SHANGHAI, May 11, 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
financial results for the first quarter of 2022.
FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS
- Net revenues for the first quarter of 2022
were RMB795.7 million (US$125.5 million), a 35.0% decrease from the
corresponding period in 2021, and a 36.9% decrease from the fourth
quarter of 2021, mainly due to decreases in one-time commissions
and performance-based incomes.
(RMB
millions,
except
percentages)
|
Q1 2021
|
|
|
Q1 2022
|
|
|
YoY Change
|
Wealth
management
|
946.4
|
|
|
578.5
|
|
|
(38.9%)
|
Asset
management
|
270.0
|
|
|
200.6
|
|
|
(25.7%)
|
Other
businesses
|
8.3
|
|
|
16.6
|
|
|
101.1%
|
Total net
revenues
|
1,224.7
|
|
|
795.7
|
|
|
(35.0%)
|
- Income from operations for the first quarter of 2022 was
RMB313.8 million (US$49.5 million), a 37.5% decrease from the
corresponding period in 2021, due to the decreased net revenues for
the first quarter of 2022, but a 137.2% increase from the fourth
quarter of 2021, due to less expenses and provision of credit
losses incurred, which is partially offset by a decrease in net
revenues.
(RMB
millions,
except
percentages)
|
Q1 2021
|
|
|
Q1 2022
|
|
|
YoY Change
|
Wealth
management
|
418.1
|
|
|
235.4
|
|
|
(43.7%)
|
Asset
management
|
114.5
|
|
|
93.9
|
|
|
(18.0%)
|
Other
businesses
|
(30.2)
|
|
|
(15.5)
|
|
|
(48.7%)
|
Total income from
operations
|
502.4
|
|
|
313.8
|
|
|
(37.5%)
|
- Net income attributable to Noah shareholders for the
first quarter of 2022 was RMB305.2
million (US$48.2 million), a
32.8% decrease from the corresponding period in 2021, but an 8.5%
increase from the fourth quarter of 2021.
- Non-GAAP[1] net income attributable to Noah
shareholders for the first quarter of 2022 was RMB313.5 million (US$49.5
million), a 32.1% decrease from the corresponding period in
2021, but an 8.2% increase from the fourth quarter of 2021.
[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.
|
FIRST QUARTER 2022 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. We primarily
distribute private equity, private secondary, mutual funds and
other products denominated in RMB and other currencies.
- Total number of registered clients as of March 31, 2022 was 415,082, an 8.1% increase from
March 31, 2021, and a 0.8% increase
from December 31, 2021.
- Total number of active clients[2], which excluded mutual
fund-only clients during the first quarter of 2022 was 2,818, a
55.3% decrease from the first quarter of 2021, and a 21.2% decrease
from the fourth quarter of 2021. Including mutual fund-only
clients, the number of clients who transacted with us during the
first quarter of 2022 was 14,970, a 46.2% decrease from the first
quarter of 2021, and a 14.2% decrease from the fourth quarter of
2021. The decreases were mainly related to the adverse performance
of secondary market in the first quarter.
- Aggregate value of investment products
distributed during the first quarter of 2022 was
RMB15.0 billion (US$2.4 billion), a 44.6% decrease from the first
quarter of 2021, primarily due to a 68.7%, 33.2% and 17.8% decrease
of private secondary products, private equity products and mutual
fund products, respectively. The aggregate value decreased by 28.7%
compared with the fourth quarter of 2021, due to a 39.5% and 30.3%
decrease of private secondary products and mutual fund products,
respectively and partially offset by a 4.6% increase of private
equity products.
Product
type
|
Three months ended
March 31,
|
|
2021
|
|
2022
|
|
(RMB in billions,
except percentages)
|
Mutual fund
products
|
8.6
|
|
31.9%
|
|
7.1
|
|
47.4%
|
Private secondary
products
|
12.9
|
|
47.5%
|
|
4.0
|
|
26.9%
|
Private equity
products
|
4.8
|
|
17.6%
|
|
3.2
|
|
21.2%
|
Other
products[3]
|
0.8
|
|
3.0%
|
|
0.7
|
|
4.5%
|
All
products
|
27.1
|
|
100.0%
|
|
15.0
|
|
100.0%
|
- Coverage network in mainland China covered 83 cities as of March 31, 2022, compared with 82 cities as of
March 31, 2021 and 84 cities as of
December 31, 2021.
