智通财经APP获悉，5月29日，诺亚控股(06686,NOAH.US)发布了2025年第一季度未经审核的财务业绩 公告。公告显示，诺亚控股在报告期内净收入为人民币6.15亿元；经营收益达到人民币1.86亿元，同比 增长53.1%；诺亚股东应占净收益为人民币1.49亿元，同比增长13.3%；非公认会计准则下的诺亚股东应 占净收益为人民币1.69亿元，同比增长4.7%。 其中，诺亚控股来自境外的净收入为人民币3.04亿元，同比相对持平，环比增加5.0%，主要由于境外保 险产品分销增加所致；境外收入持续增长，现占净收入总额近50%。随着海外的持续投入和建设，海外 收入端贡献占比提升，境外业务已成为重要增长引擎，反映了国际化战略成效显著。 在财富管理业务方面，诺亚控股注册客户总数为463161人，较2024年3月31日增长1.2%；活跃客户总数 为8822人，较2024年第一季度减少15.1%；分销的投资产品总价值为人民币161亿元，较2024年第一季 度减少14.7%。 在资产管理业务方面，诺亚控股总资产管理规模为人民币1493亿元，其中中国内地资产管理规模为人民 币1066亿元，境外资产管理规模为人民币427亿元 ...

Financial Performance - For Q1 2025, net revenue was RMB 614.6 million (USD 84.7 million), a decrease of 5.4% compared to Q1 2024, primarily due to reduced distribution of insurance products[9]. - Net income attributable to shareholders for Q1 2025 was RMB 149.0 million (USD 20.5 million), a 13.3% increase year-over-year[11]. - Operating income for Q1 2025 was RMB 186.0 million (USD 25.6 million), an increase of 53.1% compared to Q1 2024, mainly due to a 21.8% reduction in compensation and benefits[11]. - The company reported a significant recovery in operational profitability, with operating income increasing by 53.1% year-over-year and 35.2% quarter-over-quarter[21]. - The operating profit margin for Q1 2025 was 30.3%, up from 18.7% in Q1 2024, primarily due to a 21.8% reduction in salaries and benefits[30]. - The company reported a net loss of 428,586 thousand RMB, indicating challenges in profitability[59]. - Total revenue for the three months ended March 31, 2025, was RMB 654,268 thousand, a decrease of 5.2% compared to RMB 620,095 thousand for the same period in 2024[50]. - The diluted earnings per American Depositary Share (ADS) for the three months ended March 31, 2025, was RMB 2.11, a decrease of 12.2% from RMB 2.13 in the previous year[51]. Client Metrics - The number of registered clients as of March 31, 2025, was 463,161, representing a 1.2% increase year-over-year[10]. - The number of active clients for Q1 2025 was 8,822, a decrease of 15.1% year-over-year[15]. - The number of overseas registered clients as of March 31, 2025, was 18,207, reflecting a 15.8% increase year-over-year[10]. - The number of overseas active clients increased by 23.3% from 2,745 to 3,384[73]. - The total number of overseas financial advisors as of March 31, 2025, was 131, a 44.0% increase year-over-year[13]. Asset Management - As of March 31, 2025, total assets under management remained relatively stable at RMB 149.3 billion (USD 20.6 billion), compared to RMB 153.3 billion as of March 31, 2024, and RMB 151.5 billion as of December 31, 2024[16]. - The private equity segment accounted for RMB 130.4 billion (87.4%) of total assets under management as of March 31, 2025, showing a slight decrease from RMB 131.5 billion (86.8%) as of December 31, 2024[17]. - The domestic asset management scale was RMB 106.6 billion (USD 14.7 billion), down from RMB 108.9 billion as of December 31, 2024[18]. - The overseas asset management scale was RMB 42.7 billion (USD 5.9 billion) as of March 31, 2025, showing stability compared to RMB 42.6 billion as of December 31, 2024[20]. Revenue Sources - Total value of distributed investment products for Q1 2025 was RMB 16.1 billion (USD 2.2 billion), a decrease of 14.7% compared to Q1 2024, mainly due to a 39.8% reduction in public fund product distribution[15]. - The overseas asset management segment generated RMB 112.0 million (USD 15.4 million) in net income