SHANGHAI, March 16, 2016 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth
management service provider with a focus on global wealth
investment and asset allocation services for high net worth
individuals and enterprises in China, today announced its unaudited financial
results for the fourth quarter of 2015 and the full year ended
December 31, 2015.
Starting from the fourth quarter of 2015, the Company changed
its reporting currency from the U.S. dollar ("US$") to the Renminbi
("RMB"), based on the consideration that the majority of the
Company's operations are conducted in RMB, and aligning the
reporting currency with the underlying operations will better
depict our results of operations for each period, and reduce the
impact that the increased volatility of the RMB to US$ exchange
rate will have on the Company's reported operating results. This
release contains translations of certain RMB amounts into US$ for
convenience[1]. Prior period numbers have been recast into the new
reporting currency.
FOURTH QUARTER 2015 FINANCIAL HIGHLIGHTS
- Net revenues in the fourth quarter of 2015
were RMB573.7 million (US$88.6 million), a 47.5% increase from the
corresponding period in 2014.
(RMB
millions,
except
percentages)
|
Q4
2014
|
|
Q4 2014
Segment %
|
|
Q4
2015
|
|
Q4 2015
Segment %
|
|
YoY
Change
|
Wealth
management
|
311.5
|
|
80.1%
|
|
431.3
|
|
75.2%
|
|
38.4%
|
Asset
management
|
69.9
|
|
18.0%
|
|
127.2
|
|
22.2%
|
|
81.9%
|
Internet
finance
|
7.5
|
|
1.9%
|
|
15.2
|
|
2.6%
|
|
102.0%
|
Total net
revenues
|
389.0
|
|
100.0%
|
|
573.7
|
|
100.0%
|
|
47.5%
|
- Income from operations in the fourth quarter of 2015 was
RMB47.0 million (US$7.3 million), a 57.1% decrease from the
corresponding period in 2014.
(RMB
millions,
except
percentages)
|
Q4
2014
|
|
Q4 2014
Segment %
|
|
Q4
2015
|
|
Q4 2015
Segment %
|
|
YoY
Change
|
Wealth
management
|
126.1
|
|
115.0%
|
|
50.3
|
|
106.9%
|
|
(60.1%)
|
Asset
management
|
12.2
|
|
11.1%
|
|
52.7
|
|
112.0%
|
|
333.2%
|
Internet
finance
|
(28.6)
|
|
(26.1%)
|
|
(56.0)
|
|
(118.9%)
|
|
95.4%
|
Total income
from
operations
|
109.6
|
|
100.0%
|
|
47.0
|
|
100.0%
|
|
(57.1%)
|
- Net income attributable to Noah shareholders in the
fourth quarter of 2015 was RMB83.5
million (US$12.9 million), a
7.9% decrease from the corresponding period in 2014.
- Non-GAAP[2] net income attributable to Noah
shareholders in the fourth quarter of 2015 was RMB106.2 million (US$16.4
million), an 11.4% increase from the corresponding period in
2014.
FULL YEAR 2015 FINANCIAL HIGHLIGHTS
- Net revenues in the full year 2015 were
RMB2,119.9 million (US$327.3 million), a 38.7% increase from
2014.
(RMB
millions,
except
percentages)
|
FY
2014
|
|
FY 2014
Segment %
|
|
FY
2015
|
|
FY 2015
Segment %
|
|
YoY
Change
|
Wealth
management
|
1,145.5
|
|
74.9%
|
|
1,597.5
|
|
75.4%
|
|
39.5%
|
Asset
management
|
366.1
|
|
24.0%
|
|
465.0
|
|
21.9%
|
|
27.0%
|
Internet
finance
|
16.9
|
|
1.1%
|
|
57.4
|
|
2.7%
|
|
240.5%
|
Total net
revenues
|
1,528.5
|
|
100.0%
|
|
2,119.9
|
|
100.0%
|
|
38.7%
|
- Income from operations in the full year 2015 was
RMB558.8 million (US$86.3 million), a 1.0% increase from 2014.
(RMB
millions,
except
percentages)
|
FY
2014
|
|
FY 2014
Segment %
|
|
FY
2015
|
|
FY 2015
Segment %
|
|
YoY
Change
|
Wealth
management
|
444.8
|
|
80.4%
|
|
466.1
|
|
83.4%
|
|
4.8%
|
Asset
management
|
171.0
|
|
30.9%
|
|
247.6
|
|
44.3%
|
|
44.8%
|
Internet
finance
|
(62.7)
|
|
(11.3%)
|
|
(154.8)
|
|
(27.7%)
|
|
147.1%
|
Total income
from
operations
|
553.1
|
|
100.0%
|
|
558.8
|
|
100.0%
|
|
1.0%
|
- Net income attributable to Noah shareholders in the full
year 2015 was RMB535.8 million
(US$82.7 million), a 20.0% increase
from 2014.
- Non-GAAP net income attributable to Noah shareholders in
the full year 2015 was RMB603.5
million (US$93.2 million[3]),
a 25.9% increase from 2014.
FOURTH QUARTER AND FULL YEAR 2015 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business provides global wealth
investment and asset allocation services to high net worth
individuals and enterprise clients in China.
- The total number of registered clients as of
December 31, 2015 was 99,019, a 40.3%
increase since December 31, 2014,
consisting of 95,885 registered individual clients, 3,015
registered enterprise clients and 119 wholesale clients that have
entered into cooperation agreements with the Company.
- Total number of active clients[4] during the fourth
quarter of 2015 was 4,603, a 30.4% increase from the corresponding
period in 2014. Total number of active clients during the
full year 2015 was 12,573, a 39.5% increase from the full year
2014.
- The aggregate value of wealth management products
distributed by the Company during the fourth quarter of 2015
was RMB20.0 billion (US$3.1 billion), a 69.4% increase from the
corresponding period in 2014.
Product
type
|
Three months ended
December 31,
|
|
2014
|
|
2015
|
|
(RMB in billions,
except percentages)
|
Fixed income
products
|
7.5
|
|
63.2%
|
|
11.2
|
|
55.7%
|
Private equity
products
|
2.3
|
|
19.2%
|
|
6.4
|
|
32.0%
|
Secondary market
equity fund products
|
3.3
|
|
27.9%
|
|
4.8
|
|
23.9%
|
Other
products
|
(1.2)
|
|
(10.3%)
|
|
(2.3)
|
|
(11.6%)
|
All
products
|
11.8
|
|
100.0%
|
|
20.0
|
|
100%
|
The below table summarizes the percentages of fixed income
products and private equity products with chargeable recurring
services fees and weighted average duration of these types of
products distributed during the fourth quarter of 2014 and 2015,
respectively. In the three months ended December 31, 2014, about RMB7.9 billion of products distributed had such
recurring service fees. In the three months ended
December 31, 2015, about RMB15.4 billion of products distributed had such
recurring service fees, representing an increase of 94.9% from the
corresponding period in 2014.
Product
type
|
Three months ended
December 31,
|
|
2014
|
2015
|
|
% of products
with recurring
service fees
|
Duration
(Year)
|
% of products
with recurring
service fees
|
Duration
(Year)
|
Fixed income
products
|
75%
|
1.4
|
81%
|
1.1
|
Private equity
products
|
97%
|
5.3
|
99%
|
7.9
|
|
|
|
|
|
|
- The aggregate value of wealth management products
distributed by the Company during the full year 2015 was
RMB99.0 billion (US$15.8 billion), a 56.2% increase from the full
year 2014.
Product
type
|
Twelve months
ended December 31,
|
|
2014
|
2015
|
|
(RMB billions,
except percentages)
|
Fixed income
products
|
40.2
|
63.4%
|
36.6
|
37.0%
|
Private equity
products
|
12.0
|
18.9%
|
31.9
|
32.2%
|
Secondary market
equity fund products
|
10.3
|
16.3%
|
28.1
|
28.4%
|
Other
products
|
0.9
|
1.4%
|
2.3
|
2.4%
|
All
products
|
63.4
|
100.0%
|
99.0
|
100%
|
The below table summarizes the percentages of fixed income
products and private equity products with chargeable recurring
services fees and weighted average duration of these types of
products distributed during the full year ended December 31, 2014 and 2015, respectively. In the
twelve months ended December 31,
2014, about RMB43.9 billion of
products distributed had such recurring service fees. In the
twelve months ended December 31,
2015, about RMB62.4 billion of
products distributed had such recurring service fees, representing
an increase of 42.1% from the corresponding period in 2014.
Product
type
|
Twelve months
ended December 31,
|
|
2014
|
2015
|
|
% of products
with recurring
service fees
|
Duration
(Year)
|
% of products
with recurring
service fees
|
Duration
(Year)
|
Fixed income
products
|
80%
|
1.3
|
85%
|
1.2
|
Private equity
products
|
98%
|
5.3
|
98%
|
7.4
|
|
|
|
|
|
|
- The average transaction value per client[5] in
the fourth quarter of 2015 was RMB4.4
million (US$0.7 million), a
29.8% increase from the corresponding period in 2014, reflecting a
change in product mix. The average transaction value per
client in the full year 2015 was RMB7.9
million (US$1.3 million), an
11.9% increase from the full year 2014, reflecting a change in
product mix.
