SHANGHAI, Aug. 22,
2022 /PRNewswire/ -- Noah Holdings Limited ("Noah" or
the "Company") (NYSE: NOAH and HKEX: 6686), 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 second quarter of 2022.
SECOND QUARTER 2022 FINANCIAL HIGHLIGHTS
- Net revenues for the second quarter of
2022 were RMB738.1 million
(US$110.2 million), a 17.9% decrease
from the corresponding period in 2021, mainly due to decreases in
one-time commissions, and performance-based incomes. Net revenues
decreased by 7.2% compared with the first quarter of 2022, mainly
due to decreases in performance based income amid market
volatilities and partially offset by more than doubled one-time
commissions.
(RMB
millions,
except
percentages)
|
Q2 2021
|
|
|
Q2 2022
|
|
|
YoY Change
|
Wealth
management
|
625.6
|
|
|
508.6
|
|
|
(18.7 %)
|
Asset
management
|
256.3
|
|
|
210.3
|
|
|
(17.9 %)
|
Other
businesses
|
17.5
|
|
|
19.2
|
|
|
9.5 %
|
Total net
revenues
|
899.4
|
|
|
738.1
|
|
|
(17.9 %)
|
- Income from operations for the second quarter of 2022
was RMB323.1 million (US$48.2 million), a 3.6% decrease from the
corresponding period in 2021, due to the decreased net revenues for
the second quarter of 2022 and partially offset by a decrease in
our expenses due to the COVID-19 lockdown measures in parts of
China, especially Shanghai; income from operations increased by
3.0% compared with the first quarter of 2022, due to less expenses
incurred and more government subsidies received in the second
quarter of 2022.
(RMB
millions,
except
percentages)
|
Q2 2021
|
|
|
Q2 2022
|
|
|
YoY Change
|
Wealth
management
|
176.7
|
|
|
193.8
|
|
|
9.7 %
|
Asset
management
|
172.8
|
|
|
142.6
|
|
|
(17.5 %)
|
Other
businesses
|
(14.1)
|
|
|
(13.3)
|
|
|
(6.3 %)
|
Total income from
operations
|
335.4
|
|
|
323.1
|
|
|
(3.6 %)
|
- Net income attributable to Noah shareholders for the
second quarter of 2022 was RMB349.0
million (US$52.1 million), a
14.2% increase from the corresponding period in 2021, and a 14.3%
increase from the first quarter of 2022.
- Non-GAAP[1] net income attributable
to Noah shareholders for the second quarter of 2022 was
RMB355.1 million (US$53.0 million), a 5.4% increase from the
corresponding period in 2021, and a 13.3% increase from the first
quarter of 2022.
[1] Noah's
Non-GAAP financial measures are its corresponding GAAP financial
measures excluding the effects of all forms of share-based
compensation, share-based settlement expenses and net of relevant
tax impact, if any. See "Reconciliation of GAAP to Non-GAAP
Results" at the end of this press release.
|
SECOND 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. 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 June 30, 2022 was 418,675, a 5.4% increase from
June 30, 2021, and a 0.9% increase
from March 31, 2022.
- Total number of active clients[2],
which excluded mutual fund-only clients during the second quarter
of 2022 was 2,272, a 51.4% decrease from the second quarter of
2021, and a 19.4% decrease from the first quarter of 2022. Counting
in mutual fund-only clients, the total number of clients who
transacted with us during the second quarter of 2022 was 12,866, a
36.6% decrease from the second quarter of 2021, and a 14.1%
decrease from the first quarter of 2022, mainly affected by
volatile market environment.
- Aggregate value of investment products
distributed during the second quarter of 2022 was RMB19.3 billion (US$3.0
billion), a 22.7% decrease from the second quarter of 2021,
but a 28.8% increase from the first quarter of 2022, mainly due to
increases in the distribution of mutual fund products and private
equity products.
|
Three months ended
June 30,
|
|
2021
|
|
2022
|
Product
type
|
(RMB in billions,
except percentages)
|
Mutual fund
products
|
9.4
|
|
37.5 %
|
|
12.2
|
|
63.1 %
|
Private
secondary products
|
7.7
|
|
30.8 %
|
|
2.4
|
|
12.4 %
|
Private equity
products
|
6.5
|
|
25.9 %
|
|
3.9
|
|
20.3 %
|
Other
products[3]
|
1.4
|
|
5.8 %
|
|
0.8
|
|
4.2 %
|
All
products
|
25.0
|
|
100.0 %
|
|
19.3
|
|
100.0 %
|
- Coverage network in mainland China covered 79 cities as of June 30, 2022, compared with 81 cities as of
June 30, 2021 and 83 cities as of
March 31, 2022.
- Number of relationship managers was 1,255 as of
June 30, 2022, a 1.0% decrease from
June 30, 2021, and a 2.0% decrease
from March 31, 2022.
[2] "Active
clients" for a given period refers to registered high net worth
investors who purchase investment products distributed or provided
by Noah during that given period, excluding clients who transacted
only on our online mutual fund platforms.
|
[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,
real estate, public securities to multi-strategy investments
denominated in RMB and other currencies.
