SHANGHAI, June 10, 2019 /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, 2019.
FIRST QUARTER 2019 FINANCIAL HIGHLIGHTS
- Net revenues in the first quarter of 2019 were
RMB281.0 million (US$[1]41.9
million), a decrease of 35.1% from the corresponding period in
2018.
(RMB '000, except
percentages)
|
Q1
2018
|
|
Q1 2018
%
|
|
Q1
2019
|
|
Q1 2019
%
|
|
YoY Change
%
|
One-time
commissions
|
276,435
|
|
63.8%
|
|
58,630
|
|
20.9%
|
|
-78.8%
|
Recurring management
fees
|
122,908
|
|
28.4%
|
|
192,221
|
|
68.4%
|
|
56.4%
|
Recurring service
fees
|
15,058
|
|
3.5%
|
|
16,291
|
|
5.8%
|
|
8.2%
|
Other service
fees
|
18,816
|
|
4.3%
|
|
13,904
|
|
4.9%
|
|
-26.1%
|
Total net
revenues
|
433,217
|
|
100.0%
|
|
281,046
|
|
100.0%
|
|
-35.1%
|
- Loss from operations in the first quarter of 2019 was
RMB11.8 million (US$1.8 million), compared to income from
operations of RMB152.5 million from
the corresponding period in 2018.
- Net loss attributable to ordinary shareholders in the
first quarter of 2019 was RMB25.6
million (US$3.8 million),
compared to net income attributable to ordinary shareholders of
RMB115.9 million from the
corresponding period in 2018.
- Non-GAAP[2] net loss attributable to ordinary
shareholders in the first quarter of 2019 was RMB22.6 million (US$3.4
million), compared to non-GAAP net income attributable to
ordinary shareholders of RMB126.1
million from the corresponding period in 2018.
FIRST QUARTER 2019 OPERATIONAL
UPDATES
- Total number of active clients[3] during the
first quarter of 2019 was 1,279.
- The aggregate value of wealth management products
distributed by the Company during the first quarter
of 2019 was RMB2.8 billion
(US$0.4 billion), a 74.5% decrease
from the corresponding period in 2018.
Wealth management
products distributed by the Company - breakdown by product
type
|
|
Three months
ended
|
|
March 31,
2018
|
|
March 31,
2019
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
3,933
|
36%
|
|
1,907
|
68%
|
Private equity
products
|
6,043
|
56%
|
|
586
|
21%
|
Secondary market
equity fund products
|
691
|
6%
|
|
52
|
2%
|
Other
products
|
231
|
2%
|
|
238
|
9%
|
All
products
|
10,898
|
100%
|
|
2,783
|
100%
|
- Jupai's coverage network as of March 31, 2019 included 65 client centers
covering 47 cities, as compared to 73 client centers covering 48
cities as of March 31, 2018.
- Total assets under management[4] as of
March 31, 2019 were RMB53.0 billion (US$7.9
billion), a 2.8% decrease from March
31, 2018.
Assets under
management – breakdown by product type
|
|
As
of
|
|
March 31,
2018
|
|
March 31,
2019
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
27,385
|
51%
|
|
18,055
|
34%
|
Private equity
products
|
24,098
|
44%
|
|
32,239
|
61%
|
Secondary market
equity fund products
|
2,246
|
4%
|
|
1,601
|
3%
|
Other
products
|
772
|
1%
|
|
1,079
|
2%
|
All
products
|
54,501
|
100%
|
|
52,974
|
100%
|
[1] The U.S. dollars (US$) 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 March 29, 2019, as set forth in
the H.10 statistical release of the Board of Governors of the
Federal Reserve System, which was RMB 6.7112 to US$1.00. The
percentages stated in this press release are calculated based on
the Renminbi amounts.
|
[2] Jupai's non-GAAP financial
measures are derived from adjusting the corresponding GAAP
financial measures by excluding the effects of share-based
compensation and amortization of intangible assets resulted from
business acquisitions.
|
[3] "Active clients" for a given
period refers to clients who purchase wealth management products
distributed by Jupai at least once during that given
period.
|
[4] "Assets under management" 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 first quarter 2019 operating results remained under
pressure," said Mr. Jianda Ni,
Jupai's chairman of the board and chief executive officer. "In
addition to fewer working days resulting from the Chinese New Year
holiday, weaker than expected investor confidence amid the
unsettled US-China trade conflict contributed to the headwinds we
faced in the quarter. As a result, our total net revenue for the
first quarter of 2019 declined by 35.1% year-over-year to
RMB281.0 million. Our total assets
under management as of March 31, 2019
was RMB53.0 billion, a 2.8% decrease
from one year ago."
