Jupai Reports Fourth Quarter and Full Year 2017 Results

SHANGHAI, March 12, 2018

FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL HIGHLIGHTS

• Net revenues in the fourth quarter of 2017 were RMB460.0 million (US$^[1]70.7 million), a 35.9% increase from RMB338.5 million for the corresponding period in 2016. For the full year of 2017, net revenues were RMB1,706.2 million (US$262.2 million), an increase of 51.3% from RMB1,127.7 million in 2016.

(RMB '000, except percentages)	Q4 2016		Q4 2016 %		Q4 2017 ARIVA.DE Börsen-Geflüster Kurse Jupai Holdings 0,0706 $ +71,4%		Q4 2017 %		YoY Change %
One-time commissions	185,294		54.8%		308,932		67.1%		66.7%
Recurring management fees	73,093		21.6%		111,430		24.2%		52.5%
Recurring service fees	25,849		7.6%		23,728		5.2%		-8.2%
Other service fees	54,267		16.0%		15,926		3.5%		-70.7%
Total net revenues	338,503		100.0%		460,016		100.0%		35.9%
(RMB '000, except percentages)	FY 2016		FY 2016 %		FY 2017		FY 2017 %		YoY Change %
One-time commissions	633,186		56.1%		1,038,704		60.8%		64.0%
Recurring management fees	260,622		23.1%		363,651		21.3%		39.5%
Recurring service fees	123,177		10.9%		105,001		6.2%		-14.8%
Other service fees	110,725		9.9%		198,806		11.7%		79.5%
Total net revenues	1,127,710		100.0%		1,706,162		100.0%		51.3%

• Income from operations in the fourth quarter of 2017 was RMB63.8 million (US$9.8 million), a 32.2% decrease from RMB94.1 million for the corresponding period in 2016. For the full year of 2017, income from operations was RMB523.6 million (US$80.5 million), an increase of 77.6% from RMB294.8 million in 2016.
• Net income attributable to ordinary shareholders in the fourth quarter of 2017 was RMB90.7 million (US$13.9 million), a 45.6% increase from RMB62.3 million for the corresponding period in 2016. For the full year of 2017, net income attributable to ordinary shareholders was RMB409.5 million (US$62.9 million), an increase of 97.3% from RMB207.6 million in 2016.
• Non-GAAP^[2] net income attributable to ordinary shareholders in the fourth quarter of 2017 was RMB101.4 million (US$15.6 million), a 41.5% increase from RMB71.7 million for the corresponding period in 2016. For the full year of 2017, non-GAAP net income attributable to ordinary shareholders was RMB454.0 million (US$69.8 million), an increase of 86.8% from RMB243.0 million in 2016.

FOURTH QUARTER AND FULL YEAR 2017 OPERATIONAL UPDATES 

• Total number of active clients^[3] during the fourth quarter of 2017 and full year 2017 was 5,875 and 12,825, respectively.
• The aggregate value of wealth management products distributed by the Company during the fourth quarter of 2017 was RMB15.8 billion (US$2.4 billion), an 8.9% increase from the corresponding period in 2016. For the full year of 2017, the aggregate value of wealth management products distributed by the Company was RMB54.3 billion (US$8.3 billion), a 19.9% increase from 2016.

Wealth management products distributed by the Company - breakdown by product type
	Three months ended					Twelve months ended
	December 31, 2016			December 31, 2017		December 31, 2016			December 31, 2017
Product type	(RMB in millions, except percentages)					(RMB in millions, except percentages)
Fixed income products	10,326	72%		13,857	88%	29,963	66%		45,437	83%
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