Jumei International Holding Limited (NYSE:JMEI) ("Jumei" or the
"Company"), a fashion and lifestyle solutions provider in China,
today reported its unaudited financial results for the six months
ended June 30, 2018.
First Half 2018 Highlights
- Both cash and cash equivalents and short-term investments
increased significantly. Cash and cash equivalents increased by
RMB282.8 million to RMB683.9 million (US$[1]103.4 million) as of
June 30, 2018 from RMB401.1 million as of December 31, 2017.
Short-term investments increased by RMB121.7 million to RMB2.1
billion (US$316.4 million) as of June 30, 2018 from RMB2.0 billion
as of December 31, 2017. Cash and cash equivalents and short-term
investments per ADS were RMB18.62 (US$2.81) as of June 30, 2018.
The increases were primarily due to cash inflow generated by the
Company's Jiedian business and the disposal of certain interests in
an investee.
- Total net revenues for the first half of 2018 were RMB2.4
billion (US $368.6 million), a 22.8% decrease from the same period
of 2017, primarily due to a year-over-year decrease in total
orders[2], as well as the number of active customers[3] in the
Company's e-commerce business. Jiedian and TV drama series
production businesses have generated positive trends.
- Total net GMV [4] was RMB2.5 billion (US$384.5 million).
- Gross profit as a percentage of net revenues increased to 26.3%
from 23.8% in the same period of 2017. The increase was primarily
due to an increase in revenues from marketplace and other services.
Marketplace and other services include Jiedian and TV drama series
production, which have higher gross profit margins.
- Net income attributable to Jumei's ordinary shareholders was
RMB673.3 million (US$101.7 million), compared with net income
attributable to Jumei's ordinary shareholders of RMB101.9 million
in the same period of 2017.
- Non-GAAP net income attributable to Jumei's ordinary
shareholders[5] was RMB679.3 million (US$102.7 million), compared
with non-GAAP net income attributable to Jumei's ordinary
shareholders of RMB115.2 million in the same period of 2017.
[1] |
|
|
The U.S.
dollar ("USD") 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 USD in this press release is
based on Federal Reserve exchange rate as of June 29, 2018, which
was RMB6.6171 to USD1.00. The percentages stated in this press
release are calculated based on the RMB amounts; |
[2] |
|
|
"Total
orders" means the total number of orders placed during a specified
period, excluding rejected or returned orders; |
[3] |
|
|
"Active
customer" means a customer that made at least one purchase during a
specified period; |
[4] |
|
|
"Net GMV"
means the sum of (i) net revenues generated from merchandise sales,
(ii) net revenues generated from marketplace services plus
corresponding payables to the third-party merchants and (iii) net
revenues generated from Jiedian business; |
[5] |
|
|
"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. See "Use of Non-GAAP Financial Measures" and "Unaudited
Reconciliation of GAAP and Non-GAAP Results". |
Unaudited First Half of 2018 Financial
Results
Total net revenues were RMB2.4
billion (US$368.6 million), a decrease of 22.8% from RMB3.2 billion
during the same period last year. The decrease was primarily
attributable to decrease in the number of total orders and active
customers in the Company's e-commerce business. The number of total
orders was approximately 20.7 million. The number of active
customers was approximately 6.7 million.
Gross profit was RMB640.6
million (US$96.8 million), compared with RMB752.4 million in the
first half year of 2017. Gross profit as a percentage of net
revenues increased to 26.3% from 23.8% in the same period of 2017.
The increase was primarily due to an increase in revenue from
marketplace and other services. Marketplace and other services
include Jiedian and the TV drama series production, which have
higher gross profit margins.
Total operating expenses were
RMB627.1 million (US$94.8 million), a decrease of 1.2% from
RMB634.6 million in the first half year of 2017. Operating expenses
as a percentage of total net GMV was 24.6%.