- Number of relationship managers was 1,281 as of
March 31, 2022, a 2.8% increase from
March 31, 2021, but a 2.7% decrease
from December 31, 2021.
[2] "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.
|
[3] "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,
public securities, real estate, multi-strategy and other
investments denominated in RMB and other currencies.
- Total assets under management as of March 31, 2022 remained relatively stable in the
amount of RMB156.1 billion
(US$24.6 billion), a 1.3% increase
from March 31, 2021.
Investment
type
|
As of
December 31,
2021
|
|
Growth
|
|
Allocation/
Redemption
|
|
As of
March 31,
2022
|
|
(RMB billions,
except percentages)
|
Private
equity
|
130.9
|
|
83.9%
|
|
4.8
|
|
3.0
|
|
132.7
|
|
85.0%
|
Public
securities[4]
|
11.2
|
|
7.2%
|
|
0.1
|
|
0.9
|
|
10.4
|
|
6.6%
|
Real
estate
|
6.6
|
|
4.3%
|
|
0.6
|
|
1.0
|
|
6.2
|
|
4.1%
|
Multi-strategies
|
5.9
|
|
3.8%
|
|
-
|
|
0.5
|
|
5.4
|
|
3.4%
|
Others
|
1.4
|
|
0.8%
|
|
-
|
|
-
|
|
1.4
|
|
0.9%
|
All
Investments
|
156.0
|
|
100.0%
|
|
5.5
|
|
5.4
|
|
156.1
|
|
100.0%
|
|
[4] The asset
allocation/redemption of public securities also includes market
appreciation or depreciation.
|
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, "In the first quarter of 2022, I am happy to see
the number of our core clients, diamond and black card, continued
to grow at 7.3% and 30.6% year-on-year respectively amid volatile
market environment, showing the effectiveness of our client-centric
reform. Despite weaker transaction value in mutual funds and
private secondary products, which is in line with the market trend,
and thanks to the sophistication of our clients and our investor
education efforts, we allocated 4.6% more long-duration private
equity products in the quarter compared with the fourth quarter of
2021. With the successful implementation of our new compensation
scheme in 2021, as well as strict cost control and strategic
investment, our operating margin restored to nearly 40% in the
first quarter. We are mindful of the global macro outlook and the
impact of the recent COVID-19 lockdowns in China, and recommend our clients to adopt a
Protection before Growth strategy in 2022, by reevaluating and
proactively rebalancing the asset allocation to construct a
well-positioned portfolio that is safe and effective. We remain
confident in the resilience of Chinese economy, the growth of the
wealth management and asset management industries here, as well as
the support from our clients, and hope to meet the full-year
non-GAAP net income guidance that we published in the last earnings
release."
FIRST QUARTER 2022 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2022 were
RMB795.7 million (US$125.5 million), a 35.0% decrease from the
corresponding period in 2021, primarily due to decreases in
one-time commissions and performance-based income, partially offset
by increases in recurring service fees and other service fees.
- Wealth Management Business
- Net revenues from one-time commissions for the first
quarter of 2022 were RMB92.6 million
(US$14.6 million), a 68.4% decrease
from the corresponding period in 2021, primarily due to a 68.7%
decrease in transaction value of private secondary products that we
distributed.
- Net revenues from recurring service fees for the first
quarter of 2022 were RMB310.8 million
(US$49.0 million), a 0.9% decrease
from the corresponding period in 2021.
- Net revenues from performance-based income for the first
quarter of 2022 were RMB156.0 million
(US$24.6 million), compared with
RMB325.6 million in the corresponding
period of 2021. The decrease was primarily due to less
performance-based income that were shared from private secondary
products providers.
