Indicate by check mark whether
the registrant the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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Noah Holdings Limited
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By:
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/s/ Shang-yan Chuang
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Shang-yan Chuang
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Chief Financial Officer
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Date: August 29, 2017
2
EXHIBIT INDEX
Exhibit 99.1 Press Release
3
Exhibit 99.1
NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2017
SHANGHAI, August 28, 2017 Noah Holdings Limited (Noah or the Company) (NYSE: NOAH), a leading wealth and asset management
service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced its unaudited financial results for the second quarter of 2017.
SECOND QUARTER 2017 FINANCIAL HIGHLIGHTS
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Net revenues
for the second quarter of 2017 were RMB707.3 million (US$104.3 million), an 8.5% increase from the corresponding period in 2016.
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(RMB millions,
except
percentages)
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Q2 2016
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Q2 2017
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YoY Change
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Wealth management
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505.2
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550.6
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9.0
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%
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Asset management
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135.2
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130.3
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(3.6
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%)
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Internet financial services
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11.3
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26.4
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133.0
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%
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Total net revenues
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651.7
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707.3
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8.5
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%
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Income from operations
for the second quarter of 2017 was RMB224.3 million (US$33.1 million), a 15.5% increase from the corresponding period in 2016.
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(RMB millions,
except
percentages)
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Q2 2016
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Q2 2017
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YoY Change
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Wealth management
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167.4
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185.2
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10.7
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%
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Asset management
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68.8
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69.8
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1.4
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%
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Internet financial services
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(42.1
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)
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(30.8
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)
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(26.9
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%)
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Total income from operations
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194.1
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224.3
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15.5
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%
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Net income attributable to Noah shareholders
for the second quarter of 2017 was RMB207.0 million (US$30.5 million), a 13.6% increase from the corresponding period in 2016.
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Non-GAAP
1
net income attributable to Noah shareholders
for the second quarter of 2017 was RMB226.5 million
(US$33.4 million), a 14.4% increase from the corresponding period in 2016.
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SECOND QUARTER 2017 OPERATIONAL UPDATES
Wealth Management Business
The Companys wealth
management business offers wealth management products and provides comprehensive financial services to high net worth individuals, enterprise and institutional clients. Through its wealth management business, Noah primarily distributes onshore and
offshore fixed income products, private equity products, secondary market products and insurance products.
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Total number of registered clients
as of June 30, 2017 was 164,728, a 43.4% increase from June 30, 2016.
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1
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Noahs
Non-GAAP
financial measures are its corresponding GAAP financial measures as adjusted by excluding the effects of all forms of share-based compensation.
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4
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Total number of active clients
2
during the second quarter of 2017 was 4,484, a 9.0% decrease from June 30, 2016.
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A
ggregate value of wealth management products distributed
during the second quarter of 2017 was RMB33.0 billion (US$4.9 billion), an 18.8% increase from the second quarter of 2016.
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Product type
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Three months ended June 30,
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2016
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2017
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(RMB in billions, except percentages)
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Fixed income
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17.0
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61.2
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%
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23.5
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71.3
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%
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Private equity
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7.6
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27.3
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%
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8.3
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25.0
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%
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Secondary market equity
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2.8
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10.1
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%
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1.1
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3.4
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%
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Other products
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0.4
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1.4
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%
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0.1
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0.3
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%
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All products
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27.7
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100.0
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%
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33.0
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100.0
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%
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Average transaction value per client
3
for the second quarter of 2017 was RMB7.4 million
(US$1.1 million), a 30.5% increase from the corresponding period in 2016.
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Coverage network
included 205 branches and
sub-branches
covering 76 cities as of June 30, 2017, up from 199 branches and
sub-branches
covering 74 cities as of March 31, 2017, and 175 branches and
sub-branches
covering 68 cities as of June 30, 2016.
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Number of relationship managers
was 1,259 as of June 30, 2017, relatively flat from March 31, 2017 and a 15.2% increase from June 30, 2016.
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Asset Management Business
Gopher Asset Management
(Gopher), a subsidiary of the Company, is a leading alternative asset manager in China. Gopher develops and manages private equity, real estate, secondary market, credit and other investments denominated in both Renminbi and foreign
currencies.
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Total assets under management
as of June 30, 2017 were RMB138.7 billion (US$20.5 billion), a 7.0% increase from March 31, 2017 and a 37.1% increase from June 30, 2016.
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Investment type
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As of March 31,
2017
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Asset
Growth
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Asset
Expiration/
Redemption
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As of June 30,
2017
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(RMB billions, except percentages)
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Real estate
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19.8
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15.3
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%
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1.6
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6.0
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15.4
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11.1
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%
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Private equity
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66.1
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51.0
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%
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6.7
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0.7
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72.2
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52.0
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%
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Secondary market
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6.9
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5.3
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%
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0.0
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0.1
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6.9
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4.9
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%
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Credit
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33.2
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25.6
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%
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14.5
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7.0
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40.7
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29.4
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%
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Other investments
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3.5
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2.7
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%
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3.5
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2.5
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%
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All Investments
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129.6
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100.0
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%
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22.9
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13.8
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138.7
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100.0
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%
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Internet Financial Service Business
The Companys Internet financial service business includes its online wealth management platform as well as micro-lending, payment processing and other
online services.
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Active clients refers to registered clients who purchased wealth management products distributed by Noah during the period specified.
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3
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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.
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5
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Aggregate value of financial products distributed by the Companys Internet wealth management platform
in the second quarter of 2017 was RMB6.2 billion (US$0.9 billion), a 7.3% increase from the
corresponding period in 2016.
