SHANGHAI, Aug. 16, 2017 /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, 2017.
Effective July 1, 2016, Jupai
changed its reporting currency from the U.S. dollars to Renminbi.
The aligning of the reporting currency with the underlying
operations better reflects the Company's results of operations for
each period, and reduces the impact that the increased volatility
of the Renminbi to U.S. dollars exchange rate will have on the
Company's reported operating results. In this announcement, the
unaudited financial results for the second quarter and six months
ended June 30, 2017, respectively,
are stated in Renminbi. This release contains translations of
certain Renminbi amounts into U.S. dollars for convenience. Prior
period financial results have been recast into the new reporting
currency.
SECOND QUARTER AND FIRST HALF 2017 FINANCIAL
HIGHLIGHTS
- Net revenues in the second quarter of 2017 were
RMB436.6 million
(US$[1]64.4 million), a 78.4% increase from RMB244.7 million for the corresponding period in
2016. For the first half of 2017, net revenues were RMB805.4 million (US$118.8
million), an increase of 71.8% from RMB468.7 million for the same period in
2016.
[1] The U.S. dollars
(US$) 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 30, 2017, as set forth in the
H.10 statistical release of the Board of Governors of the Federal
Reserve System, which was RMB6.7793 to US$1.00. The percentages
stated in this press release are calculated based on the Renminbi
amounts.
|
(RMB '000, except
percentages)
|
Q2
2016
|
|
Q2 2016
%
|
|
Q2
2017
|
|
Q2 2017
%
|
|
YoY Change
%
|
One-time
commissions
|
148,894
|
|
60.7%
|
|
230,010
|
|
52.7%
|
|
54.5%
|
Recurring management
fees
|
62,030
|
|
25.5%
|
|
93,906
|
|
21.5%
|
|
51.4%
|
Recurring service
fees
|
33,807
|
|
13.8%
|
|
33,317
|
|
7.6%
|
|
-1.4%
|
Other service
fees
|
-
|
|
-
|
|
79,387
|
|
18.2%
|
|
100.0%
|
Total net
revenues
|
244,731
|
|
100.0%
|
|
436,620
|
|
100.0%
|
|
78.4%
|
(RMB '000, except
percentages)
|
H1
2016
|
|
H1 2016
%
|
|
H1
2017
|
|
H1 2017
%
|
|
YoY Change
%
|
One-time
commissions
|
303,867
|
|
64.9%
|
|
464,768
|
|
57.7%
|
|
53.0%
|
Recurring management
fees
|
98,662
|
|
21.0%
|
|
161,524
|
|
20.1%
|
|
63.7%
|
Recurring service
fees
|
66,211
|
|
14.1%
|
|
59,542
|
|
7.4%
|
|
-10.1%
|
Other service
fees
|
-
|
|
-
|
|
119,527
|
|
14.8%
|
|
100.0%
|
Total net
revenues
|
468,740
|
|
100.0%
|
|
805,361
|
|
100.0%
|
|
71.8%
|
- Income from operations in the second quarter of 2017 was
RMB166.1 million (US$24.5 million), a 205.8% increase from
RMB54.3 million for the corresponding
period in 2016. For the first half of 2017, income from operations
was RMB291.3 million (US$43.0 million), an increase of 240.1% from
RMB85.7 million for the same period
in 2016.
- Net income attributable to ordinary shareholders in the
second quarter of 2017 was RMB112.5
million (US$16.6 million), a
181.4% increase from RMB40.0 million
for the corresponding period in 2016. For the first half of 2017,
net income attributable to ordinary shareholders was RMB203.2 million (US$30.0
million), an increase of 205.7% from RMB66.5 million for the same period in 2016.
- Non-GAAP[2] net income attributable to
ordinary shareholders in the second quarter of 2017 was
RMB125.5 million (US$18.5 million), a 158.4% increase from
RMB48.6 million for the corresponding
period in 2016. For the first half of 2017, non-GAAP net income
attributable to ordinary shareholders was RMB226.7 million (US$33.4
million), an increase of 171.7% from RMB83.4 million for the same period in 2016.
[2] Jupai's non-GAAP
financial measures are derived from adjusting the corresponding
GAAP financial measures by excluding the effects of share-based
compensation and amortization of intangible assets resulted from
business acquisitions.
|
SECOND QUARTER AND FIRST HALF 2017 OPERATIONAL
UPDATES
- Total number of active clients[3] during the
second quarter of 2017 was 3,698.
