SHANGHAI, May 8, 2017 /PRNewswire/ -- Jupai Holdings
Limited ("Jupai" or the "Company") (NYSE: JP), a leading
third-party wealth management service provider, focusing on
distributing wealth management products and providing quality
product advisory services to high-net-worth individuals in
China, today announced its
unaudited financial results for the first quarter ended
March 31, 2017.
Effective July 1, 2016, Jupai
changed its reporting currency from the U.S. dollars to Renminbi.
The aligning of the reporting currency with the underlying
operations better reflects the Company's results of operations for
each period, and reduces the impact that the increased volatility
of the Renminbi to U.S. dollars exchange rate will have on the
Company's reported operating results. In this announcement, the
unaudited financial results for the first quarter ended
March 31, 2017, 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.
FIRST QUARTER 2017 FINANCIAL
HIGHLIGHTS
- Net revenues in the first quarter of 2017 were
RMB368.7 million (US[1]$53.6 million), a 64.6% increase from the
corresponding period in 2016.
(RMB '000, except
percentages)
|
Q1
2016
|
|
Q1 2016
%
|
|
Q1
2017
|
|
Q1
2017 %
|
|
YoY Change
%
|
One-time
commissions
|
154,974
|
|
69.1%
|
|
234,759
|
|
63.7%
|
|
51.5%
|
Recurring management
fees
|
36,632
|
|
16.4%
|
|
67,617
|
|
18.3%
|
|
84.6%
|
Recurring service
fees
|
32,404
|
|
14.5%
|
|
26,225
|
|
7.1%
|
|
-19.1%
|
Other service
fees
|
-
|
|
-
|
|
40,139
|
|
10.9%
|
|
100.0%
|
Total net
revenues
|
224,010
|
|
100.0%
|
|
368,740
|
|
100.0%
|
|
64.6%
|
- Income from operations in the first quarter of 2017 was
RMB125.3 million (US$18.2 million), a 299.3% increase from the
corresponding period in 2016.
- Net income attributable to ordinary shareholders in the
first quarter of 2017 was RMB90.7
million (US$13.2 million), a
242.3% increase from the corresponding period in 2016.
- Non-GAAP[2] net income attributable to ordinary
shareholders in the first quarter of 2017 was RMB101.2 million (US$14.7
million), a 190.2% increase from the corresponding period in
2016.
[1] The U.S. dollars (US$)
amounts disclosed in this press release, except for those
transaction amounts that were actually settled in U.S. dollars, are
presented solely for the convenience of the reader. The conversion
of Renminbi (RMB) into U.S. dollars (US$) in this press release is
based on the noon buying rate on March 31, 2017, as set forth in
the H.10 statistical release of the Board of Governors of the
Federal Reserve System, which was RMB6.8832 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.
|
FIRST QUARTER 2017 OPERATIONAL UPDATES
- Total number of active clients[3] during the first
quarter of 2017 was 4,192.
- The aggregate value of wealth management products
distributed by the Company during the first quarter
of 2017 was RMB14.2 billion
(US$2.1 billion), a 31.1% increase
from the corresponding period in 2016.
Wealth management
products distributed by the Company - breakdown by product
type
|
|
Three months
ended
|
|
|
March 31,
2016
|
|
March 31,
2017
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
5,203
|
48%
|
|
11,218
|
79%
|
Private equity
products
|
4,059
|
37%
|
|
2,332
|
16%
|
Secondary market
equity fund products
|
1,262
|
12%
|
|
20
|
1%
|
Other
products
|
308
|
3%
|
|
628
|
4%
|
All
products
|
10,832
|
100%
|
|
14,198
|
100%
|
- Jupai's coverage network as of March 31, 2017 included 72 client centers
covering 44 cities, up from 58 client centers covering 35 cities,
as of March 31, 2016.
- Total assets under management[4] as of March 31, 2017 were RMB43.1 billion (US$6.3
billion), a 19.2% increase from December 31, 2016 and a 101.0% increase from
March 31, 2016.
