SHANGHAI, March 26, 2024 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a
leading and pioneer wealth management service provider offering
comprehensive one-stop advisory services on global investment and
asset allocation primarily for Mandarin-speaking high-net-worth
investors, today announced its unaudited financial results for the
fourth quarter of 2023 and the audited financial results for the
full year ended December 31,
2023.
FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS
- Net revenues were RMB799.5
million (US$112.6 million), a
9.4% decrease from the corresponding period in 2022, mainly due to
decreases in performance-based income generated from private equity
products and recurring service fees generated from RMB private
equity and private secondary products. The decreases were partially
offset by a 13.8% increase in one-time commissions from more
distribution of insurance products. On a sequential basis, net
revenues increased by 6.6% driven by an increase in the
distribution of insurance products.
(RMB
millions,
except
percentages)
|
|
Q4 2022
|
|
Q4 2023
|
|
YoY Change
|
Wealth
management
|
|
646.9
|
|
610.3
|
|
(5.7 %)
|
Asset
management
|
|
223.2
|
|
186.2
|
|
(16.6 %)
|
Other
businesses
|
|
12.0
|
|
3.0
|
|
(74.9 %)
|
Total net
revenues
|
|
882.1
|
|
799.5
|
|
(9.4 %)
|
- Income from operations was RMB220.7 million
(US$31.1 million), effectively
flat when compared with the corresponding period in 2022 and a
decrease of 11.3% sequentially, primarily due to an increase in
marketing activities which was partially offset by a decrease in
government grants.
(RMB
millions,
except
percentages)
|
|
Q4 2022
|
|
Q4 2023
|
|
YoY Change
|
Wealth
management
|
|
179.1
|
|
150.7
|
|
(15.9 %)
|
Asset
management
|
|
93.5
|
|
95.5
|
|
2.0 %
|
Other
businesses
|
|
(52.9)
|
|
(25.5)
|
|
(51.8 %)
|
Total income from
operations
|
|
219.7
|
|
220.7
|
|
0.4 %
|
- Net income attributable to Noah shareholders was
RMB216.5 million (US$30.5 million), a 54.8% increase from the
corresponding period in 2022, primarily due to a RMB99.0 million non-recurring contingent
litigation expense recorded during the fourth quarter of 2022. Net
income attributable to Noah shareholders decreased by 7.2%
sequentially, primarily due to mark to market adjustments made to
certain balance sheet investments.
- Non-GAAP[1] net income attributable to
Noah shareholders was RMB233.7
million (US$32.9 million), an
increase of 56.7% from the corresponding period in 2022 and 0.6%
from the third quarter of 2023.
FULL YEAR 2023 FINANCIAL HIGHLIGHTS
- Net revenues were RMB3,294.7 million (US$464.0 million), a 6.3% increase from 2022,
primarily due to a 59.8% increase in one-time commissions from more
distribution of insurance products which was partially offset by a
55.5% decrease in performance-based income.
(RMB
millions,
except
percentages)
|
|
FY
2022
|
|
FY
2023
|
|
YoY Change
|
Wealth
management
|
|
2,200.0
|
|
2,491.2
|
|
13.2 %
|
Asset
management
|
|
834.5
|
|
766.2
|
|
(8.2 %)
|
Other
businesses
|
|
65.9
|
|
37.3
|
|
(43.5 %)
|
Total net
revenues
|
|
3,100.4
|
|
3,294.7
|
|
6.3 %
|
- Income from operations was RMB1,097.9 million
(US$154.6 million), a
0.9% increase from 2022, mainly due to a 6.3% increase in
net revenues which was partially offset by a 9.2% increase in total
operating costs and expenses associated with the low base effect
created by strict COVID-19 lockdowns in 2022.
(RMB
millions,
except
percentages)
|
|
FY
2022
|
|
FY
2023
|
|
YoY Change
|
Wealth
management
|
|
741.4
|
|
809.9
|
|
9.2 %
|
Asset
management
|
|
447.8
|
|
386.7
|
|
(13.7 %)
|
Other
businesses
|
|
(100.8)
|
|
(98.6)
|
|
(2.2 %)
|
Total income from
operations
|
|
1,088.4
|
|
1,097.9
|
|
0.9 %
|
- Net income attributable to Noah shareholders was
RMB1,009.5 million (US$142.2 million), a 3.4% increase from 2022, due
to a 0.9% increase in income from operations and a RMB99.0 million non-recurring contingent
litigation expense recorded in 2022.
- Non-GAAP net income attributable to Noah
shareholders was RMB1,018.8
million (US$143.5 million), a
1.0% increase from 2022.
FOURTH QUARTER AND FULL YEAR 2023 OPERATIONAL UPDATES
Wealth Management Business
Noah offers global investment products and provides value-added
services to global mandarin-speaking high-net-worth investors in
its wealth management business. Noah primarily distributes private
equity, private secondary, mutual funds and other products
denominated in RMB, USD and other currencies.
- Total number of registered clients as of
December 31, 2023 was 455,827, a 4.2%
increase from December 31, 2022 and a
0.8% increase from September 30,
2023.
- Total number of active clients[2] who
transacted with Noah during the fourth quarter of 2023 was 9,033, a
30.0% decrease from the fourth quarter of 2022 and a 4.8% decrease
from the third quarter of 2023. Total number of active
clients who transacted with Noah in 2023 was 22,453, a 37.4%
decrease from 2022.
- Aggregate value of investment
products distributed during the fourth quarter of
2023 was RMB16.5 billion
(US$2.3 billion), an 8.1%
decrease from the corresponding period in 2022, mainly due to
a decrease in the distribution of mutual fund products.
Product
type
|
|
Three months ended
December 31,
|
|
|
2022
|
|
2023
|
|
|
(RMB in billions,
except percentages)
|
Mutual fund
products
|
|
12.2
|
|
67.7 %
|
|
10.9
|
|
66.0 %
|
Private secondary
products
|
|
3.4
|
|
18.7 %
|
|
4.2
|
|
25.1 %
|
Private equity
products
|
|
1.4
|
|
8.0 %
|
|
0.7
|
|
4.3 %
|
Other
products[3]
|
|
1.0
|
|
5.6 %
|
|
0.7
|
|
4.6 %
|
All
products
|
|
18.0
|
|
100.0 %
|
|
16.5
|
|
100.0 %
|
- Aggregate value of investment products
distributed during 2023 was RMB74.1 billion (US$10.4 billion), a 5.4% increase
from 2022, mainly due to an increase in the distribution of
private secondary and mutual fund products.
Product
type
|
|
Twelve months ended
December 31,
|
|
|
2022
|
|
2023
|
|
|
(RMB in billions,
except percentages)
|
|
|
|
|
|
|
|
|
|
Mutual fund
products
|
|
43.1
|
|
61.4 %
|
|
47.9
|
|
64.6 %
|
Private secondary
products
|
|
13.1
|
|
18.6 %
|
|
18.4
|
|
24.8 %
|
Private equity
products
|
|
11.1
|
|
15.7 %
|
|
3.3
|
|
4.5 %
|
Other
products
|
|
3.0
|
|
4.3 %
|
|
4.5
|
|
6.1 %
|
All
products
|
|
70.3
|
|
100.0 %
|
|
74.1
|
|
100.0 %
|
- Coverage network in mainland China included 44 cities as of December 31, 2023, compared with 59 cities as of
September 30, 2023, and 75 cities as
of December 31, 2022. Noah continues
to streamline its presence in China with a focus on strengthening its
operations in central hub cities.
- Number of relationship managers was 1,252 as of
December 31, 2023, a decrease of
11.1% from September 30, 2023, and
1.9% from December 31, 2022. As of
December 31, 2023, Noah had 89
overseas relationship managers, a 15.6% increase from September 30, 2023.
