SHANGHAI, May 28, 2018 /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, 2018.
FIRST QUARTER 2018 FINANCIAL HIGHLIGHTS
- Net revenues in the first quarter of 2018 were
RMB433.2 million
(US[1]$69.1 million), a
17.5% increase from the corresponding period in 2017.
(RMB '000, except
percentages)
|
Q1
2017
|
|
Q1 2017
%
|
|
Q1
2018
|
|
Q1 2018
%
|
|
YoY Change
%
|
One-time
commissions
|
234,759
|
|
63.70%
|
|
276,435
|
|
63.80%
|
|
17.80%
|
Recurring management
fees
|
67,617
|
|
18.30%
|
|
122,908
|
|
28.40%
|
|
81.80%
|
Recurring service
fees
|
26,225
|
|
7.10%
|
|
15,058
|
|
3.50%
|
|
-42.60%
|
Other service
fees
|
40,139
|
|
10.90%
|
|
18,816
|
|
4.30%
|
|
-53.10%
|
Total net
revenues
|
368,740
|
|
100.00%
|
|
433,217
|
|
100.00%
|
|
17.50%
|
- Income from operations in the first quarter of 2018 was
RMB152.5 million (US$24.3 million), a 21.8% increase from the
corresponding period in 2017.
- Net income attributable to ordinary shareholders in the
first quarter of 2018 was RMB115.9
million (US$18.5 million), a
27.8% increase from the corresponding period in 2017.
- Non-GAAP[2] net income attributable to
ordinary shareholders in the first quarter of 2018 was RMB126.1 million (US$20.1
million), a 24.7% increase from the corresponding period in
2017.
FIRST QUARTER 2018 OPERATIONAL UPDATES
- Total number of active clients[3] during the
first quarter of 2018 was 4,167.
- The aggregate value of wealth management products
distributed by the Company during the first quarter
of 2018 was RMB10.9 billion
(US$1.7 billion), a 23.2% decrease
from the corresponding period in 2017.
[1] The
U.S. dollars (US$) 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 30, 2018,
as set forth in the H.10 statistical release of the Board of
Governors of the Federal Reserve System, which was RMB6.2726 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.
|
Wealth management
products distributed by the Company - breakdown by product
type
|
|
Three months
ended
|
|
March 31,
2017
|
|
March 31,
2018
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
11,218
|
79%
|
|
3,933
|
36%
|
Private equity
products
|
2,332
|
16%
|
|
6,043
|
56%
|
Secondary market
equity fund products
|
20
|
1%
|
|
691
|
6%
|
Other
products
|
628
|
4%
|
|
231
|
2%
|
All
products
|
14,198
|
100%
|
|
10,898
|
100%
|
- Jupai's coverage network as of March 31, 2018 included 73 client centers
covering 48 cities, as compared to 72 client centers covering 44
cities as of March 31, 2017.
- Total assets under management[4] as of
March 31, 2018 were RMB54.5 billion (US$8.7
billion), a 5.3% decrease from December 31, 2017 and a 26.5% increase from
March 31, 2017.
[4]
"Assets under management" or "AUM" of Jupai refers to the amount of
capital contributions made by investors to the funds managed by the
Company, for which the Company is entitled to receive management
fees. The amount of AUM of Jupai is recorded and carried based on
the historical cost of the contributed assets instead of fair
market value of assets for almost all AUM of Jupai. For assets
denominated in currencies other than Renminbi, the AUM are
translated into Renminbi upon their contribution, without interim
value adjustments solely due to changes in foreign exchange rates.
