NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2024
SHANGHAI, Aug. 28,2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" orthe "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneerwealth management service provider offering comprehensive one-stopadvisory services on global investment and asset allocationprimarily for Mandarin-speaking high-net-worth investors, todayannounced its unaudited financial results for the second quarter of2024.
SECOND QUARTER 2024 FINANCIALHIGHLIGHTS
- Net revenuesfor the second quarterof 2024 were RMB615.8million(US$84.7 million), a 34.6% decrease from thecorresponding period in 2023, and a 5.2% decrease from the firstquarter of 2024，primarily due to a decrease in distribution ofinsurance products.
Net revenues from mainland China for the second quarter of 2024 wereRMB337.2 million (US$46.4 million), a 38.5% decrease from thecorresponding period in 2023, mainly due to a decrease indistribution of insurance products as well as private secondaryproducts.
Net revenues from overseas for the secondquarter of 2024 were RMB278.6 million(US$38.3 million), a 29.2% decreasefrom the corresponding period of 2023, mainly due to a decrease inone-time commissions from insurance products.
Net Revenues by segment is as follows:
(RMBmillions, exceptpercentages) | Q2 2023 | Q2 2024 | YoY Change | ||||
Wealthmanagement | 745.3 | 415.6 | (44.2%) | ||||
Assetmanagement | 183.4 | 192.3 | 4.9% | ||||
Otherbusinesses | 13.1 | 7.9 | (39.7%) | ||||
Total netrevenues | 941.8 | 615.8 | (34.6%) |
Net Revenues by geography is as follows:
(RMBmillions, exceptpercentages) | Q2 2023 | Q2 2024 | YoY Change | ||||
MainlandChina | 548.3 | 337.2 | (38.5%) | ||||
Overseas | 393.5 | 278.6 | (29.2%) | ||||
Total netrevenues | 941.8 | 615.8 | (34.6%) |
- Income from operations for the second quarter of 2024was RMB134.0 million (US$18.4 million), a 61.6% decrease from thecorresponding period in 2023, mainly due to the 34.6% decrease innet revenues. Income from operations increased 10.3% sequentially,mainly due to the effective cost control measures implemented inthe second quarter of 2024.
Income from operations by segment is as follows:
(RMBmillions, exceptpercentages) | Q2 2023 | Q2 2024 | YoY Change | ||||
Wealthmanagement | 300.2 | 65.5 | (78.2%) | ||||
Assetmanagement | 80.9 | 86.5 | 6.9% | ||||
Otherbusinesses | (31.7) | (18.0) | (43.2%) | ||||
Total income fromoperations | 349.4 | 134.0 | (61.6%) |
- Net income attributable to Noah shareholders for thesecond quarter of 2024 was RMB99.8million (US$13.7 million), a68.4% decrease from the corresponding period in 2023, mainly due tothe 61.6% decrease in income from operations and a loss from equityin affiliates recorded in the second quarter of 2024.
- Non-GAAP[1] net income attributableto Noah shareholders for the second quarter of 2024 wasRMB106.1 million (US$14.6 million), a 66.1% decrease from thecorresponding period in 2023.
SECOND QUARTER 2024 OPERATIONAL UPDATES
Wealth Management Business
Noah offers global investment products and provides value-addedservices to global Mandarin-speaking high-net-worth investors inits wealth management business. Noah primarily distributes privateequity, private secondary, mutual funds and other productsdenominated in RMB, USD and other currencies.
- Total number of registered clients as of June 30, 2024, was 459,072, a 2.8% increase fromJune 30, 2023, and a 0.3% increasefrom March 31, 2024. Among registeredclients as of June 30, 2024, thenumber of overseas registered clients was 16,786, a 6.7% increasefrom March 31, 2024, and a 23.0%increase from June 30, 2023.
- Total number of active clients[2] for thesecond quarter of 2024 was 8,634, a decrease of 25.2% from thesecond quarter of 2023 and 16.9% from the first quarter of 2024.Among active clients during the second quarter of 2024, the numberof overseas active clients was 3,244, a 62.8% increase from thesecond quarter of 2023, and an 18.2% increase from the firstquarter of 2024.
- Aggregate value of investment productsdistributed during the second quarter of 2024 was RMB14.4 billion (US$2.0billion), a 21.7% decrease from the second quarter of 2023,mainly due to a 29.3% decrease in distribution of mutual fundproducts. The aggregate value of investment products distributeddecreased by 23.7% from the first quarter of 2024, mainly due tothe decrease in distribution of mutual fund products. Among theinvestment products distributed during the second quarter of 2024,Noah distributed RMB7.9 billion(US$1.1 billion) of overseasinvestment products, a 40.8% increase from the second quarter of2023, primarily due to an 80.9% increase in distribution ofoverseas mutual fund products.
The aggregate value of investment products distributed,categorized by product type, is as follows:
Producttype | Three months endedJune 30, | |||
2023 | 2024 | |||
(RMB in billions,except percentages) | ||||
Mutual fundproducts | 12.0 | 65.4% | 8.5 | 59.0% |
Private secondaryproducts | 4.3 | 23.3% | 4.1 | 28.7% |
Private equityproducts | 0.6 | 3.3% | 1.1 | 7.7% |
Otherproducts[3] | 1.5 | 8.0% | 0.7 | 4.6% |
Allproducts | 18.4 | 100.0% | 14.4 | 100.0% |
The aggregate value of investment products distributed,categorized by geography, is as follows：
Type of products inMainland China | Three months endedJune 30, | ||||||
2023 | 2024 | ||||||
(RMB in billions,except percentages) | |||||||
Mutual fundproducts | 10.1 | 79.1% | 5.0 | 77.1% | |||
Private secondaryproducts | 1.9 | 15.2% | 1.2 | 18.9% | |||
Private equityproducts | 0.1 | 1.1% | - | 0.0% | |||
Otherproducts | 0.6 | 4.6% | 0.3 | 4.0% | |||
All products inMainland China | 12.8 | 100.0% | 6.5 | 100.00% | |||
Type of overseasproducts | Three months endedJune 30, | ||||||
2023 | 2024 | ||||||
(RMB in billions,except percentages) | |||||||
Mutual fundproducts | 1.9 | 34.4% | 3.5 | 44.2% | |||
Private secondaryproducts | 2.4 | 41.7% | 2.9 | 36.7% | |||
Private equityproducts | 0.8 | 13.5% | 1.1 | 13.9% | |||
Otherproducts | 0.6 | 10.4% | 0.4 | 5.2% | |||
All Overseasproducts | 5.6 | 100.00% | 7.9 | 100.00% | |||
- Coverage network in mainland China included 15 cities as of June 30, 2024, compared with 63 cities as ofJune 30, 2023, and 18 cities as ofMarch 31, 2024, as the Companycontinued to streamline its coverage across mainland China.
- Aggregate number of overseas relationship managers was113 as of June 30, 2024, a 24.2%increase from March 31, 2024. Sincethe Company's relationship managers in mainland China are divided into different teams, eachfocusing on an independent business unit dedicated to offeringclients mutual fund and private secondary products, insuranceproducts, or private equity products, the Company no longerconsiders it meaningful to disclose an aggregate number ofrelationship managers in mainland China.
Asset Management Business
Noah's asset management business is conducted through GopherAsset Management Co., Ltd. ("Gopher Asset Management"), a leadingmulti-asset manager in China withglobal investment capabilities and overseas offices in Hong Kong and theUnited States. Gopher Asset Management develops and managesassets ranging from private equity, real estate, public securitiesto multi-strategy investments denominated in RMB, USD and othercurrencies.