Asset Management Business
Noah's asset management business is conducted through Gopher
Asset Management Co., Ltd. ("Gopher Asset Management"), a leading
multi-asset manager in China with
global investment capabilities and overseas offices in Hong Kong and the
United States. Gopher Asset Management develops and manages
assets ranging from private equity, real estate, public securities
to multi-strategy investments denominated in RMB, USD and other
currencies.
- Total assets under management as of December 31, 2023 remained stable at RMB154.6 billion (US$21.8
billion), compared with RMB154.9
billion as of September 30,
2023 and RMB157.1 billion as
of December 31, 2022.
Investment
type
|
|
As of
September 30,
2023
|
|
Growth
|
|
Distribution/
Redemption
|
|
As of
December 31,
2023
|
|
|
(RMB billions,
except percentages)
|
Private
equity
|
|
131.7
|
|
85.0 %
|
|
0.5
|
|
-
|
|
132.2
|
|
85.5 %
|
Public
securities[4]
|
|
12.2
|
|
7.9 %
|
|
2.9
|
|
3.6
|
|
11.5
|
|
7.4 %
|
Real estate
|
|
6.3
|
|
4.0 %
|
|
-
|
|
0.1
|
|
6.2
|
|
4.0 %
|
Multi-strategies
|
|
4.2
|
|
2.8 %
|
|
-
|
|
-
|
|
4.2
|
|
2.8 %
|
Others
|
|
0.5
|
|
0.3 %
|
|
-
|
|
-
|
|
0.5
|
|
0.3 %
|
All
Investments
|
|
154.9
|
|
100.0 %
|
|
3.4
|
|
3.7
|
|
154.6
|
|
100.0 %
|
Investment
type
|
|
As of
December 31,
2022
|
|
Growth
|
|
Distribution/
Redemption
|
|
As of
December 31,
2023
|
|
|
(RMB billions,
except percentages)
|
Private
equity
|
|
133.1
|
|
84.7 %
|
|
2.1
|
|
3.0
|
|
132.2
|
|
85.5 %
|
Public
securities
|
|
11.0
|
|
7.0 %
|
|
10.7
|
|
10.2
|
|
11.5
|
|
7.4 %
|
Real estate
|
|
6.8
|
|
4.3 %
|
|
0.4
|
|
1.0
|
|
6.2
|
|
4.0 %
|
Multi-strategies
|
|
4.8
|
|
3.1 %
|
|
-
|
|
0.6
|
|
4.2
|
|
2.8 %
|
Others
|
|
1.4
|
|
0.9 %
|
|
-
|
|
0.9
|
|
0.5
|
|
0.3 %
|
All
Investments
|
|
157.1
|
|
100.0 %
|
|
13.2
|
|
15.7
|
|
154.6
|
|
100.0 %
|
Other Businesses
Noah's other businesses mainly provide clients with additional
comprehensive services and investment products. Operating results
for other businesses also include headquarter rental income,
depreciation and amortization, as well as operating expenses.
Ms. Jingbo Wang, co-founder and
Chairwoman of Noah, said "Despite a very challenging year for
capital markets, I am pleased to report that Noah generated growth
in both net revenues and non-GAAP net income in 2023. We are
starting the year on a strong footing, having spent the past few
quarters repositioning ourselves to drive growth in this
challenging market environment. The pace of our international
expansion continues to increase as our clients' demand for global
asset allocation grows. During the year, overseas AUM grew 10.7%;
overseas net revenue grew 73.0%; and overseas registered clients
and active clients grew 14.2% and 38.0%, respectively. Our balance
sheet is robust, clean and is generating sufficient capital to
support Noah's overseas expansion."
"Reflecting our ongoing effort to improve corporate governance,
we split the CEO and Chairperson roles at the end of the year with
the appointment of Mr. Yin Zhe as
CEO. Zhe's alignment with our values and culture, coupled with his
instrumental role in building our Gopher Asset Management
franchise, made him the ideal candidate. We have been working
seamlessly together since he took on this new role and I have the
upmost confidence in his ability to execute our growth initiatives
going forward."
FOURTH QUARTER 2023 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2023 were
RMB799.5 million (US$112.6 million), a 9.4% decrease from the
corresponding period in 2022.
- Wealth Management Business
- Net revenues from one-time commissions for the
fourth quarter of 2023 were RMB306.4
million (US$43.2 million), a
15.1% increase from the corresponding period in 2022 driven by an
increase in the distribution of insurance products.
- Net revenues from recurring service fees for the fourth
quarter of 2023 were RMB253.4 million
(US$35.7 million), a 20.5% decrease
from the corresponding period in 2022, due to a shift in product
mix and client investment preferences, as well as a decrease in
recurring service fees generated from private secondary and private
equity products.
- Net revenues from performance-based income for the
fourth quarter of 2023 were RMB0.1
million, compared with RMB14.1
million in the corresponding period of 2022, primarily due
to a decrease in performance-based income from private equity fund
products.
- Net revenues from other service fees for the fourth
quarter of 2023 were RMB50.4 million
(US$7.1 million), a 4.9% increase
from the corresponding period in 2022, primarily due to the growing
number of value-added services Noah offers its high-net-worth
clients.
- Asset Management Business
- Net revenues from recurring service fees for the fourth
quarter of 2023 were RMB174.4 million
(US$24.6 million), a 13.5% increase
from the corresponding period in 2022, due to an increase in the
number of real estate investments in the
United States and offshore private equity investments
managed by Gopher Asset Management.
- Net revenues from performance-based income for the
fourth quarter of 2023 were RMB11.7
million (US$1.7 million), an
82.3% decrease from the corresponding period in 2022, primarily due
to a decrease in performance-based income from private equity
investments managed by Gopher Asset Management.
- Other Businesses
- Net revenues for the fourth quarter of 2023 were
RMB3.0 million (US$0.4 million), compared with RMB12.0 million in the corresponding period in
2022, driven by the winding down of the Company's loan
portfolio.
Operating Costs and Expenses
Operating costs and expenses for
the fourth quarter of 2023 were RMB578.8
million (US$81.5 million), a
12.6% decrease from the corresponding period in 2022. Operating
costs and expenses primarily consisted of 1) compensation and
benefits of RMB300.8 million
(US$42.4 million); 2) selling
expenses of RMB157.4 million
(US$22.2 million); 3) general and
administrative expenses of RMB98.6
million (US$13.9 million); 4)
reversal of credit losses of RMB1.0
million (US$0.1 million); and
5) other operating expenses of RMB25.6
million (US$3.6 million).
- Operating costs and expenses for the wealth
management business for the fourth quarter of 2023 were
RMB459.6 million (US$64.7 million), a 1.8% decrease from the
corresponding period in 2022, primarily due to a 5.7% decrease in
net revenues.
- Operating costs and expenses for the asset management
business for the fourth quarter of 2023 were RMB90.7 million (US$12.8
million), a 30.0% decrease from the corresponding period in
2022, primarily due to a decrease in performance-based
compensation.
- Operating costs and expenses for other businesses
for the fourth quarter of 2023 were RMB28.5
million (US$4.0 million), a
56.1% decrease from the corresponding period in 2022, due to a
decrease in recorded credit losses.
Operating Margin
Operating margin for the fourth quarter of 2023 was
27.6%, compared with 24.9% for the corresponding period in
2022.
- Operating margin for the wealth management
business for the fourth quarter of 2023 was 24.7%,
compared with 27.7% for the corresponding period in 2022.
- Operating margin for the asset management
business for the fourth quarter of 2023 was 51.3%, compared
with 41.9% for the corresponding period in 2022.
