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 May 2015

 

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: May 22, 2015

  

 
 

 

EXHIBIT INDEX

 

Exhibit 99.1 – Press Release

 

 



 

Exhibit 99.1

 

Jumei Reports Unaudited First Quarter 2015 Financial Results

 

Revenue Growth Significantly Exceeds Guidance

 

BEIJING, May 21, 2015 /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 first quarter ended March 31, 2015. The Company will host a conference call to discuss the results at 8:30 AM U.S. Eastern Daylight Time on May 22, 2015 (8:30 PM China time on the same day).

 

First Quarter 2015 Highlights

 

·Net revenues increased by 61.8% year-over-year to US$250.6 million.

·Total net GMV [1] increased by 20.3% year-over-year to US$326.5 million, primarily due to a 14.3% increase in the number of active customers[2] and an 18.4% increase in total orders[3].

·Gross profit as a percentage of net revenues decreased to 31.4% from 44.1% in the same period of 2014. Gross profit as a percentage of total net GMV decreased slightly to 24.1% from 25.2% in the same period of 2014. The decrease was primarily due to the Company's shift in strategy from beauty product marketplace sales to merchandise sales that started in September 2014.

·Net income attributable to Jumei's ordinary shareholders increased by 49.5% to US$15.7 million from US$10.5 million in the same period of 2014. Net margin attributable to Jumei's ordinary shareholders was 6.3%, compared with 6.8% in the same period of 2014.

·Non-GAAP net income attributable to Jumei's ordinary shareholders[4] was US$17.2 million, an increase of 44.5% from the same period of 2014. Non-GAAP net margin attributable to Jumei's ordinary shareholders[4] was 6.9%, compared with 7.7% in the same period of 2014.

 

 

[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 Jumei's ordinary shareholders" is a non-GAAP financial measure defined as net income attributable to Jumei's ordinary shareholders excluding share-based compensation expenses. "Non-GAAP net margin attributable to Jumei's ordinary shareholders" is a non-GAAP financial measure defined as Non-GAAP net income attributable to Jumei's ordinary shareholders as a percentage of total net revenues. 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 pleased to announce stronger-than-expected growth for the first quarter of 2015. We successfully completed our transition for beauty products from marketplace sales to merchandise sales at the end of 2014, and our new business initiative – Jumei Global, took off early this year and experienced high growth in terms of sales volume. Jumei is currently one of the leading players in cross-border e-commerce in China. We expanded into cross-border baby and maternity category in mid-April, 2015 and quickly achieved market leading position in this new category in China. Our target for 2015 is focused on top line growth and expansion into other cross-border categories as we look to expand our customer base and significantly grow our order numbers. We are confident that we can achieve our quarterly and yearly sales target for 2015."

 

 
 

 

Unaudited First Quarter 2015 Financial Results

 

Total net revenues were US$250.6 million, an increase of 61.8% from US$154.9 million in the first quarter of 2014. The increase was primarily attributable to the shift from beauty product marketplace sales to merchandise sales, as well as the increase in the number of active customers and total orders. The number of active customers increased by 14.3% to approximately 5.6 million from approximately 4.9 million in the same period of 2014. The number of total orders increased by 18.4% to approximately 13.5 million from approximately 11.4 million in the same period of 2014.

 

Gross profit was US$78.7 million, an increase of 15.2% from US$68.3 million in the first quarter of 2014. Gross profit as a percentage of net revenues decreased to 31.4% from 44.1% in the same period of 2014. The decrease was primarily due to the shift from beauty product marketplace sales to merchandise sales. Gross profit as a percentage of net GMV decreased slightly to 24.1% from 25.2% in the same period of 2014. Gross profit from merchandise sales as a percentage of net GMV of merchandise sales decreased to 28.6% from 33.4% in the same period of 2014. The decrease was primarily due to the change of product mix.

 

Total operating expenses were US$64.7 million, an increase of 26.4% from US$51.2 million in the first quarter of 2014. Operating expenses as a percentage of total net GMV increased to 19.8% from 18.9% in the same period of 2014.

 

·Fulfillment expenses were US$28.8 million, an increase of 44.7% from US$19.9 million in the same period of 2014. Fulfillment expenses as a percentage of total net GMV increased to 8.8% from 7.3% in the same period of 2014. The increase was primarily due to higher fulfillment expenses of Jumei Global.

·Marketing expenses were US$23.8 million, an increase of 1.7% from US$23.4 million in the same period of 2014. Marketing expenses as a percentage of total net GMV decreased to 7.3% from 8.6% in the same period of 2014. The decrease was primarily the result of a series of efficient and effective marketing campaigns and brand promotion activities that were launched during the quarter in an effort to grow the Company's customer base.

