UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission file number: 001-34936
Noah Holdings Limited
1226 South Shenbin Road
Shanghai 201107
People’s Republic of China
+86
(21) 8035-8292
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F
x Form 40-F
¨
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Noah
Holdings Limited |
| |
|
|
| |
By: |
/s/
Qing Pan |
| |
|
Name:
|
Qing
Pan |
| |
|
Title:
|
Chief
Financial Officer |
Date: August 28, 2023
Exhibit 99.1
NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED
FINANCIAL RESULTS FOR THE SECOND QUARTER OF
2023
SHANGHAI, August 29, 2023 — 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 2023.
SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS
| · | Net revenues for the second quarter of 2023 were RMB941.8 million
(US$129.9 million), a 27.6% increase from the corresponding period in 2022, and a 17.2% increase from the first quarter of 2023，mainly
due to an increase in distribution of insurance products. |
(RMB millions,
except percentages) | |
Q2 2022 | | |
Q2 2023 | | |
YoY Change | |
| Wealth management | |
| 508.6 | | |
| 745.3 | | |
| 46.5 | % |
| Asset management | |
| 210.3 | | |
| 183.4 | | |
| (12.8 | )% |
| Other businesses | |
| 19.2 | | |
| 13.1 | | |
| (31.6 | )% |
| Total net revenues | |
| 738.1 | | |
| 941.8 | | |
| 27.6 | % |
| · | Income from operations for the second quarter of 2023 was RMB349.4
million (US$48.2 million), an 8.1% increase from the corresponding period in 2022, mainly due to a 27.6% increase in net revenue and partially
offset by a 42.7% increase in total operating cost and expenses as less expenses incurred in last second quarter due to various pandemic
restrictions. Income from operations increased by 25.3% compared with the first quarter of 2023, mainly due to a 17.2% increase in net
revenues and various cost control measures implemented in the second quarter of 2023. |
(RMB millions,
except percentages) | |
Q2 2022 | | |
Q2 2023 | | |
YoY Change | |
| Wealth management | |
| 193.8 | | |
| 300.2 | | |
| 54.9 | % |
| Asset management | |
| 142.6 | | |
| 80.9 | | |
| (43.3 | )% |
| Other businesses | |
| (13.3 | ) | |
| (31.7 | ) | |
| 138.3 | % |
| Total income from operations | |
| 323.1 | | |
| 349.4 | | |
| 8.1 | % |
| · | Net income attributable to Noah shareholders for the second quarter
of 2023 was RMB315.4 million (US$43.5 million), a 9.6% decrease from the corresponding period in 2022, mainly due to a 97.7% decrease
in income from equity in affiliates as we recorded a gain of RMB69.2 million from the second quarter of 2022, resulting from net book
value increases in certain offshore private equity funds managed by Gopher. Net income attributable to Noah shareholders increased by
29.2% compared with the first quarter of 2023, mainly due to a 25.3% increase in income from operations and a 69.7% increase in other
income. |
| · | Non-GAAP1 net income
attributable to Noah shareholders for the second quarter of 2023 was RMB313.1 million (US$43.2 million), an 11.8% decrease from the
corresponding period in 2022, and a 30.7% increase from the first quarter of 2023. |
1 Noah’s Non-GAAP
financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net
of relevant tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.
SECOND QUARTER 2023 OPERATIONAL UPDATES
Wealth Management Business
We offer investment products and provide value-added services to high
net worth investors in China and overseas for our wealth management business. 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 June 30, 2023 was 446,557,
a 6.7% increase from June 30, 2022, and a 1.3% increase from March 31, 2023. |
| · | Total number of active clients2
who transacted with us during the second quarter of 2023 was 11,548, a 10.2% decrease from the second quarter of 2022, and a 2.8% increase
from the first quarter of 2023. |
| · | Aggregate value of investment products distributed during the second
quarter of 2023 was RMB18.4 billion (US$2.5 billion), a 4.7% decrease from the second quarter of 2022, mainly due to an 84.2% decrease
in distribution of private equity products, as we maintain a cautious approach to fundraising and investment allocation for our domestic
private equity investments, and partially offset by a 79.3% increase in distribution of private secondary products. The aggregate value
of investment products distributed increased by 9.6% from the first quarter of 2023, mainly due to increases in the distribution of mutual
fund products. |
| | |
Three months ended June 30, | |
| | |
2022 | | |
2023 | |
| |
(RMB in billions, except percentages) | |
| Product type | |
| |
| Mutual fund products | |
| 12.2 | | |
| 63.1 | % | |
| 12.0 | | |
| 65.4 | % |
| Private secondary products | |
| 2.4 | | |
| 12.4 | % | |
| 4.3 | | |
| 23.3 | % |
| Private equity products | |
| 3.9 | | |
| 20.3 | % | |
| 0.6 | | |
| 3.3 | % |
| Other products3 | |
| 0.8 | | |
| 4.2 | % | |
| 1.5 | | |
| 8.0 | % |
| All products | |
| 19.3 | | |
| 100.0 | % | |
| 18.4 | | |
| 100.0 | % |
| · | Coverage network in mainland China covered 63 cities as of June 30,
2023, compared with 79 cities as of June 30, 2022 and 68 cities as of March 31, 2023, as we continue to streamline our domestic
coverages. |
| · | Number of relationship managers was 1,375 as of June 30, 2023,
a 9.6% increase from June 30, 2022, and a 3.6% increase from March 31, 2023. Among which, we had 56 overseas relationship managers
as of June 30, 2023, a 100.0% increase from March 31, 2023. |
Asset Management Business
Our asset management business is conducted through Gopher Asset Management
Co., Ltd. (“Gopher Asset Management”), a leading multi-asset manager in China with overseas offices in Hong Kong and
the United States. Gopher Asset Management develops and manages assets ranging from private equity, public securities, real estate, multi-strategy
and other investments denominated in RMB and other currencies.