- Loss from other businesses for the fourth quarter
of 2023 was RMB25.5 million
(US$3.6 million), compared with
RMB52.9 million in the
corresponding period of 2022, primarily due to a decrease in
provisions for credit losses.
Investment Income/loss
Investment loss for the fourth quarter of 2023 was
RMB53.6 million (US$7.5 million), compared with investment income
of RMB62.2 million for the
corresponding period in 2022, primarily due to unrealized losses
from fair value changes on certain equity investments.
Income Tax Expenses
Income tax expenses for the fourth quarter of 2023
were RMB34.1 million (US$4.8 million), a 43.7% decrease from the
corresponding period in 2022, primarily due to a lower effective
tax rate.
Income from Equity in Affiliates
Income from equity in affiliates for the fourth quarter
of 2023 was RMB52.8 million
(US$7.4 million), compared with
RMB12.3 million for the corresponding
period in 2022. The increase was primarily due to an increase in
income recognized from the funds of funds that Noah manages and
invests in as the general partner or fund manager.
Net Income
- Net Income
- Net income for the fourth quarter of 2023 was
RMB213.3 million (US$30.0 million), a 51.8% increase from the
corresponding period in 2022.
- Net margin for the fourth quarter of 2023 was 26.7%, an
increase from 15.9% in the corresponding period in 2022.
- Net income attributable to Noah shareholders for the
fourth quarter of 2023 was RMB216.5
million (US$30.5 million), a
54.8% increase from the corresponding period in 2022.
- Net margin attributable to Noah shareholders for the
fourth quarter of 2023 was 27.1%, an increase from 15.9% in the
corresponding period in 2022.
- Net income attributable to Noah shareholders per basic and
diluted ADS for the fourth quarter of 2023 was
RMB3.12 (US$0.44) and RMB3.12 (US$0.44),
respectively, an increase from RMB2.01 and RMB2.01
respectively, in the corresponding period in 2022.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders
for the fourth quarter of 2023 was RMB233.7
million (US$32.9 million), a
56.7% increase from the corresponding period in 2022.
- Non-GAAP net margin attributable to Noah shareholders
for the fourth quarter of 2023 was 29.2%, an increase from 16.9% in
the corresponding period in 2022.
- Non-GAAP net income attributable to Noah shareholders per
diluted ADS for the fourth quarter of 2023 was RMB3.36 (US$0.47),
an increase from RMB2.14 in the
corresponding period in 2022.
FULL YEAR 2023 FINANCIAL RESULTS
Net Revenues
Net revenues for 2023 were RMB3,294.7 million (US$464.0 million), a 6.3% increase from 2022,
primarily due to an increase in one-time commissions associated
with Noah's wealth management business.
- Wealth Management Business
- Net revenues from one-time commissions for 2023
were RMB1,082.4 million (US$152.5 million), a 72.2% increase from 2022,
primarily due to an increase in the distribution of insurance
products.
- Net revenues from recurring service fees for 2023
were RMB1,101.7 million (US$155.2 million), a 10.2% decrease from 2022,
due to a shift in product mix and client investment preferences, as
well as a decrease in recurring service fees generated from private
secondary and private equity products.
- Net revenues from performance-based income for 2023
were RMB86.0 million (US$12.1 million), a 57.3% decrease from 2022,
primarily due to a decrease in performance-based income from
private secondary products.
- Net revenues from other service fees for 2023 were
RMB221.1 million (US$31.1 million), a 54.1% increase from 2022,
primarily due to the growing number of value-added services Noah
offers to its high-net-worth clients.
- Asset Management Business
- Net revenues from recurring service fees for 2023 were
RMB712.5 million (US$100.3 million), a 5.0% increase from
2022.
- Net revenues from performance-based income for 2023 were
RMB51.1 million (US$7.2 million), a 52.1% decrease from 2022,
primarily due to a decrease in performance-based income from
private equity products.
- Other Businesses
- Net revenues for 2023 were RMB37.3 million (US$5.3
million), a 43.5% decrease from 2022.
Operating costs and expenses
Operating costs and expenses for
2023 were RMB2,196.8 million
(US$309.4 million), a 9.2% increase
from 2022. Operating costs and expenses for 2023 primarily
consisted of 1) compensation and benefits of RMB1,456.8 million (US$205.2 million); 2) selling expenses of
RMB485.8 million (US$68.4 million); 3) general and administrative
expenses of RMB275.7 million
(US$38.8 million); 4) reversal of
credit losses of RMB7.0 million
(US$1.0 million); and 5) other
operating expenses of RMB112.5
million (US$15.8 million).
- Operating costs and expenses for the wealth
management business for 2023 were RMB1,681.4 million (US$236.8 million), a 15.3% increase
from 2022, primarily due to an increase in compensation and
benefits for relationship managers.
- Operating costs and expenses for the asset management
business for 2023 were RMB379.5 million (US$53.5
million), a 1.8% decrease from 2022, primarily due to a
decrease in performance-based compensation.
- Operating costs and expenses for other businesses
for 2023 were RMB135.9 million
(US$19.1 million), an 18.5% decrease
from 2022, primarily due to a decrease in other operating
expenses.
Operating Margin
Operating margin for 2023 was 33.3%, compared
to 35.1% for 2022.
- Operating margin for the wealth management business for
2023 was 32.5%, compared with 33.7% for 2022, mainly due to an
increase in compensation and benefits for relationship
managers.
- Operating margin for the asset management
business for 2023 was 50.5%, compared with 53.7% for
2022.
- Loss from other businesses for 2023 was
RMB98.6 million (US$13.9 million), compared with RMB100.8 million for 2022, due to a 43.5%
decrease in net revenues.
Investment Loss/Income
Investment loss for 2023 was RMB61.5 million (US$8.7
million), compared with investment income of RMB85.6 million for 2022.
Income Tax Expenses
Income tax expenses for 2023 were RMB262.4 million (US$37.0
million), a 1.8% decrease from 2022, primarily due to a
lower effective tax rate.
Income from Equity in Affiliates
Income from equity in affiliates for 2023 was
RMB54.1 million (US$7.6 million), compared with RMB89.1 million in 2022. The decrease was
primarily due to a decrease in income recognized from the funds of
funds that Noah manages and invests in as the general partner or
fund manager.
Net Income
- Net Income
- Net income for 2023 was RMB1,001.0 million (US$141.0 million), a 3.0% increase from
2022.
- Net margin for 2023 was 30.4%, a decrease from 31.3% in
2022.
- Net income attributable to Noah shareholders for 2023
was RMB1,009.5 million (US$142.2 million), a 3.4% increase from
2022.
- Net margin attributable to Noah shareholders for
2023 was 30.6%, a decrease from 31.5% in 2022.
- Net income attributable to Noah shareholders per basic and
diluted ADS for 2023 was RMB14.53 (US$2.05)
and RMB14.53 (US$2.05), respectively, an increase from
RMB14.29 and RMB14.28, respectively, in 2022.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders
for 2023 was RMB1,018.8 million
(US$143.5 million), a 1.0% increase
from 2022.
- Non-GAAP net margin attributable to Noah shareholders
for 2023 was 30.9%, a decrease from 32.5% in 2022.
- Non-GAAP net income attributable to Noah shareholders per
diluted ADS for 2023 was RMB14.66
(US$2.07), a decrease from
RMB14.75 in 2022.
BALANCE SHEET AND CASH FLOW
As of December 31, 2023, the
Company had RMB5,192.1 million
(US$731.3 million) in cash and cash
equivalents, compared with RMB4,403.9
million as of December 31,
2022 and RMB4,959.6 million as
of September 30, 2023.