- Total assets under management as of June 30, 2022 were RMB155.4 billion (US$23.2
billion), a 0.4% decrease from March
31, 2022 and a 0.3% decrease from June 30, 2021, mainly due to higher distribution
of private equity assets during the second quarter of 2022.
Investment
type
|
As of
March 31,
2022
|
|
Growth
|
|
Distribution/
Redemption
|
|
As of
June 30,
2022
|
|
(RMB billions,
except percentages)
|
Private
equity
|
132.7
|
|
85.0 %
|
|
3.8
|
|
4.5
|
|
132.0
|
|
84.9 %
|
Public
securities[4]
|
10.4
|
|
6.6 %
|
|
0.6
|
|
0.3
|
|
10.7
|
|
6.9 %
|
Real estate
|
6.2
|
|
4.1 %
|
|
0.1
|
|
0.1
|
|
6.2
|
|
4.1 %
|
Multi-strategies
|
5.4
|
|
3.4 %
|
|
-
|
|
0.3
|
|
5.1
|
|
3.2 %
|
Others
|
1.4
|
|
0.9 %
|
|
-
|
|
-
|
|
1.4
|
|
0.9 %
|
All
Investments
|
156.1
|
|
100.0 %
|
|
4.5
|
|
5.2
|
|
155.4
|
|
100.0 %
|
[4] The
asset distribution/redemption of public securities also includes
market appreciation or depreciation.
|
Other Businesses
Our other businesses segment mainly provides more comprehensive
services and investment products to our clients.
Ms. Jingbo Wang, co-founder and
CEO of Noah, said, "I am glad that Noah Holdings' secondary listing
in Hong Kong has been successfully
completed, partially mitigating the ADR delisting risk. The Board
has approved a motion to pursue the voluntary conversion to
dual-primary listing in Hong Kong,
and we hope to deliver good news on the matter in the coming
quarters. The Board also approved and adopted a new dividend policy
in August 2022, to share a part of
our non-GAAP net income attributable to Noah shareholders every
year with the shareholders, which is a commitment we will try our
best to fulfill. In the second quarter of 2022, our non-GAAP net
income grew 13.3% quarter-on-quarter and 5.4% year-on-year, and the
transaction value of private equity and mutual funds grew 23.2% and
71.4% quarter-on-quarter respectively, representing an expected
recovery from the last quarter, while we continued to see
volatilities in the market pressuring the distribution of private
secondary products. I am happy to see the number of our core
clients, diamond and black card, continued to grow at 6.1% and
20.5% year-on-year respectively amid complicated market
environment. We expect to see continued challenges from
China's prolonged COVID-19 control
measures and the slower growth of economy, and reiterate the
importance of our recommended asset allocation strategy "Protection
over Growth", and further suggest our clients to rebalance their
global assets to achieve a domestic and international 'dual
circulation' model."
SECOND QUARTER 2022 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2022 were
RMB738.1 million (US$110.2 million), a 17.9% decrease from the
corresponding period in 2021, primarily driven by decreased
one-time commissions and performance based income, partially offset
by increased other service fees.
- Wealth Management Business
- Net revenues from one-time commissions for the second
quarter of 2022 were RMB177.8 million
(US$26.5 million), a 17.4% decrease
year-on-year, primarily due to decreased transaction value in
relation to private secondary products as well as private equity
products compared with the second quarter of 2021.
- Net revenues from recurring service fees for the second
quarter of 2022 were RMB290.4 million
(US$43.4 million), a 14.6% decrease
year-on-year. The decrease was primarily due to the service fees
recognized upon liquidation of certain credit products with higher
fee rates in the second quarter of 2021.
- Net revenues from performance-based income for the
second quarter of 2022 were RMB13.2
million (US$2.0 million), a
76.2% decrease from the corresponding period of 2021, primarily due
to less performance-based income from public securities
products.
- Net revenues from other service fees for the second
quarter of 2022 were RMB27.2 million
(US$4.1 million), an 86.7% increase
from the corresponding period in 2021, primarily due to more
value-added services Noah offers to its high net worth
clients.
- Asset Management Business
- Net revenues from one-time commissions for the second
quarter of 2022 was RMB29.2 million
(US$4.4 million), a 7.4% decrease
year-on-year due to less private equity products sold compared with
the second quarter of 2021.
- Net revenues from recurring service fees for the second
quarter of 2022 were RMB168.5 million
(US$25.2 million), a 6.3% increase
from the corresponding period in 2021, due to an increase in the
amount of private equity products managed by Gopher.
- Net revenues from performance-based income for the
second quarter of 2022 were RMB12.6
million (US$1.9 million), an
81.0% decrease year-on-year, primarily due to a decrease in
performance-based income from real estate products and offshore
private equity products compared with the second quarter of
2021.
- Other Businesses
- Net revenues for the second quarter of 2022 were
RMB19.2 million (US$2.9 million), compared with RMB17.5 million for the corresponding period in
2021, due to more value added services provided.
Operating Costs and Expenses
Operating costs
and expenses for the second quarter of 2022
were RMB415.0 million (US$62.0 million), a 26.4% decrease from the
corresponding period in 2021. Operating costs and expenses
primarily consisted of compensation and benefits of RMB357.8 million (US$53.4
million), selling expenses of RMB70.3
million (US$10.5 million),
general and administrative expenses of RMB35.6 million (US$5.3
million), reversal of credit losses of RMB5.8 million (US$0.9
million) and other operating expenses of RMB22.7 million (US$3.4
million).
