SHANGHAI, March 18, 2016
/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 fourth
quarter of 2015 and the full year ended December 31, 2015.
FOURTH QUARTER AND FULL YEAR 2015 FINANCIAL
HIGHLIGHTS
- Net revenues in the fourth quarter of 2015 were
$32.9 million, a 183.7% increase from
$11.6 million for the corresponding
period in 2014. For the full year 2015, net revenues were
$94.4 million, an increase of 142.5%
from $38.9 million in 2014.
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($'000, except
percentages)
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Q4 2014
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Q4
2014
%
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Q4 2015
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Q4
2015
%
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YoY
Change
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One-time
commissions
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9,299
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80.1%
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16,603
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50.4%
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78.5%
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Recurring management
fee
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1,131
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9.7%
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11,146
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33.9%
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885.4%
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Recurring service
fees
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1,174
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10.2%
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5,165
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15.7%
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340.2%
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Total net
revenues
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11,604
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100.0%
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32,914
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100.0%
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183.7%
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($ '000, except
percentages)
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FY 2014
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FY
2014
%
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FY 2015
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FY
2015
%
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YoY
Change
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One-time
commissions
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34,757
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89.4%
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53,352
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56.6%
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53.5%
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Recurring management
fee
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2,232
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5.7%
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22,580
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23.9%
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911.5%
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Recurring service
fees
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1,923
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4.9%
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18,420
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19.5%
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857.7%
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Total net
revenues
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38,912
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100.0%
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94,352
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100.0%
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142.5%
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- Income from operations in the fourth quarter of 2015 was
$8.0 million, a 68.4% increase from
$4.7 million for the corresponding
period in 2014. For the full year of 2015, income from operations
was $32.3 million, an increase of
81.2% from $17.8 million in
2014.
- Net income attributable to Jupai shareholders, including
preferred shareholders and ordinary shareholders, in the fourth
quarter of 2015 was $5.9 million, a
73.7% increase from $3.4 million for
the corresponding period in 2014. For the full year of 2015, net
income attributable to Jupai shareholders was $24.3 million, an increase of 69.3% from
$14.4 million in 2014.
- Net income attributable to ordinary shareholders in the
fourth quarter of 2015 was $5.9
million, a significant increase from $49,693 for the corresponding period in 2014. For
the full year of 2015, net income attributable to ordinary
shareholders was $24.3 million, an
increase of 257.4% from $6.8 million
in 2014.
- Non-GAAP[1] net income attributable to ordinary
shareholders in the fourth quarter of 2015 was $7.5 million, a significant increase from
$0.3 million for the corresponding
period in 2014. For the full year of 2015, non-GAAP net income
attributable to ordinary shareholders was $27.8 million, an increase of 280.6% from
$7.3 million in 2014.
FOURTH QUARTER AND FULL YEAR 2015 OPERATIONAL
UPDATES
- Total number of active clients[2] during the fourth
quarter of 2015 was 2,304, a 105.3% increase from 1,122 for the
corresponding period in 2014.
- Aggregate value of wealth management products distributed by
the Company during the fourth quarter of 2015 was $1,446 million, a 127.7% increase from
$635 million for the corresponding
period in 2014. For the full year of 2015, aggregate value of
wealth management products distributed by the Company was
$4,506 million, a 110.1% increase
from $2,144 million in 2014.
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Three months
ended
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Twelve months
ended
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Product
type
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December 31, 2014
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December 31, 2015
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December 31, 2014
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December 31, 2015
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(USD in millions, except percentages)
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(USD in millions, except percentages)
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Fixed income
products
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487
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77%
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804
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56%
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1,777
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83%
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2,447
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54%
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Private equity
products
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15
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2%
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473
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33%
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78
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4%
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1,183
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26%
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Secondary market
equity fund products
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119
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19%
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64
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4%
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267
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12%
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671
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15%
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Other
products
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14
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2%
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105
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7%
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22
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1%
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205
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5%
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All
products
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635
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100%
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1,446
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100%
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2,144
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100%
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4,506
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100%
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- Jupai's coverage network as of December 31, 2015 included 50 client centers
covering 29 cities, up from 47 and 29 client centers covering 26
and 16 cities, as of September 30,
2015 and December 31, 2014,
respectively.
