SHANGHAI, Aug. 7, 2020 /PRNewswire/ -- Jupai Holdings
Limited ("Jupai" or the "Company") (NYSE: JP), a leading
third-party wealth management service provider, focusing on
distributing wealth management products and providing quality
product advisory services to high-net-worth individuals in
China, today announced its
unaudited financial results for the second quarter and six months
ended June 30, 2020.
SECOND QUARTER AND FIRST HALF 2020 FINANCIAL
HIGHLIGHTS
- Net revenues in the second quarter of 2020 were
RMB108.4 million
(US$[1]15.3 million), a decrease of 41.7% from the
corresponding period in 2019. For the first half of 2020, net
revenues were RMB205.0 million
(US$29.0 million), a decrease of
56.1% from the same period in 2019.
For the quarter
ended June 30
|
(RMB '000, except
percentages)
|
Q2
2019
|
|
Q2 2019
%
|
|
Q2
2020
|
|
Q2 2020
%
|
|
YoY Change
%
|
One-time
commissions
|
86,510
|
|
46.5%
|
|
47,785
|
|
44.0%
|
|
-44.8%
|
Recurring management
fees
|
67,756
|
|
36.5%
|
|
32,697
|
|
30.2%
|
|
-51.7%
|
Recurring service
fees
|
31,603
|
|
17.0%
|
|
27,955
|
|
25.8%
|
|
-11.5%
|
Other service
fees
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total net
revenues
|
185,869
|
|
100.0%
|
|
108,437
|
|
100.0%
|
|
-41.7%
|
|
|
For the six months
ended June 30
|
(RMB '000, except
percentages)
|
H1
2019
|
|
H1 2019
%
|
|
H1
2020
|
|
H1 2020
%
|
|
YoY Change
%
|
One-time
commissions
|
145,141
|
|
31.0%
|
|
87,282
|
|
42.6%
|
|
-39.9%
|
Recurring management
fees
|
259,978
|
|
55.7%
|
|
57,990
|
|
28.3%
|
|
-77.7%
|
Recurring service
fees
|
47,893
|
|
10.3%
|
|
59,753
|
|
29.1%
|
|
24.8%
|
Other service
fees
|
13,904
|
|
3.0%
|
|
-
|
|
-
|
|
-100.0%
|
Total net
revenues
|
466,916
|
|
100.0%
|
|
205,025
|
|
100.0%
|
|
-56.1%
|
- Loss from operations in the second quarter of 2020 was
RMB13.9 million (US$2.0 million), a decrease of 74.8% from the
corresponding period in 2019. For the first half of 2020, loss from
operations was RMB26.1 million
(US$3.7 million), a decrease of 61.1%
from the same period in 2019.
- Net loss attributable to ordinary shareholders in the
second quarter of 2020 was RMB10.5
million (US$1.5 million), as
compared to RMB61.0 million from the
corresponding period in 2019. For the first half of 2020, net loss
attributable to ordinary shareholders was RMB30.4 million (US$4.3
million), as compared to RMB86.6
million from the same period in 2019.
- Adjusted net loss attributable to ordinary shareholders
(non-GAAP[2]) in the second quarter of 2020 was
RMB10.1 million (US$1.4 million), as compared to RMB58.6 million from the corresponding period in
2019. For the first half of 2020, non-GAAP net loss attributable to
ordinary shareholders was RMB27.3
million (US$3.9 million), as
compared to RMB81.3 million from the
same period in 2019.
SECOND QUARTER AND FIRST HALF 2020 OPERATIONAL
UPDATES
- Total number of active clients[3] during the
second quarter of 2020 was 701, as compared to 1,039 active clients
during the second quarter of 2019.
- The aggregate value of wealth management products
distributed by the Company during the second quarter
of 2020 was RMB1.9 billion
(US$0.3 billion), a 24.3% decrease
from the corresponding period in 2019. For the first half of 2020,
the aggregate value of wealth management products distributed by
the Company was RMB3.3 billion
(US$0.5 billion), a 36.8% decrease
from the corresponding period in 2019.