2 “Active clients”
for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during
that given period.
3 “Other products”
refers to other investment products, which includes insurance products, multi-strategies products and others.
Total assets under management as of June 30, 2023 were
RMB156.9 billion (US$21.6 billion), a 0.5% decrease from March 31, 2023 and a 0.9% increase from June 30, 2022.
| |
As of
March 31,
2023 | | |
Growth | | |
Distribution/
Redemption | | |
As of
June 30,
2023 | |
| | |
(RMB billions, except percentages) | |
| Investment type | |
| |
| Private equity | |
| 133.3 | | |
| 84.6 | % | |
| 0.6 | | |
| 1.0 | | |
| 132.9 | | |
| 84.7 | % |
| Public securities4 | |
| 11.3 | | |
| 7.2 | % | |
| 1.8 | | |
| 1.5 | | |
| 11.6 | | |
| 7.4 | % |
| Real estate | |
| 6.9 | | |
| 4.3 | % | |
| - | | |
| 0.3 | | |
| 6.6 | | |
| 4.2 | % |
| Multi-strategies | |
| 4.7 | | |
| 3.0 | % | |
| - | | |
| 0.3 | | |
| 4.4 | | |
| 2.8 | % |
| Others | |
| 1.4 | | |
| 0.9 | % | |
| - | | |
| - | | |
| 1.4 | | |
| 0.9 | % |
| All Investments | |
| 157.6 | | |
| 100.0 | % | |
| 2.4 | | |
| 3.1 | | |
| 156.9 | | |
| 100.0 | % |
Other Businesses
Our other businesses mainly aim to provide more comprehensive services
and investment products to our clients.
Ms. Jingbo Wang, co-founder and CEO of Noah, said, “For
the first half of 2023, I am happy to see a 13.8% period-to-period increase in net revenues, driven by a 104.1% growth in revenues
generated from our overseas business, accounting for 41.0% of the group’s net revenues compared to 22.8% in the first half of 2022,
as we continue to successfully execute our globalization strategy. During the second quarter, we were glad to launch the grand opening
of our new headquarter, Noah Wealth Centre, which provides a client-centric private banking experience for Noah's global clients. Since
2019, we winded down all of our domestic non-standardized single counterparty private credit products, including domestic residential
real estate funds, which was proven to have effectively safeguarded our clients' wealth amidst the recent challenges faced by this asset
class. Our continued devotion in strengthening investment research capabilities and shield our clients' hard-earned capital through optimized
asset allocation advice is what distinguish us as a trusted advisor for our clients.”
SECOND QUARTER 2023 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2023 were RMB941.8 million
(US$129.9 million), a 27.6% increase from the corresponding period in 2022, primarily due to an increase in distribution of insurance
products.
| · | Wealth Management Business |
| · | Net revenues from one-time commissions
for the second quarter of 2023 were RMB403.9 million (US$55.7 million), a 127.2% increase from the corresponding period in 2022, primarily
due to an increase in distribution of insurance products. |
| · | Net revenues from recurring service fees
for the second quarter of 2023 were RMB269.3 million (US$37.1 million), a 7.3% decrease from the corresponding period in 2022, as less
recurring service fees generated from private secondary products. |
| · | Net revenues from performance-based income
for the second quarter of 2023 were RMB21.4 million (US$2.9 million), a 61.4% increase from the corresponding period of 2022, primarily
due to more performance-based income from offshore private equity products. |
4 The asset distribution/redemption
of public securities also includes market appreciation or depreciation.
| · | Net revenues from other service fees for
the second quarter of 2023 were RMB50.7 million (US$7.0 million), an 86.3% increase from the corresponding period in 2022, primarily due
to more value-added services we offered to our high net worth clients. |
| · | Asset Management Business |
| · | Net revenues from recurring service fees for
the second quarter of 2023 were RMB176.8 million (US$24.4 million), a 4.9% increase from the corresponding period in 2022 due to increase
in assets under management. |
| · | Net revenues from performance-based income
for the second quarter of 2023 were RMB6.5 million (US$0.9 million), compared with RMB12.6 million in the corresponding period of
2022. The decrease was primarily due to less performance-based income realized from private equity product. |
| · | Net revenues for the second quarter of
2023 were RMB13.1 million (US$1.8 million), compared with RMB19.2 million for the corresponding period in 2022. |
Operating Costs and Expenses
Operating costs and expenses for the second quarter of 2023
were RMB592.3 million (US$81.7 million), a 42.7% increase from the corresponding period in 2022. Operating costs and expenses primarily
consisted of compensation and benefits of RMB385.1 million (US$53.1 million), selling expenses of RMB112.0 million (US$15.4 million),
general and administrative expenses of RMB64.0 million (US$8.8 million), provision of credit losses of RMB0.2 million and other operating
expenses of RMB37.1 million (US$5.1 million).
