customer" for a specified period is a customer that made at least one purchase during the period;
[3] Total orders are defined as the total number of orders placed during the period, excluding rejected or returned orders;
[4] Non-GAAP net income attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as net income attributable to ordinary shareholders excluding share-based compensation expenses. See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results."

 

Mr. Leo Chen, founder and CEO of Jumei, stated, "We are thrilled to report robust quarterly financial results, which reflect our continued growth momentum and increasing operational efficiencies, evidenced by 64.3% year-over-year growth in total net GMV, 41.9% growth in net revenues, and a 53.6% increase in net income attributable to ordinary shareholders. This is our first quarterly earnings announcement after our successful IPO on the New York Stock Exchange on May 16, 2014, which was a significant milestone in Jumei's history. We are committed to enhancing our supply chain management and implementing strict quality control measures so that we can continue to attract more top-tier beauty brands from both China and around the world. As a part of these efforts, we expanded random product testing in June 2014 in order to reinforce Jumei's reputation for quality and reliability with Chinese consumers. Our purpose is to raise the bar in China's online beauty industry and set new benchmarks in our ongoing anti-counterfeiting campaign."

 

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Ms. Mona Gao, Co-CFO of Jumei, added, "This marks the ninth consecutive quarter in which we have posted strong and profitable growth. This performance clearly reinforces our significant market leading position in China's online B2C beauty market and demonstrates our ability to continue to cross sell into other female categories such as apparel."

 

Mr. Yunsheng Zheng, Co-CFO of Jumei concluded, "Looking forward, we will continue to focus on our strategy of adding more private label and exclusive beauty products to our wide range of product offerings. Striking a balance between our product offerings and market place services along with the continued execution of our strategy, should allow us to maximize shareholder value over the long term."

 

Unaudited Second Quarter 2014 Financial Results

 

Total net revenues were US$154.4 million, an increase of 41.9% from US$108.8 million in the second quarter of 2013. This increase was primarily attributable to the increase in the number of active customers and total orders. The number of active customers increased by 42.9% to approximately 5.0 million from approximately 3.5 million in the same period of 2013. The number of total orders increased by 39.2% to approximately 11.0 million from approximately 7.9 million in the same period of 2013.

 

Gross profit was US$71.5 million, an increase of 58.3% from US$45.2 million in the second quarter of 2013. Gross profit as a percentage of net revenues increased to 46.3% from 41.5% during the same period of 2013. The increase was mainly attributable to the higher percentage of net revenues generated from marketplace services. Gross profit from merchandise sales as a percentage of net GMV of merchandise sales increased to 32.8% from 32.2% in the same period of 2013, primarily as a result of the increased percentage of net revenues generated from sales of exclusive products and improved economies of scale. Gross profit as a percentage of net GMV decreased to 24.7% from 25.7% in the same period of 2013, primarily due to the expansion of marketplace services.

 

Total operating expenses were US$50.4 million, an increase of 96.6% from US$25.7 million in the second quarter of 2013. The increase reflects the Company's overall business expansion. Operating expenses as a percentage of total net GMV increased to 17.4% from 14.6% during the same period of 2013, primarily due to the expanded scale of the business and related marketing expenses.

 

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·Fulfillment expenses were US$19.5 million, an increase of 54.4% from US$12.6 million in the same period of 2013. The increase was mainly due to the significant increase in the number of orders fulfilled. Fulfillment expenses as a percentage of total net GMV decreased to 6.7% from 7.2% for the same period of 2013, primarily due to the increased percentage of net GMV generated from apparel marketplace services, for which the Company does not provide fulfillment services.
·Marketing expenses were US$21.9 million, an increase of 146.2% from US$8.9 million for the same period of 2013. The increase was primarily a result of Jumei's successful marketing campaigns and brand promotion activities, and directly reflects the Company's efforts to grow its customer base and gain market share in the female beauty and apparel market. Marketing expenses as a percentage of total net GMV increased to 7.6% from 5.1% for the same period of 2013.
·Technology and content expenses were US$4.7 million, an increase of 110.7% from US$2.2 million in the same period of 2013. The increase reflects Jumei's ongoing investments in the Company's information technology platform and commitment to recruit top research and development talents in order to provide better technology-enabled services to both consumers and merchants. Technology and content expenses as a percentage of total net GMV increased to 1.6% from 1.3% for the same period of 2013.
·General and administrative expenses were US$4.3 million, an increase of 129.8% from US$1.9 million for the same period of 2013. The increase was mainly due to increases in general and administrative staff headcount and rental and office expenses to support business growth. General and administrative expenses as a percentage of total net GMV increased to 1.5% from 1.1% for the same period of 2013.

