Jumei International Holding Limited (NYSE:JMEI) ("Jumei" or the
"Company"), China's leading online retailer of beauty products,
today reported its unaudited financial results for the six months
ended June 30, 2017.
First Half 2017 Highlights
- Total net revenues for the first half of 2017 were RMB3.2
billion (US[1] $466.2 million), a 9.2% decrease from the same
period of 2016, primarily due to a 2.8% year-over-year decrease in
total orders[2], partially offset by a 3.1% year-over-year increase
in the number of active customers[3].
- Total net GMV [4] was RMB3.6 billion (US$537.0 million), an
8.5% decrease year-over-year, which is primarily due to a decrease
in sales from merchandise sales.
- Gross profit as a percentage of net revenues decreased to 23.8%
from 27.9% in the same period of 2016. The decrease was primarily
due to the increase in sale tax under the regulation of import tax
on consumer goods imported through cross-border e-commerce
platforms. Gross profit as a percentage of total net GMV decreased
to 20.7% from 24.4% in the same period of 2016.
- Net income attributable to Jumei's ordinary shareholders was
RMB101.9 million (US$15.0 million), compared with net income
attributable to Jumei's ordinary shareholders of RMB141.2 million
in the same period of 2016. Net margin attributable to Jumei's
ordinary shareholders was 3.2%, compared with 4.1% in the same
period of 2016.
- Non-GAAP net income attributable to Jumei's ordinary
shareholders[5] was RMB115.2 million (US$17.0 million), compared
with non-GAAP net income attributable to Jumei's ordinary
shareholders of RMB163.6 million in the same period of 2016.
Non-GAAP net margin attributable to Jumei's ordinary
shareholders[5] was 3.6%, compared with 4.7% in the same
period of 2016.
|
|
|
[1] |
|
The
U.S. dollar (USD) amounts disclosed in this press release, except
for those transaction amounts that were actually settled in U.S.
dollars, are presented solely for the convenience of the reader.
The conversion of Renminbi (RMB) into USD in this press release is
based on Federal Reserve exchange rate as of June 30, 2017, which
was RMB6.7793 to USD1.00. The percentages stated in this press
release are calculated based on the RMB amounts; |
[2] |
|
"Total orders" means the total number of orders placed during a
period, excluding rejected or returned orders; |
[3] |
|
"Active customer" means a customer that made at least one purchase
during a specified period; |
[4] |
|
"Net
GMV" means the sum of (i) net revenues generated from merchandise
sales, and (ii) net revenues generated from marketplace services
plus corresponding payables to third-party merchants; |
[5] |
|
"Non-GAAP net income attributable to Jumei's ordinary shareholders"
is a non-GAAP financial measure defined as net income attributable
to Jumei's ordinary shareholders excluding share-based compensation
expenses. "Non-GAAP net margin attributable to Jumei's ordinary
shareholders" is a non-GAAP financial measure defined as Non-GAAP
net income or loss attributable to Jumei's ordinary shareholders as
a percentage of total net revenues. See "Use of Non-GAAP Financial
Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP
Results". |
|
|
|
Unaudited First Half 2017 Financial
Results
Total net revenues were RMB3.2
billion (US$466.2 million), a decrease of 9.2% from RMB3.5 billion
during the same period last year. The decrease was primarily
attributable to decrease in the number of total orders. The number
of total orders decreased by 2.8% to approximately 34.7 million
from 35.7 million in the same period of 2016. The number of active
customers increased by 3.1% to approximately 10.1 million from
approximately 9.8 million in the same period of 2016.
Gross profit was RMB752.4
million (US$111.0 million), compared with RMB971.4 million in the
first half year of 2016. Gross profit as a percentage of net
revenues decreased to 23.8% from 27.9% in the same period of 2016.
The decrease was primarily due to the increase in sale tax under
the regulation of import tax on consumer goods imported through
cross-border e-commerce platforms. Gross profit as a percentage of
net GMV decreased to 20.7% from 24.4% in the same period of 2016.
Gross profit from merchandise sales as a percentage of net GMV of
merchandise sales decreased to 24.4% from 28.4% in the same period
of 2016.