Wealth management
products distributed by the Company - breakdown by product
type
|
|
Three months
ended
|
Six months
ended
|
|
June 30,
2019
|
|
June 30,
2020
|
June 30,
2019
|
|
June 30,
2020
|
Product
type
|
(RMB in millions,
except percentages)
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
1,825
|
73%
|
|
1,212
|
64%
|
3,733
|
71%
|
|
2,183
|
65%
|
Private equity
products
|
376
|
15%
|
|
413
|
22%
|
961
|
18%
|
|
625
|
19%
|
Secondary market
equity fund products
|
70
|
3%
|
|
248
|
13%
|
122
|
2%
|
|
454
|
14%
|
Other
products
|
222
|
9%
|
|
14
|
1%
|
460
|
9%
|
|
73
|
2%
|
All
products
|
2,493
|
100%
|
|
1,887
|
100%
|
5,276
|
100%
|
|
3,335
|
100%
|
- Jupai's coverage network as of June 30, 2020 included 36 client centers covering
34 cities, as compared to 61 client centers covering 45 cities as
of June 30, 2019.
- Total assets under management[4] as of
June 30, 2020 were RMB37.6 billion (US$5.3
billion), a 20.0% decrease from June
30, 2019.
Assets under
management – breakdown by product type
|
|
As
of
|
|
June 30,
2019
|
|
June 30,
2020
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
16,482
|
35%
|
|
11,949
|
32%
|
Private equity
products
|
28,331
|
60%
|
|
23,453
|
62%
|
Secondary market
equity fund products
|
945
|
2%
|
|
954
|
3%
|
Other
products
|
1,214
|
3%
|
|
1,211
|
3%
|
All
products
|
46,972
|
100%
|
|
37,567
|
100%
|
[1] The U.S. dollars (US$) 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 (US$) in this press release is
based on the noon buying rate on June 30, 2020, as set forth in the
H.10 statistical release of the Board of Governors of the Federal
Reserve System, which was RMB7.0651 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 refer to clients who purchase wealth management products
distributed by Jupai at least once during that given
period.
|
[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.
|
"Jupai's bottom line improved sequentially in the second
quarter, as our effective cost control measures helped to offset
the market challenges created by ongoing investor caution during
the economic recovery following the outbreak of COVID-19," said Mr.
Jianda Ni, Jupai's chairman of the
board and chief executive officer. "We remain confident in the
long-term outlook for Jupai and China's wealth management industry and will
continue to focus on controlling costs, providing high-quality
products, and optimizing our risk control system."
Ms. Min Liu, Jupai's chief
financial officer, said, "Our total operating cost and
expenses in the second quarter declined by 49.2% compared with the
same period last year while cost of revenues decreased by 42.7%.
This is mainly attributable to our continuous efforts to control
costs, which we expect will help to further improve our bottom-line
and enhance operating efficiencies in the coming quarters."
SECOND QUARTER AND FIRST HALF 2020 FINANCIAL
RESULTS
Net Revenues
Net revenues for the second quarter of 2020 were
RMB108.4 million (US$15.3 million), a 41.7% decrease from the
corresponding period in 2019, primarily due to decreases in
one-time commissions and recurring management fees. Net revenues
were RMB205.0 million (US$29.0 million) for the first half of 2020, a
decrease of 56.1% from the same period in 2019.
- Net revenues from one-time commissions for the second
quarter of 2020 were RMB47.8 million
(US$6.8 million), a 44.8% decrease
from the corresponding period in 2019, primarily as a result of a
decrease in the aggregate value of wealth management products
distributed by the Company. For the first half of 2020, net
revenues from one-time commissions were RMB87.3 million (US$12.4
million), a decrease of 39.9% from the same period in
2019.
- Net revenues from recurring management fees for the
second quarter of 2020 were RMB32.7
million (US$4.6 million), a
51.7% decrease from the corresponding period in 2019, primarily due
to the decrease in the value of assets under management.
RMB5.4 million (US$0.8 million) and RMB11.1 million carried interest was recognized
as part of Jupai's recurring management fees in the second quarter
of 2020 and 2019, respectively. For the first half of 2020, net
revenues from recurring management fees were RMB58.0 million (US$8.2
million), a 77.7% decrease from the same period in 2019.
