UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission file number: 001-34936
Noah Holdings Limited
1226 South Shenbin Road
Shanghai 201107
People’s Republic of China
+86
(21) 8035-8292
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F
x Form 40-F
¨
EXHIBIT INDEX
SIGNATURE
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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|
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By: |
/s/ Qing Pan |
| |
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Name: |
Qing Pan |
| |
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Title: |
Chief Financial Officer |
Date: November 29, 2023
Exhibit 99.1
NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED
FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2023
SHANGHAI, November 30, 2023 — Noah Holdings Limited ("Noah"
or the "Company") (NYSE: NOAH and HKEX: 6686), a leading wealth management service provider in China offering comprehensive
global investment and asset allocation advisory services primarily for high net worth investors, today announced its unaudited financial
results for the third quarter of 2023.
THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS
| · | Net revenues for the third quarter of 2023 were RMB750.0 million (US$102.8
million), a 9.6% increase from the corresponding period in 2022, mainly due to increases in one-time commissions. Net revenues decreased
by 20.4% compared with the second quarter of 2023, mainly due to a decrease in distribution of insurance products. |
(RMB millions, except percentages) | |
Q3 2022 | | |
Q3 2023 | | |
YoY Change | |
| Wealth management | |
| 466.0 | | |
| 548.8 | | |
| 17.8 | % |
| Asset management | |
| 200.3 | | |
| 191.4 | | |
| (4.4 | )% |
| Other businesses | |
| 18.2 | | |
| 9.8 | | |
| (46.2 | )% |
| Total net revenues | |
| 684.5 | | |
| 750.0 | | |
| 9.6 | % |
| · | Income from operations for the third quarter of 2023 was RMB248.9
million (US$34.1 million), a 7.4% increase from the corresponding period in 2022, due to a 9.6% increase in net revenues; income from
operations decreased by 28.8% compared with the second quarter of 2023, due to a 50.8% decrease in one-time commissions. |
(RMB millions, except percentages) | |
Q3 2022 | | |
Q3 2023 | | |
YoY Change | |
| Wealth management | |
| 133.2 | | |
| 154.5 | | |
| 16.0 | % |
| Asset management | |
| 117.7 | | |
| 106.5 | | |
| (9.6 | )% |
| Other businesses | |
| (19.1 | ) | |
| (12.1 | ) | |
| (36.6 | )% |
| Total income from operations | |
| 231.8 | | |
| 248.9 | | |
| 7.4 | % |
| · | Net income attributable to Noah shareholders for the third quarter
of 2023 was RMB233.3 million (US$32.0 million), a 27.9% increase from the corresponding period in 2022, mainly due to a 158.0% increase
in interest income as a result of higher interest rate for our US dollar cash deposits. Net income attributable to Noah shareholders decreased
by 26.0% compared with the second quarter of 2023, mainly due to a 20.4% decrease in net revenues. |
| · | Non-GAAP1 net income
attributable to Noah shareholders for the third quarter of 2023 was RMB232.4 million (US$31.9 million), a 21.8% increase from the
corresponding period in 2022, and a 25.8% decrease from the second quarter of 2023. |
1 Noah’s Non-GAAP financial measures are its corresponding
GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any. See “Reconciliation
of GAAP to Non-GAAP Results” at the end of this press release.
THIRD QUARTER 2023 OPERATIONAL UPDATES
Wealth Management Business
We offer investment products and provide value-added services to high
net worth investors in China and overseas for our wealth management business. Noah primarily distributes private equity, private secondary,
mutual funds and other products denominated in RMB and other currencies.
| · | Total number of registered clients as of September 30, 2023 was
452,222, a 4.4% increase from September 30, 2022, and a 1.3% increase from June 30, 2023. |
| · | Total number of active clients2,
who transacted with us during the third quarter of 2023 was 9,489, a 58.1% decrease from the third quarter of 2022, and a 17.8% decrease
from the second quarter of 2023. |
| · | Aggregate value of investment products distributed during the third
quarter of 2023 was RMB22.3 billion (US$3.1 billion), a 24.2% increase from the third quarter of 2022, and a 21.2% increase from the second
quarter of 2023, mainly due to an increase in the distribution of mutual fund products. |
| | |
Three months ended September 30, | |
| | |
2022 | | |
2023 | |
| | |
| | |
| |
| | |
(RMB in billions, except percentages) | |
| Product type | |
| | | |
| | | |
| | | |
| | |
| Mutual fund products | |
| 11.7 | | |
| 64.8 | % | |
| 14.9 | | |
| 66.9 | % |
| Private secondary products | |
| 3.3 | | |
| 18.5 | % | |
| 5.7 | | |
| 25.4 | % |
| Private equity products | |
| 2.5 | | |
| 13.9 | % | |
| 0.7 | | |
| 3.1 | % |
| Other products3 | |
| 0.5 | | |
| 2.8 | % | |
| 1.0 | | |
| 4.6 | % |
| All products | |
| 18.0 | | |
| 100.0 | % | |
| 22.3 | | |
| 100.0 | % |
| · | Coverage network in mainland China covered 59 cities as of
September 30, 2023, compared with 76 cities as of September 30, 2022 and 63 cities as of June 30, 2023, as we continue to
streamline our domestic coverages and focus on strengthening our operations in central hub cities. |
| · | Number of relationship managers was 1,408 as of September 30,
2023, a 12.0% increase from September 30, 2022, and a 2.4% increase from June 30, 2023. Among which, we had 77 overseas relationship
managers as of September 30, 2023, a 37.5% increase from June 30, 2023. |
Asset Management Business
Our asset management business is conducted through Gopher Asset Management
Co., Ltd. (“Gopher Asset Management”), a leading multi-asset manager in China with overseas offices in Hong Kong and
the United States. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities to
multi-strategies investments denominated in RMB and other currencies.
