SHANGHAI, Aug. 10, 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 second quarter and six months
ended June 30, 2016.
SECOND QUARTER AND FIRST HALF
2016 FINANCIAL HIGHLIGHTS
- Net revenues in the second quarter of 2016 were
$36.8 million, a 119.4% increase from
$16.8 million for the corresponding
period in 2015. For the first half of 2016, net revenues were
$71.4 million, an increase of 132.4%
from $30.7 million for the same
period in 2015.
($'000, except
percentages)
|
Q2
2015
|
|
Q2 2015
%
|
|
Q2
2016
|
|
Q2 2016
%
|
|
YoY Change
%
|
One-time
commissions
|
9,609
|
|
57.2%
|
|
22,379
|
|
60.7%
|
|
132.9%
|
Recurring management
fee
|
3,745
|
|
22.3%
|
|
9,379
|
|
25.5%
|
|
150.4%
|
Recurring service
fees
|
3,441
|
|
20.5%
|
|
5,087
|
|
13.8%
|
|
47.8%
|
Total net
revenues
|
16,795
|
|
100.0%
|
|
36,845
|
|
100.0%
|
|
119.4%
|
($'000, except
percentages)
|
H1
2015
|
|
H1 2015
%
|
|
H1
2016
|
|
H1 2016
%
|
|
YoY Change
%
|
One-time
commissions
|
19,584
|
|
63.7%
|
|
46,305
|
|
64.9%
|
|
136.4%
|
Recurring management
fee
|
6,504
|
|
21.2%
|
|
15,034
|
|
21.0%
|
|
131.1%
|
Recurring service
fees
|
4,650
|
|
15.1%
|
|
10,089
|
|
14.1%
|
|
117.0%
|
Total net
revenues
|
30,738
|
|
100.0%
|
|
71,428
|
|
100.0%
|
|
132.4%
|
- Income from operations in the second quarter of 2016 was
$8.2 million, a 14.1% increase from
$7.2 million for the corresponding
period in 2015. For the first half of 2016, income from operations
was $13.1 million, a decrease of 4.3%
from $13.6 million for the same
period in 2015.
- Net income attributable to ordinary shareholders in the
second quarter of 2016 was $6.0
million, consistent with that of the corresponding period in
2015. For the first half of 2016, net income attributable to
ordinary shareholders was $10.1
million, a decrease of 7.4% from $10.9 million for the same period in 2015.
- Non-GAAP[1] net income attributable to ordinary
shareholders in the second quarter of 2016 was $7.3 million, an 11.2% increase from $6.6 million for the corresponding period in
2015. For the first half of 2016, non-GAAP net income attributable
to ordinary shareholders was $12.7
million, an increase of 7.5% from $11.8 million for the same period in 2015.
[1] 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 2016 OPERATIONAL
UPDATES
- Total number of active clients[2] during the second
quarter of 2016 was 3,800.
- The aggregate value of wealth management products
distributed by the Company during the second quarter
of 2016 was RMB8,158 million
($1,243 million), a 26.9% increase from the
corresponding period in 2015. For the first half of 2016, the
aggregate value of wealth management products distributed by the
Company was RMB18,990 million
($2,915 million), a 73.6% increase from the
corresponding period in 2015.
Wealth management
products distributed by the Company - breakdown by product
type
|
|
Three months
ended
|
|
Six months
ended
|
|
June 30,
2015
|
|
June 30,
2016
|
|
June 30,
2015
|
|
June 30,
2016
|
Product
type
|
(RMB in millions, except
percentages)
|
|
(RMB in millions, except
percentages)
|
Fixed income
products
|
2,191
|
35%
|
|
4,778
|
59%
|
|
5,071
|
47%
|
|
9,981
|
53%
|
Private equity
products
|
1,379
|
21%
|
|
2,201
|
27%
|
|
2,421
|
22%
|
|
6,260
|
33%
|
Secondary market equity
fund
products
|
2,728
|
42%
|
|
841
|
10%
|
|
3,291
|
30%
|
|
2,103
|
11%
|
Other
products
|
130
|
2%
|
|
338
|
4%
|
|
155
|
1%
|
|
646
|
3%
|
All
products
|
6,428
|
100%
|
|
8,158
|
100%
|
|
10,938
|
100%
|
|
18,990
|
100%
|
- Jupai's coverage network as of June 30, 2016 included 61 client centers covering
36 cities, up from 42 client centers covering 23 cities, as of
June 30, 2015.