| · | Operating costs and expenses for the wealth
management business for the second quarter of 2023 were RMB445.1 million (US$61.4 million), a 41.4% increase from the corresponding
period in 2022, primarily due to an increase in compensation and benefits, selling expenses and general and administrative expenses, as
less expenses incurred in last second quarter due to various pandemic restrictions. |
| · | Operating costs and expenses for the asset
management business for the second quarter of 2023 were RMB102.5 million (US$14.1 million), a 51.2% increase from the corresponding
period in 2022, primarily due to decreased selling and general and administrative expenses due to various pandemic restrictions for the
corresponding period in 2022. |
| · | Operating costs and expenses for other businesses for the second quarter
of 2023 were RMB44.8 million (US$6.2 million), compared with RMB32.4 million from the corresponding period in 2022, mainly due to increased
depreciation expenses as we moved into our new headquarter premises in Shanghai in May. |
Operating Margin
Operating margin for the second quarter of 2023 was 37.1%, decreased
from 43.8% for the corresponding period in 2022.
| · | Operating margin for the wealth management
business for the second quarter of 2023 was 40.3%, compared with 38.1%% for the corresponding period in 2022. |
| · | Operating margin for the asset management
business for the second quarter of 2023 was 44.1%, compared with 67.8% for the corresponding period in 2022. |
| · | Loss from operation for other businesses
for the second quarter of 2023 was RMB31.7 million (US$4.4 million), compared with an operating loss of RMB13.3 million for the corresponding
period in 2022. |
Investment Income/loss
Investment loss for the second quarter of 2023 was RMB4.0 million
(US$0.5 million), compared with investment income RMB5.2 million for the corresponding period in 2022.
Income Tax Expenses
Income tax expenses for the second quarter of 2023 were RMB90.2
million (US$12.4 million), a 15.4% increase from the corresponding period in 2022, primarily due to more taxable income compared with
the second quarter of 2022.
Income from Equity in Affiliates
Income from equity in affiliates for the second quarter of 2023
was RMB1.6 million (US$0.2 million), a 97.7% decrease from the corresponding period in 2022, as we recorded a gain of RMB69.2 million
from the second quarter of 2022, resulting from net book value increases in certain offshore private equity funds managed by Gopher.
Net Income
| · | Net income for the second quarter of 2023
was RMB312.3 million (US$43.1 million), a 10.5% decrease from the corresponding period in 2022. |
| · | Net margin for the second quarter of 2023
was 33.2%, down from 47.3% for the corresponding period in 2022. |
| · | Net income attributable to Noah shareholders
for the second quarter of 2023 was RMB315.4 million (US$43.5 million), a 9.6% decrease from the corresponding period in 2022. |
| · | Net margin attributable to Noah shareholders
for the second quarter of 2023 was 33.5%, down from 47.3% for the corresponding period in 2022. |
| · | Net income attributable to Noah shareholders
per basic and diluted ADS for the second quarter of 2023 was RMB4.54 (US$0.63) and RMB4.54 (US$0.63), respectively, down from RMB5.19
and RMB5.18 respectively, for the corresponding period in 2022. |
| · | Non-GAAP Net Income Attributable to Noah Shareholders |
| · | Non-GAAP net income attributable to Noah shareholders
for the second quarter of 2023 was RMB313.1 million (US$43.2 million), an 11.8% decrease from the corresponding period in 2022. |
| · | Non-GAAP net margin attributable to Noah shareholders
for the second quarter of 2023 was 33.2%, compared with 48.1% for the corresponding period in 2022. |
| · | Non-GAAP net income attributable to Noah shareholders
per diluted ADS for the second quarter of 2023 was RMB4.51 (US$0.62), down from RMB5.28 for the corresponding period in 2022. |
Balance Sheet and Cash Flow
As of June 30, 2023, the Company had RMB4,740.4 million (US$653.7
million) in cash and cash equivalents, compared with RMB 4,713.2 million as of March 31, 2023 and RMB3,608.0 million as of June 30,
2022.
Net cash inflow from the Company’s operating activities during
the second quarter of 2023 was RMB176.4 million (US$24.3 million), primarily due to net income earned for the second quarter of 2023.
Net cash outflow from the Company’s investing activities during
the second quarter of 2023 was RMB329.2 million (US$45.4 million), primarily due to several investments made.
Net cash inflow from the Company’s financing activities was RMB87.0
million (US$12.0 million) in the second quarter of 2023, primarily due to consolidation of one investment fund that Gopher manages and
accounts for those limited partners’ capital contributions as financing activity.
CONFERENCE CALL
Following the announcement of the Q2 and Interim Results, the Company’s
senior management will host a combined English and Chinese language earnings conference call to discuss its Q2 and Interim Results and
recent business activities. The conference call may be accessed with the following details:
| Dial-in details: |
|
| Conference Title: |
Noah Holdings 2Q23 Earnings Conference Call |
| Date/Time: |
Monday, August 28, 2023 at 8:00 p.m., U.S. Eastern Time |
| |
Tuesday, August 29, 2023 at 8:00 a.m., Hong Kong Time |
| Dial in: |
|
| - Hong Kong Toll Free |
800-963-976 |
| - United States Toll Free |
+1-888-317-6003 |
| - Mainland China Toll Free |
4001-206-115 |
| - International |
+1-412-317-6061 |
| Participant Password: |
7932172 |
A telephone replay will be available starting approximately one hour
after the end of the conference call until September 4, 2023 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International
Toll) with the access code 9237815.