| · | Total assets under management as of September 30, 2023 were RMB154.9
billion (US$21.2 billion), a 1.3% decrease from June 30, 2023 and a 0.9% decrease from September 30, 2022, mainly due to exits
in private equity investment products. |
2 “Active clients”
for a given period refers to registered high net worth investors who purchase investment products distributed or receive services provided
by us during that given period.
3 “Other products”
refers to other investment products, which includes insurance products, multi-strategies products and others.
| | |
As of
June 30,
2023 | | |
Growth | | |
Distribution/
Redemption | | |
As of
September 30,
2023 | |
| | |
| | |
| | |
| | |
| |
| | |
(RMB billions, except percentages) | |
| Investment type | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Private equity | |
| 132.9 | | |
| 84.7 | % | |
| 0.2 | | |
| 1.4 | | |
| 131.7 | | |
| 85.0 | % |
| Public securities4 | |
| 11.6 | | |
| 7.4 | % | |
| 4.2 | | |
| 3.6 | | |
| 12.2 | | |
| 7.9 | % |
| Real estate | |
| 6.6 | | |
| 4.2 | % | |
| 0.3 | | |
| 0.6 | | |
| 6.3 | | |
| 4.0 | % |
| Multi-strategies | |
| 4.4 | | |
| 2.8 | % | |
| - | | |
| 0.2 | | |
| 4.2 | | |
| 2.8 | % |
| Others | |
| 1.4 | | |
| 0.9 | % | |
| - | | |
| 0.9 | | |
| 0.5 | | |
| 0.3 | % |
| All Investments | |
| 156.9 | | |
| 100.0 | % | |
| 4.7 | | |
| 6.7 | | |
| 154.9 | | |
| 100.0 | % |
Other Businesses
Our other businesses segment mainly provides more comprehensive services
and investment products to our clients.
Ms. Jingbo Wang, co-founder, Chairwoman and CEO of Noah, said,
“I’m pleased to report a strong quarter with net revenues increasing 9.6% year-over-year to RMB750.0 million, primarily driven
by one-time commissions from the distribution of insurance products. With a robust balance sheet and nearly RMB5 billion in cash and cash
equivalents, ample liquidity, and a standardized product offering, we are well-positioned to fuel future growth and execute on our strategic
plans. Our clean Assets Under Advisory (AUA) with no legacy private credit or residential real estate exposure has built us a solid reputation
as a trusted advisor to mandarin-speaking HNW clients, which we are leveraging to drive our global expansion, as demand for global asset
allocation grows. We continue to recruit Relationship Managers in Hong Kong and Singapore; meanwhile, our client service centre in Los
Angeles is up and running, and we are preparing to commence operations in Dubai. We are also offering clients sophisticated market intelligence
and asset allocation strategies through our innovative 'CCI' model (composed of the Chief Investment Office, Client Strategy Office, and
Investment Product & Solution department) and its solutions-driven wealth management approach. As we rapidly approach the end
of the year, we are increasingly confident in our abilities to carefully navigate an increasingly complex macroeconomic environment and
create value for our shareholders.”
THIRD QUARTER 2023 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2023 were RMB750.0 million
(US$102.8 million), a 9.6% increase from the corresponding period in 2022, mainly due to increases in one-time commissions.
| · | Wealth Management Business |
| · | Net revenues from one-time commissions
for the third quarter of 2023 were RMB198.5 million (US$27.2 million), a 115.5% increase from the corresponding period in 2022, primarily
due to an increase in distribution of insurance products. |
| · | Net revenues from recurring service fees
for the third quarter of 2023 were RMB279.7 million (US$38.3 million), an 8.8% decrease from the corresponding period in 2022, due to
a shift in product mix and clients' investment preferences, as well as less recurring service fees generated from private secondary and
private equity products. |
4 The asset distribution/redemption
of public securities also includes market appreciation or depreciation.
