SHANGHAI, April 23, 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 full year ended December 31, 2018.
FULL YEAR 2018 FINANCIAL HIGHLIGHTS
- Net revenues for the full year 2018 were RMB1,321.7 million (US$[1]192.2
million), a decrease of 22.5% from 2017.
(RMB '000, except
percentages)
|
FY
2017
|
|
FY 2017
%
|
|
FY
2018
|
|
FY 2018
%
|
|
YoY Change
%
|
One-time
commissions
|
1,038,704
|
|
60.8%
|
|
737,482
|
|
55.7%
|
|
-29.0%
|
Recurring management
fees
|
363,651
|
|
21.3%
|
|
435,523
|
|
33.0%
|
|
19.8%
|
Recurring service
fees
|
105,001
|
|
6.2%
|
|
64,345
|
|
4.9%
|
|
-38.7%
|
Other service
fees
|
198,806
|
|
11.7%
|
|
84,394
|
|
6.4%
|
|
-57.5%
|
Total net
revenues
|
1,706,162
|
|
100.0%
|
|
1,321,744
|
|
100.0%
|
|
-22.5%
|
- Loss from operations for the full year 2018 was
RMB159.9 million (US$23.3 million), compared to income from
operations of RMB523.6 million in
2017.
- Non-GAAP[2] net income attributable to
ordinary shareholders for the full year 2018 was RMB13.0 million (US$1.9
million), a decrease of 97.1% from 2017.
- Net loss attributable to ordinary shareholders for the
full year 2018 was RMB387.7 million
(US$56.4 million), compared to net
income attributable to ordinary shareholders of RMB409.5 million in 2017.
FULL YEAR 2018 OPERATIONAL UPDATES
- Total number of active clients[3] for the
full year 2018 was 8,638.
- The aggregate value of wealth management products
distributed by the Company for the full year 2018 was
RMB30.3 billion (US$4.4 billion), a 44.3% decrease from 2017.
Wealth management products
distributed by the Company - breakdown by
product type
|
|
Twelve months
ended
|
|
December 31,
2017
|
|
December 31,
2018
|
Product
type
|
(RMB in millions, except
percentages)
|
Fixed income
products
|
45,437
|
83%
|
|
8,560
|
28%
|
Private equity
products
|
6,375
|
12%
|
|
19,038
|
63%
|
Secondary market equity fund
products
|
449
|
1%
|
|
1,129
|
4%
|
Other
products
|
2,055
|
4%
|
|
1,546
|
5%
|
All
products
|
54,316
|
100%
|
|
30,273
|
100%
|
- Jupai's coverage network as of December 31, 2018 included 76 client centers
covering 50 cities, as compared to 72 client centers covering 46
cities as of December 31, 2017.
- Total assets under management[4] as of
December 31, 2018 were RMB56.8 billion (US$8.3
billion), a 1.4% decrease from December 31, 2017.
Assets under
management – breakdown by
product type
|
|
As of
|
|
December 31,
2017
|
|
December 31,
2018
|
Product
type
|
(RMB in millions, except
percentages)
|
Fixed income
products
|
35,558
|
62%
|
|
19,846
|
35%
|
Private equity
products
|
18,868
|
33%
|
|
34,033
|
60%
|
Secondary market equity fund
products
|
2,372
|
4%
|
|
1,658
|
3%
|
Other
products
|
734
|
1%
|
|
1,215
|
2%
|
All
products
|
57,532
|
100%
|
|
56,752
|
100%
|
"2018 was challenging for Jupai on several fronts," said Mr.
Jianda Ni, Jupai's chairman of the
board and chief executive officer. "During the year, investors
became increasingly conservative as the Chinese government's focus
on deleveraging at the expense of economic growth and the expanding
US-China trade conflict contributed to an uncertain economic
outlook. In addition, China's
wealth management industry continued to experience a difficult
transition period due to tightened regulations. Amid this
unfavorable environment, the aggregate value of wealth management
products distributed by Jupai decreased by 44.3% year-over-year to
RMB30.3 billion in 2018, and total
net revenue for 2018 declined by 22.5% year-over-year to
RMB1.3 billion. We were, however,
able to achieve an average one-time commission rate of 2.4% in
2018, compared to 1.9% in 2017, due to our enhanced bargaining
power as real estate companies continued to face rising cost of
capital. Based on our observation of the overall credit market
since the beginning of 2019, we are confident in maintaining our
average one-time commission rate at a healthy level in the next few
quarters."
