SHANGHAI, Nov. 15, 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 quarter and nine months ended
September 30, 2016.
Effective July 1, 2016, Jupai
changed its reporting currency from the U.S. dollars to Renminbi.
The aligning of the reporting currency with the underlying
operations better reflects the Company's results of operations for
each period, and reduces the impact that the increased volatility
of the Renminbi to U.S. dollars exchange rate will have on the
Company's reported operating results. In this announcement, the
unaudited financial results for the quarter and nine months ended
September 30, 2016, respectively, are
stated in Renminbi. This release contains translations of certain
Renminbi amounts into U.S. dollars for convenience. Prior period
financial results have been recast into the new reporting
currency.
THIRD QUARTER AND FIRST NINE
MONTHS 2016 FINANCIAL HIGHLIGHTS
- Net revenues in the third quarter of 2016 were
RMB320.5 million
(US[1]$48.1 million), a
64.0% increase from the corresponding period in 2015. For the first
nine months of 2016, net revenues were RMB789.2 million (US$118.3
million), an increase of 105.9% from the same period in
2015.
(RMB '000,
except
percentages)
|
Q3
2015
|
|
Q3 2015
%
|
|
Q3
2016
|
|
Q3 2016
%
|
|
YoY Change
%
|
One-time
commissions
|
109,536
|
|
55.9%
|
|
144,025
|
|
45.0%
|
|
31.5%
|
Recurring management
fees
|
30,402
|
|
16.1%
|
|
88,867
|
|
27.7%
|
|
192.3%
|
Recurring service
fees
|
55,440
|
|
28.0%
|
|
31,117
|
|
9.7%
|
|
-43.9%
|
Other service
fees
|
-
|
|
-
|
|
56,458
|
|
17.6%
|
|
100.0%
|
Total net
revenues
|
195,378
|
|
100.0%
|
|
320,467
|
|
100.0%
|
|
64.0%
|
|
(RMB '000,
except
percentages)
|
First Nine
Months
of 2015
|
|
First Nine
Months
of 2015 %
|
|
First Nine
Months
of 2016
|
|
First Nine
Months
of 2016 %
|
|
YoY Change
%
|
One-time
commissions
|
229,320
|
|
59.8%
|
|
447,893
|
|
56.7%
|
|
95.3%
|
Recurring management
fees
|
70,184
|
|
18.6%
|
|
187,529
|
|
23.8%
|
|
167.2%
|
Recurring service
fees
|
83,878
|
|
21.6%
|
|
97,327
|
|
12.3%
|
|
16.0%
|
Other service
fees
|
-
|
|
-
|
|
56,458
|
|
7.2%
|
|
100.0%
|
Total net
revenues
|
383,382
|
|
100.0%
|
|
789,207
|
|
100.0%
|
|
105.9%
|
- Income from operations in the third quarter of 2016 was
RMB115.0 million (US$17.3 million), a 68.0% increase from the
corresponding period in 2015. For the first nine months of 2016,
income from operations was RMB200.7
million (US$30.1 million), an
increase of 32.1% from the same period in 2015.
- Net income attributable to ordinary shareholders in the
third quarter of 2016 was RMB78.8
million (US$11.8 million), a
64.0% increase from the corresponding period in 2015. For the first
nine months of 2016, net income attributable to ordinary
shareholders was RMB145.3 million
(US$21.8 million), an increase of
26.4% from the same period in 2015.
- Non-GAAP[2] net income attributable to
ordinary shareholders in the third quarter of 2016 was RMB87.9 million (US$13.2
million), an 60.9% increase from the corresponding period in
2015. For the first nine months of 2016, non-GAAP net income
attributable to ordinary shareholders was RMB171.3 million (US$25.7
million), an increase of 35.0% from the same period in
2015.
THIRD QUARTER AND FIRST NINE MONTHS 2016 OPERATIONAL
UPDATES
- Total number of active clients[3] during the
third quarter of 2016 was 3,351.
- The aggregate value of wealth management products
distributed by the Company during the third quarter
of 2016 was RMB11,823 million
(US$1,773 million), a 48.8% increase
from the corresponding period in 2015. For the first nine months of
2016, the aggregate value of wealth management products distributed
by the Company was RMB30,813 million
(US$4,621 million), a 62.7% increase
from the corresponding period in 2015.