| · | Net revenues from performance-based income
for the third quarter of 2023 were RMB8.8 million (US$1.2 million), a 51.3% decrease from the corresponding period of 2022, primarily
due to less performance-based income from private secondary products. |
| · | Net revenues from other service fees for
the third quarter of 2023 were RMB61.7 million (US$8.5 million), a 25.5% increase from the corresponding period in 2022, primarily due
to more value-added services Noah offered to its high net worth clients. |
| · | Asset Management Business |
| · | Net revenues from recurring service fees for
the third quarter of 2023 were RMB186.3 million (US$25.5million), a 1.8% increase from the corresponding period in 2022, due to an increase
in the amount of real estate investments managed by our Gopher New York team. |
| · | Net revenues from performance-based income
for the third quarter of 2023 were RMB5.1 million (US$0.7 million), a 46.3% decrease from the corresponding period in 2022, primarily
due to a decrease in performance-based income from private equity investments managed by Gopher compared with the third quarter of 2022. |
| · | Net revenues for the third quarter of
2023 were RMB9.8 million (US$1.3 million), compared with RMB18.2 million for the corresponding period in 2022, as we continued to wind
down our loan portfolio. |
Operating Costs and Expenses
Operating costs and expenses for the third quarter of 2023 were
RMB501.1 million (US$68.7 million), a 10.7% increase from the corresponding period in 2022. Operating costs and expenses primarily consisted
of compensation and benefits of RMB400.8 million (US$54.9 million), selling expenses of RMB119.7 million (US$16.4 million), general and
administrative expenses of RMB67.4 million (US$9.2 million), provision for credit losses of RMB0.5 million (US$0.1 million) and other
operating expenses of RMB19.0 million (US$2.6 million).
| · | Operating costs and expenses for the wealth
management business for the third quarter of 2023 were RMB394.2 million (US$54.0 million), a 18.5% increase from the corresponding
period in 2022, primarily due to an increase in compensation and benefits, selling expenses and general and administrative expenses, as
less expenses incurred during the corresponding quarter of the preceding year due to various pandemic restrictions. |
| · | Operating costs and expenses for the asset
management business for the third quarter of 2023 were RMB84.9 million (US$11.6 million), a 2.9% increase from the corresponding period
in 2022, primarily due to increased selling expenses. |
| · | Operating costs and expenses for other businesses for the third quarter
of 2023 were RMB21.9 million (US$3.0 million), compared with RMB37.4 million from the corresponding period in 2022, due to decreased other
operating expenses. |
Operating Margin
Operating margin for the third quarter of 2023 was 33.2%, decreased
from 33.9% for the corresponding period in 2022.
| · | Operating margin for the wealth management
business for the third quarter of 2023 was 28.2%, compared with 28.6% for the corresponding period in 2022. |
| · | Operating margin for the asset management
business for the third quarter of 2023 was 55.6%, compared with 58.8% for the corresponding period in 2022. |
| · | Loss from operation for other businesses
for the third quarter of 2023 was RMB12.1 million (US$1.7 million), compared with an operating loss of RMB19.1 million for the corresponding
period in 2022. |
Investment Income/loss
Investment income for the third quarter of 2023 was RMB9.6 million
(US$1.3 million), compared with investment loss of RMB7.2 million for the corresponding period in 2022.
Income Tax Expenses
Income tax expenses for the third quarter of 2023 were RMB68.5
million (US$9.4 million), a 34.1% increase from the corresponding period in 2022, primarily due to more taxable income compared with the
third quarter of 2022.
Loss from Equity in Affiliates
Loss from equity in affiliates for the third quarter of 2023
was RMB3.9 million (US$0.5 million), compared with loss from equity in affiliates of RMB22.4 million for the corresponding period in 2022,
as we recorded such loss from decrease in net income of the funds of funds that we manage and invest in as the general partner or fund
manager in 2022.
Net Income
| · | Net income for the third quarter of 2023
was RMB232.0 million (US$31.8 million), a 30.4% increase from the corresponding period in 2022. |
| · | Net margin for the third quarter of 2023
was 30.9%, up from 26.0% for the corresponding period in 2022. |
| · | Net income attributable to Noah shareholders
for the third quarter of 2023 was RMB233.3 million (US$32.0 million), a 27.9% increase from the corresponding period in 2022. |
| · | Net margin attributable to Noah shareholders
for the third quarter of 2023 was 31.1%, up from 26.7% for the corresponding period in 2022. |
| · | Net income attributable to Noah shareholders
per basic and diluted ADS for the third quarter of 2023 was RMB3.36 (US$0.46) and RMB3.36 (US$0.46), respectively, up from RMB2.64
and RMB2.63 respectively, for the corresponding period in 2022. |
| · | Non-GAAP Net Income Attributable to Noah Shareholders |
| · | Non-GAAP net income attributable to Noah shareholders
for the third quarter of 2023 was RMB232.4 million (US$31.9 million), a 21.8% increase from the corresponding period in 2022. |
| · | Non-GAAP net margin attributable to Noah shareholders
for the third quarter of 2023 was 31.0%, compared with 27.9% for the corresponding period in 2022. |
| · | Non-GAAP net income attributable to Noah shareholders
per diluted ADS for the third quarter of 2023 was RMB3.35 (US$0.46), up from RMB2.76 for the corresponding period in 2022. |
Balance Sheet and Cash Flow
As of September 30, 2023, the Company had RMB4,959.6 million (US$679.8
million) in cash and cash equivalents, compared with RMB4,740.4 million as of June 30, 2023 and RMB4,312.8 million as of September 30,
2022.
