• Jumei Reports Unaudited First Half 2016 Financial Results

    Источник: Nasdaq GlobeNewswire / 23 дек 2016 17:00:19   America/New_York

    BEIJING, Dec. 23, 2016 (GLOBE NEWSWIRE) -- Jumei International Holding Limited (NYSE:JMEI) ("Jumei" or the "Company"), China's leading online retailer of beauty products, today reported its unaudited financial results for the six months ended June 30, 2016.

    First Half 2016 Highlights

    • Net revenues increased by 1.7% year-over-year to RMB3.5 billion (US [1] $523.8 million), driven primarily by a 2.1% year-over-year increase in the number of active customers [3] and a 15.2% year-over-year increase in total orders [4]. The increase is off set by the strengthened sales promotion activities.
    • Total net GMV [2] decreased by 7.6% year-over-year to RMB4.0 billion (US$598.8 million), due primarily to a decrease in sales from marketplace services.
    • Gross profit as a percentage of net revenues decreased to 27.9% from 30.6% in the same period of 2015. The decrease was primarily due to an increase in the size and reach of promotional campaigns. Gross profit as a percentage of total net GMV increased slightly to 24.4% from 24.3% in the same period of 2015.
    • Net income attributable to Jumei's ordinary shareholders was RMB141.2 million (US$21.3 million), compared with net income attributable to Jumei's ordinary shareholders of RMB201.2 million in the same period of 2015. Net margin attributable to Jumei's ordinary shareholders was 4.1%, compared with 5.9% in the same period of 2015.
    • Non-GAAP net income attributable to Jumei's ordinary shareholders [5] was RMB163.6 million (US$24.6 million), compared with non-GAAP net income attributable to Jumei's ordinary shareholders [6] of RMB228.4 million in the same period of 2015. Non-GAAP net margin attributable to Jumei's ordinary shareholders [6] was 4.7%, compared with 6.7% in the same period of 2015.
      
    [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 30, 2016, which was RMB6.6459 to USD1.00. The percentages stated in this press release are calculated based on the RMB amounts;
    [2]"Net GMV" means the sum of (i) net revenues generated from merchandise sales, and (ii) net revenues generated from marketplace services plus corresponding payables to third-party merchants;
    [3]"Active customer" means a customer that made at least one purchase during a specified period;
    [4]"Total orders" means the total number of orders placed during a period, excluding rejected or returned orders;
    [5]"Non-GAAP net loss attributable to Jumei's ordinary shareholders" is a non-GAAP financial measure defined as net loss attributable to Jumei's ordinary shareholders excluding share-based compensation expenses;
    [6]
    "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. "Non-GAAP net margin attributable to Jumei's ordinary shareholders" is a non-GAAP financial measure defined as Non-GAAP net income or loss attributable to Jumei's ordinary shareholders as a percentage of total net revenues. See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results".

    Unaudited First Half 2016 Financial Results

    Total net revenues were RMB3.5 billion (US$523.8 million), an increase of 1.7% from RMB3.4 billion during the same period last year. The increase was primarily attributable to increases in the number of active customers and total orders. The number of total orders increased by 15.2% to approximately 35.7 million from 31.0 million in the same period of 2015, primarily a result of an increase in order volumes generated by Jumei Global. The number of active customers increased by 2.1% to approximately 9.8 million from approximately 9.6 million in the same period of 2015.

    Gross profit was RMB971.4 million (US$146.2 million), compared with RMB1.0 billion in the first half year of 2015. Gross profit as a percentage of net revenues decreased to 27.9% from 30.6% in the same period of 2015. The decrease was primarily due an increase in the size and reach of promotional campaigns. Gross profit as a percentage of net GMV increased slightly to 24.4% from 24.3% in the same period of 2015. Gross profit from merchandise sales as a percentage of net GMV of merchandise sales decreased to 28.4% from 31.7% in the same period of 2015.