for Q1 2025, representing a 22.3% increase compared to the same period in 2024, driven by an increase in private equity investments managed by Olive[25]. - The domestic asset management segment reported net income of RMB 167.0 million (USD 23.0 million) for Q1 2025, a decrease of 14.3% year-over-year, mainly due to reduced management fees from private equity products[22]. - Wealth management business revenue was RMB 464,210 thousand, while asset management business revenue was RMB 180,809 thousand for the three months ended March 31, 2025[66]. Operational Efficiency - Operating costs and expenses for Q1 2025 were RMB 428.6 million (USD 59.1 million), a decrease of 18.8% year-over-year[24]. - In Q1 2025, the operating costs and expenses for domestic public market securities were RMB 32.5 million (USD 4.5 million), a decrease of 16.4% compared to Q1 2024, primarily due to reduced compensation for financial advisors[26]. - The operating income for domestic public market securities in Q1 2025 was RMB 95.0 million (USD 13.1 million), an increase of 18.4% year-over-year, mainly due to increased fundraising fee income from private equity securities funds[29]. - The operating income for overseas wealth management in Q1 2025 was RMB 58.1 million (USD 8.0 million), significantly up from RMB 4.7 million in Q1 2024, primarily due to reduced salaries and benefits[29]. Future Outlook - The company aims to continue advancing its strategy to drive sustainable growth and provide reasonable returns to shareholders[21]. - The company plans to enhance its market expansion strategies to improve future performance[58]. - Future guidance indicates a cautious outlook, with expectations of gradual recovery in revenue streams[58]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify offerings[58]. - The company is focused on enhancing its product offerings and services through research and development investments[46].

Noah Holdings 諾亞控股私人財富資產管理有限公司 Noah Holdings Private Wealth and Asset Management Limited (於開曼群島以諾亞控股有限公司名義以有限責任註冊成立， 並以諾亞控股私人財富資產管理有限公司於香港經營業務) 股份代號: 6686 2024 年度報告 Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 Annual Report 年度報告 2024 目錄 | 1 | 目錄 | | --- | --- | | 2 | 公司資料 | | 4 | 五年財務概要 | | 6 | 主要摘要 | | 9 | 業務回顧及展望 | | 15 | 管理層討論與分析 | | 26 | 董事會報告 | | 50 | 董事及高級管理層 | | 56 | 企業管治 | | 75 | 其他資料 | | 91 | 獨立審計師報告 | | 96 | 合併資產負債表 | | 98 | 合併經營報表 | | 100 | 合併綜合收益表 | | 101 | 合併權益變動表 ...

Dividends - The final dividend and special dividend per share are RMB 0.828 (tax included), based on a total dividend amount of RMB 275 million[5] - The discrepancy in dividend figures is due to rounding differences in decimal places, with the more accurate figure being RMB 0.828 per share[4] - The total amount for the final dividend and special dividend is RMB 275 million each, calculated based on the number of issued shares excluding treasury shares[5] - The company expects to distribute the final dividend of RMB 0.828 per share based on the number of issued shares as of the announcement date[5] - All other information in the annual results announcement remains unchanged[6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686） 內幕消息 截至2024年12月31日止年度 全年業績公告 本公告乃根據《香港上市規則》第13.09條及《證券及期貨條例》第XIVA部的內幕消 息條文刊發。 本公司欣然宣佈，本公司截至2024年12月31日止年度的經審核綜合全年業績，連 同2023年同期的比較數字。該等全年業績乃根據美國公認會計準則編製（有別於 國際財務報告準則），並已由審核委員會審閱。 Noah Holdings 於本公告內，「諾亞」、「我們」及「我們的」指本公司，並在文義另有所指時指本集 團。本公告所載若干數額及百分比數字已經四捨五入調整或以四捨五入取至小數 ...

