SHANGHAI, March 14, 2022 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), 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, today announced its unaudited
preliminary[1] financial results for the fourth quarter
of 2021 and the full year ended December 31,
2021.
FOURTH QUARTER 2021 FINANCIAL HIGHLIGHTS
- Net revenues for the fourth quarter of
2021 were RMB1,260.1 million
(US$197.7 million), a 32.2% increase
from the corresponding period in 2020, and a 38.6% increase
compared with third quarter of 2021, mainly due to increases in
one-time commissions.
(RMB
millions,
except
percentages)
|
Q4 2020
|
|
Q4 2021
|
|
YoY Change
|
Wealth
management
|
643.2
|
|
969.3
|
|
50.7%
|
Asset
management
|
306.0
|
|
273.8
|
|
(10.5%)
|
Other
businesses
|
4.0
|
|
17.0
|
|
325.5%
|
Total net
revenues
|
953.2
|
|
1,260.1
|
|
32.2%
|
- Income from operations for the fourth quarter of 2021
was RMB132.3 million (US$20.8 million), a 60.6% decrease from the
corresponding period in 2020, due to our budgeted continuing
strategic investments on talents and client experiences in 2021 and
provision for credit loss for our lending business in the fourth
quarter of 2021.
(RMB
millions,
except
percentages)
|
Q4 2020
|
|
Q4 2021
|
|
YoY Change
|
Wealth
management
|
206.3
|
|
183.6
|
|
(11.0%)
|
Asset
management
|
151.8
|
|
80.8
|
|
(46.8%)
|
Other
businesses
|
(22.6)
|
|
(132.1)
|
|
481.9%
|
Total income from
operations
|
335.5
|
|
132.3
|
|
(60.6%)
|
- Net income attributable to Noah shareholders for the
fourth quarter of 2021 was RMB281.3
million (US$44.1 million),
compared to net loss attributable to Noah shareholders of
RMB1,573.5 million from the
corresponding period in 2020, due to the recognition of a one-off
settlement expense related to the settlement plan for investors of
certain credit funds involving Camsing announced on August 25, 2020 (the "Camsing settlement")
in the amount of RMB1,828.9 million
in 2020, and a 3.0% increase compared with the third quarter of
2021.
- Non-GAAP[2] net income attributable to Noah
shareholders for the fourth quarter of 2021 was RMB289.6 million (US$45.4
million), a 10.3% increase from the corresponding period in
2020, and a 1.9% increase from the third quarter of 2021.
[1] As of
the date hereof, the Company is still in the process of reviewing
the financial results of the funds of funds we manage and invest in
as the general partner or manager. Any changes in the fair
value of those investments could affect the income from equity in
affiliates, net income, net income attributable to Noah
shareholders, income per ADS and the balance of
investments in affiliates in Noah's consolidated financial
statements. If there will be any fair value adjustments associated
with the above, which have not been included in these unaudited
preliminary financial results in this press release, the Company
will include such adjustments in the audited consolidated financial
statements in its Form 20-F for the fiscal year 2021 and subsequent
reporting if necessary.
|
[2] Noah's Non-GAAP financial
measures are its corresponding GAAP financial measures excluding
the effects of all forms of share-based compensation, non-recurring
settlement expense and net of relevant tax impact, if any. See
"Reconciliation of GAAP to Non-GAAP Results" at the end of this
press release.
|
FULL YEAR 2021 FINANCIAL HIGHLIGHTS
- Net revenues in the full year 2021 were
RMB4,293.1 million (US$673.7 million), a 29.9% increase from the full
year 2020, mainly due to increases in one-time commissions,
recurring service fees as well as performance-based income.
(RMB
millions,
except
percentages)
|
FY 2020
|
|
FY 2021
|
|
YoY Change
|
Wealth
management
|
2,366.3
|
|
3,194.9
|
|
35.0%
|
Asset
management
|
875.5
|
|
1,041.5
|
|
19.0%
|
Other
businesses
|
64.0
|
|
56.7
|
|
(11.4%)
|
Total net
revenues
|
3,305.8
|
|
4,293.1
|
|
29.9%
|
- Income from operations in the full year 2021 was
RMB1,198.9 million (US$188.1 million), a 4.7% decrease from the full
year 2020, due to budgeted continuing strategic investments on
talents and client experiences in 2021 as well as less selling and
general and administrative expense incurred in 2020 due to the
pandemic. We also recorded provision for credit loss for our
lending business in 2021.
(RMB
millions,
except
percentages)
|
FY 2020
|
|
FY 2021
|
|
YoY Change
|
Wealth
management
|
817.5
|
|
921.5
|
|
12.7%
|
Asset
management
|
459.8
|
|
485.2
|
|
5.5%
|
Other
businesses
|
(18.8)
|
|
(207.8)
|
|
1,004.8%
|
Total income from
operations
|
1,258.5
|
|
1,198.9
|
|
(4.7%)
|
- Net income attributable to Noah shareholders in the full
year 2021 was RMB1,314.1 million
(US$206.2 million), compared to net
loss attributable to Noah shareholders of RMB745.2 million from the full year 2020, due to
the recognition of a one-off settlement expense related to the
Camsing settlement in the amount of RMB1,828.9 million in 2020.
- Non-GAAP net income attributable to Noah shareholders in
the full year 2021 was RMB1,372.7
million (US$215.4 million), a
21.5% increase from the full year 2020.
FOURTH QUARTER AND FULL YEAR 2021 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 December 31, 2021 was 411,981, a 14.2% increase
from December 31, 2020 and a 1.4%
increase compared with September 30,
2021.
- Total number of active clients[3] which
excluded mutual fund-only clients during the fourth quarter of 2021
was 3,575, a 32.1% decrease from the corresponding period in 2020,
affected by volatile market condition. Counting in mutual fund-only
clients, the total number of clients who transacted with us during
the fourth quarter of 2021 was 17,456, a 10.5% decrease from the
corresponding quarter of 2020. Total number of active
clients which excluded mutual fund-only clients during the full
year 2021 was 12,831, a 5.5% increase from the full year 2020, and
total number of active clients counting in mutual fund-only clients
during the full year 2021 was 42,764, a 25.0% increase from the
full year 2020.
- Aggregate value of investment products
distributed during the fourth quarter of 2021 was
RMB21.0 billion (US$3.3 billion), a 1.3% decrease from the
corresponding period in 2020, mainly due to a volatile market
conditions in the quarter.
Product
type
|
Three months ended
December 31,
|
|
2020
|
|
2021
|
|
(RMB in billions,
except percentages)
|
Mutual fund
products
|
7.2
|
|
34.0%
|
|
10.2
|
|
48.5%
|
Private secondary
products
|
8.0
|
|
37.4%
|
|
6.7
|
|
31.6%
|
Private equity
products
|
5.2
|
|
24.3%
|
|
3.0
|
|
14.5%
|
Other
products[4]
|
0.9
|
|
4.3%
|
|
1.1
|
|
5.4%
|
All
products
|
21.3
|
|
100.0%
|
|
21.0
|
|
100.0%
|
- Aggregate value of investment products
distributed during the full year 2021 was RMB97.2 billion (US$15.3
billion), a 2.6% increase from the full year 2020, due to an
increase in the distribution of private secondary products.
Product
type
|
Twelve months
ended December 31,
|
|
2020
|
2021
|
|
(RMB in billions,
except percentages)
|
|
|
|
|
|
Mutual fund
products
|
38.0
|
40.1%
|
37.1
|
38.2%
|
Private secondary
products
|
35.2
|
37.1%
|
37.8
|
38.9%
|
Private equity
products
|
17.9
|
18.9%
|
18.1
|
18.6%
|
Other
products
|
3.6
|
3.9%
|
4.2
|
4.3%
|
All
products
|
94.7
|
100.0%
|
97.2
|
100.0%
|
- Coverage network in mainland China included 84 cities as of December 31, 2021, compared with 81 cities as of
September 30, 2021, and 80 cities as
of December 31, 2020.
