FINANCIAL HIGHLIGHTS FOR THE FIRST HALF OF THE FISCAL YEAR 2022
- Net revenues increased by 21.5% to
RMB101.5 million (US$15.9 million ) fromRMB83.5 million for the same period of the fiscal year 2021; and - Net loss and net loss attributable to Puyi’s shareholders were
RMB39.2 million (US$6.2 million ), whilePuyi recognized net loss ofRMB13.4 million and net loss attributable toPuyi's shareholders ofRMB13.7 million for the same period of the fiscal year 2021, respectively.
Mr.
“During the first half of the fiscal year 2022, the COVID-19 pandemic kept spreading globally, and the growth of China’s GDP was also lowering its speed. Under the influence of all those unfavorable circumstances, we still had an overall growth during this reporting period. During the first half of the fiscal year 2022, we generated total revenue of
Our vision is “Making Every Family in
Based on the strong demand from mass affluent families in
We are always mindful of the benevolence mission of finance. As we develop our business, we are always dedicated to our social responsibility. In
The pandemic will eventually dissipate, and the world economy will eventually regain its growth. We will continue to do the hard but right thing, and to be a friend of time despite of short-term hardships. The Company’s management team will always strive to create greater value for our clients, shareholders and employees.”
FINANCIAL RESULTS FOR THE FIRST HALF OF THE FISCAL YEAR 2022
Net revenues
Net revenues for the first half of the fiscal year 2022 were
- Net revenues generated from our wealth management services for the first half of the fiscal year 2022 were
RMB94.2 million (US$14.8 million ), representing a 28.8% increase fromRMB73.2 million for the same period of the fiscal year 2021. In particular,- Net revenues generated from distribution of privately raised fund products for the first half of the fiscal year 2022 were
RMB38.8 million (US$6.1 million ), representing a 91.6% increase fromRMB20.2 million for the same period of the fiscal year 2021. The increase was primarily due to (i) the increase in transaction value of privately raised fund products; and (ii) performance-based fees ofRMB3.0 million recognized in the first half of the fiscal year 2022, as compared to nil in the first half of the fiscal year 2021; - Net revenues generated from distribution of publicly raised fund products for the first half of the fiscal year 2022 were
RMB55.5 million (US$8.7 million ), representing a 5.3% increase fromRMB52.7million for the same period of the fiscal year 2021. The increase was primarily due to an increase in management fee from the outstanding daily balance of publicly raised fund products; and - Net revenues generated from distribution of other financial products for the first half of the fiscal year 2022 were nil, compared to
RMB299,000 for the same period of the fiscal year 2021. The decrease was primarily because we focused on the distribution of fund products and ceased to offer new exchange administered products sinceOctober 2019 , and we had no existing exchange administered products for this reporting period.
- Net revenues generated from distribution of privately raised fund products for the first half of the fiscal year 2022 were
- Net revenues generated from our asset management services for the first half of the fiscal year 2022 were
RMB3.7 million (US$0.6 million ), representing a 64.2% decrease fromRMB10.3 million for the same period of the fiscal year 2021. The decrease was primarily due to a 74.3% decrease in performance-based fees generated by our actively managed fund of funds toRMB1.8 million (US$0.3 million ) for the first half of the fiscal year 2022, fromRMB6.9 million for the same period of the fiscal year 2021. - Net revenues generated from our other services for the first half of the fiscal year 2022 were
RMB3.5 million (US$0.6 million ), and there was no other services revenue for the same period of the fiscal year 2021. Other services revenues of the fiscal year 2022 were primarily service fees from marketing services for an insurance agency, which is a related party.
Operating costs and expenses
Operating costs and expenses for the first half of the fiscal year 2022 were
- Cost of sales for the first half of the fiscal year 2022 were
RMB22.1 million (US$3.5 million ) and remained stable comparing toRMB22.1 million for the same period of the fiscal year 2021, which was primarily a combined effect of an increase in commission expenses as a result of the increase in the distribution of privately raised fund products and a decrease in commission expenses as a result of the decrease in the distribution of publicly raised fund products; - Selling expenses for the first half of the fiscal year 2022 were
RMB77.1 million (US$12.1 million ), representing a 47.3% increase fromRMB52.3 million for the same period of the fiscal year 2021. This increase was due to (i) an increase in the scale of in-house financial advisors; and (ii) an increase in rental expenses as a result of branch offices expansion; and - General and administrative expenses for the first half of the fiscal year 2022 were
RMB50.8 million (US$8.0 million ), representing a 31.8% increase fromRMB38.5 million for the same period of the fiscal year 2021. The increase was primarily due to (i) an increase in the salary level and scale of staffs; and (ii) an increase in rental expenses.