As a result, Jupai's management fees for almost all its AUM are
calculated based on the historical cost balance of the
AUM.
|
Assets under
management – breakdown by product type
|
|
As
of
|
|
March 31,
2017
|
|
March 31,
2018
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
22,856
|
53%
|
|
27,385
|
51%
|
Private equity
products
|
16,774
|
39%
|
|
24,098
|
44%
|
Secondary market
equity fund products
|
2,997
|
7%
|
|
2,246
|
4%
|
Other
products
|
451
|
1%
|
|
772
|
1%
|
All
products
|
43,078
|
100%
|
|
54,501
|
100%
|
"Jupai had a solid first quarter of 2018, with both top and
bottom-line results surpassing expectations," said Mr. Jianda Ni, Jupai's chairman of the board and
chief executive officer. "While net revenues for the quarter
increased to RMB433.2 million at a
year-over-year growth rate of 17.5%, the aggregate value of wealth
management products distributed by Jupai saw a year-over-year
decrease to RMB10.9 billion due to
the Chinese New Year holiday as well as regulatory changes. We
benefited, however, from enhanced bargaining power with real estate
companies which have been facing higher cost of capital due to the
recent policy changes. As a result, Jupai's average one-time
commission rate for the quarter rose to approximately 2.5%, as
compared to approximately 2% for the full year of 2017. Net income
attributable to ordinary shareholders for the quarter reached
RMB115.9 million, up 27.8%
year-over-year, with net profit margin rising to 26.7% from 24.6%
in the same period of last year."
"To adapt to the newly introduced industry regulations, in the
first quarter of 2018, Jupai leveraged our rich experience and
resources in the real estate industry to accelerate development of
our real estate equity related products, including mezzanine
investments, convertible bonds and M&A funds. We have received
very positive feedback on these products, with our total assets
under management reaching RMB54.5
billion as of March 31, 2018,
representing a 26.5% year-over-year increase."
"We believe that the solid performance Jupai achieved in the
first quarter reflects our team's capability to adapt to market
changes and launch new products which satisfy both regulatory
requirements and customer needs. Leveraging our rigorous risk
control system, Jupai will further broaden our product portfolio to
better fulfill customers' wealth management and asset allocation
needs. We are optimistic that Jupai will maintain healthy growth in
2018 as management focuses on building China's leading wealth and asset management
brand."
Ms. Min Liu, Jupai's chief
financial officer, said, "Over the first quarter of 2018, Jupai's
business continued to grow steadily as we further optimized the
company's cost structure and operating efficiency, which helped to
drive our operating margin to 35.2%. As we look to achieve
additional cost efficiencies, we remain confident in our
bottom-line growth outlook for 2018."
FIRST QUARTER 2018 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2018 were
RMB433.2 million (US$69.1 million), a 17.5% increase from the
corresponding period in 2017, primarily due to increases in
one-time commissions and recurring management fees.
- Net revenues from one-time commissions for the first
quarter of 2018 were RMB276.4 million
(US$44.1 million), a 17.8% increase
from the corresponding period in 2017, primarily as a result of an
increase in fee rates.
- Net revenues from recurring management fees for the
first quarter of 2018 were RMB122.9
million (US$19.6 million), an
81.8% increase from the corresponding period in 2017, primarily due to an increase in the value
of assets under management. The Company recognized RMB20.7 million (US$3.3
million) and RMB1.7 million
carried interest in the first quarter of 2018 and 2017,
respectively.
- Net revenues from recurring service fees for the first
quarter of 2018 were RMB15.1 million
(US$2.4 million), a 42.6% decrease
from the corresponding period in 2017, primarily because the
Company provided ongoing services to fewer product suppliers. The
Company recognized nil and RMB1.4
million variable performance fees in the first quarter of
2018 and 2017, respectively.
- Net revenues from other service fees for the first
quarter of 2018 were RMB18.8 million
(US$3.0 million), a 53.1% decrease
from the corresponding period in 2017, primarily due to decreases
in sub-advisory fees collected from other companies.
Starting from January 1, 2018, the Company adopted Accounting
Standards Update 2014-09, Revenue from Contracts with Customers
(ASC 606), on a modified-retrospective basis. The adoption has no
material impact on the Company's financial positions, results of
operations, or cash flows.
Operating Costs and Expenses
Operating costs and expenses for the first quarter of
2018 were RMB280.7 million
(US$44.8 million), an increase of
15.3% from the corresponding period in 2017.
- Cost of revenues for the first quarter of 2018 was
RMB130.4 million (US$20.8 million), a 3.2% decrease from the
corresponding period in 2017, primarily due to a reduction in
performance-based compensation as a result of a decline in the
aggregate value of wealth management products distributed.
