SHANGHAI, Aug. 15, 2016 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth
and asset management service provider with a focus on global
services for high net worth individuals and enterprises in
China, today announced its
unaudited financial results for the second quarter of 2016.
Starting from the fourth quarter of 2015, the Company changed
its reporting currency from the U.S. dollar ("US$") to the Renminbi
("RMB"). The change in reporting currency is to better reflect the
Company's performance, as the majority of the Company's operations
are conducted in RMB, to align the Company's reporting currency
with its underlying operations and to reduce the impact that the
increased volatility of the RMB to US$ exchange rate will have on
the Company's reported operating results. This release contains
translations of certain RMB amounts into US$ for convenience
purpose only[1]. Prior period numbers have been recast
into the new reporting currency.
SECOND QUARTER 2016 FINANCIAL HIGHLIGHTS
- Net revenues in the second quarter of 2016
were RMB651.7 million (US$98.1 million), a 12.8% increase from the
corresponding period in 2015.
(RMB
millions,
except
percentages)
|
Q2
2015
|
|
Q2 2015
Segment %
|
|
Q2
2016
|
|
Q2 2016
Segment %
|
|
YoY
Change
|
Wealth
management
|
450.9
|
|
78.0%
|
|
505.2
|
|
77.5%
|
|
12.0%
|
Asset
management
|
109.7
|
|
19.0%
|
|
135.2
|
|
20.7%
|
|
23.2%
|
Internet
finance
|
17.2
|
|
3.0%
|
|
11.3
|
|
1.7%
|
|
(34.3%)
|
Total net
revenues
|
577.9
|
|
100.0%
|
|
651.7
|
|
100.0%
|
|
12.8%
|
- Income from operations in the second quarter of 2016 was
RMB194.1million (US$29.2 million), a 0.4% increase from the
corresponding period in 2015.
(RMB
millions,
except
percentages)
|
Q2
2015
|
|
Q2 2015
Segment %
|
|
Q2
2016
|
|
Q2 2016
Segment %
|
|
YoY
Change
|
Wealth
management
|
169.5
|
|
87.6%
|
|
167.4
|
|
86.2%
|
|
(1.2%)
|
Asset
management
|
55.8
|
|
28.8%
|
|
68.8
|
|
35.4%
|
|
23.4%
|
Internet
finance
|
(31.8)
|
|
(16.5%)
|
|
(42.1)
|
|
(21.7%)
|
|
32.2%
|
Total income
from
operations
|
193.4
|
|
100.0%
|
|
194.1
|
|
100.0%
|
|
0.4%
|
- Net income attributable to Noah shareholders in the
second quarter of 2016 was RMB182.3
million (US$27.4 million), a
7.6% increase from the corresponding period in 2015.
- Non-GAAP[2] net income attributable to
Noah shareholders in the second quarter of 2016 was
RMB197.9 million (US$29.8 million), a 3.3% increase from the
corresponding period in 2015.
[1] Unless
otherwise noted, all translations from RMB to U.S. dollars are made
at a rate of RMB6.6459 to US$1.00, the effective noon buying rate
for June 30, 2016 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.
|
SECOND QUARTER 2016 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
June 30, 2016 was 114,870, a 40.2%
increase from June 30, 2015,
consisting of 111,643 registered individual clients, 3,108
registered enterprise clients and 119 wholesale clients that have
entered into cooperation agreements with the Company.
- Total number of active clients[3] during the
second quarter of 2016 was 4,927, a 9.0% decrease from the
corresponding period in 2015, and a 0.4% decrease from the first
quarter of 2016.
- The aggregate value of wealth management products
distributed by the Company during the second quarter of 2016
was RMB27.7 billion (US$4.2 billion), a 2.0% decrease from the
corresponding period in 2015, and an 11.8% increase from the first
quarter of 2016.
Product
type
|
Three months ended
June 30,
|
|
2015
|
2016
|
|
(RMB in billions,
except percentages)
|
Fixed income
products
|
5.7
|
20.3%
|
17.0
|
61.2%
|
Private equity
products
|
9.9
|
34.9%
|
7.6
|
27.3%
|
Secondary market
equity fund products
|
12.6
|
44.7%
|
2.8
|
10.1%
|
Other
products
|
0.0
|
0.2%
|
0.4
|
1.4%
|
All
products
|
28.3
|
100.0%
|
27.7
|
100.0%
|
- The average transaction value per
client[4] in the second quarter of 2016 was
RMB5.6 million (US$0.8 million), a 7.7% increase from the
corresponding period in 2015, reflecting a change in product
mix.
- The coverage network included 175 branches and
sub-branches covering 68 cities as of June
30, 2016, up from 166 branches and sub-branches covering 68
cities as of March 31, 2016, and 112
branches and sub-branches covering 64 cities as of June 30, 2015.
- The number of relationship managers was 1,093 as of
June 30, 2016, up from 953 as of
June 30, 2015, and down from 1,137 as
of March 31, 2016.
[3]
"Active clients" refers to registered clients who purchased wealth
management products distributed by Noah during the period
specified.
|
[4]
"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.
|
Asset Management Business
The Company's asset management business develops and manages
financial products denominated in both domestic (RMB) 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 June 30, 2016 were RMB101.2 billion (US$15.2
billion), a 57.0% increase from June
30, 2015 and a 6.9% increase from March 31, 2016.