Net cash inflow from the Company's operating activities during
the fourth quarter of 2023 was RMB152.5
million (US$21.5 million),
compared with RMB33.0 million in the
corresponding period in 2022, primarily due to a decrease in
trading debt products in the fourth quarter of 2023. Net cash
inflow from the Company's operating activities in 2023 was
RMB1,318.3 million (US$185.7 million), compared with RMB632.9 million in 2022.
Net cash inflow from the Company's investing activities during
the fourth quarter of 2023 was RMB226.8
million (US$31.9 million),
compared with net cash inflow of RMB58.3
million in the corresponding period in 2022. Net cash
outflow from the Company's investing activities in 2023 was
RMB247.1 million (US$34.8 million), compared to net cash inflow of
RMB74.3 million in 2022, mainly due
to cash payments on short term investments.
Net cash outflow from the Company's financing activities was
RMB94.0 million (US$13.2 million) in the fourth quarter of 2023,
compared to net cash inflow of RMB8.0
million in the corresponding period in 2022. Net cash
outflow from the Company's financing activities in 2023 was
RMB199.8 million (US$28.1 million), compared to net cash inflow of
RMB233.8 million in 2022. The cash
inflow in 2022 was mainly due to the net proceeds from the
Company's initial public offering and listing in Hong Kong while the cash outflow in 2023 was
mainly due to final dividend payments.
ANNUAL AND SPECIAL DIVIDEND
On March 26, 2024, the Company's
Board of Directors (the "Board") approved an annual dividend of
approximately RMB509.0 million
(US$71.7 million) in total, which is
equivalent to 50% of full year 2023 non-GAAP net income
attributable to Noah shareholders, in accordance with the capital
management and shareholder return policy (the "Policy") adopted on
November 29, 2023. The Board has also
approved a non-recurring special dividend of approximately
RMB509.0 million (US$71.7 million) in total. The annual and special
dividend payment plan will be reviewed during and announced after
the Annual General Meeting, which is expected to be held in
June 2024.
CONFERENCE CALL
The Company's senior management will host an earnings conference
call to discuss its Q4 and full year 2023 Results and recent
business activities. Details of the conference call are as
follows:
Zoom webinar
details
|
Conference
title
|
Noah Holdings 4Q and
Full Year 2023 Earnings Conference Call
|
Date/Time
|
Tuesday, March 26, 2024
at 8:00 p.m., U.S. Eastern Time
Wednesday, March 27,
2024 at 8:00 a.m., Hong Kong Time
|
|
|
Dial in:
|
|
– Hong Kong Toll
Free:
|
800-963976
|
– United States Toll
Free:
|
1-888-317-6003
|
– Mainland China Toll
Free:
|
4001-206115
|
– International
Toll:
|
1-412-317-6061
|
Participant
Password:
|
2326545
|
A telephone replay will be available starting approximately one
hour after the end of the conference until April 2, 2024 at 1-877-344-7529 (US Toll Free)
and 1-412-317-0088 (International Toll) with the access code
1565571.
DISCUSSION ON NON-GAAP MEASURES
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures excluding the effects of all forms of
share-based compensation and net of tax impact, if any. See
"Reconciliation of GAAP to Non-GAAP Results" at the end of this
press release.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measures used by the Company may be prepared differently from and,
therefore, may not be comparable to similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed the foregoing non-GAAP net
income attributable to Noah shareholders and per diluted ADS and
non-GAAP net margin attributable to Noah shareholders to supplement
U.S. GAAP financial data. As such, the Company's management
believes that the presentation of the non-GAAP financial measures
provides important supplemental information to investors regarding
financial and business trends relating to its results of operations
in a manner consistent with that used by management.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading
and pioneer wealth management service provider offering
comprehensive one-stop advisory services on global investment and
asset allocation primarily for mandarin-speaking high-net-worth
investors. In 2023, Noah distributed RMB74.1
billion (US$10.4 billion) of
investment products. Through Gopher Asset Management, Noah had
assets under management of RMB154.6
billion (US$21.8 billion) as
of December 31, 2023.
Noah's wealth management business primarily distributes private
equity, private secondary, mutual fund and other products
denominated in RMB and other currencies. Noah's network covers 44
cities in mainland China, as well
as Hong Kong (China), Taiwan (China), New
York, Silicon Valley and Singapore. A total of 1,252 relationship
managers provide customized financial solutions for clients through
this network, and meet their international investment needs. The
Company's wealth management business had 455,827 registered clients
as of December 31, 2023. Through
Gopher Asset Management, Noah manages private equity, public
securities, real estate, multi-strategy and other investments
denominated in Renminbi and other currencies. The Company also
provides other businesses.
For more information, please visit Noah at
ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the
fourth quarter of 2023 and audited financial results for the full
year ended December 31, 2023 are
stated in RMB. This announcement contains currency conversions of
certain RMB amounts into US$ at specified rates solely for the
convenience of the reader. Unless otherwise noted, all translations
from RMB to US$ are made at a rate of RMB7.0999 to US$1.00, the effective noon buying rate for
December 29, 2023 as set forth in the
H.10 statistical release of the Federal Reserve Board.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Noah
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual report to shareholders, in announcements, circulars or
other publications made on the website of The Stock Exchange of
Hong Kong Limited (the "Hong Kong Stock Exchange"), in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Noah's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. These statements include, but are not limited to,
estimates regarding the sufficiency of Noah's cash and cash
equivalents and liquidity risk. A number of factors could cause
Noah's actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: its goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the wealth management and asset management
market in China and
internationally; its expectations regarding demand for and market
acceptance of the products it distributes; investment risks
associated with investment products distributed to Noah's
investors, including the risk of default by counterparties or loss
of value due to market or business conditions or misconduct by
counterparties; its expectations regarding keeping and
strengthening its relationships with key clients; relevant
government policies and regulations relating to its industries; its
ability to attract and retain qualified employees; its ability to
stay abreast of market trends and technological advances; its plans
to invest in research and development to enhance its product
choices and service offerings; competition in its industries in
China and internationally; general
economic and business conditions in China; and its ability to effectively protect
its intellectual property rights and not to infringe on the
intellectual property rights of others. Further information
regarding these and other risks is included in Noah's filings with
the U.S. Securities and Exchange Commission and the Hong Kong Stock
Exchange. All information provided in this press release and in the
attachments is as of the date of this press release, and Noah does
not undertake any obligation to update any such information,
including forward-looking statements, as a result of new
information, future events or otherwise, except as required under
the applicable law.
