Jumei International Holding Ltd

CIK:0001597680|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares	Dec. 31, 2016 CNY (¥) ¥ / shares shares
Net revenues:
Total net revenues	¥ 4,288,868	$ 623,791	¥ 5,816,832	¥ 6,277,183
Cost of revenues	(3,198,195)	(465,158)	(4,527,284)	(4,524,897)
Gross profit	1,090,673	158,633	1,289,548	1,752,286
Operating expenses:
Fulfillment expenses	(367,212)	(53,409)	(580,792)	(769,651)
Marketing expenses	(634,732)	(92,318)	(401,756)	(427,827)
Technology and content expenses	(198,408)	(28,857)	(200,342)	(216,310)
General and administrative expenses	(145,940)	(21,226)	(144,883)	(206,243)
Impairment of goodwill	(15,291)	(2,224)	0	0
Total operating expenses	(1,361,583)	(198,034)	(1,327,773)	(1,620,031)
Income/(loss) from operations	(270,910)	(39,401)	(38,225)	132,255
Other income/(expenses):
Interest income	94,043	13,678	65,515	85,597
Others, net	386,635	56,235	(45,393)	76,271
Share of income/(loss) from equity method investments	(1)	0	4,903	2,452
Impairment of investments, net of tax of nil	(82,372)	(11,981)	0	(114,789)
Income/(loss) before tax	127,395	18,531	(13,200)	181,786
Income tax expenses	(9,894)	(1,439)	(23,778)	(31,604)
Net income/(loss)	117,501	17,092	(36,978)	150,182
Net income attributable to non-controlling interests	(272)	(40)	0	(7,958)
Net income/(loss) attributable to Jumei International Holding Limited's ordinary shareholders	117,229	17,052	(36,978)	142,224
Net income/(loss)	117,501	17,092	(36,978)	150,182
Fair value change – investment security, net of tax	0	0	14,411	(68,309)
Reclassification of unrealized loss/(gain) into the consolidated statements of comprehensive income/(loss)	(16,599)	(2,414)	0	114,789
Foreign currency translation adjustment, net of nil tax	66,429	9,662	(20,808)	31,604
Total comprehensive income/(loss)	167,331	24,340	(43,375)	228,266
Comprehensive income attributable to non-controlling interests	(272)	(40)	0	(8,600)
Comprehensive income/(loss) attributable to Jumei International Holding Limited	¥ 167,059	$ 24,300	¥ (43,375)	¥ 219,666
Net income/(loss) per share attributable to Jumei International Holding Limited's ordinary shareholders
- Basic (in shares) \| (per share)	¥ 0.83	$ 0.12	¥ (0.25)	¥ 0.95
- Diluted (in shares) \| (per share)	¥ 0.83	$ 0.12	¥ (0.25)	¥ 0.95
Weighted average shares outstanding used in computing net income per share attributable to Jumei International Holding Limited's ordinary shareholders
- Basic	141,291,417	141,291,417	149,790,335	149,477,388
- Diluted	141,763,458	141,763,458	149,790,335	150,069,205
Merchandise sales
Net revenues:
Total net revenues	¥ 3,359,241	$ 488,581	¥ 5,634,156	¥ 6,174,721
Services and others
Net revenues:
Total net revenues	¥ 929,627	$ 135,210	¥ 182,676	¥ 102,462
ADS
Net income/(loss) per share attributable to Jumei International Holding Limited's ordinary shareholders
- Basic (in shares) \| (per share)	¥ 0.83	$ 0.12	¥ (0.25)	¥ 0.95
- Diluted (in shares) \| (per share)	¥ 0.83	$ 0.12	¥ (0.25)	¥ 0.95