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Total number of clients through the Companys Internet wealth management platform
as of June 30, 2017 was 438,981, up from 425,708 and 324,918 as of March 31, 2017 and June 30, 2016,
respectively.
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Mr. Kenny Lam, Group President of Noah, said, We have delivered robust earnings in the first half of 2017. We
are excited by the new talents we are
on-boarding
to our core team and the foundation we have built. We will continue to focus on executing our long-term strategy as Chinas leading wealth and asset
manager.
SECOND QUARTER 2017 FINANCIAL RESULTS
Net Revenues
Net revenues
for the second
quarter of 2017 were RMB707.3 million (US$104.3 million), an 8.5% increase from the corresponding period in 2016, primarily driven by increased recurring service fee revenues.
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Wealth Management Business
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Net revenues from
one-time
commissions
for the second quarter of 2017 were RMB297.6 million (US$43.9 million), a 2.0% increase from the corresponding period in 2016.
The increase was mainly due to the increase in the aggregate value of wealth management products.
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Net revenues from recurring service fees
for the second quarter of 2017 were RMB209.3 million (US$30.9 million), a 7.5% increase from the corresponding period in 2016. The increase was primarily due to the
cumulative effect of wealth management products with recurring service fees previously distributed.
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Net revenues from performance-based income
for the second quarter of 2017 were RMB22.0 million (US$3.2 million), compared with RMB0.1 million in the corresponding period of 2016, due to the realization
of performance-based income from secondary market equity products and private equity products distributed in previous periods.
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Net revenues from other service fees
for the second quarter of 2017 were RMB21.6 million (US$3.2 million), a 17.4% increase from the corresponding period in 2016, primarily due to the growth of new business
within the wealth management segment.
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Asset Management Business
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Net revenues from recurring service fees
for the second quarter of 2017 were RMB128.3 million (US$18.9 million), a 17.0% increase from the corresponding period in 2016. The increase was primarily due to the
increase in assets under management.
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Net revenues from performance-based income
for the second quarter of 2017 were RMB1.5 million (US$0.2 million), compared with RMB23.6 million in the corresponding period of 2016.
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Internet Financial Service Business
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Net revenues for the second quarter of 2017
were RMB26.4 million (US$3.9 million), a 133.0% increase from the corresponding period in 2016. The increase was primarily due to the growth in overall Internet
financial services, including online wealth management, micro-lending, payment processing and other services, compared with the corresponding period of 2016.
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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 2017 were RMB483.1 million (US$71.3 million), a 5.6% increase from the corresponding period in 2016. As the increase in net revenue outpaced the increase in operating
costs and expenses
year-on-year,
the Companys operating margin improved in the second quarter of 2017 as discussed below.
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Wealth Management Business
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Operating costs and expenses
for
the second quarter of 2017 were RMB365.4 million (US$53.9 million), an 8.2% increase from the corresponding period in 2016.
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Compensation and benefits
for the second quarter of 2017 were RMB250.8 million (US$37.0 million), a 0.3% decrease from the corresponding period in 2016.
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Selling expenses
for the second quarter of 2017 were RMB66.9 million (US$9.9 million), a 0.7% decrease from the corresponding period in 2016.
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General and administrative expenses
for the second quarter of 2017 were RMB29.9 million (US$4.4 million), a 6.2% decrease from the corresponding period in 2016, primarily due to the reduced loss from fixed
asset disposal compared with the same period last year.
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Other operating expenses
were RMB27.5 million (US$4.1 million) for the second quarter of 2017, an increase of 30.1% from the corresponding period in 2016. The increase was primarily due to the growth of new
business within the wealth management segment.
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Government subsidies
represent cash subsidies received from local governments for general corporate purposes. The Companys wealth management business received RMB9.7 million (US$1.4 million) in
government subsidies in the second quarter of 2017, compared with RMB34.2 million in the corresponding period of 2016.
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Asset Management Business
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Operating costs and expenses
for
the second quarter of 2017 were RMB60.5 million (US$8.9 million), an 8.9% decrease from the corresponding period in 2016.
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Compensation and benefits
for the second quarter of 2017 were RMB44.7 million (US$6.6 million), a 1.5% increase from the corresponding period of 2016.
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Selling expenses
for the second quarter of 2017 were RMB1.4 million (US$0.2 million), compared with RMB4.4 million in the corresponding period of 2016.
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General and administrative expenses
for the second quarter of 2017 were RMB11.2 million (US$1.6 million), a 39.1% decrease from the corresponding period in 2016. The decrease was mainly due to certain
expenses that were not VAT deductible in the second quarter last year.
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7
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Government subsidies
represent cash subsidies received from local governments for general corporate purposes. The asset management business received RMB0.1 million in government subsidies in the second
quarter of 2017, compared with RMB2.0 million in the corresponding period of 2016.
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Internet Financial Service Business
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Operating costs and
expenses
for the second quarter of 2017 were RMB57.1 million (US$8.4 million), a 7.0% increase from the corresponding period in 2016. Operating costs and expenses for the second quarter of 2017 primarily consisted of compensation and
benefits of RMB35.5 million (US$5.2 million), selling expenses of RMB3.0 million (US$0.4 million), general and administrative expenses of RMB8.2 million (US$1.2 million) and other operating expenses of RMB10.5 million (US$1.5
million).
Operating Margin
Operating
margin
for the second quarter of 2017 was 31.7%, an increase from 29.8% for the corresponding period in 2016. The increase was mainly due to improved operating margin for the asset management business and reduced operating loss of the Internet
financial service business.
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Operating margin for the wealth management business
for the second quarter of 2017 increased to 33.6% from 33.1% for the corresponding period in 2016.