- Total assets under management[3] as of June 30, 2016 were RMB25,838 million ($3,896
million), a 20.5% increase from March 31,
2016 and a 403.3% increase from June
30, 2015.
[2] "Active clients" for a given period refers to
clients who purchase wealth management products distributed by
Jupai at least once during that given
period.
[3] "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,
2015
|
|
June 30,
2016
|
Product
type
|
(RMB in millions, except
percentages)
|
Fixed income
products
|
2,540
|
50%
|
|
10,943
|
42%
|
Private equity
products
|
1,682
|
33%
|
|
12,818
|
50%
|
Secondary market equity
fund
products
|
794
|
15%
|
|
1,366
|
5%
|
Other
products
|
118
|
2%
|
|
711
|
3%
|
All
products
|
5,134
|
100%
|
|
25,838
|
100%
|
"We are pleased to announce that Jupai maintained strong growth
momentum in the first half of 2016 with revenue growing 132%
year-over-year," said Mr. Jianda Ni,
Jupai's co-chairman of the board and chief executive officer. "In
order to optimize our revenue structure, we continued to execute
upon our product diversification strategy, with fixed-income
products accounting for 53% of the aggregate value of all products
distributed in the first half of 2016, and equity related products,
including private equity, venture capital, and secondary market
products accounting for 44% of the aggregate value of all products
distributed in the same period. In addition, our asset management
business made solid progress over the past year, with total assets
under management growing to RMB25.8
billion as of June 30, up from
RMB5.1 billion a year ago."
Mr. Ni continued, "Looking forward, we will continue to expand
our product offering into areas including insurance and overseas
products as the appropriate opportunities arise. We believe that a
diversified product structure can better meet the ever-changing
wealth management and asset allocation needs of our clients and
help ensure steady, long-term growth for Jupai. We will continue to
focus on attracting and retaining the best professionals, selecting
high quality products and maintaining stringent risk control
standards, in order to build China's leading wealth and asset management
brand."
Mr. Tianxiang Hu, Jupai's
co-chairman and executive chairman of the board added, "Since our
founding, Jupai has built a reputation for deeply understanding
clients' goals and needs. We recently participated in an education
program run by The Wharton School of the University of Pennsylvania to provide our
professional teams and high-net-worth clients with the latest
investment knowledge and training. Combined with our team's
industry leading knowledge and expertise across a range of product
categories, we believe Jupai is uniquely positioned to provide high
quality financial products to China's growing numbers of high-net-worth
individuals."
Ms. Min Liu, Jupai's chief
financial officer, said, "Jupai achieved impressive growth in the
first half of 2016, primarily driven by our proactive sales and
brand building strategies. Additionally, we adjusted our commission
policy in the first quarter of 2016 to control costs, which
resulted in a higher net profit margin in the second quarter. As we
continue to optimize our revenue structure, expand our business
scale and improve operating efficiency, we remain confident in our
bottom-line outlook for the rest of the year."
SECOND QUARTER AND FIRST HALF 2016 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2016 were
$36.8 million, a 119.4% increase from
$16.8 million for the corresponding
period in 2015, primarily due to increases in one-time commissions
and recurring management fees. Net revenues were $71.4 million for the first half of 2016, an
increase of 132.4% from $30.7 million
for the same period in 2015.
- Net revenues from one-time commissions for the second
quarter of 2016 were $22.4 million, a
132.9% increase from $9.6 million for
the corresponding period in 2015, primarily as a result of an
increase in the average commission rate charged, and an increase in
the aggregate value of wealth management products distributed by
the company. For the first half of 2016, net revenues from one-time
commissions were $46.3 million, an
increase of 136.4% from $19.6 million
for the same period in 2015.
