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13.11.2017 10:05
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Jupai Reports Third Quarter 2017 Results
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PR Newswire
SHANGHAI, Nov. 13, 2017
SHANGHAI, Nov. 13, 2017 /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 third quarter and nine months ended September 30, 2017.
THIRD QUARTER AND FIRST NINE MONTHS 2017 FINANCIAL HIGHLIGHTS
- Net revenues in the third quarter of 2017 were RMB440.8 million (US$[1]66.3 million), a 37.5% increase from RMB320.5 million for the corresponding period in 2016. For the first nine months of 2017, net revenues were RMB1,246.1 million (US$187.3 million), an increase of 57.9% from RMB789.2 million for the same period in 2016.
| (RMB '000, except percentages) | Q3 2016 | | Q3 2016 % | | Q3 2017 | | Q3 2017 % | | YoY Change % |
| One-time commissions | 144,025 | | 45.0% | | 265,004 | | 60.1% | | 84.0% |
| Recurring management fees | 88,867 | | 27.7% | | 90,697 | | 20.6% | | 2.1% |
| Recurring service fees | 31,117 | | 9.7% | | 21,731 | | 4.9% | | -30.2% |
| Other service fees | 56,458 | | 17.6% | | 63,353 | | 14.4% | | 12.2% |
| Total net revenues | 320,467 | | 100.0% | | 440,785 | | 100.0% | | 37.5% |
| | |||||||||
| (RMB '000, except percentages) | First Nine | | First Nine | | First Nine | | First Nine | | YoY Change % |
| One-time commissions | 447,893 | | 56.7% | | 729,771 | | 58.6% | | 62.9% |
| Recurring management fees | 187,529 | | 23.8% | | 252,221 | | 20.2% | | 34.5% |
| Recurring service fees | 97,327 | | 12.3% | | 81,273 | | 6.5% | | -16.5% |
| Other service fees | 56,458 | | 7.2% | | 182,880 | | 14.7% | | 223.9% |
| Total net revenues | 789,207 | | 100.0% | | 1,246,145 | | 100.0% | | 57.9% |
- Income from operations in the third quarter of 2017 was RMB168.4 million (US$25.3 million), a 46.4% increase from RMB115.0 million for the corresponding period in 2016. For the first nine months of 2017, income from operations was RMB459.8 million (US$69.1 million), an increase of 129.1% from RMB200.7 million for the same period in 2016.
- Net income attributable to ordinary shareholders in the third quarter of 2017 was RMB115.7 million (US$17.4 million), a 46.7% increase from RMB78.8 million for the corresponding period in 2016. For the first nine months of 2017, net income attributable to ordinary shareholders was RMB318.8 million (US$47.9 million), an increase of 119.4% from RMB145.3 million for the same period in 2016.
- Non-GAAP[2] net income attributable to ordinary shareholders in the third quarter of 2017 was RMB125.9 million (US$18.9 million), a 43.2% increase from RMB87.9 million for the corresponding period in 2016. For the first nine months of 2017, non-GAAP net income attributable to ordinary shareholders was RMB352.6 million (US$53.0 million), an increase of 105.8% from RMB171.3 million for the same period in 2016.
| [1] The U.S. dollars (US$) 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 September 29, 2017, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB6.6533 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. |
THIRD QUARTER AND FIRST NINE MONTHS 2017 OPERATIONAL UPDATES
- Total number of active clients[3] during the third quarter of 2017 was 4,073.
- The aggregate value of wealth management products distributed by the Company during the third quarter of 2017 was RMB12.0 billion (US$1.8 billion), a 1.8% increase from the corresponding period in 2016. For the first nine months of 2017, the aggregate value of wealth management products distributed by the Company was RMB38.5 billion (US$5.8 billion), a 25.1% increase from the corresponding period in 2016.
| Wealth management products distributed by the Company - breakdown by product type | ||||||||||
| | Three months ended | Nine months ended | ||||||||
| | September 30, 2016 | | September 30, 2017 | September 30, 2016 | | September 30, 2017 | ||||
| Product type | (RMB in millions, except percentages) | (RMB in millions, except percentages) | ||||||||
| Fixed income products | 9,656 | 81% | | 10,085 | 84% | 19,637 | 64% | | 31,580 Werbung Mehr Nachrichten zur Jupai Holdings Aktie kostenlos abonnieren
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