Wealth management
products distributed by the Company - breakdown by product
type
|
|
Three months
ended
|
|
Nine months
ended
|
|
September 30,
2015
|
|
September 30,
2016
|
|
September 30,
2015
|
|
September 30,
2016
|
Product
type
|
(RMB in millions,
except percentages)
|
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
5,088
|
64%
|
|
9,656
|
81%
|
|
10,236
|
54%
|
|
19,637
|
64%
|
Private equity
products
|
1,958
|
25%
|
|
1,191
|
10%
|
|
4,390
|
23%
|
|
7,451
|
24%
|
Secondary market
equity fund products
|
433
|
5%
|
|
794
|
7%
|
|
3,730
|
20%
|
|
2,897
|
9%
|
Other
products
|
466
|
6%
|
|
182
|
2%
|
|
577
|
3%
|
|
828
|
3%
|
All
products
|
7,945
|
100%
|
|
11,823
|
100%
|
|
18,933
|
100%
|
|
30,813
|
100%
|
- Jupai's coverage network as of September 30, 2016 included 65 client centers
covering 40 cities, up from 47 client centers covering 26 cities,
as of September 30, 2015.
- Total assets under management[4] as of
September 30, 2016 were RMB29,356 million (US$4,402 million), a 13.6% increase from
June 30, 2016 and a 204.8% increase
from September 30, 2015.
Assets under
management - breakdown by product type
|
|
As
of
|
|
September 30,
2015
|
|
September 30,
2016
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
3,753
|
39%
|
|
13,514
|
45%
|
Private equity
products
|
4,726
|
49%
|
|
13,081
|
45%
|
Secondary market
equity fund products
|
843
|
9%
|
|
2,232
|
8%
|
Other
products
|
309
|
3%
|
|
529
|
2%
|
All
products
|
9,631
|
100%
|
|
29,356
|
100%
|
[1] The
U.S. dollars (US$) amounts disclosed in this press release, except
for those transaction amounts that were actually settled in U.S.
dollars, are presented solely for the convenience of the reader.
The conversion of Renminbi (RMB) into U.S. dollars in this press
release is based on the noon buying rate on September 30, 2016, as
set forth in the H.10 statistical release of the Federal Reserve
Bank of New York, which was RMB6.6685 to US$1.00. The percentages
stated in this press release are calculated based on the Renminbi
amounts.
|
[2]
Jupai's non-GAAP financial measures are derived from adjusting the
corresponding GAAP financial measures by excluding the effects of
share-based compensation and amortization of intangible assets
resulted from business acquisitions.
|
[3]
"Active clients" for a given period refers to clients who purchase
wealth management products distributed by Jupai at least once
during that given period.
|
[4]
"Assets under management" by Jupai refers to the amount of capital
contributions made by the investors to the fund without adjustment
for any gain or loss from investment.
|
"Jupai continued to grow rapidly in the third quarter of 2016
with net income rising 64% year-over-year," said Mr. Jianda Ni, Jupai's co-chairman of the board and
chief executive officer. "The challenging macroeconomic environment
has caused investors to become more risk averse, leading to higher
demand for fixed-income products. However, traditional fixed-income
products, such as conventional wealth management products issued by
commercial banks and cash management products from online financial
institutions, have experienced declining returns due to interest
rate cuts by China's central bank.
Leveraging our relationship with our major shareholder, E-House, a
top real estate service company in China, and CRIC, the owner of an advanced real
estate information database and analysis system in China, Jupai is able to identify high-quality
underlying real estate assets with attractive risk-return profiles.
This provides us with a competitive advantage over our peers, and
helped us to increase the aggregate value of fixed income products
distributed by Jupai to a record high of RMB
9.7 billion in the third quarter. We will remain focused on
providing the best possible products to our clients while
maintaining strict risk controls, in order to establish Jupai as
the top wealth and asset management brand for high-net-worth
individuals in China."
Mr. Tianxiang Hu, Jupai's
co-chairman and executive chairman of the board added, "Jupai's
asset management business delivered robust results in the third
quarter of 2016, with total assets under management growing
significantly from RMB 9.6 billion as
of September 30, 2015, to
RMB 29.4 billion as of September 30, 2016. We will continue to diversify
our product offerings to better meet clients' evolving wealth
management and asset allocation needs and to drive Jupai's long
term, sustainable growth."