 

Income from operations was US$21.1 million, an increase of 7.9% from US$19.5 million for the same period of 2013.

 

Non-GAAP income from operations, which excludes US$2.5 million in share-based compensation expenses, was US$23.6 million, an increase of 16.9% from US$20.2 million for the same period of 2013.

 

Net income attributable to ordinary shareholders was US$15.4 million, an increase of 53.6% from US$10.0 million for the same period of 2013. Net margin attributable to ordinary shareholders increased to 9.9% from 9.2% for the same period of 2013. Net income per basic and diluted ADS were US$0.15 and US$0.13, respectively, compared with US$0.17 and US$0.12 for the same period of 2013, respectively.

 

Non-GAAP net income attributable to ordinary shareholders, which excludes share-based compensation expenses, was US$17.8 million, an increase of 68.2% from US$10.6 million for the same period of 2013. Non-GAAP net margin attributable to ordinary shareholders increased to 11.6% from 9.8% for the same period of 2013. Non-GAAP net income per basic and diluted ADS were US$0.17 and US$0.16, respectively, compared with US$0.18 and US$0.13 for the same period of 2013, respectively.

 

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Share Count

 

The Company's weighted average number of ADSs used in computing diluted earnings per ADS was 114,512,550.

 

Balance Sheet

 

As of June 30, 2014, the Company had cash and cash equivalents of US$84.0 million, and short-term investments of US$493.3 million.

 

Business Highlights

 

Random sample spectrum analysis testing

 

Jumei began expanding the scope of random sample testing in June 2014, when the Company's Beijing consulting laboratory increased the sample size for testing from 12% of third party merchants to more than 67%, covering 17% of beauty product marketplace SKUs. The tests in June discovered no instances of counterfeiting or other product discrepancies. Jumei has already begun posting monthly spectrum analysis audits of third party merchants in Chinese, which can be found at http://www.jumei.com/act/sepuceshi.html. The spectrum analysis audits will be updated monthly to reflect the previous month's testing results.

 

Authentic Beauty Product Alliance

 

As of July 30, 2014, the Authentic Beauty Product Alliance (ABPA) had 84 members, and accounted for approximately 70% of Jumei's merchandise sales GMV. All such brands are available on Jumei's platform.

 

Business Outlook

 

For the year of 2014, the Company expects its non-GAAP net income to be between US$81 million and US$87 million, representing a year-over-year growth rate of approximately 40% to 50%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

 

Conference Call information

 

Jumei's management will host a conference call on Tuesday, August 19, 2014 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m. Beijing/Hong Kong Time on the same day) to discuss the financial results.

 

The dial-in details for the earnings conference call are as follows:

 

Hong Kong:  800-908-575 (Toll Free)
  3056-2688 (Toll/Mobile)
   
China:  800-803-6152 (Toll Free)
  400-603-9021 (Toll/Mobile)
   
USA:  1-877-679-2987 (Toll Free)
  646-502-5131 (Toll/Mobile)
   
UK:  0800-376-2927 (Toll Free)
  020-7660-2114 (Toll/Mobile)
   
Participant PIN Code: 794133#

 

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Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

 

A telephone replay of the call will be available after the conclusion of the conference call through 12:00 a.m. U.S. Eastern Daylight Time, September 18, 2014. The dial-in details for the replay are as follows:

 

International:  852-3060-0238
USA:  1-866-345-5132
Passcode:  213236#                                                    

 

A live and archived webcast of the conference call will be available on the Investor Relations section of Jumei's website at http://jumei.investorroom.com/.