- Net revenues from other service fees for the first
quarter of 2022 were RMB19.0 million
(US$3.0 million), compared with
RMB13.9 million in the corresponding
period in 2021, primarily due to more value-added services we
offered to our high net worth clients.
- Asset Management Business
- Net revenues from one-time commissions for the first
quarter of 2022 was RMB9.2 million
(US$1.5 million), a 69.1% decrease
from the corresponding period in 2021 due to less private equity
products sold.
- Net revenues from recurring service fees for the first
quarter of 2022 were RMB173.3 million
(US$27.3 million), a 7.5% increase
from the corresponding period in 2021 due to increase in assets
under management.
- Net revenues from performance-based income for the first
quarter of 2022 were RMB18.1 million
(US$2.9 million), compared with
RMB77.5 million in the corresponding
period of 2021. The decrease was primarily due to less
performance-based income realized from private equity
products.
- Other Businesses
- Net revenues for the first quarter of 2022 were
RMB16.6 million (US$2.6 million), compared with RMB8.3 million from the corresponding period in
2021.
Operating Costs and Expenses
Operating costs
and expenses for the first quarter of 2022
were RMB481.9 million (US$76.0 million), a 33.3% decrease from the
corresponding period in 2021. Operating costs and expenses
primarily consisted of compensation and benefits of RMB357.9 million (US$56.5
million), selling expenses of RMB59.9
million (US$9.5 million),
general and administrative expenses of RMB58.2 million (US$9.2
million), reversal of provision of credit losses of
RMB9.2 million (US$1.5 million) and other operating expenses of
RMB29.6 million (US$4.7 million).
- Operating costs and expenses for the wealth
management business for the first quarter of 2022 were
RMB343.1 million (US$54.1 million), a 35.1% decrease from the
corresponding period in 2021, primarily due to less relationship
manager compensation relating to transaction value of investment
products distributed and less selling, general and administrative
expenses incurred.
- Operating costs and expenses for the asset management
business for the first quarter of 2022 were RMB106.7 million (US$16.8
million), a 31.4% decrease from the corresponding period in
2021, primarily due to less performance fee compensation as well as
less selling, general and administrative expenses incurred.
- Operating costs and expenses for other businesses
for the first quarter of 2022 were RMB32.1
million (US$5.1 million), a
16.6% decrease from the corresponding period in 2021, primarily due
to less compensation and benefits.
Operating Margin
Operating margin for the first quarter of 2022 was 39.4%,
compared with 41.0% for the corresponding period in 2021.
- Operating margin for the wealth management business for
the first quarter of 2022 was 40.7%, compared with 44.2% for the
corresponding period in 2021.
- Operating margin for the asset management
business for the first quarter of 2022 was 46.8%, compared with
42.4% for the corresponding period in 2021.
- Loss from operation for the other businesses for
the first quarter of 2022 was RMB15.5
million (US$2.4 million),
compared with an operating loss of RMB30.2
million for the corresponding period in 2021, due to more
revenues generated in the first quarter of 2022.
Investment Income
Investment income for the first quarter of 2022 was
RMB25.4 million (US$4.0 million), compared with RMB34.4 million for the corresponding period in
2021.
Income Tax Expenses
Income tax expenses for the first
quarter of 2022 were RMB77.3 million
(US$12.2 million), a 40.4% decrease
from the corresponding period in 2021. The decrease was primarily
due to less taxable income.
Net Income
- Net Income
- Net income for the first quarter of 2022 was
RMB304.2 million (US$48.0 million), a 32.8% decrease from the
corresponding period in 2021.
- Net margin for the first quarter of 2022 was 38.2%, up
from 37.0% for the corresponding period in 2021.
- Net income attributable to Noah shareholders for the
first quarter of 2022 was RMB305.2
million (US$48.2 million), a
32.8% decrease from the corresponding period in 2021.
- Net margin attributable to Noah shareholders for the
first quarter of 2022 was 38.4%, up from 37.1% for the
corresponding period in 2021.
- Net income attributable to Noah shareholders per basic and
diluted ADS for the first quarter of 2022 was RMB4.54 (US$0.72)
and RMB4.52 (US$0.71), respectively, compared with
RMB6.77 and RMB6.72 for the corresponding period in 2021,
respectively.