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2016 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	¥ 117,501	$ 17,092	¥ (36,978)	¥ 150,182
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Share-based compensation	12,839	1,867	23,710	34,673
Impairment of investments	54,615	7,943	1,900	114,789
Allowance for accounts receivable	763	111	0	0
Advances to suppliers write off	2,063	300	0	27,378
Loans receivable write off	0	0	0	1,667
Allowance for loan receivable	27,757	4,037	0	0
(Reversal of provision)/provision for inventory	21,008	3,055	11,022	(3,264)
Depreciation, amortization and disposal expenses	234,245	34,070	58,242	30,833
Deferred tax expense/(income)	(42,752)	(6,218)	(7,605)	2,580
Foreign exchange (gain)/loss	16,715	2,431	87,753	(27,953)
Interest income of loans receivable	(5,276)	(767)	(7,344)	(10,439)
(Gain)/loss from the disposal of a majority owned subsidiary	2,396	348	0	(7,308)
Gain from the disposal of long-term investment, net of tax	(324,016)	(47,126)	0	(7,348)
Share of (income)/loss from equity method investment	1	0	(4,903)	(2,452)
Loss from disposal and write-off of property, equipment and software	26,194	3,810	41,195	1,881
Changes in fair value of equity investments measured at fair value	(46,574)	(6,774)	0	0
Impairment of goodwill	15,291	2,224	0	0
Changes in operating assets and liabilities:
Accounts receivable	(4,556)	(663)	6,534	15,099
Inventories	77,274	11,239	32,003	307,155
Advance to suppliers	(7,198)	(1,047)	18,148	43,444
Prepayments and other assets	(184,767)	(26,873)	(236,427)	(79,514)
Accounts payable	(218,286)	(31,748)	(66,190)	(455,925)
Advance from customers	(13,147)	(1,912)	(15,430)	(38,847)
Tax payable	4,515	657	(29,290)	(18,379)
Accrued expenses and other liabilities	572,566	83,276	171,184	5,266
Purchase of operating equipment	(428,002)	(62,250)	(418,781)	0
Film production	68,963	10,030	(69,238)	0
Net cash provided by/(used in) operating activities	(19,868)	(2,888)	(440,495)	83,518
Cash flows from investing activities:
Purchase of short-term investments	(4,779,597)	(695,164)	(5,559,000)	(3,422,000)
Maturity of short-term investments	5,364,967	780,302	4,345,182	3,085,000
Purchase of property, equipment and software	(12,991)	(1,889)	(9,392)	(29,381)
Purchase of land use rights	(86,211)	(12,539)	0	(84,068)
Purchase of intangible assets	0	0	(10,000)	0
Cash paid for construction in process	(47,650)	(6,930)	(78,848)	(16,726)
Repayment of loan receivable	60,000	8,727	0	186,000
Proceeds from the convertible loan issuer	0	0	0	372,000
Cash received from disposal of long-term investment	502,256	73,050	0	39,751
Cash received from/(paid for) disposal of majority owned subsidiary	(792)	(115)	0	5,019
Net cash acquired from business acquisition	0	0	45,466	0
Purchase of long-term investments	(88,623)	(12,890)	(42,534)	(502,726)
Loan to an equity investee	0	0	0	(73,330)
Loan to a third party	(4,000)	(582)	0	0
Net cash (used in)/provided by investing activities	907,359	131,970	(1,309,126)	(440,461)
Cash flows from financing activities:
Repurchase of ordinary shares	(402,133)	(58,488)	0	0
Proceeds from exercises of share options	1,163	169	1,362	2,403
Purchase of redeemable non-controlling interests	0	0	(92,610)	0
Proceeds from short-term bank loans	0	0	0	11,066
Payback of long-term borrowing	0	0	0	(184)
Net cash provided by/(used in) financing activities	(400,970)	(58,319)	(91,248)	13,285
Effect of exchange rate changes on cash and cash equivalents	32,065	4,663	(59,455)	80,842
Net (decrease)/increase in cash and cash equivalents	518,586	75,426	(1,900,324)	(262,816)
Cash and cash equivalents at the beginning of the year	401,147	58,344	2,301,471	2,564,287
Cash and cash equivalents at the end of the year	919,733	133,770	401,147	2,301,471
Supplemental disclosures of cash flow information:
Cash paid for income taxes	33,638	4,892	36,987	47,705
Cash paid for interest	0	0	0	661
Supplemental disclosures of non-cash information:
Purchase of property and equipment and construction in process included in accrued expenses and other liabilities	¥ 6,057	$ 881	¥ 38,012	¥ 0

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 919,733	$ 133,770	¥ 401,147
Short-term investments	1,427,346	207,599	1,972,277
Loans receivable, net	4,000	582	73,330
Accounts receivable, net	25,849	3,760	22,334
Inventories	503,303	73,202	603,091
Advances to suppliers	23,795	3,461	19,173
Prepayments and other current assets	476,140	69,252	294,695
Total current assets	3,380,166	491,626	3,386,047
Non-current assets:
Long-term investments	575,046	83,637	643,524
Property, equipment and software, net	709,777	103,233	516,582
Construction in process	19,681	2,862	4,229
Land use rights, net	164,657	23,948	80,846
Intangible assets, net	17,053	2,480	26,630
Goodwill	105,219	15,303	120,510
Film production	275	40	69,238
Deferred tax assets	59,602	8,669	5,587
Other non-current assets	110,729	16,105	114,040
Total non-current assets	1,762,039	256,277	1,581,186
Total assets	5,142,205	747,903	4,967,233
Current liabilities (including amounts of the consolidated variable interest entities (VIEs) without recourse to the primary beneficiaries of RMB114,550 and RMB126,154 as of December 31, 2017 and 2018, respectively. Note 1)
Accounts payable	379,022	55,126	578,881
Advances from customers	36,914	5,369	50,061
Tax payable	90,136	13,110	49,819
Accrued expenses and other current liabilities	879,937	127,983	343,238
Total current liabilities	1,386,009	201,588	1,021,999
Non-current liabilities:
Other non-current liabilities	7,164	1,042	3,311
Deferred tax liabilities	11,261	1,638	0
Total non-current liabilities	18,425	2,680	3,311
Total liabilities	1,404,434	204,268	1,025,310
Commitments and contingencies (Note 18)
Mezzanine Equity:
Redeemable non-controlling interests	66,638	9,692	66,696
Total mezzanine Equity	66,638	9,692	66,696
Shareholders' equity:
Ordinary shares (US$0.00025 par value, 1,000,000,000 shares authorized (including 840,000,000 Class A, 60,000,000 Class B and 100,000,000 discretionary) as of December 31, 2017 and 2018; 94,628,746 Class A ordinary shares issued and 92,992,483 outstanding, 56,892,198 Class B ordinary shares issued and outstanding as of December 31, 2017; 100,628,746 Class A ordinary shares issued and 73,187,255 outstanding, 50,892,198 Class B ordinary shares issued and outstanding as of December 31,2018)	244	35	244
Additional paid-in capital	2,967,390	431,589	2,953,009
Statutory reserves	44,236	6,434	42,573
Treasury stock	(402,133)	(58,488)	0
Retained earnings	872,345	126,877	740,180
Accumulated other comprehensive income	189,051	27,496	139,221
Total shareholders' equity	3,671,133	533,943	3,875,227
Total liabilities, mezzanine equity and shareholders' equity	¥ 5,142,205	$ 747,903	¥ 4,967,233