- Fulfillment expenses were RMB222.4 million
(US$33.6 million), a decrease of 29.4% from RMB315.0 million in the
same period of 2017. The decrease was primarily due to an increase
in order processing efficiency and a decrease in the number of
orders. Fulfillment expenses as a percentage of total net GMV
remained relatively stable at 8.7%.
- Sales and marketing expenses were RMB243.7
million (US$36.8 million), an increase of 58.5% from RMB153.8
million in the same period of 2017. The increase was primarily due
to an increase in sales expenses related to the Jiedian business.
Sales and marketing expenses as a percentage of total net GMV was
9.6%, compared with 4.2% in the same period of 2017.
- Technology and content expenses were RMB92.5
million (US$14.0 million), an increase of 1.2% from RMB91.4 million
in the same period of 2017. Technology and content expenses as a
percentage of total net GMV increased to 3.6% from 2.5% in the same
period of 2017. The increase was mainly due to an increase in the
expenses associated with research and development for the internal
information management system to enhance the efficiency and
scalability of the Jiedian business.
- General and administrative expenses were
RMB68.5 million (US$10.4 million), a decrease of 7.8% from RMB74.3
million in the same period of 2017. The decrease was primarily
attributed to a decrease of share-based compensation expenses.
General and administrative expenses as a percentage of total net
GMV increased to 2.7% from 2.0% in the same period of 2017.
Income from operations was
RMB13.4 million (US$2.0 million), compared with income from
operations of RMB117.9 million in the same period of 2017.
Non-GAAP income from
operations, which excludes RMB6.0 million (US$0.9 million)
in share-based compensation expenses, was RMB19.5 million (US$2.9
million), compared with non-GAAP income from operations of RMB131.1
million in the same period of 2017.
Net income attributable to Jumei's
ordinary shareholders was RMB673.3 million (US$101.7
million), compared with net income attributable to Jumei's ordinary
shareholders of RMB101.9 million in the same period of 2017. The
increase was primarily attributed to the increase of investment
income. Net income per basic and diluted ADS were RMB4.51 (US$0.68)
and RMB4.49 (US$0.68), respectively, compared with net income per
basic and diluted ADS RMB0.68 and RMB0.68, respectively, for the
same period of 2017.
Non-GAAP net income attributable to
Jumei's ordinary shareholders, which excludes share-based
compensation expenses, was RMB679.3 million (US$102.7 million),
compared with non-GAAP net income attributable to Jumei's ordinary
shareholders of RMB115.2 million in the same period of 2017.
Non-GAAP net income per basic and diluted ADS were RMB4.55
(US$0.69) and RMB4.53 (US$0.68), respectively, compared with
non-GAAP net income per basic and diluted ADS of RMB0.77 and
RMB0.77, respectively, in the same period of 2017.
Use of Non-GAAP Financial
Measures
To supplement the consolidated financial
statements presented in accordance with the United States Generally
Accepted Accounting Principles ("U.S. GAAP"), Jumei uses non-GAAP
income from operations, non-GAAP net income 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 a fashion and lifestyle
solutions provider with a diversified portfolio of products on
offer in China. Jumei sells branded beauty, baby, children and
maternity products, light luxury products, as well as health
supplements through its e-commerce platform. Jumei has invested in
adjacent fashion and lifestyle businesses such as Jiedian, a mobile
device power bank operating company, and TV drama series
production, to expand its service offerings. These investments will
further expand and strengthen Jumei's ecosystem as it seeks to
benefit from China's transition into the new retail era.