- Operating costs and expenses for the wealth
management business for the second quarter of 2022 were
RMB314.8 million (US$47.0 million), a 29.9% decrease from the
corresponding period in 2021, primarily due to a decrease in
compensation and benefits in line with decreased transaction value
and selling expenses as well as general administrative expenses due
to COVID-19 lockdown measures in Shanghai.
- Operating costs and expenses for the asset management
business for the second quarter of 2022 were RMB67.8 million (US$10.1
million), an 18.8% decrease from the corresponding period in
2021, primarily due to decreased selling and general and
administrative expenses due to COVID-19 lockdown measures in
Shanghai.
- Operating costs and expenses for other businesses
for the second quarter of 2022 were RMB32.4
million (US$4.8 million),
compared with RMB31.7 million from
the corresponding period in 2021.
Operating Margin
Operating margin for the second quarter of 2022 was
43.8%, increased from 37.3% for the corresponding period in
2021.
- Operating margin for the wealth management business for
the second quarter of 2022 was 38.1%, compared with 28.2% for the
corresponding period in 2021, due to less expenses incurred due to
the COVID-19 lockdown measures in Shanghai.
- Operating margin for the asset management
business for the second quarter of 2022 was 67.8%, compared
with 67.4% for the corresponding period in 2021.
- Loss from operation for other businesses for the
second quarter of 2022 was RMB13.3
million (US$2.0 million),
compared with an operating loss of RMB14.2
million for the corresponding period in 2021.
Investment Income
Investment income for the second quarter of 2022 was
RMB5.2 million (US$0.8 million), compared with RMB3.5 million for the corresponding period in
2021.
Income Tax Expenses
Income tax expenses for the second quarter of
2022 were RMB78.2 million
(US$11.7 million), a 13.7% increase
year-on-year, primarily due to more taxable income compared with
the second quarter of 2021.
Income from Equity in Affiliates
Income from equity in affiliates for the second
quarter of 2022 was RMB69.2 million
(US$10.3 million), a 29.5% increase
from the corresponding period in 2021, primarily due to the
increase in net income of the funds of funds that we manage and
invest in as the general partner or fund manager.
Net Income
- Net Income
- Net income for the second quarter of 2022 was
RMB348.9 million (US$52.1 million), a 13.3% increase from the
corresponding period in 2021.
- Net margin for the second quarter of 2022 was 47.3%, up
from 34.2% for the corresponding period in 2021.
- Net income attributable to Noah shareholders for the
second quarter of 2022 was RMB349.0
million (US$52.1 million), a
14.2% increase from the corresponding period in 2021.
- Net margin attributable to Noah shareholders for the
second quarter of 2022 was 47.3%, up from 34.0% for the
corresponding period in 2021.
- Net income attributable to Noah shareholders per basic and
diluted ADS for the second quarter of 2022 was RMB5.19 (US$0.77)
and RMB5.18 (US$0.77), respectively, up from RMB4.56 and RMB4.53
respectively, for the corresponding period in 2021.
- Non-GAAP Net Income Attributable to Noah
Shareholders
- Non-GAAP net income attributable to Noah shareholders
for the second quarter of 2022 was RMB355.1
million (US$53.0 million), a
5.4% increase from the corresponding period in 2021.
- Non-GAAP net margin attributable to Noah shareholders
for the second quarter of 2022 was 48.1%, compared with 37.5% for
the corresponding period in 2021.
- Non-GAAP net income attributable to Noah shareholders per
diluted ADS for the second quarter of 2022 was RMB5.28 (US$0.79),
up from RMB5.00 for the corresponding
period in 2021.
Balance Sheet and Cash Flow
As of June 30, 2022, the Company
had RMB3,608.0 million (US$538.7 million) in cash and cash
equivalents, compared with RMB3,899.9
million as of March 31, 2022
and RMB2,686.4 million as of
June 30, 2021.
Net cash outflow from the Company's operating activities during
the second quarter of 2022 was RMB289.7
million (US$43.3 million),
primarily due to payment of employee annual bonuses and annual tax
filing.
Net cash outflow from the Company's investing activities during
the second quarter of 2022 was RMB17.1
million (US$2.5 million),
primarily due to several investments made.
Net cash inflow from the Company's financing activities was
RMB0.5 million (US$0.1 million) in the second quarter of 2022,
primarily related to the proceeds from issuance of ordinary shares
upon exercise of stock options.
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 second quarter
2022 unaudited financial results and recent business
activities.
The conference call may be accessed with the following
details:
Conference call
details
|
Date/Time:
|
Monday, August 22, 2022
at 8:00 p.m., U.S. Eastern Time
Tuesday, August
23, 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 2Q22 Earnings
Conference Call
|
Participant
Password:
|
6885355
|
A telephone replay will be available starting one hour after the
end of the conference call until August 29,
2022 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088
(International Toll). The replay access code is 9147064.