- Number of relationship managers was 1,316 as of
December 31, 2021, a 0.5% decrease
from September 30, 2021, and a 6.9%
increase from December 31, 2020.
[3] "Active clients" for a given
period refers to registered high net worth clients who purchase
investment products distributed or provided by Noah during that
given period, excluding clients who transacted only on our online
mutual fund platform.
|
[4] "Other products" refers to other
investment products, which includes insurance products,
multi-strategies products and others.
|
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-strategy investments
denominated in RMB and other currencies.
- Total assets under management as of December 31, 2021 remained relatively stable in
the amount of RMB156.0 billion
(US$24.5 billion), compared with
September 30, 2021 and grew 2.1% from
December 31, 2020.
Investment
type
|
As of
September 30,
2021
|
|
Growth
|
|
Allocation/
Redemption
|
|
As of
December 31,
2021
|
|
(RMB billions,
except percentages)
|
Private
equity
|
130.4
|
|
83.5%
|
|
2.3
|
|
1.8
|
|
130.9
|
|
83.9%
|
Public
securities[5]
|
11.1
|
|
7.1%
|
|
1.2
|
|
1.1
|
|
11.2
|
|
7.2%
|
Real
estate
|
7.4
|
|
4.7%
|
|
0.1
|
|
0.9
|
|
6.6
|
|
4.3%
|
Multi-strategies
|
5.8
|
|
3.8%
|
|
0.2
|
|
0.1
|
|
5.9
|
|
3.8%
|
Others
|
1.4
|
|
0.9%
|
|
-
|
|
-
|
|
1.4
|
|
0.8%
|
All
Investments
|
156.1
|
|
100.0%
|
|
3.8
|
|
3.9
|
|
156.0
|
|
100.0%
|
|
|
Investment
type
|
As of
December 31,
2020
|
|
Growth
|
|
Allocation/
Redemption
|
|
As of
December 31,
2021
|
|
(RMB billions,
except percentages)
|
Private
equity
|
117.7
|
|
77.0%
|
|
15.3
|
|
2.1
|
|
130.9
|
|
83.9%
|
Public
securities
|
9.8
|
|
6.4%
|
|
5.4
|
|
4.0
|
|
11.2
|
|
7.2%
|
Real
estate
|
12.7
|
|
8.3%
|
|
0.3
|
|
6.4
|
|
6.6
|
|
4.3%
|
Multi-strategies
|
7.1
|
|
4.6%
|
|
1.0
|
|
2.2
|
|
5.9
|
|
3.8%
|
Others[6]
|
5.5
|
|
3.7%
|
|
-
|
|
4.1
|
|
1.4
|
|
0.8%
|
All
Investments
|
152.8
|
|
100.0%
|
|
22.0
|
|
18.8
|
|
156.0
|
|
100.0%
|
[5] The allocation/redemption of
public securities also includes market appreciation or
depreciation.
|
[6] Since the first quarter of 2021,
we reclassified all remaining mezzanine financing products linked
to corporate merger and acquisitions and buy outs from credit to
private equity in the amount of RMB4.7 billion, considering its
nature is more akin to equity than credit. We have also revised the
comparative period presentation to conform to current period
presentation.
|
Other Businesses
Our other businesses segment has been transitioned to "Noah
Digital International", and to provide more comprehensive services
and investment products to our clients.
Ms. Jingbo Wang, co-founder and
CEO of Noah, said, "Despite the market volatilities we experienced,
Noah delivered record high net revenues in the fourth quarter of
2021. Total net revenues rose by 29.9% year-on-year, supported by
higher one-time commissions, recurring service fees and performance
based income. Our internal strategic investments into
digitalization, talent acquisition and client services were all in
line with the budget, and helped the Group to report a non-GAAP net
income of RMB1.4 billion for the full
year, exceeding the higher end of the guidance we had expected. Our
clients remained active, with the number of total active clients
increased by 25.0% year-on-year in 2021, and I am very happy to see
the number of diamond card and black card clients grew 18.2% in
2021, indicating the positive results of our upgraded Noah Triangle
client service model and our "client-centric" reform. I remain
confident in Noah's capabilities and that our reform will help to
gain more market share and core clients, as well as set a solid
structural foundation for long-term growth."
FOURTH QUARTER 2021 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2021 were
RMB1,260.1 million (US$197.7 million), a 32.2% increase from the
corresponding period in 2020, primarily driven by increased
one-time commissions, recurring service fees and other service
fees, and partially offset by decreased performance-based
income.
- Wealth Management Business
-
- Net revenues from one-time commissions for the fourth
quarter of 2021 were RMB472.0 million
(US$74.1 million), a 100.2% increase
from the corresponding period in 2020 due to an increase in
insurance products distributed in fourth quarter of 2021.
- Net revenues from recurring service fees for the fourth
quarter of 2021 were RMB417.0 million
(US$65.4 million), a 40.3% increase
from the corresponding period in 2020. The increase was primarily
due to accumulated effect of investment products previously
distributed.
- Net revenues from performance-based income for the
fourth quarter of 2021 were RMB47.7
million (US$7.5 million),
compared with RMB80.9 million from
the corresponding period of 2020, primarily due to a decrease in
performance-based income from public securities products.
- Net revenues from other service fees for the fourth
quarter of 2021 were RMB32.6 million
(US$5.1 million), a 11.2% increase
from the corresponding period in 2020.
- Asset Management Business
-
- Net revenues from recurring service fees for the fourth
quarter of 2021 were RMB141.1 million
(US$22.1 million), a 1.7% increase
from the corresponding period in 2020. The increase was primarily
due to an increase in assets under management.
- Net revenues from performance-based income for the
fourth quarter of 2021 were RMB125.4
million (US$19.7 million),
remained relatively stable compared with the corresponding period
in 2020, primarily generated from offshore private equity
funds.
- Other Businesses
-
- Net revenues for the fourth quarter of 2021 were
RMB17.0 million (US$2.7 million), compared with RMB4.0 million in the corresponding period in
2020.
Operating Costs and Expenses
Operating costs
and expenses for the fourth quarter of 2021
were RMB1,127.8 million (US$177.0 million), a 82.6% increase from the
corresponding period in 2020. Operating costs and expenses
primarily consisted of compensation and benefits of RMB731.2 million (US$114.7
million), selling expenses of RMB139.9 million (US$22.0
million), general and administrative expenses of
RMB148.0 million (US$23.2 million), provision of credit losses of
RMB100.9 million (US$15.8 million) and other operating expenses of
RMB19.6 million (US$3.1 million).
- Operating costs and expenses for the wealth
management business for the fourth quarter of 2021 were
RMB785.7 million (US$123.3 million), a 79.8% increase from the
corresponding period in 2020 primarily due to an increase in
compensation and benefits, selling expenses and general and
administrative expenses.
- Operating costs and expenses for the asset management
business for the fourth quarter of 2021 were RMB193.0 million (US$30.3
million), a 25.2% increase from the corresponding period in
2020, primarily due to an increase in selling expenses and
provision for credit losses.
- Operating costs and expenses for other businesses
for the fourth quarter of 2021 were RMB149.0
million (US$23.4 million), a
458.9% increase from the corresponding period in 2020, primarily
due to a provision of credit loss of RMB85.6
million for loan receivables.
Operating Margin
Operating margin for the fourth quarter of 2021 was
10.5%, compared with 35.2% for the corresponding period in
2020.