Net cash inflow from the Company’s operating activities during
the third quarter of 2023 was RMB404.4 million (US$55.4 million), primarily due to operating cash inflow generated by net income and collection
of accounts receivables.
Net cash inflow from the Company’s investing activities during
the third quarter of 2023 was RMB4.0 million (US$0.5 million), primarily due to collection of loan receivables.
Net cash outflow from the Company’s financing activities was
RMB196.3 million (US$26.9 million) in the third quarter of 2023, primarily due to payment of the final dividend.
CONFERENCE CALL
The Company’s senior management will host an earnings conference
call to discuss its Q3 Results and recent business activities. Details of the conference call are as follows:
| Conference title: |
Noah Holdings 3Q23 Earnings Conference Call |
|
Date/Time: |
Wednesday, November 29, 2023 at 8:00 p.m., U.S. Eastern
Time
Thursday, November 30, 2023 at 9:00 a.m.,
Hong Kong Time |
| Dial in: |
|
| – Hong Kong Toll Free: |
800-963976 |
| – United States Toll Free: |
1-888-317-6003 |
| – Mainland China Toll Free: |
4001-206115 |
| – International Toll: |
1-412-317-6061 |
| Participant Password: |
7559504 |
A telephone replay will be available starting approximately one hour
after the end of the conference until December 6, 2023 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with
the access code 1973272.
A live and archived webcast of the conference call will be available
at the Company’s investor relations website under the “Financial Reports” section at http://ir.noahgroup.com.
DISCUSSION OF NON-GAAP MEASURES
In addition to disclosing financial results prepared in accordance
with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based
compensation and net of tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.
The non-GAAP financial measures disclosed by the Company should not
be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance
with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the
Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.
When evaluating the Company’s operating performance in the periods
presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net
margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company’s management believes that
the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business
trends relating to its results of operations in a manner consistent with that used by management.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading and pioneer
wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation
primarily for high net worth investors. Noah is a Cayman Islands holding company and carries on business in Hong Kong as Noah Holdings
Private Wealth and Asset Management Limited. In the first nine months of 2023, Noah distributed RMB57.5 billion (US$7.9 billion) of investment
products. Through Gopher Asset Management, Noah had assets under management of RMB154.9 billion (US$21.2 billion) as of September 30,
2023.
Noah’s wealth management business primarily distributes private
equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah's network covers major cities
in mainland China, as well as offices in Hong Kong (China), Taiwan (China), New York, Silicon Valley and Singapore. A total of 1,408 relationship
managers across 59 cities provide customized financial solutions for clients through this network, and meet their international investment
needs. The Company’s wealth management business had 452,222 registered clients as of September 30, 2023. Through Gopher Asset
Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other
currencies. The Company also provides other services.
For more information, please visit Noah at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the third
quarter of 2023 ended September 29, 2023 are stated in RMB. This announcement contains currency conversions of certain RMB amounts
into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made
at a rate of RMB7.296 to US$1.00, the effective noon buying rate for September 29, 2023 as set forth in the H.10 statistical release
of the Federal Reserve Board.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “confident” and similar statements.
Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission,
in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong
Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs
and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements
include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number
of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including
but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations;
the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand
for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s
investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties;
its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations
relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological
advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries
in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual
property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks
is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided
in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update
any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required
under the applicable law.
