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OFFON

JUPAI HOLDINGS LIMITED

(JP)
  Report
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2021JUPAI : to Hold 2021 Annual General Meeting on December 24, 2021 - Form 6-K
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Jupai : Reports Second Quarter 2021 Results (Form 6-K)

09/24/2021 | 06:12am EST

Jupai Reports Second Quarter 2021 Results

SHANGHAI - September 24, 2021 - 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 of 2021 and the six months ended June 30, 2021.

SECOND QUARTER AND FIRST HALF 2021 FINANCIAL HIGHLIGHTS

Net revenues in the second quarter of 2021 were RMB95.7 million, a decrease of 11.8% from the corresponding period in 2020. For the first half of 2021, net revenues were RMB179.3 million, a decrease of 12.5% from the corresponding period in 2020.

For the quarter ended June 30

(RMB '000, except percentages)

Q2 2020

Q2 2020 %

Q2 2021

Q2 2021 %

YoY Change %

One-time commissions

47,785

44.0

%

39,571

41.4

%

-17.2

%

Recurring management fees

32,697

30.2

%

22,098

23.1

%

-32.4

%

Recurring service fees

27,955

25.8

%

33,988

35.5

%

21.6

%

Total net revenues

108,437

100.0

%

95,657

100.0

%

-11.8

%

For the six months ended June 30

(RMB '000, except percentages)

H1 2020

H1 2020 %

H1 2021

H1 2021 %

YoY Change %

One-time commissions

87,282

42.6

%

70,797

39.5

%

-18.9

%

Recurring management fees

57,990

28.3

%

46,924

26.2

%

-19.1

%

Recurring service fees

59,753

29.1

%

61,611

34.3

%

3.1

%

Total net revenues

205,025

100.0

%

179,332

100.0

%

-12.5

%

Income from operations in the second quarter of 2021 was RMB0.2 million, as compared to loss from operations of RMB13.9 million from the corresponding period in 2020. For the first half of 2021, income from operations was RMB3.7 million, as compared to loss from operations of RMB26.1 million from the same period in 2020.

Net income attributable to ordinary shareholders in the second quarter of 2021 was RMB2.0 million, as compared to net loss attributable to ordinary shareholders of RMB10.5 million from the corresponding period in 2020. For the first half of 2021, net income attributable to ordinary shareholders was RMB5.9 million, as compared to net loss attributable to ordinary shareholders of RMB30.4 million from the same period in 2020.

Adjusted net income attributable to ordinary shareholders (non-GAAP1) in the second quarter of 2021 was RMB5.5 million, as compared to adjusted net loss attributable to ordinary shareholders of RMB10.1 million from the corresponding period in 2020. For the first half of 2021, non-GAAP net income attributable to ordinary shareholders was RMB9.8 million, as compared to adjusted net loss attributable to ordinary shareholders of RMB27.3 million from the same period in 2020.

SECOND QUARTER AND FIRST HALF 2021 OPERATIONAL UPDATES

Total number of active clients2during the second quarter of 2021 was 567, as compared to 701 active clients during the second quarter of 2020.

The aggregate value of wealth management products distributedby the Company during the second quarter of 2021 was RMB1.9 billion, a 0.2% decrease from the corresponding period in 2020. For the first half of 2021, the aggregate value of wealth management products distributed by the Company was RMB3.8 billion, a 12.6% increase from the same period in 2020.

1

Jupai's non-GAAP financial measures are derived from adjusting the corresponding GAAP financial measures by excluding the effects of share-based compensation and loss on litigation.

2

"Active clients" for a given period refer to clients who purchase wealth management products distributed by Jupai at least once during that given period.

1

Wealth management products distributed by the Company - breakdown by product type

Three months ended

Six months ended

June 30, 2020

June 30, 2021

June 30, 2020

June 30, 2021

Product type

(RMB in millions, except percentages)

(RMB in millions, except percentages)

Fixed income products

1,212

64

%

1,567

83

%

2,183

65

%

2,651

71

%

Private equity products

413

22

%

-

-

625

19

%

229

6

%

Secondary market equity fund products

248

13

%

235

13

%

454

14

%

740

20

%

Other products

14

1

%

82

4

%

73

2

%

134

3

%

All products

1,887

100

%

1,884

100

%

3,335

100

%

3,754

100

%

Jupai's coverage network as of June 30, 2021 included 32 client centers covering 30 cities, as compared to 36 client centers covering 34 cities as of June 30, 2020.