Product
type
|
As of March
31,
2016
|
Asset
Growth
|
Asset
Expiration/
Redemption
|
As of June 30,
2016
|
|
(RMB billions,
except percentages)
|
Real estate funds and
real
estate funds of funds
|
27.4
|
28.9%
|
8.0
|
13.7
|
21.6
|
21.4%
|
Private equity funds
of funds
|
44.4
|
46.9%
|
6.8
|
0.8
|
50.4
|
49.8%
|
Secondary market
equity funds
of funds
|
10.0
|
10.6%
|
1.4
|
0.9
|
10.6
|
10.5%
|
Other fixed income
funds of
funds
|
12.8
|
13.6%
|
6.5
|
0.8
|
18.5
|
18.3%
|
All
products
|
94.6
|
100.0%
|
22.8
|
16.2
|
101.2
|
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 second
quarter of 2016 was RMB5.8 billion
(US$874.6 million), a 72.4% increase
from the second quarter of 2015.
- Total number of enterprise clients as of June 30, 2016 was 651, up from 354 and 645 as of
June 30, 2015 and March 31, 2016, respectively.
- Total number of individual clients as of June 30, 2016 was 324,267, up from 131,985 and
294,151 as of June 30, 2015 and
March 31, 2016, respectively.
Mr. Kenny Lam, Group President of
Noah, commented, "In the context of a challenging macro environment
in our home market, volatile capital markets, and heightened risk
aversion among investors, we are pleased to have delivered steady
results in the second quarter. This sustained performance was due
primarily to our continuous efforts in product and service
differentiation and innovation. The current environment does
present strong headwinds but we will continue to invest in building
a leading wealth and asset management platform both in China and globally. We are focused on
long-term sustainable growth and are very excited about our
long-term prospects."
SECOND QUARTER 2016 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2016 were
RMB651.7 million (US$98.1 million), a 12.8% increase from the
corresponding period in 2015, primarily due to increases in
one-time commissions and recurring service fees.
- Wealth Management Business
- Net revenues from one-time commissions for the
second quarter of 2016 were RMB291.9
million (US$43.9 million), a
31.6% increase from the corresponding period in 2015. The increase
was primarily due to the change in the product mix.
- Net revenues from recurring service fees for the
second quarter of 2016 were RMB194.7
million (US$29.3 million), a
25.4% increase from the corresponding period in 2015. The increase
was mainly due to the cumulative effect of financial products with
recurring service fees previously distributed by the
Company.
- Net revenues from performance-based income for the
second quarter of 2016 were RMB0.1
million (US$20.9 thousand),
compared to RMB64.4 million in the
corresponding period in 2015, mainly due to a decrease in
performance-based income from secondary market products compared to
the corresponding period in 2015.
- Net revenues from other service fees for the
second quarter of 2016 were RMB18.4
million (US$2.8 million),
compared with RMB9.4 million in the
corresponding period of 2015.
- Asset Management Business
- Net revenues from recurring service fees for the
second quarter of 2016 were RMB109.7
million (US$16.5 million), a
35.9% increase from the corresponding period in 2015. The increase
was primarily due to the increase in assets under management by the
Company.
- Net revenues from performance-based income for the
second quarter of 2016 were RMB23.6
million (US$3.6 million), a
17.1% decrease compared with the corresponding period in 2015,
mainly due to a decrease in performance-based income from secondary
market products compared to the corresponding period in
2015.
- Internet Finance Business
- Net revenues for the second quarter of 2016 were
RMB11.3 million (US$1.7 million), a 34.3% decrease from the
corresponding period in 2015, primarily due to the Company's
internet finance business' strategic change to focus more on
standardized wealth management products.
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 second quarter of
2016 were RMB457.6 million
(US$68.9 million), a 19.0% increase
from the corresponding period in 2015. The increase was mainly
driven by growth in compensation and benefits, increased rental and
related expenses associated with the new head office building which
was put into use in the first quarter of 2016 and increased
marketing expenses.
- Wealth Management Business
Operating costs and expenses for the second quarter of
2016 were RMB337.8 million
(US$50.8 million), a 20.0% increase
from the corresponding period in 2015.
-
- Compensation and benefits includes compensation
for relationship managers and back-office employees. Compensation
and benefits for the second quarter of 2016 were RMB251.6 million (US$37.9
million), a 10.4% increase from the corresponding period in
2015. In the second quarter of 2016, relationship manager
compensation increased by 7.2% from the corresponding period in
2015, primarily driven by an increase in the number of relationship
managers and a change of product mix. Other compensation for the
second quarter of 2016 increased by 15.0% from the corresponding
period in 2015, primarily driven by an increase in the number of
back-office employees.
- Selling expenses for the second quarter of 2016
were RMB67.4 million (US$10.1 million), a 51.0% increase from the
corresponding period in 2015, primarily due to an increase in
rental expenses and client marketing initiatives.
- General and administrative expenses for the second
quarter of 2016 were RMB31.9 million
(US$4.8million), a 98.9% increase
from the corresponding period in 2015, mainly due to an increase in
depreciation, consulting fees and training costs.
