SHANGHAI, May 18, 2021 /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, 2021.
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS
- Net revenues in the first quarter of 2021 were
RMB83.7 million, a decrease of 13.4%
from the corresponding period in 2020.
|
(RMB '000, except
percentages)
|
Q1
2020
|
|
Q1 2020
%
|
|
Q1
2021
|
|
Q1 2021
%
|
|
YoY Change
%
|
|
One-time
commissions
|
39,496
|
|
40.9%
|
|
31,227
|
|
37.3%
|
|
-20.9%
|
|
Recurring management
fees
|
25,293
|
|
26.2%
|
|
24,826
|
|
29.7%
|
|
-1.8%
|
|
Recurring service
fees
|
31,798
|
|
32.9%
|
|
27,622
|
|
33.0%
|
|
-13.1%
|
|
Total net
revenues
|
96,587
|
|
100.0%
|
|
83,675
|
|
100.0%
|
|
-13.4%
|
- Income from operations in the first quarter of 2021 was
RMB3.5 million, as compared to loss
from operations of RMB12.1 million
from the corresponding period in 2020.
- Net income attributable to ordinary shareholders in the
first quarter of 2021 was RMB3.9
million, as compared to net loss attributable to ordinary
shareholders of RMB19.9 million from
the corresponding period in 2020.
- Adjusted net income attributable to ordinary shareholders
(non-GAAP[1]) in the first quarter of 2021 was
RMB4.3 million, as compared to
adjusted net loss attributable to ordinary shareholders of
RMB17.2 million from the
corresponding period in 2020.
FIRST QUARTER 2021 OPERATIONAL UPDATES
- Total number of active clients[2] during the
first quarter of 2021 was 608, as compared to 559 active clients
during the first quarter of 2020.
- The aggregate value of wealth management products
distributed by the Company during the first quarter
of 2021 was RMB1.9 billion, a 29.1%
increase from the corresponding period in 2020.
|
Three months
ended
|
|
March 31,
2020
|
|
March 31,
2021
|
|
Product
type
|
(RMB in millions,
except percentages)
|
|
Fixed income
products
|
971
|
67%
|
|
1,085
|
58%
|
|
Private equity
products
|
212
|
15%
|
|
229
|
12%
|
|
Secondary market
equity fund products
|
206
|
14%
|
|
505
|
27%
|
|
Other
products
|
59
|
4%
|
|
51
|
3%
|
|
All
products
|
1,448
|
100%
|
|
1,870
|
100%
|
- Jupai's coverage network as of March 31, 2021 included 32 client centers
covering 30 cities, as compared to 44 client centers covering 39
cities as of March 31, 2020.
- Total assets under management[3] as of
March 31, 2021 were RMB32.9 billion, as compared to RMB39.8 billion from March
31, 2020.
|
Assets under
management – breakdown by product type
|
|
As
of
|
|
March 31,
2020
|
|
March 31,
2021
|
|
Product
type
|
(RMB in millions,
except percentages)
|
|
Fixed income
products
|
13,048
|
33%
|
|
9,604
|
29%
|
|
Private equity
products
|
24,684
|
62%
|
|
21,048
|
64%
|
|
Secondary market
equity fund products
|
994
|
2%
|
|
1,053
|
3%
|
|
Other
products
|
1,090
|
3%
|
|
1,162
|
4%
|
|
All
products
|
39,816
|
100%
|
|
32,867
|
100%
|
"In the first quarter 2021, we were pleased to see the gradual
recovery of investment sentiment among high net worth individuals
in China," said Mr. Jianda Ni, Jupai's chairman of the board and
chief executive officer. "Jupai's total aggregate value of wealth
management products distributed increased to RMB 1.87 billion in the first quarter from
RMB 1.16 billion in the fourth
quarter of 2020 as we continued to improve client experience and
develop our product portfolio in line with our Asset Transparency
System strategy. We remain optimistic in the company and the long
term prospects of China's wealth
management industry."