- Net revenues from recurring management fees for the
second quarter of 2016 were $9.4
million, a 150.4% increase from $3.7
million for the corresponding period in 2015, primarily
attributable to an increase in the value of assets under
management. The Company recognized $0.2
million and $1.4 million
carried interest in the second quarter of 2016 and 2015,
respectively. For the first half of 2016, net revenues from
recurring management fees were $15.0
million, a 131.1% increase from $6.5
million for the same period in 2015. $0.7 million and $2.6
million carried interest was recognized as part of Jupai's
recurring management fees for the first half of 2016 and the same
period in 2015, respectively.
- Net revenues from recurring service fees for the second
quarter of 2016 were $5.1 million, a
47.8% increase from $3.4 million for
the corresponding period in 2015, primarily as the Company provided
ongoing services to more product suppliers. The Company recognized
$0.6 million and $2.4 million variable performance fees in the
second quarter of 2016 and 2015, respectively. For the first half
of 2016, net revenues from recurring service fees were $10.1 million, a 117.0% increase from
$4.6 million for the same period in
2015. The Company recognized $1.2
million and $2.8 million
variable performance fees for the first half of 2016 and the same
period in 2015, respectively.
Operating Costs and Expenses
Operating costs and expenses for the second quarter of
2016 were $28.6 million, an increase
of 198.3% from $9.6 million for the
corresponding period in 2015. For the first half of 2016, operating
costs and expenses were $58.4
million, an increase of 241.5% from 17.1 million for the
same period in 2015.
- Cost of revenues for the second quarter of 2016 was
$14.9 million, a 185.0% increase from
$5.2 million for the corresponding
period in 2015, primarily due to concurrent increases in the number
of wealth management advisors and client managers and the average
compensation, in particular commission fees, paid to them. For the
first half of 2016, cost of revenues were $32.1 million, an increase of 265.9% from
$8.8 million for the same period in
2015.
- Selling expenses for the second quarter of 2016 were
$7.8 million, a 308.3% increase from
$1.9 million for the corresponding
period in 2015, primarily due to increases in marketing,
advertising and brand promotion expenses. For the first half of
2016, selling expenses were $15.9
million, an increase of 292.1% from $4.1 million for the same period in 2015.
- G&A expenses for the second quarter of 2016 were
$5.9 million, a 101.1% increase from
$2.9 million for the corresponding
period in 2015, mainly due to increases in both the numbers of
managerial and administrative personnel and compensation paid to
them as well as increased rental and office supply expenses. For
the first half of 2016, G&A expenses were $10.8 million, an increase of 126.0% from
$4.8 million for the same period in
2015.
- Other operating income (government subsidies) received
by the Company in the second quarter of 2016 was $9.9 thousand, a 98.0% decrease from $490.6 thousand for the corresponding period in
2015. For the first half of 2016, other operating income was
$496.4 thousand, a decrease of 7.8%
from $538.7 thousand for the same
period in 2015.
Operating margin for the second quarter of 2016 was
22.3%, compared to 42.9% for the corresponding period in 2015. The
decrease was mainly due to increased compensation costs and
marketing expenses as well as decreased government subsidies
compared with the corresponding period in 2015. For the first half
of 2016, operating margin was 18.3%, compared to 44.4% for the same
period in 2015.
Income tax expenses for the second quarter of 2016 were
$2.3 million, a 6.6% increase from
$2.2 million for the corresponding
period in 2015. For the first half of 2016, income tax expenses
were $3.7 million, a decrease of
11.6% from $4.2 million for the same
period in 2015. The decrease was primarily due to a decrease in
taxable income.
Net Income
- Net Income
- Net income attributable to ordinary shareholders for the
second quarter of 2016 was $6.0
million, consistent with that of the corresponding period in
2015. For the first half of 2016, net income attributable to
ordinary shareholders was $10.1
million, a decrease of 7.4% from $10.9 million for the same period in 2015.
- Net margin for the second quarter of 2016 was 16.4%, as
compared to 35.9% for the corresponding period in 2015. For the
first half of 2016, net margin was 14.2%, compared to 35.6% for the
same period in 2015.