- The aggregate value of wealth management products
distributed by the Company during the second quarter
of 2017 was RMB12.3 billion
(US$1.8 billion), a 50.9% increase
from the corresponding period in 2016. For the first half of 2017,
the aggregate value of wealth management products distributed by
the Company was RMB26.5 billion
(US$3.9 billion), a 39.6% increase
from the corresponding period in 2016.
[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.
|
Wealth management
products distributed by the Company - breakdown by product
type
|
Three months
ended
|
Six months
ended
|
|
June 30,
2016
|
June 30,
2017
|
June 30,
2016
|
|
June 30,
2017
|
Product
type
|
(RMB in millions,
except percentages)
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
4,778
|
59%
|
10,278
|
83%
|
9,981
|
53%
|
|
21,495
|
81%
|
Private equity
products
|
2,201
|
27%
|
1,601
|
13%
|
6,260
|
33%
|
|
3,934
|
15%
|
Secondary market
equity fund products
|
841
|
10%
|
72
|
1%
|
2,103
|
11%
|
|
92
|
0%
|
Other
products
|
338
|
4%
|
362
|
3%
|
646
|
3%
|
|
990
|
4%
|
All
products
|
8,158
|
100%
|
12,313
|
100%
|
18,990
|
100%
|
|
26,511
|
100%
|
- Jupai's coverage network as of June 30, 2017 included 76 client centers covering
47 cities, up from 61 client centers covering 36 cities, as of
June 30, 2016.
- Total assets under management[4] as of
June 30, 2017 were RMB48.0 billion (US$7.1
billion), a 11.3% increase from March
31, 2017 and a 85.6% increase from June 30, 2016.
[4] "Assets under
management" by Jupai refers to the amount of capital contributions
made by the investors to the fund without adjustment for any gain
or loss from investment.
|
Assets under
management – breakdown by product type
|
|
As
of
|
|
June 30,
2016
|
|
June 30,
2017
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
10,943
|
42%
|
|
26,573
|
56%
|
Private equity
products
|
12,818
|
50%
|
|
18,432
|
38%
|
Secondary market
equity fund products
|
1,366
|
5%
|
|
2,483
|
5%
|
Other
products
|
711
|
3%
|
|
473
|
1%
|
All
products
|
25,838
|
100%
|
|
47,961
|
100%
|
"We concluded the first half of 2017 with impressive growth on
both our top and bottom lines," said Mr. Jianda Ni, Jupai's chairman of the board and
chief executive officer. "Jupai's net revenues for the first half
of 2017 totaled RMB805.4 million, up
71.8% year-on-year, and our net income attributable to ordinary
shareholders rose significantly by 205.7% year-on-year to
RMB203.2 million, reaching almost the
same level as our net income attributable to ordinary shareholders
for the full year 2016."
"As investors' appetite for risk remained conservative in the
first half of 2017, we further enhanced Jupai's competitive
advantages within the fixed-income product category. Jupai
continues to provide our customers with superior fixed-income
products with underlying assets in real estate, leveraging our core
competence in products related to the real estate industry. We have
also steadily expanded our offerings into non-real-estate
fixed-income products to fulfill a wider range of client needs. In
the first half of 2017, the aggregate value of products distributed
by Jupai grew to RMB26.5 billion, a
39.6% increase year-on-year, and total assets under management
increased to RMB48.0 billion as of
June 30, 2017, an 85.6% increase
year-on-year."
"Looking forward, Jupai expects to continue to develop new
products and services, expand and strengthen our sales network, and
increase our operating efficiency. While we believe the size of the
market in China is large enough to
support Jupai's growth, we will carefully evaluate potential
overseas expansion opportunities. As we build Jupai into the
leading wealth and asset management brand in China, the management will continue to explore
ways to further enhance long-term value for our shareholders."
Ms. Min Liu, Jupai's chief
financial officer, said, "Jupai continued to deliver strong results
in the second quarter of 2017, with our net revenues substantially
surpassing management guidance to achieve another record high. Our
operating margin for the quarter rose substantially to 38.0%, up
from 22.3% in the same period last year, thanks to the cost control
measures which we initiated in the beginning of 2016 and the
optimization of our product mix. As we further expand our business
scale and enhance our operating efficiency, we remain confident in
our ability to grow the bottom line while maintaining healthy
margins in the long-term."