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Operating margin
for the asset management business
for the second quarter of 2017 was 53.5%, compared with 50.9% for the corresponding period in 2016.
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Operating loss
for the Internet financial service business
for the second quarter of 2017 was RMB30.8 million (US$4.5 million), down from RMB42.1 million for the corresponding period in 2016.
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Income Tax Expenses
Income
tax expenses
for the second quarter of 2017 were RMB60.2 million (US$8.9 million), a 24.3% increase from the corresponding period in 2016. The increase was primarily due to the combined impact of higher taxable income and a higher effective
tax rate.
Income from Equity in Affiliates
Income from equity in affiliates
for the second quarter of 2017 was RMB23.3 million (US$3.4 million), a 154.4% increase from the corresponding
period in 2016. The increase was mainly due to the increased net asset value of the Companys investments in the funds managed by Gopher as a general partner.
Net Income
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Net income
for the second quarter of 2017 was RMB205.9 million (US$30.4 million), a 16.9% increase from the corresponding period in 2016
.
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Net margin
for the second quarter of 2017 was 29.1%, up from 27.0% for the corresponding period in 2016
.
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Net income attributable to Noah shareholders
for the second quarter of 2017 was RMB207.0 million (US$30.5 million), a 13.6% increase from the corresponding period in 2016
.
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8
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Net income
attributable to Noah shareholders
per basic and diluted ADS
for the second quarter of 2017 was RMB3.67 (US$0.54) and RMB3.52 (US$0.52), respectively, up from RMB3.24 and RMB3.10,
respectively, for the corresponding period in 2016
.
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Non-GAAP
Net Income Attributable to Noah Shareholders
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Non-GAAP
net income attributable to Noah shareholders
for the second quarter of 2017 was RMB226.5 million (US$33.4 million), a 14.4% increase from the corresponding
period in 2016
.
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Non-GAAP
net margin
attributable to Noah shareholders
for the second quarter of 2017 was 32.0%, up from 30.4% for the corresponding period in 2016
.
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Non-GAAP
net income attributable to Noah shareholders per diluted ADS
for the second quarter of 2017 was RMB3.84 (US$0.57), up from RMB3.37 for the corresponding period in
2016
.
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Balance Sheet and Cash Flow
As of June 30, 2017, the Company had RMB2,003.5 million (US$295.5 million) in cash and cash equivalents, compared with RMB2,609.2 million as of
March 31, 2017 and RMB1,398.9 million as of June 30, 2016.
Net cash inflow from the Companys operating activities during the second
quarter of 2017 was RMB72.8 million (US$10.7 million), compared with income from operations of RMB224.3 million for the corresponding period in 2016; the difference was mainly due to temporary cash outflows related to the Companys
factoring business.
Net cash outflow from the Companys investing activities during the second quarter of 2017 was RMB671.2 million (US$99.0
million), primarily due to increases in short-term and long-term investments to improve cash usage and capital management.
Net cash inflow from the
Companys financing activities was RMB4.2 million (US$0.6 million) in the second quarter of 2017, which mainly included proceeds from issuance of ordinary shares upon exercise of stock options.
On July 8, 2016, the Companys 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 June 30, 2017, the Company had repurchased 224,775 ADSs for approximately US$5.1 million under this program, inclusive of transaction charges, at an average effective price of US$22.76.
2017 FORECAST
The Company estimates that
non-GAAP
net income attributable to Noah shareholders for the full year 2017 will be in the range of RMB825 million to RMB860 million, an increase of 14.1% to 18.9% compared with the full year 2016. This
estimate reflects managements 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 Companys second quarter 2017 unaudited financial
results and recent business activities.
9
The conference call may be accessed with the following details:
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|
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Conference call details
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Date/Time:
|
|
Monday, August 28, 2017 at 8:00 p.m., U.S. Eastern Time
Tuesday, August 29, 2017 at 8:00 a.m., Hong Kong Time
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Dial in details:
|
|
|
- United States Toll Free
|
|
+1-888-346-8982
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- Mainland China Toll Free
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|
4001-201203
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- Hong Kong Toll Free
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800-905-945
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- International
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+1-412-902-4272
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Conference Title:
|
|
Noah Holdings Limited Second Quarter 2017 Earnings Call
|
Participant Password:
|
|
Noah Holdings
|
A telephone replay will be available starting one hour after the end of the conference call until September 4, 2017 at
+1-877-344-7529
(US Toll Free) or
+1-412-317-0088
(International Toll). The replay access code is 10111521.
A live and archived webcast of the conference call will be available at Noahs investor relations website under the News & Events section at
http://ir.noahwm.com.
10
DISCUSSION OF
NON-GAAP
FINANCIAL MEASURES
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Companys 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 Companys operating performance in the periods presented, management reviewed
non-GAAP
net
income attributable to Noah shareholders 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 attributable to Noah shareholders,
non-GAAP
net income attributable to Noah shareholders per diluted ADS and
non-GAAP
net margin attributable to Noah shareholders provides important supplemental information to investors regarding financial and business trends relating to the Companys 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 service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises. In the first half of 2017, Noah
distributed RMB65.6 billion (US$9.7 billion) of wealth management products. Through our subsidiary, Gopher Asset Management, we had assets under management of RMB138.7 billion (US$20.5 billion) as of June 30, 2017.
