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 November 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  ¨

 

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: November 20, 2014

 

 
 

 

EXHIBIT INDEX

 

Exhibit 99.1 – Press Release

 

 



 

Exhibit 99.1

 

Jumei Reports Unaudited Third Quarter 2014 Financial Results

 

BEIJING, Nov. 19, 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 quarter ended September 30, 2014. The Company will host a conference call to discuss the results at 7:30 AM U.S. Eastern Standard Time on November 20, 2014 (8:30 PM China time on the same day).

 

Third Quarter 2014 Highlights

 

·Total net GMV[1] increased by 31.4% year-over-year to US$273.0 million, primarily due to a 23.8% increase in the number of active customers[2] and a 14.1% increase in total orders[3]

 

·Net revenues increased 28.0% year-over-year to US$157.7 million

 

·Gross profit as a percentage of net revenues decreased to 38.0% from 43.7% in the same period of 2013. Gross profit as a percentage of total net GMV decreased to 22.0% from 25.9% in the same period of 2013. The decreases were primarily due to an increase in promotional activities, which led to relatively higher pricing discounts, as well as the higher value-added tax paid as a result of a shift from beauty product marketplace sales to merchandise sales

 

·Net income attributable to ordinary shareholders increased by 88.6% year-over-year to US$19.5 million

 

·Non-GAAP net income attributable to ordinary shareholders[4] was US$21.0 million, an increase of 87.4% from the same period of 2013

 

[1] "Net GMV" means the sum of (i) net revenues generated from merchandise sales, and (ii) net revenues generated from marketplace services plus corresponding payables to third-party merchants;
[2] "Active customer" means a customer that made at least one purchase during a specified period;
[3] "Total orders" means the total number of orders placed during a period, excluding rejected or returned orders;
[4] "Non-GAAP net income attributable to ordinary shareholders" is a non-GAAP financial measure 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 just delivered the tenth consecutive quarter of strong growth and profitability. Despite this being a quarter of transition, we saw net income attributable to ordinary shareholders increase by 88.6% and mobile transactions as percentage of net GMV reach 57%. As we communicated to investors during our IPO roadshow, we are working to eventually move most of our beauty product marketplace sales to merchandise sales. We began this move in September and expect to complete it by the end of this year. Marketplace beauty product sales will then be replaced by direct brand cooperation, department store purchases and Jumei Global. Jumei Global was officially launched in September and has quickly ramped up. This strategic transition gives us further control over the entire beauty supply chain and further strengthens our quality control.

 

"Our company strives for zero tolerance when it comes to quality issues and we have long been setting industry standards for quality control. In October, we commenced operations at our in-house spectrum analysis lab. As of November, the lab is routinely testing around 300 SKUs per month, including the SKUs from customer returns.

 

"We also continue to develop and reinforce the Authentic Beauty Product Alliance (ABPA). As of September 30, 2014, the ABPA had 102 members. Since the second quarter of this year, brands that have joined the ABPA include Elizabeth Arden, Whoo, Aupres, Jurlique, Chando, Za, and others."

 

Unaudited Third Quarter 2014 Financial Results

 

Total net revenues were US$157.7 million, an increase of 28.0% from US$123.3 million in the third quarter of 2013. This increase was primarily attributable to the rise in the number of active customers and total orders. The number of active customers increased by 23.8% to 5.2 million from 4.2 million in the same period of 2013. The number of total orders increased by 14.1% to 10.5 million from 9.2 million in the same period of 2013.

 

Gross profit was US$59.9 million, an increase of 11.4% from US$53.8 million in the third quarter of 2013. Gross profit as a percentage of net revenues decreased to 38.0% from 43.7% in the same period of 2013. Gross profit from merchandise sales as a percentage of net GMV of merchandise sales decreased to 29.4% from 33.8% in the same period of 2013, and gross profit as a percentage of net GMV decreased to 22.0% from 25.9% in the same period of 2013. The decrease was primarily due to the launch of a variety of new promotional marketing activities as well as an increase in value added tax as the Company saw a shift in sales from marketplace sales to merchandise sales.