- Selling expenses for the first quarter of 2018 were
RMB85.4 million (US$13.6 million), a 43.4% increase from the
corresponding period in 2017, primarily due to the increase in
marketing expenses.
- G&A expenses for the first quarter of 2018 were
RMB65.0 million (US$10.4 million), a 23.6% increase from the
corresponding period in 2017, mainly due to the increase in both
the numbers of managerial and administrative personnel and their
average compensation.
- Other operating income (government subsidies) received
by the Company in the first quarter of 2018 was RMB0.1 million (US$0.02
million), a 95.9% decrease from the corresponding period in
2017. Government subsidies were recorded when received, with their
availability and amount dependent upon government administrative
policies.
Operating margin for the first quarter of 2018 was 35.2%,
compared to 34.0% for the corresponding period in 2017.
Income tax expenses for the first quarter of 2018 were
RMB39.1 million (US$6.2 million), a 32.0% increase from the
corresponding period in 2017. The increase was primarily due to an
increase in taxable income.
Net Income
- Net income attributable to
ordinary shareholders for the first quarter of 2018 was
RMB115.9 million (US$18.5 million), a 27.8% increase from the
corresponding period in 2017.
- Net margin attributable to
ordinary shareholders for the first quarter of 2018 was 26.7%,
as compared to 24.6% for the corresponding period in 2017.
- Net income attributable to
ordinary shareholders per basic and diluted American depositary
share ("ADS") for the first quarter of 2018 was RMB3.50 (US$0.56)
and RMB3.30 (US$0.53), respectively, as compared to
RMB2.81 and RMB2.69, respectively, for the corresponding
period in 2017.
The industry regulations newly
introduced on March 28, 2018
emphasize that asset management businesses conducted through the
internet are subject to oversight from financial regulatory
authorities. Pursuant to these regulations, Shanghai Runju
Financial Information Service Co., Ltd. ("Runju"), a
non-controlling investee of Jupai, has formulated a new business
plan to adjust its business model. Based on management's latest
evaluation, no impairment loss needs to be recorded for the first
quarter ended March 31, 2018. Future
impairment analysis will be performed at each quarter end.
- Non-GAAP net income
attributable to ordinary shareholders for the first quarter of
2018 was RMB126.1 million
(US$20.1 million), a 24.7% increase
from the corresponding period in 2017.
- Non-GAAP net margin
attributable to ordinary shareholders for the first quarter of
2018 was 29.1%, as compared to 27.4% for the corresponding period
in 2017.
- Non-GAAP net income
attributable to ordinary shareholders per diluted ADS for the
first quarter of 2018 was RMB3.59
(US$0.57), as compared to
RMB3.00 for the corresponding period
in 2017.
Balance Sheet and Cash Flow
As of March 31, 2018, the Company
had RMB824.2 million (US$131.4 million) in cash and cash
equivalents, compared to RMB1,527.8
million as of December 31,
2017.
Net cash used in operating activities during the first
quarter of 2018 was RMB150.6 million
(US$24.0 million).
Net cash used in investing activities during the first
quarter of 2018 was RMB557.0 million
(US$88.8 million).
Net cash provided by financing activities during the
first quarter of 2018 was RMB4.0
million (US$0.6 million).
BUSINESS OUTLOOK
The Company estimates that its net income attributable to
ordinary shareholders for the full year of 2018 will be in the
range of RMB532.3 million to
RMB573.3 million, an increase of
30.0% to 40.0% compared to 2017. 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 28, 2018 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:
|
+1-845-675-0437 or
+1-866-519-4004
|
Hong Kong:
|
+852-3018-6771 or
800-906-601
|
Mainland
China:
|
400-620-8038 or
800-819-0121
|
Singapore
|
+65-6713-5090 or
800-101-2868
|
Passcode:
|
3688852
|
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 June 5,
2018:
U.S./International:
|
+1-855-452-5696
|
Hong Kong:
|
800-963-117
|
Mainland
China:
|
400-632-2162
|
Singapore
|
800-616-2305
|
Passcode:
|
3688852
|
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; 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.