A live and archived webcast of the conference call will be available
at the Company’s investor relations website under the “Financial Reports” section at http://ir.noahgroup.com.
DISCUSSION OF NON-GAAP MEASURES
In addition to disclosing financial results prepared in accordance
with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based
compensation and net of tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.
The non-GAAP financial measures disclosed by the Company should not
be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance
with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the
Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.
When evaluating the Company’s operating performance in the periods
presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net
margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company’s management believes that
the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business
trends relating to its results of operations in a manner consistent with that used by management.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading and pioneer
wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation
primarily for high net worth investors. Noah is a Cayman Islands holding company and carries on business in Hong Kong as Noah Holdings
Private Wealth and Asset Management Limited. In the first half of 2023, Noah distributed RMB35.2 billion (US$4.9 billion) of investment
products. Through Gopher Asset Management, Noah had assets under management of RMB156.9 billion (US$21.6 billion) as of June 30,
2023.
Noah’s wealth management business primarily distributes private
equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah delivers customized financial
solutions to clients through a network of 1,375 relationship managers across 63 cities in mainland China, and serves the international
investment needs of its clients through offices in Hong Kong (China), Taiwan (China), New York, Silicon Valley and Singapore. The Company’s
wealth management business had 446,557 registered clients as of June 30, 2023. Through Gopher Asset Management, Noah manages private
equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. Noah also provides
other businesses.
For more information, please visit Noah at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the second
quarter of 2023 ended June 30, 2023 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into
US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at
a rate of RMB7.2513 to US$1.00, the effective noon buying rate for June 30, 2023 as set forth in the H.10 statistical release of
the Federal Reserve Board.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “confident” and similar statements.
Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission,
in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong
Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs
and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements
include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number
of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including
but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations;
the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand
for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s
investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties;
its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations
relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological
advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries
in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual
property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks
is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided
in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update
any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required
under the applicable law.
Contacts:
Noah Holdings Limited
Melo Xi
Tel: +86-21-8035-8292
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
| Noah Holdings Limited |
| Condensed Consolidated Balance Sheets |
| (unaudited) |
| |
| | |
As of | |
| | |
March 31, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2023 | | |
2023 | |
| | |
RMB'000 | | |
RMB'000 | | |
USD'000 | |
| Assets | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 4,713,215 | | |
| 4,740,434 | | |
| 653,736 | |
| Restricted cash | |
| 136,074 | | |
| 143,255 | | |
| 19,756 | |
| Short-term investments | |
| 316,178 | | |
| 445,485 | | |
| 61,435 | |
| Accounts receivable, net | |
| 363,890 | | |
| 534,885 | | |
| 73,764 | |