SECOND QUARTER AND FIRST HALF 2017 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2017 were
RMB436.6 million (US$64.4 million), a 78.4% increase from
RMB244.7 million for the
corresponding period in 2016, primarily due to increases in
one-time commissions, recurring management fees and other service
fees. Net revenues were RMB805.4
million (US$118.8 million) for
the first half of 2017, an increase of 71.8% from RMB468.7 million for the same period in 2016.
- Net revenues from one-time commissions for the second
quarter of 2017 were RMB230.0 million
(US$33.9 million), a 54.5% increase
from RMB148.9 million for the
corresponding period in 2016, primarily as a result of an increase
in the aggregate value of wealth management products distributed by
the Company. For the first half of 2017, net revenues from one-time
commissions were RMB464.8 million
(US$68.6 million), an increase of
53.0% from RMB303.9 million for the
same period in 2016.
- Net revenues from recurring management fees for the
second quarter of 2017 were RMB93.9
million (US$13.9 million), a
51.4% increase from RMB62.0 million
for the corresponding period in 2016, primarily attributable to an
increase in the value of assets under management. The Company
recognized RMB21.8 million
(US$3.2 million) and RMB1.6 million carried interest in the second
quarter of 2017 and 2016, respectively. For the first half of 2017,
net revenues from recurring management fees were RMB161.5 million (US$23.8
million), a 63.7% increase from RMB98.7 million for the same period in 2016.
RMB23.5 million (US$3.5 million) and RMB5.1
million carried interest was recognized as part of Jupai's
recurring management fees for the first half of 2017 and the same
period in 2016, respectively.
- Net revenues from recurring service fees for the second
quarter of 2017 were RMB33.3 million
(US$4.9 million), a 1.4% decrease
from RMB33.8 million for the
corresponding period in 2016. The Company recognized RMB11.4 million (US$1.7
million) and RMB3.8 million
variable performance fees in the second quarter of 2017 and 2016,
respectively. For the first half of 2017, net revenues from
recurring service fees were RMB59.5
million (US$8.8 million), a
10.1% decrease from RMB66.2 million
for the same period in 2016, primarily because the Company provided
ongoing services to fewer product suppliers. The Company recognized
RMB12.8 million (US$1.9 million) and RMB7.7
million variable performance fees for the first half of 2017
and the same period in 2016, respectively.
- Net revenues from other service fees were RMB79.4 million (US$11.7
million) for the second quarter of 2017 and RMB119.5 million (US$17.6
million) for the first half of 2017, which mainly included
sub-advisory fees collected from other companies.
Operating Costs and Expenses
Operating costs and expenses for the second quarter of
2017 were RMB270.5 million
(US$39.9 million), an increase of
42.1% from RMB190.4 million for the
corresponding period in 2016. For the first half of 2017, operating
costs and expenses were RMB514.0
million (US$75.8 million), an
increase of 34.2% from RMB383.1
million for the same period in 2016.
- Cost of revenues for the second quarter of 2017 was
RMB162.0 million (US$23.9 million), a 63.0% increase from
RMB99.4 million for the corresponding
period in 2016, primarily due to increases in the number of wealth
management advisors and client managers and their average
compensation. For the first half of 2017, cost of revenues was
RMB296.7 million (US$43.8 million), an increase of 40.7% from
RMB210.9 million for the same period
in 2016.
- Selling expenses for the second quarter of 2017 were
RMB65.4 million (US$9.6 million), a 25.9% increase from
RMB51.9 million for the corresponding
period in 2016, primarily due to increases in marketing,
advertising and brand promotion expenses. For the first half of
2017, selling expenses were RMB124.9
million (US$18.4 million), an
increase of 19.7% from RMB104.3
million for the same period in 2016.
- G&A expenses for the second quarter of 2017 were
RMB45.1 million (US$6.7 million), a 15.0% increase from
RMB39.2 million for the corresponding
period in 2016, mainly due to increases in both the numbers of
managerial and administrative personnel and their average
compensation as well as increases in rental and office supply
expenses. For the first half of 2017, G&A expenses were
RMB97.7 million (US$14.4 million), an increase of 37.4% from
RMB71.1 million for the same period
in 2016.
- Other operating income (government subsidies) received
by the Company in the second quarter of 2017 was RMB1.9 million (US$0.3
million), a 1722.8% increase from RMB0.1 million for the corresponding period in
2016. For the first half of 2017, other operating income was
RMB5.3 million (US$0.8 million), an increase of 64.0% from
RMB3.3 million for the same period in
2016. Government subsidies were recorded when received and their
availability and amount depend on government administrative
policies.