Total operating expenses were
RMB634.6 million (US$93.6 million), a decrease of 25.5% from
RMB852.2 million in the first half year of 2016. Operating expenses
as a percentage of total net GMV decreased to 17.4% from 21.4%
in the same period of 2016.
- Fulfillment expenses were RMB315.0 million
(US$46.5 million), a decrease of 28.4% from RMB439.8 million in the
same period of 2016. The decrease was primarily due to the combined
effect of the increase of efficiency in orders processing and the
decrease in the number of orders. Fulfillment expenses as a
percentage of total net GMV decreased to 8.7% from 11.1% in the
same period of 2016.
- Marketing expenses were RMB153.8 million
(US$22.7 million), a decrease of 30.2% from RMB220.5 million in the
same period of 2016. The decrease was primarily due to a decrease
in use of live streaming promotional videos and a decrease in
traditional advertising. Marketing expenses as a percentage of
total net GMV was 4.2%, compared with 5.5% in the same period of
2016.
- Technology and content expenses were RMB91.4
million (US$13.5 million), a decrease of 3.9% from RMB95.1 million
in the same period of 2016. Technology and content expenses as a
percentage of total net GMV slightly increased to 2.5% from 2.4% in
the same period of 2016. The decrease was mainly due to a decrease
of server rental which were replaced by self-owned servers in order
to build up new network infrastructure to enhance efficiency and
scalability.
- General and administrative expenses were
RMB74.3 million (US$11.0 million), a decrease of 23.3% from RMB96.9
million in the same period of 2016. General and administrative
expenses as a percentage of total net GMV decreased to 2.0% from
2.4% in the same period of 2016. The decrease was primarily
attributed to greater efficiency in general and administrative
efforts.
Income from operations was
RMB117.9 million (US$17.4 million), compared with income from
operations of RMB119.2 million in the same period of 2016.
Non-GAAP income from
operations, which excludes RMB13.3 million (US$2.0
million) in share-based compensation expenses, was RMB131.1 million
(US$19.3 million), compared with non-GAAP income from operations of
RMB141.6 million in the same period of 2016.
Net income attributable to Jumei's
ordinary shareholders was RMB101.9 million (US$15.0
million), compared with net income attributable to Jumei's ordinary
shareholders of RMB141.2 million in the same period of 2016. Net
margin attributable to Jumei's ordinary shareholders decreased to
3.2% from 4.1% in the same period of 2016. Net income per basic and
diluted ADS were RMB0.68 (US$0.10) and RMB0.68 (US$0.10),
respectively, compared with net income per basic and diluted ADS
RMB0.95 and RMB0.94, respectively, for the same period of 2016.
Non-GAAP net income attributable to
Jumei's ordinary shareholders, which excludes share-based
compensation expenses, was RMB115.2 million (US$17.0 million),
compared with non-GAAP net income attributable to Jumei's ordinary
shareholders RMB163.6 million in the same period of 2016. Non-GAAP
net margin attributable to Jumei's ordinary shareholders decreased
to 3.6% from 4.7% in the same period of 2016. Non-GAAP net income
per basic and diluted ADS were RMB0.77 (US$0.11) and RMB0.77
(US$0.11), respectively, compared with non-GAAP net income per
basic and diluted ADS of RMB1.10 and RMB1.09, respectively, in the
same period of 2016.
Balance Sheet
As of June 30, 2017, the Company had cash and
cash equivalents of RMB2.0 billion (US$296.7 million), and
short-term investments of RMB906.7 million (US$133.7 million).
Use of Non-GAAP Financial
Measures
To supplement the consolidated financial
statements presented in accordance with the United States Generally
Accepted Accounting Principles ("GAAP"), Jumei uses non-GAAP income
from operations, non-GAAP net income attributable to Jumei's
ordinary shareholders, non-GAAP net margin attributable to Jumei's
ordinary shareholders and non-GAAP net income per ADS attributable
to Jumei's ordinary shareholders, by excluding share-based
compensation expenses from operating profit and net income
attributable to the Company's shareholders, respectively. The
Company believes these non-GAAP financial measures are important to
help investors understand Jumei's operating and financial
performance, compare business trends among different reporting
periods on a consistent basis and assess Jumei's core operating
results, as they exclude certain expenses that are not expected to
result in cash payments. The use of the above non-GAAP financial
measures has certain limitations. Share-based compensation expenses
have been and will continue to be incurred in the future and are
not reflected in the presentation of the non-GAAP financial
measures, but should be considered in the overall evaluation of
Jumei's results. The Company compensates for these limitations by
providing the relevant disclosure of its share-based compensation
expenses in the reconciliations to the most directly comparable
GAAP financial measures, which should be considered when evaluating
Jumei's performance. These non-GAAP financial measures should be
considered in addition to financial measures prepared in accordance
with GAAP, but should not be considered a substitute for, or
superior to, financial measures prepared in accordance with GAAP.