Safe Harbor Statement
Any forward-looking statements contained in this
announcement are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Jumei may also make
written or oral forward-looking statements in its 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. Further information regarding such risks and
uncertainties 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:
ChristensenIn ChinaMr. Christian ArnellPhone:
+86-10-5900-1548E-mail: carnell@christensenir.com
In United StatesMs. Linda BergkampPhone: +1-480-614-3004Email:
lbergkamp@christensenir.com
JUMEI INTERNATIONAL HOLDING
LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(RMB in thousands, except share data and per
share data)
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December 31, 2017 |
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June 30, 2018 |
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June 30, 2018 |
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RMB |
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RMB |
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US$ |
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ASSETS |
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Current
assets: |
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Cash and
cash equivalents |
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401,147 |
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683,885 |
|
103,351 |
Short-term investments |
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|
|
|
|
|
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1,972,277 |
|
2,093,936 |
|
316,443 |
Loans
receivable, net |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
73,330 |
|
78,330 |
|
11,838 |
Accounts
receivable, net |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,334 |
|
124,347 |
|
18,792 |
Inventories |
|
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|
|
603,091 |
|
620,681 |
|
93,800 |
Advances
to suppliers |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,173 |
|
22,802 |
|
3,446 |
Prepayments and other current assets |
|
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|
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|
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|
|
|
|
|
|
294,695 |
|
366,993 |
|
55,461 |
Total current
assets |
|
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|
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|
|
|
|
|
|
|
|
|
|
3,386,047 |
|
3,990,974 |
|
603,131 |
Non-current
assets: |
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Long-term
investments |
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
643,524 |
|
783,121 |
|
118,348 |
Property,
equipment and software, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
516,582 |
|
615,181 |
|
92,968 |
Construction in progress |
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|
|
|
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|
4,229 |
|
3,981 |
|
602 |
Land use
rights, net |
|
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|
|
|
|
|
|
|
|
|
|
80,846 |
|
80,005 |
|
12,091 |
Intangible assets, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,630 |
|
21,842 |
|
3,301 |
Goodwill |
|
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|
|
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|
|
|
|
|
|
|
|
|
120,510 |
|
120,510 |
|
18,212 |
Film
production |
|
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|
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|
|
|
|
|
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|
69,238 |
|
4,066 |
|
614 |
Deferred
tax assets |
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
5,587 |
|
14,950 |
|
2,259 |
Other
non-current assets |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
114,040 |
|
73,943 |
|
11,175 |
Total
non-current assets |
|
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|
|
|
|
|
|
|
|
|
1,581,186 |
|
1,717,599 |
|
259,570 |
Total
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,967,233 |
|
5,708,573 |
|
862,701 |
|
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|
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|
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|
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|
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|
|
|
|
|
|
|
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Current
liabilities: |
|
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|