Operating margin for the second quarter of 2017 was
38.0%, compared to 22.3% for the corresponding period in 2016. For
the first half of 2017, operating margin was 36.2%, compared to
18.3% for the same period in 2016.
Income tax expenses for the second quarter of 2017 were
RMB44.7 million (US$6.6 million), a 188.8% increase from
RMB15.5 million for the corresponding
period in 2016. For the first half of 2017, income tax expenses
were RMB74.3 million (US$11.0 million), an increase of 206.4% from
RMB24.3 million for the same period
in 2016. The increase was primarily due to an increase in taxable
income.
Net Income
- Net Income
- Net income attributable to ordinary shareholders for the
second quarter of 2017 was RMB112.5
million (US$16.6 million), a
181.4% increase from RMB40.0 million
for the corresponding period in 2016. For the first half of 2017,
net income attributable to ordinary shareholders was RMB203.2 million (US$30.0
million), an increase of 205.7% from RMB66.5 million for the same period in 2016.
- Net margin attributable to ordinary shareholders for the
second quarter of 2017 was 25.8%, as compared to 16.4% for the
corresponding period in 2016. For the first half of 2017, net
margin attributable to ordinary shareholders was 25.2%, compared to
14.2% for the same period in 2016.
- Net income attributable to ordinary shareholders per basic
and diluted American depositary share ("ADS") for the second
quarter of 2017 was RMB3.47
(US$0.51) and RMB3.33 (US$0.49),
respectively, as compared to RMB1.25
and RMB1.19, respectively, for the
corresponding period in 2016. For the first half of 2017, net
income attributable to ordinary shareholders per basic and diluted
ADS was RMB6.28 (US$0.93) and RMB6.02 (US$0.89),
respectively, as compared to RMB2.08
and RMB1.99, respectively, for the
same period in 2016.
- Non-GAAP Net Income
- Non-GAAP net income attributable to ordinary
shareholders for the second quarter of 2017 was RMB125.5 million (US$18.5
million), a 158.4% increase from RMB48.6 million for the corresponding period in
2016. For the first half of 2017, non-GAAP net income attributable
to ordinary shareholders was RMB226.7
million (US$33.4 million), a
171.7% increase from RMB83.4 million
for the same period in 2016.
- Non-GAAP net margin attributable to ordinary
shareholders for the second quarter of 2017 was 28.7%, as
compared to 19.9% for the corresponding period in 2016. For the
first half of 2017, non-GAAP net margin attributable to ordinary
shareholders was 28.1%, as compared to 17.8% for the same period in
2016.
- Non-GAAP net income attributable to ordinary shareholders
per diluted ADS for the second quarter of 2017 was RMB3.72 (US$0.55),
as compared to RMB1.45 for the
corresponding period in 2016. For the first half of 2017, non-GAAP
net income attributable to ordinary shareholders per diluted ADS
was RMB6.72 (US$0.99), as compared to RMB2.50 for the same period in 2016.
Balance Sheet and Cash Flow
As of June 30, 2017, the Company
had RMB1,169.1 million (US$172.4 million) in cash and cash equivalents,
compared to RMB1,123.2 million as of
December 31, 2016.
Net cash provided by operating activities during the
second quarter of 2017 was RMB61.0
million (US$9.0 million). For
the first half of 2017, net cash provided by operating activities
was RMB281.4 million (US$41.5 million).
Net cash used in investing activities during the second
quarter of 2017 was RMB95.8 million
(US$14.1 million). For the first half
of 2017, net cash used in investing activities was RMB110.4 million (US$16.3
million).
Net cash used in financing activities during the second
quarter of 2017 was RMB5.1 million
(US$0.7 million). For the first half
of 2017, net cash used in financing activities was RMB125.1 million (US$18.4
million).