- The coverage network included 135 branches and
sub-branches covering 67 cities as of December 31, 2015, up from 130 branches and
sub-branches covering 65 cities as of September 30, 2015, and 94 branches and
sub-branches covering 63 cities as of December 31, 2014.
- The number of relationship managers was 1,098 as of
December 31, 2015, up from 779 and
1,038 as of December 31, 2014 and
September 30, 2015,
respectively.
Asset Management Business
The Company's asset management business develops and manages
financial products denominated in both domestic (Renminbi) and
foreign currencies. These financial products include real estate
funds and funds of funds, including private equity funds, real
estate funds, hedge funds and fixed income funds.
- The total assets under management as of December 31, 2015 were RMB86.7 billion (US$13.6
billion), a 74.3% increase from December 31, 2014 and a 12.6% increase from
September 30, 2015.
Product
type
|
As of September
30,
2015
|
Asset
Growth
|
Asset
Expiration/
Redemption
|
As of December
31,
2015
|
|
(RMB billions,
except percentages)
|
Real estate funds and
real
estate funds of funds
|
30.7
|
39.9%
|
5.4
|
4.3
|
31.8
|
36.7%
|
Private equity funds
of funds
|
32.1
|
41.7%
|
5.9
|
0.1
|
37.9
|
43.7%
|
Secondary market
equity funds
of funds
|
10.4
|
13.5%
|
0.5
|
0.2
|
10.7
|
12.3%
|
Other fixed income
funds of
funds
|
3.8
|
4.9%
|
3.1
|
0.6
|
6.3
|
7.3%
|
All
products
|
77.0
|
100.0%
|
14.9
|
5.2
|
86.7
|
100.0%
|
Product
type
|
As of December
31,
2014
|
Asset
Growth
|
Asset
Expiration/
Redemption
|
As of December
31,
2015
|
|
(RMB billions,
except percentages)
|
Real estate funds and
real
estate funds of funds
|
31.0
|
62.4%
|
24.2
|
23.4
|
31.8
|
36.7%
|
Private equity funds
of funds
|
10.4
|
20.9%
|
27.9
|
0.4
|
37.9
|
43.7%
|
Secondary market
equity funds
of funds
|
2.6
|
5.2%
|
9.8
|
1.7
|
10.7
|
12.3%
|
Other fixed income
funds of
funds
|
5.7
|
11.5%
|
5.0
|
4.4
|
6.3
|
7.3%
|
All
products
|
49.7
|
100.0%
|
66.9
|
29.9
|
86.7
|
100.0%
|
Internet Finance Business
The Company's internet finance business provides financial
products and services through a proprietary internet finance
platform targeting aspiring high net worth individuals in
China.
- The aggregate value of financial products distributed by the
Company through its internet finance platform in the fourth
quarter of 2015 was RMB4.2 billion
(US$653.8 million), a 271.3% increase
from the fourth quarter of 2014. The aggregate value of
financial products distributed by the Company through its internet
finance platform in the full year 2015 was RMB12.0 billion (US$1,902.1 million), a 748.7% increase from the
full year 2014.
- Total number of enterprise clients as of December 31, 2015 was 634, up from 205 and 414 as
of December 31, 2014 and September 30, 2015, respectively.
- Total number of individual clients as of December 31, 2015 was 276,738, up from 28,780 and
157,046 as of December 31, 2014 and
September 30, 2015,
respectively.
Mr. Kenny Lam, Group President of
Noah, said, "We are very pleased with our fourth quarter and full
year results. During the year, we successfully adjusted our product
mix, which will both protect our clients' long-term interests and
generate more recurring service fees for Noah in the coming years.
Overall, 2015 was also a year of transformation for Noah. Two of
our newer business units – asset management and internet finance –
experienced tremendous growth and we continued to build a strong
foundation for the next decade."
"Looking forward, we expect that the external environment will
remain volatile in the short term and we will maintain a steady
hand as we steer through this period. Our aspirations and
objectives remain intact and we are on track to steadily grow our
share of the wealth and asset management services market in
China," added Mr. Lam.
FOURTH QUARTER 2015 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2015 were
RMB573.7 million (US$88.6 million), a 47.5% increase from the
corresponding period in 2014, primarily due to increases in
one-time commission revenues, recurring service fees and
performance-based income.
- Wealth Management Business
- Net revenues from one-time commissions for the
fourth quarter of 2015 were RMB186.2
million (US$28.7 million), a
15.4% increase from the corresponding period in 2014. The increase
was primarily due to an increase in the aggregate value of the
wealth management products distributed by the Company, which was
partially offset by the impact of lower one-time commission rates
for fixed income products along with the impact of changes in the
macroeconomic environment.
- Net revenues from recurring service fees for the
fourth quarter of 2015 were RMB177.4
million (US$27.4 million), a
28.4% increase from the corresponding period in 2014. The increase
was mainly due to the cumulative effect of finance products with
recurring service fees previously distributed by the
Company.
- Net revenues from performance-based income for the
fourth quarter of 2015 were RMB27.0
million (US$4.2 million), a
260.5% increase from the corresponding period in 2014, primarily
consisting of performance-based income received for the positive
performance of the secondary equity market fund products
distributed by the Company.
- Net revenues from other service fees for the
fourth quarter of 2015 were RMB40.7
million (US$6.3 million),
compared with RMB4.4 million
(US$0.7 million) in the corresponding
period of 2014. The increase was mainly due to the rapid growth of
the Company's insurance brokerage business.
- Asset Management Business
- Net revenues from recurring service fees for the
fourth quarter of 2015 were RMB95.5
million (US$14.7 million), a
42.3% increase from the corresponding period in 2014. The increase
was primarily due to the increase in assets under management by the
Company, which was partially offset by the impact of lower
management fee rates due to a change in composition of asset types
under management.
- Net revenues from performance-based income for the
fourth quarter of 2015 were RMB30.0
million (US$4.6 million), a
981.8% increase compared with the corresponding period in 2014,
primarily consisting of performance-based income received for the
positive performance of secondary equity market funds of funds
managed by the Company.
- Internet Finance Business
- Net revenues for the fourth quarter of 2015 were
RMB15.2 million (US$2.4 million), a 102.0% increase from the
corresponding period in 2014, primarily because this is a new and
fast growing business segment for the Company.
Operating costs and expenses
Operating costs and expenses include
compensation and benefits, selling expenses, general and
administrative expenses, other operating expenses and government
subsidies. Operating costs and expenses for the fourth quarter of
2015 were RMB526.7 million
(US$81.3 million), an 88.5% increase
from the corresponding period in 2014. The increase was mainly due
to a RMB31.9 million decrease in
government subsidies received in the fourth quarter of 2015
compared with the fourth quarter of 2014, and an increase in
marketing expenses for the wealth management business and internet
finance business segments, as well as an increase in compensation
expenses. The increase in compensation expenses was partially
driven by a change in product mix to more products with recurring
service fees and longer durations.
- Wealth Management Business
Operating costs and expenses for the fourth quarter of 2015 were
RMB381.0 million (US$58.8 million), a 105.5% increase from the
corresponding period in 2014.
-
- Compensation and benefits includes compensation
for relationship managers and back-office employees. Compensation
and benefits for the fourth quarter of 2015 were RMB257.3 million (US$39.7
million), a 76.3% increase from the corresponding period in
2014. In the fourth quarter of 2015, relationship manager
compensation increased by 61.8% from the corresponding period in
2014, reflecting an increase in the aggregate value of financial
products distributed and an increase in the commission rate paid to
relationship managers driven by the change in product mix to more
products with recurring service fees and longer duration. Other
compensation for the fourth quarter of 2015 increased by 99.9% from
the corresponding period in 2014, primarily driven by an increase
in the number of back-office employees.
- Selling expenses for the fourth quarter of 2015
were RMB74.9 million (US$11.6 million), a 56.6% increase from the
corresponding period in 2014, primarily due to an increase in
client events and other marketing initiatives, and an increase in
rental fees.
- General and administrative expenses for the fourth
quarter of 2015 were RMB30.8 million
(US$4.7 million), an 11.6% increase
from the corresponding period in 2014, mainly due to an increase in
rental and related expenses.
- Other operating expenses, which include other
costs incurred directly in relation to the Company's revenues, for
the fourth quarter of 2015 were RMB33.1
million (US$5.1 million), an
increase of 279.2% from the corresponding period in 2014. The
increase was primarily due to the growth of other businesses within
the wealth management segment.
- Government subsidies represent cash subsidies
received from local governments for general corporate purposes. The
Company received RMB15.0 million
(US$2.3 million) in government
subsidies in the fourth quarter of 2015, compared to RMB44.6 million in the corresponding period of
2014.
- Asset Management Business
Operating costs and expenses for the fourth quarter of
2015 were RMB74.5 million
(US$11.5 million), a 29.0% increase
from the corresponding period in 2014.
-
- Compensation and benefits include compensation of
managers of institutional client relationships, fund managers and
back-office employees. Compensation and benefits for the fourth
quarter of 2015 were RMB43.6 million
(US$6.7 million), a 45.4% increase
from the corresponding period in 2014. The increase was primarily
due to an increase in the number of back-office employees and
performance fee compensation to fund managers as higher
performance-based income was recognized in the fourth quarter of
2015 compared to the corresponding period in 2014.