Our wealth management business primarily distributes onshore and offshore fixed income products, private equity products, secondary market products and
insurance products. Noah delivers customized financial solutions to clients through a network of 1,259 relationship managers across 205 branches and
sub-branches
in 76 cities in China, and serves the
international investment needs of its clients through wholly owned subsidiaries in Hong Kong and the United States. The Companys wealth management business had 164,728 registered clients as of June 30, 2017. As our asset management
subsidiary and a leading alternative asset manager in China, Gopher Asset Management manages private equity, real estate, secondary market credit and other investments denominated in both Renminbi and foreign currencies. We also provide internet
financial services, including online wealth management, micro-lending and payment processing services, etc.
For more information, please visit Noah at
ir.noahwm.com
.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the quarter ended June 30, 2017 are stated in RMB. This announcement contains currency
conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.7793 to US$1.00, the effective noon buying rate for
June 30, 2017 as set forth in the H.10 statistical release of the Federal Reserve Board.
11
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 2017 and quotations from management in this announcement, as well as Noahs 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 Noahs beliefs and expectations, are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could cause Noahs 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 Noahs 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
12
Noah Holdings Limited
Condensed Consolidated Balance Sheets
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
March 31,
2017
|
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
USD000
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
2,609,190
|
|
|
|
2,003,529
|
|
|
|
295,536
|
|
Restricted cash
|
|
|
1,000
|
|
|
|
|
|
|
|
|
|
Short-term investments
|
|
|
410,237
|
|
|
|
569,513
|
|
|
|
84,008
|
|
Accounts receivable, net of allowance for doubtful accounts of nil at March 31, 2017 and
June 30, 2017
|
|
|
206,698
|
|
|
|
165,765
|
|
|
|
24,452
|
|
Loans receivable
|
|
|
115,878
|
|
|
|
295,923
|
|
|
|
43,651
|
|
Amounts due from related parties
|
|
|
599,928
|
|
|
|
723,124
|
|
|
|
106,666
|
|
Factoring receivables
|
|
|
573,674
|
|
|
|
570,769
|
|
|
|
84,193
|
|
Other current assets
|
|
|
305,948
|
|
|
|
78,510
|
|
|
|
11,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
4,822,553
|
|
|
|
4,407,133
|
|
|
|
650,087
|
|
Long-term investments
|
|
|
465,156
|
|
|
|
687,967
|
|
|
|
101,481
|
|
Investment in affiliates
|
|
|
543,280
|
|
|
|
588,933
|
|
|
|
86,872
|
|
Property and equipment, net
|
|
|
246,843
|
|
|
|
252,803
|
|
|
|
37,290
|
|
Non-current
deferred tax assets
|
|
|
52,577
|
|
|
|
52,332
|
|
|
|
7,719
|
|
Other
non-current
assets
|
|
|
38,728
|
|
|
|
81,720
|
|
|
|
12,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
6,169,137
|
|
|
|
6,070,888
|
|
|
|
895,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued payroll and welfare expenses
|
|
|
384,235
|
|
|
|
431,467
|
|
|
|
63,645
|
|
Income tax payable
|
|
|
81,487
|
|
|
|
52,118
|
|
|
|
7,688
|
|
Amounts due to related parties
|
|
|
12,273
|
|
|
|
12,273
|
|
|
|
1,810
|
|
Deferred revenues
|
|
|
183,354
|
|
|
|
177,279
|
|
|
|
26,150
|
|
Payable to individual investors of factoring receivables
|
|
|
579,975
|
|
|
|
328,562
|
|
|
|
48,465
|
|
Other current liabilities
|
|
|
350,842
|
|
|
|
266,696
|
|
|
|
39,341
|
|
Convertible notes
|
|
|
550,656
|
|
|
|
542,344
|
|
|
|
80,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
2,142,822
|
|
|
|
1,810,739
|
|
|
|
267,099
|
|
Non-current
uncertain tax position liabilities
|
|
|
4,449
|
|
|
|
4,437
|
|
|
|
654
|
|
Other
non-current
liabilities
|
|
|
92,314
|
|
|
|
100,322
|
|
|
|
14,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
2,239,585
|
|
|
|
1,915,498
|
|
|
|
282,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine Equity - Redeemable
non-controlling
Interest
of Subsidiary
|
|
|
334,590
|
|
|
|
337,481
|
|
|
|
49,781
|
|
Equity
|
|
|
3,594,962
|
|
|
|
3,817,909
|
|
|
|
563,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
|
6,169,137
|
|
|
|
6,070,888
|
|
|
|
895,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
Noah Holdings Limited
Condensed Consolidated Income Statements
(In RMB000, except for USD data, per ADS data and percentages)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