- Other operating expenses, which include other
costs incurred directly in relation to the Company's revenues, for
the second quarter of 2016 were RMB21.1
million (US$3.2 million), an
increase of 273.1% from the corresponding period in 2015. 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 RMB34.2 million
(US$5.1 million) in government
subsidies for the wealth management business in the second quarter
of 2016, compared to RMB12.8 million
in the corresponding period of 2015.
- Asset Management Business
Operating costs and expenses for the second quarter of
2016 included compensation and benefits and operation expenses of
RMB66.4 million (US$10.0 million), a 23.1% increase from the
corresponding period in 2015.
-
- Compensation and benefits include compensation of
managers of institutional client relationships, fund managers and
back-office employees. Compensation and benefits for the second
quarter of 2016 were RMB44.0 million
(US$6.6 million), a 12.4% decrease
from the corresponding period in 2015. The decrease was primarily
due to a decrease in performance fee compensation related to
performance-based income.
- Selling expenses for the second quarter of 2016
were RMB4.4 million (US$0.7 million), compared with RMB4.7 million in the corresponding period of
2015, representing a decrease of 5.6% year over year.
- General and administrative expenses for the second
quarter of 2016 were RMB18.4 million
(US$2.8 million), a 101.1% increase
from the corresponding period in 2015, primarily due to increased
conference fees.
- Government subsidies represent cash subsidies
received from local governments for general corporate purposes. The
Company received RMB2.0 million
(US$0.3 million) in government
subsidies for the asset management business in the second quarter
of 2016, compared to RMB15.9 million
in the corresponding period in 2015
- Internet Finance Business
Operating costs and expenses for the second quarter of
2016 were RMB53.4 million
(US$8.0 million), a 8.8% increase
from the corresponding period in 2015, 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 second quarter of 2016 primarily consisted of compensation
and benefits of RMB32.6 million
(US$4.9 million), selling expenses of
RMB6.5 million (US$1.0 million), general and administrative
expenses of RMB8.0 million
(US$1.2 million) and other operating
expenses of RMB6.4 million
(US$1.0 million).
Operating Margin
Operating margin for the second quarter of 2016 was 29.8%
compared to 33.5% for the corresponding period in 2015.
- Wealth Management Business
Operating margin for the second quarter of 2016 was
33.1%, compared to 37.6% for the corresponding period in 2015 and
28.7% in the first quarter of 2016. The year-on-year decrease was
mainly because operating costs and expenses grew faster than net
revenues in the second quarter of 2016, as compared to the second
quarter of 2015.
- Asset Management Business
Operating margin for the second quarter of 2016 was
50.9%, flat compared to the corresponding period in 2015.
- Internet Finance Business
Operating loss for the second quarter of 2016 was
RMB42.1 million (US$6.3 million) compared to RMB31.8 million for the corresponding period of
the prior year and RMB52.5 million in
the first quarter of 2016.
Income Tax Expenses
Income tax expenses for the second quarter of
2016 were RMB48.5 million
(US$7.3 million), a 5.5% increase
from the corresponding period in 2015, in line with the
year-over-year growth in taxable income.
Net Income
- Net Income
- Net income attributable to Noah shareholders for
the second quarter of 2016 was RMB182.3
million (US$27.4 million), a
7.6% increase from the corresponding period in
2015.
- Net margin for the second quarter of 2016 was
27.0%, compared to 29.6% for the corresponding period in
2015.
- Net income per basic and diluted ADS for the
second quarter of 2016 was RMB3.24
(US$0.49) and RMB3.10 (US$0.47),
respectively, compared to RMB3.01 and
RMB2.87, respectively, for the
corresponding period in 2015.
- Non-GAAP Net Income Attributable to Noah
Shareholders
- Non-GAAP net income attributable to Noah
shareholders for the second quarter of 2016 was RMB197.9 million (US$29.8
million), a 3.3% increase from the corresponding period in
2015.
- Non-GAAP net margin for the second quarter of 2016
was 29.4%, compared to 33.5% for the corresponding period in
2015.
- Non-GAAP net income per diluted ADS for the second
quarter of 2016 was RMB3.37
(US$0.51), compared to RMB3.24 for the corresponding period in
2015.
Balance Sheet and Cash Flow
As of June 30, 2016, the Company
had RMB1,398.9 million (US$210.5 million) in cash and cash equivalents,
compared to RMB1,561.7 million as of
June 30, 2015 and RMB2,480.3 million as of March 31, 2016.
Cash outflow from the Company's operating activities during the
second quarter of 2016 was RMB750.0
million (US$112.9 million).The
decrease was mainly due to the temporary impact of other current
assets and liabilities.
Cash outflow from the Company's investing activities during the
second quarter of 2016 was RMB550.5
million (US$82.8 million),
primarily due to an increase in investments in affiliates and the temporary
impact of amounts due from related parties.
Cash inflow from the Company's financing activities for the
second quarter of 2016 was RMB197.8
million (US$29.8 million),
primarily due to the impact of other current liabilities.
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 a combined English and Chinese
language conference call to discuss the Company's second quarter
2016 unaudited financial results and recent business
activities.
The conference calls may be accessed with the following
details:
Conference call
details
|
Date/Time
|
Monday, August 15,
2016 at 8:00 p.m., U.S. Eastern Time
Tuesday, August 16,
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
Second Quarter 2016 Earnings Call
|
Participant
Password
|
Noah
Holdings
|
A telephone replay will be available starting one hour after the
end of the conference call until August 22,
2016 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088
(International Toll). The replay access code is 10090864.