- Total assets under managementas of June 30, 2024, remained relatively stable atRMB154.0 billion (US$21.2 billion), compared with RMB156.9 billion as of June 30, 2023, and RMB153.3 billion as of March 31, 2024.
Mainland Chinaassets under management as of June 30,2024, were RMB114.9 billion(US$15.8billion), compared withRMB122.7 billion as of June 30, 2023, and RMB116.1 billion as of March 31, 2024.
Overseas assets under management as ofJune 30, 2024, were RMB39.1 billion (US$5.4billion), compared with RM34.2billion as of June 30, 2023,and RMB37.2 billion as ofMarch 31, 2024.
Total assets under management, categorized by investmenttype, are as follows:
Investmenttype | As of |
|
| As of | |||||||
(RMB billions,except percentages) | |||||||||||
Privateequity | 131.8 | 85.9% | 0.7 | (0.5)[4] | 133.0 | 86.4% | |||||
Publicsecurities[5] | 10.9 | 7.1% | 2.5 | 3.0 | 10.4 | 6.7% | |||||
Real estate | 5.7 | 3.7% | 0.2 | 0.1 | 5.8 | 3.8% | |||||
Multi-strategies | 4.3 | 2.9% | - | 0.1 | 4.2 | 2.7% | |||||
Others | 0.6 | 0.4% | - | - | 0.6 | 0.4% | |||||
AllInvestments | 153.3 | 100.0% | 3.4 | 2.7 | 154.0 | 100.0% | |||||
Total assets under management, categorized by geography, areas follows:
Mainland ChinaInvestment type | As of |
| Allocation/ Redemption | As of | |||||||
(RMB billions,except percentages) | |||||||||||
Privateequity | 103.5 | 89.2% | - | 0.1 | 103.4 | 90.1% | |||||
Publicsecurities | 6.9 | 6.0% | - | 0.9 | 6.0 | 5.2% | |||||
Real estate | 2.5 | 2.2% | - | 0.1 | 2.4 | 2.1% | |||||
Multi-strategies | 2.6 | 2.2% | - | 0.1 | 2.5 | 2.1% | |||||
Others | 0.6 | 0.4% | - | - | 0.6 | 0.5% | |||||
AllInvestments | 116.1 | 100.0% | - | 1.2 | 114.9 | 100.0% | |||||
Overseas Investmenttype | As of |
| Allocation/ Redemption | As of | |||||||
(RMB billions,except percentages) | |||||||||||
Privateequity | 28.3 | 75.7% | 0.7 | (0.6) | 29.6 | 75.5% | |||||
Publicsecurities | 4.0 | 10.8% | 2.5 | 2.1 | 4.4 | 11.2% | |||||
Real estate | 3.2 | 8.6% | 0.2 | - | 3.4 | 8.7% | |||||
Multi-strategies | 1.7 | 4.9% | - | - | 1.7 | 4.6% | |||||
AllInvestments | 37.2 | 100.0% | 3.4 | 1.5 | 39.1 | 100.0% | |||||
[1] Noah's Non-GAAPfinancial measures are its corresponding GAAP financial measuresexcluding the effects of all forms of share-based compensation,non-cash settlement expenses and net of relevant tax impact, ifany. See "Reconciliation of GAAP to Non-GAAP Results" at the end ofthis press release. |
[2] "Activeclients" for a given period refers to registered clients whopurchase investment products distributed or receive servicesprovided by the Company during that given period. |
[3] "Otherproducts" refers to other investment products, which includesinsurance products, multi-strategies products andothers. |
[4] The assetallocation/redemption of overseas investment products includes thefluctuation result of foreign currencies exchange rate. |
[5] The assetallocation/redemption of public securities also includes marketappreciation or depreciation. |
Other Businesses
Noah's other businesses mainly include providing clients withadditional comprehensive services and investment products.Operating results for other businesses also include headquarterrental income, depreciation and amortization, as well as operatingexpenses.
Ms. Jingbo Wang, co-founder andchairwoman of Noah, commented, "The pace of our overseas expansionis gaining momentum as client demand for global asset allocationstrengthens, with overseas revenue contribution increasing to 46.3%in the first half of 2024. While sluggish domestic marketscontinued to impact our business during the quarter, ourinvestments in expanding our global product portfolio anddistribution networks are starting to yield results, with overseasassets under management increasing 14.3% year-over-year. We havealso raised US$338 million foroverseas private equity, private credit, and other primary marketfunds year-to-date, a significant 40.2% year-over-year increase.Additionally, our team of overseas relationship managers directlysupporting this expansion grew 101.8% year-over-year and 24.2%sequentially. While we are still in the relatively early stages ofour overseas expansion, these results reflect the direction we areheaded in going forward."
"Domestically, we are focused on stabilizing operations bystreamlining our branch network to reduce overhead costs andadjusting our client service model to comply with evolvingregulatory requirements by separating relationship and businessdevelopment managers into different independent business units.While these initiatives may temporarily impact business activityover the next few quarters, they will ensure our ability toeffectively and compliantly serve clients with a comprehensiveportfolio of products in the long term."
"In the interim, we are rewarding shareholders with enhancedcapital returns for their long-term support with a US$50 million share repurchase program. Thisshare repurchase program, along with the full year 2023 final andspecial dividend payout we just completed earlier this month,reflects ourunwavering commitment to prioritizing shareholderinterests and delivering sustained returns. While China's wealth management industry isnavigating a challenging period and undergoing a transition, weremain confident in our unique advantages stemming from our deepunderstanding of Mandarin-speaking high-net-worth individuals'(HNWI) needs and our ability to deliver products and services tothis still-growing client base. We are one of a few independentfirms that maintains access, through years of investor education,to a large group of qualified individual investors who continue toseek professional services. As such, we believe that our stock isdeeply undervalued and does not reflect our growth prospects,robust balance sheet and cash reserves, or the special bond we haveformed with Mandarin-speaking HNWIs globally. We value both ourlong-term and new shareholders and are committed to sharing oursuccess with them through more proactive capital allocationpolicies moving forward."
SECOND QUARTER 2024 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2024 wereRMB615.8 million (US$84.7 million), a 34.6% decrease from thecorresponding period in 2023, primarily due to a decrease indistribution of insurance products.
- Wealth Management Business
- Net revenues from one-time commissions for the secondquarter of 2024 were RMB136.4 million(US$18.8 million), a 66.2% decreasefrom the corresponding period in 2023, primarily due to a decreasein distribution of insurance products.
- Net revenues from recurring service fees for the secondquarter of 2024 were RMB235.5 million(US$32.4 million), a 12.5% decreasefrom the corresponding period in 2023, primarily due to a decreasein recurring service fees from private secondary productsassociated with the decrease in assets under management in MainlandChina.
- Net revenues from performance-based income for thesecond quarter of 2024 were RMB4.5million (US$0.6 million), a79.0% decrease from the corresponding period of 2023, primarily dueto a decrease in performance-based income from offshore privateequity products.
- Net revenues from other service fees for the secondquarter of 2024 were RMB39.2 million(US$5.4 million), a 22.7% decreasefrom the corresponding period in 2023, primarily due to a decreasein the value-added services Noah offers to its high-net-worthclients.
- Asset Management Business
- Net revenues from recurring service fees for the secondquarter of 2024 were RMB168.9 million(US$23.2 million), a 4.5% decreasefrom the corresponding period in 2023, primarily due to a decreasein recurring service fees generated from RMB private equityproducts.
- Net revenues from performance-based income for thesecond quarter of 2024 were RMB23.4million (US$3.2 million),compared with RMB6.5 million in thecorresponding period of 2023. The increase was primarily due to anincrease in performance-based income realized from private equityproducts.