BUSINESS OUTLOOK
The Company estimates that its net revenues for the third
quarter of 2017 will be in the range of RMB420 million to RMB440 million, an increase of
31.1% to 37.3% compared to the same period in 2016. 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
August 16, 2017 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:
|
+1-866-564-2842
or +1-323-794-2094
|
Hong Kong:
|
800-961-105 or
+852-3008-1527
|
Mainland
China:
|
400-120-9221 or
800-820-6061
|
Singapore
|
800-186-5085 or
+65-6320-9075
|
Passcode:
|
8747228
|
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 August 23,
2017:
U.S./International:
|
+1-719-457-0820
|
Hong Kong:
|
800-901-108
|
Mainland
China:
|
400-120-1651
|
Singapore
|
800-101-2009
|
Passcode:
|
8747228
|
Additionally, a live and archived webcast will be available at
http://jupai.investorroom.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures that exclude the effects of all forms
of share-based compensation and amortization of intangible assets
related to acquisition. The reconciliation of these non-GAAP
financial measures to the nearest GAAP measures as set forth in the
table captioned "Reconciliation of GAAP to Non-GAAP Results"
below.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measure used by the Company may be prepared differently from, and
therefore may not be comparable to, similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed non-GAAP net income results
reflecting adjustments to exclude the impacts of share-based
compensation and amortization of intangible assets related to
acquisition to supplement U.S. GAAP financial data. As such, the
Company believes that the presentation of the non-GAAP net income
attributable to ordinary shareholders, non-GAAP net income
attributable to ordinary shares per diluted ADS and non-GAAP net
margin attributable to ordinary shareholders provides important
supplemental information to investors regarding financial and
business trends relating to the Company's financial condition and
results of operations in a manner consistent with that used by
management. Pursuant to U.S. GAAP, the Company recognized
significant amounts of expenses for the restricted shares and share
options, and amortization of intangible assets related to
acquisition in the periods presented. The Company utilized the
non-GAAP financial results to make financial results comparable
period to period and to better understand its historical business
operations.
ABOUT JUPAI HOLDINGS LIMITED
Jupai Holdings Limited ("Jupai") (NYSE: JP) is a leading
third-party wealth management service provider focusing on
distributing wealth management products and providing quality
product advisory services to high-net-worth individuals in
China. Jupai's comprehensive and
personalized client service and broad range of carefully selected
third-party and self-developed products have made it a trusted
brand among its clients. Jupai maintains extensive and targeted
coverage of China's high-net-worth
population.
For more information, please visit
http://jupai.investorroom.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the business outlook and quotations from management
in this announcement, as well as Jupai's strategic and operational
plans, contain forward-looking statements. Jupai may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Jupai's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the goals and strategies of the Company and the
Company's ability to manage its growth and implement its business
strategies; future business development, financial condition and
results of operations of the Company; condition of the wealth
management market in China and
internationally; the demand for and market acceptance of the
products the Company distributes; the Company's ability to maintain
and further grow its active high-net-worth client base and maintain
or increase the amount of investment by clients; developments in
relevant government policies and regulations relating to the
Company's industry and the Company's ability to comply with those
policies and regulations; the Company's ability to attract and
