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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549
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| FORM 6-K |
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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
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For the month of December 2016
Commission File Number: 001-36442
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| JUMEI INTERNATIONAL HOLDING LIMITED |
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20th Floor, Tower B, Zhonghui Plaza 11 Dongzhimen South Road, Dongcheng District Beijing 100007 The People’s Republic of China Tel: +86 10-5676-6999
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(Address of principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
| Form 20-F | x | Form 40-F | o |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| JUMEI INTERNATIONAL HOLDING LIMITED | ||
| By: | /s/ Leo Ou Chen | |
| Name: | Leo Ou Chen | |
| Title: | Chief Executive Officer | |
Date: December 23, 2016
EXHIBIT INDEX
Exhibit 99.1 – Jumei Reports Unaudited First Half 2016 Financial Results
Exhibit 99.1
Jumei Reports Unaudited First Half 2016 Financial Results
BEIJING, December 23, 2016 -- 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
| Ÿ | 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. |
| Ÿ | 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. |
| Ÿ | 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. |
| Ÿ | 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. |
| Ÿ | 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.
| Ÿ | 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. |
| Ÿ | 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. |
| Ÿ | 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. |
| Ÿ | 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, 2015 | June 30, 2016 | June 30, 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, 2015 | June 30, 2016 | June 30, 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, 2015 | June 30, 2016 | June 30, 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 | |||||||||
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1 Share-based compensation expenses are not deductible item under PRC Enterprise Income Tax Law, hence no income tax implications.