Ms. Min Liu, Jupai's chief
financial officer, said, "Jupai continued to improve business
performance and profitability. Net profit attributable to ordinary
shareholders increased nearly 100% and total number of active
clients also resumed growth, increasing 33% compared to the fourth
quarter last year. Jupai will continue to implement our key
strategies and offer a range of more diverse high-quality products
and service for high net worth clients."
|
[1] Jupai's
non-GAAP financial measures are derived from adjusting the
corresponding GAAP financial measures by excluding the effects of
share-based compensation.
|
|
[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.
|
|
[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.
|
FIRST QUARTER 2021 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2021 were
RMB83.7 million, a 13.4% decrease
from the corresponding period in 2020, primarily due to decreases
in one-time commissions and recurring service fees.
- Net revenues from one-time commissions for the first
quarter of 2021 were RMB31.2 million,
a 20.9% decrease from the corresponding period in 2020, primarily
due to the change in product mix.
- Net revenues from recurring management fees for the
first quarter of 2021 were RMB24.8
million, a 1.8% decrease from the corresponding period in
2020. Nil and RMB31.9 thousand
carried interest was recognized as part of Jupai's recurring
management fees in the first quarter of 2021 and 2020,
respectively.
- Net revenues from recurring service fees for the first
quarter of 2021 were RMB27.6 million,
a 13.1% decrease from the corresponding period in 2020. The Company
recognized RMB4.6 million and
RMB0.4 million variable performance
fees in the first quarter of 2021 and 2020, respectively.
Operating Costs and Expenses
Operating costs and expenses for the first quarter
of 2021 were RMB80.2 million, a
decrease of 26.2% from the corresponding period in 2020.
- Cost of revenues for the first quarter of 2021 was
RMB37.4 million, a decrease of 39.7%
from the corresponding period in 2020. This was primarily due to
decrease in headcount of wealth management advisors and client
managers.
- Selling expenses for the first quarter of 2021 were
RMB17.9 million, a decrease of 10.1%
from the corresponding period in 2020, primarily due to the
decrease in marketing and promotion activities.
- General and administrative expenses for the first
quarter of 2021 were RMB25.1 million,
a decrease of 28.9% from the corresponding period in 2020, mainly
due to continuous improvement in operating efficiency.
- Government subsidies received by the Company for the
first quarter of 2021 was RMB0.2
million, a decrease of 97.2% from the corresponding period
in 2020. Government subsidies were recorded when received, with
their availability and amount dependent upon government
policies.
Operating margin for the first quarter of 2021 was
4.1%, as compared to -12.6% for the corresponding period in
2020.
Income tax expenses for the first quarter of 2021 were
RMB0.3 million, a decrease of 97.3%
from the corresponding period in 2020, primarily due to taxable
losses for the first quarter of 2021.
Net Income
- Net income attributable to
ordinary shareholders for the first quarter of 2021 was
RMB3.9 million, as compared to net
loss attributable to ordinary shareholders of RMB19.9 million from the corresponding period in
2020.
- Net margin attributable to
ordinary shareholders for the first quarter of 2021 was 4.7%,
as compared to -20.6% from the corresponding period in 2020.
- Net income attributable to
ordinary shareholders per basic and diluted American depositary
share ("ADS") for the first quarter of 2021 was RMB0.12 and RMB0.12, respectively, as compared to net loss
attributable to ordinary shareholders per basic and diluted ADS of
RMB0.59 and RMB0.59, respectively, from the corresponding
period in 2020.
- Adjusted Net Income (non-GAAP)
- Adjusted net income
attributable to ordinary shareholders (non-GAAP) for the
first quarter of 2021 was RMB4.3
million, as compared to adjusted net loss attributable to
ordinary shareholders of RMB17.2
million from the corresponding period in 2020.