- Selling expenses for the fourth quarter of 2015
were RMB3.7 million (US$0.6 million), compared with RMB2.8 million in the corresponding period of
2014, an increase of 34.2%, primarily due to an increase in brand
promotion expenses.
- General and administrative expenses for the fourth
quarter of 2015 were RMB21.6 million
(US$3.3 million), a 22.9% decrease
from the corresponding period in 2014, primarily due to decreased
consultant expenses.
- Government subsidies represent cash subsidies
received from local governments for general corporate purposes. The
Company received RMB1.4 million
(US$0.2 million) in government
subsidies in the fourth quarter of 2015, compared to RMB4.2 million in the corresponding period in
2014.
- Internet Finance Business
Operating costs and expenses for the fourth quarter of
2015 were RMB71.2 million
(US$11.0 million), a 96.8% increase
from the corresponding period in 2014, and represented the
Company's expenses in human resources, marketing and internet
infrastructure, as well as expenses incurred in promoting the
Company's internet finance business. Operating costs and expenses
for the fourth quarter of 2015 primarily consisted of compensation
and benefits of RMB40.4 million
(US$6.2 million), selling expenses of
RMB11.9 million (US$1.8 million), general and administrative
expenses of RMB12.5 million
(US$1.9 million) and other operating
expenses of RMB6.8 million
(US$1.1 million).
Operating Margin
Operating margin for the fourth quarter of 2015 was 8.2%
compared to 28.2% for the corresponding period in 2014. The
decrease was primarily due to the growth in relationship manager
compensation, resulting from changes in the product mix, exceeding
the growth in net revenues, and the RMB31.9
million decrease in government subsidies received in the
fourth quarter of 2015 compared with the fourth quarter of 2014.
Compared to fixed income products, private equity products tend to
bring Noah recurring revenues for longer periods. To encourage
marketing of private equity products, the Company offers higher
incentives to its relationship managers for successful sales of
this type of product. Private equity products accounted for 32.0%
of total finance products distributed during the fourth quarter of
2015, compared with 19.2% for the fourth quarter of 2014. The
significant growth in private equity products distributed led to a
significant increase in relationship manager commission expenses.
As noted earlier, 99% of private equity products distributed in the
fourth quarter of 2015 have recurring service fees with an average
duration of 7.9 years, as compared to an average duration of 1.1
years for fixed income products.
- Wealth Management Business
Operating margin for the fourth quarter of 2015 was
11.7%, compared to 40.5% for the corresponding period in 2014. The
decrease was mainly due to higher growth rate of operating costs
and expenses compared to the growth rate of net revenues in the
fourth quarter of 2015.
- Asset Management Business
Operating margin increased to 41.4% for the fourth
quarter of 2015 from 17.4% for the corresponding period in 2014.
The increase was primarily due to the increase of revenues in the
fourth quarter of 2015, compared to the corresponding period in
2014.
- Internet Finance Business
Operating loss for the fourth quarter of 2015 was
RMB56.0 million (US$8.6 million) compared with RMB28.6 million for the corresponding period of
the prior year.
Income Tax Expenses
Income tax expenses for the fourth quarter of
2015 were RMB7.1 million
(US$1.1 million), a 78.5% decrease
from the corresponding period in 2014. The decrease was primarily
due to the combined impact of a lower effective tax rate and lower
taxable income.
Net Income
- Net Income
- Net income attributable to Noah shareholders for
the fourth quarter of 2015 was RMB83.5
million (US$12.9 million), a
7.9% decrease from the corresponding period in
2014.
- Net margin for the fourth quarter of 2015 was
13.1%, as compared to 23.6% for the corresponding period in
2014.
- Net income per basic and diluted ADS for the
fourth quarter of 2015 was RMB1.49
(US$0.23) and RMB1.46 (US$0.23),
respectively, as compared to RMB1.62
and RMB1.60, respectively, for the
corresponding period in 2014.
- Non-GAAP Net Income
Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah
shareholders for the fourth quarter of 2015 was RMB106.2 million (US$16.4
million), an 11.4% increase from the corresponding period in
2014.
- Non-GAAP net margin for the fourth quarter of 2015
was 17.0%, as compared to 24.8% for the corresponding period in
2014.
- Non-GAAP net income per diluted ADS for the fourth
quarter of 2015 was RMB1.84
(US$0.28), as compared to
RMB1.69 for the corresponding period
in 2014.
FULL YEAR 2015 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2015 were RMB2,119.9 million (US$327.3 million), a 38.7% increase from 2014,
primarily due to increases in one-time commission revenues,
recurring service fees and performance-based income.
- Wealth Management Business
- Net revenues from one-time commissions for the
full year 2015 were RMB772.3 million
(US$119.2 million), a 35.5% increase
from 2014. The increase was primarily due to an increase in the
aggregate value of the wealth management products distributed by
the Company.
- Net revenues from recurring service fees for the
full year 2015 were RMB624.6 million
(US$96.4 million), a 12.9% increase
from 2014. The increase was mainly due to the cumulative effect of
finance products with recurring service fees previously distributed
by the Company, which was partially offset by the impact of lower
recurring service fee rates due to a change in product
mix.
- Net revenues from performance-based income for the
full year 2015 were RMB134.3 million
(US$20.7 million), a 1,269.6%
increase from 2014, primarily consisting of performance-based
income received for the positive performance of the secondary
equity market fund products distributed by the Company.
- Net revenues from other service fees for the full
year 2015 were RMB66.2 million
(US$10.2 million), representing a
426.6% increase from 2014.
- Asset Management Business
- Net revenues from recurring service fees for the
full year 2015 were RMB359.0 million
(US$55.4 million), a 28.6% increase
from 2014. The increase was primarily due to the increase in assets
under management by the Company, which was partially offset by the
impact of lower management fee rates due to a change in composition
of asset types under management.
- Net revenues from performance-based income for the
full year 2015 were RMB100.9 million
(US$15.6 million), a 17.3% increase
from the full year 2014, primarily consisting of performance-based
income received for the positive performance of secondary equity
market funds managed by the Company.
- Internet Finance Business
- Net revenues for the full year 2015 were
RMB57.4 million (US$8.9 million), a 241.1% increase from the full
year 2014, primarily because this is a new and fast growing
business segment for the Company.
Operating costs and expenses
Operating costs and expenses include
compensation and benefits, selling expenses, general and
administrative expenses, other operating expenses and government
subsidies. Operating costs and expenses for the full year 2015 were
RMB1,561.2 million (US$241.0 million), a 60.1% increase from 2014.
The increase in compensation expenses was partially driven by a
change in product mix to more products with recurring service fees
and longer durations.
- Wealth Management Business
Operating costs and expenses for the full year 2015 were
RMB1,131.5 million (US$174.7 million), a 61.5% increase from
2014.
-
- Compensation and benefits includes compensation
for relationship managers and back-office employees. Compensation
and benefits for the full year 2015 were RMB855.9 million (US$132.1
million), a 60.2% increase from 2014. In 2015, relationship
manager compensation increased by 58.8% from 2014, reflecting an
increase in the aggregate value of financial products distributed
and an increase in commission rates to relationship managers driven
by the change in product mix to more products with recurring
service fees and longer durations. Other compensation for the full
year 2015 increased by 62.2% from 2014, primarily due to increases
in both the number of back-office employees and share-based
compensation.
- Selling expenses for the full year 2015 were
RMB219.3 million (US$33.9 million), a 62.1% increase from 2014. The
increase was primarily due to an increase in marketing initiatives
and rental fees.
- General and administrative expenses for the full
year 2015 were RMB78.9 million
(US$12.2 million), a 5.6% increase
from 2014.
- Other operating expenses, which include other
costs incurred directly in relation to the Company's revenues, for
the full year 2015 were RMB53.4
million (US$8.2 million), an
increase of 125.8% from 2014. The increase was primarily due to the
growth of other businesses within the wealth management
segment.
- Government subsidies represent cash subsidies
received from local governments for general corporate purposes. The
Company received RMB76.0 million
(US$11.7 million) in government
subsidies in the full year 2015, compared to RMB67.3 million in 2014.
- Asset Management Business
Operating costs and expenses for the full year 2015 were
RMB217.4 million (US$33.6 million), an 11.4% increase from
2014.
-
- Compensation and benefits include compensation of
managers of institutional client relationships, fund managers and
back-office employees. Compensation and benefits for the full year
2015 were RMB183.5 million
(US$28.3 million), a 24.6% increase
from the full year 2014. The increase was primarily due to an
increase in the number of back-office employees.
- Selling expenses for the full year 2015 were
RMB17.3 million (US$2.7 million), a 77.1% increase from
2014.
- General and administrative expenses for the full
year 2015 were RMB53.6 million
(US$8.3 million), a 10.9% decrease
from 2014, primarily due to decreased legal fees.
- Government subsidies represent cash subsidies
received from local governments for general corporate purposes. The
Company received RMB56.3 million
(US$8.7 million) in government
subsidies in the full year 2015, a 138.6% increase from
2014.