Assets under
management – breakdown by product type
|
|
As
of
|
|
March 31,
2016
|
|
March 31,
2017
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
8,627
|
40%
|
|
22,856
|
53%
|
Private equity
products
|
10,870
|
51%
|
|
16,774
|
39%
|
Secondary market
equity fund products
|
1,464
|
7%
|
|
2,997
|
7%
|
Other
products
|
475
|
2%
|
|
451
|
1%
|
All
products
|
21,436
|
100%
|
|
43,078
|
100%
|
[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.
|
"We delivered a set of solid results for the first quarter of
2017, with continued rapid growth on both our top and bottom
lines," said Mr. Jianda Ni, Jupai's
co-chairman of the board and chief executive officer. "Our net
revenues for the quarter reached another record high of
RMB368.7 million, up 64.6%
year-on-year, and our net income attributable to ordinary
shareholders rose by an impressive 242.3% year-on-year to
RMB90.7 million."
Mr. Ni continued, "Our in-depth industry knowledge and big data
analytics capabilities through our relationships with E-House, a
leading real estate service company, and CRIC, a top real estate
information database, enable us to identify quality underlying
assets and offer fixed-income products with attractive risk-return
profiles, a crucial advantage as investors in China have become more conservative over the
past quarters. In the first quarter of 2017, we increased the
aggregate value of products distributed by us to RMB14.2 billion, a 31.1% increase year-on-year.
Additionally, our total assets under management increased to
RMB43.1 billion as of March 31, 2017, a 101.0% increase
year-on-year."
Mr. Tianxiang Hu, Jupai's
co-chairman of the board, said, "Looking forward, as we further
strengthen our core competence within the fixed income product
category, we will look to further expand our product range in order
to better meet investors' asset allocation needs. While we have
adopted a prudent approach towards overseas expansion, we will
continue to look for appropriate opportunities to build our
business outside of China."
Ms. Min Liu, Jupai's chief
financial officer, said, "We continued to perform strongly in the
first quarter of 2017, with our net revenues substantially
surpassing management guidance. Our operating margin for the
quarter rose to 34%, up from 14% in the same period last year, as
we implemented effective cost control measures. We remain confident
about the outlook for our bottom line, as we further enhance our
operating efficiency, optimize revenue structure, and expand our
business scale."
FIRST QUARTER 2017 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2017 were
RMB368.7 million (US$53.6 million), a 64.6% increase from the
corresponding period in 2016, primarily due to increases in
one-time commissions, recurring management fees and other service
fees.
- Net revenues from one-time commissions for the first
quarter of 2017 were RMB234.8 million
(US$34.1 million), a 51.5% increase
from the corresponding period in 2016, primarily as a result of an
increase in the aggregate value of wealth management products
distributed by the Company and changes in product mix.
- Net revenues from recurring management fees for the
first quarter of 2017 were RMB67.6
million (US$9.8 million), an
84.6% increase from the corresponding period in 2016. The Company
recognized RMB1.7 million
(US$0.2 million) and RMB3.5 million carried interest in the first
quarter of 2017 and 2016, respectively.
- Net revenues from recurring service fees for the first
quarter of 2017 were RMB26.2 million
(US$3.8 million), a 19.1% decrease
from the corresponding period in 2016, primarily because the
Company provided ongoing services to fewer product suppliers. The
Company recognized RMB1.4 million
(US$0.2 million) and RMB3.9 million variable performance fees in the
first quarter of 2017 and 2016, respectively.
- Net revenues from other service fees for the first
quarter of 2017 were RMB40.1 million
(US$5.8 million), which mainly
included sub-advisory fees collected from other companies.
Operating Costs and Expenses
Operating costs and expenses for the first quarter of
2017 were RMB243.5 million
(US$35.4 million), an increase of
26.4% from the corresponding period in 2016.
- Cost of revenues for the first quarter of 2017 was
RMB134.8 million (US$19.6 million), a 20.9% increase from the
corresponding period in 2016, primarily due to increases in the
number of wealth management advisors and client managers and their
average compensation.
- Selling expenses for the first quarter of 2017 were
RMB59.5 million (US$8.6 million), a 13.6% increase from the
corresponding period in 2016, primarily due to increases in
marketing, advertising and brand promotion expenses.