Financial Performance - In Q4 2024, net revenue was RMB 651.9 million (USD 89.3 million), a decrease of 18.5% year-over-year and a 4.6% decline quarter-over-quarter, primarily due to reduced distribution of insurance products[10]. - Net revenue from mainland China was RMB 362.1 million (USD 49.6 million), remaining flat compared to Q4 2023, but increased by 18.0% from Q3 2024, driven by a 200.0% growth in public market securities product distribution[10]. - Net revenue from overseas was RMB 289.8 million (USD 39.7 million), down 32.0% year-over-year and 23.1% quarter-over-quarter, mainly due to decreased overseas insurance product distribution[10]. - Operating profit for Q4 2024 was RMB 137.6 million (USD 18.8 million), a decline of 37.7% year-over-year and 42.9% quarter-over-quarter, primarily due to the decrease in net revenue[16]. - In 2024, the total net income was RMB 2,601.0 million (USD 356.3 million), a decrease of 21.1% compared to 2023, primarily due to a reduction in insurance product distribution[18]. - The net income from mainland China for 2024 was RMB 1,348.9 million (USD 184.8 million), down 27.5% year-over-year, mainly due to decreased revenue from domestic insurance product distribution and private equity service fees[18]. - The net income from overseas for 2024 was RMB 1,252.1 million (USD 171.5 million), a decrease of 12.7% year-over-year, attributed to a 21.9% decline in overseas insurance product distribution revenue[18]. - In Q4 2024, the net income attributable to shareholders was RMB 109.8 million (USD 15.0 million), down 49.3% year-over-year, mainly due to a 37.7% decline in operating income[19]. - The total operating profit for 2024 was RMB 633.9 million (USD 86.8 million), a decrease of 42.3% compared to 2023, primarily due to a 21.1% reduction in net income[21]. - The net profit margin for 2024 was 18.7%, down from 30.4% in 2023[68]. Revenue Segments - Wealth management segment revenue decreased by 25.1% year-over-year to RMB 457.4 million (USD 62.5 million) in Q4 2024[13]. - Asset management segment revenue was RMB 185.7 million (USD 25.5 million), a slight decrease of 0.2% year-over-year[13]. - The overseas wealth management segment generated RMB 156.6 million (USD 21.5 million) in net revenue for Q4 2024[11]. - The company reported a significant increase of 192.6% in other business revenue, reaching RMB 8.8 million (USD 1.2 million) in Q4 2024[13]. - The total value of distributed investment products for 2024 is RMB 63.9 billion (USD 8.8 billion), a decrease of 13.8% compared to 2023, primarily due to a 35.3% reduction in domestic public fund product distribution[30]. - Distribution of overseas investment products by the company reached RMB 31.1 billion (USD 4.3 billion) in 2024, an increase of 30.7% compared to 2023, driven by a 69.5% increase in overseas public fund products and a 77.8% increase in private equity products[30]. Customer Metrics - The total number of registered customers as of December 31, 2024, was 462,049, an increase of 1.4% from December 31, 2023[26]. - The number of active customers in 2024 was 17,210, a decrease of 23.4% compared to 2023, while overseas active customers increased by 19.8%[26]. - The number of overseas financial advisors increased by 55.1% to 138 as of December 31, 2024, compared to the previous year[33]. - The number of registered overseas clients increased by 18.3% to 17,654, while the number of active overseas clients rose by 15.8% to 2,914[120]. Operating Costs and Expenses - Operating costs and expenses in Q4 2024 totaled RMB 514.3 million (USD 70.5 million), a decrease of 11.1% compared to Q4 2023[46]. - The operating profit margin for Q4 2024 was 21.1%, down from 27.6% in the same quarter of 2023[47]. - The operating costs and expenses for the wealth management business were RMB 383.1 million (USD 52.5 million), a decrease of 16.7% compared to Q4 2023, primarily due to a 52.8% reduction in sales expenses and a 34.5% decrease in general and administrative expenses[49]. - The company’s total operating expenses amounted to RMB 1,967,093 thousand, with personnel costs accounting for RMB 1,349,451 