·Technology and content expenses were US$6.7 million, an increase of 55.8% from US$4.3 million in the same period of 2014. Technology and content expenses as a percentage of total net GMV increased to 2.1% from 1.6% in the same period of 2014. The increase reflects Jumei's continuous investments in its information technology platform and the Company's commitment to attract top research and development talent in order to provide better technology-enabled services to both consumers and merchants.

·General and administrative expenses were US$5.3 million, an increase of 43.2% from US$3.7 million in the same period of 2014. General and administrative expenses as a percentage of total net GMV increased to 1.6% from 1.4% in the same period of 2014. The increase was mainly due to the increase in general and administrative staff headcount.

 

Income from operations was US$14.1 million, a decrease from US$17.1 million in the same period of 2014.

 

Non-GAAP income from operations, which excludes US$1.5 million in share-based compensation expenses, was US$15.6 million, a decrease of 15.7% from US$18.5 million in the same period of 2014.

 

Net income attributable to Jumei's ordinary shareholders was US$15.7 million, compared with US$10.5 million in the same period of 2014, primarily due to the fact that there is no preferred shares accretion this quarter as preferred shares have been converted into ordinary shares at the completion of our initial public offering in May 2014. Net margin attributable to Jumei's ordinary shareholders decreased slightly to 6.3% from 6.8% in the same period of 2014. Net income per basic and diluted ADS were US$0.11 and US$0.10, respectively, compared with US$0.16 and US$0.12, respectively, for the same period of 2014.

 

Non-GAAP net income attributable to Jumei's ordinary shareholders, which excludes share-based compensation expenses, was US$17.2 million, an increase of 44.5% from US$11.9 million in the same period of 2014. Non-GAAP net margin attributable to Jumei's ordinary shareholders decreased to 6.9% from 7.7% in the same period of 2014. Non-GAAP net income per basic and diluted ADS were US$0.12 and US$0.11, respectively, compared with US$0.18 and US$0.14, respectively, in the same period of 2014.

 

 
 

 

Balance Sheet

 

As of March 31, 2015, the Company had cash and cash equivalents of US$156.7 million, and short-term investments of US$423.7 million.

 

Business Outlook

 

For the second quarter of 2015, the Company expects total net revenues to be between US$270.1 million and US$277.8 million, representing a year-over-year growth rate of approximately 75% to 80%.

 

These forecasts reflect the Company's current and preliminary view, which is subject to change.

 

Conference Call

 

Jumei's management will host a conference call on Friday, May 22, 2015 at 8:30 a.m. U.S. Eastern Daylight 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)
   
Mainland 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: 810834#

 

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, June 22, 2015. The dial-in details for the replay are as follows:

 

Hong Kong and International: 852-3060-0238
USA: 1-866-345-5132
Passcode: 215252#

 

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 Jumei's ordinary shareholders, non-GAAP net margin attributable to Jumei's ordinary shareholders and non-GAAP net income per ADS attributable to Jumei's ordinary shareholders, 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 leading online retailer of beauty products. 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 and jumeiglobal.com websites 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. More information about Jumei can be found at http://jumei.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" 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 expected growth of Jumei Global, 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 annual report on Form 20-F. 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
Email: kans@jumei.com

 

Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: 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, 2014   March 31, 2015 
   US$   US$ 
         
ASSETS          
Current assets:          
Cash and cash equivalents   165,407    156,720 
Short-term investments   412,555    423,698 
Loan receivables   2,533    4,331 
Accounts receivable, net   4,403    9,175 
Inventories   101,613    108,502 
Advances to suppliers   8,759    30,481 
Prepayments and other current assets   32,852    26,848 
Deferred tax assets   424    424 
Total current assets   728,546    760,179 
Non-current assets:          
Long-term investment   -    5,000 
Property, equipment and software, net   8,289    8,956 
Intangible assets, net   18    14 
Goodwill   2,320    2,320 
Deferred tax assets   1,497    1,488 
Other non-current assets   2,645    2,490 
Total non-current assets   14,769    20,268 
Total assets   743,315    780,447 
           
Current liabilities          
Accounts payable   145,442    157,737 
Advances from customers   11,070    18,791 
Short-term loans   1,611    1,599 
Tax payable   13,661    17,889 
Accrued expenses and other current liabilities   20,169    15,773 
Total current liabilities   191,953    211,789 
Non-current liabilities          
Long-term loans   -    451 
Other non-current liabilities   843    778 
Total non-current liabilities   843    1,229 
Total liabilities   192,796    213,018 
           