Contacts:
Noah Holdings Limited
Melo Xi
Tel: +86-21-8035-8292
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited
Condensed Consolidated Balance Sheets
(unaudited)
| | |
| | |
As of | | |
| |
| | |
June 30, | | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2023 | | |
2023 | |
| | |
RMB'000 | | |
RMB'000 | | |
USD'000 | |
| Assets | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 4,740,434 | | |
| 4,959,550 | | |
| 679,763 | |
| Restricted cash | |
| 143,255 | | |
| 153,908 | | |
| 21,095 | |
| Short-term investments | |
| 445,485 | | |
| 407,872 | | |
| 55,904 | |
| Accounts receivable, net | |
| 534,885 | | |
| 445,386 | | |
| 61,045 | |
| Loans receivable, net | |
| 341,083 | | |
| 315,785 | | |
| 43,282 | |
| Amounts due from related parties | |
| 429,202 | | |
| 406,764 | | |
| 55,752 | |
| Other current assets | |
| 200,588 | | |
| 189,473 | | |
| 25,969 | |
| Total current assets | |
| 6,834,932 | | |
| 6,878,738 | | |
| 942,810 | |
| Long-term investments, net | |
| 980,257 | | |
| 995,746 | | |
| 136,478 | |
| Investment in affiliates | |
| 1,464,702 | | |
| 1,491,173 | | |
| 204,382 | |
| Property and equipment, net | |
| 2,525,732 | | |
| 2,510,839 | | |
| 344,139 | |
| Operating lease right-of-use assets, net | |
| 152,040 | | |
| 145,410 | | |
| 19,930 | |
| Deferred tax assets | |
| 436,240 | | |
| 435,632 | | |
| 59,708 | |
| Other non-current assets | |
| 169,454 | | |
| 171,083 | | |
| 23,449 | |
| Total Assets | |
| 12,563,357 | | |
| 12,628,621 | | |
| 1,730,896 | |
| Liabilities and Equity | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accrued payroll and welfare expenses | |
| 562,029 | | |
| 545,240 | | |
| 74,731 | |
| Income tax payable | |
| 141,693 | | |
| 166,959 | | |
| 22,884 | |
| Deferred revenues | |
| 71,440 | | |
| 88,377 | | |
| 12,113 | |
| Dividend payable | |
| 177,502 | | |
| 49 | | |
| 7 | |
| Other current liabilities | |
| 584,384 | | |
| 578,296 | | |
| 79,262 | |
| Contingent liabilities | |
| 592,097 | | |
| 595,137 | | |
| 81,570 | |
| Total current liabilities | |
| 2,129,145 | | |
| 1,974,058 | | |
| 270,567 | |
| Operating lease liabilities, non-current | |
| 79,267 | | |
| 77,418 | | |
| 10,611 | |
| Deferred tax liabilities | |
| 230,797 | | |
| 229,003 | | |
| 31,387 | |
| Other non-current liabilities | |
| 54,495 | | |
| 45,058 | | |
| 6,176 | |
| Total Liabilities | |
| 2,493,704 | | |
| 2,325,537 | | |
| 318,741 | |
| Equity | |
| 10,069,653 | | |
| 10,303,084 | | |
| 1,412,155 | |
| Total Liabilities and Equity | |
| 12,563,357 | | |
| 12,628,621 | | |
| 1,730,896 | |
Noah Holdings Limited
Condensed Consolidated Income Statements
(In RMB'000, except for ADS data, per ADS data and percentages)
(unaudited)
| | |
Three months ended | |
| | |
September 30, | | |
September 30, | | |
September 30, | | |
| |
| | |
2022 | | |
2023 | | |
2023 | | |
Change | |
| Revenues: | |
RMB'000 | | |
RMB'000 | | |
USD'000 | | |
| |
| Revenues from others: | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 92,551 | | |
| 199,286 | | |
| 27,314 | | |
| 115.3 | % |
| Recurring service fees | |
| 195,429 | | |
| 171,408 | | |
| 23,493 | | |
| (12.3 | )% |
| Performance-based income | |
| 17,658 | | |
| 8,440 | | |
| 1,157 | | |
| (52.2 | )% |
| Other service fees | |
| 71,290 | | |
| 74,355 | | |
| 10,191 | | |
| 4.3 | % |
| Total revenues from others | |
| 376,928 | | |
| 453,489 | | |
| 62,155 | | |
| 20.3 | % |
| Revenues from funds Gopher manages: | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 7,846 | | |
| 32 | | |
| 4 | | |
| (99.6 | )% |
| Recurring service fees | |
| 296,648 | | |
| 295,982 | | |
| 40,568 | | |
| (0.2 | )% |
| Performance-based income | |
| 10,109 | | |
| 5,543 | | |
| 760 | | |
| (45.2 | )% |
| Total revenues from funds Gopher manages | |
| 314,603 | | |
| 301,557 | | |
| 41,332 | | |
| (4.1 | )% |
| Total revenues | |
| 691,531 | | |
| 755,046 | | |
| 103,487 | | |
| 9.2 | % |
| Less: VAT related surcharges | |
| (7,063 | ) | |
| (5,088 | ) | |
| (697 | ) | |
| (28.0 | )% |
| Net revenues | |