- Adjusted net margin
attributable to ordinary shareholders (non-GAAP) for the first
quarter of 2021 was 5.1%, as compared to -17.8% from the
corresponding period in 2020.
- Adjusted net income
attributable to ordinary shareholders per diluted ADS
(non-GAAP) for the first quarter of 2021 was RMB0.13, as compared to adjusted net loss
attributable to ordinary shareholders per diluted ADS (non-GAAP) of
RMB0.51 from the corresponding period
in 2020.
Repurchase of Shares
As of May 17, 2021, we had
repurchased 539,142 ADSs as part of the Company's share repurchase
program of up to US$10 million
announced in February 2020, at a
total cost of US$748,848, inclusive
of transaction charges and related fees.
Balance Sheet and Cash Flow
As of March 31, 2021, the Company
had RMB612.2 million in cash, cash
equivalents and restricted cash, as compared to RMB657.2 million as of December 31, 2020.
Net cash used in operating activities during the
first quarter of 2021 was RMB14.5
million, as compared to RMB21.2
million from the corresponding period in 2020, primarily due
to the change in working capital.
Net cash used in investing activities during the
first quarter of 2021 was RMB30.5
million, as compared to RMB2.0
million from the corresponding period in 2020, primarily due
to the payment for investment.
Net cash used in financing activities during the
first quarter of 2021 was nil, as compared to RMB7.1 million from the corresponding period in
2020, primarily due to the repurchase of shares in 2020.
CONFERENCE CALL
Jupai's management will host an earnings conference call on
May 18, 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/9649917
A replay of the conference call may be accessed by phone at the
following number until May 26,
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:
|
9649917
|
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. 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, 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. 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
Email: ir@jpinvestment.cn
Philip Lisio
The Foote Group
Phone: +86 (10) 8429 9544
Email: Jupai-IR@thefootegroup.com
|
Jupai Holdings
Limited
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
(In RMB or USD, as
indicated)
|
|
|
|
As of
|
|
December 31,
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
RMB'000
|
|
RMB'000
|
|
USD[4]'000
|
|
USD[5]'000
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
630,417
|
|
583,765
|
|
96,616
|
|
89,100
|
|
Restricted
cash
|
26,819
|
|
28,480
|
|
4,110
|
|
4,347
|
|
Accounts
receivable
|
7
|
|
40
|
|
1
|
|
6
|
|
Other
receivables
|
61,255
|
|
61,794
|
|
9,388
|
|
9,432
|
|
Amounts due from
related parties
|
20,182
|
|
22,666
|
|
3,093
|
|
3,459
|
|
Other current
assets
|
16,034
|
|
15,335
|
|
2,457
|
|
2,341
|
|
Total current
assets
|
754,714
|
|
712,080
|
|
115,665
|
|
108,685
|
|
Long-term
investments
|
218,950
|
|
218,950
|
|
33,556
|
|
33,418
|
|
Investment in
affiliates
|
100,342
|
|
130,737
|
|
15,378
|
|
19,954
|
|
Amounts due from
related parties — non-current
|
229,155
|
|
229,006
|
|
35,119
|
|
34,953
|
|
Property and
equipment, net
|
17,094
|
|
15,244
|
|
2,620
|
|
2,327
|
|
Intangible assets,
net
|
34,177
|
|
33,445
|
|
5,238
|
|
5,105
|
|
Other non-current
assets
|
13,539
|
|
12,415
|
|
2,075
|
|
1,895
|
|
Right-of-use
assets
|
39,119
|
|
36,032
|
|
5,995
|
|
5,499
|
|
Deferred tax
assets
|
4,312
|
|
4,161
|
|
661
|
|
635
|
|
Total
Assets
|
1,411,402
|
|
1,392,070
|
|
216,307
|
|
212,471
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
57,926
|
|
49,804
|
|
8,877
|
|
7,602