Shareholders' equity:          
Ordinary shares   36    36 
Additional paid-in capital   459,108    460,630 
Statutory reserves   451    451 
Treasury stock   -    (145)
Retained earnings   89,405    105,096 
Accumulated other comprehensive income   1,259    448 
Jumei's shareholders' equity   550,259    566,516 
Noncontrolling interests   260    913 
Total shareholders' equity   550,519    567,429 
Total liabilities and shareholders' equity   743,315    780,447 

 

 
 

 

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 
   March 31, 2014   December 31, 2014   March 31, 2015 
   US$   US$   US$ 
             
Net revenues:               
Merchandise sales   129,833    154,676    240,808 
Marketplace services   25,026    11,279    9,790 
Total net revenues    154,859    165,955    250,598 
Cost of revenues   (86,517)   (115,535)   (171,869)
Gross profit   68,342    50,420    78,729 
Operating expenses:               
Fulfillment expenses   (19,886)   (14,809)   (28,847)
Marketing expenses   (23,432)   (19,922)   (23,820)
Technology and content expenses   (4,256)   (7,110)   (6,719)
General and administrative expenses   (3,656)   (4,578)   (5,275)
Total operating expenses   (51,230)   (46,419)   (64,661)
Income from operations   17,112    4,001    14,068 
Other income/(expenses):               
Interest income   884    4,971    5,737 
Others, net   2,693    3,137    384 
Income before tax   20,689    12,109    20,189 
Income tax expenses   (4,138)   (1,374)   (3,836)
Net income    16,551    10,735    16,353 
Net income attributable to noncontrolling interests   -    (36)   (661)
Net income attributable to Jumei International Holding Limited   16,551    10,699    15,692 
Accretion to Preferred Shares redemption value   (520)   -    - 
Income allocation to participating Redeemable Preferred Shares   (5,538)   -    - 
Net income attributable to Jumei's ordinary shareholders   10,493    10,699    15,692 
Net income    16,551    10,735    16,353 
Foreign currency translation adjustment, net of nil tax   (746)   750    (811)
Total comprehensive income   15,805    11,485    15,542 
Comprehensive income attributable to noncontrolling interests   -    (35)   (652)
Comprehensive income attributable to Jumei International Holding Limited   15,805    11,450    14,890 
                
Net income per share attributable to Jumei's ordinary shareholders               
- Basic   0.16    0.07    0.11 
- Diluted   0.12    0.07    0.10 
Net income per ADS attributable to Jumei's ordinary shareholders (1 ordinary share equals to 1 ADS)               
- Basic   0.16    0.07    0.11 
- Diluted   0.12    0.07    0.10 
Weighted average shares outstanding used in computing net income per share attributable to Jumei's ordinary shareholders               
- Basic   66,471,596    144,781,590    145,203,770 
- Diluted   84,718,363    150,120,447    150,084,009 

 

   For the three months ended 
   March 31, 2014   December 31, 2014   March 31, 2015 
   US$   US$   US$ 
             
Share-based compensation expenses included are follows:               
Fulfillment expenses   226    243    231 
Marketing expenses   393    (172)   375 
Technology and content expenses   242    329    325 
General and administrative expenses   505    599    556 
Total   1,366    999    1,487 

 

 
 

 

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 
   March 31, 2014   December 31, 2014   March 31, 2015 
   US$   US$   US$ 
             
Income from operations   17,112    4,001    14,068 
Share-based compensation expenses   1,366    999    1,487 
Non-GAAP income from operations   18,478    5,000    15,555 
                
Net income attributable to Jumei's ordinary shareholders   10,493    10,699    15,692 
Share-based compensation expenses   1,366    999    1,487 
Non-GAAP net income attributable to Jumei's ordinary shareholders   11,859    11,698    17,179 
                
Non-GAAP net income per share attributable to Jumei's ordinary shareholders               
- Basic   0.18    0.08    0.12 
- Diluted   0.14    0.08    0.11 
Non-GAAP net income per ADS attributable to Jumei's ordinary shareholders (1 ordinary share equals to 1 ADS)               
- Basic   0.18    0.08    0.12 
- Diluted   0.14    0.08    0.11 
Weighted average shares outstanding used in computing non-GAAP net income per share attributable to Jumei's ordinary shareholders:               
- Basic   66,471,596    144,781,590    145,203,770 
- Diluted   84,718,363    150,120,447    150,084,009 

 

 

 

Jumei (NYSE:JMEI)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Jumei Charts.
Jumei (NYSE:JMEI)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Jumei Charts.