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Accounts
payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
578,881 |
|
430,177 |
|
65,010 |
Advances
from customers |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,061 |
|
38,634 |
|
5,839 |
Tax
payable |
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
49,819 |
|
70,921 |
|
10,718 |
Accrued
expenses and other current liabilities |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
343,238 |
|
663,513 |
|
100,272 |
Total current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,021,999 |
|
1,203,245 |
|
181,839 |
Non-current
liabilities: |
|
|
|
|
|
Deferred
tax liabilities |
- |
|
33,062 |
|
4,996 |
Other
non-current liabilities |
3,311 |
|
- |
|
- |
Total
non-current liabilities |
3,311 |
|
33,062 |
|
4,996 |
Total
liabilities |
1,025,310 |
|
1,236,307 |
|
186,835 |
|
|
|
|
|
|
Mezzanine
equity: |
|
|
|
|
|
Redeemable noncontrolling interests |
66,696 |
|
66,591 |
|
10,063 |
Total mezzanine
equity |
66,696 |
|
66,591 |
|
10,063 |
|
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Shareholders'
equity: |
|
|
|
|
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Ordinary
shares |
244 |
|
244 |
|
37 |
Additional paid-in capital |
2,953,009 |
|
2,960,549 |
|
447,409 |
Statutory
reserves |
42,573 |
|
42,573 |
|
6,434 |
Treasury
stock |
- |
|
(177,517) |
|
(26,827) |
Retained
earnings |
740,180 |
|
1,430,044 |
|
216,115 |
Accumulated other comprehensive income |
139,221 |
|
150,528 |
|
22,748 |
Jumei's
shareholders' equity |
3,875,227 |
|
4,406,421 |
|
665,916 |
Noncontrolling
interests |
- |
|
(746) |
|
(113) |
Total
shareholders' equity |
3,875,227 |
|
4,405,675 |
|
665,803 |
Total
liabilities, mezzanine equity and shareholders'
equity |
4,967,233 |
|
5,708,573 |
|
862,701 |
|
|
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JUMEI INTERNATIONAL HOLDING
LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME(RMB in thousands, except
share data and per share data)
|
|
For the six months ended |
|
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2018 |
|
|
RMB |
|
RMB |
|
US$ |
Net revenues(1): |
|
|
|
|
|
|
Merchandise sales |
|
3,088,460 |
|
1,993,878 |
|
301,322 |
Marketplace and other services |
|
71,728 |
|
445,247 |
|
67,288 |
Total net revenues |
|
3,160,188 |
|
2,439,125 |
|
368,610 |
Cost of revenues |
|
(2,407,779) |
|
(1,798,546) |
|
(271,803) |
Gross profit |
|
752,409 |
|
640,579 |
|
96,807 |
Operating expenses: |
|
|
|
|
|
|
Fulfillment expenses |
|
(315,033) |
|
(222,435) |
|
(33,615) |
Sales and
marketing expenses |
|
(153,837) |
|
(243,706) |
|
(36,830) |
Technology and content expenses |
|
(91,355) |
|
(92,501) |
|
(13,979) |
General
and administrative expenses |
|
(74,334) |
|
(68,492) |
|
(10,351) |
Total operating expenses |
|
(634,559) |
|
(627,134) |
|
(94,775) |
Income from operations |
|
117,850 |
|
13,445 |
|
2,032 |
Other income: |
|
|
|
|
|
|
Interest
income |
|
27,796 |
|
45,943 |
|
6,943 |
Others,
net(2) |
|
(21,529) |
|
681,127 |
|
102,935 |
Income before tax |
|
124,117 |
|
740,515 |
|
111,910 |
Income
tax expenses |
|
(22,234) |
|
(67,996) |
|
(10,276) |
Net income |
|
101,883 |
|
672,519 |
|
101,634 |
Net loss attributable to noncontrolling interests |
|
- |
|
746 |
|
113 |
Net income
attributable to Jumei's ordinary shareholders |
|
101,883 |
|
673,265 |
|
101,747 |
Net
income |
|
101,883 |
|
672,519 |
|
101,634 |
Fair
value change – investment security, net of tax |
|
6,814 |
|
- |
|
- |
Foreign
currency translation adjustment, net of nil tax |
|
(7,491) |
|
11,307 |
|
1,709 |
Total
comprehensive income |
|
101,206 |
|
683,826 |
|
103,343 |
Comprehensive loss attributable to noncontrolling interests |
|
- |
|
746 |
|
113 |
Comprehensive
income attributable to Jumei International Holding
Limited |
|
101,206 |
|
684,572 |
|
103,456 |
_________________________
- On January 1, 2018, the Company adopted Accounting Standards
Codification Topic 606, Revenue from Contracts with Customers ("ASC
606"), utilizing the modified retrospective transition method to
all contracts that were not completed as of January 1, 2018.
Results for reporting periods beginning after January 1, 2018 are
presented under ASC 606, while prior period amounts are not
adjusted and continue to be reported under the accounting standards
in effect for the prior periods. The application of ASC 606 had no
material impact on the company's consolidated financial statements
as of and for the six months ended June 30, 2018.