retain quality employees; the Company's ability to adapt to
potential uncertainties in China's
real estate industry and stay abreast of market trends and
technological advances; the results of the Company's investments in
research and development to enhance its product choices and service
offerings; general economic and business conditions in China; the Company's ability to protect its
reputation and enhance its brand recognition. Further information
regarding these and other risks is included in Jupai's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release and in the attachments is as of the
date of this press release, and Jupai does not undertake any
obligation to update any such information, including
forward-looking statements, as a result of new information, future
events or otherwise, except as required under applicable law.
Contacts:
Jupai Holdings
Limited
Harry He
Director of Investor Relations
Jupai Holdings Limited
Phone: +86 (21) 6026 9129
Email: ir@jpinvestment.cn
Philip Lisio
The Foote Group
Phone: +86 (10) 8429 9544
Email: Jupai-IR@thefootegroup.com
— FINANCIAL AND OPERATIONAL TABLES FOLLOW —
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In
RMB)
|
|
|
As of
|
|
December 31,
|
|
June 30,
|
|
June 30,
|
|
2016
|
|
2017
|
|
2017
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,123,166,156
|
|
1,169,068,657
|
|
172,446,810
|
Short-term
investments
|
25,210,000
|
|
72,451,600
|
|
10,687,180
|
Accounts
receivable
|
52,111,944
|
|
96,490,039
|
|
14,233,039
|
Other
receivables
|
71,064,287
|
|
30,337,591
|
|
4,475,033
|
Amounts due from
related parties
|
133,560,483
|
|
181,515,727
|
|
26,774,995
|
Deferred tax assets —
current[5]
|
55,791,373
|
|
-
|
|
-
|
Investments at cost
method — current
|
-
|
|
10,000,000
|
|
1,475,078
|
Other current
assets
|
12,551,186
|
|
14,940,628
|
|
2,203,860
|
Total current
assets
|
1,473,455,429
|
|
1,574,804,242
|
|
232,295,995
|
Investments at cost
method — non-current
|
70,450,000
|
|
63,450,000
|
|
9,359,373
|
Investment in
affiliates
|
85,830,444
|
|
86,271,147
|
|
12,725,672
|
Advanced payment for
acquisition
|
77,560,000
|
|
77,691,490
|
|
11,460,105
|
Property and
equipment, net
|
37,199,812
|
|
41,086,418
|
|
6,060,569
|
Intangible
assets
|
83,072,545
|
|
81,236,772
|
|
11,983,062
|
Goodwill
|
277,752,765
|
|
271,239,455
|
|
40,009,950
|
Long-term
prepayment
|
6,261,152
|
|
10,157,753
|
|
1,498,349
|
Other non-current
assets
|
7,977,534
|
|
23,506,741
|
|
3,467,429
|
Deferred tax assets —
non-current
|
8,494,738
|
|
64,286,111
|
|
9,482,707
|
Total
Assets
|
2,128,054,419
|
|
2,293,730,129
|
|
338,343,211
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
101,864,007
|
|
90,708,260
|
|
13,380,181
|
Income tax
payable
|
138,131,812
|
|
176,758,644
|
|
26,073,288
|
Other tax
payable
|
58,189,283
|
|
63,089,454
|
|
9,306,190
|
Dividend
payable
|
10,160,503
|
|
-
|
|
-
|
Amounts due to
related parties-current
|
6,118,678
|
|
5,765,307
|
|
850,428
|
Deferred revenue from
related parties
|
121,644,250
|
|
162,096,649
|
|
23,910,529
|
Deferred
revenues
|
36,432,195
|
|
28,349,494
|
|
4,181,773
|
Other current
liabilities
|
10,397,008
|
|
11,936,250
|
|
1,760,691
|
Total current
liabilities
|
482,937,736
|
|
538,704,058
|
|
79,463,080
|
Deferred revenue —
non-current from related parties
|
75,413,617
|
|
84,094,477
|
|
12,404,596
|
Deferred revenue —
non-current
|
5,677,905
|
|
5,357,869
|
|
790,328
|
Non-current uncertain
tax position liabilities
|
5,938,816
|
|
-
|
|
-
|
Deferred tax
liabilities— non-current
|
9,815,595
|
|
7,238,047
|
|
1,067,669
|
Total
Liabilities
|
579,783,669
|
|
635,394,451
|
|
93,725,673
|
Equity
|
1,548,270,750
|
|
1,658,335,678
|
|
244,617,538
|
Total Liabilities
and Total Shareholders' Equity
|
2,128,054,419
|
|
2,293,730,129
|
|
338,343,211
|
|
|
|
|
|
|
[5] Jupai adopted
ASU 2015-17 and therefore, deferred tax assets and liabilities are
classified as non-current assets and liabilities starting 2017.
Prior balances were not retrospectively adjusted.
|
Jupai Holdings
Limited
|
Unaudited Condensed
Consolidated Income Statements
|
(In RMB, except for ADS data