"Given the macro-economic uncertainties, we believe investor
confidence will return gradually beginning in late 2019. Amid the
prolonged market downturn, Jupai will remain dedicated to executing
on our three strategies to optimize our business. Firstly, we will
look to grow our real estate equity products more proactively. We
believe that real estate is an asset class with relatively lower
investment risk compared to other categories such as consumer
credit or supply chain management products. The rising funding
costs and current volatility in the real estate industry should
continue to provide an excellent entry point for investors to gain
exposure to equity securities from leading real estate companies.
Given Jupai's abundant real estate industry experience, we are well
positioned to identify the highest quality real estate projects for
our investors. Secondly, we will continue enhancing our risk
control system. We believe risk management capability is one of the
most critical aspects of wealth management products and the key to
enhancing investor confidence. Over the past several years, we have
improved our risk control systems across our entire product life
cycle, and in the months ahead we will further strengthen our
quality standards for project counterparties. Thirdly, we target to
achieve incremental growth from our overseas business, including
development of overseas insurance products and collaboration with
leading international financial institutions to meet the rising
demand for global asset allocation from our customers. With these
strategies in place, we are confident that Jupai will be
well-positioned to seize opportunities as the market recovers."
Ms. Min Liu, Jupai's chief
financial officer, said, "In light of the challenging environment,
Jupai has implemented various cost control measures, including
downsizing our workforce, adjusting our incentive systems,
optimizing our coverage network and streamlining our business SOP
to improve our operating efficiency and profitability. As we
foresee an increase in operating expenses over the near-term
related to personnel optimization, we expect to realize more
positive effects from our cost control measures towards the end of
this year."
FIRST QUARTER 2019 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2019 were
RMB281.0 million (US$41.9 million), a 35.1% decrease from the
corresponding period in 2018, primarily due to decreases in both
one-time commissions and other service fees.
- Net revenues from one-time commissions for the first
quarter of 2019 were RMB58.6 million
(US$8.7 million), a 78.8% decrease
from the corresponding period in 2018, primarily as a result of a
decrease in the aggregate value of wealth management products
distributed by the Company.
- Net revenues from recurring management fees for the
first quarter of 2019 were RMB192.2
million (US$28.6 million), a
56.4% increase from the corresponding period in 2018, primarily due
to an increase of carried interest recognized in this period.
RMB127.4 million (US$19.0 million) and RMB20.7 million carried interest were recognized
as part of Jupai's recurring management fees in the first quarter
of 2019 and 2018, respectively.
- Net revenues from recurring service fees for the first
quarter of 2019 were RMB16.3 million
(US$2.4 million), an 8.2% increase
from the corresponding period in 2018, primarily because the
Company provided ongoing services to more product suppliers. The
Company recognized no variable performance fees in the first
quarter of both 2019 and 2018.
- Net revenues from other service fees for the first
quarter of 2019 were RMB13.9 million
(US$2.1 million), a 26.1% decrease
from the corresponding period in 2018, primarily due to a decrease
in sub-advisory fees collected from other companies.
Operating Costs and Expenses
Operating costs and expenses for the first quarter
of 2019 were RMB292.9 million
(US$43.6 million), a 4.3% increase
from the corresponding period in 2018.
- Cost of revenues for the first quarter of 2019 was
RMB175.9 million (US$26.2 million), a 34.8% increase from the
corresponding period in 2018, primarily due to the increase in
incentives to wealth management advisors and client managers.
- Selling expenses for the first quarter of 2019 were
RMB54.2 million (US$8.1 million), a 36.5% decrease from the
corresponding period in 2018, primarily due to the decrease in
marketing and promotion expenses as a result of cost control.