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 and asset management services provider with a focus on
global services for high net worth individuals and enterprises in
China. In the second quarter of
2016, Noah distributed over RMB27.7
billion (US$4.2 billion) of
wealth management products. As of June 30,
2016, Noah had assets under management of RMB101.2 billion (US$15.2
billion).
Noah distributes a wide array of wealth management products,
including fixed income products, private equity fund products,
mutual fund products and insurance products. Noah also develops and
manages financial products denominated in both domestic (RMB) and
foreign currencies, including real estate funds and real estate
funds of funds, private equity funds of funds, secondary market
equity funds of funds and fixed income funds of funds through
Gopher Asset Management. In addition, in 2014, the Company launched
a proprietary internet finance platform to provide financial
products and services to aspiring high net worth individuals and
enterprise clients in China. Noah
delivers customized financial solutions to clients through a
network of 1,093 relationship managers across 175 branches and
sub-branches in 68 cities in China, and serves the international investment
needs of its clients through a wholly owned subsidiary in
Hong Kong. The Company's wealth
management business had 114,870 registered clients as of
June 30, 2016.
For more information please visit Noah at
ir.noahwm.com.
FOREIGN CURRENCY TRANSLATION
Effective October 1, 2015, the
Company changed its reporting currency from U.S. dollars ("US$") to
Chinese Renminbi ("RMB"). The change in reporting currency is to
better reflect the Company's performance, as the majority of the
Company's operations are conducted in RMB, to align the Company's
reporting currency with its underlying operations and to reduce the
impact that the increased volatility of the RMB to US$ exchange
rate will have on the Company's reported operating results. 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$. In this announcement,
the unaudited financial results for the quarter ended June 30, 2016 are stated in RMB. The related
financial statements prior to October 1,
2015 have been recast to reflect RMB as the reporting
currency for comparison to the financial results for the quarter
ended June 30, 2016.
This announcement contains currency conversions of certain RMB
amounts into US$ 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 RMB6.6459
to US$1.00, the effective noon buying
rate for June 30, 2016 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
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 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 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 industry 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, 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 the applicable
law.
Contacts:
Noah Holdings Limited
Steve Zeng
Noah Holdings Limited
Tel: +86-21-8035-9221
ir@noahwm.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(In
RMB)
|
(unaudited)
|
|
As of
|
|
|
March 31,
2016
|
|
June 30,
2016
|
|
June 30,
2016
|
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
2,480,303,362
|
|
1,398,912,715
|
|
210,492,592
|
Restricted
cash
|
|
1,000,000
|
|
1,000,000
|
|
150,469
|
Short-term
investments
|
|
594,827,536
|
|
619,235,058
|
|
93,175,500
|
Accounts
receivable, net of allowance for
doubtful accounts of nil at March 31,
2016 and June 30, 2016
|
|
158,429,494
|
|
177,944,949
|
|
26,775,147
|
Loans
receivable
|
|
140,904,788
|
|
135,277,584
|
|
20,355,044
|
Amounts due
from related parties
|
|
290,000,245
|
|
625,554,748
|
|
94,126,416
|
Other current
assets
|
|
174,747,211
|
|
823,292,955
|
|
123,879,829
|
Total current
assets
|
|
3,840,212,636
|
|
3,781,218,009
|
|
568,954,996
|
|
|
|
|
|
|
|
Long-term
investments
|
|
412,329,808
|
|
300,365,549
|
|
45,195,617
|
Investment in
affiliates
|
|
385,289,302
|
|
479,367,925
|
|
72,129,873
|
Property and
equipment, net
|
|
210,713,490
|
|
214,012,805
|
|
32,202,231
|
Non-current deferred
tax assets
|
|
43,720,740
|
|
43,693,665
|
|
6,574,529
|
Other non-current
assets
|
|
34,390,714
|
|
38,001,361
|
|
5,718,016
|
Total
Assets
|
|
4,926,656,690
|
|
4,856,659,314
|
|
730,775,262
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accrued
payroll and welfare expenses
|
|
323,473,235
|
|
411,009,653
|
|
61,844,092
|
Income tax
payable
|
|
86,414,268
|
|
54,410,981
|
|
8,187,150
|
Amounts due to
related parties
|
|
1,060
|
|
1,060
|
|
159
|
Deferred
revenues
|
|
124,322,025
|
|