- Internet Finance Business
Operating costs and expenses for the full year 2015 were
RMB212.3 million (US$32.8 million), an increase of 166.9% from
2014, and represent the Company's expenses in human resources,
marketing and internet infrastructure, as well as expenses incurred
in promoting the Company's internet finance business. Operating
costs and expenses primarily consisted of compensation and benefits
of RMB125.1 million (US$19.3 million), selling expenses of
RMB27.3 million (US$4.2 million), general and administrative
expenses of RMB38.5 million
(US$5.9 million) and other operating
expenses of RMB21.8 million
(US$3.4 million).
Operating Margin
Operating margin for the full year 2015 was 26.4%, as
compared to 36.2% for the full year 2014. The decrease was mainly
due to the growth in relationship manager compensation, resulting
from the change in product mix year-over-year, being higher than
the growth in net revenues, and the Company's continuous
investments in developing its internet finance business. Compared
to fixed income products, private equity products tend to bring
Noah recurring revenues for longer periods. As noted earlier, 98%
of private equity products distributed in 2015 have recurring
service fees with an average duration of 7.4 years, as compared to
an average duration of 1.2 years for fixed income products. To
encourage marketing of private equity products, the Company offers
higher incentives to its relationship managers for successful sales
of this type of products. Private equity products accounted for
32.2% of total financial products distributed in 2015, compared
with 18.9% in 2014. The significant growth in private equity
products distributed led to a significant increase in relationship
manager commission expenses.
- Wealth Management Business
Operating margin for the full year 2015 was 29.2%,
compared to 38.8% for the full year 2014. The decrease was mainly
due to higher growth rate of operating costs and expenses compared
to the growth rate of net revenues in 2015.
- Asset Management Business
Operating margin increased to 53.2% for the full year
2015 from 46.7% for 2014. The increase was primarily due to the
increase of performance-based income in the full year 2015,
compared to 2014.
- Internet Finance Business
Operating loss for the full year 2015 was RMB154.8 million (US$23.9
million) compared with RMB62.7
million for 2014.
Income Tax Expenses
Income tax expenses for the full year 2015
were RMB129.9 million (US$20.1 million), a 14.1% decrease from 2014. The
decrease was primarily due to a lower effective tax rate of the
Company for the full year 2015 as compared to 2014.
Net Income
- Net Income
- Net income attributable to Noah shareholders for
the full year 2015 was RMB535.8
million (US$82.7 million), a
20.0% increase from 2014.
- Net margin for the full year 2015 was 24.8%, as
compared to 30.3% for 2014.
- Net income per basic and diluted ADS for the full
year 2015 was RMB9.54 (US$1.47) and RMB9.15 (US$1.41),
respectively, as compared to RMB8.01
and RMB7.91, respectively, for
2014.
- Non-GAAP Net Income Attributable to Noah
Shareholders
- Non-GAAP net income attributable to Noah
shareholders for the full year 2015 was RMB603.5 million (US$93.2
million), a 25.9% increase from 2014.
- Non-GAAP net margin attributable to Noah
shareholders for the full year 2015 was 28.5%, as compared to
31.4% for 2014.
- Non-GAAP net income per diluted ADS for the full
year 2015 was RMB10.28 (US$1.59), as compared to RMB8.49 for 2014.
Balance Sheet and Cash Flow
As of December 31, 2015, the
Company had RMB2,132.9 million
(US$329.3 million) in cash and cash
equivalents, compared to RMB1,750.2
million as of December 31,
2014 and RMB1,788.5 million as
of September 30, 2015.
Cash inflow from the Company's operating activities during the
fourth quarter of 2015 was RMB247.2
million (US$38.2 million).
Cash inflow from the Company's operating activities for the full
year of 2015 was RMB675.1 million
(US$104.2 million), an increase from
RMB589.6 million for the full year of
2014, mainly due to the improvement in account receivable turnover
and the temporary impact of deferring payments for certain
compensation and benefits, and other expenses, resulting in an
increase in accruals and payables.
Cash inflow from the Company's investing activities during the
fourth quarter of 2015 was RMB87.5
million (US$13.5 million).
Cash outflow from the Company's investing activities for the full
year of 2015 was RMB759.5 million
(US$117.2 million), an increase from
RMB93.5 million for the full year of
2014, primarily due to an increase in investments in short-term and
long-term investments, and increased capital expenditures.
Cash outflow from the Company's financing activities for the
fourth quarter of 2015 was RMB1.7
million (US$0.3 million). Cash
inflow from the Company's financing activities was RMB462.8 million (US$71.4
million) for the full year of 2015.
On July 8, 2015, the Company's
board of directors authorized a share repurchase program of up to
US$50 million worth of its issued and
outstanding ADSs over the course of one year. As of December 31, 2015, the Company had repurchased
356,515 ADSs for approximately US$7.0
million under this program, inclusive of transaction
charges.
2016 FORECAST
The Company estimates that non-GAAP net income attributable to
Noah shareholders for the full year 2016 will be in the range of
RMB690 million to RMB720 million, an
increase of 14.4% to 19.4% compared to the full year 2015. This
estimate reflects management's current business outlook and is
subject to change.
CONFERENCE CALL
Senior management will host two conference calls to discuss the
Company's fourth quarter and full year unaudited financial results
and recent business activities, one in English and one in Mandarin
Chinese.
The conference calls may be accessed with the following
details:
English language
conference call
|
Date/Time
|
Wednesday, March 16,
2016 at 8:00 p.m., U.S. Eastern Time
Thursday, March 17,
2016 at 8:00 a.m., Hong Kong Time
|
Dial in
details
|
|
- United States
Toll Free
|
+1-888-346-8982
|
- Mainland China
Toll Free
|
4001-201203
|
- Hong Kong Toll
Free
|
800-905-945
|
- International
|
+1-412-902-4272
|
Conference
Title
|
Noah Holdings Limited
Fourth Quarter and Full Year 2015 Earnings Call
|
Participant
Password
|
Noah
Holdings
|
A telephone replay will be available starting 1 hour after the
end of the conference call until March 23,
2016 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088
(International Toll). The replay access code is 10081317.
A live and archived webcast of the conference call will be
available at Noah's investor relations website under the News &
Events section at http://ir.noahwm.com.
Chinese language
conference call
|
Date/Time
|
Wednesday, March 16,
2016 at 9:30 p.m., U.S. Eastern Time
Thursday, March 17,
2016 at 9:30 a.m., Hong Kong Time
|
Dial in
details
|
|
- Mainland
China
|
400-681-0220
|
- Hong Kong Toll
Free
|
800-968-112
|
|
|
- International
|
+86-23-8682-9200
|
Conference
Title
|
Noah Holdings Limited
Fourth Quarter and Full Year 2015 Earnings Call (Chinese
Language)
|
Participant
Password
|
985092#
|
A telephone replay will be available starting 1 hour after the
end of the conference call until March 23,
2016 at 400-681-0221 (Mainland China) or +86-23-8682-9250
(International). The conference reference number is 234265#, and
the replay password is 205636#.
A live and archived webcast of the conference call will be
available at Noah's investor relations website under the News &
Events section at http://ir.noahwm.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES:
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures that exclude the effects of all forms
of share-based compensation. The reconciliation of these non-GAAP
financial measures to the nearest GAAP measures is set forth in the
table captioned "Reconciliation of GAAP to Non-GAAP Results"
below.
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
measure 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 non-GAAP net income results
reflecting adjustments to exclude the impact of share-based
compensation to supplement U.S. GAAP financial data. As such, the
Company believes that the presentation of the non-GAAP net income,
non-GAAP income per diluted ADS and non-GAAP net margin provides
important supplemental information to investors regarding financial
and business trends relating to the Company's financial condition
and results of operations in a manner consistent with that used by
management. Pursuant to U.S. GAAP, the Company recognized
significant amounts of expenses for the restricted shares and share
options in the periods presented. The Company utilized the non-GAAP
financial results to make financial results comparable period to
period and to better understand its historical business
operations.
ABOUT NOAH HOLDINGS LIMITED
Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading
wealth management services provider with a focus on global wealth
investment and asset allocation services for high net worth
individuals and enterprises in China. In the fourth quarter of 2015, Noah
distributed over RMB20.0 billion
(US$3.1 billion) of wealth management
products. As of December 31, 2015,
Noah had assets under management of RMB86.7
billion (US$13.6 billion).
Noah distributes a wide array of wealth management products,
including fixed income products, private equity fund products,
mutual fund products and insurance products. Noah also develops and
manages financial products denominated in both domestic (Renminbi)
and foreign currencies, covering real estate funds and funds of
funds, including private equity funds, real estate funds, hedge
funds and fixed income funds through Gopher Asset Management. In
addition, in 2014, the Company launched a proprietary internet
finance platform to provide financial products and services to
aspiring high net worth individuals and enterprise clients in
China. Noah delivers customized
financial solutions to clients through a network of 1,098
relationship managers across 135 branches and sub-branches in 67
cities in China, and serves the
international investment needs of its clients through a wholly
owned subsidiary in Hong Kong. The
Company's wealth management business had 99,019 registered clients
as of December 31, 2015.