June 30,
2016
|
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
|
Change
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
USD000
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-party revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
209,490
|
|
|
|
123,321
|
|
|
|
18,191
|
|
|
|
(41.1
|
%)
|
Recurring service fees
|
|
|
127,815
|
|
|
|
130,923
|
|
|
|
19,312
|
|
|
|
2.4
|
%
|
Performance-based income
|
|
|
817
|
|
|
|
16,179
|
|
|
|
2,387
|
|
|
|
1880.3
|
%
|
Other service fees
|
|
|
29,682
|
|
|
|
42,046
|
|
|
|
6,202
|
|
|
|
41.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total third-party revenues
|
|
|
367,804
|
|
|
|
312,469
|
|
|
|
46,092
|
|
|
|
(15.0
|
%)
|
Related party revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
89,971
|
|
|
|
177,333
|
|
|
|
26,158
|
|
|
|
97.1
|
%
|
Recurring service fees
|
|
|
182,166
|
|
|
|
209,213
|
|
|
|
30,861
|
|
|
|
14.8
|
%
|
Performance-based income
|
|
|
23,317
|
|
|
|
7,570
|
|
|
|
1,117
|
|
|
|
(67.5
|
%)
|
Other service fees
|
|
|
745
|
|
|
|
6,562
|
|
|
|
968
|
|
|
|
780.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total related party revenues
|
|
|
296,199
|
|
|
|
400,678
|
|
|
|
59,104
|
|
|
|
35.3
|
%
|
Total revenues
|
|
|
664,003
|
|
|
|
713,147
|
|
|
|
105,196
|
|
|
|
7.4
|
%
|
Less: business taxes and related surcharges
|
|
|
(12,277
|
)
|
|
|
(5,836
|
)
|
|
|
(861
|
)
|
|
|
(52.5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
651,726
|
|
|
|
707,311
|
|
|
|
104,335
|
|
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relationship manager compensation
|
|
|
(147,103
|
)
|
|
|
(140,078
|
)
|
|
|
(20,663
|
)
|
|
|
(4.8
|
%)
|
Performance fee compensation
|
|
|
(4,799
|
)
|
|
|
|
|
|
|
|
|
|
|
(100.0
|
%)
|
Other Compensations
|
|
|
(176,245
|
)
|
|
|
(190,895
|
)
|
|
|
(28,159
|
)
|
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation and benefits
|
|
|
(328,147
|
)
|
|
|
(330,973
|
)
|
|
|
(48,822
|
)
|
|
|
0.9
|
%
|
Selling expenses
|
|
|
(78,248
|
)
|
|
|
(71,376
|
)
|
|
|
(10,529
|
)
|
|
|
(8.8
|
%)
|
General and administrative expenses
|
|
|
(58,251
|
)
|
|
|
(49,231
|
)
|
|
|
(7,262
|
)
|
|
|
(15.5
|
%)
|
Other operating expenses
|
|
|
(29,158
|
)
|
|
|
(41,268
|
)
|
|
|
(6,087
|
)
|
|
|
41.5
|
%
|
Government subsidies
|
|
|
36,183
|
|
|
|
9,791
|
|
|
|
1,444
|
|
|
|
(72.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
(457,621
|
)
|
|
|
(483,057
|
)
|
|
|
(71,256
|
)
|
|
|
5.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
194,105
|
|
|
|
224,254
|
|
|
|
33,079
|
|
|
|
15.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
11,094
|
|
|
|
10,440
|
|
|
|
1,540
|
|
|
|
(5.9
|
%)
|
Interest expenses
|
|
|
(4,862
|
)
|
|
|
(4,894
|
)
|
|
|
(722
|
)
|
|
|
0.7
|
%
|
Investment income
|
|
|
17,074
|
|
|
|
10,943
|
|
|
|
1,614
|
|
|
|
(35.9
|
%)
|
Other (expense) income
|
|
|
(2,067
|
)
|
|
|
2,056
|
|
|
|
303
|
|
|
|
(199.5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income
|
|
|
21,239
|
|
|
|
18,545
|
|
|
|
2,735
|
|
|
|
(12.7
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes and income from equity in affiliates
|
|
|
215,344
|
|
|
|
242,799
|
|
|
|
35,814
|
|
|
|
12.7
|
%
|
Income tax expense
|
|
|
(48,471
|
)
|
|
|
(60,244
|
)
|
|
|
(8,886
|
)
|
|
|
24.3
|
%
|
Income from equity in affiliates
|
|
|
9,161
|
|
|
|
23,308
|
|
|
|
3,438
|
|
|
|
154.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
176,034
|
|
|
|
205,863
|
|
|
|
30,366
|
|
|
|
16.9
|
%
|
Less: net loss attributable to
non-controlling
Interests
|
|
|
(6,222
|
)
|
|
|
(4,070
|
)
|
|
|
(600
|
)
|
|
|
(34.6
|
%)
|
Less: Gain attributable to redeemable
non-controlling
interest of Subsidiary
|
|
|
|
|
|
|
2,891
|
|
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Noah Shareholders
|
|
|
182,256
|
|
|
|
207,042
|
|
|
|
30,540
|
|
|
|
13.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per ADS, basic
|
|
|
3.24
|
|
|
|
3.67
|
|
|
|
0.54
|
|
|
|
13.3
|
%
|
Income per ADS, diluted
|
|
|
3.10
|
|
|
|
3.52
|
|
|
|
0.52
|
|
|
|
13.5
|
%
|
Margin analysis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
29.8
|
%
|
|
|
31.7
|
%
|
|
|
31.7
|
%
|
|
|
|
|
Net margin
|
|
|
27.0
|
%
|
|
|
29.1
|
%
|
|
|
29.1
|
%
|
|
|
|
|
Weighted average ADS equivalent: [1]
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
56,271,504
|
|
|
|
56,461,612
|
|
|
|
56,461,612
|
|
|
|
|
|
Diluted
|
|
|
60,174,258
|
|
|
|
60,205,429
|
|
|
|
60,205,429
|
|
|
|
|
|
ADS equivalent outstanding at end of period
|
|
|
56,346,740
|
|
|
|
56,547,380
|
|
|
|
56,547,380
|
|
|
|
|
|
[1]
|
Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.