68,069,246
|
|
10,242,292
|
Deferred tax
liabilities
|
|
1,239,554
|
|
1,696,765
|
|
255,310
|
Other current
liabilities
|
|
1,045,695,407
|
|
756,454,329
|
|
113,822,707
|
Total current
liabilities
|
|
1,581,145,549
|
|
1,291,642,034
|
|
194,351,711
|
|
|
|
|
|
|
|
Non-current uncertain
tax position liabilities
|
|
67,248
|
|
-
|
|
-
|
Convertible
notes
|
|
515,840,000
|
|
531,672,000
|
|
80,000,000
|
Other non-current
liabilities
|
|
84,752,980
|
|
97,410,830
|
|
14,657,282
|
Total
Liabilities
|
|
2,181,805,777
|
|
1,920,724,864
|
|
289,008,993
|
|
|
|
|
|
|
|
Equity
|
|
2,744,850,913
|
|
2,935,934,450
|
|
441,766,269
|
Total Liabilities
and Equity
|
|
4,926,656,690
|
|
4,856,659,314
|
|
730,775,262
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In RMB, except
for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
Three months
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2015
|
|
2016
|
|
2016
|
|
|
Revenues:
|
RMB
|
|
RMB
|
|
USD
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
One-time
commissions[5]
|
104,371,558
|
|
209,490,198
|
|
31,521,720
|
|
100.7%
|
Recurring service fees
|
98,229,792
|
|
127,815,164
|
|
19,232,183
|
|
30.1%
|
Performance-based
income
|
95,669,020
|
|
817,307
|
|
122,979
|
|
(99.1%)
|
Other
service fees
|
28,085,776
|
|
29,681,569
|
|
4,466,147
|
|
5.7%
|
Total third-party
revenues
|
326,356,146
|
|
367,804,238
|
|
55,343,029
|
|
12.7%
|
Related party
revenues
|
|
|
|
|
|
|
|
One-time
commissions5
|
129,924,861
|
|
89,970,664
|
|
13,537,770
|
|
(30.8%)
|
Recurring service fees
|
150,511,712
|
|
182,165,855
|
|
27,410,261
|
|
21.0%
|
Performance-based income
|
2,243,237
|
|
23,316,750
|
|
3,508,441
|
|
939.4%
|
Other
service fees
|
25,364
|
|
744,748
|
|
112,061
|
|
2836.2%
|
Total related party
revenues
|
282,705,174
|
|
296,198,017
|
|
44,568,534
|
|
4.8%
|
Total
revenues
|
609,061,320
|
|
664,002,255
|
|
99,911,563
|
|
9.0%
|
Less:
business taxes and related
surcharges
|
(31,183,765)
|
|
(12,277,297)
|
|
(1,847,349)
|
|
(60.6%)
|
Net
revenues
|
577,877,555
|
|
651,724,958
|
|
98,064,214
|
|
12.8%
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation
and benefits
|
|
|
|
|
|
|
|
Relationship manager compensation
|
(142,363,113)
|
|
(147,103,056)
|
|
(22,134,407)
|
|
3.3%
|
Performance fee compensation
|
(7,200,000)
|
|
(4,798,507)
|
|
(722,025)
|
|
(33.4%)
|
Other Compensations
|
(157,002,659)
|
|
(176,245,129)
|
|
(26,519,377)
|
|
12.3%
|
Total compensation
and benefits
|
(306,565,772)
|
|
(328,146,692)
|
|
(49,375,809)
|
|
7.0%
|
Selling
expenses
|
(54,505,170)
|
|
(78,248,146)
|
|
(11,773,898)
|
|
43.6%
|
General
and administrative expenses
|
(31,448,235)
|
|
(58,250,809)
|
|
(8,764,924)
|
|
85.2%
|
Other
operating expenses
|
(20,673,257)
|
|
(29,158,009)
|
|
(4,387,368)
|
|
41.0%
|
Government subsidies
|
28,737,436
|
|
36,183,227
|
|
5,444,443
|
|
25.9%
|
Total operating costs
and expenses
|
(384,454,998)
|
|
(457,620,429)
|
|
(68,857,556)
|
|
19.0%
|
Income from
operations
|
193,422,557
|
|
194,104,529
|
|
29,206,658
|
|
0.4%
|
Other
income:
|
|
|
|
|
|
|
|
Interest
income
|
8,989,185
|
|
11,093,668
|
|
1,669,250
|
|
23.4%
|
Interest
expenses
|
(4,031,144)
|
|
(4,861,995)
|
|
(731,578)
|
|
20.6%
|
Investment income
|
12,484,724
|
|
17,074,328
|
|
2,569,152
|
|
36.8%
|
Other
income (expense)
|
193,259
|
|
(2,067,157)
|
|
(311,042)
|
|
(1169.6%)
|
Total other
income
|
17,636,024
|
|
21,238,844
|
|
3,195,781
|
|
20.4%
|
Income before taxes
and loss from equity
in affiliates
|
211,058,581
|
|
215,343,373
|
|
32,402,440
|
|
2.0%
|
Income tax
expense
|
(45,934,769)
|
|
(48,470,810)
|
|
(7,293,340)
|
|
5.5%
|
Income from equity in
affiliates
|
5,857,184
|
|
9,160,758
|
|
1,378,407
|
|
56.4%
|
Net
income
|
170,980,996
|
|
176,033,321
|
|
26,487,507
|
|
3.0%
|
Less: net loss
attributable to non-
controlling Interests
|
1,630,163
|
|
(6,221,769)
|
|
(936,182)
|
|
(481.7%)
|
Net income
attributable to Noah
Shareholders
|
169,350,833
|
|
182,255,090
|
|
27,423,688
|
|
7.6%
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
3.01
|
|
3.24
|
|
0.49
|
|
7.6%
|
Income per ADS,
diluted
|
2.87
|
|
3.10
|
|
0.47
|
|
8.0%
|
Margin
analysis:
|
|
|
|
|
|
|
|
Operating
margin
|
33.5%
|
|
29.8%
|
|
29.8%
|
|
|
Net margin
|
29.6%
|
|
27.0%
|
|
27.0%
|
|
|
Weighted average ADS
equivalent: [1]
|
|
|
|
|
|
|
|
Basic
|
56,248,968
|
|
56,271,504
|
|
56,271,504
|
|
|
Diluted
|
60,565,019
|
|
60,174,258
|
|
60,174,258
|
|
|
ADS equivalent
outstanding at end of
period
|
56,313,035
|
|
56,346,740
|
|
56,346,740
|
|
|
|
[1]
Assumes all outstanding ordinary shares are represented by ADSs.