and percentages)
|
|
|
|
|
Three months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
YoY
|
|
2016
|
|
2017
|
|
2017
|
|
Change %
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
69,913,612
|
|
181,615,717
|
|
26,789,745
|
|
159.8%
|
Related party
revenues
|
172,039,634
|
|
256,327,796
|
|
37,810,363
|
|
49.0%
|
Total
revenues
|
241,953,246
|
|
437,943,513
|
|
64,600,108
|
|
81.0%
|
Business taxes and
related surcharges
|
2,777,431
|
|
(1,323,349)
|
|
(195,204)
|
|
-147.6%
|
Net
revenues
|
244,730,677
|
|
436,620,164
|
|
64,404,904
|
|
78.4%
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(99,371,220)
|
|
(161,980,682)
|
|
(23,893,423)
|
|
63.0%
|
Selling
expenses
|
(51,917,514)
|
|
(65,363,762)
|
|
(9,641,668)
|
|
25.9%
|
General and
administrative expenses
|
(39,243,812)
|
|
(45,122,521)
|
|
(6,655,926)
|
|
15.0%
|
Other operating
income — government subsidies
|
106,027
|
|
1,932,631
|
|
285,078
|
|
1722.8%
|
Total operating cost
and expenses
|
(190,426,519)
|
|
(270,534,334)
|
|
(39,905,939)
|
|
42.1%
|
Income from
operations
|
54,304,158
|
|
166,085,830
|
|
24,498,965
|
|
205.8%
|
|
|
|
|
|
|
|
|
Interest
income
|
2,062,097
|
|
1,005,019
|
|
148,248
|
|
-51.3%
|
Investment
income
|
3,386,143
|
|
2,886,193
|
|
425,736
|
|
-14.8%
|
Net other
loss
|
(98,076)
|
|
(1,761,304)
|
|
(259,806)
|
|
1695.9%
|
Total other
income
|
5,350,164
|
|
2,129,908
|
|
314,178
|
|
-60.2%
|
Income before taxes
and income from equity in affiliates
|
59,654,322
|
|
168,215,738
|
|
24,813,143
|
|
182.0%
|
Income tax
expense
|
(15,479,756)
|
|
(44,703,075)
|
|
(6,594,055)
|
|
188.8%
|
Income from equity in
affiliates
|
321,060
|
|
1,829,772
|
|
269,906
|
|
469.9%
|
Net
income
|
44,495,626
|
|
125,342,435
|
|
18,488,994
|
|
181.7%
|
Less: Net income
attributable to non-controlling interests
|
(4,526,215)
|
|
(12,880,046)
|
|
(1,899,908)
|
|
184.6%
|
Net income
attributable to ordinary shareholders
|
39,969,411
|
|
112,462,389
|
|
16,589,086
|
|
181.4%
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
1.25
|
|
3.47
|
|
0.51
|
|
177.6%
|
Diluted
|
1.19
|
|
3.33
|
|
0.49
|
|
179.8%
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
|
|
Basic
|
32,055,180
|
|
32,366,756
|
|
32,366,756
|
|
1.0%
|
Diluted
|
33,480,400
|
|
33,754,351
|
|
33,754,351
|
|
0.8%
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for ADS data and percentages)
|
|
|
|
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
YoY
|
|
2016
|
|
2017
|
|
2017
|
|
Change %
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
155,831,925
|
|
283,489,110
|
|
41,816,870
|
|
81.9%
|
Related party
revenues
|
312,759,083
|
|
525,169,327
|
|
77,466,601
|
|
67.9%
|
Total
revenues
|
468,591,008
|
|
808,658,437
|
|
119,283,471
|
|
72.6%
|
Business taxes and
related surcharges
|
149,174
|
|
(3,297,893)
|
|
(486,465)
|
|
-2310.8%
|
Net
revenues
|
468,740,182
|
|
805,360,544
|
|
118,797,006
|
|
71.8%
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(210,864,251)
|
|
(296,733,214)
|
|
(43,770,480)
|
|
40.7%
|
Selling
expenses
|
(104,332,330)
|
|
(124,882,852)
|
|
(18,421,201)
|
|
19.7%
|
General and
administrative expenses
|
(71,127,291)
|
|
(97,744,401)
|
|
(14,418,067)
|
|
37.4%
|
Other operating
income — government subsidies
|
3,257,489
|
|
5,340,843
|
|
787,816
|
|
64.0%
|
Total operating cost
and expenses
|
(383,066,383)
|
|
(514,019,624)
|
|
(75,821,932)
|
|
34.2%
|
Income from
operations
|
85,673,799
|
|
291,340,920
|
|
42,975,074
|
|
240.1%
|
|
|
|
|
|
|
|
|
Interest
income
|
2,770,252
|
|
8,508,428
|
|
1,255,060
|
|
207.1%
|
Investment
income
|
6,545,935
|
|
4,927,992
|
|
726,918
|
|
-24.7%
|
Net other income
(loss)
|
200,377
|
|
(1,738,081)
|
|
(256,381)
|
|
-967.4%
|
Total other
income
|
9,516,564
|
|
11,698,339
|
|
1,725,597
|
|
22.9%
|
Income before taxes
and income from equity in affiliates
|
95,190,363
|
|
303,039,259
|
|
44,700,671
|
|
218.4%
|
Income tax
expense
|
(24,262,042)
|
|
(74,338,103)
|
|
(10,965,454)
|
|
206.4%
|
Income (loss) from
equity in affiliates
|
67,599
|
|
(3,887,071)
|
|
(573,374)
|
|
-5850.2%
|
Net
income
|
70,995,920
|
|
224,814,085
|
|
33,161,843
|
|