    Total operating expenses were RMB852.2 million (US$128.2 million), a decrease of 2.7% from RMB876.2 million in the first half year of 2015. Operating expenses as a percentage of total net GMV increased to 21.4% from 20.3% in the same period of 2015.

    • Fulfillment expenses were RMB439.8 million (US$66.2 million), an increase of 8.7% from RMB404.6 million in the same period of 2015. The increase was primarily due to an increase in the number of orders. Fulfillment expenses as a percentage of total net GMV increased to 11.1% from 9.4% in the same period of 2015.
    • Marketing expenses were RMB220.5 million (US$33.2 million), a decrease of 31.5% from RMB321.8 million in the same period of 2015. The decrease was primarily due to an increase in use of live streaming promotional videos and a decrease in traditional advertising. Marketing expenses as a percentage of total net GMV was 5.5%, compared with 7.5% in the same period of 2015.
    • Technology and content expenses were RMB95.1 million (US$14.3 million), an increase of 15.4% from RMB82.4 million in the same period of 2015. Technology and content expenses as a percentage of total net GMV increased to 2.4% from 1.9% in the same period of 2015. The increase was mainly due to additional server rental and bandwidth fees as well as costs associated with retaining talent.
    • General and administrative expenses were RMB96.9 million (US$14.6 million), an increase of 43.8% from RMB67.4 million in the same period of 2015. General and administrative expenses as a percentage of total net GMV increased to 2.4% from 1.6% in the same period of 2015. The increase was attributed to an increase in general and administrative staff headcount to support business expansion and professional consulting fees.

    Income from operations was RMB119.2 million (US$17.9 million), compared with income from operations of RMB172.2 million in the same period of 2015.

    Non-GAAP income from operations, which excludes RMB22.4 million (US$3.4 million) in share-based compensation expenses, was RMB141.6 million (US$21.3 million), compared with non-GAAP income from operations of RMB199.3 million in the same period of 2015.

    Net income attributable to Jumei's ordinary shareholders was RMB141.2 million (US$21.3 million), compared with net income attributable to Jumei's ordinary shareholders of RMB201.2 million in the same period of 2015. Net margin attributable to Jumei's ordinary shareholders decreased to 4.1% from 5.9% in the same period of 2015. Net income per basic and diluted ADS were RMB0.95 (US$0.14) and RMB0.94 (US$0.14), respectively, compared with net income per basic and diluted ADS RMB1.38 and RMB1.34, respectively, for the same period of 2015.

    Non-GAAP net income attributable to Jumei's ordinary shareholders, which excludes share-based compensation expenses, was RMB163.6 million (US$24.6 million), compared with non-GAAP net income attributable to Jumei's ordinary shareholders RMB228.4 million in the same period of 2015. Non-GAAP net margin attributable to Jumei's ordinary shareholders decreased to 4.7% from 6.7% in the same period of 2015. Non-GAAP net income per basic and diluted ADS were RMB1.10 (US$0.16) and RMB1.09 (US$0.16), respectively, compared with non-GAAP net income per basic and diluted ADS of RMB1.57 and RMB1.52, respectively, in the same period of 2015.

    Balance Sheet

    As of June 30, 2016, the Company had cash and cash equivalents of RMB2.8 billion (US$414.9 million), and short-term investments of RMB190.0 million (US$28.6 million).

    Use of Non-GAAP Financial Measures

    To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles ("GAAP"), Jumei uses non-GAAP income from operations, non-GAAP net income attributable to Jumei's ordinary shareholders, non-GAAP net margin attributable to Jumei's ordinary shareholders and non-GAAP net income per ADS attributable to Jumei's ordinary shareholders, by excluding share-based compensation expenses from operating profit and net income attributable to the Company's shareholders, respectively. The Company believes these non-GAAP financial measures are important to help investors understand Jumei's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess Jumei's core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of Jumei's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating Jumei's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

    About Jumei International Holding Limited
    Jumei (NYSE:JMEI) is China's leading online retailer of beauty products. Jumei's internet platform is a trusted destination for consumers to discover and purchase branded beauty products, baby, children and maternity products, light luxury products, health supplements and other products through the Company's jumei.com and jumeiglobal.com websites and mobile application. Leveraging its deep understanding of customer needs and preferences, as well as its strong merchandizing capabilities, Jumei has adopted multiple effective sales formats to encourage product purchases on its platform, including curated sales, online shopping mall and flash sales. More information about Jumei can be found at http://ir.jumei.com.