- General and administrative expenses for the first
quarter of 2019 were RMB62.8 million
(US$9.4 million), a 3.5% decrease
from the corresponding period in 2018, mainly due to the decrease
in bonus offset by the increase in doubtful accounts.
- Other operating income (government subsidies) received
by the Company was nil and RMB0.1
million in the first quarter of 2019 and 2018, respectively.
Government subsidies were recorded when received, with their
availability and amount dependent upon government administrative
policies.
Operating margin for the first quarter of 2019 was
-4.2%, compared to 35.2% for the corresponding period in 2018.
Income tax expenses for the first quarter of 2019 were
RMB15.2 million (US$2.3 million), a 61.2% decrease from the
corresponding period in 2018. The decrease was primarily due to a
decrease in taxable income.
Net Income
- Net Income
- Net loss attributable to ordinary shareholders for the
first quarter of 2019 was RMB25.6
million (US$3.8 million),
compared to net income attributable to ordinary shareholders of
RMB115.9 million from the
corresponding period in 2018.
- Net margin attributable to ordinary shareholders for the
first quarter of 2019 was -9.1%, compared to 26.7% for the
corresponding period in 2018.
- Net loss attributable to ordinary shareholders per basic and
diluted American depositary share ("ADS") for the first quarter
of 2019 were RMB0.76 (US$0.11) and RMB0.76 (US$0.11),
respectively, as compared to net income attributable to ordinary
shareholders per basic and diluted ADS of RMB3.50 and RMB3.30, respectively, for the corresponding
period in 2018.
- Non-GAAP Net Income
- Non-GAAP net loss attributable to ordinary shareholders
for the first quarter of 2019 was RMB22.6
million (US$3.4 million),
compared to non-GAAP net income attributable to ordinary
shareholders of RMB126.1 million from
the corresponding period in 2018.
- Non-GAAP net margin attributable to ordinary
shareholders for the first quarter of 2019 was -8.1%, as
compared to 29.1% for the corresponding period in 2018.
- Non-GAAP net loss attributable to ordinary shareholders per
diluted ADS for the first quarter of 2019 was RMB0.67 (US$0.10),
as compared to net income attributable to ordinary shareholders per
diluted ADS of RMB3.59 for the
corresponding period in 2018.
Balance Sheet and Cash Flow
As of March 31, 2019, the Company
had RMB1,066.4 million (US$158.9 million) in cash and cash equivalents
and restricted cash, compared to RMB1,302.6
million as of December 31,
2018.
Net cash provided by operating activities during the
first quarter of 2019 was RMB3.4
million (US$0.5 million).
Net cash used in investing activities during the
first quarter of 2019 was RMB239.6
million (US$35.7million).
Net cash provided by financing activities during the
first quarter of 2019 was RMB29.6
thousand (US$4.4
thousand).
CONFERENCE CALL
Jupai's management will host an earnings conference call on
June 10, 2019 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
|
Passcode:
|
8682149
|
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 17,
2019:
U.S./International:
|
+1-855-452-5696
|
Hong Kong:
|
800-963-117
|
Mainland
China:
|
400-632-2162
|
Singapore:
|
800-616-2305
|
Passcode:
|
8682149
|
Additionally, a live and archived webcast will be available at
http://jupai.investorroom.com.
DISCUSSION OF RECENTLY ADOPTED ACCOUNTING STANDARD
Starting from January 1, 2019, the
Company adopted Accounting Standards Update (ASU) 2016-02, Leases
(Topic 842), which supersedes the lease accounting guidance under
Topic 840, and generally requires lessees to recognize operating
and financing lease liabilities and corresponding right-of-use
("ROU") assets on the balance sheet and to provide enhanced
disclosures surrounding the amount, timing and uncertainty of cash
flows arising from leasing arrangements. The Company adopted the
new guidance using the modified retrospective transition approach
by applying the new standard to all leases existing at the date of
initial application and not restating comparative periods. The most
significant impact was the recognition of ROU assets and lease
liabilities for operating leases. The Company also elected the
package of practical expedients, which among other things, does not
require reassessment of lease classification.