Contacts:
Noah Holdings Limited
Melo Xi
Tel: +86-21-8035-8292
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
|
|
|
As of
|
|
|
September
30, 2023
|
|
December
31, 2023
|
|
December
31, 2023
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Audited)
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
4,959,550
|
|
5,192,127
|
|
731,296
|
|
|
Restricted
cash
|
|
153,908
|
|
154,433
|
|
21,751
|
|
|
Short-term
investments
|
|
407,872
|
|
379,456
|
|
53,445
|
|
|
Accounts receivable,
net
|
|
445,386
|
|
503,978
|
|
70,984
|
|
|
Loans receivable,
net
|
|
315,785
|
|
286,921
|
|
40,412
|
|
|
Amounts due from
related parties
|
|
406,764
|
|
393,891
|
|
55,478
|
|
|
Other current
assets
|
|
189,473
|
|
206,250
|
|
29,052
|
|
|
Total current
assets
|
|
6,878,738
|
|
7,117,056
|
|
1,002,418
|
|
Long-term investments,
net
|
|
995,746
|
|
810,484
|
|
114,154
|
|
Investment in
affiliates
|
|
1,491,173
|
|
1,526,544
|
|
215,009
|
|
Property and equipment,
net
|
|
2,510,839
|
|
2,482,199
|
|
349,610
|
|
Operating lease
right-of-use assets, net
|
|
145,410
|
|
139,019
|
|
19,580
|
|
Deferred tax
assets
|
|
435,632
|
|
431,494
|
|
60,775
|
|
Other non-current
assets
|
|
171,083
|
|
178,582
|
|
25,152
|
Total
Assets
|
|
12,628,621
|
|
12,685,378
|
|
1,786,698
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
|
545,240
|
|
564,096
|
|
79,451
|
|
|
Income tax
payable
|
|
166,959
|
|
89,694
|
|
12,633
|
|
|
Deferred
revenues
|
|
88,377
|
|
72,824
|
|
10,257
|
|
|
Contingent
liabilities
|
|
595,137
|
|
482,802
|
|
68,001
|
|
|
Other current
liabilities
|
|
578,345
|
|
681,802
|
|
96,030
|
|
|
Total current
liabilities
|
|
1,974,058
|
|
1,891,218
|
|
266,372
|
|
Operating lease
liabilities, non-current
|
|
77,418
|
|
76,533
|
|
10,779
|
|
Deferred tax
liabilities
|
|
229,003
|
|
262,404
|
|
36,959
|
|
Other non-current
liabilities
|
|
45,058
|
|
27,660
|
|
3,896
|
|
Total
Liabilities
|
|
2,325,537
|
|
2,257,815
|
|
318,006
|
|
Equity
|
|
10,303,084
|
|
10,427,563
|
|
1,468,692
|
Total Liabilities
and Equity
|
|
12,628,621
|
|
12,685,378
|
|
1,786,698
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(unaudited)
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
December 31,
|
|
Change
|
|
2022
|
|
2023
|
|
2023
|
|
|
Revenues:
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
One-time commissions
|
266,592
|
|
303,460
|
|
42,741
|
|
13.8 %
|
Recurring service fees
|
195,872
|
|
167,109
|
|
23,537
|
|
(14.7 %)
|
Performance-based income
|
13,998
|
|
146
|
|
21
|
|
(99.0 %)
|
Other service fees
|
60,870
|
|
59,244
|
|
8,344
|
|
(2.7 %)
|
Total revenues from
others
|
537,332
|
|
529,959
|
|
74,643
|
|
(1.4 %)
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
One-time commissions
|
3,915
|
|
4,455
|
|
627
|
|
13.8 %
|
Recurring service fees
|
278,376
|
|
262,363
|
|
36,953
|
|
(5.8 %)
|
Performance-based income
|
66,819
|
|
11,762
|
|
1,657
|
|
(82.4 %)
|
Total revenues from
funds
Gopher manages
|
349,110
|
|
278,580
|
|
39,237
|
|
(20.2 %)
|
Total
revenues
|
886,442
|
|
808,539
|
|
113,880
|
|
(8.8 %)
|
Less: VAT related
surcharges
|
(4,372)
|
|
(9,031)
|
|
(1,272)
|
|
106.6 %
|
Net
revenues
|
882,070
|
|
799,508
|
|
112,608
|
|
(9.4 %)
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(146,662)
|
|
(140,673)
|
|
(19,813)
|
|
(4.1 %)
|
Others
|
(236,484)
|
|
(160,077)
|
|
(22,546)
|
|
(32.3 %)
|
Total compensation
and
benefits
|
(383,146)
|
|
(300,750)
|
|
(42,359)
|
|
(21.5 %)
|
Selling
expenses
|
(142,806)
|
|
(157,399)
|
|
(22,169)
|
|
10.2 %
|
General and
administrative
expenses
|
(83,952)
|
|
(98,637)
|
|
(13,893)
|
|
17.5 %
|
Provision for (reversal
of) credit losses
|
(19,836)
|
|
1,025
|
|
144
|
|
N.A.
|
Other operating
expenses
|
(38,257)
|
|
(25,649)
|
|
(3,613)
|
|
(33.0 %)
|
Government
grants
|
5,665
|
|
2,626
|
|
370
|
|
(53.6 %)
|
Total operating costs
and expenses
|
(662,332)
|
|
(578,784)
|
|
(81,520)
|
|
(12.6 %)
|
Income from
operations
|
219,738
|
|
220,724
|
|
31,088
|
|
0.4 %
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
14,251
|
|
44,389
|
|
6,252
|
|
211.5 %
|
Investment income (loss)
|
62,240
|
|
(53,567)
|
|
(7,545)
|
|
N.A.
|
Contingent litigation expenses
|
(99,000)
|
|
-
|
|
-
|
|
(100.0 %)
|
Other
expense
|
(8,507)
|
|
(16,933)
|
|
(2,385)
|
|
99.0 %
|
Total other
expense
|
(31,016)
|
|
(26,111)
|
|
(3,678)
|
|
(15.8 %)
|
Income before taxes
and
income from equity in
affiliates
|
188,722
|
|
194,613
|
|
27,410
|
|
3.1 %
|
Income tax
expense
|
(60,530)
|
|
(34,068)
|
|
(4,798)
|
|
(43.7 %)
|
Income from equity in
affiliates
|
12,331
|
|
52,795
|
|
7,436
|
|
328.1 %
|
Net
income
|
140,523
|
|
213,340
|
|
30,048
|
|
51.8 %
|
Less: net income
(loss)
attributable to non-controlling
interests
|
614
|
|
(3,190)
|
|
(449)
|
|
N.A.
|
Net income
attributable to
Noah shareholders
|
139,909
|
|
216,530
|
|
30,497
|
|
54.8 %
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
2.01
|
|
3.12
|
|
0.44
|
|
55.2 %
|
Income per ADS,
diluted
|
2.01
|
|
3.12
|
|
0.44
|
|
55.2 %
|
Margin
analysis:
|
|
|
|
|
|
|
|
Operating
margin
|
24.9 %
|
|
27.6 %
|
|
27.6 %
|
|
|
Net margin
|
15.9 %
|
|
26.7 %
|
|
26.7 %
|
|
|
Weighted average
ADS
equivalent[1]:
|
|
|
|
|
|
|
|
Basic
|
69,593,068
|
|
69,487,210
|
|
69,487,210
|
|
|
Diluted
|
69,611,652
|
|
69,500,978
|
|
69,500,978
|
|
|
ADS equivalent
outstanding at
end of period
|
62,603,864
|
|
65,261,465
|
|
65,261,465
|
|
|
|
|
|
|
|
|
|
|
|
[1] Assumes all
outstanding ordinary shares are represented by ADSs. Five ordinary
share represents one ADSs.