Ms. Min Liu, Jupai's chief
financial officer, said, "Jupai maintained solid growth momentum in
the first nine months of 2016. Our proactive sales and marketing
strategies drove impressive top-line growth, and helped to
strengthen the Jupai brand and increase our market share. Our net
margin recovered consecutively in the second and the third quarters
of 2016. As we continue to optimize our revenue structure, expand
our business scale and increase operating efficiency, we remain
optimistic about Jupai's bottom line outlook for 2016."
THIRD QUARTER AND FIRST NINE MONTHS 2016 FINANCIAL
RESULTS
Net Revenues
Net revenues for the third quarter of 2016 were
RMB320.5 million (US$48.1 million), a 64.0% increase from the
corresponding period in 2015, primarily due to increases in
recurring management fees and other service fees. Net revenues were
RMB789.2 million (US$118.3 million) for the first nine months of
2016, an increase of 105.9% from the same period in 2015.
- Net revenues from one-time commissions for the third
quarter of 2016 were RMB144.0 million
(US$21.6 million), a 31.5% increase
from the corresponding period in 2015, primarily as a result of an
increase in the aggregate value of wealth management products
distributed by the company. For the first nine months of 2016, net
revenues from one-time commissions were RMB447.9 million (US$67.2
million), an increase of 95.3% from the same period in
2015.
- Net revenues from recurring management fees for the
third quarter of 2016 were RMB88.9
million (US$13.3 million), a
192.3% increase from the corresponding period in 2015, primarily
attributable to an increase in the value of assets under our
management. The Company recognized RMB6.6
million (US$1.0 million) and
nil carried interest in the third quarter of 2016 and 2015,
respectively. For the first nine months of 2016, net revenues from
recurring management fees were RMB187.5
million (US$28.1 million), a
167.2% increase from the same period in 2015. RMB11.6 million (US$1.7
million) and RMB16.2 million
carried interest was recognized as part of Jupai's recurring
management fees for the first nine months of 2016 and the same
period in 2015, respectively.
- Net revenues from recurring service fees for the third
quarter of 2016 were RMB31.1 million
(US$4.7 million), a 43.9% decrease
from the corresponding period in 2015, primarily as the Company
recognized RMB40.3 million in
variable performance fees in the third quarter of 2015, compared to
RMB5.7 million (US$0.9 million) in the third quarter of 2016. For
the first nine months of 2016, net revenues from recurring service
fees were RMB97.3 million
(US$14.6 million), a 16.0% increase
from the same period in 2015. The Company recognized RMB13.4 million (US$2.0
million) and RMB57.5 million
variable performance fees for the first nine months of 2016 and the
same period in 2015, respectively.
- Net revenues from other service fees for the third
quarter of 2016 were RMB56.5 million
(US$8.5 million), which mainly
include sub-advisory fees collected from other asset management
company. The Company recognized these revenues for the first time
in the third quarter of 2016.
Operating Costs and Expenses
Operating costs and expenses for the third quarter of
2016 were RMB205.4 million
(US$30.8 million), an increase of
61.9% from the corresponding period in 2015. For the first nine
months of 2016, operating costs and expenses were RMB588.5 million (US$88.2
million), an increase of 154.2% from the same period in
2015.
- Cost of revenues for the third quarter of 2016 was
RMB120.3 million (US$18.0 million), a 39.2% increase from the
corresponding period in 2015, primarily due to concurrent increases
in the number of wealth management advisors and client managers and
the average compensation. For the first nine months of 2016, cost
of revenues was RMB331.1 million
(US$49.7 million), an increase of
136.4% from the same period in 2015.
- Selling expenses for the third quarter of 2016 were
RMB68.2 million (US$10.2 million), a 191.3% increase from the
corresponding period in 2015, primarily due to increases in
marketing, advertising and brand promotion expenses, including an
expenditure covering 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. For the first nine months
of 2016, selling expenses were RMB172.6
million (US$25.9 million), an
increase of 257.8% from the same period in 2015.
- G&A expenses for the third quarter of 2016 were
RMB35.7 million (US$5.3 million), a 23.0% increase from 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 increases in rental and office supply
expenses. For the first nine months of 2016, G&A expenses were
RMB106.8 million (US$16.0 million), an increase of 83.1% from the
same period in 2015.
- Other operating income (government subsidies) received
by the Company in the third quarter of 2016 was RMB18.8 million (US$2.8
million), a 57.6% increase from the corresponding period in
2015. For the first nine months of 2016, other operating income was
RMB22.0 million (US$3.3 million), an increase of 44.9% from the
same period in 2015.