 

Use of Non-GAAP Financial Measures

 

To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles ("GAAP"), Jumei uses non-GAAP income from operations, non-GAAP net income attributable to ordinary shareholders, non-GAAP net margin attributable to ordinary shareholders and non-GAAP net income per ADS, by excluding share-based compensation expenses from operating profit and net income attributable to the Company's shareholders, respectively. The Company believes these non-GAAP financial measures are important to help investors understand Jumei's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess Jumei's core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of Jumei's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating Jumei's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

 

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About Jumei International Holding Limited

 

Jumei (NYSE: JMEI) is China's No. 1 online retailer of beauty products as measured by gross merchandise volume, with a market share of 22.1% in 2013, according to a commissioned research report by Frost & Sullivan. Jumei's internet platform is a trusted destination for consumers to discover and purchase branded beauty products and fashionable apparel and other lifestyle products through the Company's jumei.com website and mobile application. Leveraging its deep understanding of customer needs and preferences, as well as its strong merchandizing capabilities, Jumei has adopted multiple effective sales formats to encourage product purchases on its platform, including curated sales, online shopping mall and flash sales.

 

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" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Jumei's strategic and operational plans, contain forward-looking statements. Jumei may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, 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 Jumei'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 Company's goals and strategies; the Company's future business development, results of operations and financial condition; the expected growth of the Company's curated sales, online shopping mall and flash sales in China; the Company's ability to attract and retain new customers and to increase revenues generated from repeat customers; its ability to obtain the authorization of more exclusive products; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China's online retailers of beauty products; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Jumei's filings with the SEC, including its registration statement on Form F-1, as amended. All information provided in this press release and in the attachments is as of the date of this press release, and Jumei does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

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For investor and media inquiries, please contact:

 

Jumei International Holding Limited
Mr. Sterling Song
Investor Relations Director
Phone: +86-10-5676-6983
kans@jumei.com

 

Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

 

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com 

 

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JUMEI INTERNATIONAL HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share data and per share data)

 

   December 31, 2013   June 30, 2014 
   US$   US$ 
         
ASSETS          
Current assets:          
Cash and cash equivalents   111,402    83,960 
Short-term investments   4,100    493,306 
Accounts receivable, net   2,807    4,171 
Amount due from related parties   -    140 
Inventories   32,653    53,252 
Advances to suppliers   22,343    13,030 
Prepayments and other current assets   9,289    11,099 
Deferred tax assets   292    289 
Total current assets   182,886    659,247 
           
Non-current assets:          
Property, equipment and software, net   5,394    6,738 
Intangible assets, net   36    27 
Goodwill   2,320    2,320 
Deferred tax assets   2,706    2,140 
Other non-current assets   1,969    2,177 
Total non-current assets   12,425    13,402 
Total assets   195,311    672,649 
           
Current liabilities          
Accounts payable   88,766    121,009 
Amount due to related parties   280    - 
Advances from customers   4,506    6,306 
Tax payable   16,264    12,984 
Accrued expenses and other current liabilities   9,835    15,124 
Total current liabilities   119,651    155,423 
Non-current liabilities          
Other non-current liabilities   -    972 
Total non-current liabilities   -    972 
Total liabilities   119,651    156,395 
Mezzanine Equity          
Series A-1 Redeemable Preferred Shares   647    - 
Series A-2 Redeemable Preferred Shares   8,854    - 
Series B Redeemable Preferred Shares   7,683    - 
Total mezzanine equity   17,184    - 
           