|
|
Income tax
payable
|
85,592
|
|
85,766
|
|
13,118
|
|
13,090
|
|
Other tax
payable
|
2,644
|
|
899
|
|
405
|
|
137
|
|
Amounts due to
related parties — current
|
16,626
|
|
16,773
|
|
2,548
|
|
2,560
|
|
Deferred revenue from
related parties
|
10,364
|
|
8,277
|
|
1,588
|
|
1,263
|
|
Deferred
revenue
|
8,599
|
|
7,428
|
|
1,318
|
|
1,134
|
|
Other current
liabilities
|
59,760
|
|
58,980
|
|
9,159
|
|
9,002
|
|
Total current
liabilities
|
241,511
|
|
227,927
|
|
37,013
|
|
34,788
|
|
Deferred revenue —
non-current from related parties
|
11,425
|
|
988
|
|
1,751
|
|
151
|
|
Deferred revenue —
non-current
|
1,284
|
|
1,234
|
|
197
|
|
189
|
|
Operating Lease
Liabilities — non-current
|
12,620
|
|
11,141
|
|
1,934
|
|
1,700
|
|
Total
Liabilities
|
266,840
|
|
241,290
|
|
40,895
|
|
36,828
|
|
Equity
|
1,144,562
|
|
1,150,780
|
|
175,412
|
|
175,643
|
|
Total Liabilities
and Total Shareholders' Equity
|
1,411,402
|
|
1,392,070
|
|
216,307
|
|
212,471
|
|
|
[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 March 31, 2021, as set forth in
the H.10 statistical release of the Board of Governors of the
Federal Reserve System, which was RMB 6.5518 to US$1.00.
|
|
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
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
RMB'000
|
|
RMB'000
|
|
USD[6]'000
|
|
USD[7]'000
|
|
Revenues
|
|
|
|
|
|
|
|
|
Third party
revenues
|
62,333
|
|
46,174
|
|
8,803
|
|
7,047
|
|
Related party
revenues
|
34,407
|
|
37,324
|
|
4,859
|
|
5,697
|
|
Total
revenues
|
96,740
|
|
83,498
|
|
13,662
|
|
12,744
|
|
Taxes and
surcharges
|
(153)
|
|
177
|
|
(21)
|
|
27
|
|
Net
revenues
|
96,587
|
|
83,675
|
|
13,641
|
|
12,771
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(61,996)
|
|
(37,415)
|
|
(8,755)
|
|
(5,711)
|
|
Selling
expenses
|
(19,924)
|
|
(17,910)
|
|
(2,814)
|
|
(2,733)
|
|
General and
administrative expenses
|
(35,348)
|
|
(25,131)
|
|
(4,992)
|
|
(3,836)
|
|
Government
subsidies
|
8,549
|
|
236
|
|
1,207
|
|
36
|
|
Total operating cost
and expenses
|
(108,719)
|
|
(80,220)
|
|
(15,354)
|
|
(12,244)
|
|
Income (loss) from
operations
|
(12,132)
|
|
3,455
|
|
(1,713)
|
|
527
|
|
|
|
|
|
|
|
|
|
Interest
income
|
1,180
|
|
1,092
|
|
167
|
|
166
|
|
Investment income
(loss)
|
975
|
|
(67)
|
|
137
|
|
(10)
|
|
Other income
(loss)
|
384
|
|
(343)
|
|
54
|
|
(52)
|
|
Total other
income
|
2,539
|
|
682
|
|
358
|
|
104
|
|
Income (loss) before
taxes and Gain (loss) from equity in affiliates
|
(9,593)
|
|
4,137
|
|
(1,355)
|
|
631
|
|
Income tax
expense
|
(12,670)
|
|
(341)
|
|
(1,789)
|
|
(52)
|
|
Gain (loss) from
equity in affiliates
|
(2,313)
|
|
395
|
|
(327)
|
|
61
|
|
Net income
(loss)
|
(24,576)
|
|
4,191
|
|
(3,471)
|
|
640
|
|
Net loss (income)
attributable to non-controlling interests
|
4,683
|
|
(283)
|
|
662
|
|
(44)
|
|
Net income (loss)
attributable to ordinary shareholders
|
(19,893)
|
|
3,908
|
|
(2,809)
|
|
596
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
(0.59)
|
|
0.12
|
|
(0.08)
|
|
0.02
|
|
Diluted
|
(0.59)
|
|
0.12
|
|
(0.08)
|
|
0.02
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
|
|
|
Basic
|
33,682,030
|
|
33,222,952
|
|
33,682,030
|
|
33,222,952
|
|
Diluted
|
33,682,030
|
|
33,293,931
|
|
33,682,030
|
|
33,293,931
|
|
|
|
|
|
|
|
|
|
[6] The conversion
of data from Renminbi (RMB) into U.S. dollars (US$) for three
months ended March 31, 2020 in this table and the following
tables is based on the noon buying rate on March 31, 2020, as set
forth in the H.10 statistical release of the Board of Governors of
the Federal
Reserve System, which was RMB 7.0808 to US$1.00.
