Jupai Holdings Ltd

CIK:0001616291|SEC Filings

Consolidated Statements of Operations	12 Months Ended
Consolidated Statements of Operations	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues
Revenues	¥ 33,795,196	$ 4,759,954	¥ 103,199,550	¥ 360,572,997
Business taxes and related surcharges	(228,118)	(32,130)	34,571	(1,518,858)
Net revenues	33,567,078	4,727,824	103,234,121	359,054,139
Operating cost and expenses:
Cost of revenues	(5,817)	(819)	(45,383,978)	(156,114,484)
Selling expenses	(122,773)	(17,292)	(7,746,679)	(90,062,565)
General and administrative expenses	(28,705,418)	(4,043,074)	(156,701,338)	(119,449,923)
Other operating income			3,365,373	5,397,270
Total operating cost and expenses	(28,834,008)	(4,061,185)	(206,466,622)	(360,229,702)
Income (loss) from operations	4,733,070	666,639	(103,232,501)	(1,175,563)
Interest income	2,930,516	412,755	4,686,664	7,515,933
Investment loss			(2,708,446)	(12,261,086)
Loss on litigation			(21,442,000)	(282,450,000)
Gain from deconsolidation of subsidiary			173,338,410
Other income (loss)	1,175,715	165,596	(836,304)	(32,782)
Income (loss) before taxes and gain from equity in affiliates	8,839,301	1,244,990	49,805,823	(288,403,498)
Income tax expense	(2,619,402)	(368,935)	(2,155,121)	(2,345,334)
Loss from equity in affiliates	(29,886,771)	(4,209,464)	(31,546,640)	(3,888,959)
Net income (loss)	(23,666,872)	(3,333,409)	16,104,062	(294,637,791)
Net loss (income) attributable to noncontrolling interests	(136)	(19)	3,807,344	26,776,069
Net income (loss) attributable to ordinary shareholders	¥ (23,667,008)	$ (3,333,428)	¥ 19,911,406	¥ (267,861,722)
Net income (loss) per share:
Basic \| (per share)	¥ (0.12)	$ (0.02)	¥ 0.1	¥ (1.35)
Diluted \| (per share)	¥ (0.12)	$ (0.02)	¥ 0.1	¥ (1.35)
Weighted average number of shares used in computation:
Basic \| shares	191,052,818	191,052,818	191,405,669	198,854,216
Diluted \| shares	191,052,818	191,052,818	191,405,669	198,854,216
Third party
Revenues
Revenues	¥ 3,804,537	$ 535,858	¥ 68,246,670	¥ 234,173,007
Related party
Revenues
Revenues	¥ 29,990,659	$ 4,224,096	¥ 34,952,880	¥ 126,399,990

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income (loss)	¥ (23,666,872)	$ (3,333,409)	¥ 16,104,062	¥ (294,637,791)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	565,174	79,603	9,139,691	11,110,956
Loss from disposal of property and equipment	(102,217)	(14,397)	755,921	535,935
Loss from disposal of intangible assets	0		10,500,476
Allowance for doubtful accounts	5,838,484	822,333	28,923,874	9,400,000
Loss from equity in affiliates	29,886,771	4,209,464	31,546,640	3,888,959
Gain (loss) from disposal of subsidiaries and investment in affiliates			(173,338,410)	601,384
Loss on investment in equity securities				11,790,000
Share-based compensation				644,654
Changes in operating assets and liabilities:
Accounts receivable	(2,280,000)	(321,131)	80,672	(128,982)
Other receivables	(1,860)	(262)	593,135	(6,947,627)
Other assets	1,422,532	200,359	2,315,800	4,195,181
Trading securities			(74,789)	(166,465)
Amounts due from related parties	622,545	87,684	(3,440,913)	551,569
Accrued payroll and welfare expenses	(5,524,008)	(778,040)	(2,483,251)	(21,339,142)
Income tax payable	(1,430,641)	(201,502)	1,083,514	(143,707)
Other tax payable	(881,016)	(124,089)	85,388	(1,893,263)
Deferred revenue	(1,621,856)	(228,434)	(7,309,102)	285,905
Other current liabilities	2,653,143	373,687	24,337,515	272,101,301
Deferred revenue from related parties	(187,972)	(26,475)	(2,741,697)	(16,107,460)
Deferred taxes			724,480	151,473
Net cash provided by (used in) operating activities	5,292,207	745,392	(63,196,994)	(26,107,120)
Cash flows from investing activities:
Purchase of property, plant and equipment and intangible assets			3,744,991	(5,704,317)
Proceeds from disposal of property, plant and equipment	149,890	21,112
Purchase of long-term investments				(2,819,390)
Payment for investment in affiliates				(34,581,400)
Proceeds from disposal of investment in affiliates			1,545,000	8,245,615
Origination of short-term loan				(30,000,000)
Collection of short-term loan				50,000,000
Proceeds from disposal of subsidiary, net of cash disposed			(92,678,833)
Loan to related parties	(210,000,000)	(29,577,881)
Collection of loan to related parties				5,000,000
Net cash provided by (used in) investing activities	(209,850,110)	(29,556,770)	(87,388,842)	(9,859,492)
Cash flows from financing activities:
Repurchase of shares			(3,174,100)	(4,462,990)
Net cash used in financing activities			(3,174,100)	(4,462,990)
Effect of exchange rate changes	1,304,076	183,675	21,920,756	(4,707,092)
Net decrease in cash and cash equivalents	(203,253,827)	(28,627,703)	(131,839,180)	(45,136,694)
Cash, cash equivalents and restricted cash—beginning of the year	480,260,071	67,643,216	612,099,251	657,235,945
Cash, cash equivalents and restricted cash—end of the year	277,006,244	39,015,513	480,260,071	612,099,251
Supplemental disclosure of cash flow information:
Cash paid for income taxes	¥ 4,050,043	$ 570,437	¥ 369,858	¥ 2,337,568