Total assets under management3 as of June 30, 2021 were RMB33.1 billion, as compared to RMB37.6 billion from June 30, 2020.

Assets under management - breakdown by product type

As of

June 30, 2020

June 30, 2021

Product type

(RMB in millions, except percentages)

Fixed income products

11,949

32

%

10,073

31

%

Private equity products

23,453

62

%

20,774

63

%

Secondary market equity fund products

954

3

%

1,130

3

%

Other products

1,211

3

%

1,084

3

%

All products

37,567

100

%

33,061

100

%

"In the second quarter of 2021, investment sentiment among high-net-worth individuals remained stable amidst improved market expectations," said Mr. Jianda Ni, Jupai's chairman of the board and chief executive officer. "During the quarter, Jupai continued to adjust our business strategy and model to comply with market changes, developments within the wealth management industry, as well as regulatory requirements. We saw improved business performance and operational capabilities, with net revenue growing 14.3% quarter-on-quarter to RMB95.7 million. Under the new regulatory framework promoting the sustainable development of our industry, we remain optimistic in Jupai and the long-term prospects of China's wealth management industry. We will continue striving to provide a diverse portfolio of high quality products and services for China's high-net-worth individuals."

"Jupai saw strong results in the second quarter as we launched a new incentive system and continued to build a team of elite financial advisors, with the amount raised per capita rising 4.4% to RMB9.7 million," said Ms. Min Liu, Jupai's chief financial officer. "Jupai continued to implement our new goal of 'improving customer experience', which helped drive the average transaction amount per customer to RMB3.32 million, a year-on-year increase of 23.5%, and a quarter-on-quarter increase of 8.1%. Jupai will continue to implement our 'Asset Transparency System' strategy to improve the quality of wealth management services as we work to create a new benchmark for value in our industry."

3

"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.

2

SECOND QUARTER AND FIRST HALF 2021 FINANCIAL RESULTS

Net Revenues

Net revenues for the second quarter of 2021 were RMB95.7 million, an 11.8% decrease from the corresponding period in 2020, primarily due to decreases in one-time commissions and recurring management fees. Net revenues were RMB179.3 million for the first half of 2021, a decrease of 12.5% from the same period in 2020.

Net revenues from one-time commissions for the second quarter of 2021 were RMB39.6 million, a 17.2% decrease from the corresponding period in 2020, primarily due to the change in product mix. For the first half of 2021, net revenues from one-time commissions were RMB70.8 million, a decrease of 18.9% from the same period in 2020.

Net revenues from recurring management fees for the second quarter of 2021 were RMB22.1 million, a 32.4% decrease from the corresponding period in 2020, primarily due to the decrease in the value of assets under management. RMB0.3 million and RMB5.4 million carried interest was recognized as part of Jupai's recurring management fees in the second quarter of 2021 and 2020, respectively. For the first half of 2021, net revenues from recurring management fees were RMB46.9 million, a 19.1% decrease from the same period in 2020. RMB0.3 million and RMB5.5 million carried interest was recognized as part of Jupai's recurring management fees for the first half of 2021 and 2020, respectively.

Net revenues from recurring service fees for the second quarter of 2021 were RMB34.0 million, a 21.6% increase from the corresponding period in 2020. The Company recognized RMB15.0 million and RMB1.5 million variable performance fees in the second quarter of 2021 and 2020, respectively. For the first half of 2021, net revenues from recurring service fees were RMB61.6 million, a 3.1% increase from the same period in 2020. The Company recognized RMB19.6 million and RMB2.0 million variable performance fees for the first half of 2021 and 2020, respectively.

Operating Costs and Expenses

Operating costs and expenses for the second quarter of 2021 were RMB95.4 million, a decrease of 22.0% from the corresponding period in 2020. For the first half of 2021, operating costs and expenses were RMB175.6 million, a decrease of 24.0% from the same period in 2020.

Cost of revenues for the second quarter of 2021 was RMB41.9 million, a decrease of 32.6% from the corresponding period in 2020. This was primarily due to decrease in headcount of wealth management advisors and client managers. For the first half of 2021, cost of revenues was RMB79.3 million, a decrease of 36.1% from the same period in 2020.