A live and archived webcast of the conference call will be
available at Noah's investor relations website under the
Announcements & Events section at
https://ir.noahgroup.com/financial-information/quarterly-results.
DISCUSSION OF NON-GAAP
MEASURES
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures excluding the effects of all forms of
share-based compensation, share-based settlement expenses and net
of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP
Results" at the end of this press release.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measures used by the Company may be prepared differently from and,
therefore, may not be comparable to similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed the foregoing non-GAAP net
income attributable to Noah shareholders and per diluted ADS and
non-GAAP net margin attributable to Noah shareholders to supplement
U.S. GAAP financial data. As such, the Company's management
believes that the presentation of the non-GAAP financial measures
provides important supplemental information to investors regarding
financial and business trends relating to its results of operations
in a manner consistent with that used by management.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading
and pioneer wealth management service provider in China offering comprehensive one-stop advisory
services on global investment and asset allocation primarily for
high net worth investors. Noah is a Cayman Islands holding company and carries on
business in Hong Kong as Noah
Holdings Private Wealth and Asset Management Limited. In the first
half of 2022, Noah distributed RMB34.3
billion (US$5.4 billion) of
investment products. Through Gopher Asset Management, Noah had
assets under management of RMB155.4
billion (US$23.2 billion)
as of June 30, 2022.
Noah's wealth management business primarily distributes private
equity, private secondary, mutual fund and other products
denominated in RMB and other currencies. Noah's network covers 79
cities in mainland China, as well
as offices in Hong Kong,
Taiwan, New York, Silicon Valley and Singapore. A total of 1,255 relationship
managers provide customized financial solutions for clients through
this network, and meet their international investment needs. The
Company's wealth management business had 418,675 registered clients
as of June 30, 2022. Through Gopher
Asset Management, Noah manages private equity, public securities,
real estate, multi-strategy and other investments
denominated in RMB and other currencies. The Company also
provides other businesses.
For more information, please visit Noah at
ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the
second quarter of 2022 ended June 30,
2022 are stated in RMB. This announcement contains currency
conversions of certain RMB amounts into US$ 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 RMB6.6981 to US$1.00, the effective noon buying rate for
June 30, 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 and other filings with the SEC and the
prospectus registered in Hong
Kong. 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
|
|
March 31,
|
|
June
30,
|
|
June
30,
|
|
2022
|
|
2022
|
|
2022
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
3,899,892
|
|
3,608,044
|
|
538,667
|
|
|
Restricted
cash
|
512
|
|
2,689
|
|
401
|
|
|
Short-term
investments
|
64,347
|
|
85,889
|
|
12,823
|
|
|
Accounts receivable,
net
|
396,485
|
|
515,361
|
|
76,941
|
|
|
Loans receivable,
net
|
578,355
|
|
607,586
|
|
90,710
|
|
|
Amounts due from
related parties
|
532,533
|
|
562,755
|
|
84,017
|
|
|
Other current
assets
|
170,813
|
|
210,623
|
|
31,445
|
|
|
Total current
assets
|
5,642,937
|
|
5,592,947
|
|
835,004
|
|
Long-term investments,
net
|
699,174
|
|
711,839
|
|
106,275
|
|
Investment in
affiliates
|
1,430,346
|
|
1,510,503
|
|
225,512
|
|
Property and equipment,
net
|
2,544,521
|
|
2,506,121
|
|
374,154
|
|
Operating lease
right-of-use assets, net
|
212,993
|
|
197,934
|
|
29,551
|
|
Deferred tax
assets
|
335,911
|
|
335,845
|
|
50,140
|
|
Other non-current
assets
|
162,206
|
|
159,859
|
|
23,866
|
Total
Assets
|
11,028,088
|
|
11,015,048
|
|
1,644,502
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