- Total assets under management[3] as of December 31, 2015 were $1,924 million, a 388% increase from $394 million as of December 31, 2014 and a 25% increase from
$1,543 million as of September 30, 2015.
"We are pleased to conclude 2015 with a set of excellent results,"
said Mr. Jianda Ni, Jupai's
co-chairman of the board and chief executive officer. "In the
fourth quarter, net revenues continued to grow significantly and
the total value of wealth management products distributed by Jupai
reached a record high of $1.4
billion. In the second half of 2015, we adopted new
strategies to further increase our market share and achieved
positive results. Our net revenues for the fourth quarter and
fiscal year 2015 increased 183.7% and 142.5% year-over-year,
respectively."
Mr. Ni continued, "Fixed-income products distributed by Jupai
remain popular among investors due to the recent volatility of the
equity market in China, with the
aggregate value of fixed-income products distributed growing to
$804 million, representing 56% of the
aggregate value of all products distributed in the fourth quarter
of 2015. Private equity and venture capital products also continued
to grow rapidly, with their contribution to the aggregate value of
all products distributed rising significantly from 2% in the fourth
quarter of 2014 to 33% in the fourth quarter of 2015. In 2016, we
will continue to enhance our product portfolio to meet the evolving
needs of our clients. We believe the recent investment by
Julius Baer, a leading global
private wealth management bank, is a testament to Jupai's brand and
management strengths. We expect the cooperation between Jupai and
Julius Baer to further enrich our
product offerings and add more wealth management products with
overseas investment opportunities to our product lines."
Mr. Tianxiang Hu, Juapi's
co-chairman and executive chairman of the board commented, "We
completed the acquisition of Jubaopen, an internet finance
platform, in the first quarter of 2016. In addition, we announced
the acquisition of Shanghai Runju Financial Information Services,
an online platform that facilitates the trading of debt and equity
products, further enhancing our internet finance ecosystem. While
internet finance in China is still
in its infancy, we believe that it will become one of Jupai's
important growth drivers in the future and will continue to explore
strategic investments in this sector."
Ms. Min Liu, Jupai's chief financial
officer, said, "We concluded 2015 with solid top line growth and
expect to maintain strong growth momentum in 2016. To further
increase our market share, in the second half of 2015, Jupai
adopted more proactive sales and marketing strategies which
generated more marketing expenditures and higher commission rates
to our relationship managers. While we have seen some operating
margin impact as a result, we are confident in our mid to long-term
margin outlook as we continue to expand Jupai's business scale and
more revenues streams, such as recurring management fees and
recurring service fees, start to kick in."
[1]
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Jupai's Non-GAAP
financial measures are its corresponding GAAP financial measures as
adjusted by excluding the effects of all forms of share-based
compensation and amortization of intangible assets resulting from
business acquisitions.
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[2]
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"Active clients" for
a given period refers to clients who purchase wealth management
products distributed by Jupai at least once during that given
period.
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[3]
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"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.
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RECENT DEVELOPMENT
The Company announced that it has entered into a definitive
agreement, through its wholly owned PRC subsidiary, to acquire
approximately 71% of the equity interests in Shanghai Runju
Financial Information Services Co. Ltd. ("Runju"). Runju primarily
operates an online platform which facilitates the trading of debt
and equity products. The total consideration for the acquisition is
approximately RMB90 million. The
completion of this transaction is subject to the satisfaction of
certain closing conditions.
FOURTH QUARTER AND FULL YEAR 2015 FINANCIAL
RESULTS
Net Revenues
Net revenues for the fourth quarter of 2015 were
$32.9 million, a 183.7% increase from
$11.6 million for the corresponding
period in 2014, primarily due to increases in one-time commission
and recurring management fees. Net revenues were $94.4 million for the full year of 2015, an
increase of 142.5% from $38.9 million
in 2014.