|
14
Noah Holdings Limited
Condensed Consolidated Income Statements
(In RMB000, except for USD data, per ADS data and percentages)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
|
|
|
|
|
|
|
June 30,
2016
|
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
|
Change
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
USD000
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-party revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
437,582
|
|
|
|
323,107
|
|
|
|
47,661
|
|
|
|
(26.2
|
%)
|
Recurring service fees
|
|
|
234,847
|
|
|
|
266,472
|
|
|
|
39,307
|
|
|
|
13.5
|
%
|
Performance-based income
|
|
|
10,469
|
|
|
|
28,728
|
|
|
|
4,238
|
|
|
|
174.4
|
%
|
Other service fees
|
|
|
49,712
|
|
|
|
68,411
|
|
|
|
10,091
|
|
|
|
37.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total third-party revenues
|
|
|
732,610
|
|
|
|
686,718
|
|
|
|
101,297
|
|
|
|
(6.3
|
%)
|
Related party revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
150,550
|
|
|
|
321,889
|
|
|
|
47,481
|
|
|
|
113.8
|
%
|
Recurring service fees
|
|
|
384,432
|
|
|
|
400,583
|
|
|
|
59,089
|
|
|
|
4.2
|
%
|
Performance-based income
|
|
|
30,315
|
|
|
|
7,649
|
|
|
|
1,128
|
|
|
|
(74.8
|
%)
|
Other service fees
|
|
|
1,364
|
|
|
|
13,438
|
|
|
|
1,982
|
|
|
|
885.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total related party revenues
|
|
|
566,661
|
|
|
|
743,559
|
|
|
|
109,680
|
|
|
|
31.2
|
%
|
Total revenues
|
|
|
1,299,271
|
|
|
|
1,430,277
|
|
|
|
210,977
|
|
|
|
10.1
|
%
|
Less: business taxes and related surcharges
|
|
|
(40,388
|
)
|
|
|
(9,799
|
)
|
|
|
(1,445
|
)
|
|
|
(75.7
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
1,258,883
|
|
|
|
1,420,478
|
|
|
|
209,532
|
|
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relationship manager compensation
|
|
|
(282,698
|
)
|
|
|
(290,391
|
)
|
|
|
(42,835
|
)
|
|
|
2.7
|
%
|
Performance fee compensation
|
|
|
(8,145
|
)
|
|
|
|
|
|
|
|
|
|
|
(100.0
|
%)
|
Other Compensations
|
|
|
(350,650
|
)
|
|
|
(381,164
|
)
|
|
|
(56,225
|
)
|
|
|
8.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation and benefits
|
|
|
(641,493
|
)
|
|
|
(671,555
|
)
|
|
|
(99,060
|
)
|
|
|
4.7
|
%
|
Selling expenses
|
|
|
(146,150
|
)
|
|
|
(131,979
|
)
|
|
|
(19,468
|
)
|
|
|
(9.7
|
%)
|
General and administrative expenses
|
|
|
(108,464
|
)
|
|
|
(108,869
|
)
|
|
|
(16,059
|
)
|
|
|
0.4
|
%
|
Other operating expenses
|
|
|
(46,456
|
)
|
|
|
(70,714
|
)
|
|
|
(10,431
|
)
|
|
|
52.2
|
%
|
Government subsidies
|
|
|
105,125
|
|
|
|
43,723
|
|
|
|
6,449
|
|
|
|
(58.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
(837,438
|
)
|
|
|
(939,394
|
)
|
|
|
(138,569
|
)
|
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
421,445
|
|
|
|
481,084
|
|
|
|
70,963
|
|
|
|
14.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
19,771
|
|
|
|
19,147
|
|
|
|
2,824
|
|
|
|
(3.2
|
%)
|
Interest expenses
|
|
|
(9,527
|
)
|
|
|
(9,806
|
)
|
|
|
(1,446
|
)
|
|
|
2.9
|
%
|
Investment income
|
|
|
25,142
|
|
|
|
21,089
|
|
|
|
3,111
|
|
|
|
(16.1
|
%)
|
Other (expense) income
|
|
|
(1,421
|
)
|
|
|
3,193
|
|
|
|
471
|
|
|
|
(324.7
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income
|
|
|
33,965
|
|
|
|
33,623
|
|
|
|
4,960
|
|
|
|
(1.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes and income from equity in affiliates
|
|
|
455,410
|
|
|
|
514,707
|
|
|
|
75,923
|
|
|
|
13.0
|
%
|
Income tax expense
|
|
|
(101,866
|
)
|
|
|
(122,160
|
)
|
|
|
(18,020
|
)
|
|
|
19.9
|
%
|
Income from equity in affiliates
|
|
|
15,064
|
|
|
|
29,034
|
|
|
|
4,283
|
|
|
|
92.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
368,608
|
|
|
|
421,581
|
|
|
|
62,186
|
|
|
|
14.4
|
%
|
Less: net loss attributable to
non-controlling
Interests
|
|
|
(12,646
|
)
|
|
|
(9,270
|
)
|
|
|
(1,367
|
)
|
|
|
(26.7
|
%)
|
Less: Gain attributable to redeemable
non-controlling
interest of Subsidiary
|
|
|
|
|
|
|
6,817
|
|
|
|
1,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Noah Shareholders
|
|
|
381,254
|
|
|
|
424,034
|
|
|
|
62,547
|
|
|
|
11.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
Noah Holdings Limited
Condensed Comprehensive Income Statements
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
June 30,
2016
|
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
|
Change
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
USD000
|
|
|
|
|
Net income
|
|
|
176,034
|
|
|
|
205,863
|
|
|
|
30,366
|
|
|
|
16.9
|
%
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
7,072
|
|
|
|
(6,321
|
)
|
|
|
(932
|
)
|
|
|
(189.4
|
%)
|
Fair value fluctuation of available for sale investment (after tax)
|
|
|
(5,556
|
)
|
|