- Other Businesses
- Net revenues for the second quarter of 2024 wereRMB7.9 million (US$1.1 million), compared with RMB13.1 million for the corresponding period in2023.
Operating Costs and Expenses
Operatingcostsandexpensesfor the second quarter of 2024were RMB481.8 million (US$66.3 million), an 18.7% decrease from thecorresponding period in 2023. Operating costs and expensesprimarily consisted of 1) compensation and benefits of RMB297.0 million (US$40.9million); 2) selling expenses of RMB61.9 million (US$8.5million); 3) general and administrative expenses ofRMB79.9 million (US$11.0 million); 4) reversal of credit losses ofRMB0.3 million; and 5) otheroperating expenses of RMB46.0 million(US$6.3 million).
- Operating costs and expenses for the wealthmanagement business for the second quarter of 2024 wereRMB350.1 million (US$48.2 million), a 21.3% decrease from thecorresponding period in 2023, primarily due to decreases of 22.6%in compensation and benefits and 49.0% in selling expenses.
- Operating costs and expenses for the asset managementbusiness for the second quarter of 2024 were RMB105.8 million (US$14.6million), a 3.2% increase from the corresponding period in2023, primarily due to an increase in other operating expenseswhich was partially offset by a decrease in compensation andbenefits and selling expenses.
- Operating costs and expenses for other businessesfor the second quarter of 2024 were RMB25.9million (US$3.6 million),compared with RMB44.8 million fromthe corresponding period in 2023.
Operating Margin
Operating margin for the second quarter of 2024 was21.8%, a decrease from 37.1% in the corresponding period of2023.
- Operating margin for the wealth management business forthe second quarter of 2024 was 15.8%, compared with 40.3% for thecorresponding period in 2023.
- Operating margin for the asset managementbusiness for the second quarter of 2024 was 45.0%, comparedwith 44.1% for the corresponding period in 2023.
- Loss from operation for other businesses for thesecond quarter of 2024 was RMB18.0million (US$2.5 million),compared with an operating loss of RMB31.7million for the corresponding period in 2023.
Interest Income
Interest income for the second quarter of 2024 wasRMB42.6 million (US$5.9 million),a 7.3% increase from thecorresponding period in 2023, mainly due to an increase in USdollar cash balances.
Investment Income
Investment income for the second quarter of 2024 wasRMB10.4 million (US$1.4 million),compared with investmentloss RMB4.0 million for thecorresponding period in 2023.
Income Tax Expenses
Income tax expensesfor the second quarter of2024 were RMB40.3 million(US$5.5 million), a 55.4% decreasefrom the corresponding period in 2023, primarily due to lesstaxable income compared with the second quarter of 2023.
Net Income
- Net Income
- Net income for the second quarter of 2024 wasRMB103.7 million (US$14.3 million), a 66.8% decrease from thecorresponding period in 2023.
- Net margin for the second quarter of 2024 was 16.8%, adecrease from 33.2% in the corresponding period of 2023.
- Net income attributable to Noah shareholders for thesecond quarter of 2024 was RMB99.8million (US$13.7 million), a68.4% decrease from the corresponding period in 2023.
- Net margin attributable to Noah shareholders for thesecond quarter of 2024 was 16.2%, a decrease from 33.5% in thecorresponding period of 2023.
- Net income attributable to Noah shareholders per basic anddiluted ADSfor the second quarter of 2024 wasRMB1.42 (US$0.20) and RMB1.42 (US$0.20),respectively, a decrease from RMB4.54and RMB4.54 respectively, for thecorresponding period in 2023.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholdersfor the second quarter of 2024 was RMB106.1million (US$14.6 million), a66.1% decrease from the corresponding period in 2023.
- Non-GAAP net margin attributable to Noah shareholdersfor the second quarter of 2024 was 17.2%, compared with 33.2% forthe corresponding period in 2023.
- Non-GAAP net income attributable to Noah shareholders perdiluted ADS for the second quarter of 2024 was RMB1.51 (US$0.21),down from RMB4.51 for thecorresponding period in 2023.
Balance Sheet and Cash Flow
As of June 30, 2024, the Companyhad RMB4,604.9 million (US$633.7 million)in cash and cashequivalents, compared with RMB 5,129.4million as of March 31,2024.
Net cash inflow from the Company's operating activities duringthe second quarter of 2024 was RMB49.6million (US$6.8 million),mainly due to cash inflow generated from net income fromoperations.
Net cash outflow from the Company's investing activities duringthe second quarter of 2024 was RMB548.2million (US$75.4 million),mainly due to cash used for short-term investments.
Net cash outflow from the Company's financing activities wasRMB44.6 million (US$6.1 million) in the second quarter of 2024,compared to net cash inflow of RMB87.0million in the corresponding period in 2023.
SHARE REPURCHASE PROGRAM
As announced earlier today, as part of its commitment toenhancing shareholder returns, the board of directors of theCompany ("the Board") authorized a share repurchase program underwhich the Company may repurchase up to US$50million of its American depositary shares or ordinaryshares, effective immediately. The authorized term for carrying outthis share repurchase program is two years.
The Company announced in November2023 that a new capital management and shareholder returnpolicy (the "Policy") had been adopted, pursuant to which up to 50%the Company's non-GAAP net income attributable to shareholders ofthe preceding financial year will be allocated to a CorporateActions Budget which will serve various purposes, includingdividend distribution and share repurchases. The share repurchaseprogram announced today does not form a part of the CorporateActions Budget under the Policy. The Corporate Actions Budget basedon the Company's financial performance in 2024 is expected to bedetermined and announced alongside the Company's earnings resultsfor the fourth quarter and full year ending on December 31, 2024.
The share repurchases under the repurchase program announcedtoday will be carried out from time to time on the open market atprevailing market prices, in privately negotiated transactions, inblock trades or through other legally permissible means, dependingon market conditions and will be implemented in accordance withapplicable rules and regulations. The Board will review the sharerepurchase program periodically and may authorize adjustments ofits terms and size. The Company expects to fund repurchases madeunder this program from its existing cash balance and cashgenerated from operations.
CONFERENCE CALL
Senior management will host a combined English and Chineselanguage conference call to discuss its unaudited financial resultsand recent business activities for the second quarter and sixmonths ended June 30, 2024. Theconference call may be accessed with the following details:
Dial-indetails: | |
ConferenceTitle: | Noah Second Quarter andHalf Year 2024 Earnings Conference Call |
Date/Time: | Wednesday, August 28,2024, at 8:00 p.m., U.S. Eastern Time Thursday, August 29,2024, at 8:00 a.m., Hong Kong Time |
Dial in: | |
-Hong Kong TollFree | 800-963-976 |
-United StatesToll Free | +1-888-317-6003 |
-Mainland ChinaToll Free | 4001-206-115 |
-International | +1-412-317-6061 |
ParticipantPassword: | 3101709 |
A telephone replay will be available starting approximately onehour after the end of the conference until September 4, 2024 at 1-877-344-7529 (US TollFree) and 1-412-317-0088 (International Toll) with the access code3826921.
A live and archived webcast of the conference call will beavailable at the Company's investor relations website under the"News & Events" section at http://ir.noahgroup.com.
DISCUSSION OF NON-GAAPMEASURES
In addition to disclosing financial results prepared inaccordance with U.S. GAAP, the Company's earnings release containsnon-GAAP financial measures excluding the effects of all forms ofshare-based compensation, non-cash settlement expenses and net oftax impact, if any. See "Reconciliation of GAAP to Non-GAAPResults" at the end of this press release.