Investment Income
Our investment income for the first half of the fiscal year 2022 was nil, compared to
Interest Income
Interest income for the first half of the fiscal year 2022 was
Other Income
Other income for the first half of the fiscal year 2022 was
Income Tax Benefit
We recognized income tax benefit of
Net Loss
We recognized a 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 2022 was
Cash, Cash Equivalents and Restricted Cash
As of
OPERATING DATA FOR THE FIRST HALF OF THE FISCAL YEAR 2022
Wealth Management Services
For the first half of fiscal year 2022, the total transaction value of publicly raised fund products was
For the first half of fiscal year 2022, the total transaction value of privately raised fund products was
Asset Management Services
For the first half of fiscal year 2022, the newly-raised capital of our actively managed fund of funds totaled
CONFERENCE CALL
Senior management will host a bilingual conference call in English and Chinese to discuss the Company’s unaudited financial results and business development for the first half of the fiscal year 2022 ended
Details for the conference call are as follows:
Date/Time: | |
( |
Conference Title:
Conference ID #: 4446718
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/4446718 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, and 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 2022 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 | |||||||
2021 | 2021 | 2021 | ||||||
RMB’000 | RMB’000 | USD’000 | ||||||
ASSETS: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 260,593 | 216,186 | 33,924 | |||||
Restricted cash | 72,189 | 98,776 | 15,500 | |||||
Accounts receivable, net | 55,154 | 56,271 | 8,830 | |||||
Short-term investments | - | 5,000 | 785 | |||||
Other receivables | 14,669 | 14,499 | 2,275 | |||||
Amount due from related parties | 721 | 1,912 | 300 | |||||
Total current assets | 403,326 | 392,644 | 61,614 | |||||
Property and equipment, net | 10,018 | 9,803 | 1,538 | |||||
Intangible assets, net | 1,599 | 1,505 | 236 | |||||
Long-term prepayments | 43 | 1 | -* | |||||
Deferred tax assets, net | 21,588 | 25,573 | 4,013 | |||||
Right-of-use assets | 31,329 | 39,587 | 6,213 | |||||
Total assets | 467,903 | 469,113 | 73,614 | |||||
LIABILITIES AND EQUITY: | ||||||||
LIABILITIES: | ||||||||
Current liabilities: | ||||||||
Accounts payable | 12,299 | 12,148 | 1,906 | |||||
Investors’ deposit | 72,189 | 98,776 | 15,500 | |||||
Other payables and accrued expenses | 19,124 | 23,861 | 3,744 | |||||
Lease liabilities, current | 13,705 | 11,269 | 1,768 | |||||
Income taxes payable | 875 | 867 | 136 | |||||
Other tax liabilities | 12,100 | 12,600 | 1,978 | |||||
Amount due to related parties | - | 358 | 56 | |||||
Total current liabilities | 130,292 | 159,879 | 25,088 | |||||
Lease liabilities, non-current | 17,310 | 28,337 | 4,447 | |||||
Total liabilities | 147,602 | 188,216 | 29,535 | |||||
Commitments and contingencies | ||||||||
EQUITY: | ||||||||
Ordinary shares | 600 | 600 | 94 | |||||
Additional paid-in capital | 224,694 | 224,694 | 35,259 | |||||
Statutory reserves | 23,103 | 23,408 | 3,674 | |||||
Retained earnings | 72,714 | 33,165 | 5,204 | |||||
Accumulated other comprehensive income | (810 | ) | (970 | ) | (152 | ) | ||
Total Puyi Inc.’s equity | 320,301 | 280,897 | 44,079 | |||||
Non-controlling interests | - | - | - | |||||
Total equity | 320,301 | 280,897 | 44,079 | |||||
Total liabilities and equity | 467,903 | 469,113 | 73,614 | |||||