216.7%
|
Less: Net income
attributable to non-controlling interests
|
(4,533,625)
|
|
(21,658,803)
|
|
(3,194,843)
|
|
377.7%
|
Net income
attributable to ordinary shareholders
|
66,462,295
|
|
203,155,282
|
|
29,967,000
|
|
205.7%
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
2.08
|
|
6.28
|
|
0.93
|
|
201.9%
|
Diluted
|
1.99
|
|
6.02
|
|
0.89
|
|
202.5%
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
|
|
Basic
|
31,998,559
|
|
32,335,540
|
|
32,335,540
|
|
1.1%
|
Diluted
|
33,422,940
|
|
33,746,769
|
|
33,746,769
|
|
1.0%
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In
RMB)
|
|
|
|
|
Three months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2016
|
|
2017
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
44,495,626
|
|
125,342,435
|
|
18,488,994
|
|
181.7%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
15,960,956
|
|
(10,039,828)
|
|
(1,480,954)
|
|
-162.9%
|
Other comprehensive
income
|
15,960,956
|
|
(10,039,828)
|
|
(1,480,954)
|
|
-162.9%
|
Comprehensive
income
|
60,456,582
|
|
115,302,607
|
|
17,008,040
|
|
90.7%
|
Less: Comprehensive
income attributable to non-controlling interests
|
4,526,215
|
|
12,880,046
|
|
1,899,908
|
|
184.6%
|
Comprehensive
income attributable to ordinary shareholders
|
55,930,367
|
|
102,422,561
|
|
15,108,132
|
|
83.1%
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In
RMB)
|
|
|
|
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2016
|
|
2017
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
70,995,920
|
|
224,814,085
|
|
33,161,843
|
|
216.7%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
12,053,493
|
|
(16,226,292)
|
|
(2,393,506)
|
|
-234.6%
|
Other comprehensive
income
|
12,053,493
|
|
(16,226,292)
|
|
(2,393,506)
|
|
-234.6%
|
Comprehensive
income
|
83,049,413
|
|
208,587,793
|
|
30,768,337
|
|
151.2%
|
Less: Comprehensive
income attributable to non-controlling interests
|
4,533,625
|
|
21,658,803
|
|
3,194,843
|
|
377.7%
|
Comprehensive
income attributable to ordinary shareholders
|
78,515,788
|
|
186,928,990
|
|
27,573,494
|
|
138.1%
|
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
|
|
2016
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
|
Net margin
attributable to ordinary shareholders
|
16.4%
|
|
25.8%
|
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
19.9%
|
|
28.7%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
39,969,411
|
|
112,462,389
|
|
181.4%
|
Adjustment for
share-based compensation
|
5,133,761
|
|
9,500,023
|
|
85.0%
|
Adjustment for
amortization of intangible assets related to acquisition
|
3,455,205
|
|
3,530,985
|
|
2.2%
|
Adjusted net income
attributable to ordinary shares(non-GAAP)
|
48,558,377
|
|
125,493,397
|
|
158.4%
|
|
|
|
|
|
|
Net income
attributable to ordinary shares per ADS, diluted
|
1.19
|
|
3.33
|
|
179.8%
|
Adjusted net
income attributable to ordinary shares per ADS, diluted
(non-GAAP)
|
1.45
|
|
3.72
|
|
156.6%
|
|
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Diluted
|
33,480,400
|
|
33,754,351
|
|
0.8%
|
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
|
|
2016
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
|
Net margin
attributable to ordinary shareholders
|
14.2%
|
|
25.2%
|
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
17.8%
|
|
28.1%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
66,462,295
|
|
203,155,282
|
|
205.7%
|
Adjustment for
share-based compensation
|
10,136,257
|
|
16,386,904
|
|
61.7%
|
Adjustment for
amortization of intangible assets related to acquisition
|
6,822,041
|
|
7,126,943
|
|
4.5%
|
Adjusted net income
attributable to ordinary shares(non-GAAP)
|
83,420,593
|
|
226,669,129
|
|
171.7%
|
|
|
|
|
|
|
Net income
attributable to ordinary shares per ADS, diluted
|
1.99
|
|
6.02
|
|
202.5%
|
Adjusted net
income attributable to ordinary shares per ADS, diluted
(non-GAAP)
|
2.50
|
|
6.72
|
|
168.8%
|
|
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Diluted
|
33,422,940
|
|
33,746,769
|
|
1.0%
|
View original
content:http://www.prnewswire.com/news-releases/jupai-reports-second-quarter-2017-results-300505146.html
SOURCE Jupai Holdings Limited