880,353
|
|
618,933
|
|
92,404
|
|
|
Income tax
payable
|
236,915
|
|
51,317
|
|
7,661
|
|
|
Deferred
revenues
|
79,970
|
|
64,242
|
|
9,591
|
|
|
Other current
liabilities
|
518,214
|
|
531,344
|
|
79,328
|
|
|
Contingent
liabilities
|
431,080
|
|
455,479
|
|
68,001
|
|
Total current
liabilities
|
2,146,532
|
|
1,721,315
|
|
256,985
|
|
Operating lease
liabilities, non-current
|
120,790
|
|
95,995
|
|
14,332
|
|
Deferred tax
liabilities
|
232,848
|
|
232,332
|
|
34,686
|
|
Other non-current
liabilities
|
83,931
|
|
87,243
|
|
13,025
|
|
Total
Liabilities
|
2,584,101
|
|
2,136,885
|
|
319,028
|
|
Equity
|
8,443,987
|
|
8,878,163
|
|
1,325,474
|
Total Liabilities
and Equity
|
11,028,088
|
|
11,015,048
|
|
1,644,502
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In RMB'000, except
for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
Three months
ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
2021
|
|
2022
|
|
2022
|
|
|
Revenues:
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
One-time
commissions
|
195,891
|
|
177,339
|
|
26,476
|
|
(9.5 %)
|
Recurring service
fees
|
218,988
|
|
184,300
|
|
27,515
|
|
(15.8 %)
|
Performance-based
income
|
46,468
|
|
9,481
|
|
1,415
|
|
(79.6 %)
|
Other service
fees
|
32,283
|
|
52,521
|
|
7,841
|
|
62.7 %
|
Total revenues from
others
|
493,630
|
|
423,641
|
|
63,247
|
|
(14.2 %)
|
Revenues from funds
Gopher manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
52,377
|
|
30,893
|
|
4,612
|
|
(41.0 %)
|
Recurring service
fees
|
282,333
|
|
277,359
|
|
41,409
|
|
(1.8 %)
|
Performance-based
income
|
76,101
|
|
16,533
|
|
2,468
|
|
(78.3 %)
|
Total revenues from
funds Gopher
manages
|
410,811
|
|
324,785
|
|
48,489
|
|
(20.9 %)
|
Total
revenues
|
904,441
|
|
748,426
|
|
111,736
|
|
(17.2 %)
|
Less: VAT related
surcharges
|
(5,052)
|
|
(10,284)
|
|
(1,535)
|
|
103.6 %
|
Net
revenues
|
899,389
|
|
738,142
|
|
110,201
|
|
(17.9 %)
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(153,275)
|
|
(131,519)
|
|
(19,635)
|
|
(14.2 %)
|
Others
|
(242,507)
|
|
(226,286)
|
|
(33,784)
|
|
(6.7 %)
|
Total compensation and
benefits
|
(395,782)
|
|
(357,805)
|
|
(53,419)
|
|
(9.6 %)
|
Selling
expenses
|
(99,463)
|
|
(70,307)
|
|
(10,497)
|
|
(29.3 %)
|
General and
administrative expenses
|
(77,892)
|
|
(35,649)
|
|
(5,322)
|
|
(54.2 %)
|
(Provision)/reversal
for credit losses
|
(2,112)
|
|
5,788
|
|
864
|
|
N.A.
|
Other operating
expenses
|
(28,082)
|
|
(22,677)
|
|
(3,386)
|
|
(19.2 %)
|
Government
subsidies
|
39,300
|
|
65,653
|
|
9,802
|
|
67.1 %
|
Total operating costs
and expenses
|
(564,031)
|
|
(414,997)
|
|
(61,958)
|
|
(26.4 %)
|
Income from
operations
|
335,358
|
|
323,145
|
|
48,243
|
|
(3.6 %)
|
Other
income:
|
|
|
|
|
|
|
|
Interest
income
|
18,212
|
|
17,681
|
|
2,640
|
|
(2.9 %)
|
Investment
income
|
3,487
|
|
5,174
|
|
772
|
|
48.4 %
|
Settlement
expenses
|
(19,190)
|
|
-
|
|
-
|
|
N.A.
|
Other
(expenses) income
|
(14,617)
|
|
11,849
|
|
1,769
|
|
N.A.
|
Total other (expenses)
income
|
(12,108)
|
|
34,704
|
|
5,181
|
|
N.A.
|
Income before taxes and
income from
equity in affiliates
|
323,250
|
|
357,849
|
|
53,424
|
|
10.7 %
|
Income tax
expense
|
(68,720)
|
|
(78,164)
|
|
(11,670)
|
|
13.7 %
|
Income from equity in
affiliates
|
53,420
|
|
69,203
|
|
10,332
|
|
29.5 %
|
Net
income
|
307,950
|
|
348,888
|
|
52,086
|
|
13.3 %
|
Less: net income (loss)
attributable to
non-controlling interests
|
2,424
|
|
(117)
|
|
(17)
|
|
N.A.
|
Net income
attributable to Noah
shareholders
|
305,526
|
|
349,005
|
|
52,103
|
|
14.2 %
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
4.56
|
|
5.19
|
|
0.77
|
|
13.8 %
|
Income per ADS,
diluted
|
4.53
|
|
5.18
|
|
0.77
|
|
14.3 %
|
Margin
analysis:
|
|
|
|
|
|
|
|
Operating
margin
|
37.3 %
|
|
43.8 %
|
|
43.8 %
|
|
|
Net margin
|
34.2 %
|
|
47.3 %
|
|
47.3 %
|
|
|
Weighted average ADS
equivalent[1]:
|
|
|
|
|
|
|
|
Basic
|
66,993,114
|
|
67,245,724
|
|
67,245,724
|
|
|
Diluted
|
67,449,200
|
|
67,310,698
|
|
67,310,698
|
|
|
ADS equivalent
outstanding at end of
period
|
60,080,070
|
|
60,222,116
|
|
60,222,116
|
|
|
|
[1] Assumes
all outstanding ordinary shares are represented by ADSs. Each
ordinary share represents
two ADSs.