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(Audited)
|
|
|
Twelve months
ended
|
|
|
December
31,
|
|
December
31,
|
|
December 31,
|
|
Change
|
|
|
2022
|
|
2023
|
|
2023
|
|
|
Revenues:
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
617,636
|
|
1,072,838
|
|
151,106
|
|
73.7 %
|
Recurring service
fees
|
|
768,980
|
|
707,580
|
|
99,661
|
|
(8.0 %)
|
Performance-based
income
|
|
184,048
|
|
16,344
|
|
2,302
|
|
(91.1 %)
|
Other service
fees
|
|
223,441
|
|
270,579
|
|
38,110
|
|
21.1 %
|
Total revenues from
others
|
|
1,794,105
|
|
2,067,341
|
|
291,179
|
|
15.2 %
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
63,809
|
|
16,365
|
|
2,305
|
|
(74.4 %)
|
Recurring service
fees
|
|
1,145,435
|
|
1,112,850
|
|
156,742
|
|
(2.8 %)
|
Performance-based
income
|
|
125,528
|
|
121,265
|
|
17,080
|
|
(3.4 %)
|
Total revenues from
funds
Gopher manages
|
|
1,334,772
|
|
1,250,480
|
|
176,127
|
|
(6.3 %)
|
Total
revenues
|
|
3,128,877
|
|
3,317,821
|
|
467,306
|
|
6.0 %
|
Less: VAT related
surcharges
|
|
(28,505)
|
|
(23,125)
|
|
(3,257)
|
|
(18.9 %)
|
Net
revenues
|
|
3,100,372
|
|
3,294,696
|
|
464,049
|
|
6.3 %
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
Relationship
manager
compensation
|
|
(497,147)
|
|
(655,460)
|
|
(92,320)
|
|
31.8 %
|
Others
|
|
(944,735)
|
|
(801,293)
|
|
(112,860)
|
|
(15.2 %)
|
Total compensation
and
benefits
|
|
(1,441,882)
|
|
(1,456,753)
|
|
(205,180)
|
|
1.0 %
|
Selling
expenses
|
|
(349,014)
|
|
(485,778)
|
|
(68,420)
|
|
39.2 %
|
General and
administrative
expenses
|
|
(235,319)
|
|
(275,727)
|
|
(38,835)
|
|
17.2 %
|
Reversal of credit
losses
|
|
424
|
|
7,028
|
|
990
|
|
1557.5 %
|
Other operating
expenses
|
|
(115,653)
|
|
(112,506)
|
|
(15,846)
|
|
(2.7 %)
|
Government
grants
|
|
129,521
|
|
126,955
|
|
17,881
|
|
(2.0 %)
|
Total operating costs
and
expenses
|
|
(2,011,923)
|
|
(2,196,781)
|
|
(309,410)
|
|
9.2 %
|
Income from
operations
|
|
1,088,449
|
|
1,097,915
|
|
154,639
|
|
0.9 %
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
61,416
|
|
161,926
|
|
22,807
|
|
163.7 %
|
Investment income
(loss)
|
|
85,554
|
|
(61,486)
|
|
(8,660)
|
|
N.A.
|
Contingent litigation
expenses
|
|
(99,000)
|
|
-
|
|
-
|
|
(100.0 %)
|
Other
income
|
|
13,130
|
|
10,892
|
|
1,534
|
|
(17.0 %)
|
Total other
income
|
|
61,100
|
|
111,332
|
|
15,681
|
|
82.2 %
|
Income before taxes
and
income from equity in affiliates
|
|
1,149,549
|
|
1,209,247
|
|
170,320
|
|
5.2 %
|
Income tax
expense
|
|
(267,108)
|
|
(262,360)
|
|
(36,953)
|
|
(1.8 %)
|
Income from equity in
affiliates
|
|
89,148
|
|
54,128
|
|
7,624
|
|
(39.3 %)
|
Net
income
|
|
971,589
|
|
1,001,015
|
|
140,991
|
|
3.0 %
|
Less: net loss
attributable to
non-controlling interests
|
|
(4,982)
|
|
(8,479)
|
|
(1,194)
|
|
70.2 %
|
Net income
attributable to
Noah shareholders
|
|
976,571
|
|
1,009,494
|
|
142,185
|
|
3.4 %
|
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
|
14.29
|
|
14.53
|
|
2.05
|
|
1.7 %
|
Income per ADS,
diluted
|
|
14.28
|
|
14.53
|
|
2.05
|
|
1.8 %
|
Margin
analysis:
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
35.1 %
|
|
33.3 %
|
|
33.3 %
|
|
|
Net margin
|
|
31.3 %
|
|
30.4 %
|
|
30.4 %
|
|
|
Weighted average
ADS
equivalent[1]:
|
|
|
|
|
|
|
|
|
Basic
|
|
68,332,032
|
|
69,473,972
|
|
69,473,972
|
|
|
Diluted
|
|
68,396,142
|
|
69,484,516
|
|
69,484,516
|
|
|
ADS equivalent
outstanding at
end of period
|
|
62,603,864
|
|
65,261,465
|
|
65,261,465
|
|
|
|
|
|
|
|
|
|
|
|
|
[1] Assumes all
outstanding ordinary shares are represented by ADSs. Five ordinary
share represents one ADSs.
|
Noah Holdings
Limited
|
Condensed
Comprehensive Income Statements
|
(unaudited)
|
|
|
Three months
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
|
2022
|
|
2023
|
|
2023
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net
income
|
|
140,523
|
|
213,340
|
|
30,048
|
|
51.8 %
|
Other comprehensive
loss,
net of tax:
|
|
|
|
|
|
|
|
|
Foreign
currency
translation adjustments
|
|
(36,494)
|
|
(68,333)
|
|
(9,625)
|
|
87.2 %
|
Comprehensive
income
|
|
104,029
|
|
145,007
|
|
20,423
|
|
39.4 %
|
Less:
Comprehensive
income (loss) attributable to
non-controlling interests
|
|
598
|
|
(3,287)
|
|
(463)
|
|
N.A.
|
Comprehensive
income
attributable to Noah shareholders
|
|
103,431
|
|
148,294
|
|
20,886
|
|
43.4 %
|
Noah
Holdings Limited
|
Condensed
Comprehensive Income Statements
|
(Audited)
|
|
|
Twelve months
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
|
2022
|
|
2023
|
|
2023
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net
income
|
|
971,589
|
|
1,001,015
|
|
140,991
|
|
3.0 %
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustments
|
|
137,555
|
|
76,990
|
|
10,844
|
|
(44.0 %)
|
Comprehensive
income
|
|
1,109,144
|
|
1,078,005
|
|
151,835
|
|
(2.8 %)
|
Less: Comprehensive
loss attributable
to non-controlling interests
|
|
(4,895)
|
|
(8,651)
|
|
(1,218)
|
|
76.7 %
|
Comprehensive income
attributable to
Noah shareholders
|
|
1,114,039
|
|
1,086,656
|
|
153,053
|
|
(2.5 %)
|
Noah
Holdings Limited
|
Supplemental
Information
|
(unaudited)
|
|
|
As of
|
|
|
|
|
December
31,
2022
|
|
December
31,
2023
|
|
Change
|
|
|
|
|
|
|
|
Number of registered
clients
|
|
437,288
|
|
455,827
|
|
4.2 %
|
Number of relationship
managers
|
|
1,276
|
|
1,252
|
|
(1.9 %)
|
Number of cities in
mainland China under
coverage
|
|
75
|
|
44
|
|
(41.3 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
December
31,
2022
|
|
December
31,
2023
|
|
Change
|
|
|
(in millions of RMB,
except number of active clients and
percentages)
|
Number of active
clients
|
|
12,904
|
|
9,033
|
|
(30.0 %)
|
Transaction
value:
|
|
|
|
|
|
|
Private equity
products
|
|
1,452
|
|
717
|
|
(50.6 %)
|
Private secondary
products
|
|
3,362
|
|
4,153
|
|
23.5 %
|
Mutual fund
products
|
|
12,183
|
|
10,901
|
|
(10.5 %)
|
Other
products
|
|
1,003
|
|
764
|
|
(23.8 %)
|
Total transaction
value
|
|
18,000
|
|
16,535
|
|
(8.1 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
December
31,
2022
|
|
December
31,
2023
|
|
Change
|
|
|
(in millions of RMB,
except number of active clients and
percentages)
|