Operating margin for the third quarter of 2016 was 35.9%,
compared to 34.9% for the corresponding period in 2015. For the
first nine months of 2016, operating margin was 25.4%, compared to
39.6% for the same period in 2015.
Income tax expenses for the third quarter of 2016 were
RMB32.4 million (US$4.9 million), a 62.5% increase from the
corresponding period in 2015. The increase was primarily due to an
increase in taxable income. For the first nine months of 2016,
income tax expenses were RMB56.7
million (US$8.5 million), an
increase of 24.5% from the same period in 2015.
Net Income
- Net income attributable to
ordinary shareholders for the third quarter of 2016 was
RMB78.8 million (US$11.8 million), a 64.0% increase from the
corresponding period in 2015. For the first nine months of 2016,
net income attributable to ordinary shareholders was RMB145.3 million (US$21.8
million), an increase of 26.4% from the same period in
2015.
- Net margin attributable to
ordinary shareholders for the third quarter of 2016 was 24.6%,
as compared to 24.4% for the corresponding period in 2015. For the
first nine months of 2016, net margin attributable to ordinary
shareholders was 18.4%, compared to 30.0% for the same period in
2015.
- Net income attributable to
ordinary shareholders per basic and diluted ADS for the third
quarter of 2016 was RMB2.45
(US$0.37) and RMB2.36 (US$0.35),
respectively, as compared to RMB1.75
and RMB1.67, respectively, for the
corresponding period in 2015. For the first nine months of 2016,
net income attributable to ordinary shareholders per basic and
diluted ADS was RMB4.53 (US$0.68) and RMB4.35 (US$0.65),
respectively, as compared to RMB5.18
and RMB4.91, respectively, for the
same period in 2015.
- Non-GAAP net income
attributable to ordinary shareholders for the third quarter of
2016 was RMB87.9 million
(US$13.2 million), a 60.9% increase
from the corresponding period in 2015. For the first nine months of
2016, non-GAAP net income attributable to ordinary shareholders was
RMB171.3 million (US$25.7 million), a 35.0% increase from the same
period in 2015.
- Non-GAAP net margin
attributable to ordinary shareholders for the third quarter of
2016 was 27.4%, as compared to 27.7% for the corresponding period
in 2015. For the first nine months of 2016, non-GAAP net margin
attributable to ordinary shareholders was 21.7%, as compared to
33.1% for the same period in 2015.
- Non-GAAP net income
attributable to ordinary shareholders per diluted ADS for the
third quarter of 2016 was RMB2.63
(US$0.39), as compared to
RMB2.05 for the corresponding period
in 2015. For the first nine months of 2016, non-GAAP net income
attributable to ordinary shareholders per diluted ADS was
RMB5.12 (US$0.77), as compared to RMB7.85 for the same period in 2015.
Balance Sheet and Cash Flow
As of September 30, 2016, the
Company had RMB952.2 million
(US$142.8 million) in cash and
cash equivalents, compared to RMB795.5
million as of December 31,
2015.
Net cash provided by operating activities during the
third quarter of 2016 was RMB50.9
million (US$7.6 million). For
the first nine months of 2016, net cash provided by operating
activities was RMB42.1 million
(US$6.3 million).
Net cash used in investing activities during the third
quarter of 2016 was RMB12.2 million
(US$1.8 million). For the first
nine months of 2016, net cash used in investing activities was
RMB26.4 million (US$4.0 million).
Net cash provided by financing activities during the
third quarter of 2016 was RMB0.7
million (US$0.1 million). For
the first nine months of 2016, net cash provided by financing
activities was RMB141.0 million
(US$21.1 million).