|
2,606
|
|
|
|
384
|
|
|
|
(146.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
177,550
|
|
|
|
202,148
|
|
|
|
29,818
|
|
|
|
13.9
|
%
|
Less: Comprehensive loss attributable to
non-controlling
interests
|
|
|
(6,250
|
)
|
|
|
(4,029
|
)
|
|
|
(594
|
)
|
|
|
(35.5
|
%)
|
Less:Gain attributable to redeemable
non-controlling
interest of Subsidiary
|
|
|
|
|
|
|
2,891
|
|
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to Noah Shareholders
|
|
|
183,800
|
|
|
|
203,286
|
|
|
|
29,986
|
|
|
|
10.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings Limited
Condensed Comprehensive Income Statements
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
|
|
|
|
|
|
|
June 30,
2016
|
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
|
Change
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
USD000
|
|
|
|
|
Net income
|
|
|
368,608
|
|
|
|
421,581
|
|
|
|
62,187
|
|
|
|
14.4
|
%
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
5,526
|
|
|
|
(10,459
|
)
|
|
|
(1,543
|
)
|
|
|
(289.3
|
%)
|
Fair value fluctuation of available for sale investment (after tax)
|
|
|
(849
|
)
|
|
|
4,121
|
|
|
|
608
|
|
|
|
(585.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
373,285
|
|
|
|
415,243
|
|
|
|
61,252
|
|
|
|
11.2
|
%
|
Less: Comprehensive loss attributable to
non-controlling
interests
|
|
|
(12,687
|
)
|
|
|
(9,345
|
)
|
|
|
(1,378
|
)
|
|
|
(26.3
|
%)
|
Less: Gain attributable to redeemable
non-controlling
interest of Subsidiary
|
|
|
|
|
|
|
6,817
|
|
|
|
1,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to Noah Shareholders
|
|
|
385,972
|
|
|
|
417,771
|
|
|
|
61,624
|
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
Noah Holdings Limited
Supplemental Information
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
June 30, 2016
|
|
|
June 30, 2017
|
|
|
Change
|
|
Number of registered clients
|
|
|
114,870
|
|
|
|
164,728
|
|
|
|
43.4
|
%
|
Number of relationship managers
|
|
|
1,093
|
|
|
|
1,259
|
|
|
|
15.2
|
%
|
Number of cities under coverage
|
|
|
68
|
|
|
|
76
|
|
|
|
11.8
|
%
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
June 30, 2016
|
|
|
June 30, 2017
|
|
|
Change
|
|
|
|
(in millions of RMB, except number of active clients and
percentages)
|
|
Number of active clients
|
|
|
4,927
|
|
|
|
4,484
|
|
|
|
(9.0
|
%)
|
Transaction value:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income products
|
|
|
16,987
|
|
|
|
23,505
|
|
|
|
38.4
|
%
|
Private equity products
|
|
|
7,571
|
|
|
|
8,252
|
|
|
|
9.0
|
%
|
Secondary market equity products
|
|
|
2,810
|
|
|
|
1,111
|
|
|
|
(60.5
|
%)
|
Other products
|
|
|
379
|
|
|
|
94
|
|
|
|
(75.3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction value
|
|
|
27,747
|
|
|
|
32,962
|
|
|
|
18.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average transaction value per client
|
|
|
5.63
|
|
|
|
7.35
|
|
|
|
30.5
|
%
|
17
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2017
|
|
|
|
|
|
|
Wealth
Management
Business
|
|
|
Asset
Management
Business
|
|
|
Internet
Financial
Service
Business
|
|
|
Total
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
RMB000
|
|
|
RMB000
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-party revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
122,956
|
|
|
|
366
|
|
|
|
|
|
|
|
123,321
|
|
Recurring service fees
|
|
|
122,860
|
|
|
|
8,063
|
|
|
|
|
|
|
|
130,923
|
|
Performance-based income
|
|
|
15,015
|
|
|
|
1,164
|
|
|
|
|
|
|
|
16,179
|
|
Other service fees
|
|
|
21,841
|
|
|
|
94
|
|
|
|
20,110
|
|
|
|
42,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total third-party revenues
|
|
|
282,672
|
|
|
|
9,687
|
|
|
|
20,110
|
|
|
|
312,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
177,333
|
|
|
|
|
|
|
|
|
|
|
|
177,333
|
|
Recurring service fees
|
|
|
88,366
|
|
|
|
120,846
|
|
|
|
|
|
|
|
209,213
|
|
Performance-based income
|
|
|
7,194
|
|
|
|
376
|
|
|
|
|
|
|
|
7,570
|
|
Other service fees
|
|
|
|
|
|
|
|
|
|
|
6,562
|
|
|
|
6,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total related party revenues
|
|
|
272,893
|
|
|
|
121,222
|
|
|
|
6,562
|
|
|
|
400,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
555,565
|
|
|
|
130,909
|
|
|
|
26,672
|
|
|
|
713,147
|
|
Less: business taxes and related surcharges
|
|
|
(4,964
|
)
|
|
|
(580
|
)
|
|
|
(293
|
)
|
|
|
(5,836
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
550,601
|
|
|
|
130,329
|
|
|
|
26,379
|
|
|
|
707,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relationship manager compensation
|
|
|
(138,330
|
)
|
|
|
(1
|
)
|
|
|
(1,747
|
)
|
|
|
(140,078
|
)
|
Other compensation
|
|
|
(112,455
|
)
|
|
|
(44,687
|
)