The non-GAAP financial measures disclosed by the Company shouldnot be considered a substitute for financial measures prepared inaccordance with U.S. GAAP. The financial results reported inaccordance with U.S. GAAP and reconciliation of GAAP to non-GAAPresults should be carefully evaluated. The non-GAAP financialmeasures used by the Company may be prepared differently from and,therefore, may not be comparable to similarly titled measures usedby other companies.
When evaluating the Company's operating performance in theperiods presented, management reviewed the foregoing non-GAAP netincome attributable to Noah shareholders and per diluted ADS andnon-GAAP net margin attributable to Noah shareholders to supplementU.S. GAAP financial data. As such, the Company's managementbelieves that the presentation of the non-GAAP financial measuresprovides important supplemental information to investors regardingfinancial and business trends relating to its results of operationsin a manner consistent with that used by management.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leadingand pioneer wealth management service provider offeringcomprehensive one-stop advisory services on global investment andasset allocation primarily for mandarin-speaking high-net-worthinvestors. Noah's American depositary shares, or ADSs, are listedon the New York Stock Exchange under the symbol "NOAH", and itsshares are listed on the main board of the Hong Kong Stock Exchangeunder the stock code "6686." One ADS represents five ordinaryshares, par value $0.00005 pershare.
In the first half of 2024, Noah distributed RMB33.3 billion (US$4.6billion) of investment products. As of June 30, 2024, through Gopher Asset Management,Noah managed assets totaling RMB154.0billion (US$21.2 billion).
Noah's wealth management business primarily distributes privateequity, public securities and insurance products denominated in RMBand other currencies. Noah's network covers major cities inmainland China, as well asHong Kong (China), NewYork, Silicon Valley, Singapore, and LosAngeles. The Company'swealth management business had459,072 registered clients as of June 30,2024. Through Gopher Asset Management, Noah manages privateequity, public securities, real estate,multi-strategy andother investments denominated in RMB and other currencies. Noahalso operates other businesses.
For more information, please visit Noah atir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for thesecond quarter of 2024 ended June 30,2024 are stated in RMB. This announcement contains currencyconversions of certain RMB amounts into US$ at specified ratessolely for the convenience of the reader. Unless otherwise noted,all translations from RMB to US$ are made at a rate of RMB7.2672 to US$1.00, the effective noon buying rate forJune 28, 2024 as set forth in theH.10 statistical release of the Federal Reserve Board.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. Thesestatements are made under the "safe harbor" provisions of the U.S.Private Securities Litigation Reform Act of 1995. Theseforward-looking statements can be identified by terminology such as"will," "expects," "anticipates," "future," "intends," "plans,""believes," "estimates," "confident" and similar statements. Noahmay also make written or oral forward-looking statements in itsperiodic reports to the U.S. Securities and Exchange Commission, inits annual report to shareholders, in announcements, circulars orother publications made on the website of The Stock Exchange ofHong Kong Limited (the "Hong Kong Stock Exchange"), in pressreleases and other written materials and in oral statements made byits officers, directors or employees to third parties. Statementsthat are not historical facts, including statements about Noah'sbeliefs and expectations, are forward-looking statements.Forward-looking statements involve inherent risks anduncertainties. These statements include, but are not limited to,estimates regarding the sufficiency of Noah's cash and cashequivalents and liquidity risk. A number of factors could causeNoah's actual results to differ materially from those contained inany forward-looking statement, including but not limited to thefollowing: its goals and strategies; its future businessdevelopment, financial condition and results of operations; theexpected growth of the wealth management and asset managementmarket in China andinternationally; its expectations regarding demand for and marketacceptance of the products it distributes; investment risksassociated with investment products distributed to Noah'sinvestors, including the risk of default by counterparties or lossof value due to market or business conditions or misconduct bycounterparties; its expectations regarding keeping andstrengthening its relationships with key clients; relevantgovernment policies and regulations relating to its industries; itsability to attract and retain qualified employees; its ability tostay abreast of market trends and technological advances; its plansto invest in research and development to enhance its productchoices and service offerings; competition in its industries inChina and internationally; generaleconomic and business conditions in China; and its ability to effectively protectit* intellectual property rights and not to infringe on theintellectual property rights of others. Further informationregarding these and other risks is included in Noah's filings withthe U.S. Securities and Exchange Commission and the Hong Kong StockExchange. All information provided in this press release and in theattachments is as of the date of this press release, and Noah doesnot undertake any obligation to update any such information,including forward-looking statements, as a result of newinformation, future events or otherwise, except as required underthe applicable law.
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah HoldingsLimited | ||||||||
CondensedConsolidated Balance Sheets | ||||||||
(unaudited) | ||||||||
As of | ||||||||
March 31, | June30, | June30, | ||||||
2024 | 2024 | 2024 | ||||||
RMB'000 | RMB'000 | USD'000 | ||||||
Assets | ||||||||
Currentassets: | ||||||||
Cash and cashequivalents | 5,129,437 | 4,604,946 | 633,662 | |||||
Restrictedcash | 2,276 | 4,574 | 629 | |||||
Short-terminvestments | 747,084 | 1,287,400 | 177,152 | |||||
Accounts receivable,net | 435,114 | 429,417 | 59,090 | |||||
Amounts due fromrelated parties | 508,236 | 444,937 | 61,225 | |||||
Loans receivable,net | 222,516 | 207,122 | 28,501 | |||||
Other currentassets | 178,644 | 226,332 | 31,145 | |||||
Total currentassets | 7,223,307 | 7,204,728 | 991,404 | |||||
Long-term investments,net | 803,598 | 742,322 | 102,147 | |||||
Investment inaffiliates | 1,522,996 | 1,445,356 | 198,888 | |||||