Consolidated Balance Sheets	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 261,275,422	$ 36,799,874	¥ 480,260,071
Restricted cash	15,730,822	2,215,640
Accounts receivable (net of allowance for doubtful accounts of RMB25,435,692 and RMB25,435,692 as of December 31, 2022 and 2023, respectively)	2,280,000	321,131
Trade and other receivables (net of allowance for doubtful accounts of RMB11,443,605 and RMB11,718,489 as of December 31, 2022 and 2023, respectively)	111,553	15,712	384,576
Amounts due from related parties (net of allowance for doubtful accounts of RMB69,880,157 and RMB75,443,757 as of December 31, 2022 and 2023, respectively)			12,570,000
Other current assets	3,203,886	451,258	3,398,964
Total current assets	282,601,683	39,803,615	496,613,611
Long-term investments	200,000,000	28,169,411	200,000,000
Intangible assets, net			138,447
Amounts due from related parties - non-current	422,570,000	59,517,740	206,186,144
Investment in affiliates			29,886,783
Property, plant, and equipment, net	600,627	84,597	1,075,028
Other non-current assets (net of allowance for doubtful accounts of RMB644,447 and RMB644,447 as of December 31, 2022 and 2023, respectively)	3,731,720	525,602	4,959,173
Right-of-use assets	8,491,453	1,195,996	11,448,145
Total Assets	917,995,483	129,296,961	950,307,331
Current liabilities:
Accrued payroll and welfare expenses (including accrued payroll and welfare expense of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB4,331,827 and RMB2,000,000 as of December 31, 2022 and 2023, respectively)	5,504,000	775,222	11,028,008
Income tax payable (including income tax payable of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB651,587 and RMB(21,213,724) as of December 31, 2022 and 2023, respectively)	28,381,583	3,997,462	29,812,224
Other tax payable (including other tax payable of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of nil and nil as of December 31, 2022 and 2023, respectively)	1,863,046	262,405	2,744,062
Amounts due to related parties - current (including amounts due to related parties-current of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB115,748,800 and RMB50,122,823 as of December 31,2022 and 2023, respectively)			5,992,010
Deferred revenue from related parties (including deferred revenue from related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB1,954,481 and RMB1,903,302 as of December 31,2022 and 2023, respectively)	1,903,302	268,074	2,091,273
Deferred revenue (including deferred revenue of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of nil and nil as of December 31,2022 and 2023, respectively)			1,621,856
Other current liabilities (including other current liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB (271,617) and RMB2,178 as of December 31, 2022 and 2023, respectively)	48,083,188	6,772,375	38,841,490
Total current liabilities	85,735,119	12,075,538	92,130,923
Deferred revenue - non-current (including deferred revenue of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of nil and nil as of December 31, 2022 and 2023, respectively)	1,179,245	166,093	1,179,245
Operating Lease Liabilities - non-current (including operating lease liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of nil and nil as of December 31, 2022 and 2023, respectively)	3,732,204	525,670	7,285,438
Total Liabilities	90,646,568	12,767,301	100,595,606
Commitments and Contingencies (Note 16)
Shareholders’ Equity:
Ordinary Shares (USD0.0005 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 191,052,818 and 191,052,818 shares issued and outstanding, as of December 31, 2022 and 2023, respectively)	597,739	84,190	597,739
Additional paid-in capital	1,093,762,610	154,053,242	1,093,762,610
Accumulated deficit	(320,552,501)	(45,148,875)	(296,885,493)
Accumulated other comprehensive income	53,531,219	7,539,715	52,227,157
Total Jupai shareholders' equity	827,339,067	116,528,272	849,702,013
Noncontrolling interests	9,848	1,388	9,712
Total Equity	827,348,915	116,529,660	849,711,725
TOTAL LIABILITIES AND SHAREHOLERS' EQUITY	¥ 917,995,483	$ 129,296,961	¥ 950,307,331