- Operating margin for the wealth management business for
the fourth quarter of 2021 was 18.9%, compared with 32.1% for the
corresponding period in 2020, due to continuously budgeted
investments into the acquisition and retaining of talents, as well
as the upgrade of client experiences and multiple systems.
- Operating margin for the asset management
business for the fourth quarter of 2021 was 29.5%, compared
with 49.6% for the corresponding period in 2020 due to continuously
budgeted investments in client events activity and talents.
- Loss from other businesses for the fourth quarter
of 2021 was RMB132.1 million
(US$20.7 million), compared with
RMB22.7 million in the corresponding
period of 2020 due to increased provision for credit losses.
Investment Income
Investment Income for the fourth quarter of 2021 was
RMB3.5 million (US$0.5 million), compared with investment
loss of RMB109.4 million for the
corresponding period in 2020. The loss in 2020 was primarily due to
an impairment of certain long-term investment.
Income Tax Expenses
Income tax expenses for the fourth
quarter of 2021 were RMB35.3 million
(US$5.5 million), a 28.8% increase
from the corresponding period in 2020, primarily due to higher
taxable income.
Income from Equity in Affiliates
Income from equity in affiliates for the fourth
quarter of 2021 was RMB160.5 million
(US$25.2 million), compared with
RMB39.8 million in the corresponding
period in 2020. The increase was primarily due to fair value
increase of the underling investments of the funds that we
manage. We are still reviewing the financial results of the
funds of funds we manage and invest in as the general partner or
manager. Although we do not anticipate material variance barring
unexpected fluctuations in the portfolio companies' performance,
any potential changes in fair value of those investments could
affect the income from equity in affiliates.
Net Income
- Net Income
-
- Net income for the fourth quarter of 2021 was
RMB273.9 million (US$43.0 million), compared to net loss of
RMB1,572.9 million from the
corresponding period in 2020.
- Net margin for the fourth quarter of 2021 was 21.7%,
compared with negative net margin for the corresponding period in
2020.
- Net income attributable to Noah shareholders for the
fourth quarter of 2021 was RMB281.3
million (US$44.1 million),
compared to net loss attributable to Noah shareholders of
RMB1,573.5 million from the
corresponding period in 2020.
- Net margin attributable to Noah shareholders for the
fourth quarter of 2021 was 22.3%, compared with negative for the
corresponding period in 2020.
- Net income attributable to Noah shareholders per basic and
diluted ADS for the fourth quarter of 2021 was RMB4.18 (US$0.66)
and RMB4.16 (US$0.65), respectively, compared with net loss
attributable to Noah shareholders per basic and diluted ADS of
RMB24.92, for the corresponding
period in 2020.
- Non-GAAP Net Income Attributable to Noah
Shareholders
-
- Non-GAAP net income attributable to Noah shareholders
for the fourth quarter of 2021 was RMB289.6
million (US$45.4 million), a
10.3% increase from the corresponding period in 2020.
- Non-GAAP net margin attributable to Noah shareholders
for the fourth quarter of 2021 was 23.0%, down from 27.5% for the
corresponding period in 2020.
- Non-GAAP net income attributable to Noah shareholders per
diluted ADS for the fourth quarter of 2021 was RMB4.28 (US$0.67),
up from RMB4.13 for the corresponding
period in 2020.
FULL YEAR 2021 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2021 were
RMB4,293.1 million (US$673.7 million), a 29.9% increase from the full
year 2020, primarily due to an increase in one-time commissions,
recurring service fees and performance-based income, and partially
offset by a decrease in other service fees.
- Wealth Management Business
-
- Net revenues from one-time commissions for 2021 were
RMB1,174.6 million (US$184.3 million), a 54.1% increase from 2020,
primarily due to more insurance products that we distributed.
- Net revenues from recurring service fees for 2021 were
RMB1,461.8 million (US$229.4 million), a 14.4% increase from 2020.
The increase was primarily due to the cumulative effect of
investment products with recurring service fees previously
distributed.
- Net revenues from performance-based income for 2021 were
RMB466.6 million (US$73.2 million), a 128.5% increase from 2020,
primarily due to an increase in performance-based income from
public securities products.
- Net revenues from other service fees for 2021 were
RMB91.9 million (US$14.4 million), a 25.2% decrease from 2020,
primarily due to less service fees recorded from lending business
since we significantly reduced this business since the second half
year of 2019.
- Asset Management Business
-
- Net revenues from recurring service fees for 2021 were
RMB636.4 million (US$99.9 million), a 0.9% decrease from 2020.
- Net revenues from performance-based income for 2021 were
RMB313.6 million (US$49.2 million), a 71.1% increase from 2020,
primarily due to an increase in performance-based income from
private equity fund products.
- Other Businesses
-
- Net revenues for 2021 were RMB56.7 million (US$8.9
million), a 11.4% decrease from 2020.
Operating costs and expenses
Operating costs
and expenses for 2021 were RMB3,094.2 million (US$485.5 million), a 51.1% increase from the full
year 2020. Operating costs and expenses for the full year 2021
primarily consisted of compensation and benefits of RMB2,168.9 million (US$340.3 million), selling expenses of
RMB437.1 million (US$68.6 million), general and administrative
expenses of RMB383.3 million
(US$60.2 million), provision for
credit losses of RMB113.0 million
(US$17.7 million) and other operating
expenses of RMB107.8 million
(US$16.9 million).
- Operating costs and expenses for the wealth
management business for 2021 were RMB2,273.4 million (US$356.7 million), a 46.8% increase from 2020,
primarily due to an increase in compensation and benefits, as well
as selling expenses.
- Operating costs and expenses for the asset management
business for 2021 were RMB556.2
million (US$87.3 million), a
33.8% increase from 2020, primarily due to an increase in
compensation and benefits, as well as selling expenses.
- Operating costs and expenses for other businesses
for 2021 were RMB264.6 million
(US$41.5 million), a 219.5% increase
from 2020, primarily due to an increase in provision for credit
losses.
Operating Margin
Operating margin for the full year 2021 was 27.9%,
compared to 38.1% for the full year 2020.
- Operating margin for the wealth management business for
2021 was 28.8%, compared to 34.5% for 2020, mainly due to
continuously budgeted investments in our talents and client
experiences as well as less expenses incurred in 2020 due to the
COVID-19 pandemic.
- Operating margin for the asset management business for
2021 was 46.6%, compared to 52.5% for 2020, due to less expenses
incurred in 2020 due to the COVID-19 pandemic.
- Loss from other businesses for 2021 was
RMB207.8 million (US$32.6 million), compared with RMB18.8 million for 2020 due to increased
provision of credit losses.
Investment Income
Investment income for the full year 2021 was
RMB65.4 million (US$10.3 million), compared with investment
loss of RMB86.4 million for the full
year 2020. The investment loss was primarily due to an impairment
of certain long-term investment.
Income Tax Expenses
Income tax expenses for the full year
2021 were RMB293.9 million
(US$46.1 million), a 13.7% increase
from the full year 2020 due to higher taxable income.
Income from Equity in Affiliates
Income from equity in affiliates for the full year
2021 was RMB302.0 million
(US$47.4 million), compared with
RMB100.3 million in the corresponding
period in 2020. The increase was primarily due to fair value
increase of the underling investments of the funds that we
manage. We are still reviewing the financial results of the
funds of funds we manage and invest in as the general partner or
manager. Although we do not anticipate material variance barring
unexpected fluctuations in the portfolio companies' performance,
any potential changes in fair value of those investments could
affect the income from equity in affiliates.
Net Income
- Net Income
-
- Net income for the full year 2021 was RMB1,306.1 million (US$205.0 million), compared with net loss of
RMB743.5 million from the full year
2020.