Property and equipment,net | 2,450,271 | 2,416,072 | 332,462 | |||||
Operating leaseright-of-use assets, net | 125,475 | 102,301 | 14,077 | |||||
Deferred taxassets | 427,680 | 400,401 | 55,097 | |||||
Other non-currentassets | 189,794 | 155,825 | 21,442 | |||||
TotalAssets | 12,743,121 | 12,467,005 | 1,715,517 | |||||
Liabilities andEquity | ||||||||
Currentliabilities: | ||||||||
Accrued payroll andwelfare expenses | 585,886 | 346,543 | 47,686 | |||||
Income taxpayable | 98,998 | 76,318 | 10,502 | |||||
Deferredrevenues | 88,182 | 73,857 | 10,163 | |||||
Dividendpayable | - | 1,018,000 | 140,082 | |||||
Contingentliabilities | 490,989 | 475,777 | 65,469 | |||||
Other currentliabilities | 490,529 | 420,527 | 57,866 | |||||
Total currentliabilities | 1,754,584 | 2,411,022 | 331,768 | |||||
Deferred taxliabilities | 260,976 | 245,609 | 33,797 | |||||
Operating leaseliabilities, non-current | 70,335 | 55,043 | 7,574 | |||||
Other non-currentliabilities | 25,564 | 24,980 | 3,437 | |||||
TotalLiabilities | 2,111,459 | 2,736,654 | 376,576 | |||||
Equity | 10,631,662 | 9,730,351 | 1,338,941 | |||||
Total Liabilitiesand Equity | 12,743,121 | 12,467,005 | 1,715,517 | |||||
Noah HoldingsLimited | |||||||||
CondensedConsolidated Income Statements | |||||||||
(In RMB'000, exceptfor ADS data, per ADS data and percentages) | |||||||||
(unaudited) | |||||||||
Three monthsended | |||||||||
June 30, | June 30, | June 30, | Change | ||||||
2023 | 2024 | 2024 | |||||||
Revenues: | RMB'000 | RMB'000 | USD'000 | ||||||
Revenues fromothers: | |||||||||
One-timecommissions | 399,521 | 127,894 | 17,599 | (68.0%) | |||||
Recurring servicefees | 176,355 | 151,469 | 20,843 | (14.1%) | |||||
Performance-basedincome | 4,328 | 4,515 | 621 | 4.3% | |||||
Other servicefees | 64,114 | 49,950 | 6,873 | (22.1%) | |||||
Total revenues fromothers | 644,318 | 333,828 | 45,936 | (48.2%) | |||||
Revenues from fundsGopher manages: | |||||||||
One-timecommissions | 5,982 | 9,129 | 1,256 | 52.6% | |||||
Recurring servicefees | 271,033 | 254,205 | 34,980 | (6.2%) | |||||
Performance-basedincome | 23,635 | 23,413 | 3,222 | (0.9%) | |||||
Total revenues fromfunds Gopher manages | 300,650 | 286,747 | 39,458 | (4.6%) | |||||
Totalrevenues | 944,968 | 620,575 | 85,394 | (34.3%) | |||||
Less: VAT relatedsurcharges | (3,211) | (4,721) | (650) | 47.0% | |||||
Netrevenues | 941,757 | 615,854 | 84,744 | (34.6%) | |||||
Operating costs andexpenses: | |||||||||
Compensation andbenefits | |||||||||
Relationshipmanagers | (180,304) | (131,505) | (18,096) | (27.1%) | |||||
Others | (204,798) | (165,505) | (22,775) | (19.2%) | |||||
Total compensation andbenefits | (385,102) | (297,010) | (40,871) | (22.9%) | |||||
Sellingexpenses | (112,003) | (61,890) | (8,516) | (44.7%) | |||||
General andadministrative expenses | (63,983) | (79,902) | (10,995) | 24.9% | |||||
(Provision for)reversal of credit losses | (220) | 331 | 46 | N.A. | |||||
Other operatingexpenses | (37,078) | (46,007) | (6,331) | 24.1% | |||||
Governmentsubsidies | 6,048 | 2,639 | 363 | (56.4%) | |||||
Total operating costsand expenses | (592,338) | (481,839) | (66,304) | (18.7%) | |||||
Income fromoperations | 349,419 | 134,015 | 18,440 | (61.6%) | |||||
Otherincome: | |||||||||
Interestincome | 39,684 | 42,587 | 5,860 | 7.3% | |||||
Investment (loss)income | (3,976) | 10,400 | 1,431 | N.A. | |||||
Settlementreversal | - | 11,476 | 1,579 | N.A. | |||||
Other income(expenses) | 15,821 | (2,828) | (389) | N.A. | |||||
Total otherincome | 51,529 | 61,635 | 8,481 | 19.6% | |||||
Income before taxes andincome from | 400,948 | 195,650 | 26,921 | (51.2%) | |||||
Income taxexpense | (90,213) | (40,257) | (5,540) | (55.4%) | |||||
Income (loss) fromequity in affiliates | 1,561 | (51,700) | (7,114) | N.A. | |||||
Netincome | 312,296 | 103,693 | 14,267 | (66.8%) | |||||
Less: net (loss) incomeattributable to | (3,132) | 3,906 | 537 | N.A. | |||||
Net incomeattributable to Noah | 315,428 | 99,787 | 13,730 | (68.4%) | |||||
Income per ADS,basic | 4.54 | 1.42 | 0.20 | (68.7%) | |||||
Income per ADS,diluted | 4.54 | 1.42 | 0.20 | (68.7%) | |||||
Marginanalysis: | |||||||||
Operatingmargin | 37.1% | 21.8% | 21.8% | ||||||
Net margin | 33.2% | 16.8% | 16.8% | ||||||
Weighted average ADSequivalent[1]: | |||||||||
Basic | 69,469,110 | 70,229,503 | 70,229,503 | ||||||
Diluted | 69,492,786 | 70,429,388 | 70,429,388 | ||||||
ADS equivalentoutstanding at end of period | 63,137,912 | 65,806,082 | 65,806,082 | ||||||
[1] Assumesall outstanding ordinary shares are represented by ADSs. Fiveordinary share represents one ADSs. | |||||||||
Noah HoldingsLimited | |||||||||
CondensedConsolidated Income Statements | |||||||||
(In RMB'000, exceptfor USD data, per ADS data and percentages) | |||||||||
(unaudited) | |||||||||
Six monthsended | |||||||||
June 30, | June 30, | June 30, | Change | ||||||
2023 | 2024 | 2024 | |||||||
Revenues: | RMB'000 | RMB'000 | USD'000 | ||||||
Revenues fromothers: | |||||||||
One-timecommissions | 570,092 | 313,149 | 43,091 | (45.1%) | |||||
Recurring servicefees | 369,063 | 306,634 | 42,194 | (16.9%) | |||||
Performance-basedincome | 7,758 | 10,043 | 1,382 | 29.5% | |||||
Other servicefees | 136,980 | 84,910 | 11,684 | (38.0%) | |||||
Total revenues fromothers | 1,083,893 | 714,736 | 98,351 | (34.1%) | |||||
Revenues from fundsGopher manages: | |||||||||
One-timecommissions | 11,878 | 10,956 | 1,508 | (7.8%) | |||||
Recurring servicefees | 554,505 | 516,894 | 71,127 | (6.8%) | |||||
Performance-basedincome | 103,960 | 32,257 | 4,439 | (69.0%) | |||||
Total revenues fromfunds Gopher manages | 670,343 | 560,107 | 77,074 | (16.4%) | |||||
Totalrevenues | 1,754,236 | 1,274,843 | 175,425 | (27.3%) | |||||
Less: VAT relatedsurcharges | (9,006) | (9,454) | (1,301) | 5.0% | |||||
Netrevenues | 1,745,230 | 1,265,389 | 174,124 | (27.5%) | |||||
Operating costs andexpenses: | |||||||||
Compensation andbenefits | |||||||||
Relationshipmanagers | (329,039) | (275,800) | (37,951) | (16.2%) | |||||
Others | (426,169) | (409,995) | (56,417) | (3.8%) | |||||
Total compensation andbenefits | (755,208) | (685,795) | (94,368) | (9.2%) | |||||
Sellingexpenses | (208,672) | (124,222) | (17,094) | (40.5%) | |||||
General andadministrative expenses | (109,683) | (151,018) | (20,781) | 37.7% | |||||
Reversal of creditlosses | 5,478 | 428 | 59 | (92.2%) | |||||
Other operatingexpenses | (67,875) | (63,153) | (8,690) | (7.0%) | |||||
Governmentsubsidies | 19,032 | 13,872 | 1,909 | (27.1%) | |||||
Total operating costsand expenses | (1,116,928) | (1,009,888) | (138,965) | (9.6%) | |||||
Income fromoperations | 628,302 | 255,501 | 35,159 | (59.3%) | |||||
Otherincome: | |||||||||
Interestincome | 74,072 | 88,772 | 12,215 | 19.8% | |||||