*The number is less than 1
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except for percentages) |
|||||||||||
Six months ended | |||||||||||
2020 |
2021 |
2021 |
|||||||||
RMB’000 | RMB’000 | USD’000 | Change (%) |
||||||||
Net Revenues: | |||||||||||
Wealth management | 73,188 | 94,232 | 14,787 | 28.8 | % | ||||||
Asset management | 10,338 | 3,704 | 581 | (64.2 | %) | ||||||
Other services | - | 3,550 | 557 | N/A | |||||||
Total net revenues | 83,526 | 101,486 | 15,925 | 21.5 | % | ||||||
Operating costs and expenses: | |||||||||||
Cost of sales | (22,106 | ) | (22,064 | ) | (3,462 | ) | (0.2 | %) | |||
Selling expenses | (52,333 | ) | (77,085 | ) | (12,096 | ) | 47.3 | % | |||
General and administrative expenses | (38,509 | ) | (50,764 | ) | (7,966 | ) | 31.8 | % | |||
Total operating costs and expenses | (112,948 | ) | (149,913 | ) | (23,524 | ) | 32.7 | % | |||
Loss from operations | (29,422 | ) | (48,427 | ) | (7,599 | ) | 64.6 | % | |||
Other income: | |||||||||||
Interest income | 6,225 | 4,088 | 641 | (34.3 | %) | ||||||
Investment income | 1,899 | - | - | N/A | |||||||
Other, net | 4,486 | 1,674 | 263 | (62.7 | %) | ||||||
Loss before income taxes | (16,812 | ) | (42,665 | ) | (6,695 | ) | (153.8 | %) | |||
Income tax benefit | 3,438 | 3,421 | 537 | (0.5 | %) | ||||||
Net loss | (13,374 | ) | (39,244 | ) | (6,158 | ) | 193.4 | % | |||
Less: net income attributable to non-controlling interests | 304 | - | - | N/A | |||||||
Net loss attributable to Puyi Inc.’s shareholders | (13,678 | ) | (39,244 | ) | (6,158 | ) | 186.9 | % | |||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Continued) (In thousands, except for shares, income per share, income per ADS) |
|||||||||
Six months ended | |||||||||
2020 |
2021 |
2021 |
|||||||
RMB’000 | RMB’000 | USD’000 | |||||||
Net loss per share: | |||||||||
Basic and diluted | (0.151 | ) | (0.434 | ) | (0.068 | ) | |||
Net loss per ADS: | |||||||||
Basic and diluted | (0.227 | ) | (0.651 | ) | (0.102 | ) | |||
Weighted average number of shares used in computation: | |||||||||
Basic and diluted | 90,472,014 | 90,472,014 | 90,472,014 | ||||||
Net loss | (13,374 | ) | (39,244 | ) | (6,158 | ) | |||
Other comprehensive income (loss) | (1,141 | ) | (160 | ) | (25 | ) | |||
Total Comprehensive loss | (14,515 | ) | (39,404 | ) | (6,183 | ) | |||
Less: Comprehensive income (loss) attributable to the non-controlling interests | 304 | - | - | ||||||
Comprehensive loss attributable to Puyi Inc.’s shareholders | (14,819 | ) | (39,404 | ) | (6,183 | ) | |||
Unaudited Condensed Consolidated Statements of Cash Flows (In thousands) |
|||||||||
Six months ended | |||||||||
2020 |
2021 |
2021 |
|||||||
RMB’000 | RMB’000 | USD’000 | |||||||
Net cash used in operating activities | (2,970 | ) | (9,301 | ) | (1,460 | ) | |||
Net cash provided by (used in) investing activities | 56,459 | (8,359 | ) | (1,312 | ) | ||||
Net cash provided by financing activities | - | - | - | ||||||
Net increase (decrease) in cash and cash equivalents, and restricted cash | 53,489 | (17,660 | ) | (2,772 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 288,894 | 332,782 | 52,221 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (1,141 | ) | (160 | ) | (25 | ) | |||
Cash, cash equivalents and restricted cash at end of period | 341,242 | 314,962 | 49,424 | ||||||
Contacts:Puyi Inc. Jing He ,GM ofFinancial Reporting Department Email: ir@puyiwm.com Tel: +86 20-28866499
Puyi Inc.