- Net margin for the full year 2021 was 30.4%, compared
with negative net margin for the full year 2020.
- Net income attributable to Noah shareholders for the
full year 2021 was RMB1,314.1 million
(US$206.2 million), compared to net
loss attributable to Noah shareholders of RMB745.2 million for the full year 2020.
- Net margin attributable to Noah shareholders for the
full year 2021 was 30.6%, compared with negative for the full year
2020.
- Net income attributable to Noah shareholders per basic and
diluted ADS for the full year 2021 was RMB19.56 (US$3.07)
and RMB19.45 (US$3.05), respectively, compared with net loss
attributable to Noah shareholders per basic and diluted ADS of
RMB12.01, for the full year
2020.
- Non-GAAP Net Income Attributable to Noah
Shareholders
-
- Non-GAAP net income attributable to Noah shareholders
for the full year 2021 was RMB1,372.7
million (US$215.4 million), a
21.5% increase from the full year 2020.
- Non-GAAP net margin attributable to Noah shareholders
for the full year 2021 was 32.0%, down from 34.2% for the full year
2020.
- Non-GAAP net income attributable to Noah shareholders per
diluted ADS for the full year 2021 was RMB20.32 (US$3.19),
up from RMB18.12 for the full year
2020.
BALANCE SHEET AND CASH FLOW
As of December 31, 2021, the
Company had RMB3,404.6 million
(US$534.2 million) in cash and cash
equivalents, compared with RMB5,005.2
million as of December 31,
2020 and RMB2,829.5 million as
of September 30, 2021.
Net cash inflow from the Company's operating activities during
the fourth quarter of 2021 was RMB659.2
million (US$103.4 million),
compared to RMB568.3 million in the
corresponding period in 2020. Net cash inflow from the Company's
operating activities during the full year 2021 was RMB1,521.8 million (US$238.8 million), compared to RMB796.3 million during the full year 2020, the
variance was mainly due to an increase in net income.
Net cash outflow from the Company's investing activities during
the fourth quarter of 2021 was RMB67.4
million (US$10.6 million),
compared to net cash inflow of RMB189.5
million in the corresponding period in 2020. Net cash
outflow from the Company's investing activities during the full
year 2021 was RMB2,572.1 million
(US$403.6 million), compared to net
cash inflow of RMB352.6 million
during the full year 2020, due to cash payment for the acquisition
of our new headquarter in 2021.
Net cash inflow from the Company's financing activities was
RMB20.9 million (US$3.3 million) in the fourth quarter of 2021,
compared to net cash outflow of RMB255.4
million in the corresponding period in 2020, primarily due
to the share repurchase program that started in December 2020. Net cash outflow from the
Company's financing activities during the full year 2021 was
RMB513.1 million (US$80.5 million), compared to RMB371.4 million cash outflow during the full
year 2020. The cash outflow for both 2020 and 2021 was mainly due
to the share repurchase program that lasted from December 2020 till February 2021.
NOTE TO FINANCIAL INFORMATION
As of the date of this press release, we are still in the
process of reviewing the financial results of the funds of funds we
manage and invest in as the general partner or manager. Any
changes in the fair value of those investments could affect the
income from equity in affiliates, net income, net income
attributable to Noah shareholders, income per ADS and the
balance of investments in affiliates in our consolidated financial
statements. While not included in the unaudited preliminary fourth
quarter 2021 financial results in this press release, we will
include any such fair value adjustments in the audited consolidated
financial statements in our 2021 Form 20-F and will make a
subsequent announcement when our review concludes, as
appropriate.
2022 FORECAST
Although the pandemic continued to impact the distribution of
offshore insurance products and the market remain volatile, the
Company is happy to see a growing demand in domestic insurance
products, a higher performance based income from PE/VC products we
previously distributed, a stabilized AUM after a successful
standardization transformation, as well as an increase in diamond
and black card clients. Therefore, we are reasonably optimistic
about the growth in the number of core clients, net revenues as
well as take rate in 2022. Meanwhile, we remain committed to our
investments in technology, investment research capabilities and
talents to
realize growth potentials and capture market opportunities.
Given the above considerations, the non-GAAP net income
attributable to Noah shareholders for the full year 2021 will be in
the range of RMB1.45 billion to
RMB1.55 billion. This forecast
reflects management's current business outlook and is subject to
further change.
CONFERENCE CALL
Senior management will host a combined English and Chinese
language conference call to discuss the Company's fourth quarter
and full year 2021 unaudited financial results and recent business
activities.
The conference call may be accessed with the following
details:
Conference call
details
|
|
|
Date/Time:
|
Monday, March 14,
2022 at 8:00 p.m., U.S. Eastern Time
Tuesday, March 15,
2022 at 8:00 a.m., Hong Kong Time
|
Dial in
details:
|
|
- United States
Toll Free
|
+1
888-317-6003
|
- Mainland China
Toll Free
|
4001-206-115
|
- Hong Kong Toll
Free
|
800-963-976
|
- International
|
+1-412-317-6061
|
Conference
Title:
|
Noah
Holdings 4Q21 Earnings Conference Call
|
Participant
Password:
|
6337898
|
A telephone replay will be available starting approximately one
hour after the end of the conference call until March 22, 2022 at +1-877-344-7529 (US Toll Free)
or +1-412-317-0088 (International Toll). The replay access code is
1095282.
A live and archived webcast of the conference call will be
available at Noah's investor relations website under the
Announcements & Events section at http://ir.noahgroup.com.
DISCUSSION ON NON-GAAP
MEASURES
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures excluding the effects of all forms of
share-based compensation, non-recurring settlement expense 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) 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. In the full year 2021, Noah distributed
RMB97.2 billion (US$15.3 billion) of investment products. Through
Gopher Asset Management, Noah had assets under management of
RMB156.0 billion (US$24.5 billion) as of December 31, 2021.
Noah's wealth management business primarily distributes
diversified investment products denominated in RMB and other
currencies. Noah delivers customized financial solutions to clients
through a network of 1,316 relationship managers across 84 cities
in mainland China, and serves the
international investment needs of its clients through offices in
Hong Kong, Taiwan, New
York, Silicon Valley and Singapore. As a leading alternative
multi-asset manager in China,
Gopher Asset Management develops and manages assets ranging from
private equity, public securities, real estate, multi-strategy to
other investments denominated in Renminbi and other currencies. The
Company also provides other businesses.