thousand[101]. Dividends and Shareholder Returns - The company announced a total annual dividend and special dividend of RMB 550 million, equivalent to 100% of the non-GAAP net income attributable to shareholders for 2024[40]. - The board approved a total annual dividend of approximately RMB 275.0 million (USD 37.7 million), representing 50% of the non-GAAP net income attributable to Noah shareholders for 2024[70]. Strategic Initiatives - The company has initiated a restructuring to better reflect its recent operational adjustments and organizational changes, enhancing transparency for investors[10]. - The company launched Olive Asset Management, focusing on global investment solutions, with offices in Hong Kong and the United States[34]. - The new overseas brand launched in 2024 aims to strengthen customer service and expand connections with new clients in Southeast Asia, Canada, and Japan[40]. - The company continues to streamline its domestic coverage, reducing the number of cities from 44 to 11[33]. Tax and Regulatory Matters - The income tax expense for Q4 2024 was RMB 96.6 million (USD 13.2 million), an increase of 183.6% year-over-year, mainly due to an increase in the effective tax rate related to dividend withholding tax[52]. - The company reported a significant increase in government subsidies, which rose to RMB 126,955,000, a decrease of 48.6% compared to the previous year[85]. Cash Flow and Liquidity - As of December 31, 2024, cash and cash equivalents were RMB 3,822.3 million (USD 523.7 million), down from RMB 5,192.1 million at the end of 2023[67]. - The net cash inflow from operating activities for Q4 2024 was RMB 282.3 million (USD 38.7 million), compared to RMB 152.5 million in Q4 2023[67]. - The net cash inflow from investment activities in Q4 2024 was RMB 72.9 million (USD 10.0 million), down from RMB 226.8 million in Q4 2023[69]. - The net cash outflow from financing activities in 2024 was RMB 1,134.2 million (USD 155.4 million), compared to RMB 199.8 million in 2023[69].

Financial Performance - For Q3 2024, net income was RMB 683.7 million (USD 97.4 million), a decrease of 8.8% compared to Q3 2023, primarily due to a 33.0% decline in net income from mainland China, partially offset by a 28.9% increase in overseas net income [8]. - Net income from mainland China for Q3 2024 was RMB 306.8 million (USD 43.7 million), down 33.0%, mainly due to a 89.9% decrease in income from domestic insurance product distribution and a 17.3% decline in recurring service fees from private equity products [8]. - Overseas net income for Q3 2024 was RMB 376.9 million (USD 53.7 million), an increase of 28.9%, driven by a 42.5% rise in income from overseas investment products and a 42.4% increase in insurance product income [8]. - Shareholders' net income attributable to Noah for Q3 2024 was RMB 134.4 million (USD 19.2 million), a decrease of 42.4% year-over-year, primarily due to a 3.2% decline in operating income and a foreign exchange loss of approximately RMB 43.6 million [10]. - Non-GAAP net income attributable to Noah for Q3 2024 was RMB 150.5 million (USD 21.4 million), a decrease of 35.2% year-over-year, but an increase of 41.9% compared to Q2 2024 [11]. - The net profit margin for Q3 2024 was 20.2%, down from 30.9% in Q3 2023 [39]. - The company reported a net profit margin of 30.9% for the three months ended September 30, 2024, compared to 20.2% for the same period in 2023 [59]. - The adjusted net income attributable to Noah Holdings shareholders (non-GAAP) for the three months ended September 30, 2024, was RMB 150.5 million, a decrease of 35.2% from RMB 232.4 million [75]. Client Metrics - The number of registered clients as of September 30, 2024, was 460,380, an increase of 1.8% year-over-year, with overseas registered clients totaling 17,287, up 20.9% from the previous year [12]. - Active clients in Q3 2024 totaled 7,857, a decrease of 17.2% year-over-year, while overseas active clients numbered 3,139, an increase of 37.4% compared to Q3 2023 [12]. - The number of overseas financial advisors increased by 89.6% year-over-year to 146 as of September 30, 2024, and