Selling expenses for the second quarter of 2021 were RMB17.3 million, a decrease of 28.2% from the corresponding period in 2020, primarily due to the decrease in marketing and promotion activities. For the first half of 2021, selling expenses were RMB35.2 million, a decrease of 20.0% from the same period in 2020.

General and administrative expenses for the second quarter of 2021 were RMB37.8 million, a decrease of 11.4% from the corresponding period in 2020, mainly due to continuous improvement in operating efficiency. For the first half of 2021, general and administrative expenses were RMB62.9 million, a decrease of 19.3% from the same period in 2020.

Government subsidies received by the Companyfor the second quarter of 2021 was RMB1.6 million, a decrease of 75.1% from the corresponding period in 2020. For the first half of 2021, government subsidies were RMB1.9 million, a decrease of 87.6% from the same period in 2020. Government subsidies were recorded when received, with their availability and amount dependent upon government policies.

Operating margin for the second quarter of 2021 was 0.3%, as compared to negative 12.8% (-12.8%) for the corresponding period in 2020. For the first half of 2021, operating margin was 2.1%, compared to negative 12.7% (-12.7%) for the same period in 2020.

3

Income tax benefitfor the second quarter of 2021 were RMB0.1 million, a decrease of 90.1% from the corresponding period in 2020, primarily due to taxable losses for the second quarter of 2021.For the first half of 2021, income tax expenses were RMB0.2 million, a decrease of 98.2% from the same period in 2020.

Net Income

Net Income

Net income attributable to ordinary shareholders for the second quarter of 2021 was RMB2.0 million, as compared to net loss attributable to ordinary shareholders of RMB10.5 million from the corresponding period in 2020. For the first half of 2021, net income attributable to ordinary shareholders was RMB5.9 million, as compared to net loss attributable to ordinary shareholders of RMB30.4 million from the same period in 2020.

Net margin attributable to ordinary shareholders for the second quarter of 2021 was 2.1%, as compared to negative 9.7% (-9.7%) from the corresponding period in 2020. For the first half of 2021, net margin attributable to ordinary shareholders was 3.3%, compared to negative 14.8% (-14.8%) for the same period in 2020.

Net income attributable to ordinary shareholders per basic and diluted American depositary share ("ADS") for the second quarter of 2021 was RMB0.06 and RMB0.06, respectively, as compared to net loss attributable to ordinary shareholders per basic and diluted ADS of RMB0.31 and RMB0.31, respectively, from the corresponding period in 2020. For the first half of 2021, net income attributable to ordinary shareholders per basic and diluted ADS was RMB0.18 and RMB0.18, respectively, as compared to net loss attributable to ordinary shareholders per basic and diluted ADS of RMB0.91 and RMB0.91, respectively, for the same period in 2020.

Adjusted Net Income (non-GAAP)

Adjusted net income attributable to ordinary shareholders (non-GAAP) for the second quarter of 2021 was RMB5.5 million, as compared to adjusted net loss attributable to ordinary shareholders of RMB10.1 million from the corresponding period in 2020. For the first half of 2021, non-GAAP net income attributable to ordinary shareholders was RMB9.8 million, as compared to adjusted net loss attributable to ordinary shareholders of RMB27.3 million from the same period in 2020.

Adjusted net margin attributable to ordinary shareholders (non-GAAP) for the second quarter of 2021 was 5.8%, as compared to negative 9.4% (-9.4%) from the corresponding period in 2020. For the first half of 2021, non-GAAP net margin attributable to ordinary shareholders was 5.5%, as compared to negative 13.3% (-13.3%) for the same period in 2020.

Adjusted net income attributable to ordinary shareholders per diluted ADS (non-GAAP) for the second quarter of 2021 was RMB0.17, as compared to adjusted net loss attributable to ordinary shareholders per diluted ADS (non-GAAP) of RMB0.30 from the corresponding period in 2020. For the first half of 2021, non-GAAP net income attributable to ordinary shareholders per diluted ADS was RMB0.29, as compared to adjusted net loss attributable to ordinary shareholders per diluted ADS (non-GAAP) of RMB0.81 for the same period in 2020.

Balance Sheet and Cash Flow

As of June 30, 2021, the Company had RMB596.9 million in cash, cash equivalents and restricted cash, as compared to RMB657.2 million as of December 31, 2020.

Net cash provided by operating activities during the second quarter of 2021 was RMB11.6 million, as compared to RMB41.8 million from the corresponding period in 2020, primarily due to the change in working capital. For the first half of 2021, net cash used in operating activities was RMB2.8 million, as compared to net cash provided by operating activities of RMB20.6 million from the corresponding period in 2020.