| 684,468 | | |
| 749,958 | | |
| 102,790 | | |
| 9.6 | % |
| Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | |
| Compensation and benefits | |
| | | |
| | | |
| | | |
| | |
| Relationship managers | |
| (108,971 | ) | |
| (185,748 | ) | |
| (25,459 | ) | |
| 70.5 | % |
| Others | |
| (234,055 | ) | |
| (215,047 | ) | |
| (29,475 | ) | |
| (8.1 | )% |
| Total compensation and benefits | |
| (343,026 | ) | |
| (400,795 | ) | |
| (54,934 | ) | |
| 16.8 | % |
| Selling expenses | |
| (75,995 | ) | |
| (119,707 | ) | |
| (16,407 | ) | |
| 57.5 | % |
| General and administrative expenses | |
| (57,511 | ) | |
| (67,407 | ) | |
| (9,239 | ) | |
| 17.2 | % |
| Reversal of credit losses | |
| 5,274 | | |
| 525 | | |
| 72 | | |
| (90.0 | )% |
| Other operating expenses | |
| (25,084 | ) | |
| (18,982 | ) | |
| (2,602 | ) | |
| (24.3 | )% |
| Government subsidies | |
| 43,645 | | |
| 105,297 | | |
| 14,432 | | |
| 141.3 | % |
| Total operating costs and expenses | |
| (452,697 | ) | |
| (501,069 | ) | |
| (68,678 | ) | |
| 10.7 | % |
| Income from operations | |
| 231,771 | | |
| 248,889 | | |
| 34,112 | | |
| 7.4 | % |
| Other income: | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 16,847 | | |
| 43,465 | | |
| 5,957 | | |
| 158.0 | % |
| Investment (loss) income | |
| (7,233 | ) | |
| 9,640 | | |
| 1,321 | | |
| N.A. | |
| Other income | |
| 10,066 | | |
| 2,446 | | |
| 335 | | |
| (75.7 | )% |
| Total other income | |
| 19,680 | | |
| 55,551 | | |
| 7,613 | | |
| 182.3 | % |
| Income before taxes and income from equity in affiliates | |
| 251,451 | | |
| 304,440 | | |
| 41,725 | | |
| 21.1 | % |
| Income tax expense | |
| (51,078 | ) | |
| (68,499 | ) | |
| (9,389 | ) | |
| 34.1 | % |
| Loss from equity in affiliates | |
| (22,406 | ) | |
| (3,897 | ) | |
| (534 | ) | |
| (82.6 | )% |
| Net income | |
| 177,967 | | |
| 232,044 | | |
| 31,802 | | |
| 30.4 | % |
| Less: net loss attributable to non-controlling interests | |
| (4,448 | ) | |
| (1,282 | ) | |
| (176 | ) | |
| (71.2 | )% |
| Net income attributable to Noah shareholders | |
| 182,415 | | |
| 233,326 | | |
| 31,978 | | |
| 27.9 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Income per ADS, basic | |
| 2.64 | | |
| 3.36 | | |
| 0.46 | | |
| 27.3 | % |
| Income per ADS, diluted | |
| 2.63 | | |
| 3.36 | | |
| 0.46 | | |
| 27.8 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Margin analysis: | |
| | | |
| | | |
| | | |
| | |
| Operating margin | |
| 33.9 | % | |
| 33.2 | % | |
| 33.2 | % | |
| | |
| Net margin | |
| 26.0 | % | |
| 30.9 | % | |
| 30.9 | % | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
Weighted average ADS equivalent[1]: | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 69,212,818 | | |
| 69,472,282 | | |
| 69,472,282 | | |
| | |
| Diluted | |
| 69,255,667 | | |
| 69,485,287 | | |
| 69,485,287 | | |
| | |
| ADS equivalent outstanding at end of period | |
| 62,558,122 | | |
| 63,154,215 | | |
| 63,154,215 | | |
| | |
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.
Noah Holdings Limited
Condensed
Comprehensive Income Statements
(unaudited)
| | |
Three months ended | | |
| |
| | |
September 30, | | |
September 30, | | |
September 30, | | |
| |
| | |
2022 | | |
2023 | | |
2023 | | |
Change | |
| | |
RMB'000 | | |
RMB'000 | | |
USD'000 | | |
| |
| Net income | |
| 177,967 | | |
| 232,044 | | |
| 31,802 | | |
| 30.4 | % |
| Other comprehensive income, net of tax: | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| 107,640 | | |
| 21,405 | | |
| 2,934 | | |
| (80.1 | )% |
| Comprehensive income | |
| 285,607 | | |
| 253,449 | | |
| 34,736 | | |
| (11.3 | )% |
| Less: Comprehensive loss attributable to non-controlling interests | |
| (4,428 | ) | |
| (1,169 | ) | |
| (160 | ) | |
| 73.6 | % |
| Comprehensive
income attributable to Noah shareholders | |
| 290,035 | | |
| 254,618 | | |
| 34,896 | | |
| (12.2 | )% |
Noah Holdings Limited
Supplemental Information
(unaudited)
| | |
As of | | |
| |
| | |
September 30,
2022 | | |
September 30,
2023 | | |
Change | |