- G&A expenses for the first quarter of 2017 were
RMB52.6 million (US$7.6 million), a 65.0% increase from the
corresponding period in 2016, mainly due to increases in both the
numbers of managerial and administrative personnel and their
average compensation as well as increases in rental and office
supply expenses.
- Other operating income (government subsidies) received
by the Company in the first quarter of 2017 was RMB 3.4 million (US$0.5
million), an 8.1% increase from the corresponding period in
2016.
Operating margin for the first quarter of 2017 was 34.0%,
compared to 14.0% for the corresponding period in 2016.
Income tax expenses for the first quarter of 2017 were
RMB29.6 million (US$4.3 million), a 237.4% increase from the
corresponding period in 2016. The increase was primarily due to an
increase in taxable income.
Net Income
- Net Income
-
- Net income attributable to ordinary shareholders for the
first quarter of 2017 was RMB90.7
million (US$13.2 million), a
242.3% increase from the corresponding period in 2016.
- Net margin attributable to ordinary shareholders for the
first quarter of 2017 was 24.6%, as compared to 11.8% for the
corresponding period in 2016.
- Net income attributable to ordinary shareholders per basic
and diluted American depositary share ("ADS") for the first
quarter of 2017 was RMB2.81
(US$0.41) and RMB2.69 (US$0.39),
respectively, as compared to RMB0.83
and RMB0.80, respectively, for the
corresponding period in 2016.
- Non-GAAP Net Income
-
- Non-GAAP net income attributable to ordinary
shareholders for the first quarter of 2017 was RMB101.2 million (US$14.7
million), a 190.2% increase from the corresponding period in
2016.
- Non-GAAP net margin attributable to ordinary
shareholders for the first quarter of 2017 was 27.4%, as
compared to 15.6% for the corresponding period in 2016.
- Non-GAAP net income attributable to ordinary shareholders
per diluted ADS for the first quarter of 2017 was RMB3.00 (US$0.44),
as compared to RMB1.05 for the
corresponding period in 2016.
Balance Sheet and Cash Flow
As of March 31, 2017, the Company
had RMB1,208.9 million (US$175.6 million) in cash and cash
equivalents, compared to RMB1,123.2
million as of December 31,
2016.
Net cash provided by operating activities during the
first quarter of 2017 was RMB220.3
million (US$32.0 million).
Net cash used in investing activities during the first
quarter of 2017 was RMB14.6 million
(US$2.1 million).
Net cash used in financing activities during the first
quarter of 2017 was RMB120.0 million
(US$17.4 million).
BUSINESS OUTLOOK
The Company estimates that its net revenues for the second
quarter of 2017 will be in the range of RMB367 million to RMB392 million, an increase of 50% to 60%
compared to the same period in 2016. This forecast reflects the
Company's current and preliminary view, which is subject to
change.
CONFERENCE CALL
Jupai's management will host an earnings conference call on
May 8, 2017 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
|
+1-855-298-3404 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:
|
2773057
|
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 May 15,
2017:
U.S./International:
|
+1-866-846-0868
|
Hong Kong:
|
800-966-697
|
Mainland
China:
|
400-184-2240
|
Singapore
|
800-616-2127
|
Passcode:
|
2773057
|
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 (10) 8429 9544
Email: Jupai-IR@thefootegroup.com
— FINANCIAL AND OPERATIONAL TABLES FOLLOW —
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In
RMB)
|
|
|
|
As of
|
|
December 31,
|
|
March 31,
|
|
March 31,
|
|
2016
|
|
2017
|
|
2017
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,123,166,156
|
|
1,208,941,438
|
|
175,636,541
|
Short-term
investments
|
25,210,000
|
|
25,178,000
|
|
3,657,892
|
Accounts
receivable
|
52,111,944
|
|
24,968,646
|
|
3,627,476
|
Other
receivables
|
71,064,287
|
|
53,399,199
|
|
7,757,903
|
Amounts due from
related parties
|
133,560,483
|
|
125,328,343
|
|
18,207,860
|
Deferred tax assets —
current[5]
|
55,791,373
|
|
-
|
|
-
|
Investments at cost
method — current
|
-
|
|
5,200,000
|
|
755,463
|
Other current
assets
|
12,551,186
|
|
12,738,675
|
|
1,850,691
|
Total current
assets
|
1,473,455,429
|
|
1,455,754,301
|
|
211,493,826
|
Investments at cost
method — non-current
|
70,450,000
|
|
68,250,000
|
|
9,915,446
|
Investment in
affiliates
|
85,830,444
|
|
79,519,466
|
|
11,552,689
|
Advanced payment for
acquisition
|
77,560,000
|
|
77,560,000
|
|
11,268,015
|
Property and
equipment, net
|
37,199,812
|
|
39,651,702
|
|
5,760,649
|
Intangible
assets
|
83,072,545
|
|
82,734,130
|
|
12,019,719
|
Goodwill
|
277,752,765
|
|
276,241,624
|
|
40,132,731
|
Long-term
prepayment
|
6,261,152
|
|
8,701,430
|
|
1,264,155
|
Other non-current
assets
|
7,977,534
|
|
17,787,829
|
|
2,584,238
|
Deferred tax assets —
non-current
|
8,494,738
|
|
64,286,111
|
|
9,339,569
|
Total
Assets
|
2,128,054,419
|
|
2,170,486,593
|
|
315,331,037
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
101,864,007
|
|
94,623,680
|
|
13,747,048
|
Income tax
payable
|
138,131,812
|
|
147,188,945
|
|
21,383,796
|
Other tax
payable
|
58,189,283
|
|
57,891,990
|
|
8,410,621
|
Dividend
payable
|
10,160,503
|
|
-
|
|
-
|
Amounts due to
related parties-current
|
6,118,678
|
|
5,606,900
|
|
814,578
|
Deferred revenue from
related parties
|
121,644,250
|
|
170,907,371
|
|
24,829,639
|
Deferred
revenues
|
36,432,195
|
|
36,174,153
|
|
5,255,427
|
Other current
liabilities
|
10,397,008
|
|
9,198,047
|
|
1,336,304
|
Total current
liabilities
|
482,937,736
|
|
521,591,086
|
|
75,777,413
|
Deferred revenue —
non-current from related parties
|
75,413,617
|
|
99,338,586
|
|
14,432,036
|
Deferred revenue —
non-current
|
5,677,905
|
|
2,392,513
|
|
347,587
|
Non-current uncertain
tax position liabilities
|
5,938,816
|
|
-
|
|
-
|
Deferred tax
liabilities— non-current
|
9,815,595
|
|
8,566,873
|
|
1,244,606
|
Total
Liabilities
|
579,783,669
|
|
631,889,058
|
|
91,801,642
|
Equity
|
1,548,270,750
|
|
1,538,597,535
|
|
223,529,395
|
Total Liabilities
and Total Shareholders' Equity
|
2,128,054,419
|
|
2,170,486,593
|
|
315,331,037
|
|
|
|
|
|
|
[5] Jupai adopted ASU 2015-17
and therefore, deferred tax assets and liabilities are classified
as non-current assets and liabilities starting 2017.
Prior balances were not retrospectively adjusted.