For more information, please visit Noah at
ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the
fourth quarter of 2021 and full year ended December 31, 2021 are stated in RMB. This
announcement contains currency conversions of certain RMB amounts
into US$ 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 RMB6.3726 to
US$1.00, the effective noon buying
rate for December 30, 2021 as set
forth in the H.10 statistical release of the Federal Reserve
Board.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the outlook for 2022 and quotations from management
in this announcement, as well as Noah's strategic and operational
plans, contain forward-looking statements. Noah may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Noah's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
Noah's actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: its goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the wealth management 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, 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
Sonia Han
Tel: +86-21-8035-9221
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(unaudited)
|
|
As of
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2021
|
|
2021
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
2,829,481
|
|
3,404,603
|
|
534,257
|
|
|
Restricted
cash
|
3,227
|
|
510
|
|
80
|
|
|
Short-term
investments
|
108,313
|
|
92,803
|
|
14,563
|
|
|
Accounts receivable,
net
|
504,113
|
|
808,029
|
|
126,797
|
|
|
Loans receivable,
net
|
634,774
|
|
595,766
|
|
93,489
|
|
|
Amounts due from
related parties
|
594,047
|
|
451,389
|
|
70,833
|
|
|
Other current
assets
|
209,933
|
|
163,710
|
|
25,690
|
|
|
Total current
assets
|
4,883,888
|
|
5,516,810
|
|
865,709
|
|
Long-term
investments, net
|
665,237
|
|
668,572
|
|
104,914
|
|
Investment in
affiliates
|
1,296,559
|
|
1,402,083
|
|
220,017
|
|
Property and
equipment, net
|
2,619,768
|
|
2,580,935
|
|
405,005
|
|
Operating lease
right-of-use assets, net
|
242,660
|
|
223,652
|
|
35,096
|
|
Deferred tax
assets
|
223,803
|
|
335,905
|
|
52,711
|
|
Other non-current
assets
|
171,114
|
|
161,832
|
|
25,395
|
Total
Assets
|
10,103,029
|
|
10,889,789
|
|
1,708,847
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
514,420
|
|
946,547
|
|
148,534
|
|
|
Income tax
payable
|
105,132
|
|
190,260
|
|
29,856
|
|
|
Deferred
revenues
|
103,807
|
|
63,631
|
|
9,985
|
|
|
Contingent
liabilities
|
444,935
|
|
433,345
|
|
68,001
|
|
|
Other current
liabilities
|
529,049
|
|
649,255
|
|
101,882
|
|
|
Total current
liabilities
|
1,697,343
|
|
2,283,038
|
|
358,258
|
|
Operating lease
liabilities, non-current
|
155,882
|
|
130,956
|
|
20,550
|
|
Deferred tax
liabilities
|
239,536
|
|
234,134
|
|
36,741
|
|
Other non-current
liabilities
|
113,670
|
|
100,020
|
|
15,695
|
|
Total
Liabilities
|
2,206,431
|
|
2,748,148
|
|
431,244
|
|
Equity
|
7,896,598
|
|
8,141,641
|
|
1,277,603
|
Total Liabilities
and Equity
|
10,103,029
|
|
10,889,789
|
|
1,708,847
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(unaudited)
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
2020
|
|
2021
|
|
2021
|
|
|
Revenues:
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
One-time
commissions
|
229,744
|
|
472,566
|
|
74,156
|
|
105.7%
|
Recurring service
fees
|
199,372
|
|
214,835
|
|
33,712
|
|
7.8%
|
Performance-based
income
|
81,488
|
|
42,115
|
|
6,609
|
|
(48.3%)
|
Other service
fees
|
39,361
|
|
54,296
|
|
8,520
|
|
37.9%
|
Total revenues from
others
|
549,965
|
|
783,812
|
|
122,997
|
|
42.5%
|
Revenues from funds
Gopher manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
43,531
|
|
9,886
|
|
1,551
|
|
(77.3%)
|
Recurring service
fees
|
239,144
|
|
346,747
|
|
54,412
|
|
45.0%
|
Performance-based
income
|
126,382
|
|
131,988
|
|
20,712
|
|
4.4%
|
Total revenues from
funds
Gopher manages
|
409,057
|
|
488,621
|
|
|
|
|
76,675
|
19.5%
|
Total
revenues
|
959,022
|
|
1,272,433
|
|
199,672
|
|
32.7%
|
Less: VAT related
surcharges
|
(5,805)
|
|
(12,379)
|
|
(1,943)
|
|
113.2%
|
Net
revenues
|
953,217
|
|
1,260,054
|
|
197,729
|
|
32.2%
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
manager
compensation
|
|
|
|
|
|
|
|
(185,926)
|
(382,160)
|
(59,969)
|
105.5%
|
Others
|
(259,872)
|
|
(349,004)
|
|
(54,766)
|
|
34.3%
|
Total compensation
and
benefits
|
|
|
|
|
|
|
|
(445,798)
|
(731,164)
|
(114,735)
|
64.0%
|
Selling
expenses
|
(94,648)
|
|
(139,906)
|
|
(21,954)
|
|
47.8%
|
General and
administrative
expenses
|
|
|
|
|
|
|
|
(84,036)
|
(148,015)
|
(23,227)
|
76.1%
|
Reversal (Provision)
for credit
losses
|
|
|
|
|
|
|
|
1,789
|
(100,858)
|
(15,827)
|
N.A.
|
Other operating
expenses
|
(22,579)
|
|
(19,644)
|
|
(3,083)
|
|
(13.0%)
|
Government
grants
|
27,518
|
|
11,821
|
|
1,855
|
|
(57.0%)
|
Total operating costs
and
expenses
|
|
|
|
|
|
|
|
(617,754)
|
(1,127,766)
|
(176,971)
|
82.6%
|
Income from
operations
|
335,463
|
|
132,288
|
|
20,758
|
|
(60.6%)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
22,537
|
|
14,571
|
|
2,287
|
|
(35.3%)
|
Investment (loss)
income
|
(109,397)
|
|
3,469
|
|
544
|
|
N.A.
|
Settlement (expense)
reversal
|
(1,828,907)
|
|
719
|
|
113
|
|
N.A.
|
Other
expense
|
(5,033)
|
|
(2,313)
|
|
(363)
|
|
(54.0%)
|
Total other (expense)
income
|
(1,920,800)
|
|
16,446
|
|
2,581
|
|
N.A.
|
(Loss) income before
taxes and
income from equity in
affiliates
|
(1,585,337)
|
|
|
|
|
|
N.A.
|
|
|
|
|
148,734
|
23,339
|
Income tax
expense
|
(27,430)
|
|
(35,329)
|
|
(5,544)
|
|
28.8%
|
Income from equity in
affiliates
|
39,836
|
|
160,510
|
|
25,188
|
|
302.9%
|
Net (loss)
income
|
(1,572,931)
|
|
273,915
|
|
42,983
|
|
N.A.
|
Less: net income
(loss)
attributable to non-controlling
interests
|
|
|
|
|
|
|
|
|
|
|
|
576
|
(7,397)
|
(1,161)
|
N.A.
|
Net (loss) income
attributable
to Noah shareholders
|
(1,573,507)
|
|
|
|
|
|
N.A.
|
|
|
281,312
|
44,144
|
|
|
|
|
|
|
|
|
(Loss) income
per ADS, basic
|
(24.92)
|
|
4.18
|
|
0.66
|
|
N.A.
|
(Loss) Income per
ADS, diluted
|
(24.92)
|
|
4.16
|
|
0.65
|
|
N.A.
|
|
|
|
|
|
|
|
|
Margin
analysis:
|
Operating
margin
|
35.2%
|
|
10.5%
|
|
10.5%
|
|
|
Net margin
|
(165.0%)
|
|
21.7%
|
|
21.7%
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS
equivalent[1]:
|
Basic
|
63,149,844
|
|
67,348,790
|
|
67,348,790
|
|
|
Diluted
|
63,149,844
|
|
67,700,437
|
|
67,700,437
|
|
|
ADS equivalent
outstanding at
end of period
|
|
|
|
|
|
|
|
61,088,680
|
60,338,054
|
60,338,054
|
|
|
|
|
|
|
|
|
|
[1]
Assumes all outstanding ordinary shares are represented by ADSs.
Each ordinary share represents two ADSs.