Number of active
clients
|
|
35,877
|
|
22,453
|
|
(37.4 %)
|
Transaction
value:
|
|
|
|
|
|
|
Private equity
products
|
|
11,037
|
|
3,330
|
|
(69.8 %)
|
Private secondary
products
|
|
13,109
|
|
18,403
|
|
40.4 %
|
Mutual fund
products
|
|
43,133
|
|
47,837
|
|
10.9 %
|
Other
products
|
|
3,002
|
|
4,486
|
|
49.4 %
|
Total transaction
value
|
|
70,281
|
|
74,056
|
|
5.4 %
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(unaudited)
|
|
|
Three months ended
December 31, 2023
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
303,460
|
|
-
|
|
-
|
|
303,460
|
Recurring service
fees
|
|
167,109
|
|
-
|
|
-
|
|
167,109
|
Performance-based
income
|
|
146
|
|
-
|
|
-
|
|
146
|
Other service
fees
|
|
50,644
|
|
-
|
|
8,600
|
|
59,244
|
Total revenues from
others
|
|
521,359
|
|
-
|
|
8,600
|
|
529,959
|
Revenues from funds
Gopher manages
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
4,350
|
|
105
|
|
-
|
|
4,455
|
Recurring service
fees
|
|
87,399
|
|
174,964
|
|
-
|
|
262,363
|
Performance-based
income
|
|
-
|
|
11,762
|
|
-
|
|
11,762
|
Total revenues from
funds Gopher
manages
|
|
91,749
|
|
186,831
|
|
-
|
|
278,580
|
Total
revenues
|
|
613,108
|
|
186,831
|
|
8,600
|
|
808,539
|
Less: VAT related
surcharges
|
|
(2,778)
|
|
(650)
|
|
(5,603)
|
|
(9,031)
|
Net
revenues
|
|
610,330
|
|
186,181
|
|
2,997
|
|
799,508
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
Relationship
managers
|
|
(132,666)
|
|
(8,007)
|
|
-
|
|
(140,673)
|
Others
|
|
(127,236)
|
|
(24,783)
|
|
(8,058)
|
|
(160,077)
|
Total compensation and
benefits
|
|
(259,902)
|
|
(32,790)
|
|
(8,058)
|
|
(300,750)
|
Selling
expenses
|
|
(119,891)
|
|
(27,974)
|
|
(9,534)
|
|
(157,399)
|
General and
administrative
expenses
|
|
(63,627)
|
|
(27,058)
|
|
(7,952)
|
|
(98,637)
|
Provision for
(reversal of) credit
losses
|
|
(2,897)
|
|
(1,429)
|
|
5,351
|
|
1,025
|
Other operating
expenses
|
|
(15,790)
|
|
(1,562)
|
|
(8,297)
|
|
(25,649)
|
Government
grants
|
|
2,502
|
|
124
|
|
-
|
|
2,626
|
Total operating costs
and expenses
|
|
(459,605)
|
|
(90,689)
|
|
(28,490)
|
|
(578,784)
|
Income (loss) from
operations
|
|
150,725
|
|
95,492
|
|
(25,493)
|
|
220,724
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(unaudited)
|
|
|
Three months ended
December 31, 2022
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
266,592
|
|
-
|
|
-
|
|
266,592
|
Recurring service
fees
|
|
195,872
|
|
-
|
|
-
|
|
195,872
|
Performance-based
income
|
|
13,998
|
|
-
|
|
-
|
|
13,998
|
Other service
fees
|
|
48,245
|
|
-
|
|
12,625
|
|
60,870
|
Total revenues from
others
|
|
524,707
|
|
-
|
|
12,625
|
|
537,332
|
Revenues from funds
Gopher manages
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
576
|
|
3,339
|
|
-
|
|
3,915
|
Recurring service
fees
|
|
124,040
|
|
154,336
|
|
-
|
|
278,376
|
Performance-based
income
|
|
187
|
|
66,632
|
|
-
|
|
66,819
|
Total revenues from
funds Gopher
manages
|
|
124,803
|
|
224,307
|
|
-
|
|
349,110
|
Total
revenues
|
|
649,510
|
|
224,307
|
|
12,625
|
|
886,442
|
Less: VAT related
surcharges
|
|
(2,563)
|
|
(1,139)
|
|
(670)
|
|
(4,372)
|
Net
revenues
|
|
646,947
|
|
223,168
|
|
11,955
|
|
882,070
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
Relationship
managers
|
|
(137,016)
|
|
(9,646)
|
|
-
|
|
(146,662)
|
Others
|
|
(152,971)
|
|
(73,585)
|
|
(9,928)
|
|
(236,484)
|
Total compensation and
benefits
|
|
(289,987)
|
|
(83,231)
|
|
(9,928)
|
|
(383,146)
|
Selling
expenses
|
|
(121,259)
|
|
(20,611)
|
|
(936)
|
|
(142,806)
|
General and
administrative
expenses
|
|
(52,723)
|
|
(22,609)
|
|
(8,620)
|
|
(83,952)
|
Provision for (
reversal of ) credit
losses
|
|
249
|
|
1,068
|
|
(21,153)
|
|
(19,836)
|
Other operating
expenses
|
|
(9,344)
|
|
(4,629)
|
|
(24,284)
|
|
(38,257)
|
Government
grants
|
|
5,224
|
|
408
|
|
33
|
|
5,665
|
Total operating costs
and expenses
|
|
(467,840)
|
|
(129,604)
|
|
(64,888)
|
|
(662,332)
|
Income (loss) from
operations
|
|
179,107
|
|
93,564
|
|
(52,933)
|
|
219,738
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(Aaudited)
|
|
|
|
|
Twelve months ended
December 31, 2023
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
Revenues:
|
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
1,072,838
|
|
-
|
|
-
|
|
1,072,838
|
Recurring service
fees
|
|
707,580
|
|
-
|
|
-
|
|
707,580
|
Performance-based
income
|
|
16,344
|
|
-
|
|
-
|
|
16,344
|
Other service
fees
|
|
221,917
|
|
-
|
|
48,662
|
|
270,579
|
Total revenues from
others
|
|
2,018,679
|
|
-
|
|
48,662
|
|
2,067,341
|
Revenues from funds
Gopher
manages
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
13,732
|
|
2,633
|
|
-
|
|
16,365
|
Recurring service
fees
|
|
398,226
|
|
714,624
|
|
-
|
|
1,112,850
|
Performance-based
income
|
|
69,977
|
|
51,288
|
|
-
|
|
121,265
|
Total revenues from
funds Gopher
manages
|
|
481,935
|
|
768,545
|
|
-
|
|
1,250,480
|
Total
revenues
|
|
2,500,614
|
|
768,545
|
|
48,662
|
|
3,317,821
|
Less: VAT related
surcharges
|
|
(9,365)
|
|
(2,374)
|
|
(11,386)
|
|
(23,125)
|
Net
revenues
|
|
2,491,249
|
|
766,171
|
|
37,276
|
|
3,294,696
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
Relationship
managers
|
|
(631,082)
|
|
(24,378)
|
|
-
|
|
(655,460)
|
Others
|
|
(544,804)
|
|
(224,308)
|
|
(32,181)
|
|
(801,293)
|
Total compensation and
benefits
|
|
(1,175,886)
|
|
(248,686)
|
|
(32,181)
|
|
(1,456,753)
|
Selling
expenses
|
|
(370,861)
|
|
(88,827)
|
|
(26,090)
|
|
(485,778)
|
General and
administrative
expenses
|
|
(193,248)
|
|
(59,367)
|
|
(23,112)
|
|
(275,727)
|
Provision for
(reversal of) credit
losses
|
|
(910)
|
|
(921)
|
|
8,859
|
|
7,028
|
Other operating
expenses
|
|
(44,042)
|
|
(3,348)
|
|
(65,116)
|
|
(112,506)
|
Government
grants
|
|
103,597
|
|
21,638
|
|
1,720
|
|
126,955
|
Total operating costs
and expenses
|
|
(1,681,350)
|
|
(379,511)
|
|
(135,920)
|
|
(2,196,781)
|
Income (loss) from
operations
|
|
809,899
|
|
386,660
|
|
(98,644)
|
|
1,097,915
|
Noah
Holdings Limited
|
Segment Condensed
Income Statements
|
(Audited)
|
|
|
|
Twelve months ended
December 31, 2022
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
617,636
|
|
-
|
|
-
|
|