- Non-GAAP Net Income Attributable to Noah
Shareholders
- Non-GAAP net income attributable to Noah shareholders
for the first quarter of 2022 was RMB313.5
million (US$49.5 million), a
32.1% decrease from the corresponding period in 2021, but an 8.6%
increase from the fourth quarter of 2021.
- Non-GAAP net margin attributable to Noah shareholders
for the first quarter of 2022 was 39.4%, up from 37.7% for the
corresponding period in 2021.
- Non-GAAP net income attributable to Noah shareholders per
diluted ADS for the first quarter of 2022 was RMB4.65 (US$0.73),
down from RMB6.84 for the
corresponding period in 2021.
Balance Sheet and Cash Flow
As of March 31, 2022, the Company
had RMB3,899.9 million (US$615.2 million) in cash and cash equivalents,
compared with RMB3,404.6 million as
of December 31, 2021 and RMB4,904.3 million as of March 31, 2021, respectively.
Net cash inflow from the Company's operating activities during
the first quarter of 2022 was RMB501.2
million (US$79.1 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 first quarter of 2022 was RMB9.3
million (US$1.5 million),
primarily due to the collection of loans originated.
Net cash outflow from the Company's financing activities was
RMB12.1 million (US$1.9 million) in the first quarter of 2022,
primarily due to
payment of assumed liability resulting from certain asset acquisition.
2022 FORECAST
The Company estimates that non-GAAP net income attributable to
Noah shareholders for the full year 2022 will be in the range of
RMB1.45 billion to RMB1.55 billion. This estimate reflects
management's current business outlook and is subject to change.
CONFERENCE CALL
Senior management will host a combined English and Chinese
language conference call to discuss the Company's first quarter of
2022 unaudited financial results and recent business
activities.
The conference call may be accessed with the following
details:
Conference call
details
|
Date/Time
|
Wednesday, May 11,
2022 at 8:00 p.m., U.S. Eastern Time
Thursday, May 12,
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 1Q22
Earnings Conference Call
|
Participant
Password
|
8316018
|
A telephone replay will be available starting one hour after the
end of the conference call until May 18, 2022 at
+1-877-344-7529 (US Toll Free) or 1-412-317-0088 (International
Toll). The replay access code is 9378127.
A live and archived webcast of the conference call will be
available at Noah's investor relations website under the
Announcements & Events section at 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 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 first quarter of 2022, Noah
distributed RMB15.0 billion
(US$2.4 billion) of investment
products. Through Gopher Asset Management, Noah had assets under
management of RMB156.1 billion
(US$24.6 billion) as of
March 31, 2022.
Noah's wealth management business primarily distributes private
equity, public securities and insurance products denominated in RMB
and other currencies. Noah delivers customized financial solutions
to clients through a network of 1,281 relationship managers across
83 cities in mainland China, and
serves the international investment needs of its clients through
offices in Hong Kong, Taiwan, New
York, Silicon Valley and Singapore. The Company's wealth management
business had 415,082 registered clients as of March 31, 2022. Through Gopher Asset Management,
Noah manages private equity, public securities, real
estate, multi-strategy and other investments denominated
in Renminbi and other currencies. Noah also provides other
businesses.
For more information, please visit Noah at
ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the
first quarter of 2022 ended March 31,
2022 are stated in RMB. This announcement contains currency
conversions of certain RMB amounts into US$ 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 RMB6.3393 to US$1.00, the effective noon buying rate for
March 31, 2022 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.