 

 
 

 

Total operating expenses were US$42.7 million, an increase of 28.0% from US$33.4 million in the third quarter of 2013. The increase reflected the Company's overall business expansion. Operating expenses as a percentage of total net GMV decreased to 15.7% from 16.1% in the same period of 2013, primarily due to greater economies of scale.

 

·Fulfillment expenses were US$16.6 million, an increase of 9.9% from US$15.1 million in the same period of 2013. This was mainly due to an increase in the number of orders fulfilled. Fulfillment expenses as a percentage of total net GMV decreased significantly to 6.1% from 7.3% in the same period of 2013, primarily due to greater economies of scale and improving efficiencies in the Company's fulfillment.

 

·Marketing expenses were US$16.0 million, an increase of 29.2% from US$12.4 million in the same period of 2013. The increase was primarily a result of the higher number of marketing campaigns and brand promotion activities that Jumei launched during the quarter, and reflects the Company's efforts to grow its customer base and further gain market shares in the beauty and apparel markets. Marketing expenses as a percentage of total net GMV decreased slightly to 5.9% from 6.0% in the same period of 2013.

 

·Technology and content expenses were US$6.0 million, an increase of 111.7% from US$2.9 million in the same period of 2013. The significant increase reflects Jumei's continuous investments in the Company's information technology platform and commitment to attract top research and development talent 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 2.2% from 1.4% in the same period of 2013.

 

·General and administrative expenses were US$4.1 million, an increase of 33.9% from US$3.1 million in the same period of 2013. The increase was mainly due to an increase in general and administrative staff headcount to support business expansion and growth. General and administrative expenses as a percentage of total net GMV was 1.5%, which is unchanged from the same period of 2013.

 

Income from operations was US$17.2 million, a decrease of 15.8% from US$20.4 million in the same period of 2013.

 

Non-GAAP income from operations, which excludes US$1.5 million in share-based compensation expenses, was US$18.7 million, a decrease of 12.2% from US$21.3 million in the same period of 2013.

 

Net income attributable to ordinary shareholders was US$19.5 million, an increase of 88.6% from US$10.3 million in the same period of 2013, partially as a result of the conversion of the Company's preferred shares into ordinary shares at the completion of the IPO in May, 2014. Net margin attributable to ordinary shareholders increased to 12.4% from 8.4% in the same period of 2013. Net income per basic and diluted ADS were US$0.13 and US$0.13, 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$21.0 million, an increase of 87.4% from US$11.2 million in the same period of 2013. Non-GAAP net margin attributable to ordinary shareholders increased to 13.3% from 9.1% in the same period of 2013. Non-GAAP net income per basic and diluted ADS were US$0.15 and US$0.14, compared with US$0.19 and US$0.13 in the same period of 2013, respectively.

 

Share Count

 

The Company's weighted average number of ADSs used in computing diluted earnings per ADS was 150,594,342.

 

Balance Sheet

 

As of September 30, 2014, the Company had cash and cash equivalents of US$182.0 million, and short-term investments of US$410.4 million.

 

Company Guidance

 

The Company reiterates its guidance provided in August 2014. For fiscal year 2014, the Company expects non-GAAP net income to be between US$81 million and US$87 million, representing year-over-year growth 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

 

Jumei's management will host a conference call on Thursday, November 20, 2014 at 7:30 a.m. U.S. Eastern Standard Time (8:30 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:   900139#

 

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 Standard Time, December 18, 2014. The dial-in details for the replay are as follows:

 

Hong Kong and International:   852-3060-0238
   
USA: 1-866-345-5132
   
Passcode: 213897#

 

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.

 

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, 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.

 

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

 

 
 

 

JUMEI INTERNATIONAL HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

    December 31, 2013     September 30, 2014  
    US$     US$  
             
ASSETS            
Current assets:            
Cash and cash equivalents     111,402       182,039  
Short-term investments     4,100       410,418  
Loan receivables     -       3,207  
Accounts receivable, net     2,807       4,548  
Amount due from related parties     -       172  
Inventories     32,653       64,180  
Advances to suppliers     22,343       13,621  
Prepayments and other current assets     9,289       23,130  
Deferred tax assets     292       289  
Total current assets     182,886       701,604  
                 