BUSINESS OUTLOOK
The Company estimates that its net revenues for the fourth
quarter of 2016 will be in the range of RMB233 million (US$35
million) to RMB253 million (US$38
million), an increase of 9.9% to 19.3% 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
November 15, 2016 at 7 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:
|
800-905-927 or
+852-5808-3202
|
Mainland
China:
|
400-120-0539
|
Singapore
|
800-616-3222 or
+65-3157-9230
|
Passcode:
|
5339964
|
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 November 22,
2016:
U.S./International:
|
+1-866-846-0868
|
Hong Kong:
|
800-966-697
|
Mainland
China:
|
400-184-2240
|
Singapore
|
800-616-2127
|
Passcode:
|
5339964
|
Additionally, a live and archived webcast will be available at
http://jupai.investorroom.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures that exclude the effects of all forms
of share-based compensation and amortization of intangible assets
related to acquisition. The reconciliation of these non-GAAP
financial measures to the nearest GAAP measures as set forth in the
table captioned "Reconciliation of GAAP to Non-GAAP Results"
below.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measure used by the Company may be prepared differently from, and
therefore may not be comparable to, similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed non-GAAP net income results
reflecting adjustments to exclude the impacts of share-based
compensation and amortization of intangible assets related to
acquisition to supplement U.S. GAAP financial data. As such, the
Company believes that the presentation of the non-GAAP net income
attributable to ordinary shareholders, non-GAAP net income
attributable to ordinary shares per diluted ADS and non-GAAP net
margin attributable to ordinary shareholders provides important
supplemental information to investors regarding financial and
business trends relating to the Company's financial condition and
results of operations in a manner consistent with that used by
management. Pursuant to U.S. GAAP, the Company recognized
significant amounts of expenses for the restricted shares and share
options, and amortization of intangible assets related to
acquisition in the periods presented. The Company utilized the
non-GAAP financial results to make financial results comparable
period to period and to better understand its historical business
operations.
ABOUT JUPAI HOLDINGS LIMITED
Jupai Holdings Limited ("Jupai") (NYSE: JP) is a leading
third-party wealth management service provider focusing on
distributing wealth management products and providing quality
product advisory services to high-net-worth individuals in
China. Jupai's comprehensive and
personalized client service and broad range of carefully selected
third-party and self-developed products have made it a trusted
brand among its clients. Jupai maintains extensive and targeted
coverage of China's high-net-worth
population.
For more information, please visit
http://jupai.investorroom.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the business outlook and quotations from management
in this announcement, as well as Jupai's strategic and operational
plans, contain forward-looking statements. Jupai may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Jupai's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the goals and strategies of the Company and the
Company's ability to manage its growth and implement its business
strategies; future business development, financial condition and
results of operations of the Company; condition of the wealth
management market in China and
internationally; the demand for and market acceptance of the
products the Company distributes; the Company's ability to maintain
and further grow its active high-net-worth client base and maintain
or increase the amount of investment by clients; developments in
relevant government policies and regulations relating to the
Company's industry and the Company's ability to comply with those
policies and regulations; the Company's ability to attract and