|
|
[7] The conversion
of data from Renminbi (RMB) into U.S. dollars (US$) for three
months ended March 31, 2021 in this table and the following
tables is based on the noon buying rate on March 31, 2021, as set
forth in the H.10 statistical release of the Board of Governors of
the Federal
Reserve System, which was RMB 6.5518 to US$1.00.
|
|
Jupai Holdings
Limited
|
|
Unaudited
Condensed Comprehensive Income Statements
|
|
(In RMB or USD, as
indicated)
|
|
|
|
Three months
ended
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
USD'000
|
|
Net income (loss)
|
(24,576)
|
|
4,191
|
|
(3,471)
|
|
640
|
|
Other comprehensive
loss, net of tax:
|
|
|
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
3,751
|
|
1,679
|
|
530
|
|
256
|
|
Other comprehensive
loss
|
3,751
|
|
1,679
|
|
530
|
|
256
|
|
Comprehensive income
(loss)
|
(20,825)
|
|
5,870
|
|
(2,941)
|
|
896
|
|
Less: Comprehensive
income (loss) attributable to non-controlling
interests
|
(4,720)
|
|
273
|
|
(667)
|
|
42
|
|
Comprehensive
income (loss) attributable to ordinary shareholders
|
(16,105)
|
|
5,597
|
|
(2,274)
|
|
854
|
|
Jupai Holdings
Limited
|
|
Reconciliation of
GAAP to Non-GAAP Results
|
|
(In RMB, except
for ADS data, per ADS data and percentages)
|
|
|
|
Three months
ended
|
|
March 31,
|
|
March 31,
|
|
2020
|
|
2021
|
|
RMB'000
|
|
RMB'000
|
|
Net margin
attributable to ordinary shareholders
|
-20.6%
|
|
4.7%
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
-17.8%
|
|
5.1%
|
|
|
|
|
|
Net income (loss)
attributable to ordinary shareholders
|
(19,893)
|
|
3,908
|
|
Adjustment for
share-based compensation (net of tax effect of nil for both three
months
ended March 31, 2020 and 2021)
|
2,701
|
|
347
|
|
Adjusted net
income (loss) attributable to ordinary shareholders
(non-GAAP)
|
(17,192)
|
|
4,255
|
|
|
|
|
|
Net income
(loss) attributable to ordinary shareholders per ADS,
diluted
|
(0.59)
|
|
0.12
|
|
Adjusted net income
(loss) attributable to ordinary shareholders per ADS, diluted
(non-GAAP)
|
(0.51)
|
|
0.13
|
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
Diluted
|
33,682,030
|
|
33,293,931
|
View original
content:http://www.prnewswire.com/news-releases/jupai-reports-first-quarter-2021-results-301293262.html
SOURCE Jupai Holdings Limited