RMB5.5 million (US$0.8 million) and RMB138.5 million carried interest was recognized
as part of Jupai's recurring management fees for the first half of
2020 and 2019, respectively.
- Net revenues from recurring service fees for the second
quarter of 2020 were RMB28.0 million
(US$4.0 million), an 11.5% decrease
from the corresponding period in 2019, primarily because the
Company provided ongoing services to fewer product suppliers. The
Company recognized RMB1.5 million
(US$0.2 million) and nil variable
performance fees in the second quarter of 2020 and 2019,
respectively. For the first half of 2020, net revenues from
recurring service fees were RMB59.8
million (US$8.5 million), a
24.8% increase from the same period in 2019. The Company recognized
RMB2.0 million (US$0.3 million) and nil variable performance fees
for the first half of 2020 and 2019, respectively.
- Net revenues from other service fees for the second
quarter of 2020 were nil, the same as the corresponding period in
2019. For the first half of 2020, net revenues from other service
fees were nil, as compared to RMB13.9
million from the same period in 2019.
Operating Costs and Expenses
Operating costs and expenses for the second quarter
of 2020 were RMB122.4 million
(US$17.3 million), a decrease of
49.2% from the corresponding period in 2019. For the first half of
2020, operating costs and expenses were RMB231.1 million (US$32.7
million), a decrease of 56.7% from the same period in
2019.
- Cost of revenues for the second quarter of 2020 was
RMB62.1 million (US$8.8 million), a decrease of 42.7% from the
corresponding period in 2019, primarily due to decreased
compensation to wealth management advisors and client managers, as
a result of the decrease in the aggregate value of wealth
management products distributed by the Company and the cost control
measures the Company adopted. For the first half of 2020, cost of
revenues was RMB124.1 million
(US$17.6 million), a decrease of
56.4% from the same period in 2019.
- Selling expenses for the second quarter of 2020 were
RMB24.1 million (US$3.4 million), a decrease of 51.0% from the
corresponding period in 2019, primarily due to the decrease in
marketing and promotion expenses as a result of cost control and
the decrease in revenues. For the first half of 2020, selling
expenses were RMB44.0 million
(US$6.2 million), a decrease of 57.4%
from the same period in 2019.
- General and administrative expenses for the second
quarter of 2020 were RMB42.7 million
(US$6.0 million), a decrease of 52.0%
from the corresponding period in 2019, mainly due to the cost
control measures the Company adopted. For the first half of 2020,
general and administrative expenses were RMB78.0 million (US$11.0
million), a decrease of 48.6% from the same period in
2019.
- Other operating income (government subsidies) received
by the Company for the second quarter of 2020 was RMB6.6 million (US$0.9
million), an increase of 17.1% from the corresponding period
in 2019. For the first half of 2020, other operating income were
RMB15.1 million (US$2.1 million), an increase of 169.2% from the
same period in 2019. Government subsidies were recorded when
received, with their availability and amount dependent upon
government policies.
Operating margin for the second quarter of 2020 was
-12.8%, as compared to -29.7% for the corresponding period in 2019.
For the first half of 2020, operating margin was -12.7%, compared
to -14.3% for the same period in 2019.
Income tax benefits for the second quarter of 2020 were
RMB1.4 million (US$0.2 million), as compared to income tax
expenses of RMB7.6 million for the
corresponding period in 2019, primarily due to taxable losses for
the second quarter of 2020. For the first half of 2020, income tax
expenses were RMB11.3 million
(US$1.6 million), a decrease of 50.4%
from the same period in 2019.
Net Loss
- Net Loss
- Net loss attributable to ordinary shareholders for the
second quarter of 2020 was RMB10.5
million (US$1.5 million), as
compared to RMB61.0 million from the
corresponding period in 2019. For the first half of 2020, net loss
attributable to ordinary shareholders was RMB30.4 million (US$4.3
million), as compared to RMB86.6
million from the same period in 2019.