Reconciliation of each of these non-GAAP financial measures to the
most directly comparable GAAP financial measure is set forth at the
end of this release.
About Jumei International Holding
Limited
Jumei (NYSE:JMEI) is China's leading online
retailer of beauty products. Jumei's internet platform is a trusted
destination for consumers to discover and purchase branded beauty
products, baby, children and maternity products, light luxury
products, health supplements and other products through the
Company's jumei.com and jumeiglobal.com websites and mobile
application. Leveraging its deep understanding of customer needs
and preferences, as well as its strong merchandizing capabilities,
Jumei has adopted multiple effective sales formats to encourage
product purchases on its platform, including curated sales, online
shopping mall and flash sales. More information about Jumei can be
found at http://ir.jumei.com.
Safe Harbor Statement
Any forward-looking statements contained in this
announcement are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Jumei may also make
written or oral forward-looking statements in its reports to the
U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and
6-K, in its annual report to shareholders, in press releases and
other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including statements about Jumei's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement. Further information regarding such risks and
uncertainties is included in Jumei's filings with the SEC,
including its annual report on Form 20-F. All information provided
in this press release and in the attachments is as of the date of
this press release, and Jumei does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please
contact:
Jumei International Holding LimitedMs. Cindy CaoSenior Reporting
ManagerPhone: +86-10-5676-6824Email: chunyanc@jumei.com
ChristensenIn ChinaMr. Christian ArnellPhone:
+86-10-5900-1548E-mail: carnell@christensenir.com
In United StatesMs. Linda BergkampPhone: +1-480-614-3004Email:
lbergkamp@christensenir.com
|
JUMEI INTERNATIONAL HOLDING
LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(RMB in thousands, except share data and per
share data) |
|
|
|
December 31, 2016 |
|
June 30, 2017 |
|
June 30, 2017 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
2,301,471 |
|
2,011,117 |
|
296,656 |
Short-term investment |
|
700,000 |
|
906,677 |
|
133,742 |
Accounts
receivable, net |
|
28,868 |
|
25,423 |
|
3,750 |
Inventories |
|
646,116 |
|
797,161 |
|
117,587 |
Advances
to suppliers |
|
20,704 |
|
85,130 |
|
12,557 |
Prepayments and other current assets |
|
197,867 |
|
191,462 |
|
28,242 |
Total current
assets |
|
3,895,026 |
|
4,016,970 |
|
592,534 |
Non-current
assets: |
|
|
|
|
|
|
Long-term
investment |
|
515,699 |
|
537,077 |
|
79,223 |
Investment security |
|
79,298 |
|
84,154 |
|
12,413 |
Loans
receivable, net |
|
73,330 |
|
73,330 |
|
10,817 |
Property,
equipment and software, net |
|
53,602 |
|
81,425 |
|
12,011 |
Construction in process |
|
5,645 |
|
72,174 |
|
10,646 |
Land use
right |
|
82,527 |
|
81,687 |
|
12,049 |
Intangible assets, net |
|
- |
|
31,572 |
|
4,657 |
Goodwill |
|
15,291 |
|
120,510 |
|
17,776 |
Deferred
tax assets |
|
1,327 |
|
1,327 |
|
196 |
Other