Noah has won numerous awards and recognition, including top 5 in
Fortune's list of Fastest-Growing Companies in 2015, Forbes' Best
Potential Business in China award
in 2015, STCN's Best Third Party Wealth Management Company award in
2014, Hurun Report's Popular Independent Wealth Management
Institution award in 2013 and 2014, and Deloitte's Technology Fast
500 Asia Pacific award in 2013.
For more information please visit Noah at
ir.noahwm.com.
FOREIGN CURRENCY TRANSLATION
Effective October 1, 2015, the
Company changed its reporting currency from U.S. dollars ("US$") to
Chinese Renminbi ("RMB"). The change in reporting currency is to
better reflect the Company's performance and to improve investors'
ability to compare the Company's financial results with other
publicly traded companies in the industry. Prior to October 1, 2015, the Company reported its annual
and quarterly consolidated balance sheets and consolidated
statements of income and comprehensive income and shareholder's
equity and cash flows in US$. In this announcement, the unaudited
financial results for the quarter ended December 31, 2015 are stated in RMB. The related
financial statements prior to October 1,
2015 have been recast to reflect RMB as the reporting
currency for comparison to the financial results for the quarter
ended December 31, 2015.
This announcement contains currency conversions of certain RMB
amounts into US$ 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 RMB6.4778
to US$1.00, the effective noon buying
rate for December 31, 2015 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. Among
other things, the outlook for 2016 and quotations from management
in this announcement, as well as Noah's strategic and operational
plans, contain forward-looking 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 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. A number of factors could cause
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 market in China and internationally; its expectations
regarding demand for and market acceptance of the products it
distributes; its expectations regarding keeping and strengthening
its relationships with key clients; relevant government policies
and regulations relating to its industry; its ability to attract
and retain quality 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 industry in China and internationally; general economic
and business conditions in China;
and its ability to effectively protect its intellectual property
rights and not 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, including its annual reports on Form 20-F. 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 applicable law.
Contacts:
Noah Holdings
Limited
Steve Zeng
Noah Holdings Limited
Tel: +86-21-8035-9221
ir@noahwm.com
[1]
|
|
Unless otherwise
noted, all translations from RMB to U.S. dollars are made at a rate
of RMB6.4778 to US$1.00, the effective noon buying rate for
December 31, 2015 as set forth in the H.10 statistical release of
the Federal Reserve Board.
|
[2]
|
|
Noah's non-GAAP
financial measures are its corresponding GAAP financial measures as
adjusted by excluding the effects of all forms of share-based
compensation.
|
[3]
|
|
The U.S. dollar
equivalent presented in this document is based on the exchange rate
as of December 31, 2015 (RMB6.4778 to US$1.00). The annual non-GAAP
net income guidance of US$90 million to US$95 million as mentioned
in our previous earnings releases was made based on an estimated
average exchange rate for 2015. The actual average exchange of RMB
to US$ for 2015 was RMB6.2818 to US$1.00.
|
[4]
|
|
"Active clients"
refers to registered clients who purchased wealth management
products distributed by Noah during the period
specified.
|
[5]
|
|
"Average transaction
value per client" refers to the average value of wealth management
products distributed by Noah that were purchased by active clients
during the period specified.
|
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(In
RMB)
|
(unaudited)
|
|
|
|
|
|
As of
|
|
|
|
|
September
30,
2015
|
|
December
31,
2015
|
|
December
31,
2015
|
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
1,788,457,817
|
|
2,132,923,674
|
|
329,266,676
|
|
|
Restricted
cash
|
|
1,000,000
|
|
1,000,000
|
|
154,373
|
|
|
Short-term
investments
|
|
732,394,704
|
|
560,073,899
|
|
86,460,511
|
|
|
Accounts receivable,
net of allowance
for doubtful accounts of nil at
September 30, 2015 and December
31, 2015
|
|
142,300,644
|
|
122,346,687
|
|
18,887,074
|
|
|
Loans
receivable
|
|
101,415,460
|
|
132,109,897
|
|
20,394,254
|
|
|
Deferred tax
assets
|
|
21,864,801
|
|
-
|
|
-
|
|
|
Amounts due from
related parties
|
|
280,899,772
|
|
238,236,268
|
|
36,777,342
|
|
|
Other current
assets
|
|
50,589,481
|
|
75,141,655
|
|
11,599,874
|
|
|
Total current
assets
|
|
3,118,922,679
|
|
3,261,832,080
|
|
503,540,104
|
|
|
|
|
|
|
|
|
|
|
Long-term
investments
|
|
199,001,593
|
|
251,781,945
|
|
38,868,434
|
|
Investment in
affiliates
|
|
310,706,780
|
|
326,155,843
|
|
50,349,786
|
|
Property and
equipment, net
|
|
139,819,115
|
|
196,475,249
|
|
30,330,552
|
|
Non-current deferred
tax assets
|
|
13,500,704
|
|
43,863,568
|
|
6,771,368
|
|
Other non-current
assets
|
|
16,000,980
|
|
16,885,730
|
|
2,606,708
|
Total
Assets
|
|
3,797,951,851
|
|
4,096,994,415
|
|
632,466,952
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
|
352,334,410
|
|
494,688,785
|
|
76,366,789
|
|
|
Income tax
payable
|
|
86,135,437
|
|
61,650,980
|
|
9,517,271
|
|
|
Amounts due to
related parties
|
|
3,120,074
|
|
1,060
|
|
164
|
|
|
Deferred
revenues
|
|
93,732,217
|
|
68,425,735
|
|
10,563,113
|
|
|
Deferred tax
liabilities
|
|
-
|
|
1,159,774
|
|
179,038
|
|
|
Other current
liabilities
|
|
245,978,885
|
|
340,904,047
|
|
52,626,518
|
|
|
Total current
liabilities
|
|
781,301,023
|
|
966,830,381
|
|
149,252,893
|
|
|
|
|
|
|
|
|
|
|
Non-current uncertain
tax position liabilities
|
|
11,244,614
|
|
67,248
|
|
10,381
|
|
Convertible
notes
|
|
508,448,000
|
|
518,224,000
|
|
80,000,000
|
|
Other non-current
liabilities
|
|
62,745,950
|
|
77,876,237
|
|
12,022,019
|
|
Total
Liabilities
|
|
1,363,739,587
|
|
1,562,997,866
|
|
241,285,293
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
2,434,212,264
|
|
2,533,996,549
|
|
391,181,659
|
Total Liabilities
and Equity
|
|
3,797,951,851
|
|
4,096,994,415
|
|
632,466,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings Limited
|
Condensed Consolidated Income Statements
|
(In RMB, except for ADS data, per ADS data and
percentages)
|
(unaudited)
|
|
|
|
Three months
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
2014
|
|
2015
|
|
2015
|
|
|
Revenues:
|
RMB
|
|
RMB
|
|
USD
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
One-time
commissions
|
137,119,867
|
|
108,628,478
|
|
16,769,347
|
|
(20.8%)
|
Recurring service fees
|
86,972,774
|
|
118,933,264
|
|
18,360,132
|
|
36.7%
|
Performance-based
income
|
10,865,921
|
|
29,759,827
|
|
4,594,126
|
|
173.9%
|
Other
service fees
|
12,244,874
|
|
57,823,793
|
|
8,926,456
|
|
372.2%
|
Total third-party
revenues
|
247,203,436
|
|
315,145,362
|
|
48,650,061
|
|
27.5%
|
Related party
revenues
|
|
|
|
|
|
|
|
One-time
commissions
|
34,530,501
|
|
88,680,242
|
|
13,689,871
|
|
156.8%
|
Recurring service fees
|
130,497,798
|
|
168,054,455
|
|
25,943,137
|
|
28.8%
|
Performance-based income
|
-
|
|