- Net revenues from one-time commissions for the fourth
quarter of 2015 were $16.6 million, a
78.5% increase from $9.3 million for
the corresponding period in 2014, primarily as a result of an
increase in the number of active clients as the Company opened new
client centers and expanded existing ones. For the full year of
2015, net revenues from one-time commissions were $53.4 million, an increase of 53.5% from
$34.8 million in 2014.
- Net revenues from recurring management fees for the
fourth quarter of 2015 were $11.1
million, an 885.4% increase from $1.1
million for the corresponding period in 2014, primarily
attributable to the increase in the amount of assets under
management and recognized $6.2
million carried interest as compared with nil for the same
period in 2014. For the full year of 2015, net revenues from
recurring management fees were $22.6
million, a 911.5% increase from $2.2
million in 2014. $8.8 million
and nil carried interest was recognized as part of Jupai's
recurring management fees for the full year of 2015 and 2014,
respectively.
- Net revenues from recurring service fees for the fourth
quarter of 2015 were $5.2 million, a
340.2% increase from $1.2 million for
the corresponding period in 2014, primarily because the Company
provided ongoing services to providers of more products and
recognized $0.6 million variable
performance fees as compared with nil for the same period in 2014.
For the full year of 2015, net revenues from recurring service fees
were $18.4 million, an 857.7%
increase from $1.9 million in 2014.
The Company recognized $9.8 million
variable performance fees for the full year of 2015.
Operating costs and expenses
Operating costs and expenses for the fourth quarter of
2015 were $24.9 million, an increase
of 263.3% from $6.9 million for the
corresponding period in 2014. For the full year of 2015, operating
costs and expenses were $62.0
million, an increase of 194.3% from $21.1 million in 2014.
- Cost of revenues for the fourth quarter of 2015 was
$15.0 million, an increase of 417.1%
from $2.9 million for the
corresponding period of 2014, primarily due to a combination of an
increase in the number of wealth management advisors and client
managers and the average compensation paid to them. For the full
year of 2015, cost of revenues was $37.4
million, an increase of 251.1% from $10.7 million in 2014.
- Selling expenses for the fourth quarter of 2015 were
$6.1 million, a 210.4% increase from
$2.0 million for the corresponding
period in 2014, primarily due to increased marketing, advertising
and brand promotion expenses. For the full year of 2015, selling
expenses were $13.8 million, an
increase of 139.4% from $5.8 million
in 2014.
- G&A expenses for the fourth quarter of 2015 were
$5.2 million, an 88.6% increase from
$2.8 million for the corresponding
period in 2014. This was primarily due to increase in both the
number of managerial and administrative personnel and compensation
paid to them as well as increased rental and office supply
expenses. For the full year of 2015, G&A expenses were
$14.6 million, an increase of 107.6%
from $7.0 million in 2014.
- Other operating income - Government subsidies. The
Company received $1.3 million
government subsidies in the fourth quarter of 2015, an increase of
75.9% from $0.8 million for the
corresponding period in 2014. For the full year of 2015, other
operating income was $3.8 million, an
increase of 58.9% from $2.4 million
in 2014.
Operating margin for the fourth quarter of 2015 was
24.3%, compared to 40.9% for the corresponding period in 2014. The
decrease was mainly because of increased compensation cost and
marketing expenses compared with the corresponding period in 2014.
For the full year of 2015, operating margin was 34.3%, compared to
45.8% in 2014.
Income tax expenses for the fourth quarter of 2015 were
$3.4 million, a 90.1% increase from
$1.8 million for the corresponding
period in 2014. The increase was primarily due to an increase in
taxable income. For the full year of 2015, income tax expenses were
$10.7 million, an increase of 89.8%
from $5.6 million in 2014.
