FINANCIAL HIGHLIGHTS FOR THE FIRST HALF OF THE FISCAL YEAR 2021
• | Net revenues increased by 33.9% to |
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• | Net loss was |
Mr.
“In the first half of the fiscal year 2021, despite the impact caused by the COVID-19 pandemic,
Packaged fund products are Puyi’s representative products, which are also one of the core competitive strength of the Company. We have cooperated with a leading public fund management company, by leveraging its strong investment and research capabilities in the field of public funds, we issued
In this reporting period, the Company’s client base continued to grow rapidly. The number of clients that had investments of publicly raised fund products as of
We take digital operation as our core driving force. Supported by client insight and artificial intelligent algorithm, we are able to engage targeted and smart interactions with our clients, thereby enhancing clients satisfaction with us and increasing client conversion rates and repeat investment.
In order to provide more professional and client-oriented services, we officially started the establishment of branches in central cities, and directly recruited professional financial advisors in the more developed regions in
We never forget why we started and we are always open to hear from our clients.
FINANCIAL RESULTS FOR THE FIRST HALF OF THE FISCAL YEAR 2021
Net revenues
Net revenues for the first half of the fiscal year 2021 were
• | Net revenues generated from our wealth management services for the first half of the fiscal year 2021 were |
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• | Net revenues generated from distribution of privately raised fund products for the first half of the fiscal year 2021 were |
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• | Net revenues generated from distribution of publicly raised fund products for the first half of the fiscal year 2021 were |
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• | Net revenues generated from distribution of other financial products for the first half of the fiscal year 2021 were |
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• | Net revenues generated from our asset management services for the first half of the fiscal year 2021 were |
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• | Net revenues generated from our corporate finance services for the first half of the fiscal year 2021 were nil, compared to |
Operating costs and expenses
Operating costs and expenses for the first half of the fiscal year 2021 were
• | Cost of sales for the first half of the fiscal year 2021 were |
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• | Selling expenses for the first half of the fiscal year 2021 were |
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• | General and administrative expenses for the first half of the fiscal year 2021 were |
Investment Income
Our investment Income for the first half of the fiscal year 2021 was
Interest Income
Interest income for the first half of the fiscal year 2021 was
Other Income
Other income for the first half of the fiscal year 2021 was
Income Tax Benefit
We recognized income tax benefit of
Net Loss
We recognized net loss of
Net Loss Attributable to Puyi’s Shareholders
We recognized net loss attributable to Puyi’s shareholders of
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS for the first half of the fiscal year 2021 was
Cash, Cash Equivalents and Restricted Cash
As of
OPERATING DATA FOR THE FIRST HALF OF THE FISCAL YEAR 2021
Wealth Management Services
For the first half of fiscal year 2021, the total transaction value of publicly raised fund products was
As of
Asset Management Services
For the first half of fiscal year 2021, we distributed three new actively managed FOFs. The newly-raised capital of our actively managed FOFs totaled
Corporate Structure Update
In
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company’s unaudited financial results and business development for the first half of the fiscal year 2021 ended
Details for the conference call are as follows:
Date/Time: | |
( |
Conference Title:
Conference ID #: 9297930
The conference call will be a Direct Event call, which requires online registration in advance. Please use the link http://apac.directeventreg.com/registration/event/9297930 to complete the online registration at least 15 minutes prior to the commencement of the conference call. You will receive a confirmation email containing the Direct Event Passcode, Registrant ID, list of dial in numbers and a brief description of how to join the call. Please call the dial in number associated with your location of the conference call and follow the relevant instructions to enter the Direct Event Passcode and Registrant ID, then you will join the conference call.
Additionally, a live and archived webcast of the conference call will be available at Puyi’s investor relations website http://ir.puyiwm.com/news-events/events.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the first half of fiscal year 2021 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise indicated, all translations from RMB to US$ are made at a rate of
SAFE HARBOR STATEMENT
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in
Unaudited Condensed Consolidated Statements of Financial Position
(in thousands)
As of | As of | |||||||||||||
2020 | 2020 | 2020 | ||||||||||||
RMB’000 | RMB’000 | USD’000 | ||||||||||||
ASSETS: | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 285,924 | 327,622 | 50,210 | |||||||||||
Restricted cash | 2,970 | 13,620 | 2,087 | |||||||||||
Accounts receivable, net | 39,812 | 35,819 | 5,490 | |||||||||||
Short-term Investments | 4,000 | - | - | |||||||||||
Other receivables | 6,376 | 11,809 | 1,810 | |||||||||||