30,194,600
|
|
4,661,243
|
|
0.0%
|
Other
service fees
|
185,772
|
|
393,683
|
|
60,774
|
|
111.9%
|
Total related party
revenues
|
165,214,071
|
|
287,322,980
|
|
44,355,025
|
|
73.9%
|
Total
revenues
|
412,417,507
|
|
602,468,342
|
|
93,005,086
|
|
46.1%
|
Less:
business taxes and related surcharges
|
(23,424,761)
|
|
(28,745,806)
|
|
(4,437,588)
|
|
22.7%
|
Net
revenues
|
388,992,746
|
|
573,722,536
|
|
88,567,498
|
|
47.5%
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(92,550,365)
|
|
(147,065,089)
|
|
(22,702,938)
|
|
58.9%
|
Performance fee
compensation
|
-
|
|
(2,477,428)
|
|
(382,449)
|
|
0.0%
|
Other
Compensations
|
(107,608,080)
|
|
(191,731,525)
|
|
(29,598,247)
|
|
78.2%
|
Total compensation and
benefits
|
(200,158,445)
|
|
(341,274,042)
|
|
(52,683,634)
|
|
70.5%
|
Selling
expenses
|
(52,319,461)
|
|
(90,525,777)
|
|
(13,974,772)
|
|
73.0%
|
General
and administrative expenses
|
(63,179,772)
|
|
(64,781,699)
|
|
(10,000,571)
|
|
2.5%
|
Other
operating expenses
|
(12,422,291)
|
|
(46,919,354)
|
|
(7,243,100)
|
|
277.7%
|
Government subsidies
|
48,724,840
|
|
16,822,156
|
|
2,596,894
|
|
(65.5%)
|
Total operating costs
and expenses
|
(279,355,129)
|
|
(526,678,716)
|
|
(81,305,183)
|
|
88.5%
|
Income from
operations
|
109,637,617
|
|
47,043,820
|
|
7,262,315
|
|
(57.1%)
|
Other
income:
|
|
|
|
|
|
|
|
Interest
income
|
9,302,559
|
|
11,754,938
|
|
1,814,650
|
|
26.4%
|
Interest
expenses
|
-
|
|
(4,508,093)
|
|
(695,930)
|
|
0.0%
|
Investment income
|
5,006,005
|
|
24,680,396
|
|
3,809,996
|
|
393.0%
|
Other
income
|
822,425
|
|
1,345,430
|
|
207,699
|
|
63.6%
|
Total other
income
|
15,130,989
|
|
33,272,671
|
|
5,136,415
|
|
119.9%
|
Income before taxes
and loss from equity in
affiliates
|
124,768,606
|
|
80,316,491
|
|
12,398,730
|
|
(35.6%)
|
Income tax
expense
|
(33,110,012)
|
|
(7,126,689)
|
|
(1,100,171)
|
|
(78.5%)
|
Income from equity in
affiliates
|
99,613
|
|
1,688,567
|
|
260,670
|
|
1595.1%
|
Net
income
|
91,758,207
|
|
74,878,369
|
|
11,559,229
|
|
(18.4%)
|
Less: net income
attributable to non-controlling
Interests
|
1,049,943
|
|
(8,658,997)
|
|
(1,336,718)
|
|
(924.7%)
|
Net income
attributable to Noah Shareholders
|
90,708,264
|
|
83,537,366
|
|
12,895,947
|
|
(7.9%)
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
1.62
|
|
1.49
|
|
0.23
|
|
(8.0%)
|
Income per ADS,
diluted
|
1.60
|
|
1.46
|
|
0.23
|
|
(8.8%)
|
Margin
analysis:
|
|
|
|
|
|
|
|
Operating
margin
|
28.2%
|
|
8.2%
|
|
8.2%
|
|
|
Net margin
|
23.6%
|
|
13.1%
|
|
13.1%
|
|
|
Weighted average ADS
equivalent: [1]
|
|
|
|
|
|
|
|
Basic
|
56,018,144
|
|
56,078,056
|
|
56,078,056
|
|
|
Diluted
|
56,573,597
|
|
60,204,346
|
|
60,204,346
|
|
|
ADS equivalent
outstanding at end of period
|
56,110,604
|
|
56,143,075
|
|
56,143,075
|
|
|
|
|
[1] Assumes all
outstanding ordinary shares are represented by ADSs. Each ordinary
share
represents two ADSs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In RMB,
except for ADS data, per ADS data and percentages)
(unaudited)
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
|
2014
|
|
2015
|
|
2015
|
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
|
One-time
commissions
|
423,218,934
|
|
391,188,385
|
|
60,389,080
|
|
(7.6%)
|
|
Recurring service fees
|
319,933,077
|
|
401,292,465
|
|
61,948,882
|
|
25.4%
|
|
Performance-based income
|
24,632,724
|
|
193,939,030
|
|
29,939,027
|
|
687.3%
|
|
Other
service fees
|
29,979,126
|
|
128,290,261
|
|
19,804,604
|
|
327.9%
|
|
Total third-party
revenues
|
797,763,861
|
|
1,114,710,141
|
|
172,081,593
|
|
39.7%
|
|
Related party
revenues
|
|
|
|
|
|
|
|
|
One-time
commissions
|
180,943,785
|
|
428,687,491
|
|
66,177,945
|
|
136.9%
|
|
Recurring service fees
|
560,071,763
|
|
634,913,375
|
|
98,013,735
|
|
13.4%
|
|
Performance-based income
|
76,342,053
|
|
53,825,293
|
|
8,309,193
|
|
(29.5%)
|
|
Other
service fees
|
2,036,800
|
|
559,806
|
|
86,419
|
|
(72.5%)
|
|
Total related party
revenues
|
819,394,401
|
|
1,117,985,965
|
|
172,587,292
|
|
36.4%
|
|
Total
revenues
|
1,617,158,262
|
|
2,232,696,106
|
|
344,668,885
|
|
38.1%
|
|
Less:
business taxes and related surcharges
|
(88,673,371)
|
|
(112,768,265)
|
|
(17,408,420)
|
|
27.2%
|
|
Net
revenues
|
1,528,484,891
|
|
2,119,927,841
|
|
327,260,465
|
|
38.7%
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(322,052,574)
|
|
(524,629,723)
|
|
(80,988,873)
|
|
62.9%
|
|
Performance fee
compensation
|
(22,034,438)
|
|
(24,786,763)
|
|
(3,826,417)
|
|
12.5%
|
|
Other
compensations
|
(393,373,326)
|
|
(615,075,893)
|
|
(94,951,356)
|
|
56.4%
|
|
Total compensation and
benefits
|
(737,460,338)
|
|
(1,164,492,379)
|
|
(179,766,646)
|
|
57.9%
|
|
Selling
expenses
|
(147,265,810)
|
|
(263,815,409)
|
|
(40,726,081)
|
|
79.1%
|
|
General
and administrative expenses
|
(151,626,278)
|
|
(170,929,513)
|
|
(26,386,970)
|
|
12.7%
|
|
Other
operating expenses
|
(29,961,830)
|
|
(94,624,304)
|
|
(14,607,475)
|
|
215.8%
|
|
Government subsidies
|
90,931,462
|
|
132,709,712
|
|
20,486,849
|
|
45.9%
|
|
Total operating costs
and expenses
|
(975,382,794)
|
|
(1,561,151,893)
|
|
(241,000,323)
|
|
60.1%
|
|
Income from
operations
|
553,102,097
|
|
558,775,948
|
|
86,260,142
|
|
1.0%
|
|
Other
income(expenses):
|
|
|
|
|
|
|
|
|
Interest
income
|
38,901,980
|
|
39,698,790
|
|
6,128,437
|
|
2.0%
|
|
Interest
expenses
|
-
|
|
(16,050,359)
|
|
(2,477,748)
|
|
0.0%
|
|
Investment income
|
23,552,297
|
|
51,954,918
|
|
8,020,456
|
|
120.6%
|
|
Other
income (expense) income
|
(13,961,307)
|
|
455,030
|
|
70,245
|
|
(103.3%)
|
|
Total other
income
|
48,492,970
|
|
76,058,379
|
|
11,741,390
|
|
56.8%
|
|
Income before taxes
and loss from equity in affiliates
|
601,595,067
|
|
634,834,327
|
|
98,001,532
|
|
5.5%
|
|
Income tax
expenses
|
(151,293,021)
|
|
(129,885,747)
|
|
(20,050,903)
|
|
(14.1%)
|
|
Income from equity in
affiliates
|
13,583,865
|
|
21,352,767
|
|
3,296,299
|
|
57.2%
|
|
Net income
|
463,885,911
|
|
526,301,347
|
|
81,246,928
|
|
13.5%
|
|
Less: net income
attributable to non-controlling interests
|
17,333,060
|
|
(9,522,737)
|
|
(1,470,057)
|
|
(154.9%)
|
|
Net income
attributable to Noah Shareholders
|
446,552,851
|
|
535,824,084
|
|
82,716,985
|
|
20.0%
|
|
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
8.01
|
|
9.54
|
|
1.47
|
|
19.1%
|
|
Income per ADS,
diluted
|
7.91
|
|
9.15
|
|
1.41
|
|
15.7%
|
|
Margin
analysis:
|
|
|
|
|
|
|
|
|
Operating
margin
|
36.2%
|
|
26.4%
|
|
26.4%
|
|
|
|
Net margin
|
30.3%
|
|
24.8%
|
|
24.8%
|
|
|
|
Weighted average ADS
equivalent: [2]
|
|
|
|
|
|
|
|
|
|
Basic
|
55,747,002
|
|
56,171,042
|
|
56,171,042
|
|
|
|
|
Diluted
|
56,455,646
|
|
60,291,952
|
|
60,291,952
|
|
|
|
|
|
|
|
|
|
[2] Assumes all
outstanding ordinary shares are represented by ADSs. Each ordinary
share represents two ADSs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Condensed
Comprehensive Income Statements
|
(In
RMB)
(unaudited)
|
|
Three months
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
2014
|
|
2015
|
|
2015
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
91,758,207
|
|
74,878,369
|
|
11,559,229
|
|
(18.4%)
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments
|
13,307
|
|
2,707,480
|
|
417,963
|
|
20246.3%
|
Fair value fluctuation
of available for sale
Investment (after
tax)
|
105,937
|
|
1,228,939
|
|
189,715
|
|
1060.1%
|
Comprehensive
income
|
91,877,451
|
|
78,814,788
|
|