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(unaudited)
|
|
Twelve months
ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
2020
|
|
2021
|
|
2021
|
|
|
Revenues:
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
One-time
commissions
|
679,014
|
|
1,130,894
|
|
177,462
|
|
66.5%
|
Recurring service
fees
|
700,157
|
|
913,700
|
|
143,379
|
|
30.5%
|
Performance-based
income
|
180,529
|
|
391,903
|
|
61,498
|
|
117.1%
|
Other service
fees
|
196,151
|
|
161,982
|
|
25,419
|
|
(17.4%)
|
Total revenues from
others
|
1,755,851
|
|
2,598,479
|
|
407,758
|
|
48.0%
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
129,823
|
|
140,522
|
|
22,051
|
|
8.2%
|
Recurring service
fees
|
1,230,042
|
|
1,195,309
|
|
187,570
|
|
(2.8%)
|
Performance-based
income
|
208,996
|
|
392,290
|
|
61,559
|
|
87.7%
|
Total revenues from
funds
Gopher manages
|
1,568,861
|
|
|
|
|
|
|
1,728,121
|
271,180
|
10.2%
|
Total
revenues
|
3,324,712
|
|
4,326,600
|
|
678,938
|
|
30.1%
|
Less: VAT related
surcharges
|
(18,886)
|
|
(33,506)
|
|
(5,258)
|
|
77.4%
|
Net
revenues
|
3,305,826
|
|
4,293,094
|
|
673,680
|
|
29.9%
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
manager
compensation
|
|
|
|
|
|
|
|
(613,999)
|
(920,896)
|
(144,509)
|
50.0%
|
Others
|
(890,013)
|
|
(1,247,984)
|
|
(195,836)
|
|
40.2%
|
Total compensation
and
benefits
|
|
|
|
|
|
|
|
(1,504,012)
|
(2,168,880)
|
(340,345)
|
44.2%
|
Selling
expenses
|
(271,692)
|
|
(437,131)
|
|
(68,595)
|
|
60.9%
|
General and
administrative
expenses
|
|
|
|
|
|
|
|
(277,879)
|
(383,321)
|
(60,151)
|
37.9%
|
Provision for credit
losses
|
(8,083)
|
|
(112,959)
|
|
(17,726)
|
|
1,297.5%
|
Other operating
expenses
|
(99,040)
|
|
(107,844)
|
|
(16,923)
|
|
8.9%
|
Government
grants
|
113,356
|
|
115,939
|
|
18,193
|
|
2.3%
|
Total operating costs
and
expenses
|
|
|
|
|
|
|
|
(2,047,350)
|
(3,094,196)
|
(485,547)
|
51.1%
|
Income from
operations
|
1,258,476
|
|
1,198,898
|
|
188,133
|
|
(4.7%)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
67,317
|
|
71,866
|
|
11,277
|
|
6.8%
|
Investment (loss)
income
|
(86,369)
|
|
65,426
|
|
10,267
|
|
N.A.
|
Settlement
expenses
|
(1,828,907)
|
|
(19,908)
|
|
(3,124)
|
|
(98.9%)
|
Other income
(expense)
|
4,164
|
|
(18,240)
|
|
(2,862)
|
|
N.A.
|
Total other (expense)
income
|
(1,843,795)
|
|
99,144
|
|
15,558
|
|
N.A.
|
(Loss) Income before
taxes and
income from equity in
affiliates
|
(585,319)
|
|
|
|
|
|
N.A.
|
|
|
|
|
1,298,042
|
203,691
|
Income tax
expense
|
(258,460)
|
|
(293,940)
|
|
(46,126)
|
|
13.7%
|
Income from equity in
affiliates
|
100,257
|
|
301,979
|
|
47,387
|
|
201.2%
|
Net (loss)
income
|
(743,522)
|
|
1,306,081
|
|
204,952
|
|
N.A.
|
Less: net income
(loss)
attributable to non-controlling
interests
|
|
|
|
|
|
|
|
|
|
|
|
1,703
|
(8,050)
|
(1,263)
|
N.A.
|
Net (loss) income
attributable
to Noah shareholders
|
(745,225)
|
|
|
|
|
|
N.A.
|
1,314,131
|
206,215
|
|
|
|
|
|
|
|
|
(Loss) income per
ADS, basic
|
(12.01)
|
|
19.56
|
|
3.07
|
|
N.A.
|
(Loss) income per
ADS, diluted
|
(12.01)
|
|
19.45
|
|
3.05
|
|
N.A.
|
|
|
|
|
|
|
|
|
Margin
analysis:
|
Operating
margin
|
38.1%
|
|
27.9%
|
|
27.9%
|
|
|
Net margin
|
(22.5%)
|
|
30.4%
|
|
30.4%
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
equivalent[1]:
|
Basic
|
62,040,878
|
|
67,171,636
|
|
67,171,636
|
|
|
Diluted
|
62,040,878
|
|
67,563,546
|
|
67,563,546
|
|
|
ADS equivalent
outstanding at
end of period
|
|
|
|
|
|
|
|
61,088,680
|
60,338,054
|
60,338,054
|
|
|
|
|
|
|
|
|
|
[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
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
2020
|
|
2021
|
|
2021
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net (loss)
income
|
(1,572,931)
|
|
273,915
|
|
42,983
|
|
N.A.
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(98,385)
|
|
(14,094)
|
|
(2,212)
|
|
(85.7%)
|
Fair value fluctuation
of available for sale
Investment (after tax)
|
-
|
|
(243)
|
|
(38)
|
|
N.A.
|
Comprehensive
(loss) income
|
(1,671,316)
|
|
259,578
|
|
40,733
|
|
N.A.
|
Less: Comprehensive
income (loss)
attributable to non-controlling interests
|
469
|
|
(7,366)
|
|
(1,156)
|
|
N.A.
|
Comprehensive
(loss) income
attributable to Noah shareholders
|
(1,671,785)
|
|
266,944
|
|
41,889
|
|
N.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Condensed
Comprehensive Income Statements
|
(unaudited)
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
2020
|
|
2021
|
|
2021
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net (loss)
income
|
(743,522)
|
|
1,306,081
|
|
204,952
|
|
N.A.
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(176,910)
|
|
(60,851)
|
|
(9,549)
|
|
(65.6%)
|
Fair value fluctuation
of available for sale
Investment (after tax)
|
771
|
|
-
|
|
-
|
|
N.A.
|
Comprehensive
(loss) income
|
(919,661)
|
|
1,245,230
|
|
195,403
|
|
N.A.
|
Less: Comprehensive
income (loss)
attributable to non-controlling interests
|
1,727
|
|
(8,001)
|
|
(1,256)
|
|
N.A.
|
Comprehensive
(loss) income
attributable to Noah shareholders
|
(921,388)
|
|
1,253,231
|
|
196,659
|
|
N.A.