| Amounts due from related parties | |
| 499,220 | | |
| 429,202 | | |
| 59,190 | |
| Loans receivable, net | |
| 381,449 | | |
| 341,083 | | |
| 47,037 | |
| Other current assets | |
| 199,429 | | |
| 200,588 | | |
| 27,662 | |
| Total current assets | |
| 6,609,455 | | |
| 6,834,932 | | |
| 942,580 | |
| Long-term investments, net | |
| 851,649 | | |
| 980,257 | | |
| 135,184 | |
| Investment in affiliates | |
| 1,474,736 | | |
| 1,464,702 | | |
| 201,992 | |
| Property and equipment, net | |
| 2,487,886 | | |
| 2,525,732 | | |
| 348,314 | |
| Operating lease right-of-use assets, net | |
| 175,992 | | |
| 152,040 | | |
| 20,967 | |
| Deferred tax assets | |
| 436,446 | | |
| 436,240 | | |
| 60,160 | |
| Other non-current assets | |
| 145,022 | | |
| 169,454 | | |
| 23,369 | |
| Total Assets | |
| 12,181,186 | | |
| 12,563,357 | | |
| 1,732,566 | |
| Liabilities and Equity | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accrued payroll and welfare expenses | |
| 740,811 | | |
| 562,029 | | |
| 77,507 | |
| Income tax payable | |
| 153,799 | | |
| 141,693 | | |
| 19,540 | |
| Deferred revenues | |
| 79,235 | | |
| 71,440 | | |
| 9,852 | |
| Dividend payable | |
| - | | |
| 177,502 | | |
| 24,479 | |
| Contingent liabilities | |
| 566,005 | | |
| 592,097 | | |
| 81,654 | |
| Other current liabilities | |
| 546,497 | | |
| 584,384 | | |
| 80,590 | |
| Total current liabilities | |
| 2,086,347 | | |
| 2,129,145 | | |
| 293,622 | |
| Deferred tax liabilities | |
| 228,271 | | |
| 230,797 | | |
| 31,828 | |
| Operating lease liabilities, non-current | |
| 94,178 | | |
| 79,267 | | |
| 10,931 | |
| Other non-current liabilities | |
| 51,184 | | |
| 54,495 | | |
| 7,515 | |
| Total Liabilities | |
| 2,459,980 | | |
| 2,493,704 | | |
| 343,896 | |
| Equity | |
| 9,721,206 | | |
| 10,069,653 | | |
| 1,388,670 | |
| Total Liabilities and Equity | |
| 12,181,186 | | |
| 12,563,357 | | |
| 1,732,566 | |
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, | | |
| |
| | |
2022 | | |
2023 | | |
2023 | | |
Change | |
| |
RMB'000 | | |
RMB'000 | | |
USD'000 | | |
| |
| Revenues: | |
| | |
| | |
| | |
| |
| Revenues from others: | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 177,339 | | |
| 399,521 | | |
| 55,096 | | |
| 125.3 | % |
| Recurring service fees | |
| 184,300 | | |
| 176,355 | | |
| 24,320 | | |
| (4.3 | )% |
| Performance-based income | |
| 9,481 | | |
| 4,328 | | |
| 597 | | |
| (54.4 | )% |
| Other service fees | |
| 52,521 | | |
| 64,114 | | |
| 8,842 | | |
| 22.1 | % |
| Total revenues from others | |
| 423,641 | | |
| 644,318 | | |
| 88,855 | | |
| 52.1 | % |
| Revenues from funds Gopher manages: | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 30,893 | | |
| 5,982 | | |
| 825 | | |
| (80.6 | )% |
| Recurring service fees | |
| 277,359 | | |
| 271,033 | | |
| 37,377 | | |
| (2.3 | )% |
| Performance-based income | |
| 16,533 | | |
| 23,635 | | |
| 3,259 | | |
| 43.0 | % |
| Total revenues from funds Gopher manages | |
| 324,785 | | |
| 300,650 | | |
| 41,461 | | |
| (7.4 | )% |
| Total revenues | |
| 748,426 | | |
| 944,968 | | |
| 130,316 | | |
| 26.3 | % |
| Less: VAT related surcharges | |
| (10,284 | ) | |
| (3,211 | ) | |
| (443 | ) | |
| (68.8 | )% |
| Net revenues | |
| 738,142 | | |
| 941,757 | | |
| 129,873 | | |
| 27.6 | % |
| Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | |
| Compensation and benefits | |
| | | |
| | | |
| | | |
| | |
| Relationship managers | |
| (131,519 | ) | |
| (180,304 | ) | |
| (24,865 | ) | |
| 37.1 | % |
| Others | |
| (226,286 | ) | |
| (204,798 | ) | |
| (28,243 | ) | |
| (9.5 | )% |
| Total compensation and benefits | |
| (357,805 | ) | |
| (385,102 | ) | |
| (53,108 | ) | |
| 7.6 | % |
| Selling expenses | |
| (70,307 | ) | |
| (112,003 | ) | |
| (15,446 | ) | |
| 59.3 | % |
| General and administrative expenses | |
| (35,649 | ) | |
| (63,983 | ) | |
| (8,824 | ) | |
| 79.5 | % |
| Reversal of (provision for) credit losses | |
| 5,788 | | |
| (220 | ) | |
| (30 | ) | |
| N.A. | |
| Other operating expenses | |
| (22,677 | ) | |
| (37,078 | ) | |
| (5,113 | ) | |
| 63.5 | % |
| Government subsidies | |
| 65,653 | | |
| 6,048 | | |
| 834 | | |
| (90.8 | )% |
| Total operating costs and expenses | |
| (414,997 | ) | |
| (592,338 | ) | |
| (81,687 | ) | |
| 42.7 | % |
| Income from operations | |
| 323,145 | | |
| 349,419 | | |
| 48,186 | | |
| 8.1 | % |
| Other income: | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 17,681 | | |
| 39,684 | | |
| 5,473 | | |
| 124.4 | % |
| Investment income (loss) | |