"Looking into 2019, we remain cautiously optimistic about
China's overall economic outlook,
as the government has introduced various stimulus policies to
support private enterprises, especially SMEs, to enhance economic
growth. The domestic equity market has also shown signs of recovery
since the beginning of the year, which we believe will help restore
investor confidence and gradually increase the appetite for wealth
management products. During this time of industry transition, Jupai
will focus on developing new product categories, including real
estate equity products and overseas products to better meet
investors' evolving needs, selecting high-quality project
counterparties to control risk, and streamlining internal
management to optimize costs. We are confident that we will be
well-positioned to seize opportunities as the market recovers and
we look forward to building Jupai into a leading wealth and asset
management brand in China."
Ms. Min Liu, Jupai's chief
financial officer, said, "Jupai's operating results in 2018 were
under pressure due to the severe industry headwinds, and we saw
declines in our revenue and bottom-line results for the full year.
In the fourth quarter of 2018, based on our impairment assessment
review, we recognized a goodwill impairment loss of US$39.0 million from acquisition of Scepter, as
the volatile market environment continued to negatively impact the
Company's operations and business outlook. As we have fully written
down the book value of the goodwill related to the acquisition of
Scepter with approximately RMB0.3
million of goodwill on our balance sheet, we do not expect
to incur any additional substantial goodwill impairment losses
going forward. Since the third quarter of 2018, Jupai has adopted
various measures to enhance our operating efficiency, such as
personnel optimization, IT system enhancement, business SOP
streamlining, and more stringent cost controls. We expect these
measures to take effect gradually and have a positive influence on
our operating results in the quarters to come."
FULL YEAR 2018 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2018 were
RMB1,321.7 million (US$192.2 million), a 22.5% decrease from 2017,
primarily due to decreases in both one-time commissions and other
service fees.
- Net revenues from one-time commissions for the full year
2018 were RMB737.5 million
(US$107.3 million), a 29.0% decrease
from 2017, 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 full
year 2018 were RMB435.5 million
(US$63.3 million), a 19.8% increase
from 2017, primarily due to an increase in the moving average value
of assets under management. RMB61.6
million (US$9.0 million) and
RMB81.7 million carried interest were
recognized as part of Jupai's recurring management fees for the
full year 2018 and 2017, respectively.
- Net revenues from recurring service fees for the full
year 2018 were RMB64.3 million
(US$9.4 million), a 38.7% decrease
from 2017, primarily because the Company provided ongoing services
to fewer product suppliers. The Company recognized RMB0.3 million (US$0.04
million) and RMB13.8 million
variable performance fees for the full year 2018 and 2017,
respectively.
- Net revenues from other service fees for the full year
2018 were RMB84.4 million
(US$12.3 million), a 57.5% decrease
from 2017, primarily due to a decrease 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 full year 2018
were RMB1,481.7 million (US$215.5 million), a 25.3% increase from
2017.
- Cost of revenues for the full year 2018 was RMB684.6 million (US$99.6
million), a 7.2% decrease from 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 full year 2018 were
RMB303.2 million (US$44.1 million), a 7.4% increase from 2017,
primarily due to the increase in marketing expenses.
- General and administrative expenses for the full year
2018 were RMB274.8 million
(US$40.0 million), a 34.7% increase
from 2017, mainly due to the increase in payroll expenses and the
provision for doubtful accounts of certain product providers.
- Impairment loss of goodwill for the full year 2018 was
RMB267.9 million (US$39.0 million), which was the impairment of
goodwill from Scepter acquisition in 2015.
- Other operating income (government subsidies) received
by the Company for the full year 2018 was RMB48.7 million (US$7.1
million), an 18.5% increase from 2017. Government subsidies
were recorded when received, with their availability and amount
dependent upon government administrative policies.
Operating margin for the full year 2018 was -12.1%,
compared to 30.7% in 2017.