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In RMB'000, except
for USD data, per ADS data and percentages)
|
(unaudited)
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
2021
|
|
2022
|
|
2022
|
|
|
Revenues:
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
One-time
commissions
|
474,595
|
|
258,493
|
|
38,592
|
|
(45.5 %)
|
Recurring service
fees
|
439,501
|
|
377,679
|
|
56,386
|
|
(14.1 %)
|
Performance-based
income
|
322,992
|
|
152,392
|
|
22,752
|
|
(52.8 %)
|
Other service
fees
|
55,996
|
|
91,281
|
|
13,628
|
|
63.0 %
|
Total revenues from
others
|
1,293,084
|
|
879,845
|
|
131,358
|
|
(32.0 %)
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
98,523
|
|
52,048
|
|
7,771
|
|
(47.2 %)
|
Recurring service
fees
|
539,030
|
|
570,411
|
|
85,160
|
|
5.8 %
|
Performance-based
income
|
204,657
|
|
48,600
|
|
7,256
|
|
(76.3 %)
|
Total revenues from
funds
Gopher manages
|
842,210
|
|
671,059
|
|
100,187
|
|
(20.3 %)
|
Total
revenues
|
2,135,294
|
|
1,550,904
|
|
231,545
|
|
(27.4 %)
|
Less: VAT related
surcharges
|
(11,169)
|
|
(17,070)
|
|
(2,548)
|
|
52.8 %
|
Net
revenues
|
2,124,125
|
|
1,533,834
|
|
228,997
|
|
(27.8 %)
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(360,147)
|
|
(241,514)
|
|
(36,057)
|
|
(32.9 %)
|
Others
|
(617,760)
|
|
(474,196)
|
|
(70,796)
|
|
(23.2 %)
|
Total compensation
and
benefits
|
(977,907)
|
|
(715,710)
|
|
(106,853)
|
|
(26.8 %)
|
Selling
expenses
|
(182,918)
|
|
(130,213)
|
|
(19,440)
|
|
(28.8 %)
|
General and
administrative
expenses
|
(158,177)
|
|
(93,856)
|
|
(14,012)
|
|
(40.7 %)
|
(Provision)/reversal
for credit
losses
|
(5,519)
|
|
14,986
|
|
2,237
|
|
N.A.
|
Other operating
expenses
|
(55,170)
|
|
(52,312)
|
|
(7,810)
|
|
(5.2 %)
|
Government
subsidies
|
93,314
|
|
80,211
|
|
11,975
|
|
(14.0 %)
|
Total operating costs
and
expenses
|
(1,286,377)
|
|
(896,894)
|
|
(133,903)
|
|
(30.3 %)
|
Income from
operations
|
837,748
|
|
636,940
|
|
95,094
|
|
(24.0 %)
|
Other
income:
|
|
|
|
|
|
|
|
Interest
income
|
41,139
|
|
30,318
|
|
4,526
|
|
(26.3 %)
|
Investment
income
|
37,848
|
|
30,547
|
|
4,561
|
|
(19.3 %)
|
Settlement
expenses
|
(19,190)
|
|
-
|
|
-
|
|
N.A.
|
Other income
(expense)
|
(15,103)
|
|
11,571
|
|
1,728
|
|
N.A.
|
Total other
income
|
44,694
|
|
72,436
|
|
10,815
|
|
62.1 %
|
Income before taxes
and
income from equity in affiliates
|
882,442
|
|
709,376
|
|
105,909
|
|
(19.6 %)
|
Income tax
expense
|
(198,566)
|
|
(155,500)
|
|
(23,216)
|
|
(21.7 %)
|
Income from equity in
affiliates
|
76,933
|
|
99,223
|
|
14,814
|
|
29.0 %
|
Net
income
|
760,809
|
|
653,099
|
|
97,507
|
|
(14.2 %)
|
Less: net income
(loss)
attributable to non-controlling
interests
|
1,190
|
|
(1,148)
|
|
(171)
|
|
N.A.
|
Net income
attributable to
Noah shareholders
|
759,619
|
|
654,247
|
|
97,678
|
|
(13.9 %)
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
11.33
|
|
9.73
|
|
1.45
|
|
(14.1 %)
|
Income per ADS,
diluted
|
11.25
|
|
9.70
|
|
1.45
|
|
(13.8 %)
|
Margin
analysis:
|
|
|
|
|
|
|
|
Operating
margin
|
39.4 %
|
|
41.5 %
|
|
41.5 %
|
|
|
Net margin
|
35.8 %
|
|
42.6 %
|
|
42.6 %
|
|
|
Weighted average
ADS
equivalent[1]:
|
|
|
|
|
|
|
|
Basic
|
67,042,174
|
|
67,240,800
|
|
67,240,800
|
|
|
Diluted
|
67,497,514
|
|
67,428,368
|
|
67,428,368
|
|
|
ADS equivalent
outstanding at
end of period
|
60,080,070
|
|
60,222,116
|
|
60,222,116
|
|
|
|
[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
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
2021
|
|
2022
|
|
2022
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net income
|
307,950
|
|
348,888
|
|
52,086
|
|
13.3 %
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(22,809)
|
|
75,557
|
|
11,280
|
|
N.A.
|
Fair value fluctuation
of available for sale
Investment (after tax)
|
134
|
|
-
|
|
-
|
|
N.A.
|
Comprehensive income
|
285,275
|
|
424,445
|
|
63,366
|
|
48.8 %
|
Less: Comprehensive
income/(loss)
attributable to non-controlling
interests
|
2,411
|
|
(183)
|
|
(27)
|
|
N.A.