| 5,174 | | |
| (3,976 | ) | |
| (548 | ) | |
| N.A. | |
| Other income | |
| 11,849 | | |
| 15,821 | | |
| 2,182 | | |
| 33.5 | % |
| Total other income | |
| 34,704 | | |
| 51,529 | | |
| 7,107 | | |
| 48.5 | % |
| Income before taxes and income from equity in affiliates | |
| 357,849 | | |
| 400,948 | | |
| 55,293 | | |
| 12.0 | % |
| Income tax expense | |
| (78,164 | ) | |
| (90,213 | ) | |
| (12,441 | ) | |
| 15.4 | % |
| Income from equity in affiliates | |
| 69,203 | | |
| 1,561 | | |
| 215 | | |
| (97.7 | )% |
| Net income | |
| 348,888 | | |
| 312,296 | | |
| 43,067 | | |
| (10.5 | )% |
| Less: net loss attributable to non-controlling interests | |
| (117 | ) | |
| (3,132 | ) | |
| (432 | ) | |
| 2576.9 | % |
| Net income attributable to Noah shareholders | |
| 349,005 | | |
| 315,428 | | |
| 43,499 | | |
| (9.6 | )% |
| Income per ADS, basic | |
| 5.19 | | |
| 4.54 | | |
| 0.63 | | |
| (12.5 | )% |
| Income per ADS, diluted | |
| 5.18 | | |
| 4.54 | | |
| 0.63 | | |
| (12.4 | )% |
| Margin analysis: | |
| | | |
| | | |
| | | |
| | |
| Operating margin | |
| 43.8 | % | |
| 37.1 | % | |
| 37.1 | % | |
| | |
| Net margin | |
| 47.3 | % | |
| 33.2 | % | |
| 33.2 | % | |
| | |
| Weighted average ADS equivalent[1]: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 67,245,724 | | |
| 69,469,110 | | |
| 69,469,110 | | |
| | |
| Diluted | |
| 67,310,698 | | |
| 69,492,786 | | |
| 69,492,786 | | |
| | |
| ADS equivalent outstanding at end of period | |
| 60,222,116 | | |
| 63,137,912 | | |
| 63,137,912 | | |
| | |
[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, | | |
| |
| | |
2022 | | |
2023 | | |
2023 | | |
Change | |
| |
RMB'000 | | |
RMB'000 | | |
USD'000 | | |
| |
| Revenues: | |
| | |
| | |
| | |
| |
| Revenues from others: | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 258,493 | | |
| 570,092 | | |
| 78,619 | | |
| 120.5 | % |
| Recurring service fees | |
| 377,679 | | |
| 369,063 | | |
| 50,896 | | |
| (2.3 | )% |
| Performance-based income | |
| 152,392 | | |
| 7,758 | | |
| 1,070 | | |
| (94.9 | )% |
| Other service fees | |
| 91,281 | | |
| 136,980 | | |
| 18,890 | | |
| 50.1 | % |
| Total revenues from others | |
| 879,845 | | |
| 1,083,893 | | |
| 149,475 | | |
| 23.2 | % |
| Revenues from funds Gopher manages: | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 52,048 | | |
| 11,878 | | |
| 1,638 | | |
| (77.2 | )% |
| Recurring service fees | |
| 570,411 | | |
| 554,505 | | |
| 76,470 | | |
| (2.8 | )% |
| Performance-based income | |
| 48,600 | | |
| 103,960 | | |
| 14,337 | | |
| 113.9 | % |
| Total revenues from funds Gopher manages | |
| 671,059 | | |
| 670,343 | | |
| 92,445 | | |
| (0.1 | )% |
| Total revenues | |
| 1,550,904 | | |
| 1,754,236 | | |
| 241,920 | | |
| 13.1 | % |
| Less: VAT related surcharges | |
| (17,070 | ) | |
| (9,006 | ) | |
| (1,242 | ) | |
| (47.2 | )% |
| Net revenues | |
| 1,533,834 | | |
| 1,745,230 | | |
| 240,678 | | |
| 13.8 | % |
| Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | |
| Compensation and benefits | |
| | | |
| | | |
| | | |
| | |
| Relationship managers | |
| (241,514 | ) | |
| (329,039 | ) | |
| (45,377 | ) | |
| 36.2 | % |
| Others | |
| (474,196 | ) | |
| (426,169 | ) | |
| (58,771 | ) | |
| (10.1 | )% |
| Total compensation and benefits | |
| (715,710 | ) | |
| (755,208 | ) | |
| (104,148 | ) | |
| 5.5 | % |
| Selling expenses | |
| (130,213 | ) | |
| (208,672 | ) | |
| (28,777 | ) | |
| 60.3 | % |
| General and administrative expenses | |
| (93,856 | ) | |
| (109,683 | ) | |
| (15,126 | ) | |
| 16.9 | % |
| Reversal of credit losses | |
| 14,986 | | |
| 5,478 | | |
| 755 | | |
| (63.4 | )% |
| Other operating expenses | |
| (52,312 | ) | |
| (67,875 | ) | |
| (9,360 | ) | |
| 29.8 | % |
| Government subsidies | |
| 80,211 | | |
| 19,032 | | |
| 2,625 | | |
| (76.3 | )% |
| Total operating costs and expenses | |
| (896,894 | ) | |
| (1,116,928 | ) | |
| (154,031 | ) | |
| 24.5 | % |
| Income from operations | |
| 636,940 | | |
| 628,302 | | |
| 86,647 | | |
| (1.4 | )% |
| Other income: | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 30,318 | | |
| 74,072 | | |
| 10,216 | | |
| 144.3 | % |
| Investment income (loss) | |
| 30,547 | | |
| (17,559 | ) | |
| (2,421 | ) | |
| N.A. | |
| Other income | |
| 11,571 | | |
| 25,379 | | |
| 3,500 | | |
| 119.3 | % |
| Total other income | |
| 72,436 | | |
| 81,892 | | |
| 11,295 | | |
| 13.1 | % |
| Income before taxes and income from equity in affiliates | |
| 709,376 | | |
| 710,194 | | |
| 97,942 | | |
| 0.1 | % |
| Income tax expense | |