Income tax expenses for the full year 2018 were
RMB129.9 million (US$18.9 million), a slight increase from
2017.
Loss from equity in affiliates for the full year
2018 was RMB113.5 million
(US$16.5 million), as compared to
income from equity in affiliates of RMB2.6
million in 2017. The loss was primarily attributable to
RMB90.8 million (US$13.2 million) of impairment loss relating to
the Company's investment in Shanghai Runju Financial Information
Service Co., Ltd. ("Runju"), a non-controlled investee of the
Company. Due to new industry regulations implemented since
March 2018, Runju's legacy business
model had to be discontinued. By the end of 2018, an impairment
provision for the full book value of investment in Runju had been
provided.
Net Income
- Non-GAAP net income
attributable to ordinary shareholders for the full year 2018
was RMB13.0 million (US$1.9 million), a 97.1% decrease from 2017.
- Non-GAAP net margin attributable to ordinary shareholders
for the full year 2018 was 1.0%, as compared to 26.6% in 2017.
- Non-GAAP net income attributable to ordinary shareholders per
diluted American depositary share ("ADS") for the full year
2018 was RMB0.37 (US$0.05), as compared to RMB 13.24 in 2017.
- Net loss attributable to
ordinary shareholders for the full year 2018 was RMB387.7 million (US$56.4
million), compared to net income attributable to ordinary
shareholders of RMB409.5 million in
2017.
- Net margin attributable to ordinary shareholders for the
full year 2018 was -29.3%, compared to 24.0% in 2017.
- Net loss attributable to ordinary shareholders per basic and
diluted ADS for the full year 2018 were RMB11.60 (US$1.69)
and RMB11.60 (US$1.69), respectively, as compared to net
income attributable to ordinary shareholders per basic and diluted
ADS of RMB12.57 and RMB11.95, respectively, in 2017.
Balance Sheet and Cash Flow
As of December 31, 2018, the
Company had RMB1,302.6 million
(US$189.5 million) in cash and cash
equivalents and restricted cash, compared to RMB1,527.8 million as of December 31, 2017.
Net cash used in operating activities for the full
year 2018 was RMB62.9 million
(US$9.1 million).
Net cash used in investing activities for the full
year 2018 was RMB40.9 million
(US$5.9 million).
Net cash used in financing activities for the full
year 2018 was RMB121.4 million
(US$17.7 million).
[1] The U.S. dollars (US$) 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 December 31, 2018, as set forth in
the H.10 statistical release of the Board of Governors of the
Federal Reserve System, which was RMB 6.8755 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, amortization of intangible assets resulted from
business acquisitions, impairment loss of investment in affiliates
and impairment loss of goodwill.
|
[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.
|
CONFERENCE CALL
Jupai's management will host an earnings conference call on
April 23, 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:
|
5071448
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until May 1,
2019:
U.S./International:
|
+1-855-452-5696
|
Hong Kong:
|
800-963-117
|
Mainland
China:
|
400-632-2162
|
Singapore:
|
800-616-2305
|
Passcode:
|
5071448
|
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, amortization of intangible assets
related to acquisition, impairment loss of investment in affiliates
and impairment loss of goodwill. 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, amortization of intangible assets related to
acquisition, impairment loss of investment in affiliates and
impairment loss of goodwill, 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, amortization of intangible assets related to acquisition,
impairment loss of investment in affiliates and impairment loss of
goodwill 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.