|
Comprehensive income attributable to
Noah shareholders
|
282,864
|
|
424,628
|
|
63,393
|
|
50.1 %
|
Noah Holdings Limited
|
Condensed Comprehensive Income
Statements
|
(unaudited)
|
|
Six months
ended
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
2021
|
|
2022
|
|
2022
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net income
|
760,809
|
|
653,099
|
|
97,507
|
|
(14.2 %)
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(14,400)
|
|
140,097
|
|
20,916
|
|
N.A.
|
Fair value fluctuation
of available for sale
Investment (after tax)
|
134
|
|
-
|
|
-
|
|
N.A.
|
Comprehensive income
|
746,543
|
|
793,196
|
|
118,423
|
|
6.2 %
|
Less: Comprehensive
income attributable
to non-controlling interests
|
1,210
|
|
(1,065)
|
|
(159)
|
|
N.A.
|
Comprehensive income attributable to
Noah shareholders
|
745,333
|
|
794,261
|
|
118,582
|
|
6.6 %
|
Noah
Holdings Limited
|
Supplemental
Information
|
(unaudited)
|
|
As of
|
|
|
|
June
30,
2021
|
|
June
30,
2022
|
|
Change
|
|
|
|
|
|
|
Number of registered
clients
|
397,235
|
|
418,675
|
|
5.4 %
|
Number of relationship
managers
|
1,268
|
|
1,255
|
|
(1.0 %)
|
Number of cities in
mainland China under coverage
|
81
|
|
79
|
|
(2.5 %)
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
June
30,
2021
|
|
June
30,
2022
|
|
Change
|
|
(in millions of RMB,
except number of active clients and
percentages)
|
Number of active
clients
|
4,676
|
|
2,272
|
|
(51.4 %)
|
Number of active
clients including mutual fund clients
|
20,290
|
|
12,866
|
|
(36.6 %)
|
Transaction
value:
|
|
|
|
|
|
Private equity
products
|
6,472
|
|
3,918
|
|
(39.5 %)
|
Private secondary
products
|
7,708
|
|
2,394
|
|
(68.9 %)
|
Mutual fund
products
|
9,375
|
|
12,190
|
|
30.0 %
|
Other
products
|
1,446
|
|
814
|
|
(43.7 %)
|
Total transaction
value
|
25,001
|
|
19,316
|
|
(22.7 %)
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(unaudited)
|
|
|
Three months
ended June 30, 2022
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
One-time
commissions
|
177,339
|
|
-
|
|
-
|
|
177,339
|
Recurring service
fees
|
184,300
|
|
-
|
|
-
|
|
184,300
|
Performance-based
income
|
9,481
|
|
-
|
|
-
|
|
9,481
|
Other service
fees
|
27,375
|
|
-
|
|
25,146
|
|
52,521
|
Total revenues from
others
|
398,495
|
|
-
|
|
25,146
|
|
423,641
|
Revenues from funds
Gopher
manages
|
|
|
|
|
|
|
|
One-time
commissions
|
1,518
|
|
29,375
|
|
-
|
|
30,893
|
Recurring service
fees
|
107,767
|
|
169,592
|
|
-
|
|
277,359
|
Performance-based
income
|
3,837
|
|
12,696
|
|
-
|
|
16,533
|
Total revenues from
funds Gopher
manages
|
113,122
|
|
211,663
|
|
-
|
|
324,785
|
Total
revenues
|
511,617
|
|
211,663
|
|
25,146
|
|
748,426
|
Less: VAT related
surcharges
|
(2,976)
|
|
(1,313)
|
|
(5,995)
|
|
(10,284)
|
Net
revenues
|
508,641
|
|
210,350
|
|
19,151
|
|
738,142
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(120,258)
|
|
(11,261)
|
|
-
|
|
(131,519)
|
Others
|
(153,046)
|
|
(63,241)
|
|
(9,999)
|
|
(226,286)
|
Total compensation and
benefits
|
(273,304)
|
|
(74,502)
|
|
(9,999)
|
|
(357,805)
|
Selling
expenses
|
(60,479)
|
|
(8,244)
|
|
(1,584)
|
|
(70,307)
|
General and
administrative
expenses
|
(18,821)
|
|
(12,287)
|
|
(4,541)
|
|
(35,649)
|
Provision for credit
losses
|
141
|
|
(441)
|
|
6,088
|
|
5,788
|
Other operating
expenses
|
915
|
|
(113)
|
|
(23,479)
|
|
(22,677)
|
Government
subsidies
|
36,750
|
|
27,822
|
|
1,081
|
|
65,653
|
Total operating costs
and expenses
|
(314,798)
|
|
(67,765)
|
|
(32,434)
|
|
(414,997)
|
Income (loss) from
operations
|
193,843
|
|
142,585
|
|
(13,283)
|
|
323,145
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(unaudited)
|
|
Three months ended June
30, 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
|
195,891
|
|
-
|
|
-
|
|
195,891
|
Recurring service
fees
|
218,988
|
|
-
|
|
-
|
|
218,988
|
Performance-based
income
|
46,468
|
|
-
|
|
-
|
|
46,468
|
Other service
fees
|
14,665
|
|
-
|
|
17,618
|
|
32,283
|
Total revenues from
others
|
476,012
|
|
-
|
|
17,618
|
|
493,630
|
Revenues from funds