increased by 29.2% from June 30, 2024 [18]. - The number of registered overseas clients increased to 17,287, representing a growth of 20.9% from 14,296 clients [73]. - The overseas active client count rose to 3,139, marking a significant increase of 37.4% from 2,284 clients [73]. Revenue and Income Sources - Operating income for Q3 2024 was RMB 240.8 million (USD 34.3 million), a decrease of 3.2% year-over-year, primarily due to the 8.8% decline in net income, partially offset by an 11.6% reduction in operating costs and expenses [9]. - In Q3 2024, net income from fundraising fees was RMB 175.1 million ($25.0 million), a decrease of 11.8% compared to Q3 2023, primarily due to reduced distribution of domestic insurance products [28]. - Net income from management fees in Q3 2024 was RMB 251.0 million ($35.8 million), down 10.3% year-over-year, mainly due to a decrease in asset management scale in mainland China [28]. - Performance fee income in Q3 2024 was RMB 3.0 million ($0.4 million), a significant decrease of 65.8% compared to the same period last year, attributed to lower performance fees from private equity products [28]. - The company achieved a significant increase in insurance product revenue, with a growth of 89.9% to RMB 85,445 thousand compared to the previous year [71]. Asset Management - As of September 30, 2024, total assets under management amounted to RMB 150.1 billion (USD 21.4 billion), a decrease of 2.5% from June 30, 2024, and a decrease of 3.1% from September 30, 2023 [21]. - The asset management scale in mainland China was RMB 110.6 billion (USD 15.8 billion) as of September 30, 2024, down from RMB 119.5 billion as of September 30, 2023 [21]. - The overseas asset management scale reached RMB 39.5 billion (USD 5.6 billion) as of September 30, 2024, compared to RMB 35.4 billion as of September 30, 2023 [21]. - The total value of overseas investment products distributed was RMB 6.9 billion, with public fund products accounting for RMB 2.0 billion (28.1%) as of September 30, 2023 [17]. - The total value of distributed investment products in Q3 2024 was RMB 14.3 billion (USD 2 billion), a decrease of 36.1% year-over-year, primarily due to a 42.1% reduction in public fund product distribution [13]. Operational Costs and Expenses - Operating costs and expenses for Q3 2024 totaled RMB 442.9 million ($63.1 million), a decrease of 11.6% from Q3 2023 [31]. - The operating profit margin for Q3 2024 was 35.2%, compared to 33.2% in Q3 2023 [34]. - The company reported a total operating cost of RMB 442,872 thousand for the three months ending September 30, 2024 [63]. Strategic Developments - The company opened a new office in Japan to attract local Chinese-speaking clients and is actively evaluating opportunities in Canada, Australia, Southeast Asia, and Europe [25]. - The company anticipates continued growth in overseas client acquisition and asset management services in the upcoming quarters [73]. - The company aims to enhance its product offerings and services through investments in research and development [50]. Market Presence - The company operates in major cities including mainland China, Hong Kong, New York, Silicon Valley, Singapore, and Los Angeles [47]. - Noah's investment products include private equity, public market securities, and insurance products denominated in RMB and other currencies [47]. - Noah's American Depositary Shares (ADS) are listed on the New York Stock Exchange under the ticker "NOAH" [46]. Currency and Exchange Rates - The exchange rate used for converting RMB to USD is 7.0176 as of September 30, 2024 [48].

Noah Holdings 諾亞控股私人財富資產管理有限公司 Noah Holdings Private Wealth and Asset Management Limited (於開曼群島以諾亞控股有限公司名義以有限責任註冊成立， 並以諾亞控股私人財富資產管理有限公司於香港經營業務) 股份代號: 6686 2024 中期報告 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 財務概要 | | 6 | 主要摘要 | | 10 | 業務回顧及展望 | | 13 | 管理層討論與分析 | | 22 | 其他資料 | | 34 | 簡明合併財務報表審閱報告 | | 35 | 簡明合併資產負債表 | | 37 | 簡明合併經營報表 | | 39 | 簡明合併綜合收益表 | | 40 | 簡明合併權益變動表 | | 42 | 簡明合併現金流量表 | | 45 | 簡明合併財務報表附註 | | 93 | 釋義及縮寫詞 | 2024 年中期報告 2 公司資料 董事 董事 汪靜波女士 （董事會主席） 殷哲先生 （行政總裁） 非執行董事 章嘉玉女士 何伯權先生 王愷先生 張彤先生 （於2024年6月30日 ...