Contacts:
Jupai Holdings
Limited
Harry He
Director of Investor Relations
Jupai Holdings Limited
Phone: +86 (21) 6026 9129
Email: ir@jpinvestment.cn
Philip Lisio
The Foote Group
Phone: +86 (10) 8429 9544
Email: Jupai-IR@thefootegroup.com
- FINANCIAL AND OPERATIONAL TABLES FOLLOW -
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In RMB, except
for USD data)
|
|
|
|
|
|
As of
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,527,777,270
|
|
1,298,565,042
|
|
188,868,452
|
Restricted
cash
|
-
|
|
4,000,000
|
|
581,776
|
Short-term
investments
|
23,203,612
|
|
4,723,612
|
|
687,021
|
Accounts
receivable
|
53,512,590
|
|
39,633,035
|
|
5,764,386
|
Other
receivables
|
22,989,264
|
|
20,493,145
|
|
2,980,604
|
Amounts due from
related parties
|
268,760,059
|
|
199,331,694
|
|
28,991,592
|
Other current
assets
|
12,276,204
|
|
15,320,791
|
|
2,228,317
|
Total current
assets
|
1,908,518,999
|
|
1,582,067,319
|
|
230,102,148
|
Long-term
investments
|
50,450,000
|
|
58,950,000
|
|
8,573,922
|
Investment in
affiliates
|
181,922,556
|
|
67,262,431
|
|
9,782,915
|
Amounts due from
related parties — non-current
|
-
|
|
48,626,353
|
|
7,072,410
|
Property and
equipment, net
|
44,957,054
|
|
36,267,042
|
|
5,274,822
|
Intangible assets,
net
|
74,350,855
|
|
58,124,608
|
|
8,453,874
|
Goodwill
|
261,621,691
|
|
297,031
|
|
43,201
|
Other non-current
assets
|
32,459,581
|
|
27,914,021
|
|
4,059,926
|
Deferred tax
assets
|
71,807,042
|
|
100,985,228
|
|
14,687,692
|
Total
Assets
|
2,626,087,778
|
|
1,980,494,033
|
|
288,050,910
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
212,718,285
|
|
116,653,658
|
|
16,966,571
|
Income tax
payable
|
179,224,777
|
|
227,537,993
|
|
33,094,029
|
Other tax
payable
|
57,325,185
|
|
43,009,523
|
|
6,255,476
|
Amounts due to
related parties-current
|
27,294,813
|
|
31,105,111
|
|
4,524,051
|
Deferred revenue from
related parties
|
171,546,620
|
|
111,720,785
|
|
16,249,114
|
Deferred
revenue
|
17,921,745
|
|
18,949,097
|
|
2,756,032
|
Other current
liabilities
|
31,941,785
|
|
39,929,945
|
|
5,807,570
|
Total current
liabilities
|
697,973,210
|
|
588,906,112
|
|
85,652,843
|
Deferred revenue —
non-current from related parties
|
62,917,485
|
|
22,096,306
|
|
3,213,774
|
Deferred revenue —
non-current
|
6,611,915
|
|
2,144,593
|
|
311,918
|
Deferred tax
liabilities
|
4,717,167
|
|
198,187
|
|
28,825
|
Total
Liabilities
|
772,219,777
|
|
613,345,198
|
|
89,207,360
|
Equity
|
1,853,868,001
|
|
1,367,148,835
|
|
198,843,550
|
Total Liabilities
and Total Shareholders' Equity
|
2,626,087,778
|
|
1,980,494,033
|
|
288,050,910
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for USD data and ADS data)
|
|
|
|
|
|
Twelve months
ended
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
|
|
|
|
|
Third party
revenues
|
479,917,547
|
|
335,246,612
|
|
48,759,598
|
Related party
revenues
|
1,232,785,709
|
|
990,820,793
|
|
144,108,907
|
Total
revenues
|
1,712,703,256
|
|
1,326,067,405
|
|
192,868,505
|
Taxes and
surcharges
|
(6,541,634)
|
|
(4,323,742)
|
|
(628,862)
|
Net
revenues
|
1,706,161,622
|
|
1,321,743,663
|
|
192,239,643
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(737,507,904)
|
|
(684,558,659)
|
|
(99,564,927)
|
Selling
expenses
|
(282,171,751)
|
|
(303,170,575)
|
|
(44,094,331)
|
General and
administrative expenses
|
(204,052,576)
|
|
(274,782,664)
|
|
(39,965,481)
|
Impairment loss of
goodwill
|
-
|
|
(267,917,575)
|
|
(38,966,995)
|
Other operating
income — government subsidies
|
41,138,443
|
|
48,742,897
|
|
7,089,360
|
Total operating cost
and expenses
|