| (155,500 | ) | |
| (159,793 | ) | |
| (22,036 | ) | |
| 2.8 | % |
| Income from equity in affiliates | |
| 99,223 | | |
| 5,230 | | |
| 719 | | |
| (94.7 | )% |
| Net income | |
| 653,099 | | |
| 555,631 | | |
| 76,625 | | |
| (14.9 | )% |
| Less: net loss attributable to non-controlling interests | |
| (1,148 | ) | |
| (4,007 | ) | |
| (553 | ) | |
| 249.0 | % |
| Net income attributable to Noah shareholders | |
| 654,247 | | |
| 559,638 | | |
| 77,178 | | |
| (14.5 | )% |
| Income per ADS, basic | |
| 9.73 | | |
| 8.06 | | |
| 1.11 | | |
| (17.2 | )% |
| Income per ADS, diluted | |
| 9.70 | | |
| 8.05 | | |
| 1.11 | | |
| (17.0 | )% |
| Margin
analysis: | |
| | | |
| | | |
| | | |
| | |
| Operating margin | |
| 41.5 | % | |
| 36.0 | % | |
| 36.0 | % | |
| | |
| Net margin | |
| 42.6 | % | |
| 31.8 | % | |
| 31.8 | % | |
| | |
| Weighted
average ADS equivalent[1]: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 67,240,800 | | |
| 69,468,036 | | |
| 69,468,036 | | |
| | |
| Diluted | |
| 67,428,368 | | |
| 69,498,956 | | |
| 69,498,956 | | |
| | |
| ADS equivalent outstanding at end of period | |
| 60,222,116 | | |
| 63,137,912 | | |
| 63,137,912 | | |
| | |
[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, | | |
| |
| | |
2022 | | |
2023 | | |
2023 | | |
Change | |
| | |
RMB'000 | | |
RMB'000 | | |
USD'000 | | |
| |
| Net income | |
| 348,888 | | |
| 312,296 | | |
| 43,068 | | |
| (10.5 | )% |
| Other comprehensive income, net of tax: | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| 75,557 | | |
| 140,753 | | |
| 19,411 | | |
| 86.3 | % |
| Comprehensive income | |
| 424,445 | | |
| 453,049 | | |
| 62,479 | | |
| 6.7 | % |
| Less: Comprehensive loss attributable to non-controlling interests | |
| (183 | ) | |
| (3,269 | ) | |
| (451 | ) | |
| 1,686.3 | % |
| Comprehensive income attributable to Noah shareholders | |
| 424,628 | | |
| 456,318 | | |
| 62,930 | | |
| 7.5 | % |
Noah Holdings Limited
Condensed
Comprehensive Income Statements
(unaudited)
| | |
Six months ended |
|
|
| |
| | |
June 30, | | |
June 30, | | |
June 30, | | |
| |
| | |
2022 | | |
2023 | | |
2023 | | |
Change | |
| | |
RMB'000 | | |
RMB'000 | | |
USD'000 | | |
| |
| Net income | |
| 653,099 | | |
| 555,631 | | |
| 76,625 | | |
| (14.9 | )% |
| Other comprehensive income, net of tax: | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| 66,420 | | |
| 123,918 | | |
| 17,089 | | |
| 86.6 | % |
| Comprehensive income | |
| 719,519 | | |
| 679,549 | | |
| 93,714 | | |
| (5.6 | )% |
| Less: Comprehensive loss attributable to non-controlling interests | |
| (1,065 | ) | |
| (4,189 | ) | |
| (578 | ) | |
| 293.9 | % |
| Comprehensive income attributable
to Noah shareholders | |
| 720,584 | | |
| 683,738 | | |
| 94,292 | | |
| (5.1 | )% |
| Supplemental Information |
| (unaudited) |
| |
| | |
As of | | |
| |
| | |
June 30,
2022 | | |
June 30,
2023 | | |
Change | |
| Number of registered clients | |
| 418,675 | | |
| 446,557 | | |
| 6.7 | % |
| Number of relationship managers | |
| 1,255 | | |
| 1,375 | | |
| 9.6 | % |
| Number of cities in mainland China under coverage | |
| 79 | | |
| 63 | | |
| (20.3 | )% |
| | |
Three months ended | | |
| |
| | |
June 30,
2022 | | |
June 30,
2023 | | |
Change | |
| | |
(in millions of RMB, except number of active clients and percentages) | |
| Number of active clients | |
| 12,866 | | |
| 11,548 | | |
| (10.2 | )% |
| Transaction value: | |
| | | |
| | | |
| | |
| Private equity products | |
| 3,918 | | |
| 618 | | |
| (84.2 | )% |
| Private secondary products | |
| 2,394 | | |
| 4,293 | | |
| 79.3 | % |
| Mutual fund products | |
| 12,190 | | |
| 12,031 | | |
| (1.3 | )% |
| Other products | |
| 814 | | |
| 1,465 | | |
| 80.1 | % |
| Total transaction value | |
| 19,316 | | |
| 18,407 | | |
| (4.7 | )% |
| Noah Holdings Limited |
| Segment Condensed Income Statements |
| (unaudited) |
| |
| | |
Three months ended June 30, 2023 |
|
|
| |
| | |
Wealth
Management
Business | | |
Asset
Management
Business | | |
Other
Businesses | | |
Total | |
| | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Revenues from others | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 399,521 | | |
| - | | |
| - | | |
| 399,521 | |
| Recurring service fees | |
| 176,355 | | |
| - | | |
| - | | |
| 176,355 | |
| Performance-based income | |
| 4,328 | | |
| - | | |
| - | | |
| 4,328 | |
| Other service fees | |
| 50,878 | | |
| - | | |
| 13,236 | | |
| 64,114 | |
| Total revenues from others | |
| 631,082 | | |
| - | | |
| 13,236 | | |
| 644,318 | |