- The Company adopted the Accounting Standards Update 2016-01,
"Financial Instruments-Overall (Subtopic 825-10): Recognition and
Measurement of Financial Assets and Financial Liabilities" on
January 1, 2018 and approximately RMB16.6 million of accumulated
other comprehensive income for the investment security that existed
as of December 31, 2017 was reclassified into retained earnings
upon the initial adoption. After the adoption of this new
accounting standard, the Company will measure its long-term
investments other than equity method investments at fair value with
gains or losses recorded through the income statements, which could
vary significantly from period to period. The impact of applying
this new standard for the six months ended June 30, 2018 resulted
in an increase of approximately RMB310.9 million in Others, net.
The rest of Others, net was mainly generated by the gain on the
disposal of certain interests in an investee.
|
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|
|
|
|
|
Net income per
share attributable to Jumei's ordinary shareholders |
|
|
|
|
|
|
- Basic |
|
0.68 |
|
4.51 |
|
0.68 |
- Diluted |
|
0.68 |
|
4.49 |
|
0.68 |
Net income per
ADS attributable to Jumei's ordinary
shareholders(1 ordinary share equals to 1
ADS) |
|
|
|
|
|
|
-
Basic |
|
0.68 |
|
4.51 |
|
0.68 |
- Diluted |
|
0.68 |
|
4.49 |
|
0.68 |
Weighted
average shares outstanding used in computing
netincome per share attributable to Jumei's
ordinary shareholders |
|
|
|
|
|
|
-
Basic |
|
149,742,862 |
|
149,151,758 |
|
149,151,758 |
- Diluted |
|
150,431,905 |
|
150,023,423 |
|
150,023,423 |
|
|
|
|
|
|
|
|
|
For the six months ended |
|
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2018 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Share-based
compensation expenses included are follows: |
|
|
|
|
|
|
Fulfillment expenses |
|
224 |
|
14 |
|
2 |
Sales and
marketing expenses |
|
5,421 |
|
2,524 |
|
381 |
Technology and content expenses |
|
2,234 |
|
1,096 |
|
166 |
General
and administrative expenses |
|
5,419 |
|
2,385 |
|
360 |
Total |
|
13,298 |
|
6,019 |
|
909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JUMEI INTERNATIONAL HOLDING
LIMITEDUNAUDITED RECONCILIATION OF GAAP AND
NON-GAAP RESULTS(RMB in thousands, except share
data and per share data)
|
|
For the six months ended |
|
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2018 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Income from
operations |
|
117,850 |
|
13,445 |
|
2,032 |
Share-based
compensation expenses(1) |
|
13,298 |
|
6,019 |
|
909 |
Non-GAAP income from
operations |
|
131,148 |
|
19,464 |
|
2,941 |
|
|
|
|
|
|
|
Net income attributable
to Jumei's ordinary shareholders |
|
101,883 |
|
673,265 |
|
101,747 |
Share-based
compensation expenses |
|
13,298 |
|
6,019 |
|
909 |
Non-GAAP net income
attributable to Jumei's ordinary shareholders |
|
115,181 |
|
679,284 |
|
102,656 |
|
|
|
|
|
|
|
Non-GAAP net
income per share attributable to Jumei's ordinary
shareholders |
|
|
|
|
|
|
- Basic |
|
0.77 |
|
4.55 |
|
0.69 |
- Diluted |
|
0.77 |
|
4.53 |
|
0.68 |
Non-GAAP net
income per ADS attributable to Jumei's ordinary shareholders (1
ordinary share equals to 1 ADS) |
|
|
|
|
|
|
- Basic |
|
0.77 |
|
4.55 |
|
0.69 |
- Diluted |
|
0.77 |
|
4.53 |
|
0.68 |
Weighted
average shares outstanding used in computing
non-GAAP net income per share attributable
to Jumei's ordinary shareholders: |
|
|
|
|
|
|
- Basic |
|
149,742,862 |
|
149,151,758 |
|
149,151,758 |
- Diluted |
|
150,431,905 |
|
150,023,423 |
|
150,023,423 |
_________________________
(1) Share-based compensation expenses are not deductible item
under PRC Enterprise Income Tax Law, hence no income tax
implications.
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