12,166,907
|
|
(14.2%)
|
Less: Comprehensive
income (loss) attributable
to non-controlling interests
|
1,046,036
|
|
(8,669,054)
|
|
(1,338,271)
|
|
(928.8%)
|
Comprehensive
income attributable to Noah
Shareholders
|
90,831,415
|
|
87,483,842
|
|
13,505,178
|
|
(3.7%)
|
Noah Holdings
Limited
|
Condensed
Comprehensive Income Statements
|
(In
RMB)
(unaudited)
|
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
2014
|
|
2015
|
|
2015
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
463,885,911
|
|
526,301,347
|
|
81,246,928
|
|
13.5%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments
|
6,426,044
|
|
4,884,837
|
|
754,089
|
|
(24.0%)
|
Fair value fluctuation
of available for sale
Investment (after
tax)
|
2,620,351
|
|
718,414
|
|
110,904
|
|
(72.6%)
|
Comprehensive
income
|
472,932,306
|
|
531,904,598
|
|
82,111,921
|
|
12.5%
|
Less: Comprehensive
income attributable to non-
controlling interests
|
17,331,172
|
|
(9,520,184)
|
|
(1,469,663)
|
|
(154.9%)
|
Comprehensive
income attributable to Noah
Shareholders
|
455,601,134
|
|
541,424,782
|
|
83,581,584
|
|
18.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Supplemental
Information
|
(unaudited)
|
|
As
of
|
Change
|
|
December 31,
2014
|
|
December 31,
2015
|
|
|
|
|
|
|
|
Number of
registered clients
|
70,557
|
|
99,019
|
|
40.3%
|
Number of
relationship managers
|
779
|
|
1,098
|
|
40.9%
|
Number of
branch offices
|
63
|
|
67
|
|
6.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Change
|
|
December 31,
2014
|
|
December 31,
2015
|
|
|
(in millions of RMB,
except number of active clients and percentages)
|
Number of
active clients
|
3,529
|
|
4,603
|
|
30.4%
|
Transaction
value:
|
|
|
|
|
|
Fixed
income products
|
7,479
|
|
11,164
|
|
49.3%
|
Private
equity fund products
|
2,276
|
|
6,407
|
|
181.5%
|
Secondary market
equity fund products
|
3,300
|
|
4,785
|
|
45.0%
|
Other
products, including mutual
fund products, private securities
investment funds and insurance
products
|
(1,223)
|
|
(2,317)
|
|
89.5%
|
Total
transaction value
|
11,831
|
|
20,039
|
|
69.4%
|
Average
transaction value per client
|
3.35
|
|
4.35
|
|
29.8%
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Change
|
|
December 31,
2014
|
|
December 31,
2015
|
|
|
(in millions of RMB,
except number of active clients and percentages)
|
Number of
active clients
|
9,010
|
|
12,573
|
|
39.5%
|
Transaction
value:
|
|
|
|
|
|
Fixed
income products
|
40,212
|
|
36,621
|
|
(8.9%)
|
Private
equity fund products
|
11,971
|
|
31,917
|
|
166.6%
|
Secondary market
equity fund products
|
10,328
|
|
28,054
|
|
171.6%
|
Other
products, including mutual fund
products, private securities
investment funds and insurance
products
|
860
|
|
2,402
|
|
179.4%
|
Total
transaction value
|
63,371
|
|
98,994
|
|
56.2%
|
Average
transaction value per client
|
7.03
|
|
7.87
|
|
11.9%
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(In
RMB, except for ADS data, per ADS data and
percentages)
|
(unaudited)
|
|
Three months ended December 31, 2014
|
|
|
|
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Internet
Finance
|
|
Total
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
137,119,867
|
|
-
|
|
-
|
|
137,119,867
|
|
|
Recurring service
fees
|
70,376,437
|
|
16,596,337
|
|
-
|
|
86,972,774
|
|
|
Performance-based
income
|
7,952,243
|
|
2,913,678
|
|
-
|
|
10,865,921
|
|
|
Other service
fees
|
4,671,321
|
|
-
|
|
7,573,553
|
|
12,244,874
|
|
|
Total third-party
revenues
|
220,119,868
|
|
19,510,015
|
|
7,573,553
|
|
247,203,436
|
|
|
Related party
revenues
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
34,530,501
|
|
|
|
-
|
|
34,530,501
|
|
|
Recurring service
fees
|
76,604,849
|
|
53,892,949
|
|
-
|
|
130,497,798
|
|
|
Other service
fees
|
-
|
|
-
|
|
185,772
|
|
185,772
|
|
|
Total related party
revenues
|
111,135,350
|
|
53,892,949
|
|
185,772
|
|
165,214,071
|
|
|
Total
revenues
|
331,255,218
|
|
73,402,964
|
|
7,759,325
|
|
412,417,507
|
|
|
Less: business taxes
and related surcharges
|
(19,726,815)
|
|
(3,485,956)
|
|
(211,990)
|
|
(23,424,761)
|
|
|
Net
revenues
|
311,528,403
|
|
69,917,008
|
|
7,547,335
|
|
388,992,746
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(90,305,726)
|
|
-
|
|
(2,244,639)
|
|
(92,550,365)
|
|
|
Other
compensation
|
(55,595,191)
|
|
(29,974,303)
|
|
(22,038,586)
|
|
(107,608,080)
|
|
|
Total compensation and
benefits
|
(145,900,917)
|
|
(29,974,303)
|
|
(24,283,225)
|
|
(200,158,445)
|
|
|
Selling
expenses
|
(47,815,815)
|
|
(2,793,156)
|
|
(1,710,490)
|
|
(52,319,461)
|
|
|
General and
administrative expenses
|
(27,556,899)
|
|
(27,980,194)
|
|
(7,642,679)
|
|
(63,179,772)
|
|
|
Other operating
expenses
|
(8,717,471)
|
|
(1,159,164)
|
|
(2,545,656)
|
|
(12,422,291)
|
|
|
Government
subsidies
|
44,568,793
|
|
4,156,047
|
|
-
|
|
48,724,840
|
|
|
Total operating costs
and expenses
|
(185,422,309)
|
|
(57,750,770)
|
|
(36,182,050)
|
|
(279,355,129)
|
|
|
Income from
operations
|
126,106,094
|
|
12,166,238
|
|
(28,634,715)
|
|
109,637,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
|
Segment Condensed
Income Statements
|
|
(In RMB,
except for ADS data, per ADS data and percentages)
|
|
(unaudited)
|
|
|
|
Three months ended
December 31, 2015
|
|
|
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Internet
Finance
|
|
|
Total
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
108,400,978
|
|
227,500
|
|
-
|
|
|
108,628,478
|
|
|
Recurring service
fees
|
103,525,654
|
|
15,407,610
|
|
-
|
|
|
118,933,264
|
|
|
Performance-based
income
|
28,313,104
|
|
1,446,723
|
|
|
|
|
29,759,827
|
|
|
Other service
fees
|
42,317,121
|
|
-
|
|
15,506,672
|
|
|
57,823,793
|
|
|
Total third-party
revenues
|
282,556,857
|
|
17,081,833
|
|
15,506,672
|
|
|
315,145,362
|
|
|
Related party
revenues
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
87,157,496
|
|
1,522,746
|
|
-
|
|
|
88,680,242
|
|
|
Recurring service
fees
|
82,789,078
|
|
85,265,377
|
|
-
|
|
|
168,054,455
|
|
|
Performance-based
income
|
-
|
|
30,194,600
|
|
|
|
|
30,194,600
|
|
|
Other service
fees
|
393,683
|
|
-
|
|
-
|
|
|
393,683
|
|
|
Total related party
revenues
|
170,340,257
|
|
116,982,723
|
|
-
|
|
|
287,322,980
|
|
|
Total
revenues
|
452,897,114
|
|
134,064,556
|
|
15,506,672
|
|
|
602,468,342
|
|
|
Less: business taxes
and related surcharges
|
(21,623,140)
|
|
(6,860,507)
|
|
(262,159)
|
|
|
(28,745,806)
|
|
|
Net
revenues
|
431,273,974
|
|
127,204,049
|
|
15,244,513
|
|
|
573,722,536
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(146,135,190)
|
|
(1,242,154)
|
|
312,255
|
|
|
(147,065,089)
|
|
|
Performance fee
compensation
|
-
|
|
(2,477,428)
|
|
-
|
|
|
(2,477,428)
|
|
|
Other
compensation
|
(111,121,819)
|
|
(39,855,764)
|
|
(40,753,942)
|
|
|
(191,731,525)
|
|
|
Total compensation and
benefits
|
(257,257,009)
|
|
(43,575,346)
|
|
(40,441,687)
|
|
|
(341,274,042)
|
|
|
Selling
expenses
|
(74,895,758)
|
|
(3,747,660)
|
|
(11,882,359)
|
|
|
(90,525,777)
|
|
|
General and
administrative expenses
|
(30,752,315)
|
|
(21,561,697)
|
|
(12,467,687)
|
|
|
(64,781,699)
|
|
|
Other operating
expenses
|
(33,052,868)
|
|
(7,017,494)
|
|
(6,848,992)
|
|
|
(46,919,354)
|
|
|
Government
subsidies
|
14,980,060
|
|
1,397,228
|
|
444,868
|
|
|
16,822,156
|
|
|
Total operating costs
and expenses
|
(380,977,890)
|
|
(74,504,969)
|
|
(71,195,857)
|
|
|
(526,678,716)
|
|
|
Income from
operations
|
50,296,084
|
|