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
As of
|
|
December 31,
|
|
March 31,
|
|
March 31,
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,527,777,270
|
|
824,236,192
|
|
131,402,639
|
Short-term
investments
|
23,203,612
|
|
23,203,612
|
|
3,699,202
|
Accounts
receivable
|
53,512,590
|
|
60,390,722
|
|
9,627,702
|
Other
receivables
|
22,989,264
|
|
17,695,654
|
|
2,821,104
|
Amounts due from
related parties
|
268,760,059
|
|
743,085,128
|
|
118,465,250
|
Other current
assets
|
12,276,204
|
|
16,710,018
|
|
2,663,969
|
Total current
assets
|
1,908,518,999
|
|
1,685,321,326
|
|
268,679,866
|
Long-term
investments
|
50,450,000
|
|
50,450,000
|
|
8,042,917
|
Investment in
affiliates
|
181,922,556
|
|
421,136,038
|
|
67,138,991
|
Property and
equipment, net
|
44,957,054
|
|
43,833,624
|
|
6,988,111
|
Intangible assets,
net
|
74,350,855
|
|
68,337,742
|
|
10,894,644
|
Goodwill
|
261,621,691
|
|
251,767,063
|
|
40,137,593
|
Other non-current
assets
|
32,459,581
|
|
31,978,267
|
|
5,098,087
|
Deferred tax assets
-- non-current
|
71,807,042
|
|
71,807,042
|
|
11,447,732
|
Total
Assets
|
2,626,087,778
|
|
2,624,631,102
|
|
418,427,941
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
212,718,285
|
|
119,295,618
|
|
19,018,528
|
Income tax
payable
|
179,224,777
|
|
193,259,879
|
|
30,810,171
|
Other tax
payable
|
57,325,185
|
|
75,823,395
|
|
12,088,033
|
Dividend
payable
|
-
|
|
125,832,660
|
|
20,060,686
|
Amounts due to
related parties-current
|
27,294,813
|
|
24,800,770
|
|
3,953,826
|
Deferred revenue from
related parties
|
171,546,620
|
|
159,839,236
|
|
25,482,134
|
Deferred
revenue
|
17,921,745
|
|
13,718,766
|
|
2,187,094
|
Other current
liabilities
|
31,941,785
|
|
20,957,858
|
|
3,341,176
|
Total current
liabilities
|
697,973,210
|
|
733,528,182
|
|
116,941,648
|
Deferred revenue --
non-current from related parties
|
62,917,485
|
|
51,172,793
|
|
8,158,147
|
Deferred revenue --
non-current
|
6,611,915
|
|
4,228,388
|
|
674,105
|
Deferred tax
liabilities -- non-current
|
4,717,167
|
|
3,450,023
|
|
550,015
|
Total
Liabilities
|
772,219,777
|
|
792,379,386
|
|
126,323,915
|
Equity
|
1,853,868,001
|
|
1,832,251,716
|
|
292,104,026
|
Total Liabilities
and Total Shareholders' Equity
|
2,626,087,778
|
|
2,624,631,102
|
|
418,427,941
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for USD data, ADS data and percentages)
|
|
|
Three months
ended
|
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
YoY
|
|
2017
|
|
2018
|
|
2018
|
|
Change %
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
101,873,393
|
|
59,676,498
|
|
9,513,837
|
|
-41.4%
|
Related party
revenues
|
268,841,531
|
|
374,736,600
|
|
59,741,830
|
|
39.4%
|
Total
revenues
|
370,714,924
|
|
434,413,098
|
|
69,255,667
|
|
17.2%
|
Business taxes and
related surcharges
|
(1,974,544)
|
|
(1,196,313)
|
|
(190,720)
|
|
-39.4%
|
Net
revenues
|
368,740,380
|
|
433,216,785
|
|
69,064,947
|
|
17.5%
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(134,752,532)
|
|
(130,457,483)
|
|
(20,797,992)
|
|
-3.2%
|
Selling
expenses
|
(59,519,090)
|
|
(85,353,592)
|
|
(13,607,370)
|
|
43.4%
|
General and
administrative expenses
|
(52,621,880)
|
|
(65,030,185)
|
|
(10,367,342)
|
|
23.6%
|
Other operating
income -- government subsidies
|
3,408,212