- Net income attributable to ordinary shareholders per basic
and diluted ADS for the second quarter of 2016 was $0.19 and $0.18,
respectively, as compared to $0.31
and $0.30, respectively, for the
corresponding period in 2015. For the first half of 2016, net
income attributable to ordinary shareholders per basic and diluted
ADS was $0.32 and $0.30, respectively, as compared to $0.56 and $0.54,
respectively, for the same period in 2015.
- Non-GAAP Net Income
- Non-GAAP net income attributable to ordinary
shareholders for the second quarter of 2016 was $7.3 million, an 11.2% increase from $6.6 million for the corresponding period in
2015. For the first half of 2016, non-GAAP net income attributable
to ordinary shareholders was $12.7
million, a 7.5% increase from $11.8
million for the same period in 2015.
- Non-GAAP net margin for the second quarter of 2016 was
19.9%, as compared to 39.3% for the corresponding period in 2015.
For the first half of 2016, non-GAAP net margin was 17.8%, as
compared to 38.5% for the same period in 2015.
- Non-GAAP net income attributable to ordinary shareholders
per diluted ADS for the second quarter of 2016 was $0.22, as compared to $0.32 for the corresponding period in 2015. For
the first half of 2016, non-GAAP net income attributable to
ordinary shareholders per diluted ADS was $0.38, as compared to $0.59 for the same period in 2015.
Balance Sheet and Cash Flow
As of June 30, 2016, the Company
had $140.4 million in cash and
cash equivalents, compared to $122.5
million as of December 31,
2015 and $41.2 million as of
June 30, 2015.
Net cash used in operating activities during the second
quarter of 2016 was $0.1 million. For
the first half of 2016, net cash used in operating activities was
$1.5 million.
Net cash used in investing activities during the second
quarter of 2016 was $0.6
million. For the first half of 2016, net cash used in
investing activities was $2.2
million.
Net cash provided by financing activities during the
second quarter of 2016 was $0.3
million. For the first half of 2016, net cash provided by
financing activities was $21.6
million.
BUSINESS OUTLOOK
The Company estimates that its net revenues for the third
quarter of 2016 will be in the range of $35
million to $38 million, an increase of 12.9% to 22.6%
compared to the same period 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
August 10, 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:
|
+1-855-298-3404 or
+1-631-514-2526
|
Hong
Kong:
|
+852-5808-3202 or
800-905-927
|
Mainland
China:
|
400-120-0539
|
Singapore
|
800-616-3222 or
+65-3157-9230
|
Passcode:
|
1015513
|
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 17,
2016:
U.S./International:
|
+1-866-846-0868
|
Hong
Kong:
|
800-966-697
|
Mainland
China:
|
400-184-2240
|
Singapore
|
800-616-2127
|
Passcode:
|
1015513
|
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 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) 6026 9129
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)
|
|
|
As
of
|
|
December 31,
|
|
June 30,
|
|
2015
|
|
2016
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
122,504,799
|
|
140,375,047
|
Short-term
investments
|
11,156,616
|
|
12,090,843
|
Short-term entrusted
investments
|
287,797
|
|
-
|
Accounts
receivable
|
4,005,258
|
|
4,588,235
|
Other
receivables
|
5,164,971
|
|
7,077,509
|