52,699,080
|
|
(55,951,344)
|
|
|
47,043,820
|
|
Noah Holdings
Limited
|
|
Segment Condensed
Income Statements
|
|
(In RMB,
except for ADS data, per ADS data and percentages)
|
|
(unaudited)
|
|
|
|
Twelve months ended
December 31, 2014
|
|
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Internet
Finance
|
|
Total
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
423,218,934
|
|
-
|
|
-
|
|
423,218,934
|
|
|
Recurring service
fees
|
243,619,600
|
|
76,313,477
|
|
-
|
|
319,933,077
|
|
|
Performance-based
income
|
7,952,243
|
|
16,680,481
|
|
-
|
|
24,632,724
|
|
|
Other service
fees
|
13,246,685
|
|
-
|
|
16,732,441
|
|
29,979,126
|
|
|
Total third-party
revenues
|
688,037,462
|
|
92,993,958
|
|
16,732,441
|
|
797,763,861
|
|
|
Related party
revenues
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
180,943,785
|
|
-
|
|
-
|
|
180,943,785
|
|
|
Recurring service
fees
|
342,603,359
|
|
217,438,078
|
|
30,326
|
|
560,071,763
|
|
|
Performance-based
income
|
2,444,365
|
|
73,897,688
|
|
-
|
|
76,342,053
|
|
|
Other service
fees
|
75,050
|
|
1,105,055
|
|
856,695
|
|
2,036,800
|
|
|
Total related party
revenues
|
526,066,559
|
|
292,440,821
|
|
887,021
|
|
819,394,401
|
|
|
Total
revenues
|
1,214,104,021
|
|
385,434,779
|
|
17,619,462
|
|
1,617,158,262
|
|
|
Less: business taxes
and related surcharges
|
(68,598,144)
|
|
(19,319,443)
|
|
(755,784)
|
|
(88,673,371)
|
|
|
Net
revenues
|
1,145,505,877
|
|
366,115,336
|
|
16,863,678
|
|
1,528,484,891
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(319,572,173)
|
|
(235,762)
|
|
(2,244,639)
|
|
(322,052,574)
|
|
|
Performance Fee
Compensation
|
-
|
|
(22,034,438)
|
|
-
|
|
(22,034,438)
|
|
|
Other
compensation
|
(214,841,520)
|
|
(124,968,021)
|
|
(53,563,785)
|
|
(393,373,326)
|
|
|
Total compensation and
benefits
|
(534,413,693)
|
|
(147,238,221)
|
|
(55,808,424)
|
|
(737,460,338)
|
|
|
Selling
expenses
|
(135,282,336)
|
|
(9,756,483)
|
|
(2,226,991)
|
|
(147,265,810)
|
|
|
General and
administrative expenses
|
(74,673,516)
|
|
(60,090,462)
|
|
(16,862,300)
|
|
(151,626,278)
|
|
|
Other operating
expenses
|
(23,641,595)
|
|
(1,674,417)
|
|
(4,645,818)
|
|
(29,961,830)
|
|
|
Government
subsidies
|
67,303,362
|
|
23,601,038
|
|
27,062
|
|
90,931,462
|
|
|
Total operating costs
and expenses
|
(700,707,778)
|
|
(195,158,545)
|
|
(79,516,471)
|
|
(975,382,794)
|
|
|
Income from
operations
|
444,798,099
|
|
170,956,791
|
|
(62,652,793)
|
|
553,102,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
|
|
|
Segment Condensed
Income Statements
|
|
(In RMB,
except for ADS data, per ADS data and percentages)
|
|
(unaudited)
|
|
|
Twelve months ended
December 31, 2015
|
|
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Internet
Finance
|
|
|
Total
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
390,668,384
|
|
520,001
|
|
-
|
|
|
391,188,385
|
|
|
Recurring service
fees
|
334,983,117
|
|
66,309,348
|
|
-
|
|
|
401,292,465
|
|
|
Performance-based
income
|
141,773,493
|
|
52,165,537
|
|
-
|
|
|
193,939,030
|
|
|
Other service
fees
|
69,447,545
|
|
512,475
|
|
58,330,241
|
|
|
128,290,261
|
|
|
Total third-party
revenues
|
936,872,539
|
|
119,507,361
|
|
58,330,241
|
|
|
1,114,710,141
|
|
|
Related party
revenues
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
424,354,473
|
|
4,333,018
|
|
-
|
|
|
428,687,491
|
|
|
Recurring service
fees
|
324,182,643
|
|
310,730,732
|
|
-
|
|
|
634,913,375
|
|
|
Performance-based
income
|
-
|
|
53,825,293
|
|
-
|
|
|
53,825,293
|
|
|
Other service
fees
|
393,683
|
|
-
|
|
166,123
|
|
|
559,806
|
|
|
Total related party
revenues
|
748,930,799
|
|
368,889,043
|
|
166,123
|
|
|
1,117,985,965
|
|
|
Total
revenues
|
1,685,803,338
|
|
488,396,404
|
|
58,496,364
|
|
|
2,232,696,106
|
|
|
Less: business taxes
and related surcharges
|
(88,285,200)
|
|
(23,408,513)
|
|
(1,074,552)
|
|
|
(112,768,265)
|
|
|
Net
revenues
|
1,597,518,138
|
|
464,987,891
|
|
57,421,812
|
|
|
2,119,927,841
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(507,400,087)
|
|
(8,044,612)
|
|
(9,185,024)
|
|
|
(524,629,723)
|
|
|
Performance fee
compensation
|
-
|
|
(24,786,763)
|
|
-
|
|
|
(24,786,763)
|
|
|
Other
compensation
|
(348,504,061)
|
|
(150,661,189)
|
|
(115,910,643)
|
|
|
(615,075,893)
|
|
|
Total compensation and
benefits
|
(855,904,148)
|
|
(183,492,564)
|
|
(125,095,667)
|
|
|
(1,164,492,379)
|
|
|
Selling
expenses
|
(219,286,283)
|
|
(17,278,343)
|
|
(27,250,783)
|
|
|
(263,815,409)
|
|
|
General and
administrative expenses
|
(78,850,681)
|
|
(53,554,038)
|
|
(38,524,794)
|
|
|
(170,929,513)
|
|
|
Other operating
expenses
|
(53,374,913)
|
|
(19,411,331)
|
|
(21,838,060)
|
|
|
(94,624,304)
|
|
|
Government
subsidies
|
75,960,496
|
|
56,304,348
|
|
444,868
|
|
|
132,709,712
|
|
|
Total operating costs
and expenses
|
(1,131,455,529)
|
|
(217,431,928)
|
|
(212,264,436)
|
|
|
(1,561,151,893)
|
|
|
Income from
operations
|
466,062,609
|
|
247,555,963
|
|
(154,842,624)
|
|
|
558,775,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
|
Reconciliation of GAAP to Non-GAAP
Results
|
|
(In RMB,
except for ADS data and percentages)
|
|
(unaudited)
|
|
|
Three
months ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
|
2014
|
|
2015
|
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Net margin
|
23.6%
|
|
13.1%
|
|
|
|
Adjusted net margin
(non-GAAP)*
|
24.8%
|
|
17.0%
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah Shareholders
|
90,708,264
|
|
83,537,366
|
|
(7.9%)
|
|
Adjustment for
share-based compensation related to:
|
|
|
|
|
|
|
Share options
|
2,012,410
|
|
13,888,693
|
|
590.2%
|
|
Restricted shares
|
2,607,909
|
|
8,805,247
|
|
237.6%
|
|
Adjusted net income
attributable to Noah Shareholders (non-GAAP)*
|
95,328,583
|
|
106,231,306
|
|
11.4%
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah Shareholders per ADS, diluted
|
1.60
|
|
1.46
|
|
(8.8%)
|
|
Adjusted net income
attributable to Noah Shareholders per ADS, diluted
(non-GAAP)*
|
1.69
|
|
1.84
|
|
8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The non-GAAP
adjustments do not take into consideration the impact of taxes on
such adjustments.
|
Noah Holdings
Limited
|
|
Reconciliation of GAAP to Non-GAAP
Results
|
|
(In RMB,
except for ADS data and percentages)
|
|
(unaudited)
|
|
|
Twelve
months ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
|
2014
|
|
2015
|
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Net margin
|
30.3%
|
|
24.8%
|
|
|
|
Adjusted net margin
(non-GAAP)*
|
32.5%
|
|
28.0%
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah Shareholders
|
446,552,851
|
|
535,824,084
|
|
20.0%
|
|
Adjustment for
share-based compensation related to:
|
|
|
|
|
|
|
Share options
|
9,043,829
|
|
33,912,040
|
|
275.0%
|
|
Restricted shares
|
23,647,858
|
|
33,760,448
|
|
42.8%
|
|
Adjusted net income
attributable to Noah Shareholders (non-GAAP)*
|
479,244,538
|
|
603,496,572
|
|
25.9%
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah Shareholders per ADS, diluted
|
7.91
|
|
9.15
|
|
15.7%
|
|
Adjusted net income
attributable to Noah Shareholders per ADS, diluted
(non-GAAP)*
|
8.49
|
|
10.28
|
|
21.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The non-GAAP
adjustments do not take into consideration the impact of taxes on
such adjustments.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-fourth-quarter-and-full-year-2015-300237166.html
SOURCE Noah Holdings Limited