non-current assets |
|
24,356 |
|
17,716 |
|
2,613 |
Total
non-current assets |
|
851,075 |
|
1,100,972 |
|
162,401 |
Total
assets |
|
4,746,101 |
|
5,117,942 |
|
754,935 |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts
payable |
|
605,131 |
|
653,614 |
|
96,413 |
Advances
from customers |
|
65,855 |
|
58,707 |
|
8,660 |
Tax
payable |
|
79,780 |
|
70,656 |
|
10,422 |
Accrued
expenses and other current liabilities |
|
105,955 |
|
167,110 |
|
24,650 |
Total current
liabilities |
|
856,721 |
|
950,087 |
|
140,145 |
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Other
non-current liabilities |
|
2,248 |
|
6,214 |
|
914 |
Deferred
tax liabilities |
|
- |
|
3,238 |
|
478 |
Total
non-current liabilities |
|
2,248 |
|
9,452 |
|
1,392 |
Total
liabilities |
|
858,969 |
|
959,539 |
|
141,537 |
|
|
|
|
|
|
|
Mezzanine
Equity |
|
|
|
|
|
|
Redeemable Preferred Shares |
|
- |
|
159,247 |
|
23,490 |
Total mezzanine
Equity |
|
- |
|
159,247 |
|
23,490 |
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
Ordinary
shares |
|
244 |
|
244 |
|
36 |
Additional paid-in capital |
|
2,921,539 |
|
2,932,357 |
|
432,546 |
Statutory
reserves |
|
37,806 |
|
37,806 |
|
5,577 |
Retained
earnings |
|
781,925 |
|
883,808 |
|
130,369 |
Accumulated other comprehensive income |
|
145,618 |
|
144,941 |
|
21,380 |
Jumei's
shareholders' equity |
|
3,887,132 |
|
3,999,156 |
|
589,908 |
Total
shareholders' equity |
|
3,887,132 |
|
3,999,156 |
|
589,908 |
Total
liabilities, mezzanine equity and shareholders’
equity |
|
4,746,101 |
|
5,117,942 |
|
754,935 |
|
|
|
|
|
|
|
|
JUMEI INTERNATIONAL HOLDING
LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME |
(RMB in thousands, except share data and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
Net revenues: |
|
|
|
|
|
|
|
|
|
Merchandise sales |
|
3,424,130 |
|
|
3,088,460 |
|
|
455,572 |
|
Marketplace services |
|
57,094 |
|
|
71,728 |
|
|
10,580 |
|
Total net revenues |
|
3,481,224 |
|
|
3,160,188 |
|
|
466,152 |
|
Cost of revenues |
|
(2,509,801 |
) |
|
(2,407,779 |
) |
|
(355,166 |
) |
Gross profit |
|
971,423 |
|
|
752,409 |
|
|
110,986 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Fulfillment expenses |
|
(439,758 |
) |
|
(315,033 |
) |
|
(46,470 |
) |
Marketing
expenses |
|
(220,475 |
) |
|
(153,837 |
) |
|
(22,692 |
) |
Technology and content expenses |
|
(95,137 |
) |
|
(91,355 |
) |
|
(13,476 |
) |
General
and administrative expenses |
|
(96,859 |
) |
|
(74,334 |
) |
|
(10,965 |
) |
Total operating expenses |
|
(852,229 |
) |
|
(634,559 |
) |
|
(93,603 |
) |
Income from operations |
|
119,194 |
|
|
117,850 |
|
|
17,383 |
|
Other income: |
|
|
|
|
|
|
|
|
|
Interest
income |
|
50,480 |
|
|
27,796 |
|
|
4,100 |
|
Others,
net |
|
16,827 |
|
|
(21,529 |
) |
|
(3,176 |
) |
Income before tax |
|
186,501 |
|
|
124,117 |
|
|
18,307 |
|
Income
tax expenses |
|
(37,300 |
) |
|
(22,234 |
) |
|
(3,280 |
) |
Net income |
|
149,201 |
|
|
101,883 |
|
|
15,027 |
|
Net
income attributable to noncontrolling interests |
|
(7,958 |
) |
|
- |
|
|
- |
|
Net income attributable to Jumei International Holding
Limited |
|
141,243 |
|
|
101,883 |
|
|
15,027 |
|
Net income
attributable to Jumei's ordinary shareholders |
|
141,243 |
|
|
101,883 |
|
|
15,027 |
|
Net
income |
|