| Number of registered clients | |
| 433,250 | | |
| 452,222 | | |
| 4.4 | % |
| Number of relationship managers | |
| 1,257 | | |
| 1,408 | | |
| 12.0 | % |
| Number of cities in mainland China under coverage | |
| 76 | | |
| 59 | | |
| (22.4 | )% |
| | |
Three months ended | | |
| |
| | |
September 30,
2022 | | |
September 30,
2023 | | |
Change | |
| | |
(in millions of RMB, except number of active clients and
percentages) | |
| Number of active clients | |
| 22,641 | | |
| 9,489 | | |
| (58.1 | )% |
| Transaction value: | |
| | | |
| | | |
| | |
| Private equity products | |
| 2,487 | | |
| 693 | | |
| (72.1 | )% |
| Private secondary products | |
| 3,326 | | |
| 5,670 | | |
| 70.5 | % |
| Mutual fund products | |
| 11,650 | | |
| 14,929 | | |
| 28.1 | % |
| Other products | |
| 507 | | |
| 1,024 | | |
| 102.1 | % |
| Total transaction value | |
| 17,970 | | |
| 22,316 | | |
| 24.2 | % |
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
| | |
Three months ended September 30, 2023 | |
| | |
Wealth
Management
Business | | |
Asset
Management
Business | | |
Other
Businesses | | |
Total | |
| | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Revenues from others | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 199,286 | | |
| - | | |
| - | | |
| 199,286 | |
| Recurring service fees | |
| 171,408 | | |
| - | | |
| - | | |
| 171,408 | |
| Performance-based income | |
| 8,440 | | |
| - | | |
| - | | |
| 8,440 | |
| Other service fees | |
| 61,915 | | |
| - | | |
| 12,440 | | |
| 74,355 | |
| Total revenues from others | |
| 441,049 | | |
| - | | |
| 12,440 | | |
| 453,489 | |
| Revenues from funds Gopher manages | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| - | | |
| 32 | | |
| - | | |
| 32 | |
| Recurring service fees | |
| 109,368 | | |
| 186,614 | | |
| - | | |
| 295,982 | |
| Performance-based income | |
| 405 | | |
| 5,138 | | |
| - | | |
| 5,543 | |
| Total revenues from funds Gopher manages | |
| 109,773 | | |
| 191,784 | | |
| - | | |
| 301,557 | |
| Total revenues | |
| 550,822 | | |
| 191,784 | | |
| 12,440 | | |
| 755,046 | |
| Less: VAT related surcharges | |
| (2,074 | ) | |
| (389 | ) | |
| (2,625 | ) | |
| (5,088 | ) |
| Net revenues | |
| 548,748 | | |
| 191,395 | | |
| 9,815 | | |
| 749,958 | |
| Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | |
| Compensation and benefits | |
| | | |
| | | |
| | | |
| | |
| Relationship managers | |
| (179,854 | ) | |
| (5,894 | ) | |
| - | | |
| (185,748 | ) |
| Others | |
| (144,256 | ) | |
| (64,041 | ) | |
| (6,750 | ) | |
| (215,047 | ) |
| Total compensation and benefits | |
| (324,110 | ) | |
| (69,935 | ) | |
| (6,750 | ) | |
| (400,795 | ) |
| Selling expenses | |
| (94,088 | ) | |
| (18,723 | ) | |
| (6,896 | ) | |
| (119,707 | ) |
| General and administrative expenses | |
| (53,401 | ) | |
| (9,217 | ) | |
| (4,789 | ) | |
| (67,407 | ) |
| (Provision for) reversal of credit losses | |
| (894 | ) | |
| (400 | ) | |
| 1,819 | | |
| 525 | |
| Other operating expenses | |
| (11,677 | ) | |
| (298 | ) | |
| (7,007 | ) | |
| (18,982 | ) |
| Government subsidies | |
| 89,925 | | |
| 13,656 | | |
| 1,716 | | |
| 105,297 | |
| Total operating costs and expenses | |
| (394,245 | ) | |
| (84,917 | ) | |
| (21,907 | ) | |
| (501,069 | ) |
| Income (loss) from operations | |
| 154,503 | | |
| 106,478 | | |
| (12,092 | ) | |
| 248,889 | |
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
| | |
Three months ended September 30, 2022 | |
| | |
Wealth
Management
Business | | |
Asset
Management
Business | | |
Other
Businesses | | |
Total | |
| | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Revenues from others | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 92,551 | | |
| - | | |
| - | | |
| 92,551 | |
| Recurring service fees | |
| 195,429 | | |
| - | | |
| - | | |
| 195,429 | |
| Performance-based income | |
| 17,658 | | |
| - | | |
| - | | |
| 17,658 | |
| Other service fees | |
| 49,368 | | |
| - | | |
| 21,922 | | |
| 71,290 | |
| Total revenues from others | |
| 355,006 | | |
| - | | |
| 21,922 | | |