Each ordinary share represents two ADSs
|
[5] To
realign the Company's services provided under different business
segments, starting from the first quarter of 2016, the Company
reclassifies some of the revenues under "other service fees" to
"one-time commissions". Presentation of prior periods has been
reclassified to reflect the same criteria.
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In RMB, except
for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
Six months
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2015
|
|
2016
|
|
2016
|
|
|
Revenues:
|
RMB
|
|
RMB
|
|
USD
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
One-time
commissions[6]
|
229,358,071
|
|
437,581,851
|
|
66,895,736
|
|
90.8%
|
Recurring service fees
|
177,284,717
|
|
234,846,946
|
|
35,831,405
|
|
32.5%
|
Performance-based
income
|
122,030,661
|
|
10,469,142
|
|
1,619,852
|
|
(91.4%)
|
Other
service fees
|
42,546,132
|
|
49,712,352
|
|
7,572,658
|
|
16.8%
|
Total third-party
revenues
|
571,219,581
|
|
732,610,291
|
|
111,919,650
|
|
28.3%
|
Related party
revenues
|
|
|
|
|
|
|
|
One-time
commissions[5]
|
207,249,994
|
|
150,549,671
|
|
22,932,777
|
|
(27.4%)
|
Recurring service fees
|
298,648,588
|
|
384,431,697
|
|
58,779,033
|
|
28.7%
|
Performance-based income
|
2,243,237
|
|
30,314,701
|
|
4,593,731
|
|
1251.4%
|
Other
service fees
|
166,123
|
|
1,364,101
|
|
208,115
|
|
721.1%
|
Total related party
revenues
|
508,307,942
|
|
566,660,170
|
|
86,513,657
|
|
11.5%
|
Total
revenues
|
1,079,527,523
|
|
1,299,270,461
|
|
198,433,307
|
|
20.4%
|
Less:
business taxes and related
surcharges
|
(53,999,374)
|
|
(40,387,911)
|
|
(6,206,936)
|
|
(25.2%)
|
Net
revenues
|
1,025,528,149
|
|
1,258,882,550
|
|
192,226,372
|
|
22.8%
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation
and benefits
|
|
|
|
|
|
|
|
Relationship manager compensation
|
(242,210,536)
|
|
(282,697,761)
|
|
(43,163,362)
|
|
16.7%
|
Performance fee compensation
|
(12,566,169)
|
|
(8,145,016)
|
|
(1,241,025)
|
|
(35.2%)
|
Other Compensations
|
(271,785,221)
|
|
(350,649,838)
|
|
(53,567,254)
|
|
29.0%
|
Total compensation
and benefits
|
(526,561,926)
|
|
(641,492,615)
|
|
(97,971,641)
|
|
21.8%
|
Selling
expenses
|
(98,057,375)
|
|
(146,150,179)
|
|
(22,304,610)
|
|
49.0%
|
General
and administrative expenses
|
(66,831,559)
|
|
(108,464,470)
|
|
(16,552,402)
|
|
62.3%
|
Other
operating expenses
|
(27,371,801)
|
|
(46,456,105)
|
|
(7,070,075)
|
|
69.7%
|
Government subsidies
|
28,737,436
|
|
105,124,789
|
|
16,136,373
|
|
265.8%
|
Total operating costs
and expenses
|
(690,085,225)
|
|
(837,438,580)
|
|
(127,762,356)
|
|
21.4%
|
Income from
operations
|
335,442,924
|
|
421,443,970
|
|
64,464,015
|
|
25.6%
|
Other
income:
|
|
|
|
|
|
|
|
Interest
income
|
17,778,002
|
|
19,771,364
|
|
3,015,047
|
|
11.2%
|
Interest
expenses
|
(7,089,484)
|
|
(9,526,884)
|
|
(1,455,041)
|
|
34.4%
|
Investment income
|
21,113,636
|
|
25,141,708
|
|
3,820,297
|
|
19.1%
|
Other
income (expense)
|
970,439
|
|
(1,420,600)
|
|
(210,770)
|
|
(246.4%)
|
Total other
income
|
32,772,593
|
|
33,965,588
|
|
5,169,532
|
|
3.6%
|
Income before taxes
and loss from equity
in affiliates
|
368,215,517
|
|
455,409,558
|
|
69,633,548
|
|
23.7%
|
Income tax
expense
|
(83,985,326)
|
|
(101,865,654)
|
|
(15,574,178)
|
|
21.3%
|
Income from equity in
affiliates
|
15,126,762
|
|
15,064,041
|
|
2,293,929
|
|
(0.4%)
|
Net
income
|
299,356,953
|
|
368,607,945
|
|
56,353,299
|
|
23.1%
|
Less: net loss
attributable to non-
controlling Interests
|
(2,072,353)
|
|
(12,646,445)
|
|
(1,932,565)
|
|
510.2%
|
Net income
attributable to Noah
Shareholders
|
301,429,306
|
|
381,254,390
|
|
58,285,862
|
|
26.5%
|
[5] To
realign the Company's services provided under different business
segments, starting from the first quarter of 2016, the Company
reclassifies some of the revenues under "other service fees" to
"one-time commissions". Presentation of prior periods has been
reclassified to reflect the same criteria.