Investment(loss)income | (17,559) | 15,585 | 2,145 | N.A. | |||||
Settlementreversal | - | 11,476 | 1,579 | N.A. | |||||
Otherincome | 25,379 | 1,107 | 152 | (95.6%) | |||||
Total otherincome | 81,892 | 116,940 | 16,091 | 42.8% | |||||
Income before taxesand | 710,194 | 372,441 | 51,250 | (47.6%) | |||||
Income taxexpense | (159,793) | (82,943) | (11,413) | (48.1%) | |||||
Income (loss) fromequity in affiliates | 5,230 | (53,942) | (7,423) | N.A. | |||||
Netincome | 555,631 | 235,556 | 32,414 | (57.6%) | |||||
Less: net (loss)income | (4,007) | 4,278 | 589 | N.A. | |||||
Net incomeattributable to | 559,638 | 231,278 | 31,825 | (58.7%) | |||||
Income per ADS,basic | 8.06 | 3.30 | 0.45 | (59.1%) | |||||
Income per ADS,diluted | 8.05 | 3.30 | 0.45 | (59.0%) | |||||
Marginanalysis: | |||||||||
Operatingmargin | 36.0% | 20.2% | 20.2% | ||||||
Net margin | 31.8% | 18.6% | 18.6% | ||||||
Weighted average ADSequivalent[1]: | |||||||||
Basic | 69,468,036 | 70,036,724 | 70,036,724 | ||||||
Diluted | 69,498,956 | 70,163,305 | 70,163,305 | ||||||
ADS equivalentoutstanding at | 63,137,912 | 65,806,082 | 65,806,082 | ||||||
[1] Assumes alloutstanding ordinary shares are represented by ADSs. Five ordinaryshare represents one ADSs. | |||||||||
Noah Holdings Limited | ||||||||||
Condensed Comprehensive IncomeStatements | ||||||||||
(unaudited) | ||||||||||
Three monthsended | ||||||||||
June 30, | June 30, | June 30, | Change | |||||||
2023 | 2024 | 2024 | ||||||||
RMB'000 | RMB'000 | USD'000 | ||||||||
Net income | 312,296 | 103,693 | 14,267 | (66.8%) | ||||||
Other comprehensiveincome, net of tax: | ||||||||||
Foreign currencytranslation adjustments | 140,753 | 29,283 | 4,029 | (79.2%) | ||||||
Comprehensive income | 453,049 | 132,976 | 18,296 | (70.6%) | ||||||
Less: Comprehensive(loss) income | (3,269) | 3,510 | 483 | N.A. | ||||||
Comprehensive income attributable to | 456,318 | 129,466 | 17,813 | (71.6%) | ||||||
Noah Holdings Limited | |||||||||
Condensed Comprehensive IncomeStatements | |||||||||
(unaudited) | |||||||||
Six monthsended | |||||||||
June 30, | June 30, | June 30, | Change | ||||||
2023 | 2024 | 2024 | |||||||
RMB'000 | RMB'000 | USD'000 | |||||||
Net income | 555,631 | 235,556 | 32,414 | (57.6%) | |||||
Other comprehensiveincome, net of tax: | |||||||||
Foreign currencytranslation adjustments | 123,918 | 82,683 | 11,378 | (33.3%). | |||||
Comprehensive income | 679,549 | 318,239 | 43,792 | (53.2%) | |||||
Less: Comprehensive(loss) income | (4,189) | 3,018 | 415 | N.A. | |||||
Comprehensive income attributable to | 683,738 | 315,221 | 43,377 | (53.9%) | |||||
Noah Holdings Limited | |||||
Supplemental Information | |||||
(unaudited) | |||||
Asof | |||||
June 30, | June 30, | Change | |||
Number of registeredclients | 446,557 | 459,072 | 2.8% | ||
Three monthsended | |||||
June 30, | June 30, | Change | |||
(in millions of RMB,except number of active clients and percentages) | |||||
Number of activeclients | 11,548 | 8,634 | (25.2%) | ||
Transactionvalue: | |||||
Private equityproducts | 618 | 1,103 | 78.5% | ||
Private secondaryproducts | 4,293 | 4,137 | (3.6%) | ||
Mutual fundproducts | 12,031 | 8,501 | (29.3%) | ||
Otherproducts | 1,465 | 676 | (53.9%) | ||
Total transactionvalue | 18,407 | 14,417 | (21.7%) | ||
Noah Holdings Limited | ||||||||
Segment Condensed IncomeStatements | ||||||||
(unaudited) | ||||||||
Three months endedJune 30, 2024 | ||||||||
Wealth | Asset | Other | Total | |||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | |||||
Revenues: | ||||||||
Revenues fromothers | ||||||||
One-timecommissions | 127,894 | - | - | 127,894 | ||||
Recurring servicefees | 151,469 | - | - | 151,469 | ||||
Performance-basedincome | 4,515 | - | - | 4,515 | ||||
Other servicefees | 39,382 | - | 10,568 | 49,950 | ||||
Total revenues fromothers | 323,260 | - | 10,568 | 333,828 | ||||
Revenues from fundsGopher manages | ||||||||
One-timecommissions | 9,119 | 10 | - | 9,129 | ||||
Recurring servicefees | 85,165 | 169,040 | - | 254,205 | ||||
Performance-basedincome | - | 23,413 | - | 23,413 | ||||
Total revenues fromfunds Gopher manages | 94,284 | 192,463 | - | 286,747 | ||||
Totalrevenues | 417,544 | 192,463 | 10,568 | 620,575 | ||||
Less: VAT relatedsurcharges | (1,918) | (162) | (2,641) | (4,721) | ||||
Net revenues | 415,626 | 192,301 | 7,927 | 615,854 | ||||
Operating costs andexpenses: | ||||||||
Compensation andbenefits | ||||||||
Relationshipmanagers | (124,857) | (6,648) | - | (131,505) | ||||
Others | (114,162) | (48,285) | (3,058) | (165,505) | ||||
Total compensation andbenefits | (239,019) | (54,933) | (3,058) | (297,010) | ||||
Sellingexpenses | (43,303) | (12,411) | (6,176) | (61,890) | ||||
General andadministrative expenses | (53,575) | (16,356) | (9,971) | (79,902) | ||||
Reversal of creditlosses | 60 | 78 | 193 | 331 | ||||
Other operatingexpenses | (16,517) | (22,487) | (7,003) | (46,007) | ||||
Governmentsubsidies | 2,221 | 343 | 75 | 2,639 | ||||
Total operating costsand expenses | (350,133) | (105,766) | (25,940) | (481,839) | ||||
Income (loss) from operations | 65,493 | 86,535 | (18,013) | 134,015 | ||||
Noah Holdings Limited | ||||||||
Segment Condensed IncomeStatements | ||||||||
(unaudited) | ||||||||
Three months endedJune 30, 2023 | ||||||||
Wealth | Asset | Other | Total | |||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | |||||
Revenues: | ||||||||
Revenues fromothers | ||||||||
One-timecommissions | 399,521 | - | - | 399,521 | ||||
Recurring servicefees | 176,355 | - | - | 176,355 | ||||
Performance-basedincome | 4,328 | - | - | 4,328 | ||||
Other servicefees | 50,878 | - | 13,236 | 64,114 | ||||
Total revenues fromothers | 631,082 | - | 13,236 | 644,318 | ||||
Revenues from fundsGopher manages | ||||||||
One-timecommissions | 5,920 | 62 | - | 5,982 | ||||
Recurring servicefees | 93,914 | 177,119 | - | 271,033 | ||||
Performance-basedincome | 17,115 | 6,520 | - | 23,635 | ||||
Total revenues fromfunds Gopher manages | 116,949 | 183,701 | - | 300,650 | ||||
Totalrevenues | 748,031 | 183,701 | 13,236 | 944,968 | ||||
Less: VAT relatedsurcharges | (2,755) | (312) | (144) | (3,211) | ||||
Net revenues | 745,276 | 183,389 | 13,092 | 941,757 | ||||
Operating costs andexpenses: | ||||||||
Compensation andbenefits | ||||||||
Relationshipmanagers | (175,446) | (4,858) | - | (180,304) | ||||
Others | (133,409) | (63,949) | (7,440) | (204,798) | ||||
Total compensation andbenefits | (308,855) | (68,807) | (7,440) | (385,102) | ||||
Sellingexpenses | (84,883) | (20,839) | (6,281) | (112,003) | ||||
General andadministrative expenses | (47,431) | (11,721) | (4,831) | (63,983) | ||||
(Provision for)reversal of credit losses | (294) | 74 | - | (220) | ||||
Other operatingexpenses | (9,637) | (1,230) | (26,211) | (37,078) | ||||