Financial Performance - For the six months ending June 30, 2024, the company's net income was RMB 1,265.4 million, a decrease of 27.5% compared to RMB 1,743.0 million in the same period of 2023, primarily due to reduced insurance product distribution[6]. - Shareholders' net profit dropped 58.7% from RMB 559.6 million for the six months ending June 30, 2023, to RMB 231.3 million for the same period in 2024[6]. - Non-GAAP shareholders' net income decreased by 51.6% from RMB 552.6 million to RMB 267.2 million, attributed to lower net income and increased employee compensation and benefits costs[6]. - Total revenue for the six months ended June 30, 2024, was RMB 1,274,843, a decrease of 27.3% compared to RMB 1,754,236 for the same period in 2023[52]. - Net income for the same period was RMB 235,556, down 57.6% from RMB 555,631 in 2023[56]. - The company reported a total comprehensive income of RMB 318,239 for the six months ended June 30, 2024, compared to RMB 679,549 in 2023[56]. - The company's operating income for the six months ended June 30, 2024, was RMB 255,501, a significant decrease from RMB 628,302 in 2023[54]. Revenue Breakdown - Wealth management business generated total revenue of RMB 881.8 million, a decrease of 34.0% compared to RMB 1,336.7 million in the first half of 2023[14]. - Total revenue from fundraising fees decreased by 44.1% from RMB 579.5 million to RMB 324.1 million, primarily due to reduced distribution of insurance products[18]. - Total revenue from management fees decreased by 15.6% from RMB 570.5 million to RMB 481.5 million, mainly due to a decrease in service fees charged to fund managers[18]. - Performance fee revenue dropped by 85.7% from RMB 77.3 million to RMB 11.1 million, attributed to reduced performance fees from overseas private equity products[18]. - Total revenue from asset management business was RMB 373.3 million, down 4.3% from RMB 389.9 million in the same period last year[15]. - Total revenue from wealth management decreased by 9.7% to RMB 747.6 million for the six months ending June 30, 2024, from RMB 827.5 million[20]. Asset Management - The overseas product fundraising volume increased by 49.3% from RMB 10.9 billion to RMB 16.3 billion during the reporting period[6]. - The asset management scale of overseas products grew by 14.3% from RMB 34.2 billion to RMB 39.1 billion as of June 30, 2024[6]. - The asset management scale remained stable at RMB 154 billion, a slight decrease of 1.8% from RMB 156.9 billion[15]. - The overseas asset management scale grew by 14.3% to RMB 39.1 billion, benefiting from expanded coverage of global general partners and hedge fund managers[15]. - Regular management fees increased by 7.2% year-on-year, indicating a higher proportion of asset management scale from dollar-denominated products[12]. Cost Management - Operating costs and expenses decreased by 9.6% to RMB 1,009.9 million for the six months ending June 30, 2024, from RMB 1,116.9 million[21]. - Compensation and benefits decreased by 9.2% to RMB 685.8 million for the six months ending June 30, 2024, compared to RMB 755.2 million[25]. - Sales expenses for wealth management dropped by 42.1% to RMB 90.9 million for the six months ending June 30, 2024, from RMB 156.9 million[26]. - General and administrative expenses for wealth management increased by 27.5% to RMB 97.2 million for the six months ending June 30, 2024, from RMB 76.2 million[27]. Shareholder Returns - The company plans to distribute up to 50% of the annual net profit attributable to shareholders as part of its capital management and shareholder return policy, which includes dividends and share buybacks[5]. - The company paid a final dividend of RMB 509.0 million (approximately USD 71.7 million), equivalent to 50% of its 2023 net profit attributable to shareholders[5]. - The company did not recommend an interim dividend for the six months ended June 30, 2024[50]. Governance and Management - The board has appointed new independent directors to enhance governance and strategic direction[4]. - The company has maintained compliance with corporate governance codes throughout the reporting period[43]. - The board of directors includes Chairwoman Wang Jingbo and several other directors, indicating a diverse leadership team[91]. Legal Matters - The company is involved in ongoing legal proceedings with 44 investors, with total claims exceeding RMB 149 million[48]. - The company is currently involved in a legal matter related to the "承興事件," with potential liabilities amounting to RMB 3.4 billion[77]. - The company has not identified any significant unresolved legal or administrative proceedings that could materially impact its business or financial condition[80]. Future Plans - The company plans to launch company secretary and real estate brokerage services in Dubai, with similar services expected in Japan and other markets[12]. - The company plans to expand its QDII product offerings and enhance partnerships with QDLP distributors to increase the supply of quality overseas assets[16]. - The company aims to recruit 200 financial advisors in the short term and 300 in the medium term to strengthen its presence in key international markets[16]. - The company has set a timeline to fully utilize the remaining proceeds by the end of 2024 for various business expansions[46].