retain quality employees; the Company's ability to adapt to
potential uncertainties in China's
real estate industry and stay abreast of market trends and
technological advances; the results of the Company's investments in
research and development to enhance its product choices and service
offerings; general economic and business conditions in China; the 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
RMB)
|
|
As of
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
2015
|
|
2016
|
|
2016
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
795,497,163
|
|
952,212,342
|
|
142,792,583
|
Short-term
investments
|
72,446,602
|
|
88,260,098
|
|
13,235,375
|
Short-term entrusted
investments
|
1,868,839
|
|
-
|
|
-
|
Accounts
receivable
|
26,008,543
|
|
93,375,085
|
|
14,002,412
|
Other
receivables
|
33,539,256
|
|
55,907,007
|
|
8,383,746
|
Amounts due from
related parties
|
11,923,607
|
|
77,365,392
|
|
11,601,618
|
Advanced payment for
acquisition-current
|
-
|
|
20,328,600
|
|
3,048,452
|
Deferred tax
assets -- current
|
46,020,741
|
|
47,111,914
|
|
7,064,844
|
Other current
assets
|
6,659,354
|
|
11,159,819
|
|
1,673,513
|
|
|
|
|
|
|
Total current
assets
|
993,964,105
|
|
1,345,720,257
|
|
201,802,543
|
Long-term
investments
|
64,859,168
|
|
30,000,000
|
|
4,498,763
|
Investment in
affiliates
|
75,182,868
|
|
97,537,288
|
|
14,626,571
|
Advanced payment for
acquisition
|
94,888,600
|
|
77,560,000
|
|
11,630,801
|
Property and
equipment, net
|
16,064,933
|
|
28,702,259
|
|
4,304,155
|
Intangible
assets
|
54,754,172
|
|
68,767,076
|
|
10,312,226
|
Goodwill
|
259,714,506
|
|
267,466,290
|
|
40,108,914
|
Long-term
prepayment
|
1,900,385
|
|
6,081,479
|
|
911,971
|
Deferred tax
assets -- non-current
|
8,073,577
|
|
8,073,577
|
|
1,210,703
|
|
|
|
|
|
|
Total
Assets
|
1,569,402,314
|
|
1,929,908,226
|
|
289,406,647
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
80,806,138
|
|
58,980,413
|
|
8,844,630
|
Income tax
payable
|
103,337,008
|
|
92,133,846
|
|
13,816,277
|
Other tax
payable
|
39,220,006
|
|
43,098,139
|
|
6,462,944
|
Dividend
payable
|
7,499,998
|
|
-
|
|
-
|
Amounts due to
related parties-current
|
-
|
|
6,267,343
|
|
939,843
|
Deferred revenue from
related parties
|
83,752,232
|
|
113,384,225
|
|
17,002,958
|
Deferred
revenues
|
58,157,948
|
|
45,264,486
|
|
6,787,806
|
Other current
liabilities
|
4,742,957
|
|
22,861,568
|
|
3,428,292
|
|
|
|
|
|
|
Total current
liabilities
|
377,516,287
|
|
381,990,020
|
|
57,282,750
|
Amounts due to
related parties-non current
|
34,286,208
|
|
-
|
|
-
|
Deferred
revenue -- non-current from related parties
|
30,708,429
|
|
71,299,149
|
|
10,691,932
|
Deferred
revenue -- non-current
|
3,561,506
|
|
2,909,736
|
|
436,340
|
Non-current uncertain
tax position liabilities
|
5,372,253
|
|
5,797,173
|
|
869,338
|
Deferred tax
liabilities -- non-current
|
13,688,541
|
|
10,557,629
|
|
1,583,209
|
|
|
|
|
|
|
Total
Liabilities
|
465,133,224
|
|
472,553,707
|
|
70,863,569
|
Equity
|
1,104,269,090
|
|
1,457,354,519
|
|
218,543,078
|
Total Liabilities
and Total Shareholders' Equity
|
1,569,402,314
|
|
1,929,908,226
|
|
289,406,647
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for ADS data, per ADS data and percentages)
|
|
Three months
ended
|
|
|
September 30,
|
|
September 30,
|
|
September
30,
|
|
YoY Change
%
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
115,649,572
|
|
140,604,586
|
|
21,084,890
|
|
21.6%
|
Related party
revenues
|
81,511,219
|
|
182,050,798
|
|
27,300,112
|
|
123.3%
|
Total
revenues
|
197,160,791
|
|
322,655,384
|
|
48,385,002
|
|
63.7%
|
Business taxes and
related surcharges
|
(1,783,284)
|
|
(2,188,327)
|
|
(328,159)
|
|
22.7%
|
|
|
|
|
|
|
|
|
Net
revenues
|
195,377,507
|
|
320,467,057
|
|
48,056,843
|
|
64.0%
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(86,388,686)
|
|
(120,279,680)
|
|
(18,036,992)
|
|
39.2%
|
Selling
expenses
|
(23,429,171)
|
|
(68,239,307)
|
|
(10,233,082)
|
|
191.3%
|
General and
administrative expenses
|
(29,009,171)
|
|
(35,675,530)
|
|
(5,349,858)
|
|
23.0%
|
Other operating
income -- government subsidies
|
11,907,297
|