Net Income
- Net Income
- Net income attributable to Jupai shareholders, including
preferred shareholders and ordinary shareholders, for the fourth
quarter of 2015 was $5.9 million, a
73.7% increase from $3.4 million for
the corresponding period in 2014. For the full year of 2015, net
income attributable to ordinary shareholders was $24.3 million, an increase of 69.3% from
$14.4 million in 2014.
- Net margin attributable to Jupai shareholders, including
preferred shareholders and ordinary shareholders, for the fourth
quarter of 2015 was 18.0%, as compared to 29.4% for the
corresponding period in 2014. For the full year of 2015, net margin
was 25.8%, compared to 36.9% in 2014.
- Net income attributable to ordinary shareholders in the
fourth quarter of 2015 was $5.9
million, a significant increase from $49,693 for the corresponding period in 2014. For
the full year of 2015, net income attributable to ordinary
shareholders was $24.3 million, an
increase of 257.4% from $6.8 million
in 2014.
- Net margin attributable to ordinary shareholders for the
fourth quarter of 2015 was 18.0%, as compared to 0.4% for the
corresponding period in 2014. For the full year of 2015, net margin
was 25.8%, compared to 17.5% in 2014.
- Net income attributable to ordinary shareholders per basic
and diluted ADS for the fourth quarter of 2015 was $0.20 and $0.19,
respectively, as compared to $0.00
and $0.00, respectively, for the
corresponding period in 2014. For the full year of 2015, net income
per basic and diluted ADS was $1.01
and $0.96, respectively, as compared
to $0.36 and $0.36, respectively in 2014.
- Non-GAAP Net Income Attributable to Ordinary
Shareholders
- Non-GAAP net income attributable to ordinary
shareholders for the fourth quarter of 2015 was $7.5 million, a significant increase from
$0.3 million for the corresponding
period in 2014. For the full year of 2015, non-GAAP net income
attributable to ordinary shareholders was $27.8 million, an increase of 280.6% from
$7.3 million in 2014.
- Non-GAAP net margin for the fourth quarter of 2015 was
22.7%, as compared to 2.6% for the corresponding period in 2014.
For the full year of 2015, non-GAAP net margin was 29.5%, as
compared to 18.8% in 2014.
- Non-GAAP net income attributable to ordinary shareholders
per diluted ADS for the fourth quarter of 2015 was $0.24, as compared to $0.02 for the corresponding period in 2014. For
the full year of 2015, non-GAAP net income attributable to ordinary
shareholders per diluted ADS was $1.10, as compared to $0.38 in 2014.
Balance Sheet and Cash Flow
As of December 31, 2015, the Company had $122.5 million in cash and cash equivalents,
compared to $31.6 million as of
December 31, 2014.
Net cash provided by operating activities during the fourth
quarter of 2015 was $22.7 million.
For the full year of 2015, net cash provided by operating
activities was $58.5 million.
Net cash used in investing activities during the fourth quarter
of 2015 was $6.1 million. For the
full year of 2015, net cash used in investing activities was
$11.8 million.
Net cash provided by financing activities during the fourth
quarter of 2015 was $1.5 million. For
the full year of 2015, net cash provided by financing activities
was $47.5 million.
BUSINESS OUTLOOK
The Company estimates that its revenues for the first quarter of
2016 will be in the range of $35 million to
$38 million, an increase of 150.0% to 171.4% compared to the
same quarter in 2015. 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 March 18, 2016 at 8 a.m. U.S. Eastern Time
(8 p.m. Beijing/Hong Kong
time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
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+1-855-298-3404 or
+1-631-514-2526
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Hong Kong:
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+852-5808-3202 or
800-905-927
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Mainland
China:
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400-120-0539
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Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is:
3122606
A replay of the conference call may be accessed by phone at the
following numbers until, March 25,
2016:
U.S./International:
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+1-866-846-0868
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Hong Kong:
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800-966-697
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Mainland
China:
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400-184-2240
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Passcode:
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3122606
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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,
non-GAAP income per diluted ADS and non-GAAP net margin 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 result of the integration of
E-House Capital into the Company; and 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) 5043 2271
Email: ir@jpinvestment.cn
Philip Lisio
The Foote Group
Phone: +86 (21) 6230 5097
Email: Jupai-IR@thefootegroup.com
— FINANCIAL AND OPERATIONAL TABLES FOLLOW —
Jupai Holdings
Limited
|
|
Unaudited Condensed Consolidated Balance
Sheets
|
|
(In U.S.