Short-term loans receivable | 52,893 | - | - | |||||||||||
Amount due from related parties | 1,247 | - | - | |||||||||||
Total current assets | 393,222 | 388,870 | 59,597 | |||||||||||
Property and equipment, net | 4,776 | 4,853 | 744 | |||||||||||
Intangible assets, net | 363 | 2,014 | 309 | |||||||||||
Long-term prepayments | 1,269 | 42 | 6 | |||||||||||
Deferred tax assets | 10,909 | 12,616 | 1,933 | |||||||||||
Right-of-use assets | 22,172 | 22,742 | 3,486 | |||||||||||
Total assets | 432,711 | 431,137 | 66,075 | |||||||||||
LIABILITIES AND EQUITY: | ||||||||||||||
LIABILITIES: | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | 9,037 | 12,107 | 1,855 | |||||||||||
Investors’ deposit | 2,970 | 13,620 | 2,087 | |||||||||||
Other payables and accrued expenses | 15,755 | 19,026 | 2,916 | |||||||||||
Lease liabilities, current | 7,401 | 8,373 | 1,283 | |||||||||||
Income taxes payable | 2,637 | - | - | |||||||||||
Other tax liabilities | 9,300 | 10,500 | 1,609 | |||||||||||
Advance receipts | 421 | - | - | |||||||||||
Total current liabilities | 47,521 | 63,626 | 9,750 | |||||||||||
Lease liabilities, non-current | 14,709 | 14,382 | 2,205 | |||||||||||
Total liabilities | 62,230 | 78,008 | 11,955 | |||||||||||
Commitments and contingencies | ||||||||||||||
EQUITY: | ||||||||||||||
Ordinary shares | 600 | 600 | 92 | |||||||||||
Additional paid-in capital | 224,702 | 224,694 | 34,436 | |||||||||||
Statutory reserves | 21,873 | 22,541 | 3,455 | |||||||||||
Retained earnings | 120,314 | 105,968 | 16,240 | |||||||||||
Accumulated other comprehensive income | 467 | (674 | ) | (103 | ) | |||||||||
Total Puyi Inc.’s equity | 367,956 | 353,129 | 54,120 | |||||||||||
Non-controlling interests | 2,525 | - | - | |||||||||||
Total equity | 370,481 | 353,129 | 54,120 | |||||||||||
Total liabilities and equity | 432,711 | 431,137 | 66,075 | |||||||||||
Unaudited Condensed Consolidated Statements of
Operations and Comprehensive Loss
(In thousands, except for percentages)
Six months ended | |||||||||||||||||
2019 |
2020 |
2020 |
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RMB’000 | RMB’000 | USD’000 | Change (%) |
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Net Revenues: | |||||||||||||||||
Wealth management | 57,729 | 73,188 | 11,217 | 26.8 | % | ||||||||||||
Asset management | 4,625 | 10,338 | 1,584 | 123.5 | % | ||||||||||||
Corporate finance | 6 | - | - | (100 | %) | ||||||||||||
Total net revenues | 62,360 | 83,526 | 12,801 | 33.9 | % | ||||||||||||
Operating costs and expenses: | |||||||||||||||||
Cost of sales | (18,915 | ) | (22,106 | ) | (3,388 | ) | 16.9 | % | |||||||||
Selling expenses | (49,205 | ) | (52,333 | ) | (8,020 | ) | 6.4 | % | |||||||||
General and administrative expenses | (29,874 | ) | (38,509 | ) | (5,902 | ) | 28.9 | % | |||||||||
Total operating costs and expenses | (97,994 | ) | (112,948 | ) | (17,310 | ) | 15.3 | % | |||||||||
Loss from operations | (35,634 | ) | (29,422 | ) | (4,509 | ) | (17.4 | %) | |||||||||
Other income: | |||||||||||||||||
Interest income | 5,184 | 6,225 | 954 | 20.1 | % | ||||||||||||
Investment income | 345 | 1,899 | 291 | 450.4 | % | ||||||||||||
Other, net | 4,747 | 4,486 | 688 | (5.5 | %) | ||||||||||||
Loss before income taxes | (25,358 | ) | (16,812 | ) | (2,576 | ) | (33.7 | %) | |||||||||
Income tax benefit | 2,771 | 3,438 | 527 | 24.1 | % | ||||||||||||
Net loss | (22,587 | ) | (13,374 | ) | (2,049 | ) | (40.8 | %) | |||||||||
Less: net income (loss) attributable to non-controlling interests | (552 | ) | 304 | 47 | NA | ||||||||||||
Net loss attributable to Puyi Inc.’s shareholders | (22,035 | ) | (13,678 | ) | (2,096 | ) | (37.9 | %) | |||||||||
Unaudited Condensed Consolidated Statements of
Operations and Comprehensive Loss (Continued)
(In thousands, except for shares, income per share, income per ADS)
Six months ended | |||||||||||||||
2019 |
2020 |
2020 |
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RMB’000 | RMB’000 | USD’000 | |||||||||||||
Net loss per share: | |||||||||||||||
Basic and diluted | (0.244 | ) | (0.151 | ) | (0.023 | ) | |||||||||
Net loss per ADS: | |||||||||||||||
Basic and diluted | (0.366 | ) | (0.227 | ) | (0.035 | ) | |||||||||
Weighted average number of shares used in computation: | |||||||||||||||
Basic and diluted | 90,472,014 | 90,472,014 | 90,472,014 | ||||||||||||
Net loss | (22,587 | ) | (13,374 | ) | (2,049 | ) | |||||||||
Other comprehensive income (loss) | 227 | (1,141 | ) | (175 | ) | ||||||||||
Total Comprehensive loss | (22,360 | ) | (14,515 | ) | (2,224 | ) | |||||||||
Less: Comprehensive income (loss) attributable to the non-controlling interests | (552 | ) | 304 | 47 | |||||||||||
Comprehensive loss attributable to Puyi Inc.’s shareholders | (21,808 | ) | (14,819 | ) | (2,271 | ) | |||||||||
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
Six months ended | |||||||||||||||
2019 |
2020 |
2020 |
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RMB’000 | RMB’000 | USD’000 | |||||||||||||
Net cash used in operating activities | (49,609 | ) | (2,970 | ) | (455 | ) | |||||||||
Net cash provided by (used in) investing activities | (28,912 | ) | 56,459 | 8,653 | |||||||||||
Net cash provided by financing activities | - | - | - | ||||||||||||
Net increase (decrease) in cash and cash equivalents, and restricted cash | (78,521 | ) | 53,489 | 8,198 | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 430,268 | 288,894 | 44,275 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,751 | (1,141 | ) | (175 | ) | ||||||||||
Cash, cash equivalents and restricted cash at end of period | 353,498 | 341,242 | 52,298 | ||||||||||||
Contacts:Puyi Inc. Jing He ,GM ofFinancial Reporting Department Email: ir@puyiwm.com Tel: +86 20-28866499
Puyi Inc.