Shareholders' equity:          
Ordinary shares   20    36 
Additional paid-in capital   32,652    456,170 
Statutory reserves   449    449 
Retained earnings   24,238    59,211 
Accumulated other comprehensive income   1,117    388 
Total shareholders' equity   58,476    516,254 
Total liabilities, mezzanine equity and shareholders' equity   195,311    672,649 

 

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JUMEI INTERNATIONAL HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(U.S. dollars in thousands, except share data and per share data)

 

    For the three months ended  
    June 30, 2013     March 31, 2014     June 30, 2014  
    US$     US$     US$  
Net revenues:                        
Merchandise sales     93,716       129,833       123,316  
Marketplace services     15,049       25,026       31,043  
Total net revenues     108,765       154,859       154,359  
Cost of revenues     (63,582 )     (86,517 )     (82,843 )
Gross profit     45,183       68,342       71,516  
Operating expenses:                        
Fulfillment expenses     (12,649 )     (19,886 )     (19,524 )
Marketing expenses     (8,908 )     (23,432 )     (21,933 )
Technology and content expenses     (2,222 )     (4,256 )     (4,681 )
General and administrative expenses     (1,874 )     (3,656 )     (4,307 )
Total operating expenses     (25,653 )     (51,230 )     (50,445 )
Income from operations     19,530       17,112       21,071  
Other income/(expenses):                        
Interest income     213       884       2,206  
Others, net     165       2,693       1,488  
Income before tax     19,908       20,689       24,765  
Income tax expenses     (4,099 )     (4,138 )     (5,587 )
Net income     15,809       16,551       19,178  
Accretion to preferred share redemption value     (449 )     (520 )     (235 )
Income allocation to participating Redeemable Preferred Shares     (5,367 )     (5,538 )     (3,589 )
Net income attributable to ordinary shareholders     9,993       10,493       15,354  
                         
Net income     15,809       16,551       19,178  
Foreign currency translation adjustment, net of nil tax     379       (746 )     17  
Comprehensive income     16,188       15,805       19,195  
                         
Net income per share                        
- Basic     0.17       0.16       0.15  
- Diluted     0.12       0.12       0.13  
Net income per ADS (1 ordinary share equals to 1 ADS)                        
- Basic     0.17       0.16       0.15  
- Diluted     0.12       0.12       0.13  

 

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Weighted average shares outstanding used in computing net income per share                        
- Basic     57,971,786       66,471,596       102,350,714  
- Diluted     82,870,484       84,718,363       114,512,550  
                         
      For the three months ended  
      June 30, 2013       March 31, 2014       June 30, 2014  
      US$       US$       US$  
                         
Share-based compensation expenses included are follows:                        
Fulfillment expenses     -       226       243  
Marketing expenses     116       393       1,130  
Technology and content expenses     276       242       418  
General and administrative expenses     228       505       701  
Total     620       1,366       2,492  

  

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JUMEI INTERNATIONAL HOLDING LIMITED

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(U.S. dollars in thousands, except share data and per share data)

 

    For the three months ended  
    June 30, 2013     March 31, 2014     June 30, 2014  
    US$     US$     US$  
                   
Income from operations     19,530       17,112       21,071  
Share-based compensation expenses     620       1,366       2,492  
Non-GAAP income from operations     20,150       18,478       23,563  
                         
Net income attributable to ordinary shareholders     9,993       10,493       15,354  
Share-based compensation expenses     620       1,366       2,492  
Non-GAAP net income attributable to ordinary shareholders     10,613       11,859       17,846  
                         
Non-GAAP net income per share                        
- Basic     0.18       0.18       0.17  
- Diluted     0.13       0.14       0.16  
Non-GAAP net income per ADS (1 ordinary share equals to 1 ADS)                        
- Basic     0.18       0.18       0.17  
- Diluted     0.13       0.14       0.16  
Non-GAAP weighted average shares outstanding used in computing net income per share:                        
- Basic     57,971,786       66,471,596       102,350,714  
- Diluted     82,870,484       84,718,363       114,512,550  

   

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