Governmentsubsidies | 6,002 | 46 | - | 6,048 | ||||
Total operating costsand expenses | (445,098) | (102,477) | (44,763) | (592,338) | ||||
Income (loss) from operations | 300,178 | 80,912 | (31,671) | 349,419 | ||||
Noah Holdings Limited | |||||||
Supplement Revenue Information byGeography | |||||||
(unaudited) | |||||||
Three months endedJune 30, 2024 | |||||||
Wealth | Asset | Other | Total | ||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||
Revenues: | |||||||
MainlandChina | 218,785 | 112,596 | 10,568 | 341,949 | |||
Overseas | 198,759 | 79,867 | - | 278,626 | |||
Total revenues | 417,544 | 192,463 | 10,568 | 620,575 | |||
Three months endedJune 30, 2023 | |||||||
Wealth | Asset | Other | Total | ||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||
Revenues: | |||||||
MainlandChina | 419,220 | 118,972 | 13,236 | 551,428 | |||
Overseas | 328,811 | 64,729 | - | 393,540 | |||
Total revenues | 748,031 | 183,701 | 13,236 | 944,968 | |||
Noah Holdings Limited | |||||||
Supplement Revenue Information by ProductTypes | |||||||
(unaudited) | |||||||
Three monthsended | |||||||
June 30, | June 30, | Change | |||||
(in thousands of RMB,except percentages) | |||||||
Mainland China: | |||||||
Public securitiesproducts[1] | 148,702 | 117,740 | (20.8%) | ||||
Private equityproducts | 209,505 | 198,208 | (5.4%) | ||||
Insuranceproducts | 171,543 | 11,753 | (93.1%) | ||||
Others | 21,678 | 14,248 | (34.3%) | ||||
Subtotal | 551,428 | 341,949 | (38.0%) | ||||
Overseas: | |||||||
Investment products[2] | 136,381 | 136,519 | 0.1% | ||||
Insuranceproducts | 212,226 | 100,582 | (52.6%) | ||||
Online business[3] | 2,251 | 7,246 | 221.9% | ||||
Others | 42,682 | 34,279 | (19.7%) | ||||
Subtotal | 393,540 | 278,626 | (29.2%) | ||||
Total revenue | 944,968 | 620,575 | (34.3%) | ||||
[1] Includes mutualfunds and private secondary products. |
[2] Includes non-moneymarket mutual fund products, discretionary products, privatesecondary products, private equity products, real estate productsand private credit products. |
[3] Includes moneymarket mutual fund products, securities brokeragebusiness. |
Noah Holdings Limited | |||||||
Supplement Information of OverseasBusiness | |||||||
(unaudited) | |||||||
Three monthsended | |||||||
June 30, | June 30, | Change | |||||
Net Revenues fromOverseas (RMB, million) | 393.5 | 278.6 | (29.2%) | ||||
Number of OverseasRegistered Clients | 13,650 | 16,786 | 23.0% | ||||
Number of OverseasActive Clients | 1,993 | 3,244 | 62.8% | ||||
Transaction Value ofOverseas Investment Products (RMB, billion) | 5.6 | 7.9 | 40.8% | ||||
Number of OverseasRelationship Managers | 56 | 113 | 101.8% | ||||
Overseas Assets UnderManagement (RMB, billion) | 34.2 | 39.1 | 14.3% | ||||
Noah Holdings Limited | |||||||
Reconciliation of GAAP to Non-GAAPResults | |||||||
(In RMB, except for per ADS data andpercentages) | |||||||
(unaudited) | |||||||
Three monthsended | |||||||
June30, | June30, | Change | |||||
2023 | 2024 | ||||||
RMB'000 | RMB'000 | ||||||
Net income attributableto Noah shareholders | 315,428 | 99,787 | (68.4%) | ||||
Adjustment forshare-based compensation | (3,055) | 21,880 | N.A. | ||||
Add: settlementreversal | - | (11,476) | N.A. | ||||
Less: tax effect ofadjustments | (740) | 4,139 | N.A. | ||||
Adjusted net incomeattributable to Noah shareholders (non-GAAP) | 313,113 | 106,052 | (66.1%) | ||||
Netmarginattributable to Noah shareholders | 33.5% | 16.2% | |||||
Non-GAAP net marginattributable to Noah shareholders | 33.2% | 17.2% | |||||
Net income attributableto Noah shareholders per ADS, diluted | 4.54 | 1.42 | (68.7%) | ||||
Non-GAAP net incomeattributable to Noah shareholders per ADS, diluted | 4.51 | 1.51 | (66.5%) | ||||
Noah Holdings Limited | |||||||
Reconciliation of GAAP to Non-GAAPResults | |||||||
(In RMB, except for per ADS data andpercentages) | |||||||
(unaudited) | |||||||
Six monthsended | |||||||
June30, | June30, | Change | |||||
2023 | 2024 | ||||||
RMB'000 | RMB'000 | ||||||
Net income attributableto Noah shareholders | 559,638 | 231,278 | (58.7%) | ||||
Adjustment forshare-based compensation | (9,244) | 58,479 | N.A. | ||||
Add: settlementreversal | - | (11,476) | N.A. | ||||
Less: tax effect ofadjustments | (2,239) | 11,061 | N.A. | ||||
Adjusted net incomeattributable to Noah shareholders (non-GAAP) | 552,633 | 267,220 | (51.6%) | ||||
Netmarginattributable to Noah shareholders | 32.1% | 18.3% | |||||
Non-GAAP net marginattributable to Noah shareholders | 31.7% | 21.1% | |||||
Net income attributableto Noah shareholders per ADS, diluted | 8.05 | 3.30 | (59.0%) | ||||
Non-GAAP net incomeattributable to Noah shareholders per ADS, diluted | 7.95 | 3.81 | (52.1%) | ||||
View originalcontent:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2024-302233160.html
SOURCE Noah Holdings Limited
Copyright 2024 PR Newswire
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Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94313766\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1722852236,"date":"Mon Aug 05, 2024 ","time":"6:03 AM (4 weeks ago)","full_date":"August 5, 2024 6:03 AM","post_time":"August 05 2024","article_id":94313766,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"Noah Holdings Limited Announces Changes to its Board of Directors","short_text":" Noah Holdings Limited Announces Changes to its Board of Directors\nPR Newswire\nSHANGHAI, July 1, 2024 SHANGHAI, July 1, 2024 \/PRNewswire\/ -- Noah Holdings Limited (\"Noah\" or the \"Company\") (NYSE:...","one_line_short_text":" Noah Holdings Limited Announces Changes to its Board of Directors\nPR Newswire\nSHANGHAI, July 1, 2024 SHANGHAI, July 1, 2024 \/PRNewswire\/ -- Noah...","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94127316\/noah-holdings-limited-announces-changes-to-its-boa","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1719828900,"date":"Mon Jul 01, 2024 ","time":"6:15 AM (2 months ago)","full_date":"July 1, 2024 6:15 AM","post_time":"July 01 2024","article_id":94127316,"source_id":"prnus","media_url":null,"press_release":true}],"All News": [{"headline":"Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94459851\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1724925754,"date":"Thu Aug 29, 2024 ","time":"6:02 AM (2 days ago)","full_date":"August 29, 2024 6:02 AM","post_time":"August 29 2024","article_id":94459851,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"Noah Holdings Announces $50M Share Repurchase, Signaling Confidence in Overseas Growth","short_text":" Noah Holdings Announces $50M Share Repurchase, Signaling Confidence in Overseas Growth\nPR Newswire\nSHANGHAI, Aug. 29, 2024 SHANGHAI, Aug. 29, 2024 \/PRNewswire\/ -- Noah Holdings Limited (\"Noah\" or...","one_line_short_text":" Noah