____________________________________
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(unaudited)
|
|
|
As of
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2021
|
|
2022
|
|
2022
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
3,404,603
|
|
3,899,892
|
|
615,193
|
|
|
Restricted
cash
|
510
|
|
512
|
|
81
|
|
|
Short-term
investments
|
92,803
|
|
64,347
|
|
10,150
|
|
|
Accounts receivable,
net
|
808,029
|
|
396,485
|
|
62,544
|
|
|
Loans receivable,
net
|
595,766
|
|
578,355
|
|
91,233
|
|
|
Amounts due from
related parties
|
451,389
|
|
532,533
|
|
84,005
|
|
|
Other current
assets
|
163,710
|
|
170,813
|
|
26,945
|
|
|
Total current
assets
|
5,516,810
|
|
5,642,937
|
|
890,151
|
|
Long-term
investments, net
|
668,572
|
|
699,174
|
|
110,292
|
|
Investment in
affiliates
|
1,402,083
|
|
1,430,346
|
|
225,632
|
|
Property and
equipment, net
|
2,580,935
|
|
2,544,521
|
|
401,388
|
|
Operating lease
right-of-use assets, net
|
223,652
|
|
212,993
|
|
33,599
|
|
Deferred tax
assets
|
335,905
|
|
335,911
|
|
52,989
|
|
Other non-current
assets
|
161,832
|
|
162,206
|
|
25,587
|
Total
Assets
|
10,889,789
|
|
11,028,088
|
|
1,739,638
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
946,547
|
|
880,353
|
|
138,872
|
|
|
Income tax
payable
|
190,260
|
|
236,915
|
|
37,372
|
|
|
Deferred
revenues
|
63,631
|
|
79,970
|
|
12,615
|
|
|
Other current
liabilities
|
649,255
|
|
518,214
|
|
81,746
|
|
|
Contingent
liabilities
|
433,345
|
|
431,080
|
|
68,001
|
|
|
Total current
liabilities
|
2,283,038
|
|
2,146,532
|
|
338,606
|
|
Operating lease
liabilities, non-current
|
130,956
|
|
120,790
|
|
19,054
|
|
Deferred tax
liabilities
|
234,134
|
|
232,848
|
|
36,731
|
|
Other non-current
liabilities
|
100,020
|
|
83,931
|
|
13,240
|
|
Total
Liabilities
|
2,748,148
|
|
2,584,101
|
|
407,631
|
|
Equity
|
8,141,641
|
|
8,443,987
|
|
1,332,007
|
Total Liabilities
and Equity
|
10,889,789
|
|
11,028,088
|
|
1,739,638
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In RMB'000,
except for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
|
Three months
ended
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
Change
|
|
2021
|
|
2022
|
|
2022
|
|
|
Revenues:
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
One-time
commissions
|
278,704
|
|
81,154
|
|
12,802
|
|
(70.9%)
|
Recurring service
fees
|
220,513
|
|
193,379
|
|
30,505
|
|
(12.3%)
|
Performance-based
income
|
276,524
|
|
142,911
|
|
22,544
|
|
(48.3%)
|
Other service
fees
|
23,713
|
|
38,760
|
|
6,114
|
|
63.5%
|
Total revenues from
others
|
799,454
|
|
456,204
|
|
71,965
|
|
(42.9%)
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
46,146
|
|
21,155
|
|
3,337
|
|
(54.2%)
|
Recurring service
fees
|
256,697
|
|
293,052
|
|
46,228
|
|
14.2%
|
Performance-based
income
|
128,556
|
|
32,067
|
|
5,058
|
|
(75.1%)
|
Total revenues from
funds Gopher
manages
|
431,399
|
|
346,274
|
|
54,623
|
|
(19.7%)
|
Total
revenues
|
1,230,853
|
|
802,478
|
|
126,588
|
|
(34.8%)
|
Less: VAT related
surcharges
|
(6,117)
|
|
(6,786)
|
|
(1,070)
|
|
10.9%
|
Net
revenues
|
1,224,736
|
|
795,692
|
|
125,518
|
|
(35.0%)
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
manager
compensation
|
(206,872)
|
|
(109,995)
|
|
(17,351)
|
|
(46.8%)
|
Others
|
(375,253)
|
|
(247,910)
|
|
(39,107)
|
|
(33.9%)
|
Total compensation and
benefits
|
(582,125)
|
|
(357,905)
|
|
(56,458)
|
|
(38.5%)
|
Selling
expenses
|
(83,455)
|
|
(59,906)
|
|
(9,450)
|
|
(28.2%)
|
General and
administrative
expenses
|
(80,285)
|
|
(58,207)
|
|
(9,182)
|
|
(27.5%)
|
(Provision for)
reversal of credit
losses
|
(3,407)
|
|
9,198
|
|
1,451
|
|
N.A.