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. 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
|
(In RMB, except
for USD data)
|
|
|
As of
|
|
December 31,
|
|
March 31,
|
|
March 31,
|
|
2018
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,298,565,042
|
|
1,062,394,706
|
|
158,301,750
|
Restricted
cash
|
4,000,000
|
|
4,000,000
|
|
596,019
|
Short-term
investments
|
4,723,612
|
|
4,723,612
|
|
703,840
|
Accounts
receivable
|
39,633,035
|
|
22,615,590
|
|
3,369,828
|
Other
receivables
|
20,493,145
|
|
23,006,380
|
|
3,428,058
|
Amounts due from
related parties
|
199,331,694
|
|
168,291,382
|
|
25,076,198
|
Other current
assets
|
15,320,791
|
|
5,268,329
|
|
785,006
|
Total current
assets
|
1,582,067,319
|
|
1,290,299,999
|
|
192,260,699
|
Long-term
investments
|
58,950,000
|
|
58,950,000
|
|
8,783,824
|
Investment in
affiliates
|
67,262,431
|
|
115,716,539
|
|
17,242,302
|
Amounts due from
related parties — non-current
|
48,626,353
|
|
34,050,099
|
|
5,073,623
|
Property and
equipment, net
|
36,267,042
|
|
33,334,305
|
|
4,966,966
|
Intangible assets,
net
|
58,124,608
|
|
56,719,805
|
|
8,451,515
|
Goodwill
|
297,031
|
|
290,794
|
|
43,330
|
Other non-current
assets
|
27,914,021
|
|
228,138,796
|
|
33,993,741
|
Right-of-use
assets
|
-
|
|
139,583,222
|
|
20,798,549
|
Deferred tax
assets
|
100,985,228
|
|
100,985,228
|
|
15,047,268
|
Total
Assets
|
1,980,494,033
|
|
2,058,068,787
|
|
306,661,817
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
116,653,658
|
|
83,416,213
|
|
12,429,404
|
Income tax
payable
|
227,537,993
|
|
237,881,264
|
|
35,445,414
|
Other tax
payable
|
43,009,523
|
|
67,099,293
|
|
9,998,107
|
Amounts due to
related parties — current
|
31,105,111
|
|
29,970,401
|
|
4,465,729
|
Deferred revenue from
related parties
|
111,720,785
|
|
95,671,037
|
|
14,255,429
|
Deferred
revenue
|
18,949,097
|
|
19,918,462
|
|
2,967,943
|
Other current
liabilities
|
39,929,945
|
|
90,952,568
|
|
13,552,355
|
Total current
liabilities
|
588,906,112
|
|
624,909,238
|
|
93,114,381
|
Deferred revenue —
non-current from related parties
|
22,096,306
|
|
15,408,014
|
|
2,295,866
|
Deferred revenue —
non-current
|
2,144,593
|
|
1,109,522
|
|
165,324
|
Operating Lease
Liabilities — non-current
|
-
|
|
75,535,206
|
|
11,255,097
|
Deferred tax
liabilities
|
198,187
|
|
-
|
|
-
|
Total
Liabilities
|
613,345,198
|
|
716,961,980
|
|
106,830,668
|
Equity
|
1,367,148,835
|
|
1,341,106,807
|
|
199,831,149
|
Total Liabilities
and Total Shareholders' Equity
|
1,980,494,033
|
|
2,058,068,787
|
|
306,661,817
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for USD data and ADS data)
|
|
|
Three months
ended
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
2018
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
|
|
|
|
|
Third party
revenues
|
59,676,498
|
|
76,387,330
|
|
11,382,067
|
Related party
revenues
|
374,736,600
|
|
205,826,865
|
|
30,669,160
|
Total
revenues
|
434,413,098
|
|
282,214,195
|
|
42,051,227
|
Taxes and
surcharges
|
(1,196,313)
|
|
(1,167,813)
|
|
(174,010)
|
Net
revenues
|
433,216,785
|
|
281,046,382
|
|
41,877,217
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(130,457,483)
|
|
(175,877,670)
|
|
(26,206,590)
|
Selling
expenses
|
(85,353,592)
|
|
(54,239,469)
|
|
(8,081,933)
|
General and
administrative expenses
|
(65,030,185)
|
|