|
[6] To
realign the Company's services provided under different business
segments, starting from the first quarter of 2016, the Company
reclassifies some of the revenues under "other service fees" to
"one-time commissions". Presentation of prior periods has been
reclassified to reflect the same criteria.
|
Noah Holdings
Limited
|
Condensed
Comprehensive Income Statements
|
(In RMB)
(unaudited)
|
|
Three months
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
170,980,996
|
|
176,033,321
|
|
26,487,507
|
|
3.0%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustments
|
(188,468)
|
|
7,072,279
|
|
1,064,157
|
|
(3852.5%)
|
Fair value fluctuation of
available for
sale Investment (after tax)
|
(2,044,059)
|
|
(5,555,722)
|
|
(835,962)
|
|
171.8%
|
Comprehensive
income
|
168,748,469
|
|
177,549,878
|
|
26,715,701
|
|
5.2%
|
Less: Comprehensive
loss attributable to
non-controlling interests
|
1,630,059
|
|
(6,250,296)
|
|
(940,474)
|
|
(483.4%)
|
Comprehensive
income attributable to
Noah Shareholders
|
167,118,410
|
|
183,800,174
|
|
27,656,175
|
|
10.0%
|
Noah Holdings
Limited
|
Supplemental
Information
|
(unaudited)
|
|
As
of
|
|
Change
|
|
June 30,
2015
|
|
June 30,
2016
|
|
|
|
|
|
|
|
Number of
registered clients
|
81,939
|
|
114,870
|
|
40.2%
|
Number of
relationship managers
|
953
|
|
1,093
|
|
14.7%
|
Number of
branch offices
|
64
|
|
68
|
|
6.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Change
|
|
June 30,
2015
|
|
June 30,
2016
|
|
|
(in millions of RMB,
except number of active clients and percentages)
|
Number of
active clients
|
5,412
|
|
4,927
|
|
(9.0%)
|
Transaction
value:
|
|
|
|
|
|
Fixed
income products
|
5,746
|
|
16,987
|
|
195.6%
|
Private
equity fund products
|
9,874
|
|
7,571
|
|
(23.3%)
|
Secondary
market equity fund
products
|
12,647
|
|
2,810
|
|
(77.8%)
|
Other
products, including mutual
fund products, private securities
investment funds and insurance products
|
44
|
|
405
|
|
819.3%
|
Total
transaction value
|
28,311
|
|
27,747
|
|
(2.0%)
|
Average
transaction value per client
|
5.23
|
|
5.63
|
|
7.7%
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(In RMB,
except for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
Three months ended
Jun 30, 2015
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Internet
Finance
|
|
Total
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
Revenues:
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
One-time
commissions
|
104,256,557
|
|
115,001
|
|
-
|
|
104,371,558
|
Recurring service
fees
|
83,568,566
|
|
14,661,226
|
|
-
|
|
98,229,792
|
Performance-based
income
|
68,050,993
|
|
27,618,027
|
|
-
|
|
95,669,020
|
Other service
fees
|
9,942,756
|
|
512,475
|
|
17,630,545
|
|
28,085,776
|
Total third-party
revenues
|
265,818,872
|
|
42,906,729
|
|
17,630,545
|
|
326,356,146
|
Related party
revenues
|
|
|
|
|
|
|
|
One-time
commissions
|
129,924,861
|
|
-
|
|
-
|
|
129,924,861
|
Recurring service
fees
|
80,494,872
|
|
70,016,840
|
|
-
|
|
150,511,712
|
Performance-based
income
|
-
|
|
2,243,237
|
|
-
|
|
2,243,237
|
Other service
fees
|
-
|
|
-
|
|
25,364
|
|
25,364
|
Total related party
revenues
|
210,419,733
|
|
72,260,077
|
|
25,364
|
|
282,705,174
|
Total
revenues
|
476,238,605
|
|
115,166,806
|
|
17,655,909
|
|
609,061,320
|
Less: business taxes
and related
surcharges
|
(25,322,488)
|
|
(5,425,550)
|
|
(435,727)
|
|
(31,183,765)
|
Net
revenues
|
450,916,117
|
|
109,741,256
|
|
17,220,182
|
|
577,877,555
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(135,197,807)
|
|
(2,282,885)
|
|
(4,882,421)
|
|
(142,363,113)
|
Performance Fee
Compensation
|
-
|
|
(7,200,000)
|
|
-
|
|
(7,200,000)
|
Other
compensation
|
(92,732,020)
|
|
(40,774,307)
|
|
(23,496,332)
|
|
(157,002,659)
|
Total compensation and
benefits
|
(227,929,827)
|
|
(50,257,192)
|
|
(28,378,753)
|
|
(306,565,772)
|
Selling