(1,182,593,788)
|
|
(1,481,686,576)
|
|
(215,502,374)
|
Income (loss) from
operations
|
523,567,834
|
|
(159,942,913)
|
|
(23,262,731)
|
|
|
|
|
|
|
Gain from deconsolidation of
subsidiaries
|
-
|
|
561,528
|
|
81,671
|
Interest
income
|
11,385,895
|
|
3,990,096
|
|
580,335
|
Investment income
(loss)
|
10,012,216
|
|
(292,384)
|
|
(42,525)
|
Other (loss)
income
|
(2,040,641)
|
|
4,227,896
|
|
614,921
|
Total other
income
|
19,357,470
|
|
8,487,136
|
|
1,234,402
|
Income (loss) before
taxes and income from equity in affiliates
|
542,925,304
|
|
(151,455,777)
|
|
(22,028,329)
|
Income tax
expense
|
(122,998,509)
|
|
(129,855,367)
|
|
(18,886,680)
|
Income (loss) from
equity in affiliates
|
2,579,447
|
|
(113,486,155)
|
|
(16,505,877)
|
Net income
(loss)
|
422,506,242
|
|
(394,797,299)
|
|
(57,420,886)
|
Net income(loss)
attributable to non-controlling interests
|
(13,014,063)
|
|
7,053,281
|
|
1,025,857
|
Net income (loss)
attributable to ordinary shareholders
|
409,492,179
|
|
(387,744,018)
|
|
(56,395,029)
|
|
|
|
|
|
|
Net income (loss) per
ADS:
|
|
|
|
|
|
Basic
|
12.57
|
|
(11.60)
|
|
(1.69)
|
Diluted
|
11.95
|
|
(11.60)
|
|
(1.69)
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Basic
|
32,577,902
|
|
33,413,485
|
|
33,413,485
|
Diluted
|
34,278,651
|
|
33,413,485
|
|
33,413,485
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In RMB, except
for USD data)
|
|
|
|
|
|
Twelve months
ended
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
USD
|
Net income
(loss)
|
422,506,242
|
|
(394,797,299)
|
|
(57,420,886)
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
(36,377,776)
|
|
12,501,586
|
|
1,818,281
|
Other comprehensive
income(loss)
|
(36,377,776)
|
|
12,501,586
|
|
1,818,2801
|
Comprehensive income
(loss)
|
386,128,466
|
|
(382,295,713)
|
|
(55,602,605)
|
Less: Comprehensive
income(loss) attributable to non-controlling interests
|
13,037,403
|
|
(6,934,658)
|
|
(1,008,604)
|
Comprehensive
income (loss) attributable to ordinary shareholders
|
373,091,063
|
|
(375,361,055)
|
|
(54,594,001)
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
2017
|
|
2018
|
|
RMB
|
|
RMB
|
Net margin
attributable to ordinary shareholders
|
24.0%
|
|
-29.3%
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
26.6%
|
|
1.0%
|
|
|
|
|
Net income (loss)
attributable to ordinary shareholders
|
409,492,179
|
|
(387,744,018)
|
Adjustment for
share-based compensation (net of tax effect of nil for both years
ended Dec 3
1, 2017 and 2018)
|
30,455,939
|
|
18,108,942
|
Adjustment for
amortization of intangible assets related to acquisition (net of
tax effect of
RMB4,668,059 and RMB4,642,486 for the years ended Dec 31, 2017 and
2018, respectively)
|
14,004,176
|
|
13,927,456
|
Adjustment for
impairment loss of investment in affiliates (net of tax effect of
nil and
RMB3,322,805 for the years ended Dec 31, 2017 and 2018,
respectively)
|
-
|
|
100,756,194
|
Adjustment for
impairment loss of goodwill (net of tax effect of nil for both
years ended Dec
31, 2017 and 2018)
|
-
|
|
267,917,575
|
Adjusted net income
attributable to ordinary shareholders
(non-GAAP)
|
453,952,294
|
|
12,966,149
|
|
|
|
|
Net income
(loss) attributable to ordinary shareholders per ADS,
diluted
|
11.95
|
|
(11.60)
|
Adjusted net income
attributable to ordinary shareholders per ADS, diluted
(non-GAAP)
|
13.24
|
|
0.37
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
Diluted
|
34,278,651
|
|
35,035,842
|
View original
content:http://www.prnewswire.com/news-releases/jupai-reports-full-year-2018-results-300836235.html
SOURCE Jupai Holdings Limited