617,636
|
Recurring service
fees
|
|
768,980
|
|
-
|
|
-
|
|
768,980
|
Performance-based
income
|
|
184,048
|
|
-
|
|
-
|
|
184,048
|
Other service
fees
|
|
144,101
|
|
-
|
|
79,340
|
|
223,441
|
Total revenues from
others
|
|
1,714,765
|
|
-
|
|
79,340
|
|
1,794,105
|
Revenues from funds
Gopher
manages
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
13,953
|
|
49,856
|
|
-
|
|
63,809
|
Recurring service
fees
|
|
463,314
|
|
682,121
|
|
-
|
|
1,145,435
|
Performance-based income
|
|
18,407
|
|
107,121
|
|
-
|
|
125,528
|
Total revenues from
funds Gopher
manages
|
|
495,674
|
|
839,098
|
|
-
|
|
1,334,772
|
Total
revenues
|
|
2,210,439
|
|
839,098
|
|
79,340
|
|
3,128,877
|
Less: VAT related
surcharges
|
|
(10,462)
|
|
(4,630)
|
|
(13,413)
|
|
(28,505)
|
Net
revenues
|
|
2,199,977
|
|
834,468
|
|
65,927
|
|
3,100,372
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
Relationship
managers
|
|
(460,237)
|
|
(36,910)
|
|
-
|
|
(497,147)
|
Others
|
|
(619,397)
|
|
(285,101)
|
|
(40,237)
|
|
(944,735)
|
Total compensation and
benefits
|
|
(1,079,634)
|
|
(322,011)
|
|
(40,237)
|
|
(1,441,882)
|
Selling
expenses
|
|
(299,769)
|
|
(41,885)
|
|
(7,360)
|
|
(349,014)
|
General and
administrative
expenses
|
|
(153,643)
|
|
(55,872)
|
|
(25,804)
|
|
(235,319)
|
Provision for
(reversal of) credit
losses
|
|
718
|
|
386
|
|
(680)
|
|
424
|
Other operating
expenses
|
|
(15,412)
|
|
(6,369)
|
|
(93,872)
|
|
(115,653)
|
Government
grants
|
|
89,223
|
|
39,120
|
|
1,178
|
|
129,521
|
Total operating costs
and
expenses
|
|
(1,458,517)
|
|
(386,631)
|
|
(166,775)
|
|
(2,011,923)
|
Income (loss) from
operations
|
|
741,460
|
|
447,837
|
|
(100,848)
|
|
1,088,449
|
Noah Holdings
Limited
|
Supplement Revenue
Information by Geography
|
(unaudited)
|
|
|
Three months ended
December 31, 2023
|
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Mainland
China
|
|
262,775
|
|
110,975
|
|
8,600
|
|
382,350
|
Hong Kong
|
|
289,973
|
|
47,012
|
|
-
|
|
336,985
|
Others
|
|
60,360
|
|
28,844
|
|
-
|
|
89,204
|
Total
revenues
|
|
613,108
|
|
186,831
|
|
8,600
|
|
808,539
|
Noah
Holdings Limited
|
Supplement Revenue
Information by Geography
|
(unaudited)
|
|
Three months ended
December 31, 2022
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Mainland
China
|
|
442,208
|
|
147,301
|
|
12,625
|
|
602,134
|
Hong Kong
|
|
182,111
|
|
54,976
|
|
-
|
|
237,087
|
Others
|
|
25,191
|
|
22,030
|
|
-
|
|
47,221
|
Total
revenues
|
|
649,510
|
|
224,307
|
|
12,625
|
|
886,442
|
Noah Holdings
Limited
|
Supplement Revenue
Information by Geography
|
(Audited)
|
|
Twelve months ended
December 31, 2023
|
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Mainland
China
|
|
1,366,538
|
|
469,193
|
|
48,662
|
|
1,884,393
|
Hong Kong
|
|
921,091
|
|
193,588
|
|
-
|
|
1,114,679
|
Others
|
|
212,985
|
|
105,764
|
|
-
|
|
318,749
|
Total
revenues
|
|
2,500,614
|
|
768,545
|
|
48,662
|
|
3,317,821
|
Noah Holdings
Limited
|
Supplement Revenue
Information by Geography
|
(Audited)
|
|
|
Twelve months ended
December 31, 2022
|
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Mainland
China
|
|
1,548,395
|
|
672,785
|
|
79,340
|
|
2,300,520
|
Hong Kong
|
|
508,907
|
|
83,029
|
|
-
|
|
591,936
|
Others
|
|
153,137
|
|
83,284
|
|
-
|
|
236,421
|
Total
revenues
|
|
2,210,439
|
|
839,098
|
|
79,340
|
|
3,128,877
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except for
per ADS data and percentages)
|
(unaudited)
|
|
|
Three months
ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
|
|
2022
|
|
2023
|
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Noah shareholders
|
|
139,909
|
|
216,530
|
|
54.8 %
|
|
Adjustment for
share-based compensation
|
|
12,316
|
|
21,935
|
|
78.1 %
|
|
Less: tax effect of
adjustments
|
|
3,066
|
|
4,740
|
|
54.6 %
|
|
Adjusted net income
attributable to Noah shareholders
(non-GAAP)
|
|
149,159
|
|
233,725
|
|
56.7 %
|
|
|
|
|
|
|
|
|
|
Net margin attributable
to Noah shareholders
|
|
15.9 %
|
|
27.1 %
|
|
|
|
Non-GAAP net margin
attributable to Noah shareholders
|
|
16.9 %
|
|
29.2 %
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Noah shareholders per ADS,
diluted
|
|
2.01
|
|
3.12
|
|
55.2 %
|
|
Non-GAAP net income
attributable to Noah shareholders
per ADS, diluted
|
|
2.14
|
|
3.36
|
|
57.0 %
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except for
per ADS data and percentages)
|
(unaudited)
|
|
Twelve months
ended
|
|
|
|
December 31
|
|
December 31
|
|
Change
|
|
2022
|
|
2023
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Net income attributable
to Noah shareholders
|
976,571
|
|
1,009,494
|
|
3.4 %
|
Adjustment for
share-based compensation
|
42,300
|
|
11,530
|
|
(72.7 %)
|
Less: tax effect of
adjustments
|
10,279
|
|
2,220
|
|
(78.4 %)
|
Adjusted net income
attributable to Noah shareholders
(non-GAAP)
|
1,008,592
|
|
1,018,804
|
|
1.0 %
|
|
|
|
|
|
|
Net margin attributable
to Noah shareholders
|
31.5 %
|
|
30.6 %
|
|
|
Non-GAAP net margin
attributable to Noah shareholders
|
32.5 %
|
|
30.9 %
|
|
|
|
|
|
|
|
|
Net income attributable
to Noah shareholders per ADS,
diluted
|
14.28
|
|
14.53
|
|
1.8 %
|
Non-GAAP net income
attributable to Noah shareholders
per ADS, diluted
|
14.75
|
|
14.66
|
|
(0.6 %)
|
|
|
|
|
|
|
[1] Noah's Non-GAAP financial
measures are its corresponding GAAP financial measures excluding
the effects of all forms of share-based compensation and net of
relevant tax impact, if any. See "Reconciliation of GAAP to
Non-GAAP Results" at the end of this press release.
|
[2] "Active clients" for a
given period refers to registered investors who purchase investment
products distributed or receive services provided by us during that
given period.
|
[3] "Other products" refers to
other investment products, which includes insurance products,
multi-strategies products and others.
|
[4] The asset
distribution/redemption of public securities also includes market
appreciation or depreciation.
|
View original
content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-fourth-quarter-2023-and-audited-financial-results-for-full-year-2023-302099757.html
SOURCE Noah Holdings Limited