dollars)
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As of
|
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December 31, 2014
|
|
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December 31, 2015
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$
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|
|
$
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
31,557,233
|
|
|
|
122,504,799
|
|
Short-term
investments
|
|
|
10,661,372
|
|
|
|
11,156,616
|
|
Short-term entrusted
investments
|
|
|
2,215,083
|
|
|
|
287,797
|
|
Accounts
receivable
|
|
|
793,037
|
|
|
|
4,005,258
|
|
Other
receivables
|
|
|
2,121,264
|
|
|
|
5,164,971
|
|
Amounts due from
related parties
|
|
|
2,389,925
|
|
|
|
1,836,209
|
|
Customer
borrowings
|
|
|
549,856
|
|
|
|
-
|
|
Deferred tax assets —
current
|
|
|
2,595,112
|
|
|
|
7,087,092
|
|
Other current
assets
|
|
|
656,838
|
|
|
|
1,025,526
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
53,539,720
|
|
|
|
153,068,268
|
|
Long-term
investments
|
|
|
8,727,495
|
|
|
|
9,988,168
|
|
Long-term entrusted
investments
|
|
|
1,068,496
|
|
|
|
-
|
|
Investment in
affiliates
|
|
|
2,284,687
|
|
|
|
11,577,995
|
|
Advance prepayment for
acquisition
|
|
|
-
|
|
|
|
14,612,634
|
|
Property and
equipment, net
|
|
|
1,359,615
|
|
|
|
2,473,964
|
|
Intangible
assets
|
|
|
-
|
|
|
|
8,432,021
|
|
Goodwill
|
|
|
-
|
|
|
|
38,733,807
|
|
Long-term
prepayment
|
|
|
212,453
|
|
|
|
292,655
|
|
Deferred tax assets —
non-current
|
|
|
121,397
|
|
|
|
1,243,313
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
67,313,863
|
|
|
|
240,422,825
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
|
|
2,247,414
|
|
|
|
12,443,966
|
|
Income tax
payable
|
|
|
4,800,181
|
|
|
|
15,913,670
|
|
Other tax
payable
|
|
|
1,596,511
|
|
|
|
6,039,794
|
|
Dividend
payable
|
|
|
-
|
|
|
|
1,154,983
|
|
Deferred revenue from
related parties
|
|
|
5,287,903
|
|
|
|
12,897,658
|
|
Deferred
revenues
|
|
|
3,462,149
|
|
|
|
8,956,195
|
|
Other current
liabilities
|
|
|
2,070,081
|
|
|
|
730,405
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
19,464,239
|
|
|
|
58,136,671
|
|
Amounts due to related
parties-non current
|
|
|
-
|
|
|
|
5,280,000
|
|
Deferred revenue —
non-current from related parties
|
|
|
131,855
|
|
|
|
4,729,030
|
|
Deferred revenue —
non-current
|
|
|
353,739
|
|
|
|
548,464
|
|
Non-current uncertain
tax position liabilities
|
|
|
785,372
|
|
|
|
827,315
|
|
Deferred tax
liabilities— non-current
|
|
|
-
|
|
|
|
2,108,005
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
20,735,205
|
|
|
|
71,629,485
|
|
Mezzanine
Equity
|
|
|
38,294,634
|
|
|
|
-
|
|
Equity
|
|
|
8,284,024
|
|
|
|
168,793,340
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities,
Mezzanine Equity and Total Shareholders' Equity
|
|
|
67,313,863
|
|
|
|
240,422,825
|
|
|
|
|
|
|
|
|
|
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In U.S. dollars,
except for ADS data, per ADS data and percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
2015
|
|
|
$
|
|
|
$
|
|
|
$
|
|
$
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third party
revenues
|
|
|
6,994,984
|
|
|
|
12,280,743
|
|
|
|
33,480,210
|
|
42,208,971
|
Related party
revenues