| 376,928 | |
| Revenues from funds Gopher manages | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| - | | |
| 7,846 | | |
| - | | |
| 7,846 | |
| Recurring service fees | |
| 112,636 | | |
| 184,012 | | |
| - | | |
| 296,648 | |
| Performance-based income | |
| 515 | | |
| 9,594 | | |
| - | | |
| 10,109 | |
| Total revenues from funds Gopher manages | |
| 113,151 | | |
| 201,452 | | |
| - | | |
| 314,603 | |
| Total revenues | |
| 468,157 | | |
| 201,452 | | |
| 21,922 | | |
| 691,531 | |
| Less: VAT related surcharges | |
| (2,212 | ) | |
| (1,139 | ) | |
| (3,712 | ) | |
| (7,063 | ) |
| Net revenues | |
| 465,945 | | |
| 200,313 | | |
| 18,210 | | |
| 684,468 | |
| Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | |
| Compensation and benefits | |
| | | |
| | | |
| | | |
| | |
| Relationship managers | |
| (103,275 | ) | |
| (5,696 | ) | |
| - | | |
| (108,971 | ) |
| Others | |
| (165,245 | ) | |
| (58,758 | ) | |
| (10,052 | ) | |
| (234,055 | ) |
| Total compensation and benefits | |
| (268,520 | ) | |
| (64,454 | ) | |
| (10,052 | ) | |
| (343,026 | ) |
| Selling expenses | |
| (65,988 | ) | |
| (8,796 | ) | |
| (1,211 | ) | |
| (75,995 | ) |
| General and administrative expenses | |
| (39,345 | ) | |
| (10,947 | ) | |
| (7,219 | ) | |
| (57,511 | ) |
| Reversal of (provision for) credit losses | |
| 931 | | |
| (14 | ) | |
| 4,357 | | |
| 5,274 | |
| Other operating expenses | |
| (1467 | ) | |
| (357 | ) | |
| (23,260 | ) | |
| (25,084 | ) |
| Government subsidies | |
| 41,610 | | |
| 2,005 | | |
| 30 | | |
| 43,645 | |
| Total operating costs and expenses | |
| (332,779 | ) | |
| (82,563 | ) | |
| (37,355 | ) | |
| (452,697 | ) |
| Income (loss) from operations | |
| 133,166 | | |
| 117,750 | | |
| (19,145 | ) | |
| 231,771 | |
Noah Holdings Limited
Supplement Revenue Information by Geography
(unaudited)
| | |
Three months ended September 30, 2023 | |
| | |
Wealth
Management
Business | | |
Asset
Management
Business | | |
Other
Businesses | | |
Total | |
| | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Mainland China | |
| 333,911 | | |
| 116,355 | | |
| 12,440 | | |
| 462,706 | |
| Hong Kong | |
| 165,361 | | |
| 42,668 | | |
| - | | |
| 208,029 | |
| Others | |
| 51,550 | | |
| 32,761 | | |
| - | | |
| 84,311 | |
| Total revenues | |
| 550,822 | | |
| 191,784 | | |
| 12,440 | | |
| 755,046 | |
| | |
Three months ended September 30, 2022 | |
| | |
Wealth
Management
Business | | |
Asset
Management
Business | | |
Other
Businesses | | |
Total | |
| | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Mainland China | |
| 302,088 | | |
| 173,771 | | |
| 21,922 | | |
| 497,781 | |
| Hong Kong | |
| 125,240 | | |
| 6,945 | | |
| - | | |
| 132,185 | |
| Others | |
| 40,829 | | |
| 20,736 | | |
| - | | |
| 61,565 | |
| Total revenues | |
| 468,157 | | |
| 201,452 | | |
| 21,922 | | |
| 691,531 | |
Noah Holdings Limited
Reconciliation of GAAP to Non-GAAP Results
(In RMB, except for per ADS data and percentages)
(unaudited)
| | |
Three months ended | | |
| |
| | |
September 30, | | |
September 30, | | |
| |
| | |
2022 | | |
2023 | | |
Change | |
| | |
RMB'000 | | |
RMB'000 | | |
| |
| Net income attributable to Noah shareholders | |
| 182,415 | | |
| 233,326 | | |
| 27.9 | % |
| Adjustment for share-based compensation | |
| 11,148 | | |
| (1,161 | ) | |
| N.A. | |
| Less: tax effect of adjustments | |
| 2,684 | | |
| (281 | ) | |
| N.A. | |
| Adjusted net income attributable to Noah shareholders (non-GAAP) | |
| 190,879 | | |
| 232,446 | | |
| 21.8 | % |
| | |
| | | |
| | | |
| | |
| Net margin attributable to Noah shareholders | |
| 26.7 | % | |
| 31.1 | % | |
| | |
| Non-GAAP net margin attributable to Noah shareholders | |
| 27.9 | % | |
| 31.0 | % | |
| | |
| | |
| | | |
| | | |
| | |
| Net income attributable to Noah shareholders per ADS, diluted | |
| 2.63 | | |
| 3.36 | | |
| 27.8 | % |
| Non-GAAP net income attributable to Noah shareholders per ADS, diluted | |
| 2.76 | | |
| 3.35 | | |
| 21.4 | % |
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