- Net margin attributable to ordinary shareholders for the
second quarter of 2020 was -9.7%, as compared to -32.8% from the
corresponding period in 2019. For the first half of 2020, net
margin attributable to ordinary shareholders was -14.8%, compared
to -18.6% for the same period in 2019.
- Net loss attributable to ordinary shareholders per basic and
diluted American depositary share ("ADS") for the second
quarter of 2020 was RMB0.31
(US$0.04) and RMB0.31 (US$0.04),
respectively, as compared to RMB1.82
and RMB1.82, respectively, from the
corresponding period in 2019. For the first half of 2020, net loss
attributable to ordinary shareholders per basic and diluted ADS was
RMB0.91 (US$0.13) and RMB0.91 (US$0.13),
respectively, as compared to RMB2.58
and RMB2.58, respectively, for the
same period in 2019.
- Adjusted Net Loss (non-GAAP)
- Adjusted net loss attributable to ordinary shareholders
(non-GAAP) for the second quarter of 2020 was RMB10.1 million (US$1.4
million), as compared to RMB58.6
million from the corresponding period in 2019. For the first
half of 2020, non-GAAP net loss attributable to ordinary
shareholders was RMB27.3 million
(US$3.9 million), as compared to
RMB81.3 million from the same period
in 2019.
- Adjusted net margin attributable to ordinary shareholders
(non-GAAP) for the second quarter of 2020 was -9.4%, as
compared to -31.5% from the corresponding period in 2019. For the
first half of 2020, non-GAAP net margin attributable to ordinary
shareholders was -13.3%, as compared to -17.4% for the same period
in 2019.
- Adjusted net loss attributable to ordinary shareholders per
diluted ADS (non-GAAP) for the second quarter of 2020 was
RMB0.30 (US$0.04), as compared to RMB1.74 from the corresponding period in 2019.
For the first half of 2020, non-GAAP net loss attributable to
ordinary shareholders per diluted ADS was RMB0.81 (US$0.11),
as compared to RMB2.42 for the same
period in 2019.
Repurchase of Shares
As of July 31, 2020, we had
repurchased 320,351 ADSs as part of the share repurchase program of
up to US$10 million announced in
February 2020, at a total cost of
US$348,423, inclusive of transaction
charges.
Balance Sheet and Cash Flow
As of June 30, 2020, the Company
had RMB708.6 million (US$100.3 million) in cash, cash equivalents and
restricted cash, as compared to RMB712.3
million as of December 31,
2019.
Net cash provided by operating activities during the
second quarter of 2020 was RMB41.8
million (US$5.9 million). For
the first half of 2020, net cash provided by operating activities
was RMB20.6 million (US$2.9 million).
Net cash used in investing activities during the
second quarter of 2020 was RMB15.2
million (US$2.2 million). For
the first half of 2020, net cash used in investing activities was
RMB17.2 million (US$2.4 million).
Net cash used in financing activities during the
second quarter of 2020 was nil. For the first half of 2020, net
cash used in financing activities was RMB7.1
million (US$1.0 million).
CONFERENCE CALL
Jupai's management will host an earnings conference call on
August 7, 2020 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong
Kong time).
Please register in advance for the conference call using the
link provided below. Upon registering, you will be provided with a
calendar invite with participant dial-in numbers, passcode, and a
unique access pin by email. To join the conference, simply dial the
number you receive after preregistering, enter the passcode
followed by your pin, and you will join the conference
instantly.
PRE-REGISTER LINK:
http://apac.directeventreg.com/registration/event/1172631
A replay of the conference call may be accessed by phone at the
following number until August 13,
2020:
U.S./International:
|
+1-855-452-5696 or
+61-2-8199-0299
|
Mainland
China:
|
400-602-2065
|
Hong Kong:
|
800-963-117
|
Singapore:
|
800-616-2305
|
Passcode:
|
1172631
|
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, share
options and amortization of intangible assets related to
acquisition. 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.