Net cash used in investing activities during the second quarter of 2021 was RMB27.0 million, as compared to RMB15.2 million from the corresponding period in 2020, primarily due to the payment for short term loan. For the first half of 2021, net cash used in investing activities was RMB57.5 million, as compared to RMB17.2 million from the corresponding period in 2020.

4

Net cash used in financing activities during the second quarter of 2021 was nil, the same as the corresponding period in 2020. For the first half of 2021, net cash used in financing activities was nil, as compared to RMB7.1 million from the corresponding period in 2020, primarily due tothe repurchase of shares in 2020.

CONFERENCE CALL

Jupai's management will host an earnings conference call on September 24, 2021 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/2829449

A replay of the conference call may be accessed by phone at the following number until October 2, 2021:

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:

2829449

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 share-based compensation and loss on litigation. 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 loss on litigation, 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 loss on litigation. 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

5

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

Email: ir@jpinvestment.cn

Philip Lisio

The Foote Group

Phone: +86 (10) 8429 9544

Email: Jupai-IR@thefootegroup.com

- FINANCIAL AND OPERATIONAL TABLES FOLLOW -

6

Jupai Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

(In RMB or USD, as indicated)

As of

December 31,

June 30,

December 31,

June 30,

2020

2021

2020

2021

RMB'000

RMB'000

USD4'000

USD5'000

Assets

Current assets:

Cash and cash equivalents

630,417

569,328

96,616

88,178

Restricted cash

26,819

27,579

4,110

4,272

Short-term investment

-

657

-

102

Accounts receivable

7

-

1

-

Other receivables

61,255

87,194

9,388

13,504

Amounts due from related parties

20,182

20,034

3,093

3,103

Other current assets

16,034

11,301

2,457

1,750

Total current assets

754,714

716,093

115,665

110,909

Long-term investments

218,950

218,950

33,556

33,911

Investment in affiliates

100,342

122,678

15,378

19,000

Amounts due from related parties - non-current

229,155

228,907

35,119

35,453

Property and equipment, net

17,094

16,829

2,620

2,607

Intangible assets, net

34,177

32,500

5,238

5,034

Other non-current assets

13,539

11,928

2,075

1,847

Right-of-use assets

39,119

30,808

5,995

4,772

Deferred tax assets

4,312

4,161

661

644

Total Assets

1,411,402

1,382,854

216,307

214,177

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

57,926

49,737

8,877

7,703

Income tax payable

85,592

85,107

13,118

13,181

Other tax payable

2,644

894

405

138

Amounts due to related parties - current

16,626

16,689

2,548

2,585

Deferred revenue from related parties

10,364

9,719

1,588

1,505

Deferred revenue

8,599

9,481

1,318

1,469

Other current liabilities

59,760

50,935

9,159

7,889

Total current liabilities

241,511

222,562

37,013

34,470

Deferred revenue - non-current from related parties

11,425

578

1,751

90

Deferred revenue - non-current

1,284

1,191

197

184

Operating Lease Liabilities - non-current

12,620

10,201

1,934

1,580

Total Liabilities

266,840

234,532

40,895

36,324

Equity

1,144,562

1,148,322

175,412

177,853

Total Liabilities and Total Shareholders' Equity

1,411,402

1,382,854

216,307

214,177

4

The conversion of Renminbi (RMB) into U.S. dollars (US$) in this column is based on the noon buying rate on December 31, 2020, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.525 to US$1.00.

5

The conversion of Renminbi (RMB) into U.S. dollars (US$) in this column is based on the noon buying rate on June 30, 2021, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.4566 to US$1.00.

7

Jupai Holdings Limited

Unaudited Condensed Consolidated Income Statements

(In RMB or USD, as indicated, except for ADS data and per ADS data)

Three months ended

June 30,

June 30,

June 30,

June 30,

2020

2021

2020

2021

RMB'000

RMB'000

USD6'000

USD7'000

Revenues

Third party revenues

60,316

72,574

8,537

11,241

Related party revenues

48,516

23,621

6,867

3,658

Total revenues

108,832

96,195

15,404

14,899

Taxes and surcharges

(395

)

(538

)

(56

)

(84

)

Net revenues

108,437

95,657

15,348

14,815

Operating costs and expenses:

Cost of revenues

(62,142

)

(41,893

)

(8,796

)

(6,488

)

Selling expenses

(24,116

)

(17,324

)

(3,413

)

(2,683

)

General and administrative expenses

(42,686

)

(37,835

)

(6,042

)

(5,860

)

Government subsidies

6,584

1,638

932

254

Total operating cost and expenses

(122,360

)

(95,414

)

(17,319

)

(14,777

)

Income (loss) from operations

(13,923

)

243

(1,971

)

38

Interest income

1,450

2,245

205

348

Investment income (loss)

822

(552

)

116

(86

)

Other income

1,404

81

200

12

Total other income

3,676

1,774

521

274

Income (loss) before taxes and loss from equity in affiliates

(10,247

)

2,017

(1,450

)

312

Income tax benefit

1,352

134

191

21

Loss from equity in affiliates

(2,182

)

(823

)

(309

)

(128

)

Net income (loss)

(11,077

)

1,328

(1,568

)

205

Net loss attributable to non-controlling interests

585

689

83

107

Net income (loss) attributable to ordinary shareholders

(10,492

)

2,017

(1,485

)

312

Net income (loss) per ADS:

Basic

(0.31

)

0.06

(0.04

)

0.01

Diluted

(0.31

)

0.06

(0.04

)

0.01

Weighted average number of ADSs used in computation:

Basic

33,446,631

33,225,174

33,446,631

33,225,174

Diluted

33,446,631

33,276,019

33,446,631

33,276,019

6

The conversion of data from Renminbi (RMB) into U.S. dollars (US$) for three months ended and six months ended June 30, 2020 in this table and the following tables 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 RMB 7.0651 to US$1.00.

7

The conversion of data from Renminbi (RMB) into U.S. dollars (US$) for three months ended and six months ended June 30, 2021 in this table and the following tables is based on the noon buying rate on June 30, 2021, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.4566 to US$1.00.

8

Jupai Holdings Limited

Unaudited Condensed Consolidated Income Statements

(In RMB or USD, as indicated, except for ADS data and per ADS data)

Six months ended

June 30,

June 30,

June 30,

June 30,

2020

2021

2020

2021

RMB'000

RMB'000

USD'000

USD'000

Revenues

Third party revenues

122,649

118,748

17,360

18,392

Related party revenues

82,923

60,946

11,737

9,439

Total revenues

205,572

179,694

29,097

27,831

Taxes and surcharges

(547

)

(362

)

(78

)

(56

)

Net revenues

205,025

179,332

29,019

27,775

Operating costs and expenses:

Cost of revenues

(124,139

)

(79,308

)

(17,571

)

(12,283

)

Selling expenses

(44,040

)

(35,234

)

(6,233

)

(5,457

)

General and administrative expenses

(78,034

)

(62,965

)

(11,045

)

(9,752

)

Government subsidies

15,133

1,874

2,142

290

Total operating cost and expenses

(231,080

)

(175,633

)

(32,707

)

(27,202

)

Income (loss) from operations

(26,055

)

3,699

(3,688

)

573

Interest income

2,630

3,337

372

517

Investment income (loss)

1,797

(620

)

255

(96

)

Other income (loss)

1,788

(262

)

253

(41

)

Total other income

6,215

2,455

880

380

Income (loss) before taxes and loss from equity in affiliates

(19,840

)

6,154

(2,808

)

953

Income tax expense

(11,318

)

(207

)

(1,602

)

(32

)

Loss from equity in affiliates

(4,495

)

(428

)

(636

)

(66

)

Net income (loss)

(35,653

)

5,519

(5,046

)

855

Net loss attributable to non-controlling interests

5,268

406

745

63

Net income (loss) attributable to ordinary shareholders

(30,385

)

5,925

(4,301

)

918

Net income (loss) per ADS:

Basic

(0.91

)

0.18

(0.13

)

0.03

Diluted

(0.91

)

0.18

(0.13

)

0.03

Weighted average number of ADSs used in computation:

Basic

33,564,331

33,224,069

33,564,331

33,224,069

Diluted

33,564,331

33,287,941

33,564,331

33,287,941

9

Jupai Holdings Limited

Unaudited Condensed Comprehensive Income Statements

(In RMB or USD, as indicated)

Three months ended

June 30,

June 30,

June 30,

June 30,

2020

2021

2020

2021

RMB'000

RMB'000

USD'000

USD'000

Net income (loss)