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Supplemental
Information
|
(unaudited)
|
|
As of
|
|
|
|
December 31,
2020
|
|
December 31,
2021
|
|
Change
|
|
|
|
|
|
|
Number of registered
clients
|
360,637
|
|
411,981
|
|
14.2%
|
Number of
relationship managers
|
1,231
|
|
1,316
|
|
6.9%
|
Number of cities in
mainland China under
coverage
|
80
|
|
84
|
|
5.0%
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
December 31,
2020
|
|
December 31,
2021
|
|
Change
|
|
(in millions of RMB,
except number of active clients and percentages)
|
Number of active
clients
|
5,268
|
|
3,575
|
|
(32.1%)
|
Number of active
clients including mutual
fund-only
clients
|
19,501
|
|
17,456
|
|
(10.5%)
|
Transaction
value:
|
|
|
|
|
|
Private equity
products
|
5,172
|
|
3,041
|
|
(41.2%)
|
Private secondary
products
|
7,977
|
|
6,659
|
|
(16.5%)
|
Mutual fund
products
|
7,240
|
|
10,207
|
|
41.0%
|
Other
products
|
930
|
|
1,136
|
|
22.2%
|
Total transaction
value
|
21,319
|
|
21,043
|
|
(1.3%)
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
December 31,
2020
|
|
December 31,
2021
|
|
Change
|
|
(in millions of RMB,
except number of active clients and percentages)
|
Number of active
clients
|
12,161
|
|
12,831
|
|
5.5%
|
Number of active
clients including mutual
fund-only
clients
|
34,213
|
|
42,764
|
|
25.0%
|
Transaction
value:
|
|
|
|
|
|
Private equity
products
|
17,876
|
|
18,069
|
|
1.1%
|
Private secondary
products
|
35,162
|
|
37,776
|
|
7.4%
|
Mutual fund
products
|
37,981
|
|
37,169
|
|
(2.1%)
|
Other
products
|
3,717
|
|
4,189
|
|
12.7%
|
Total transaction
value
|
94,736
|
|
97,203
|
|
2.6%
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(unaudited)
|
|
Three months ended December 31, 2021
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
One-time
commissions
|
472,566
|
|
-
|
|
-
|
|
472,566
|
Recurring service
fees
|
214,835
|
|
-
|
|
-
|
|
214,835
|
Performance-based
income
|
42,115
|
|
-
|
|
-
|
|
42,115
|
Other service
fees
|
32,814
|
|
-
|
|
21,482
|
|
54,296
|
Total revenues from
others
|
762,330
|
|
-
|
|
21,482
|
|
783,812
|
Revenues from funds
Gopher manages
|
|
|
|
|
|
|
|
One-time
commissions
|
2,488
|
|
7,398
|
|
-
|
|
9,886
|
Recurring service
fees
|
204,919
|
|
141,828
|
|
-
|
|
346,747
|
Performance-based
income
|
5,905
|
|
126,083
|
|
-
|
|
131,988
|
Total revenues from
funds Gopher
manages
|
213,312
|
|
275,309
|
|
-
|
|
488,621
|
Total
revenues
|
975,642
|
|
275,309
|
|
21,482
|
|
1,272,433
|
Less: VAT related
surcharges
|
(6,358)
|
|
(1,496)
|
|
(4,525)
|
|
(12,379)
|
Net
revenues
|
969,284
|
|
273,813
|
|
16,957
|
|
1,260,054
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(371,788)
|
|
(10,372)
|
|
-
|
|
(382,160)
|
Others
|
(204,386)
|
|
(127,455)
|
|
(17,163)
|
|
(349,004)
|
Total compensation and
benefits
|
(576,174)
|
|
(137,827)
|
|
(17,163)
|
|
(731,164)
|
Selling
expenses
|
(112,287)
|
|
(19,709)
|
|
(7,910)
|
|
(139,906)
|
General and
administrative
expenses
|
(103,142)
|
|
(22,247)
|
|
(22,626)
|
|
(148,015)
|
Provision for credit
losses
|
(2,691)
|
|
(12,574)
|
|
(85,593)
|
|
(100,858)
|
Other operating
expenses
|
(2,507)
|
|
(687)
|
|
(16,450)
|
|
(19,644)
|
Government
grants
|
11,101
|
|
13
|
|
707
|
|
11,821
|
Total operating costs
and expenses
|
(785,700)
|
|
(193,031)
|
|
(149,035)
|
|
(1,127,766)
|
Income (loss) from
operations
|
183,584
|
|
80,782
|
|
(132,078)
|
|
132,288
|
Noah Holdings
Limited
|
|
Segment Condensed
Income Statements
|
|
(unaudited)
|
|
|
|
|
Three months ended
December 31, 2020
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
One-time
commissions
|
229,418
|
|
326
|
|
-
|
|
229,744
|
Recurring service
fees
|
198,347
|
|
1,025
|
|
-
|
|
199,372
|
Performance-based
income
|
81,351
|
|
137
|
|
-
|
|
81,488
|
Other service
fees
|
29,484
|
|
5,804
|
|
4,073
|
|
39,361
|
Total revenues from
others
|
538,600
|
|
7,292
|
|
4,073
|
|
549,965
|
Revenues from funds
Gopher
manages
|
|
|
|
|
|
|
|
One-time
commissions
|
7,710
|
|
35,821
|
|
-
|
|
43,531
|
Recurring service
fees
|
100,651
|
|
138,493
|
|
-
|
|
239,144
|
Performance-based
income
|
-
|
|
126,382
|
|
-
|
|
126,382
|
Total revenues from
funds Gopher
manages
|
108,361
|
|
300,696
|
|
-
|
|
409,057
|
Total
revenues
|
646,961
|
|
307,988
|
|
4,073
|
|
959,022
|
Less: VAT related
surcharges
|
(3,770)
|
|
(1,957)
|
|
(78)
|
|
(5,805)
|
Net
revenues
|
643,191
|
|
306,031
|
|
3,995
|
|
953,217
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(185,471)
|
|
-
|
|
(455)
|
|
(185,926)
|
Others
|
(120,349)
|
|
(124,714)
|
|
(14,809)
|
|
(259,872)
|
Total compensation and
benefits
|
(305,820)
|
|
(124,714)
|
|
(15,264)
|
|
(445,798)
|
Selling
expenses
|
(84,160)
|
|
(9,822)
|
|
(666)
|
|
(94,648)
|
General and
administrative
expenses
|
(58,837)
|
|
(18,291)
|
|
(6,908)
|
|
(84,036)
|
Provision for doubtful
credit looses
|
3,113
|
|
(251)
|
|
(1,073)
|
|
1,789
|
Other operating
expenses
|
(18,287)
|
|
(1,435)
|
|
(2,857)
|
|
(22,579)
|
Government
grants
|
27,100
|
|
316
|
|
102
|
|
27,518
|
Total operating costs
and expenses
|
(436,891)
|
|
(154,197)
|
|
(26,666)
|
|
(617,754)
|
Income (loss) from
operations
|
206,300
|
|
151,834
|
|
(22,671)
|
|
335,463
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
|
Segment Condensed
Income Statements
|
|
(unaudited)
|
|
|
|
|
Twelve months ended
December 31, 2021
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
One-time
commissions
|
1,130,653
|
|
241
|
|
-
|
|
1,130,894
|
Recurring service
fees
|
912,506
|
|
1,194
|
|
-
|
|
913,700
|
Performance-based
income
|
391,903
|
|
-
|
|
-
|
|
391,903
|
Other service
fees
|
92,352
|
|
1,390
|
|
68,240
|
|
161,982
|
Total revenues from
others
|
2,527,414
|
|
2,825
|
|
68,240
|
|
2,598,479
|
Revenues from funds
Gopher
manages
|
|
|
|
|
|
|
|
One-time
commissions
|
50,247
|
|
90,275
|
|
-
|
|
140,522
|
Recurring service
fees
|
557,094
|
|
638,215
|
|
-
|
|
1,195,309
|
Performance-based
income
|
77,218
|
|
315,072
|
|
-
|
|
392,290
|
Total revenues from
funds Gopher
manages
|
684,559
|
|
1,043,562
|
|
-
|
|
1,728,121
|
Total
revenues
|
3,211,973
|
|
1,046,387
|
|
68,240
|
|
4,326,600
|
Less: VAT related
surcharges
|
(17,076)
|
|
(4,923)
|
|
(11,507)
|
|
(33,506)
|
Net
revenues
|
3,194,897
|
|
1,041,464
|
|
56,733
|
|
4,293,094