Non-current assets:                
Property, equipment and software, net     5,394       8,377  
Intangible assets, net     36       12  
Goodwill     2,320       2,320  
Deferred tax assets     2,706       2,140  
Other non-current assets     1,969       2,178  
Total non-current assets     12,425       15,027  
Total assets     195,311       716,631  
                 
Current liabilities                
Accounts payable     88,766       145,375  
Amount due to related parties     280       -  
Advances from customers     4,506       5,263  
Tax payable     16,264       14,870  
Accrued expenses and other current liabilities     9,835       12,836  
Total current liabilities     119,651       178,344  
Non-current liabilities                
Other non-current liabilities     -       907  
Total non-current liabilities     -       907  
Total liabilities     119,651       179,251  
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       457,678  
Statutory reserves     449       449  
Retained earnings     24,238       78,707  
Accumulated other comprehensive income     1,117       510  
Total shareholders' equity     58,476       537,380  
Total liabilities, mezzanine equity and shareholders' equity     195,311       716,631  

 

 
 

 

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 
   September 30, 2013   June 30,
2014
   September 30, 2014 
   US$   US$   US$ 
Net revenues:            
Merchandise sales   104,885    123,316    138,559 
Marketplace services   18,369    31,043    19,187 
Total net revenues   123,254    154,359    157,746 
Cost of revenues   (69,448)   (82,843)   (97,824)
Gross profit   53,806    71,516    59,922 
Operating expenses:               
Fulfillment expenses   (15,059)   (19,524)   (16,556)
Marketing expenses   (12,375)   (21,933)   (15,990)
Technology and content expenses   (2,855)   (4,681)   (6,043)
General and administrative expenses   (3,099)   (4,307)   (4,149)
Total operating expenses   (33,388)   (50,445)   (42,738)
Income from operations   20,418    21,071    17,184 
Other income/(expenses):               
Interest income   201    2,206    5,320 
Others, net   (5)   1,488    1,866 
Income before tax   20,614    24,765    24,370 
Income tax expenses   (4,261)   (5,587)   (4,874)
Net income   16,353    19,178    19,496 
Accretion to preferred share redemption value   (449)   (235)   - 
Income allocation to participating Redeemable Preferred Shares   (5,567)   (3,589)   - 
Net income attributable to ordinary shareholders   10,337    15,354    19,496 
                
Net income   16,353    19,178    19,496 
Foreign currency translation adjustment, net of nil tax   339    17    122 
Comprehensive income   16,692    19,195    19,618 
                
Net income per share               
- Basic   0.17    0.15    0.13 
- Diluted   0.12    0.13    0.13 
Net income per ADS (1 ordinary share equals to 1 ADS)               
- Basic   0.17    0.15    0.13 
- Diluted   0.12    0.13    0.13 
                
Weighted average shares outstanding used in computing net income per share               
- Basic   60,122,899    102,350,714    144,712,235 
- Diluted   83,375,808    114,512,550    150,594,342 

 

 
 

 

   For the three months ended 
   September 30, 2013   June 30,
2014
   September 30, 2014 
   US$   US$   US$ 
             
Share-based compensation expenses included are follows:            
Fulfillment expenses   151    243    243 
Marketing expenses   181    1,130    278 
Technology and content expenses   234    418    369 
General and administrative expenses   308    701    618 
Total   874    2,492    1,508 

 

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 
   September 30, 2013   June 30,
2014
   September 30, 2014 
   US$   US$   US$ 
Income from operations   20,418    21,071    17,184 
Share-based compensation expenses   874    2,492    1,508 
Non-GAAP income from operations   21,292    23,563    18,692 
                
Net income attributable to ordinary shareholders   10,337    15,354    19,496 
Share-based compensation expenses   874    2,492    1,508 
Non-GAAP net income attributable to ordinary shareholders   11,211    17,846    21,004 
                
Non-GAAP net income per share               
- Basic   0.19    0.17    0.15 
- Diluted   0.13    0.16    0.14 
Non-GAAP net income per ADS (1 ordinary share equals to 1 ADS)               
- Basic   0.19    0.17    0.15 
- Diluted   0.13    0.16    0.14 
Non-GAAP weighted average shares outstanding used in computing net income per share:               
- Basic   60,122,899    102,350,714    144,712,235 
- Diluted   83,375,808    114,512,550    150,594,342 

 

 

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