Gopher manages
|
|
|
|
|
|
|
|
One-time
commissions
|
20,705
|
|
31,672
|
|
-
|
|
52,377
|
Recurring service
fees
|
123,031
|
|
159,302
|
|
-
|
|
282,333
|
Performance-based
income
|
9,507
|
|
66,594
|
|
-
|
|
76,101
|
Total revenues from
funds Gopher
manages
|
153,243
|
|
257,568
|
|
-
|
|
410,811
|
Total
revenues
|
629,255
|
|
257,568
|
|
17,618
|
|
904,441
|
Less: VAT related
surcharges
|
(3,665)
|
|
(1,299)
|
|
(88)
|
|
(5,052)
|
Net
revenues
|
625,590
|
|
256,269
|
|
17,530
|
|
899,389
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(149,874)
|
|
(3,401)
|
|
-
|
|
(153,275)
|
Others
|
(154,463)
|
|
(74,017)
|
|
(14,027)
|
|
(242,507)
|
Total compensation and
benefits
|
(304,337)
|
|
(77,418)
|
|
(14,027)
|
|
(395,782)
|
Selling
expenses
|
(82,726)
|
|
(10,496)
|
|
(6,241)
|
|
(99,463)
|
General and
administrative
expenses
|
(54,091)
|
|
(16,676)
|
|
(7,125)
|
|
(77,892)
|
Provision for credit
losses
|
-
|
|
-
|
|
(2,112)
|
|
(2,112)
|
Other operating
expenses
|
(12,758)
|
|
(1,424)
|
|
(13,900)
|
|
(28,082)
|
Government
subsidies
|
4,997
|
|
22,579
|
|
11,724
|
|
39,300
|
Total operating costs
and expenses
|
(448,915)
|
|
(83,435)
|
|
(31,681)
|
|
(564,031)
|
Income (loss) from
operations
|
176,675
|
|
172,834
|
|
(14,151)
|
|
335,358
|
Noah Holdings
Limited
|
Supplement Revenue
Information by Geography
|
(unaudited)
|
|
Three months ended June
30, 2022
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
378,862
|
|
184,939
|
|
25,146
|
|
588,947
|
Hong Kong
|
111,125
|
|
9,117
|
|
-
|
|
120,242
|
Others
|
21,630
|
|
17,607
|
|
-
|
|
39,237
|
Total
revenues
|
511,617
|
|
211,663
|
|
25,146
|
|
748,426
|
|
|
Three months ended June
30, 2021
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
450,226
|
|
209,183
|
|
17,618
|
|
677,027
|
Hong Kong
|
143,309
|
|
38,942
|
|
-
|
|
182,251
|
Others
|
35,720
|
|
9,443
|
|
-
|
|
45,163
|
Total
revenues
|
629,255
|
|
257,568
|
|
17,618
|
|
904,441
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except for
per ADS data and percentages)
|
(unaudited)
|
|
Three months
ended
|
|
|
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
|
2021
|
|
2022
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Noah shareholders
|
305,526
|
|
349,005
|
|
14.2 %
|
|
Adjustment for
share-based compensation
|
16,034
|
|
7,990
|
|
(50.2 %)
|
|
Add: settlement
expense
|
19,190
|
|
-
|
|
N.A.
|
|
Less: tax effect of
adjustments
|
3,720
|
|
1,922
|
|
(48.3 %)
|
|
Adjusted net income
attributable to Noah shareholders
(non-GAAP)
|
337,030
|
|
355,073
|
|
5.4 %
|
|
Net
margin attributable to Noah shareholders
|
34.0 %
|
|
47.3 %
|
|
|
|
Non-GAAP net margin
attributable to Noah shareholders
|
37.5 %
|
|
48.1 %
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Noah shareholders per ADS,
diluted
|
4.53
|
|
5.18
|
|
14.3 %
|
|
Non-GAAP net income
attributable to Noah shareholders
per ADS, diluted
|
5.00
|
|
5.28
|
|
5.6 %
|
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except for
per ADS data and percentages)
|
(unaudited)
|
|
Six months
ended
|
|
|
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
|
2021
|
|
2022
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Noah shareholders
|
759,619
|
|
654,247
|
|
(13.9 %)
|
|
Adjustment for
share-based compensation
|
26,178
|
|
18,836
|
|
(28.0 %)
|
|
Add: settlement
expense
|
19,190
|
|
-
|
|
N.A.
|
|
Less: tax effect of
adjustments
|
6,074
|
|
4,529
|
|
(25.4 %)
|
|
Adjusted net income
attributable to Noah shareholders
(non-GAAP)
|
798,913
|
|
668,554
|
|
(16.3 %)
|
|
Net
margin attributable to Noah shareholders
|
35.8 %
|
|
42.7 %
|
|
|
|
Non-GAAP net margin
attributable to Noah shareholders
|
37.6 %
|
|
43.6 %
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Noah shareholders per ADS,
diluted
|
11.25
|
|
9.70
|
|
(13.8 %)
|
|
Non-GAAP net income
attributable to Noah shareholders
per ADS, diluted
|
11.84
|
|
9.92
|
|
(16.2 %)
|
|
View original
content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2022-301609704.html
SOURCE Noah Holdings Limited