|
Other operating
expenses
|
(27,088)
|
|
(29,635)
|
|
(4,675)
|
|
9.4%
|
Government
subsidies
|
54,014
|
|
14,558
|
|
2,296
|
|
(73.0%)
|
Total operating costs
and
expenses
|
(722,346)
|
|
(481,897)
|
|
(76,018)
|
|
(33.3%)
|
Income from
operations
|
502,390
|
|
313,795
|
|
49,500
|
|
(37.5%)
|
Other
income:
|
|
|
|
|
|
|
|
Interest
income
|
22,927
|
|
12,637
|
|
1,993
|
|
(44.9%)
|
Investment
income
|
34,361
|
|
25,373
|
|
4,002
|
|
(26.2%)
|
Other
expense
|
(486)
|
|
(278)
|
|
(44)
|
|
(42.8%)
|
Total other
income
|
56,802
|
|
37,732
|
|
5,951
|
|
(33.6%)
|
Income before taxes
and income
from equity in affiliates
|
559,192
|
|
351,527
|
|
55,451
|
|
(37.1%)
|
Income tax
expense
|
(129,846)
|
|
(77,336)
|
|
(12,199)
|
|
(40.4%)
|
Income from equity in
affiliates
|
23,513
|
|
30,020
|
|
4,736
|
|
27.7%
|
Net
income
|
452,859
|
|
304,211
|
|
47,988
|
|
(32.8%)
|
Less: net loss
attributable to non-
controlling interests
|
(1,234)
|
|
(1,031)
|
|
(163)
|
|
(16.5%)
|
Net income
attributable to Noah
shareholders
|
454,093
|
|
305,242
|
|
48,151
|
|
(32.8%)
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
6.77
|
|
4.54
|
|
0.72
|
|
(32.9%)
|
Income per ADS,
diluted
|
6.72
|
|
4.52
|
|
0.71
|
|
(32.7%)
|
|
|
|
|
|
|
|
|
Margin
analysis:
|
|
|
|
|
|
|
|
Operating
margin
|
41.0%
|
|
39.4%
|
|
39.4%
|
|
|
Net margin
|
37.0%
|
|
38.2%
|
|
38.2%
|
|
|
Weighted average
ADS
equivalent[1]:
|
|
|
|
|
|
|
|
Basic
|
67,091,780
|
|
67,235,270
|
|
67,235,270
|
|
|
Diluted
|
67,572,038
|
|
67,480,826
|
|
67,480,826
|
|
|
ADS equivalent
outstanding at
end of period
|
59,976,690
|
|
60,173,494
|
|
60,173,494
|
|
|
|
|
|
|
|
|
|
|
|
[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
|
|
|
|
March 31,
2021
|
|
March 31,
2022
|
|
March 31,
2022
|
|
Change
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net income
|
452,859
|
|
304,211
|
|
47,988
|
|
(32.8%)
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustments
|
8,409
|
|
(9,148)
|
|
(1,443)
|
|
N.A.
