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First Half 2018 Highlights
- Both cash and cash equivalents and short-term investments increased significantly. Cash and cash equivalents increased by
RMB282.8 million to RMB683.9 million (US$[1]103.4 million) as ofJune 30, 2018 fromRMB401.1 million as ofDecember 31, 2017 . Short-term investments increased byRMB121.7 million to RMB2.1 billion (US$316.4 million ) as ofJune 30, 2018 fromRMB2.0 billion as ofDecember 31, 2017 . Cash and cash equivalents and short-term investments per ADS wereRMB18.62 (US$2.81) as ofJune 30, 2018 . The increases were primarily due to cash inflow generated by the Company's Jiedian business and the disposal of certain interests in an investee. - Total net revenues for the first half of 2018 were
RMB2.4 billion (US$368.6 million ), a 22.8% decrease from the same period of 2017, primarily due to a year-over-year decrease in total orders[2], as well as the number of active customers[3] in the Company's e-commerce business. Jiedian and TV drama series production businesses have generated positive trends. - Total net GMV [4] was
RMB2.5 billion (US$384.5 million ). - Gross profit as a percentage of net revenues increased to 26.3% from 23.8% in the same period of 2017. The increase was primarily due to an increase in revenues from marketplace and other services. Marketplace and other services include Jiedian and TV drama series production, which have higher gross profit margins.
- Net income attributable to
Jumei's ordinary shareholders wasRMB673.3 million (US$101.7 million ), compared with net income attributable toJumei's ordinary shareholders ofRMB101.9 million in the same period of 2017. - Non-GAAP net income attributable to
Jumei's ordinary shareholders[5] wasRMB679.3 million (US$102.7 million ), compared with non-GAAP net income attributable toJumei's ordinary shareholders ofRMB115.2 million in the same period of 2017.
[1] | The U.S. dollar ("USD") 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 USD in this press release is based on Federal Reserve exchange rate as of June 29, 2018, which was RMB6.6171 to USD1.00. The percentages stated in this press release are calculated based on the RMB amounts; | ||
[2] | "Total orders" means the total number of orders placed during a specified period, excluding rejected or returned orders; | ||
[3] | "Active customer" means a customer that made at least one purchase during a specified period; | ||
[4] | "Net GMV" means the sum of (i) net revenues generated from merchandise sales, (ii) net revenues generated from marketplace services plus corresponding payables to the third-party merchants and (iii) net revenues generated from Jiedian business; | ||
[5] | "Non-GAAP net income attributable to Jumei's ordinary shareholders" is a non-GAAP financial measure defined as net income attributable to Jumei's ordinary shareholders excluding share-based compensation expenses. See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results". |
Unaudited First Half of 2018 Financial Results
Total net revenues were
Gross profit was
Total operating expenses were
- Fulfillment expenses were
RMB222.4 million (US$33.6 million ), a decrease of 29.4% fromRMB315.0 million in the same period of 2017. The decrease was primarily due to an increase in order processing efficiency and a decrease in the number of orders. Fulfillment expenses as a percentage of total net GMV remained relatively stable at 8.7%. - Sales and marketing expenses were
RMB243.7 million (US$36.8 million ), an increase of 58.5% fromRMB153.8 million in the same period of 2017. The increase was primarily due to an increase in sales expenses related to the Jiedian business. Sales and marketing expenses as a percentage of total net GMV was 9.6%, compared with 4.2% in the same period of 2017. - Technology and content expenses were
RMB92.5 million (US$14.0 million ), an increase of 1.2% fromRMB91.4 million in the same period of 2017. Technology and content expenses as a percentage of total net GMV increased to 3.6% from 2.5% in the same period of 2017. The increase was mainly due to an increase in the expenses associated with research and development for the internal information management system to enhance the efficiency and scalability of the Jiedian business. - General and administrative expenses were
RMB68.5 million (US$10.4 million ), a decrease of 7.8% fromRMB74.3 million in the same period of 2017. The decrease was primarily attributed to a decrease of share-based compensation expenses. General and administrative expenses as a percentage of total net GMV increased to 2.7% from 2.0% in the same period of 2017.
Income from operations was
Non-GAAP income from operations, which excludes
Net income attributable to
Non-GAAP net income attributable to
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles ("U.S. GAAP"),
About
Safe Harbor Statement
Any forward-looking statements contained in this announcement are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements.
For investor and media inquiries, please contact:
Christensen
In
Mr.
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In
Ms.