(62,759,846)
|
|
(9,351,509)
|
Other operating
income — government subsidies
|
141,000
|
|
-
|
|
-
|
Total operating cost
and expenses
|
(280,700,260)
|
|
(292,876,985)
|
|
(43,640,032)
|
Income (loss) from
operations
|
152,516,525
|
|
(11,830,603)
|
|
(1,762,815)
|
|
|
|
|
|
|
Interest
income
|
1,146,048
|
|
1,469,415
|
|
218,950
|
Investment
income
|
1,128,859
|
|
1,844,495
|
|
274,838
|
Other
income
|
1,108,872
|
|
2,070,292
|
|
308,483
|
Total other
income
|
3,383,779
|
|
5,384,202
|
|
802,271
|
Income (loss) before
taxes and income from equity in affiliates
|
155,900,304
|
|
(6,446,401)
|
|
(960,544)
|
Income tax
expense
|
(39,116,248)
|
|
(15,194,152)
|
|
(2,263,999)
|
Loss from equity in
affiliates
|
(1,186,518)
|
|
(1,995,730)
|
|
(297,373)
|
Net income
(loss)
|
115,597,538
|
|
(23,636,283)
|
|
(3,521,916)
|
Net (income) loss
attributable to non-controlling interests
|
280,047
|
|
(1,956,073)
|
|
(291,464)
|
Net income (loss)
attributable to ordinary shareholders
|
115,877,585
|
|
(25,592,356)
|
|
(3,813,380)
|
|
|
|
|
|
|
Net income (loss) per
ADS:
|
|
|
|
|
|
Basic
|
3.50
|
|
(0.76)
|
|
(0.11)
|
Diluted
|
3.30
|
|
(0.76)
|
|
(0.11)
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Basic
|
33,122,636
|
|
33,594,914
|
|
33,594,914
|
Diluted
|
35,102,133
|
|
33,594,914
|
|
33,594,914
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In RMB, except
for USD data)
|
|
|
Three months
ended
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
2018
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
Net income
(loss)
|
115,597,538
|
|
(23,636,283)
|
|
(3,521,916)
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
(21,419,060)
|
|
(4,498,736)
|
|
(670,333)
|
Other comprehensive
income (loss)
|
(21,419,060)
|
|
(4,498,736)
|
|
(670,333)
|
Comprehensive income
(loss)
|
94,178,478
|
|
(28,135,019)
|
|
(4,192,249)
|
Less: Comprehensive
income (loss) attributable to non-controlling
interests
|
(280,047)
|
|
1,530,331
|
|
228,026
|
Comprehensive
income (loss) attributable to ordinary shareholders
|
94,458,525
|
|
(29,665,350)
|
|
(4,420,275)
|
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,
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
Net margin
attributable to ordinary shareholders
|
26.7%
|
|
-9.1%
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
29.1%
|
|
-8.1%
|
|
|
|
|
Net income (loss)
attributable to ordinary shareholders
|
115,877,585
|
|
(25,592,356)
|
Adjustment for
share-based compensation (net of tax effect of nil for both three
months
ended Mar 31, 2018 and 2019)
|
6,912,879
|
|
2,368,040
|
Adjustment for
amortization of intangible assets related to acquisition (net of
tax effect of
RMB1,110,809 and RMB196,316 for three months ended Mar 31, 2018 and
2019,
respectively)
|
3,332,428
|
|
588,954
|
Adjusted net
income (loss) attributable to ordinary shareholders
(non-GAAP)
|
126,122,892
|
|
(22,635,362)
|
|
|
|
|
Net income
(loss) attributable to ordinary shareholders per ADS,
diluted
|
3.30
|
|
(0.76)
|
Adjusted net income
(loss) attributable to ordinary shareholders per ADS, diluted
(non-GAAP)
|
3.59
|
|
(0.67)
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
Diluted
|
35,102,133
|
|
33,594,914
|
View original
content:http://www.prnewswire.com/news-releases/jupai-reports-first-quarter-2019-results-300864374.html
SOURCE Jupai Holdings Limited