|
|
|
(33,754
|
)
|
|
|
(190,895
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation and benefits
|
|
|
(250,785
|
)
|
|
|
(44,688
|
)
|
|
|
(35,501
|
)
|
|
|
(330,973
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
|
(66,619
|
)
|
|
|
(1,432
|
)
|
|
|
(3,025
|
)
|
|
|
(71,376
|
)
|
General and administrative expenses
|
|
|
(29,912
|
)
|
|
|
(11,168
|
)
|
|
|
(8,152
|
)
|
|
|
(49,231
|
)
|
Other operating expenses
|
|
|
(27,495
|
)
|
|
|
(3,314
|
)
|
|
|
(10,460
|
)
|
|
|
(41,268
|
)
|
Government subsidies
|
|
|
9,731
|
|
|
|
60
|
|
|
|
|
|
|
|
9,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
(365,380
|
)
|
|
|
(60,542
|
)
|
|
|
(57,138
|
)
|
|
|
(483,057
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
185,221
|
|
|
|
69,787
|
|
|
|
(30,759
|
)
|
|
|
224,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2016
|
|
|
|
|
|
|
Wealth
Management
Business
|
|
|
Asset
Management
Business
|
|
|
Internet
Financial
Service
Business
|
|
|
Total
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
RMB000
|
|
|
RMB000
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-party revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
209,149
|
|
|
|
341
|
|
|
|
|
|
|
|
209,490
|
|
Recurring service fees
|
|
|
110,292
|
|
|
|
17,523
|
|
|
|
|
|
|
|
127,815
|
|
Performance-based income
|
|
|
142
|
|
|
|
676
|
|
|
|
|
|
|
|
817
|
|
Other service fees
|
|
|
18,717
|
|
|
|
|
|
|
|
10,964
|
|
|
|
29,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total third-party revenues
|
|
|
338,300
|
|
|
|
18,540
|
|
|
|
10,964
|
|
|
|
367,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
88,307
|
|
|
|
1,664
|
|
|
|
|
|
|
|
89,971
|
|
Recurring service fees
|
|
|
88,177
|
|
|
|
93,989
|
|
|
|
|
|
|
|
182,166
|
|
Performance-based income
|
|
|
|
|
|
|
23,317
|
|
|
|
|
|
|
|
23,317
|
|
Other service fees
|
|
|
76
|
|
|
|
|
|
|
|
669
|
|
|
|
745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total related party revenues
|
|
|
176,560
|
|
|
|
118,970
|
|
|
|
669
|
|
|
|
296,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
514,860
|
|
|
|
137,510
|
|
|
|
11,633
|
|
|
|
664,003
|
|
Less: business taxes and related surcharges
|
|
|
(9,688
|
)
|
|
|
(2,278
|
)
|
|
|
(312
|
)
|
|
|
(12,277
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
505,172
|
|
|
|
135,232
|
|
|
|
11,321
|
|
|
|
651,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relationship manager compensation
|
|
|
(144,951
|
)
|
|
|
(1,095
|
)
|
|
|
(1,057
|
)
|
|
|
(147,103
|
)
|
Performance fee compensation
|
|
|
|
|
|
|
(4,799
|
)
|
|
|
|
|
|
|
(4,799
|
)
|
Other compensation
|
|
|
(106,630
|
)
|
|
|
(38,114
|
)
|
|
|
(31,501
|
)
|
|
|
(176,245
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation and benefits
|
|
|
(251,581
|
)
|
|
|
(44,008
|
)
|
|
|
(32,558
|
)
|
|
|
(328,147
|
)
|
Selling expenses
|
|
|
(67,372
|
)
|
|
|
(4,425
|
)
|
|
|
(6,451
|
)
|
|
|
(78,248
|
)
|
General and administrative expenses
|
|
|
(31,885
|
)
|
|
|
(18,352
|
)
|
|
|
(8,013
|
)
|
|
|
(58,251
|
)
|
Other operating expenses
|
|
|
(21,127
|
)
|
|
|
(1,665
|
)
|
|
|
(6,366
|
)
|
|
|
(29,158
|
)
|
Government subsidies
|
|
|
34,167
|
|
|
|
2,016
|
|
|
|
|
|
|
|
36,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
(337,798
|
)
|
|
|
(66,434
|
)
|
|
|
(53,388
|
)
|
|
|
(457,621
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
167,374
|
|
|
|
68,798
|
|
|
|
(42,067
|
)
|
|
|
194,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19
Noah Holdings Limited
Reconciliation of GAAP to
Non-GAAP
Results
(In RMB, except for per ADS data and percentages)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
June 30,
2016
|
|
|
June 30,
2017
|
|
|
Change
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
|
|
Net income attributable to Noah Shareholders
|
|
|
182,256
|
|
|
|
207,042
|
|
|
|
13.6
|
%
|
Adjustment for share-based compensation related to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share options
|
|
|
9,379
|
|
|
|
12,622
|
|
|
|
34.6
|
%
|
Restricted shares
|
|
|
6,306
|
|
|
|
6,849
|
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to Noah Shareholders
(non-GAAP)*
|
|
|
197,941
|
|
|
|
226,513
|
|
|
|
14.4
|
%
|
|
|
|
|
Net margin
|
|
|
27.0
|
%
|
|
|
29.1
|
%
|
|
|
|
|
Adjusted net margin
(non-GAAP)*
|
|
|
29.4
|
%
|
|
|
31.9
|
%
|
|
|
|
|
|
|
|
|
Net income attributable to Noah Shareholders per ADS, diluted
|
|
|
3.10
|
|
|
|
3.52
|
|
|
|
13.5
|
%
|
Adjusted net income attributable to Noah Shareholders per ADS, diluted
(non-GAAP)*
|
|
|
3.37
|
|
|
|
3.84
|
|
|
|
13.9
|
%
|
*
|
The
non-GAAP
adjustments do not take into consideration the impact of taxes on such adjustments.
|
20