|
|
|
4,729,000
|
|
|
|
21,320,819
|
|
|
|
5,657,828
|
|
53,320,333
|
Total
revenues
|
|
|
11,723,984
|
|
|
|
33,601,562
|
|
|
|
39,138,038
|
|
95,529,304
|
Business taxes and
related surcharges
|
|
|
(120,296)
|
|
|
|
(687,483)
|
|
|
|
(225,669)
|
|
(1,177,738)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
11,603,688
|
|
|
|
32,914,079
|
|
|
|
38,912,369
|
|
94,351,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(2,893,870)
|
|
|
|
(14,963,287)
|
|
|
|
(10,657,267)
|
|
(37,414,007)
|
Selling
expenses
|
|
|
(1,959,177)
|
|
|
|
(6,081,254)
|
|
|
|
(5,768,356)
|
|
(13,810,241)
|
General and
administrative expenses
|
|
|
(2,759,050)
|
|
|
|
(5,204,400)
|
|
|
|
(7,009,332)
|
|
(14,553,357)
|
Other operating
income — government subsidy
|
|
|
750,397
|
|
|
|
1,319,635
|
|
|
|
2,363,893
|
|
3,755,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating cost
and expenses
|
|
|
(6,861,700)
|
|
|
|
(24,929,306)
|
|
|
|
(21,071,062)
|
|
(62,021,846)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
4,741,988
|
|
|
|
7,984,773
|
|
|
|
17,841,307
|
|
32,329,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain from
deconsolidation of subsidiaries
|
|
|
-
|
|
|
|
-
|
|
|
|
102,089
|
|
-
|
Interest
income
|
|
|
35,892
|
|
|
|
66,863
|
|
|
|
187,285
|
|
443,204
|
Investment
income
|
|
|
657,806
|
|
|
|
776,721
|
|
|
|
2,053,748
|
|
3,024,914
|
Gain from disposal of
investment in affiliates
|
|
|
-
|
|
|
|
717,217
|
|
|
|
-
|
|
369,472
|
Interest
expense
|
|
|
-
|
|
|
|
-
|
|
|
|
(14,961)
|
|
-
|
Other (loss)
income
|
|
|
-
|
|
|
|
(78,213)
|
|
|
|
-
|
|
332,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
income
|
|
|
693,698
|
|
|
|
1,482,588
|
|
|
|
2,328,161
|
|
4,169,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
and loss from equity in affiliates
|
|
|
5,435,686
|
|
|
|
9,467,361
|
|
|
|
20,169,468
|
|
36,499,549
|
Income tax
expense
|
|
|
(1,771,827)
|
|
|
|
(3,369,095)
|
|
|
|
(5,617,343)
|
|
(10,663,384)
|
Income from equity in
affiliates
|
|
|
-
|
|
|
|
314,127
|
|
|
|
78,015
|
|
687,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
3,663,859
|
|
|
|
6,412,393
|
|
|
|
14,630,140
|
|
26,523,390
|
Net income
attributable to non-controlling interests
|
|
|
(255,398)
|
|
|
|
(493,583)
|
|
|
|
(257,840)
|
|
(2,186,377)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Jupai shareholders
|
|
|
3,408,461
|
|
|
|
5,918,810
|
|
|
|
14,372,300
|
|
24,337,013
|
Deemed dividend on
Series B convertible redeemable preferred shares
|
|
|
(3,358,768)
|
|
|
|
-
|
|
|
|
(7,563,669)
|
|
-
|
Net income
attributable to ordinary shareholders
|
|
|
49,693
|
|
|
|
5,918,810
|
|
|
|
6,808,631
|
|
24,337,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.00
|
|
|
|
0.20
|
|
|
|
0.36
|
|
1.01
|
Diluted
|
|
|
0.00
|
|
|
|
0.19
|
|
|
|
0.36
|
|
0.96
|
Weighted average
number of shares used in computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
73,215,920
|
|
|
|
179,586,759
|
|
|
|
83,683,960
|
|
114,124,300
|
Diluted
|
|
|
116,187,807
|
|
|
|
186,795,739
|
|
|
|
114,445,361
|
|
119,598,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[1] Assumes all outstanding ordinary shares
are represented by ADSs. Each ADS represents six ordinary
shares.