Amounts due from related
parties
|
1,836,209
|
|
7,615,902
|
Deferred tax assets —
current
|
7,087,092
|
|
6,914,233
|
Other current
assets
|
1,025,526
|
|
1,324,148
|
|
|
|
|
Total current
assets
|
153,068,268
|
|
179,985,917
|
Long-term
investments
|
9,988,168
|
|
6,786,102
|
Investment in
affiliates
|
11,577,995
|
|
13,231,690
|
Advanced payment for
acquisition
|
14,612,634
|
|
15,968,241
|
Property and equipment,
net
|
2,473,964
|
|
3,506,090
|
Intangible
assets
|
8,432,021
|
|
9,054,405
|
Goodwill
|
39,995,458
|
|
40,783,726
|
Long-term
prepayment
|
292,655
|
|
1,146,823
|
Deferred tax assets —
non-current
|
1,243,313
|
|
1,243,313
|
|
|
|
|
Total
Assets
|
241,684,476
|
|
271,706,307
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accrued payroll and welfare
expenses
|
12,443,966
|
|
9,712,236
|
Income tax
payable
|
15,913,670
|
|
9,319,714
|
Other tax
payable
|
6,039,794
|
|
5,701,872
|
Dividend
payable
|
1,154,983
|
|
-
|
Amounts due to related
parties-current
|
-
|
|
1,045,813
|
Deferred revenue from
related
parties
|
12,897,658
|
|
19,230,484
|
Deferred
revenues
|
8,956,195
|
|
8,038,836
|
Other current
liabilities
|
730,405
|
|
1,114,382
|
|
|
|
|
Total current
liabilities
|
58,136,671
|
|
54,163,337
|
Amounts due to related
parties-non
current
|
5,280,000
|
|
-
|
Deferred revenue —
non-current from related
parties
|
4,729,030
|
|
9,704,253
|
Deferred revenue —
non-current
|
548,464
|
|
584,967
|
Non-current uncertain tax
position
liabilities
|
827,315
|
|
852,867
|
Deferred tax liabilities—
non-current
|
2,108,005
|
|
2,054,958
|
|
|
|
|
Total
Liabilities
|
71,629,485
|
|
67,360,382
|
Equity
|
170,054,991
|
|
204,345,925
|
|
|
|
|
Total Liabilities and
Total Shareholders'
Equity
|
241,684,476
|
|
271,706,307
|
Jupai Holdings
Limited
Unaudited Condensed Consolidated Income
Statements
(In U.S. dollars, except for ADS data, per ADS
data and
percentages)
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June 30,
|
|
June
30,
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
$
|
|
$
|
|
$
|
|
$
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
6,198,509
|
|
10,481,858
|
|
11,615,003
|
|
23,746,179
|
Related party
revenues
|
10,716,363
|
|
25,934,572
|
|
19,331,926
|
|
47,659,253
|
Total
revenues
|
16,914,872
|
|
36,416,430
|
|
30,946,929
|
|
71,405,432
|
Business taxes and related
surcharges
|
(119,676)
|
|
428,490
|
|
(208,624)
|
|
22,732
|
|
|
|
|
|
|
|
|
Net
revenues
|
16,795,196
|
|
36,844,920
|
|
30,738,305
|
|
71,428,164
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(5,234,630)
|
|
(14,919,564)
|
|
(8,781,175)
|
|
(32,132,185)
|
Selling
expenses
|
(1,912,099)
|
|
(7,806,549)
|
|
(4,054,944)
|
|
(15,898,502)
|
General and administrative
expenses
|
(2,942,225)
|
|
(5,916,345)
|
|
(4,795,414)
|
|
(10,838,610)
|
Other operating income — government
subsidies
|
490,591
|
|
9,855
|
|
538,660
|
|
496,387
|
|
|
|
|
|
|
|
|
Total operating cost and
expenses
|
(9,598,363)
|
|
(28,632,603)
|
|
(17,092,873)
|
|
(58,372,910)
|
|
|
|
|
|
|
|
|
Income from
operations
|
7,196,833
|
|
8,212,317
|
|
13,645,432
|
|
13,055,254
|
|
|
|
|
|
|
|
|
Interest
income
|
349,934
|
|
312,813
|
|
358,209
|
|
422,140
|
Investment
income
|
847,739
|
|
509,673
|
|
1,898,529
|
|
997,491
|
Other (loss)
income
|
-
|
|
(15,542)
|
|
-
|
|
30,534
|
|
|
|
|
|
|
|
|
Total other
income
|
1,197,673
|
|
806,944