|
18,769,539
|
|
2,814,657
|
|
57.6%
|
|
|
|
|
|
|
|
|
Total operating cost
and expenses
|
(126,919,731)
|
|
(205,424,978)
|
|
(30,805,275)
|
|
61.9%
|
|
|
|
|
|
|
|
|
Income from
operations
|
68,457,776
|
|
115,042,079
|
|
17,251,568
|
|
68.0%
|
|
|
|
|
|
|
|
|
Interest
income
|
157,529
|
|
619,035
|
|
92,830
|
|
293.0%
|
Investment
income
|
2,417,201
|
|
4,729,880
|
|
709,287
|
|
95.7%
|
Other income
(loss)
|
2,561,303
|
|
(29,388)
|
|
(4,407)
|
|
-101.1%
|
|
|
|
|
|
|
|
|
Total other
income
|
5,136,033
|
|
5,319,527
|
|
797,710
|
|
3.6%
|
|
|
|
|
|
|
|
|
Income before taxes
and income from equity in
affiliates
|
73,593,809
|
|
120,361,606
|
|
18,049,278
|
|
63.5%
|
Income tax
expense
|
(19,937,284)
|
|
(32,399,968)
|
|
(4,858,659)
|
|
62.5%
|
Income from equity in
affiliates
|
(2,215,852)
|
|
(972,580)
|
|
(145,847)
|
|
-56.1%
|
|
|
|
|
|
|
|
|
Net
income
|
51,440,673
|
|
86,989,058
|
|
13,044,772
|
|
69.1%
|
Net income
attributable to non-controlling interests
|
(3,366,818)
|
|
(8,146,378)
|
|
(1,221,621)
|
|
142.0%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
48,073,855
|
|
78,842,680
|
|
11,823,151
|
|
64.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
1.75
|
|
2.45
|
|
0.37
|
|
40.0%
|
Diluted
|
1.67
|
|
2.36
|
|
0.35
|
|
41.3%
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
computation:
|
|
|
|
|
|
|
|
Basic
|
152,696,155
|
|
193,237,122
|
|
193,237,122
|
|
|
Diluted
|
159,938,813
|
|
200,503,580
|
|
200,503,580
|
|
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for ADS data, per ADS data and percentages)
|
|
Nine months
ended
|
|
|
September 30,
|
|
September 30,
|
|
September
30,
|
|
YoY Change
%
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
186,758,128
|
|
296,436,511
|
|
44,453,252
|
|
58.7%
|
Related party
revenues
|
199,683,367
|
|
494,809,881
|
|
74,201,077
|
|
147.8%
|
Total
revenues
|
386,441,495
|
|
791,246,392
|
|
118,654,329
|
|
104.8%
|
Business taxes and
related surcharges
|
(3,059,289)
|
|
(2,039,153)
|
|
(305,789)
|
|
-33.3%
|
|
|
|
|
|
|
|
|
Net
revenues
|
383,382,206
|
|
789,207,239
|
|
118,348,540
|
|
105.9%
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(140,096,983)
|
|
(331,143,931)
|
|
(49,657,934)
|
|
136.4%
|
Selling
expenses
|
(48,230,425)
|
|
(172,571,637)
|
|
(25,878,629)
|
|
257.8%
|
General and
administrative expenses
|
(58,339,361)
|
|
(106,802,821)
|
|
(16,016,019)
|
|
83.1%
|
Other operating
income -- government subsidies
|
15,201,901
|
|
22,027,028
|
|
3,303,146
|
|
44.9%
|
|
|
|
|
|
|
|
|
Total operating cost
and expenses
|
(231,464,868)
|
|
(588,491,361)
|
|
(88,249,436)
|
|
154.2%
|
|
|
|
|
|
|
|
|
Income from
operations
|
151,917,338
|
|
200,715,878
|
|
30,099,104
|
|
32.1%
|
|
|
|
|
|
|
|
|
Interest
income
|
2,348,443
|
|
3,389,286
|
|
508,253
|
|
44.3%
|
Investment
income
|
14,029,174
|
|
11,275,816
|
|
1,690,907
|
|
-19.6%
|
Other
income
|
2,561,303
|
|
170,989
|
|
25,641
|
|
-93.3%
|
|
|
|
|
|
|
|
|
Total other
income
|
18,938,920
|
|
14,836,091
|
|
2,224,801
|
|
-21.7%
|
|
|
|
|
|
|
|
|
Income before taxes
and income from equity in
affiliates
|
170,856,258
|
|
215,551,969
|
|
32,323,905
|
|
26.2%
|
Income tax
expense
|
(45,517,823)
|
|
(56,662,010)
|
|
(8,496,965)
|
|
24.5%
|
Income from equity in
affiliates
|
158,208
|
|
(904,981)
|
|
(135,710)
|
|
-672.0%
|
|
|
|
|
|
|
|
|
Net
income
|
125,496,643
|
|
157,984,978
|
|
23,691,230
|
|
25.9%
|
Net income
attributable to non-controlling interests
|
(10,563,373)
|
|
(12,680,003)
|
|
(1,901,478)
|
|
20.0%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
114,933,270
|
|
145,304,975
|
|
21,789,752
|
|
26.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
5.18
|
|
4.53
|
|
0.68
|
|
-12.5%
|
Diluted
|
4.91
|
|
4.35
|
|
0.65
|
|
-11.4%
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
computation:
|
|
|
|
|
|
|
|
Basic
|
92,063,691
|
|
192,409,641
|
|
192,409,641
|
|
|
Diluted
|
97,081,779
|
|
200,581,034
|
|
200,581,034
|
|
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In
RMB)
|
|
Three months
ended
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
Change