    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. Jumei may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, 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 Jumei'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. Further information regarding such risks and uncertainties is included in Jumei's filings with the SEC, including its annual report on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release, and Jumei does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    Jumei International Holding Limited
    Mr. Sterling Song
    Investor Relations Director
    Phone: +86-10-5676-6983
    Email: kans@jumei.com

    Christensen
    In China
    Mr. Christian Arnell
    Phone: +86-10-5900-1548
    E-mail: carnell@christensenir.com

    In United States
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: lbergkamp@christensenir.com


    JUMEI INTERNATIONAL HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (RMB in thousands, except share data and per share data)
     
      December 31, 2015 June 30, 2016 June 30, 2016
      RMB RMB US$
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents   2,564,287    2,757,219   414,875
    Short-term investment   363,000    190,000   28,589
    Loan receivables, net   552,745    374,723   56,384
    Accounts receivable, net   76,937    26,681   4,015
    Inventories   965,510    753,769   113,419
    Advances to suppliers   91,526    47,260   7,111
    Prepayments and other current assets   127,930    149,137   22,440
    Total current assets   4,741,935    4,298,789   646,833
    Non-current assets:      
    Long-term investment   32,468    109,392   16,460
    Investment security   135,952    153,153   23,045
    Property, equipment and software, net   56,045    42,829   6,444
    Construction in process    -     427   64
    Land use right   -     83,368   12,544
    Goodwill   15,291    15,291   2,301
    Deferred tax assets   3,880    3,893   586
    Other non-current assets    6,102    12,658   1,905
    Total non-current assets   249,738    421,011   63,349
    Total assets   4,991,673    4,719,800   710,182
           
    Current liabilities      
    Accounts payable   1,030,200    629,801   94,765
    Advances from customers   104,577    72,125   10,853
    Short-term loans   1,688   -    - 
    Tax payable   101,696    97,608   14,687
    Accrued expenses and other current liabilities   102,242    98,553   14,829
    Total current liabilities   1,340,403    898,087   135,134
          
    Non-current liabilities      
    Long-term loans   3,470   -   - 
    Other non-current liabilities   3,788    3,008   453
    Total non-current liabilities   7,258    3,008   453
    Total liabilities   1,347,661    901,095   135,587
           
    Shareholders' equity:      
    Ordinary shares   239    244   37
    Additional paid-in capital   2,885,358    2,908,172   437,589
    Statutory reserves   17,560    17,560   2,642
    Treasury stock   (890)  -   - 
    Retained earnings   659,947    801,190   120,554
    Accumulated other comprehensive income   68,176    91,539   13,773
    Jumei's shareholders' equity   3,630,390    3,818,705   574,595
    Noncontrolling interests   13,622   -   - 
    Total shareholders' equity   3,644,012    3,818,705   574,595
    Total liabilities and shareholders' equity   4,991,673    4,719,800   710,182
     


    JUMEI INTERNATIONAL HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (RMB in thousands, except share data and per share data)
      