|
|
2,256,738
|
|
1,450,165
|
|
|
|
|
|
|
|
|
Income before taxes and income from equity in
affiliates
|
8,394,506
|
|
9,019,261
|
|
15,902,170
|
|
14,505,419
|
Income tax
expense
|
(2,195,751)
|
|
(2,341,294)
|
|
(4,182,355)
|
|
(3,697,129)
|
Income from equity in
affiliates
|
580,759
|
|
49,431
|
|
388,153
|
|
10,301
|
|
|
|
|
|
|
|
|
Net
income
|
6,779,514
|
|
6,727,398
|
|
12,107,968
|
|
10,818,591
|
Net income attributable to non-controlling
interests
|
(746,046)
|
|
(689,705)
|
|
(1,176,619)
|
|
(690,849)
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary
shareholders
|
6,033,468
|
|
6,037,693
|
|
10,931,349
|
|
10,127,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
0.31
|
|
0.19
|
|
0.56
|
|
0.32
|
Diluted
|
0.30
|
|
0.18
|
|
0.54
|
|
0.30
|
Weighted average number of shares used in
computation:
|
|
|
|
|
|
|
|
Basic
|
61,244,980
|
|
192,331,079
|
|
61,244,980
|
|
191,991,355
|
Diluted
|
66,244,550
|
|
200,882,399
|
|
65,129,250
|
|
200,537,643
|
Jupai Holdings
Limited
Unaudited Condensed
Comprehensive Income
Statements
(In U.S.
dollars)
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
$
|
|
$
|
|
$
|
|
$
|
Net
income
|
6,779,514
|
|
6,727,398
|
|
12,107,968
|
|
10,818,591
|
Other comprehensive income,
net of tax:
|
|
|
|
|
|
|
|
Change in fair value of
available-for-sale
investment
|
197,077
|
|
-
|
|
233,593
|
|
-
|
Disposal of
available-for-sale
investment
|
-
|
|
-
|
|
(43,288)
|
|
-
|
Change in cumulative
foreign currency translation
adjustment
|
(46,994)
|
|
(2,825,861)
|
|
(153,801)
|
|
(2,378,641)
|
Other comprehensive
income (loss)
|
150,083
|
|
(2,825,861)
|
|
36,504
|
|
(2,378,641)
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
6,929,597
|
|
3,901,537
|
|
12,144,472
|
|
8,439,950
|
Less: Comprehensive income
attributable to non-controlling
interests
|
745,646
|
|
623,878
|
|
1,167,770
|
|
691,527
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to ordinary
shareholders
|
6,183,951
|
|
3,277,659
|
|
10,976,702
|
|
7,748,423
|
Jupai Holdings
Limited
Reconciliation of GAAP to Non-GAAP
Results
(In U.S. dollars, except for ADS data and
percentages)
|
|
|
Three months ended
June 30,
|
|
Six months ended June
30,
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
$
|
|
$
|
|
$
|
|
$
|
Net
margin
|
35.9%
|
|
16.4%
|
|
35.6%
|
|
14.2%
|
Adjusted net margin
(non-GAAP)
|
39.3%
|
|
19.9%
|
|
38.5%
|
|
17.8%
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary
shareholders
|
6,033,468
|
|
6,037,693
|
|
10,931,349
|
|
10,127,742
|
Adjustment for share-based
compensation
|
560,787
|
|
772,296
|
|
893,533
|
|
1,544,596
|
Adjustment for amortization of intangible assets
related to
acquisition
|
-
|
|
519,783
|
|
|
|
1,039,565
|
Adjusted net income attributable to ordinary
shares(non-GAAP)
|
6,594,255
|
|
7,329,772
|
|
11,824,882
|
|
12,711,903
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary shares per ADS,
diluted
|
0.30
|
|
0.18
|
|
0.54
|
|
0.30
|
Adjusted net income attributable to ordinary
shares per ADS, diluted
(non-GAAP)
|
0.32
|
|
0.22
|
|
0.59
|
|
0.38
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in
computation:
|
|
|
|
|
|
|
|
Diluted
|
66,244,550
|
|
200,882,399
|
|
65,129,250
|
|
200,537,643
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jupai-reports-second-quarter-2016-results-300311642.html
SOURCE Jupai Holdings Limited