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
51,440,673
|
|
86,989,058
|
|
13,044,772
|
|
69%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Change in fair value
of available-for-sale investment
|
407,290
|
|
-
|
|
-
|
|
-100%
|
Disposal of
available-for-sale investment
|
(35,427)
|
|
-
|
|
-
|
|
-100%
|
Change in cumulative
foreign currency translation adjustment
|
10,029,961
|
|
10,146,853
|
|
1,521,610
|
|
1%
|
Other
comprehensive income
|
10,401,824
|
|
10,146,853
|
|
1,521,610
|
|
-2%
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
61,842,497
|
|
97,135,911
|
|
14,566,382
|
|
57%
|
Less: Comprehensive
income attributable to non-controlling interests
|
3,366,818
|
|
8,729,244
|
|
1,309,027
|
|
159%
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to ordinary shareholders
|
58,475,679
|
|
88,406,667
|
|
13,257,355
|
|
51%
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In
RMB)
|
|
Nine months
ended
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
Change
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
125,496,643
|
|
157,984,978
|
|
23,691,230
|
|
26%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Change in fair value
of available-for-sale investment
|
631,152
|
|
-
|
|
-
|
|
-100%
|
Disposal of
available-for-sale investment
|
(300,806)
|
|
-
|
|
-
|
|
-100%
|
Change in cumulative
foreign currency translation adjustment
|
11,376,559
|
|
22,200,346
|
|
3,329,136
|
|
95%
|
Other
comprehensive income
|
11,706,905
|
|
22,200,346
|
|
3,329,136
|
|
90%
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
137,203,548
|
|
180,185,324
|
|
27,020,366
|
|
31%
|
Less: Comprehensive
income attributable to non-controlling interests
|
10,563,372
|
|
13,262,870
|
|
1,988,884
|
|
26%
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to ordinary shareholders
|
126,640,176
|
|
166,922,454
|
|
25,031,482
|
|
32%
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
Three months
ended
|
|
|
September 30,
|
|
September 30,
|
|
Change
|
|
2015
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
|
Net margin
attributable to ordinary shareholders
|
24.4%
|
|
24.6%
|
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
27.7%
|
|
27.4%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
48,073,855
|
|
78,842,680
|
|
64.0%
|
Adjustment for
share-based compensation
|
3,839,378
|
|
5,454,983
|
|
42.1%
|
Adjustment for
amortization of intangible assets related to acquisition
|
2,702,955
|
|
3,589,976
|
|
32.8%
|
Adjusted net income
attributable to ordinary shares (non-GAAP)
|
54,616,188
|
|
87,887,639
|
|
60.9%
|
|
|
|
|
|
|
Net income
attributable to ordinary shares per ADS, diluted
|
1.67
|
|
2.36
|
|
41.3%
|
Adjusted net
income attributable to ordinary shares per ADS, diluted
(non-GAAP)
|
2.05
|
|
2.63
|
|
28.3%
|
|
|
|
|
|
|
Weighted average
number of shares used in computation:
|
|
|
|
|
|
Diluted
|
159,938,813
|
|
200,503,580
|
|
25.4%
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
Nine months
ended
|
|
|
September 30,
|
|
September 30,
|
|
Change
|
|
2015
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
|
Net margin
attributable to ordinary shareholders
|
30.0%
|
|
18.4%
|
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
33.1%
|
|
21.7%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
114,933,270
|
|
145,304,975
|
|
26.4%
|
Adjustment for
share-based compensation
|
9,304,494
|
|
15,591,240
|
|
67.6%
|
Adjustment for
amortization of intangible assets related to acquisition
|
2,702,955
|
|
10,412,017
|
|
285.2%
|
Adjusted net income
attributable to ordinary shares (non-GAAP)
|
126,940,719
|
|
171,308,232
|
|
35.0%
|
|
|
|
|
|
|
Net income
attributable to ordinary shares per ADS, diluted
|
4.91
|
|
4.35
|
|
-11.4%
|
Adjusted net
income attributable to ordinary shares per ADS, diluted
(non-GAAP)
|
7.85
|
|
5.12
|
|
-34.8%
|
|
|
|
|
|
|
Weighted average
number of shares used in computation:
|
|
|
|
|
|
Diluted
|
97,081,779
|
|
200,581,034
|
|
106.6%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jupai-reports-third-quarter-2016-results-300362941.html
SOURCE Jupai Holdings Limited