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(900,921)
|
|
(19,975)
|
|
-
|
|
(920,896)
|
Others
|
(753,368)
|
|
(430,059)
|
|
(64,557)
|
|
(1,247,984)
|
Total compensation and
benefits
|
(1,654,289)
|
|
(450,034)
|
|
(64,557)
|
|
(2,168,880)
|
Selling
expenses
|
(354,128)
|
|
(55,790)
|
|
(27,213)
|
|
(437,131)
|
General and
administrative
expenses
|
(270,253)
|
|
(70,686)
|
|
(42,382)
|
|
(383,321)
|
Provision for credit
losses
|
(6,490)
|
|
(13,275)
|
|
(93,194)
|
|
(112,959)
|
Other operating
expenses
|
(53,616)
|
|
(4,347)
|
|
(49,881)
|
|
(107,844)
|
Government
grants
|
65,368
|
|
37,905
|
|
12,666
|
|
115,939
|
Total operating costs
and expenses
|
(2,273,408)
|
|
(556,227)
|
|
(264,561)
|
|
(3,094,196)
|
Income (loss) from
operations
|
921,489
|
|
485,237
|
|
(207,828)
|
|
1,198,898
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
|
Segment Condensed
Income Statements
|
|
(unaudited)
|
|
|
|
|
Twelve months ended
December 31, 2020
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
One-time
commissions
|
677,726
|
|
1,288
|
|
-
|
|
679,014
|
Recurring service
fees
|
697,140
|
|
3,017
|
|
-
|
|
700,157
|
Performance-based
income
|
180,385
|
|
144
|
|
-
|
|
180,529
|
Other service
fees
|
123,458
|
|
7,451
|
|
65,242
|
|
196,151
|
Total revenues from
others
|
1,678,709
|
|
11,900
|
|
65,242
|
|
1,755,851
|
Revenues from funds
Gopher
manages
|
|
|
|
|
|
|
|
One-time
commissions
|
88,520
|
|
41,303
|
|
-
|
|
129,823
|
Recurring service
fees
|
587,307
|
|
642,735
|
|
-
|
|
1,230,042
|
Performance-based
income
|
24,920
|
|
184,076
|
|
-
|
|
208,996
|
Total revenues from
funds Gopher
manages
|
700,747
|
|
868,114
|
|
-
|
|
1,568,861
|
Total
revenues
|
2,379,456
|
|
880,014
|
|
65,242
|
|
3,324,712
|
Less: VAT related
surcharges
|
(13,123)
|
|
(4,521)
|
|
(1,242)
|
|
(18,886)
|
Net
revenues
|
2,366,333
|
|
875,493
|
|
64,000
|
|
3,305,826
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(613,101)
|
|
-
|
|
(898)
|
|
(613,999)
|
Others
|
(486,668)
|
|
(339,691)
|
|
(63,654)
|
|
(890,013)
|
Total compensation and
benefits
|
(1,099,769)
|
|
(339,691)
|
|
(64,552)
|
|
(1,504,012)
|
Selling
expenses
|
(228,853)
|
|
(34,302)
|
|
(8,537)
|
|
(271,692)
|
General and
administrative
expenses
|
(197,511)
|
|
(59,440)
|
|
(20,928)
|
|
(277,879)
|
Provision for credit
losses
|
(3,785)
|
|
(251)
|
|
(4,047)
|
|
(8,083)
|
Other operating
expenses
|
(76,983)
|
|
(6,443)
|
|
(15,614)
|
|
(99,040)
|
Government
grants
|
58,046
|
|
24,443
|
|
30,867
|
|
113,356
|
Total operating costs
and expenses
|
(1,548,855)
|
|
(415,684)
|
|
(82,811)
|
|
(2,047,350)
|
Income (loss) from
operations
|
817,478
|
|
459,809
|
|
(18,811)
|
|
1,258,476
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Supplement Revenue
Information by Geography
|
(unaudited)
|
|
|
Three months ended
December 31, 2021
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
849,846
|
|
205,797
|
|
21,482
|
|
1,077,125
|
Hong Kong
|
116,154
|
|
57,337
|
|
-
|
|
173,491
|
Others
|
9,642
|
|
12,175
|
|
-
|
|
21,817
|
Total
revenues
|
975,642
|
|
275,309
|
|
21,482
|
|
1,272,433
|
Noah Holdings
Limited
|
Supplement Revenue
Information by Geography
|
(unaudited)
|
|
|
Three months ended
December 31, 2020
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
513,690
|
|
262,719
|
|
4,073
|
|
780,482
|
Hong Kong
|
114,285
|
|
39,536
|
|
-
|
|
153,821
|
Others
|
18,986
|
|
5,733
|
|
-
|
|
24,719
|
Total
revenues
|
646,961
|
|
307,988
|
|
4,073
|
|
959,022
|
Noah Holdings
Limited
|
Supplement Revenue
Information by Geography
|
(unaudited)
|
|
|
Twelve months ended
December 31, 2021
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
2,479,576
|
|
768,203
|
|
68,240
|
|
3,316,019
|
Hong Kong
|
629,587
|
|
240,136
|
|
-
|
|
869,723
|
Others
|
102,810
|
|
38,048
|
|
-
|
|
140,858
|
Total
revenues
|
3,211,973
|
|
1,046,387
|
|
68,240
|
|
4,326,600
|
|
Twelve months ended
December 31, 2020
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
1,787,611
|
|
742,743
|
|
65,242
|
|
2,595,596
|
Hong Kong
|
452,810
|
|
111,431
|
|
-
|
|
564,241
|
Others
|
139,035
|
|
25,840
|
|
-
|
|
164,875
|
Total
revenues
|
2,379,456
|
|
880,014
|
|
65,242
|
|
3,324,712
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for per ADS data and percentages)
|
(unaudited)
|
|
Three months
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
Change
|
|
|
2020
|
|
2021
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Noah shareholders
|
(1,573,507)
|
|
281,312
|
|
N.A.
|
|
Adjustment for
share-based compensation
|
9,041
|
|
12,435
|
|
37.5%
|
|
Add: settlement
expense (reversal)
|
1,828,907
|
|
(719)
|
|
N.A.
|
|
Less: tax effect of
adjustments
|
1,985
|
|
3,421
|
|
72.3%
|
|
Adjusted net income
attributable to Noah shareholders
(non-GAAP)
|
262,456
|
|
289,607
|
|
10.3%
|
|
|
|
|
|
|
|
|
Net margin
attributable to Noah shareholders
|
(165.1%)
|
|
22.3%
|
|
|
|
Non-GAAP net margin
attributable to Noah shareholders
|
27.5%
|
|
23.0%
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Noah shareholders per
ADS, diluted
|
(24.92)
|
|
4.16
|
|
N.A.
|
|
Non-GAAP net income
attributable to Noah shareholders
per ADS, diluted
|
4.13
|
|
4.28
|
|
3.6%
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for per ADS data and percentages)
|
(unaudited)
|
|
Twelve months
ended
|
|
|
|
|
December
31
|
|
December
31
|
|
Change
|
|
|
2020
|
|
2021
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Noah shareholders
|
(745,225)
|
|
1,314,131
|
|
N.A.
|
|
Adjustment for
share-based compensation
|
59,789
|
|
51,036
|
|
(14.6%)
|
|
Add: settlement
expense
|
1,828,907
|
|
19,908
|
|
(98.9%)
|
|
Less: tax effect of
adjustments
|
13,821
|
|
12,374
|
|
(10.5%)
|
|
Adjusted net income
attributable to Noah shareholders
(non-GAAP)
|
1,129,650
|
|
1,372,701
|
|
21.5%
|
|
|
|
|
|
|
|
|
Net margin
attributable to Noah shareholders
|
(22.5%)
|
|
30.6%
|
|
|
|
Non-GAAP net margin
attributable to Noah shareholders
|
34.2%
|
|
32.0%
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Noah shareholders per
ADS, diluted
|
(12.01)
|
|
19.45
|
|
N.A.
|
|
Non-GAAP net income
attributable to Noah shareholders
per ADS, diluted
|
18.12
|
|
20.32
|
|
12.2%
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2021-301501822.html
SOURCE Noah Holdings Limited