expenses
|
(44,623,149)
|
|
(4,687,639)
|
|
(5,194,382)
|
|
(54,505,170)
|
General and
administrative expenses
|
(16,028,641)
|
|
(9,126,827)
|
|
(6,292,767)
|
|
(31,448,235)
|
Other operating
expenses
|
(5,662,518)
|
|
(5,828,725)
|
|
(9,182,014)
|
|
(20,673,257)
|
Government
subsidies
|
12,815,434
|
|
15,922,002
|
|
-
|
|
28,737,436
|
Total operating costs
and expenses
|
(281,428,701)
|
|
(53,978,381)
|
|
(49,047,916)
|
|
(384,454,998)
|
Income from
operations
|
169,487,416
|
|
55,762,875
|
|
(31,827,734)
|
|
193,422,557
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(In RMB,
except for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
Three months ended
Jun 30, 2016
|
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Internet
Finance
|
|
Total
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
One-time
commissions
|
209,149,472
|
|
340,726
|
|
-
|
|
209,490,198
|
Recurring service
fees
|
110,291,809
|
|
17,523,355
|
|
-
|
|
127,815,164
|
Performance-based
income
|
141,521
|
|
675,786
|
|
-
|
|
817,307
|
Other service
fees
|
18,717,134
|
|
-
|
|
10,964,435
|
|
29,681,569
|
Total third-party
revenues
|
338,299,936
|
|
18,539,867
|
|
10,964,435
|
|
367,804,238
|
Related party
revenues
|
|
|
|
|
|
|
|
One-time
commissions
|
88,306,826
|
|
1,663,838
|
|
-
|
|
89,970,664
|
Recurring service
fees
|
88,176,972
|
|
93,988,883
|
|
-
|
|
182,165,855
|
Performance-based
income
|
-
|
|
23,316,750
|
|
-
|
|
23,316,750
|
Other service
fees
|
75,614
|
|
-
|
|
669,134
|
|
744,748
|
Total related party
revenues
|
176,559,412
|
|
118,969,471
|
|
669,134
|
|
296,198,017
|
Total
revenues
|
514,859,348
|
|
137,509,338
|
|
11,633,569
|
|
664,002,255
|
Less: business taxes
and related
surcharges
|
(9,687,926)
|
|
(2,277,686)
|
|
(311,685)
|
|
(12,277,297)
|
Net
revenues
|
505,171,422
|
|
135,231,652
|
|
11,321,884
|
|
651,724,958
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
(144,950,980)
|
|
(1,095,316)
|
|
(1,056,760)
|
|
(147,103,056)
|
Performance fee
compensation
|
-
|
|
(4,798,507)
|
|
-
|
|
(4,798,507)
|
Other
compensation
|
(106,630,074)
|
|
(38,114,148)
|
|
(31,500,907)
|
|
(176,245,129)
|
Total compensation and
benefits
|
(251,581,054)
|
|
(44,007,971)
|
|
(32,557,667)
|
|
(328,146,692)
|
Selling
expenses
|
(67,372,110)
|
|
(4,425,087)
|
|
(6,450,949)
|
|
(78,248,146)
|
General and
administrative expenses
|
(31,885,314)
|
|
(18,352,172)
|
|
(8,013,323)
|
|
(58,250,809)
|
Other operating
expenses
|
(21,126,909)
|
|
(1,664,721)
|
|
(6,366,379)
|
|
(29,158,009)
|
Government
subsidies
|
34,166,731
|
|
2,016,496
|
|
-
|
|
36,183,227
|
Total operating costs
and expenses
|
(337,798,656)
|
|
(66,433,455)
|
|
(53,388,318)
|
|
(457,620,429)
|
Income from
operations
|
167,372,766
|
|
68,798,197
|
|
(42,066,434)
|
|
194,104,529
|
Noah Holdings
Limited
|
Reconciliation of GAAP to Non-GAAP
Results
|
(In RMB,
except for ADS data and percentages)
|
(unaudited)
|
|
Three months
ended
|
|
June
30,
|
|
June 30,
|
|
Change
|
|
2015
|
|
2016
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
Net margin
|
29.6%
|
|
27.0%
|
|
|
Adjusted net margin
(non-
GAAP)*
|
33.5%
|
|
29.4%
|
|
|
|
|
|
|
|
|
Net income
attributable to
Noah Shareholders
|
169,350,833
|
|
182,255,090
|
|
7.6%
|
Adjustment for
share-based
compensation related to:
|
|
|
|
|
|
Share options
|
10,910,694
|
|
9,378,522
|
|
(14.0%)
|
Restricted shares
|
11,427,366
|
|
6,306,101
|
|
(44.8%)
|
Adjusted net
income
attributable to Noah
Shareholders (non-GAAP)*
|
191,688,893
|
|
197,939,713
|
|
3.3%
|
|
|
|
|
|
|
Net income
attributable to
Noah Shareholders per ADS,
diluted
|
2.87
|
|
3.10
|
|
8.0%
|
Adjusted net
income
attributable to Noah
Shareholders per ADS,
diluted (non-GAAP)*
|
3.24
|
|
3.37
|
|
4.0%
|
|
|
|
|
|
|
*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-second-quarter-of-2016-300313272.html
SOURCE Noah Holdings Limited