Holdings Announces $50M Share Repurchase, Signaling Confidence in Overseas Growth\nPR Newswire\nSHANGHAI, Aug. 29, 2024 SHANGHAI, Aug. 29...","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94459314\/noah-holdings-announces-50m-share-repurchase-sig","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1724919900,"date":"Thu Aug 29, 2024 ","time":"4:25 AM (2 days ago)","full_date":"August 29, 2024 4:25 AM","post_time":"August 29 2024","article_id":94459314,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"Noah Reports Q2 Earnings, Driven by Robust Growth in Overseas Markets","short_text":" Noah Reports Q2 Earnings, Driven by Robust Growth in Overseas Markets\nPR Newswire\nSHANGHAI, Aug. 29, 2024 SHANGHAI, Aug. 29, 2024 \/PRNewswire\/ -- Noah Holdings Limited (\"Noah\" or the \"Company...","one_line_short_text":" Noah Reports Q2 Earnings, Driven by Robust Growth in Overseas Markets\nPR Newswire\nSHANGHAI, Aug. 29, 2024 SHANGHAI, Aug. 29, 2024 \/PRNewswire\/...","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94458849\/noah-reports-q2-earnings-driven-by-robust-growth","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1724914020,"date":"Thu Aug 29, 2024 ","time":"2:47 AM (2 days ago)","full_date":"August 29, 2024 2:47 AM","post_time":"August 29 2024","article_id":94458849,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94456722\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1724878816,"date":"Wed Aug 28, 2024 ","time":"5:00 PM (2 days ago)","full_date":"August 28, 2024 5:00 PM","post_time":"August 28 2024","article_id":94456722,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2024","short_text":" NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2024\nPR Newswire\nSHANGHAI, Aug. 28, 2024 SHANGHAI, Aug. 28, 2024 \/PRNewswire\/ -- Noah Holdings Limited...","one_line_short_text":" NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2024\nPR Newswire\nSHANGHAI, Aug. 28, 2024 SHANGHAI, Aug. 28...","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94456603\/noah-holdings-limited-announces-unaudited-financia","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1724877900,"date":"Wed Aug 28, 2024 ","time":"4:45 PM (2 days ago)","full_date":"August 28, 2024 4:45 PM","post_time":"August 28 2024","article_id":94456603,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"Noah Holdings Announces US$50 Million Share Repurchase Program","short_text":" Noah Holdings Announces US$50 Million Share Repurchase Program\nPR Newswire\nSHANGHAI, Aug. 28, 2024 SHANGHAI, Aug. 28, 2024 \/PRNewswire\/ -- Noah Holdings Limited (\"Noah\" or the \"Company\") (NYSE:...","one_line_short_text":" Noah Holdings Announces US$50 Million Share Repurchase Program\nPR Newswire\nSHANGHAI, Aug. 28, 2024 SHANGHAI, Aug. 28, 2024 \/PRNewswire\/ -- Noah...","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94456572\/noah-holdings-announces-us-50-million-share-repurc","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1724877600,"date":"Wed Aug 28, 2024 ","time":"4:40 PM (2 days ago)","full_date":"August 28, 2024 4:40 PM","post_time":"August 28 2024","article_id":94456572,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94419793\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1724234728,"date":"Wed Aug 21, 2024 ","time":"6:05 AM (1 week ago)","full_date":"August 21, 2024 6:05 AM","post_time":"August 21 2024","article_id":94419793,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94398806\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1723810814,"date":"Fri Aug 16, 2024 ","time":"8:20 AM (2 weeks ago)","full_date":"August 16, 2024 8:20 AM","post_time":"August 16 2024","article_id":94398806,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"Noah to Report Second Quarter and Half Year 2024 Unaudited Financial Results on August 28, 2024","short_text":" Noah to Report Second Quarter and Half Year 2024 Unaudited Financial Results on August 28, 2024\nPR Newswire\nSHANGHAI, Aug. 16, 2024 SHANGHAI, Aug. 16, 2024 \/PRNewswire\/ -- Noah Holdings...","one_line_short_text":" Noah to Report Second Quarter and Half Year 2024 Unaudited Financial Results on August 28, 2024\nPR Newswire\nSHANGHAI, Aug. 16, 2024 SHANGHAI...","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94397798\/noah-to-report-second-quarter-and-half-year-2024-u","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1723802700,"date":"Fri Aug 16, 2024 ","time":"6:05 AM (2 weeks ago)","full_date":"August 16, 2024 6:05 AM","post_time":"August 16 2024","article_id":94397798,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"Noah Holdings Rewards Shareholders with Record RMB 1,018 Million Dividend Payout Under New Shareholder Return Policy","short_text":" Noah Holdings Rewards Shareholders with Record RMB 1,018 Million Dividend Payout Under New Shareholder Return Policy\nPR Newswire\nSHANGHAI, Aug. 6, 2024 SHANGHAI, Aug. 6, 2024 \/PRNewswire\/ -- Noah...","one_line_short_text":" Noah Holdings Rewards Shareholders with Record RMB 1,018 Million Dividend Payout Under New Shareholder Return Policy\nPR Newswire\nSHANGHAI, Aug...","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94320330\/noah-holdings-rewards-shareholders-with-record-rmb","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1722924840,"date":"Tue Aug 06, 2024 ","time":"2:14 AM (4 weeks ago)","full_date":"August 6, 2024 2:14 AM","post_time":"August 06 2024","article_id":94320330,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94313766\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1722852236,"date":"Mon Aug 05, 2024 ","time":"6:03 AM (4 weeks ago)","full_date":"August 5, 2024 6:03 AM","post_time":"August 05 2024","article_id":94313766,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"Noah Holdings Limited Announces Changes to its Board of Directors","short_text":" Noah Holdings Limited Announces Changes to its Board of Directors\nPR Newswire\nSHANGHAI, July 1, 2024 SHANGHAI, July 1, 2024 \/PRNewswire\/ -- Noah Holdings Limited (\"Noah\" or the \"Company\") (NYSE:...","one_line_short_text":" Noah Holdings Limited Announces Changes to its Board of Directors\nPR Newswire\nSHANGHAI, July 1, 2024 SHANGHAI, July 1, 2024 \/PRNewswire\/ -- Noah...","link":"https:\/\/ih.advfn.com\/stock-market\/NYSE\/noah-NOAH\/stock-news\/94127316\/noah-holdings-limited-announces-changes-to-its-boa","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1719828900,"date":"Mon Jul 01, 2024 ","time":"6:15 AM (2 months ago)","full_date":"July 1, 2024 6:15 AM","post_time":"July 01 2024","article_id":94127316,"source_id":"prnus","media_url":null,"press_release":true}],"Preferred Contributors": ""}},created: function () {this.loaded = true;Vue.nextTick(function(){});}});});
More Noah Holdings Limited News Articles