|
|
|
|
|
Jupai Holdings
Limited
|
|
Unaudited
Condensed Comprehensive Income Statements
|
|
(In U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
2015
|
|
|
$
|
|
|
$
|
|
|
$
|
|
$
|
Net
income
|
|
|
3,663,859
|
|
|
|
6,412,393
|
|
|
14,630,140
|
|
26,523,390
|
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of available-for-sale investment
|
|
|
(69,408)
|
|
|
|
(143,086)
|
|
|
78,303
|
|
155,134
|
|
Disposal of
available-for-sale investment
|
|
|
(71,531)
|
|
|
|
(106,929)
|
|
|
(71,531)
|
|
(155,134)
|
|
Change in cumulative
foreign currency translation adjustment
|
|
|
73,925
|
|
|
|
(1,388,683)
|
|
|
(56,024)
|
|
(4,133,578)
|
|
Other
comprehensive loss
|
|
|
(67,014)
|
|
|
|
(1,638,698)
|
|
|
(49,252)
|
|
(4,133,578)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
3,596,845
|
|
|
|
4,773,695
|
|
|
14,580,888
|
|
22,389,812
|
|
Less: Comprehensive
income attributable to non-controlling interests
|
|
|
235,998
|
|
|
|
508,592
|
|
|
261,163
|
|
2,119,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to Jupai shareholders
|
|
|
3,360,847
|
|
|
|
4,265,103
|
|
|
14,319,725
|
|
20,269,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jupai Holdings
Limited
|
|
Reconciliation of
GAAP to Non-GAAP Results
|
|
(In U.S. dollars,
except for ADS data and percentages)
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2014
|
|
2015
|
|
|
2014
|
|
2015
|
|
|
|
$
|
|
$
|
|
|
$
|
|
$
|
|
Net
margin
|
|
0.4%
|
|
18.0%
|
|
|
17.5%
|
|
25.8%
|
|
Adjusted net margin
(non-GAAP)
|
|
2.6%
|
|
22.7%
|
|
|
18.8%
|
|
29.5%
|
|
Net income
|
|
49,693
|
|
5,918,810
|
|
|
6,808,631
|
|
24,337,013
|
|
Adjustment for
share-based compensation
|
|
249,378
|
|
1,029,508
|
|
|
498,756
|
|
2,520,565
|
|
Adjustment for
amortization of intangible
assets related to acquisition
|
|
-
|
|
519,782
|
|
|
-
|
|
952,934
|
|
Adjusted net income
attributable to ordinary
shares(non-GAAP)
|
|
299,071
|
|
7,468,100
|
|
|
7,307,387
|
|
27,810,512
|
|
Net income
attributable to ordinary shares
per ADS, diluted
|
|
0.00
|
|
0.19
|
|
|
0.36
|
|
0.96
|
|
Adjusted net
income attributable to ordinary
shares per ADS, diluted (non-GAAP)
|
|
0.02
|
|
0.24
|
|
|
0.38
|
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
116,187,807
|
|
186,795,739
|
|
|
114,445,361
|
|
119,598,947
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jupai-reports-fourth-quarter-and-full-year-2015-results-300238101.html
SOURCE Jupai Holdings Limited