|
|
141,000
|
|
22,479
|
|
-95.9%
|
Total operating cost
and expenses
|
(243,485,290)
|
|
(280,700,260)
|
|
(44,750,225)
|
|
15.3%
|
Income from
operations
|
125,255,090
|
|
152,516,525
|
|
24,314,722
|
|
21.8%
|
|
|
|
|
|
|
|
|
Interest
income
|
7,503,409
|
|
1,146,048
|
|
182,707
|
|
-84.7%
|
Investment
income
|
2,041,799
|
|
1,128,859
|
|
179,967
|
|
-44.7%
|
Other
income
|
23,223
|
|
1,108,872
|
|
176,780
|
|
4,674.9%
|
Total other
income
|
9,568,431
|
|
3,383,779
|
|
539,454
|
|
-64.6%
|
Income before taxes
and income from equity in affiliates
|
134,823,521
|
|
155,900,304
|
|
24,854,176
|
|
15.6%
|
Income tax
expense
|
(29,635,028)
|
|
(39,116,248)
|
|
(6,236,050)
|
|
32.0%
|
Loss from equity in
affiliates
|
(5,716,843)
|
|
(1,186,518)
|
|
(189,159)
|
|
-79.2%
|
Net
income
|
99,471,650
|
|
115,597,538
|
|
18,428,967
|
|
16.2%
|
Net (income) loss
income attributable to non-controlling interests
|
(8,778,757)
|
|
280,047
|
|
44,646
|
|
-103.2%
|
Net income
attributable to ordinary shareholders
|
90,692,893
|
|
115,877,585
|
|
18,473,613
|
|
27.8%
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
2.81
|
|
3.50
|
|
0.56
|
|
24.6%
|
Diluted
|
2.69
|
|
3.30
|
|
0.53
|
|
22.7%
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
|
|
Basic
|
32,303,977
|
|
33,122,636
|
|
33,122,636
|
|
2.5%
|
Diluted
|
33,732,924
|
|
35,102,133
|
|
35,102,133
|
|
4.1%
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In RMB, except
for USD data and percentages)
|
|
|
Three months
ended
|
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
Change
|
|
2017
|
|
2018
|
|
2018
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
99,471,650
|
|
115,597,538
|
|
18,428,967
|
|
16.2%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
(6,186,464)
|
|
(21,419,060)
|
|
(3,414,702)
|
|
246.2%
|
Other comprehensive
income
|
(6,186,464)
|
|
(21,419,060)
|
|
(3,414,702)
|
|
246.2%
|
Comprehensive
income
|
93,285,186
|
|
94,178,478
|
|
15,014,265
|
|
1.0%
|
Less: Comprehensive
income attributable to non-controlling interests
|
8,778,757
|
|
(280,047)
|
|
(44,646)
|
|
-103.2%
|
Comprehensive
income attributable to ordinary shareholders
|
84,506,429
|
|
94,458,525
|
|
15,058,911
|
|
11.8%
|
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
|
|
2017
|
|
2018
|
|
|
|
RMB
|
|
RMB
|
|
|
Net margin
attributable to ordinary shareholders
|
24.6%
|
|
26.7%
|
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
27.4%
|
|
29.1%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
90,692,893
|
|
115,877,585
|
|
27.8%
|
Adjustment for
share-based compensation
|
6,886,881
|
|
6,912,879
|
|
0.4%
|
Adjustment for
amortization of intangible assets related to acquisition
|
3,595,958
|
|
3,332,428
|
|
-7.3%
|
Adjusted net income
attributable to ordinary shares(non-GAAP)
|
101,175,732
|
|
126,122,892
|
|
24.7%
|
|
|
|
|
|
|
Net income
attributable to ordinary shares per ADS, diluted
|
2.69
|
|
3.30
|
|
22.7%
|
Adjusted net
income attributable to ordinary shares per ADS, diluted
(non-GAAP)
|
3.00
|
|
3.59
|
|
19.7%
|
|
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Diluted
|
33,732,924
|
|
35,102,133
|
|
4.1%
|
View original
content:http://www.prnewswire.com/news-releases/jupai-reports-first-quarter-2018-results-300655381.html
SOURCE Jupai Holdings Limited