Contacts:
Jupai Investor Relations
Phone: +86 (21) 5226 5819
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, except
for USD data)
|
|
|
As of
|
|
December 31,
|
|
June 30,
|
|
June 30,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
711,205,698
|
|
707,516,151
|
|
100,142,411
|
Restricted
cash
|
1,100,000
|
|
1,100,000
|
|
155,695
|
Accounts
receivable
|
-
|
|
87,518
|
|
12,387
|
Other
receivables
|
14,125,535
|
|
34,670,219
|
|
4,907,251
|
Amounts due from
related parties
|
95,193,003
|
|
43,541,114
|
|
6,162,845
|
Other current
assets
|
4,984,541
|
|
24,186,127
|
|
3,423,324
|
Total current
assets
|
826,608,777
|
|
811,101,129
|
|
114,803,913
|
Long-term
investments
|
228,950,000
|
|
228,950,000
|
|
32,405,769
|
Investment in
affiliates
|
107,541,000
|
|
103,045,782
|
|
14,585,184
|
Amounts due from
related parties -- non-current
|
229,117,743
|
|
229,205,547
|
|
32,441,940
|
Property and
equipment, net
|
27,834,760
|
|
22,423,931
|
|
3,173,901
|
Intangible assets,
net
|
38,250,479
|
|
36,033,002
|
|
5,100,140
|
Other non-current
assets
|
17,886,020
|
|
15,373,685
|
|
2,176,005
|
Right-of-use
assets
|
68,950,101
|
|
50,790,590
|
|
7,188,941
|
Deferred tax
assets
|
4,608,063
|
|
3,800,365
|
|
537,907
|
Total
Assets
|
1,549,746,943
|
|
1,500,724,031
|
|
212,413,700
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
58,318,063
|
|
59,601,231
|
|
8,436,007
|
Income tax
payable
|
82,800,208
|
|
95,482,256
|
|
13,514,636
|
Other tax
payable
|
695,081
|
|
16,956,190
|
|
2,399,993
|
Amounts due to
related parties -- current
|
19,439,664
|
|
19,225,850
|
|
2,721,242
|
Deferred revenue from
related parties
|
42,053,959
|
|
16,126,895
|
|
2,282,614
|
Deferred
revenue
|
35,674,503
|
|
36,508,979
|
|
5,167,511
|
Other current
liabilities
|
78,201,072
|
|
58,748,336
|
|
8,315,287
|
Total current
liabilities
|
317,182,550
|
|
302,649,737
|
|
42,837,290
|
Deferred revenue --
non-current from related parties
|
4,917,845
|
|
12,401,239
|
|
1,755,281
|
Deferred revenue --
non-current
|
311,651
|
|
1,456,651
|
|
206,176
|
Operating Lease
Liabilities -- non-current
|
28,518,789
|
|
16,945,897
|
|
2,398,536
|
Total
Liabilities
|
350,930,835
|
|
333,453,524
|
|
47,197,283
|
Equity
|
1,198,816,108
|
|
1,167,270,507
|
|
165,216,417
|
Total Liabilities
and Total Shareholders' Equity
|
1,549,746,943
|
|
1,500,724,031
|
|
212,413,700
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for USD data and ADS data)
|
|
|
Three months
ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
|
|
|
|
|
Third party
revenues
|
103,698,922
|
|
60,315,581
|
|
8,537,117
|
Related party
revenues
|
84,003,914
|
|
48,516,559
|
|
6,867,073
|
Total
revenues
|
187,702,836
|
|
108,832,140
|
|
15,404,190
|
Taxes and
surcharges
|
(1,833,461)
|
|
(394,816)
|
|
(55,883)
|
Net
revenues
|
185,869,375
|
|
108,437,324
|
|
15,348,307
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(108,523,737)
|
|
(62,142,218)
|
|
(8,795,660)
|
Selling
expenses
|
(49,210,902)
|
|
(24,116,445)
|
|
(3,413,461)
|
General and
administrative expenses
|
(88,926,531)
|
|
(42,685,599)
|
|
(6,041,754)
|
Other operating
income -- government subsidies
|
5,621,863
|
|
6,583,956
|
|
931,898
|
Total operating cost
and expenses
|
(241,039,307)
|
|
(122,360,306)
|
|
(17,318,977)
|
Loss from