|
Comprehensive
income
|
461,268
|
|
295,063
|
|
46,545
|
|
(36.0%)
|
Less: Comprehensive
loss attributable
to
non-controlling interests
|
(1,201)
|
|
(882)
|
|
(139)
|
|
(26.6%)
|
Comprehensive income
attributable to
Noah
shareholders
|
462,469
|
|
295,945
|
|
46,684
|
|
(36.0%)
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Supplemental
Information
|
(unaudited)
|
|
|
As
of
|
|
|
|
March 31,
2021
|
|
March 31,
2022
|
|
Change
|
|
|
|
|
|
|
Number of registered
clients
|
384,021
|
|
415,082
|
|
8.1%
|
Number of
relationship managers
|
1,246
|
|
1,281
|
|
2.8%
|
Number of cities
under coverage in
mainland China
|
82
|
|
83
|
|
1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
March 31,
2021
|
|
March 31,
2022
|
|
Change
|
|
(in millions of RMB,
except number of active clients and
percentages)
|
Number of active
clients
|
6,299
|
|
2,818
|
|
(55.3%)
|
Number of active
clients including mutual
fund-only clients
|
27,846
|
|
14,970
|
|
(46.2%)
|
Transaction
value:
|
|
|
|
|
|
Private equity
products
|
4,763
|
|
3,180
|
|
(33.2%)
|
Private secondary
products
|
12,864
|
|
4,027
|
|
(68.7%)
|
Mutual fund
products
|
8,645
|
|
7,110
|
|
(17.8%)
|
Other
products
|
820
|
|
679
|
|
(17.2%)
|
Total transaction
value
|
27,092
|
|
14,996
|
|
(44.6%)
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(unaudited)
|
|
|
Three months ended
March 31, 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
|
81,154
|
|
-
|
|
-
|
|
81,154
|
Recurring service
fees
|
193,379
|
|
-
|
|
-
|
|
193,379
|
Performance-based
income
|
142,911
|
|
-
|
|
-
|
|
142,911
|
Other service
fees
|
19,113
|
|
-
|
|
19,647
|
|
38,760
|
Total revenues from
others
|
436,557
|
|
-
|
|
19,647
|
|
456,204
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
11,859
|
|
9,296
|
|
-
|
|
21,155
|
Recurring service
fees
|
118,871
|
|
174,181
|
|
-
|
|
293,052
|
Performance-based
income
|
13,868
|
|
18,199
|
|
-
|
|
32,067
|
Total revenues from
funds Gopher
manages
|
144,598
|
|
201,676
|
|
-
|
|
346,274
|
Total
revenues
|
581,155
|
|
201,676
|
|
19,647
|
|
802,478
|
Less: VAT related
surcharges
|
(2,711)
|
|
(1,039)
|
|
(3,036)
|
|
(6,786)
|
Net
revenues
|
578,444
|
|
200,637
|
|
16,611
|
|
795,692
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
manager
compensation
|
(99,688)
|
|
(10,307)
|
|
-
|
|
(109,995)
|
Other
compensations
|
(148,135)
|
|
(89,517)
|
|
(10,258)
|
|
(247,910)
|
Total compensation and
benefits
|
(247,823)
|
|
(99,824)
|
|
(10,258)
|
|
(357,905)
|
Selling
expenses
|
(52,043)
|
|
(4,234)
|
|
(3,629)
|
|
(59,906)
|
General and
administrative
expenses
|
(42,754)
|
|
(10,029)
|
|
(5,424)
|
|
(58,207)
|
(Provision for)
reversal of credit
losses
|
(603)
|
|
(227)
|
|
10,028
|
|
9,198
|
Other operating
expenses
|
(5,516)
|
|
(1,270)
|
|
(22,849)
|
|
(29,635)
|
Government
subsidies
|
5,639
|
|
8,885
|
|
34
|
|
14,558
|
Total operating costs
and expenses
|
(343,100)
|
|
(106,699)
|
|
(32,098)
|
|
(481,897)
|
Income (loss) from
operations
|
235,344
|
|
93,938
|
|
(15,487)
|
|
313,795
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(unaudited)
|
Three months ended March 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
|
278,463
|
|
241
|
|
-
|
|
278,704
|
Recurring service
fees
|
219,319
|
|
1,194
|
|
-
|
|
220,513
|
Performance-based
income
|
276,524
|
|
-
|
|
-
|
|
276,524
|
Other service
fees
|
14,017
|