      For the six months ended
      June 30, June 30,  June 30, 
      2015 2016 2016
      RMB RMB US$
    Net revenues:      
    Merchandise sales   3,304,853    3,424,130    515,224 
    Marketplace services   118,691    57,094    8,591 
    Total net revenues    3,423,544    3,481,224    523,815 
    Cost of revenues   (2,375,179)   (2,509,801)   (377,647)
    Gross profit   1,048,365    971,423    146,168 
    Operating expenses:      
    Fulfillment expenses   (404,571)   (439,758)   (66,170)
    Marketing expenses   (321,801)   (220,475)   (33,175)
    Technology and content expenses   (82,436)   (95,137)   (14,315)
    General and administrative expenses   (67,357)   (96,859)   (14,574)
    Total operating expenses   (876,165)   (852,229)   (128,234)
    Income from operations   172,200    119,194    17,934 
    Other income:      
    Interest income   66,819    50,480    7,596 
    Others, net   19,575    16,827    2,532 
    Income before tax   258,594    186,501    28,062 
    Income tax expenses   (49,133)   (37,300)   (5,612)
    Net income   209,461    149,201    22,450 
    Net income attributable to noncontrolling interests   (8,246)   (7,958)   (1,197)
    Net income attributable to Jumei International Holding Limited   201,215    141,243    21,253 
    Net income attributable to Jumei's ordinary shareholders   201,215    141,243    21,253 
    Net income   209,461    149,201    22,450 
    Fair value change – investment security, net of tax   -     14,102    2,122 
    Foreign currency translation adjustment, net of nil tax   (6,706)   9,903    11,748 
    Total comprehensive income   202,755    173,206    36,320 
    Comprehensive loss attributable to noncontrolling interests   (8,054)   (8,600)   (1,294)
    Comprehensive income attributable to Jumei International Holding Limited   194,701    164,606    35,026 
    Net income per share attributable to Jumei's ordinary shareholders      
    - Basic   1.38    0.95    0.14 
    - Diluted   1.34    0.94    0.14 
    Net income per ADS attributable to Jumei's ordinary shareholders (1 ordinary share equals to 1 ADS)      
    - Basic   1.38    0.95    0.14 
    - Diluted   1.34    0.94    0.14 
    Weighted average shares outstanding used in computing net income per share attributable to Jumei's ordinary shareholders      
    - Basic   145,338,313    149,340,266    149,340,266 
    - Diluted   150,190,845    149,951,312    149,951,312 
           
      For the six months ended
      June 30, June 30,  June 30, 
      2015 2016 2016
      RMB RMB US$
           
    Share-based compensation expenses included are follows:      
    Fulfillment expenses   3,204    3,710    558 
    Marketing expenses   9,433    5,604    843 
    Technology and content expenses   4,972    2,373    357 
    General and administrative expenses   9,533    10,707    1,611 
    Total   27,142    22,394    3,369 
     


    JUMEI INTERNATIONAL HOLDING LIMITED
    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, June 30,  June 30, 
      2015 2016 2016
      RMB RMB US$
           
    Income from operations   172,200   119,194   17,934
    Share-based compensation expenses1   27,142   22,394   3,369
    Non-GAAP income from operations   199,342   141,588   21,303
           
    Net income attributable to Jumei's ordinary shareholders   201,215   141,243   21,253
    Share-based compensation expenses   27,142   22,394   3,369
    Non-GAAP net income attributable to Jumei's ordinary shareholders   228,357   163,637   24,622
           
    Non-GAAP net income per share attributable to Jumei's ordinary shareholders      
    - Basic   1.57   1.10   0.16
    - Diluted   1.52   1.09   0.16
    Non-GAAP net income per ADS attributable to Jumei's ordinary shareholders (1 ordinary share equals to 1 ADS)      
    - Basic   1.57   1.10   0.16
    - Diluted   1.52   1.09   0.16
    Weighted average shares outstanding used in computing non-GAAP net income per share attributable to Jumei's ordinary shareholders:      
    - Basic   145,338,313   149,340,266   149,340,266
    - Diluted   150,190,845   149,951,312   149,951,312
           
           
    1  Share-based compensation expenses are not deductible item under PRC Enterprise Income Tax Law, hence no income tax implications.


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