149,201 |
|
|
101,883 |
|
|
15,027 |
|
Fair
value change – investment security, net of tax |
|
14,102 |
|
|
6,814 |
|
|
1,005 |
|
Foreign
currency translation adjustment, net of nil tax |
|
9,903 |
|
|
(7,491 |
) |
|
(1,105 |
) |
Total
comprehensive income |
|
173,206 |
|
|
101,206 |
|
|
14,927 |
|
Comprehensive loss attributable to noncontrolling interests |
|
(8,600 |
) |
|
- |
|
|
- |
|
Comprehensive
income attributable to Jumei International Holding
Limited |
|
164,606 |
|
|
101,206 |
|
|
14,927 |
|
Net income per
share attributable to Jumei's ordinary shareholders |
|
|
|
|
|
|
|
|
|
- Basic |
|
0.95 |
|
|
0.68 |
|
|
0.1 |
|
- Diluted |
|
0.94 |
|
|
0.68 |
|
|
0.1 |
|
Net income per
ADS attributable to Jumei's ordinary shareholders |
|
|
|
|
|
|
|
|
|
(1 ordinary share equals to 1 ADS) |
|
|
|
|
|
|
|
|
|
-
Basic |
|
0.95 |
|
|
0.68 |
|
|
0.1 |
|
- Diluted |
|
0.94 |
|
|
0.68 |
|
|
0.1 |
|
Weighted
average shares outstanding used in computing net |
|
|
|
|
|
|
|
|
|
income per share attributable to Jumei's ordinary
shareholders |
|
|
|
|
|
|
|
|
|
-
Basic |
|
149,340,266 |
|
|
149,742,862 |
|
|
149,742,862 |
|
- Diluted |
|
149,951,312 |
|
|
150,431,905 |
|
|
150,431,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included are follows: |
|
|
|
|
|
|
|
|
|
Fulfillment expenses |
|
3,710 |
|
|
224 |
|
|
33 |
|
Marketing
expenses |
|
5,604 |
|
|
5,421 |
|
|
800 |
|
Technology and content expenses |
|
2,373 |
|
|
2,234 |
|
|
330 |
|
General
and administrative expenses |
|
10,707 |
|
|
5,419 |
|
|
799 |
|
Total |
|
22,394 |
|
|
13,298 |
|
|
1,962 |
|
|
|
|
|
|
|
|
|
|
|
|
JUMEI INTERNATIONAL HOLDING
LIMITED |
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP
RESULTS |
(RMB in thousands, except share data and per
share data) |
|
|
|
|
|
|
|
|
|
For the six months ended |
|
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2017 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Income from
operations |
|
119,194 |
|
117,850 |
|
17,383 |
Share-based
compensation expenses1 |
|
22,394 |
|
13,298 |
|
1,962 |
Non-GAAP income from
operations |
|
141,588 |
|
131,148 |
|
19,345 |
|
|
|
|
|
|
|
Net income attributable
to Jumei's ordinary shareholders |
|
141,243 |
|
101,883 |
|
15,027 |
Share-based
compensation expenses |
|
22,394 |
|
13,298 |
|
1,962 |
Non-GAAP net income
attributable to Jumei's ordinary shareholders |
|
163,637 |
|
115,181 |
|
16,989 |
|
|
|
|
|
|
|
Non-GAAP net
income per share attributable to Jumei's ordinary
shareholders |
|
|
|
|
|
|
- Basic |
|
1.10 |
|
0.77 |
|
0.11 |
- Diluted |
|
1.09 |
|
0.77 |
|
0.11 |
Non-GAAP net
income per ADS attributable to Jumei's ordinary shareholders
(1 ordinary share equals to 1 ADS) |
|
|
|
|
|
|
- Basic |
|
1.10 |
|
0.77 |
|
0.11 |
- Diluted |
|
1.09 |
|
0.77 |
|
0.11 |
Weighted
average shares outstanding used in computing
non-GAAP net income per share
attributable to Jumei's ordinary
shareholders: |
|
|
|
|
|
|
- Basic |
|
149,340,266 |
|
149,742,862 |
|
149,742,862 |
- Diluted |
|
149,951,312 |
|
150,431,905 |
|
150,431,905 |
|
|
|
|
|
|
|
__________________1 Share-based compensation expenses are
not deductible item under PRC Enterprise Income Tax Law, hence no
income tax implications.
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