operations
|
(55,169,932)
|
|
(13,922,982)
|
|
(1,970,670)
|
|
|
|
|
|
|
Interest
income
|
1,882,685
|
|
1,449,615
|
|
205,180
|
Investment
income
|
437,815
|
|
822,468
|
|
116,413
|
Other
income
|
267,801
|
|
1,404,064
|
|
198,732
|
Total other
income
|
2,588,301
|
|
3,676,147
|
|
520,325
|
Loss before taxes and
loss from equity in affiliates
|
(52,581,631)
|
|
(10,246,835)
|
|
(1,450,345)
|
Income tax (expense)
benefit
|
(7,616,808)
|
|
1,352,337
|
|
191,411
|
Loss from equity in
affiliates
|
(3,126,633)
|
|
(2,182,693)
|
|
(308,940)
|
Net
loss
|
(63,325,072)
|
|
(11,077,191)
|
|
(1,567,874)
|
Net loss attributable
to non-controlling interests
|
2,280,249
|
|
585,148
|
|
82,822
|
Net loss
attributable to ordinary shareholders
|
(61,044,823)
|
|
(10,492,043)
|
|
(1,485,052)
|
|
|
|
|
|
|
Net loss per
ADS:
|
|
|
|
|
|
Basic
|
(1.82)
|
|
(0.31)
|
|
(0.04)
|
Diluted
|
(1.82)
|
|
(0.31)
|
|
(0.04)
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Basic
|
33,622,879
|
|
33,446,631
|
|
33,446,631
|
Diluted
|
33,622,879
|
|
33,446,631
|
|
33,446,631
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for USD data and ADS data)
|
|
|
Six months
ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
|
|
|
|
|
Third party
revenues
|
180,086,252
|
|
122,648,763
|
|
17,359,806
|
Related party
revenues
|
289,830,779
|
|
82,923,125
|
|
11,737,007
|
Total
revenues
|
469,917,031
|
|
205,571,888
|
|
29,096,813
|
Taxes and
surcharges
|
(3,001,274)
|
|
(547,298)
|
|
(77,465)
|
Net
revenues
|
466,915,757
|
|
205,024,590
|
|
29,019,348
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(284,401,407)
|
|
(124,138,835)
|
|
(17,570,712)
|
Selling
expenses
|
(103,450,371)
|
|
(44,040,167)
|
|
(6,233,481)
|
General and
administrative expenses
|
(151,686,377)
|
|
(78,033,680)
|
|
(11,044,951)
|
Other operating
income -- government subsidies
|
5,621,863
|
|
15,133,115
|
|
2,141,953
|
Total operating cost
and expenses
|
(533,916,292)
|
|
(231,079,567)
|
|
(32,707,191)
|
Loss from
operations
|
(67,000,535)
|
|
(26,054,977)
|
|
(3,687,843)
|
|
|
|
|
|
|
Interest
income
|
3,352,100
|
|
2,629,620
|
|
372,199
|
Investment
income
|
2,282,310
|
|
1,797,173
|
|
254,373
|
Other
income
|
2,338,093
|
|
1,788,176
|
|
253,100
|
Total other
income
|
7,972,503
|
|
6,214,969
|
|
879,672
|
Loss before taxes and
loss from equity in affiliates
|
(59,028,032)
|
|
(19,840,008)
|
|
(2,808,171)
|
Income tax
expense
|
(22,810,960)
|
|
(11,317,882)
|
|
(1,601,942)
|
Loss from equity in
affiliates
|
(5,122,363)
|
|
(4,495,218)
|
|
(636,257)
|
Net
loss
|
(86,961,355)
|
|
(35,653,108)
|
|
(5,046,370)
|
Net loss attributable
to non-controlling interests
|
324,176
|
|
5,268,069
|
|
745,647
|
Net loss
attributable to ordinary shareholders
|
(86,637,179)
|
|
(30,385,039)
|
|
(4,300,723)
|
|
|
|
|
|
|
Net loss per
ADS:
|
|
|
|
|
|
Basic
|
(2.58)
|
|
(0.91)
|
|
(0.13)
|
Diluted
|
(2.58)
|
|
(0.91)
|
|
(0.13)
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Basic
|
33,608,973
|
|
33,564,331
|
|
33,564,331
|
Diluted
|
33,608,973
|
|
33,564,331
|
|
33,564,331
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In RMB, except
for USD data)
|
|
|
Three months
ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
Net
loss
|
(63,325,072)
|
|
(11,077,191)
|
|
(1,567,874)
|
Other comprehensive