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(RMB in thousands, except share data and per share data)
December 31, 2017 | June 30, 2018 | June 30, 2018 | |||||||||||||||||||||
RMB | RMB | US$ | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | 401,147 | 683,885 | 103,351 | ||||||||||||||||||||
Short-term investments | 1,972,277 | 2,093,936 | 316,443 | ||||||||||||||||||||
Loans receivable, net | 73,330 | 78,330 | 11,838 | ||||||||||||||||||||
Accounts receivable, net | 22,334 | 124,347 | 18,792 | ||||||||||||||||||||
Inventories | 603,091 | 620,681 | 93,800 | ||||||||||||||||||||
Advances to suppliers | 19,173 | 22,802 | 3,446 | ||||||||||||||||||||
Prepayments and other current assets | 294,695 | 366,993 | 55,461 | ||||||||||||||||||||
Total current assets | 3,386,047 | 3,990,974 | 603,131 | ||||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Long-term investments | 643,524 | 783,121 | 118,348 | ||||||||||||||||||||
Property, equipment and software, net | 516,582 | 615,181 | 92,968 | ||||||||||||||||||||
Construction in progress | 4,229 | 3,981 | 602 | ||||||||||||||||||||
Land use rights, net | 80,846 | 80,005 | 12,091 | ||||||||||||||||||||
Intangible assets, net | 26,630 | 21,842 | 3,301 | ||||||||||||||||||||
Goodwill | 120,510 | 120,510 | 18,212 | ||||||||||||||||||||
Film production | 69,238 | 4,066 | 614 | ||||||||||||||||||||
Deferred tax assets | 5,587 | 14,950 | 2,259 | ||||||||||||||||||||
Other non-current assets | 114,040 | 73,943 | 11,175 | ||||||||||||||||||||
Total non-current assets | 1,581,186 | 1,717,599 | 259,570 | ||||||||||||||||||||
Total assets | 4,967,233 | 5,708,573 | 862,701 | ||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable | 578,881 | 430,177 | 65,010 | ||||||||||||||||||||
Advances from customers | 50,061 | 38,634 | 5,839 | ||||||||||||||||||||
Tax payable | 49,819 | 70,921 | 10,718 | ||||||||||||||||||||
Accrued expenses and other current liabilities | 343,238 | 663,513 | 100,272 | ||||||||||||||||||||
Total current liabilities | 1,021,999 | 1,203,245 | 181,839 |
Non-current liabilities: | |||||
Deferred tax liabilities | - | 33,062 | 4,996 | ||
Other non-current liabilities | 3,311 | - | - | ||
Total non-current liabilities | 3,311 | 33,062 | 4,996 | ||
Total liabilities | 1,025,310 | 1,236,307 | 186,835 | ||
Mezzanine equity: | |||||
Redeemable noncontrolling interests | 66,696 | 66,591 | 10,063 | ||
Total mezzanine equity | 66,696 | 66,591 | 10,063 | ||
Shareholders' equity: |
|||||
Ordinary shares | 244 | 244 | 37 | ||
Additional paid-in capital | 2,953,009 | 2,960,549 | 447,409 | ||
Statutory reserves | 42,573 | 42,573 | 6,434 | ||
Treasury stock | - | (177,517) | (26,827) | ||
Retained earnings | 740,180 | 1,430,044 | 216,115 | ||
Accumulated other comprehensive income | 139,221 | 150,528 | 22,748 | ||
Jumei's shareholders' equity | 3,875,227 | 4,406,421 | 665,916 | ||
Noncontrolling interests | - | (746) | (113) | ||
Total shareholders' equity | 3,875,227 | 4,405,675 | 665,803 | ||
Total liabilities, mezzanine equity and shareholders' equity | 4,967,233 | 5,708,573 | 862,701 | ||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(RMB in thousands, except share data and per share data)
For the six months ended | ||||||
June 30, 2017 |
June 30, 2018 |
June 30, 2018 |
||||
RMB | RMB | US$ | ||||
Net revenues(1): | ||||||
Merchandise sales | 3,088,460 | 1,993,878 | 301,322 | |||
Marketplace and other services | 71,728 | 445,247 | 67,288 | |||
Total net revenues | 3,160,188 | 2,439,125 | 368,610 | |||
Cost of revenues | (2,407,779) | (1,798,546) | (271,803) | |||
Gross profit | 752,409 | 640,579 | 96,807 | |||
Operating expenses: | ||||||
Fulfillment expenses | (315,033) | (222,435) | (33,615) | |||
Sales and marketing expenses | (153,837) | (243,706) | (36,830) | |||
Technology and content expenses | (91,355) | (92,501) | (13,979) | |||
General and administrative expenses | (74,334) | (68,492) | (10,351) | |||
Total operating expenses | (634,559) | (627,134) | (94,775) | |||
Incomefrom operations | 117,850 | 13,445 | 2,032 | |||
Other income: | ||||||
Interest income | 27,796 | 45,943 | 6,943 | |||
Others, net(2) | (21,529) | 681,127 | 102,935 | |||
Income before tax | 124,117 | 740,515 | 111,910 | |||
Income tax expenses | (22,234) | (67,996) | (10,276) | |||
Net income | 101,883 | 672,519 | 101,634 | |||
Net loss attributable to noncontrolling interests | - | 746 | 113 | |||