(11,077

)

1,328

(1,568

)

205

Other comprehensive loss, net of tax:

Change in cumulative foreign currency translation adjustment

(224

)

(3,872

)

(32

)

(599

)

Other comprehensive loss

(224

)

(3,872

)

(32

)

(599

)

Comprehensive loss

(11,301

)

(2,544

)

(1,600

)

(394

)

Less: Comprehensive loss attributable to non-controlling interests

(585

)

(655

)

(83

)

(101

)

Comprehensive loss attributable to ordinary shareholders

(10,716

)

(1,889

)

(1,517

)

(293

)

10

Jupai Holdings Limited

Unaudited Condensed Comprehensive Income Statements

(In RMB or USD, as indicated)

Six months ended

June 30,

June 30,

June 30,

June 30,

2020

2021

2020

2021

RMB'000

RMB'000

USD'000

USD'000

Net income (loss)

(35,653

)

5,519

(5,046

)

855

Other comprehensive income (loss), net of tax:

Change in cumulative foreign currency translation adjustment

3,527

(2,193

)

499

(340

)

Other comprehensive income (loss)

3,527

(2,193

)

499

(340

)

Comprehensive income (loss)

(32,126

)

3,326

(4,547

)

515

Less: Comprehensive loss attributable to non-controlling interests

(5,305

)

(382

)

(751

)

(59

)

Comprehensive income (loss) attributable to ordinary shareholders

(26,821

)

3,708

(3,796

)

574

11

Jupai Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB, except for ADS data, per ADS data and percentages)

Three months ended

June 30,

June 30,

2020

2021

RMB'000

RMB'000

Net margin attributable to ordinary shareholders

-9.7%

2.1

%

Adjusted net margin attributable to ordinary shareholders (non-GAAP)

-9.4%

5.8

%

Net income (loss) attributable to ordinary shareholders

(10,492

)

2,017

Adjustment for share-based compensation (net of tax effect of nil for both three months ended June 30, 2020 and 2021)

347

87

Adjustment for loss on litigation (net of tax effect of nil for both three months ended June 30, 2020 and 2021)

-

3,434

Adjusted net income (loss) attributable to ordinary shareholders (non-GAAP)

(10,145

)

5,538

Net income (loss) attributable to ordinary shareholders per ADS, diluted

(0.31

)

0.06

Adjusted net income (loss) attributable to ordinary shareholders per ADS, diluted (non-GAAP)

(0.30

)

0.17

Weighted average number of ADSs used in computation:

Diluted

33,446,631

33,276,019

12

Jupai Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB, except for ADS data, per ADS data and percentages)

Six months ended

June 30,

June 30,

2020

2021

RMB'000

RMB'000

Net margin attributable to ordinary shareholders

-14.8%

3.3

%

Adjusted net margin attributable to ordinary shareholders (non-GAAP)

-13.3%

5.5

%

Net income (loss) attributable to ordinary shareholders

(30,385

)

5,925

Adjustment for share-based compensation (net of tax effect of nil for both six months ended June 30, 2020 and 2021)

3,048

434

Adjustment for loss on litigation (net of tax effect of nil for both six months ended June 30, 2020 and 2021)

-

3,434

Adjusted net income (loss) attributable to ordinary shareholders (non-GAAP)

(27,337

)

9,793

Net income (loss) attributable to ordinary shareholders per ADS, diluted

(0.91

)

0.18

Adjusted net income (loss) attributable to ordinary shareholders per ADS, diluted (non-GAAP)

(0.81

)

0.29

Weighted average number of ADSs used in computation:

Diluted

33,564,331

33,287,941

13

Disclaimer

Jupai Holdings Limited published this content on 24 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2021 10:11:08 UTC.


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Sales 2020 388 M 61,2 M 61,2 M
Net income 2020 -31,4 M -4,94 M -4,94 M
Net cash 2020 618 M 97,4 M 97,4 M
P/E ratio 2020 -1,90x
Yield 2020 -
Capitalization 156 M 24,6 M 24,6 M
EV / Sales 2019 -0,45x
EV / Sales 2020 -0,56x
Nbr of Employees 580
Free-Float 95,5%
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Jian Da Ni Executive Chairman & Chief Executive Officer
Min Liu Director
Guo Ping Yang Independent Director
Bang Zhang Independent Director
Hong Chao Zhu Independent Director
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