loss, net of tax:
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
4,773,399
|
|
(224,131)
|
|
(31,724)
|
Other comprehensive
income (loss)
|
4,773,399
|
|
(224,131)
|
|
(31,724)
|
Comprehensive
loss
|
(58,551,673)
|
|
(11,301,322)
|
|
(1,599,598)
|
Less: Comprehensive
loss attributable to non-controlling interests
|
(1,851,899)
|
|
(585,728)
|
|
(82,904)
|
Comprehensive loss
attributable to ordinary shareholders
|
(56,699,774)
|
|
(10,715,594)
|
|
(1,516,694)
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In RMB, except
for USD data)
|
|
|
Six months
ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
Net
loss
|
(86,961,355)
|
|
(35,653,108)
|
|
(5,046,370)
|
Other comprehensive
loss, net of tax:
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
274,663
|
|
3,526,632
|
|
499,162
|
Other comprehensive
income
|
274,663
|
|
3,526,632
|
|
499,162
|
Comprehensive
loss
|
(86,686,692)
|
|
(32,126,476)
|
|
(4,547,208)
|
Less: Comprehensive
loss attributable to non-controlling interests
|
(321,568)
|
|
(5,305,872)
|
|
(750,998)
|
Comprehensive loss
attributable to ordinary shareholders
|
(86,365,124)
|
|
(26,820,604)
|
|
(3,796,210)
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
|
Three months
ended
|
|
June 30,
|
|
June 30,
|
|
2019
|
|
2020
|
|
RMB
|
|
RMB
|
Net margin
attributable to ordinary shareholders
|
-32.8%
|
|
-9.7%
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
-31.5%
|
|
-9.4%
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(61,044,823)
|
|
(10,492,043)
|
Adjustment for
share-based compensation (net of tax effect of nil for both three
months
ended June 30, 2019 and 2020)
|
2,417,224
|
|
347,229
|
Adjusted net loss
attributable to ordinary shareholders (non-GAAP)
|
(58,627,599)
|
|
(10,144,814)
|
|
|
|
|
Net
loss attributable to ordinary shareholders per ADS,
diluted
|
(1.82)
|
|
(0.31)
|
Adjusted net loss
attributable to ordinary shareholders per ADS, diluted
(non-GAAP)
|
(1.74)
|
|
(0.30)
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
Diluted
|
33,622,879
|
|
33,446,631
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
|
Six months
ended
|
|
June 30,
|
|
June 30,
|
|
2019
|
|
2020
|
|
RMB
|
|
RMB
|
Net margin
attributable to ordinary shareholders
|
-18.6%
|
|
-14.8%
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
-17.4%
|
|
-13.3%
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(86,637,179)
|
|
(30,385,039)
|
Adjustment for
share-based compensation (net of tax effect of nil for both six
months ended
June 30, 2019 and 2020)
|
4,785,264
|
|
3,048,042
|
Adjustment for
amortization of intangible assets related to acquisition (net of
tax effect of RMB196,316 and
nil for six months ended June 30, 2019 and 2020,
respectively)
|
588,954
|
|
-
|
Adjusted net loss
attributable to ordinary shareholders (non-GAAP)
|
(81,262,961)
|
|
(27,336,997)
|
|
|
|
|
Net
loss attributable to ordinary shareholders per ADS,
diluted
|
(2.58)
|
|
(0.91)
|
Adjusted net loss
attributable to ordinary shareholders per ADS, diluted
(non-GAAP)
|
(2.42)
|
|
(0.81)
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
Diluted
|
33,608,973
|
|
33,564,331
|
View original
content:http://www.prnewswire.com/news-releases/jupai-reports-second-quarter-2020-results-301108295.html
SOURCE Jupai Holdings Limited