|
1,390
|
|
8,306
|
|
23,713
|
Total revenues from
others
|
788,323
|
|
2,825
|
|
8,306
|
|
799,454
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
16,270
|
|
29,876
|
|
-
|
|
46,146
|
Recurring service
fees
|
95,971
|
|
160,726
|
|
-
|
|
256,697
|
Performance-based
income
|
50,726
|
|
77,830
|
|
-
|
|
128,556
|
Total revenues from
funds Gopher
manages
|
162,967
|
|
268,432
|
|
-
|
|
431,399
|
Total
revenues
|
951,290
|
|
271,257
|
|
8,306
|
|
1,230,853
|
Less: VAT related
surcharges
|
(4,838)
|
|
(1,229)
|
|
(50)
|
|
(6,117)
|
Net
revenues
|
946,452
|
|
270,028
|
|
8,256
|
|
1,224,736
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
manager
compensation
|
(206,790)
|
|
(82)
|
|
-
|
|
(206,872)
|
Other
compensations
|
(215,289)
|
|
(138,854)
|
|
(21,110)
|
|
(375,253)
|
Total compensation and
benefits
|
(422,079)
|
|
(138,936)
|
|
(21,110)
|
|
(582,125)
|
Selling
expenses
|
(66,827)
|
|
(12,001)
|
|
(4,627)
|
|
(83,455)
|
General and
administrative expenses
|
(55,924)
|
|
(18,094)
|
|
(6,267)
|
|
(80,285)
|
Provision for credit
losses
|
-
|
|
-
|
|
(3,407)
|
|
(3,407)
|
Other operating
expenses
|
(22,083)
|
|
(1,805)
|
|
(3,200)
|
|
(27,088)
|
Government
subsidies
|
38,596
|
|
15,283
|
|
135
|
|
54,014
|
Total operating costs
and expenses
|
(528,317)
|
|
(155,553)
|
|
(38,476)
|
|
(722,346)
|
Income (loss) from
operations
|
418,135
|
|
114,475
|
|
(30,220)
|
|
502,390
|
|
Noah Holdings
Limited
Supplement Revenue
Information for Segment
(unaudited)
|
|
|
|
Three months ended
March 31, 2022
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
425,237
|
|
166,774
|
|
19,647
|
|
611,658
|
Hong Kong
|
90,431
|
|
11,991
|
|
-
|
|
102,422
|
Others
|
65,487
|
|
22,911
|
|
-
|
|
88,398
|
Total
revenues
|
581,155
|
|
201,676
|
|
19,647
|
|
802,478
|
|
|
|
|
|
Three months ended
March 31, 2021
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
697,471
|
|
187,621
|
|
8,306
|
|
893,398
|
Hong Kong
|
230,621
|
|
76,431
|
|
-
|
|
307,052
|
Others
|
23,198
|
|
7,205
|
|
-
|
|
30,403
|
Total
revenues
|
951,290
|
|
271,257
|
|
8,306
|
|
1,230,853
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for per ADS data and percentages)
|
(unaudited) [5]
|
|
|
Three months
ended
|
|
|
|
|
March
31,
|
|
March
31,
|
|
Change
|
|
|
2021
|
|
2022
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah shareholders
|
454,093
|
|
305,242
|
|
(32.8%)
|
|
Adjustment for
share-based compensation
|
10,144
|
|
10,846
|
|
6.9%
|
|
Less: Tax effect of
adjustments
|
2,354
|
|
2,607
|
|
10.7%
|
|
Adjusted net income
attributable to Noah
shareholders (non-GAAP)
|
461,883
|
|
313,481
|
|
(32.1%)
|
|
|
|
|
|
|
|
|
Net
margin attributable to Noah shareholders
|
37.1%
|
|
38.4%
|
|
|
|
Non-GAAP net margin
attributable to Noah
shareholders
|
37.7%
|
|
39.4%
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah shareholders per
ADS, diluted
|
6.72
|
|
4.52
|
|
(32.7%)
|
|
Non-GAAP net income
attributable to Noah
shareholders per ADS, diluted
|
6.84
|
|
4.65
|
|
(32.0%)
|
|
|
|
|
|
|
|
|
|
[5]
Noah's Non-GAAP financial measures reflect the
respective most directly comparable GAAP financial measures
excluding the effects of all forms of share-based compensation and
net of relevant tax impact, if any.
|
View original
content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2022-301544807.html
SOURCE Noah Holdings Limited