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for ADS data, per ADS data and percentages)
|
|
|
|
|
Three months
ended
|
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
YoY
|
|
2016
|
|
2017
|
|
2017
|
|
Change %
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
85,918,313
|
|
101,873,393
|
|
14,800,295
|
|
18.6%
|
Related party
revenues
|
140,719,449
|
|
268,841,531
|
|
39,057,638
|
|
91.0%
|
Total
revenues
|
226,637,762
|
|
370,714,924
|
|
53,857,933
|
|
63.6%
|
Business taxes and
related surcharges
|
(2,628,257)
|
|
(1,974,544)
|
|
(286,864)
|
|
-24.9%
|
Net
revenues
|
224,009,505
|
|
368,740,380
|
|
53,571,069
|
|
64.6%
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(111,493,031)
|
|
(134,752,532)
|
|
(19,577,018)
|
|
20.9%
|
Selling
expenses
|
(52,414,816)
|
|
(59,519,090)
|
|
(8,647,009)
|
|
13.6%
|
General and
administrative expenses
|
(31,883,479)
|
|
(52,621,880)
|
|
(7,644,973)
|
|
65.0%
|
Other operating
income — government subsidies
|
3,151,462
|
|
3,408,212
|
|
495,149
|
|
8.1%
|
Total operating cost
and expenses
|
(192,639,864)
|
|
(243,485,290)
|
|
(35,373,851)
|
|
26.4%
|
Income from
operations
|
31,369,641
|
|
125,255,090
|
|
18,197,218
|
|
299.3%
|
|
|
|
|
|
|
|
|
Interest
income
|
708,155
|
|
7,503,409
|
|
1,090,105
|
|
959.6%
|
Investment
income
|
3,159,792
|
|
2,041,799
|
|
296,635
|
|
-35.4%
|
Other loss
|
298,453
|
|
23,223
|
|
3,374
|
|
-92.2%
|
Total other
income
|
4,166,400
|
|
9,568,431
|
|
1,390,114
|
|
129.7%
|
Income before taxes
and income from equity in affiliates
|
35,536,041
|
|
134,823,521
|
|
19,587,332
|
|
279.4%
|
Income tax
expense
|
(8,782,286)
|
|
(29,635,028)
|
|
(4,305,415)
|
|
237.4%
|
(Loss) from equity in
affiliates
|
(253,461)
|
|
(5,716,843)
|
|
(830,550)
|
|
2,155.5%
|
Net
income
|
26,500,294
|
|
99,471,650
|
|
14,451,367
|
|
275.4%
|
Net income
attributable to non-controlling interests
|
(7,410)
|
|
(8,778,757)
|
|
(1,275,389)
|
|
118,371.8%
|
Net income
attributable to ordinary shareholders
|
26,492,884
|
|
90,692,893
|
|
13,175,978
|
|
242.3%
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
0.83
|
|
2.81
|
|
0.41
|
|
238.6%
|
Diluted
|
0.80
|
|
2.69
|
|
0.39
|
|
236.3%
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
|
|
Basic
|
31,941,938
|
|
32,303,977
|
|
32,303,977
|
|
|
Diluted
|
33,238,901
|
|
33,732,924
|
|
33,732,924
|
|
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In
RMB)
|
|
|
|
|
Three months
ended
|
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
Change
|
|
2016
|
|
2017
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
26,500,294
|
|
99,471,650
|
|
14,451,367
|
|
275%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
(3,907,463)
|
|
(6,186,464)
|
|
(898,777)
|
|
58%
|
Other comprehensive
income
|
(3,907,463)
|
|
(6,186,464)
|
|
(898,777)
|
|
58%
|
Comprehensive
income
|
22,592,831
|
|
93,285,186
|
|
13,552,590
|
|
313%
|
Less: Comprehensive
income attributable to non-controlling interests
|
7,410
|
|
8,778,757
|
|
1,275,389
|
|
118,372%
|
Comprehensive
income attributable to ordinary shareholders
|
22,585,421
|
|
84,506,429
|
|
12,277,201
|
|
274%
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
|
|
|
Three months
ended
|
|
|
March 31,
|
|
March 31,
|
|
Change
|
|
2016
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
|
Net margin
attributable to ordinary shareholders
|
11.8%
|
|
24.6%
|
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
15.6%
|
|
27.4%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
26,492,884
|
|
90,692,893
|
|
242.3%
|
Adjustment for
share-based compensation
|
5,002,496
|
|
6,886,881
|
|
37.7%
|
Adjustment for
amortization of intangible assets related to acquisition
|
3,366,836
|
|
3,595,958
|
|
6.8%
|
Adjusted net income
attributable to ordinary shares(non-GAAP)
|
34,862,216
|
|
101,175,732
|
|
190.2%
|
|
|
|
|
|
|
Net income
attributable to ordinary shares per ADS, diluted
|
0.80
|
|
2.69
|
|
236.3%
|
Adjusted net
income attributable to ordinary shares per ADS, diluted
(non-GAAP)
|
1.05
|
|
3.00
|
|
185.7%
|
|
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Diluted
|
33,238,901
|
|
33,732,924
|
|
1.5%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jupai-reports-first-quarter-2017-results-300453020.html
SOURCE Jupai Holdings Limited