| Revenues from funds Gopher manages | |
| | | |
| | | |
| | | |
| | |
| One-time commissions | |
| 5,920 | | |
| 62 | | |
| - | | |
| 5,982 | |
| Recurring service fees | |
| 93,914 | | |
| 177,119 | | |
| - | | |
| 271,033 | |
| Performance-based income | |
| 17,115 | | |
| 6,520 | | |
| - | | |
| 23,635 | |
| Total revenues from funds Gopher manages | |
| 116,949 | | |
| 183,701 | | |
| - | | |
| 300,650 | |
| Total revenues | |
| 748,031 | | |
| 183,701 | | |
| 13,236 | | |
| 944,968 | |
| Less: VAT related surcharges | |
| (2,755 | ) | |
| (312 | ) | |
| (144 | ) | |
| (3,211 | ) |
| Net revenues | |
| 745,276 | | |
| 183,389 | | |
| 13,092 | | |
| 941,757 | |
| Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | |
| Compensation and benefits | |
| | | |
| | | |
| | | |
| | |
| Relationship managers | |
| (175,446 | ) | |
| (4,858 | ) | |
| - | | |
| (180,304 | ) |
| Others | |
| (133,409 | ) | |
| (63,949 | ) | |
| (7,440 | ) | |
| (204,798 | ) |
| Total compensation and benefits | |
| (308,855 | ) | |
| (68,807 | ) | |
| (7,440 | ) | |
| (385,102 | ) |
| Selling expenses | |
| (84,883 | ) | |
| (20,839 | ) | |
| (6,281 | ) | |
| (112,003 | ) |
| General and administrative expenses | |
| (47,431 | ) | |
| (11,721 | ) | |
| (4,831 | ) | |
| (63,983 | ) |
| (Provision for) reversal of credit losses | |
| (294 | ) | |
| 74 | | |
| - | | |
| (220 | ) |
| Other operating expenses | |
| (9,637 | ) | |
| (1,230 | ) | |
| (26,211 | ) | |
| (37,078 | ) |
| Government subsidies | |
| 6,002 | | |
| 46 | | |
| - | | |
| 6,048 | |
| Total operating costs and expenses | |
| (445,098 | ) | |
| (102,477 | ) | |
| (44,763 | ) | |
| (592,338 | ) |
| Income (loss) from operations | |
| 300,178 | | |
| 80,912 | | |
| (31,671 | ) | |
| 349,419 | |
| 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 | ) |
| Reversal of (provision for) credit losses | |
| 141 | | |
| (441 | ) | |
| 6,088 | | |
| 5,788 | |
| Other operating income (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 |
| Supplement Revenue Information by Geography |
|
(unaudited) |
| | |
Three months ended June 30, 2023 |
|
|
| |
| | |
Wealth
Management
Business | | |
Asset
Management
Business | | |
Other
Businesses | | |
Total | |
| | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Mainland China | |
| 419,220 | | |
| 118,972 | | |
| 13,236 | | |
| 551,428 | |
| Hong Kong | |
| 282,693 | | |
| 42,439 | | |
| - | | |
| 325,132 | |
| Others | |
| 46,118 | | |
| 22,290 | | |
| - | | |
| 68,408 | |
| Total revenues | |
| 748,031 | | |
| 183,701 | | |
| 13,236 | | |
| 944,968 | |
| | |
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 | |
| 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, | | |
| |
| | |
2022 | | |
2023 | | |
Change | |
| | |
RMB'000 | | |
RMB'000 | | |
| |
| Net income attributable to Noah shareholders | |
| 349,005 | | |
| 315,428 | | |
| (9.6 | )% |
| Adjustment for share-based compensation | |
| 7,990 | | |
| (3,055 | ) | |
| N.A. | |
| Less: tax effect of adjustments | |
| 1,922 | | |
| (740 | ) | |
| N.A. | |
| Adjusted net income attributable to Noah shareholders (non-GAAP) | |
| 355,073 | | |
| 313,113 | | |
| (11.8 | )% |
| Net margin attributable to Noah shareholders | |
| 47.3 | % | |
| 33.5 | % | |
| | |
| Non-GAAP net margin attributable to Noah shareholders | |
| 48.1 | % | |
| 33.2 | % | |
| | |
| Net income attributable to Noah shareholders per ADS, diluted | |
| 5.18 | | |
| 4.54 | | |
| (12.4 | )% |
| Non-GAAP net income attributable to Noah shareholders per ADS, diluted | |
| 5.28 | | |
| 4.51 | | |
| (14.6 | )% |
| 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, | | |
| |
| | |
2022 | | |
2023 | | |
Change | |
| | |
RMB'000 | | |
RMB'000 | | |
| |
| Net income attributable to Noah shareholders | |
| 654,247 | | |
| 559,638 | | |
| (14.5 | )% |
| Adjustment for share-based compensation | |
| 18,836 | | |
| (9,244 | ) | |
| N.A. | |
| Less: tax effect of adjustments | |
| 4,529 | | |
| (2,239 | ) | |
| N.A. | |
| Adjusted net income attributable to Noah shareholders (non-GAAP) | |
| 668,554 | | |
| 552,633 | | |
| (17.3 | )% |
| Net margin attributable to Noah shareholders | |
| 42.7 | % | |
| 32.1 | % | |
| | |
| Non-GAAP net margin attributable to Noah shareholders | |
| 43.6 | % | |
| 31.7 | % | |
| | |
| Net income attributable to Noah shareholders per ADS, diluted | |
| 9.70 | | |
| 8.05 | | |
| (17.0 | )% |
| Non-GAAP net income attributable to Noah shareholders per ADS, diluted | |
| 9.92 | | |
| 7.95 | | |
| (19.9 | )% |
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