Net income attributable to Jumei's ordinary shareholders | 101,883 | 673,265 | 101,747 | |||
Net income | 101,883 | 672,519 | 101,634 | |||
Fair value change – investment security, net of tax | 6,814 | - | - | |||
Foreign currency translation adjustment, net of nil tax | (7,491) | 11,307 | 1,709 | |||
Total comprehensive income | 101,206 | 683,826 | 103,343 | |||
Comprehensive loss attributable to noncontrolling interests | - | 746 | 113 | |||
Comprehensive income attributable to Jumei International Holding Limited | 101,206 | 684,572 | 103,456 |
_________________________
- On
January 1, 2018 , the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC 606"), utilizing the modified retrospective transition method to all contracts that were not completed as ofJanuary 1, 2018 . Results for reporting periods beginning afterJanuary 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior periods. The application of ASC 606 had no material impact on the company's consolidated financial statements as of and for the six months endedJune 30, 2018 . - The Company adopted the Accounting Standards Update 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" on
January 1, 2018 and approximatelyRMB16.6 million of accumulated other comprehensive income for the investment security that existed as ofDecember 31, 2017 was reclassified into retained earnings upon the initial adoption. After the adoption of this new accounting standard, the Company will measure its long-term investments other than equity method investments at fair value with gains or losses recorded through the income statements, which could vary significantly from period to period. The impact of applying this new standard for the six months endedJune 30, 2018 resulted in an increase of approximatelyRMB310.9 million in Others, net. The rest of Others, net was mainly generated by the gain on the disposal of certain interests in an investee.
Net income per share attributable to Jumei's ordinary shareholders | ||||||
- Basic | 0.68 | 4.51 | 0.68 | |||
- Diluted | 0.68 | 4.49 | 0.68 | |||
Net income per ADS attributable to Jumei's ordinary shareholders (1 ordinary share equals to 1 ADS) |
||||||
- Basic | 0.68 | 4.51 | 0.68 | |||
- Diluted | 0.68 | 4.49 | 0.68 | |||
Weighted average shares outstanding used in computing net income per share attributable to Jumei's ordinary shareholders |
||||||
- Basic | 149,742,862 | 149,151,758 | 149,151,758 | |||
- Diluted | 150,431,905 | 150,023,423 | 150,023,423 | |||
For the six months ended | ||||||
June 30, 2017 |
June 30, 2018 |
June 30, 2018 |
||||
RMB | RMB | US$ | ||||
Share-based compensation expenses included are follows: | ||||||
Fulfillment expenses | 224 | 14 | 2 | |||
Sales and marketing expenses | 5,421 | 2,524 | 381 | |||
Technology and content expenses | 2,234 | 1,096 | 166 | |||
General and administrative expenses | 5,419 | 2,385 | 360 | |||
Total | 13,298 | 6,019 | 909 | |||
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(RMB in thousands, except share data and per share data)
For the six months ended | ||||||
June 30, 2017 |
June 30, 2018 |
June 30, 2018 |
||||
RMB | RMB | US$ | ||||
Income from operations | 117,850 | 13,445 | 2,032 | |||
Share-based compensation expenses(1) | 13,298 | 6,019 | 909 | |||
Non-GAAP income from operations | 131,148 | 19,464 | 2,941 | |||
Net income attributable to Jumei's ordinary shareholders | 101,883 | 673,265 | 101,747 | |||
Share-based compensation expenses | 13,298 | 6,019 | 909 | |||
Non-GAAP net income attributable to Jumei's ordinary shareholders | 115,181 | 679,284 | 102,656 | |||
Non-GAAP net incomeper share attributable to Jumei's ordinary shareholders | ||||||
- Basic | 0.77 | 4.55 | 0.69 | |||
- Diluted | 0.77 | 4.53 | 0.68 | |||
Non-GAAP net income per ADS attributable to Jumei's ordinary shareholders (1 ordinary share equals to 1 ADS) | ||||||
- Basic | 0.77 | 4.55 | 0.69 | |||
- Diluted | 0.77 | 4.53 | 0.68 | |||
Weighted average shares outstanding used in computingnon-GAAP net income per shareattributable to Jumei's ordinary shareholders: | ||||||
- Basic | 149,742,862 | 149,151,758 | 149,151,758 | |||
- Diluted | 150,431,905 | 150,023,423 | 150,023,423 |
_________________________
(1) Share-based compensation expenses are not deductible item under PRC Enterprise Income Tax Law, hence no income tax implications.
Source: Jumei International Holding Limited