Financial Performance - In Q2 2024, net revenue was RMB 615.8 million (USD 84.7 million), a decrease of 34.6% year-over-year and 5.2% quarter-over-quarter, primarily due to reduced distribution of insurance products[4]. - Net income from mainland China in Q2 2024 was RMB 337.2 million (USD 46.4 million), down 38.5% compared to Q2 2023, mainly due to decreased distribution of insurance and private equity fund products[4]. - Operating income for Q2 2024 was RMB 134.0 million (USD 18.4 million), a decline of 61.6% year-over-year, but an increase of 10.3% quarter-over-quarter due to effective cost control measures[6]. - The company reported a net income attributable to shareholders of RMB 99.8 million (USD 13.7 million) in Q2 2024, down 68.4% year-over-year[7]. - Non-GAAP net income attributable to shareholders for Q2 2024 was RMB 106.1 million (USD 14.6 million), a decrease of 66.1% year-over-year[9]. - Q2 2024 net profit was RMB 103.7 million (USD 14.3 million), a decrease of 66.8% compared to Q2 2023[25]. - The net profit margin for Q2 2024 was 16.8%, down from 33.2% in Q2 2023[25]. - For Q2 2024, the non-GAAP net income attributable to Noah shareholders was RMB 106.1 million (USD 14.6 million), a decrease of 66.1% compared to the same period in 2023[26]. - The diluted net income per American Depositary Share for Q2 2024 was RMB 1.51 (USD 0.21), a decline from RMB 4.51 in the same quarter of 2023[26]. - The company achieved a net income of RMB 312,296 thousand for the three months ended June 30, 2024, a 66.8% increase from RMB 103,693 thousand in the same period of 2023[44]. Client Metrics - The number of registered clients as of June 30, 2024, was 459,072, an increase of 2.8% year-over-year and 0.3% quarter-over-quarter[10]. - Active clients in Q2 2024 totaled 8,634, a decrease of 25.2% year-over-year and 16.9% quarter-over-quarter[10]. - The number of overseas financial advisors increased by 24.2% to 113 as of June 30, 2024, compared to March 31, 2024[14]. - The number of registered overseas clients increased by 23.0% to 16,786 as of June 30, 2024, compared to 13,650 in the previous year[52]. - The number of active overseas clients surged by 62.8% to 3,244 from 1,993 year-over-year[52]. Investment Products - Total value of distributed investment products in Q2 2024 was RMB 14.4 billion (USD 2 billion), a decrease of 21.7% year-over-year, primarily due to a 29.3% decline in mutual fund product distribution[10]. - The company distributed RMB 79 billion (USD 11 billion) in overseas investment products in Q2 2024, an increase of 40.8% year-over-year, driven by a significant rise in overseas mutual fund product distribution[10]. - The total value of public fund products in mainland China was RMB 10.1 billion, accounting for 79.1% of the total investment products as of June 30, 2023[12]. - The total value of overseas public fund products was RMB 1.9 billion, representing 34.4% of the total overseas investment products as of June 30, 2023[13]. - The total value of private securities fund products in mainland China was RMB 1.9 billion, accounting for 15.2% of the total investment products as of June 30, 2023[12]. - The total value of other products in mainland China was RMB 0.6 billion, representing 4.6% of the total investment products as of June 30, 2023[13]. - The revenue from insurance products in mainland China surged by 93.1%, reaching RMB 171,543 thousand from RMB 11,753 thousand[51]. - Public fund products saw a significant growth of 29.3%, rising to RMB 12,031 million from RMB 8,501 million[47]. Asset Management - As of June 30, 2024, the total asset management scale remained relatively stable at RMB 154 billion (USD 21.2 billion), compared to RMB 156.9 billion as of June 30, 2023[15]. - The asset management scale in mainland China was RMB 114.9 billion (USD 15.8 billion) as of June 30, 2024, down from RMB 122.7 billion as of June 30, 2023[15]. - The total asset management scale for overseas products was RMB 39.1 billion as of June 30, 2024, with a growth of 3.4%[18]. - The overseas assets under management grew by 14.3% to RMB 39.1 billion, up from RMB 34.2 billion[52]. Cash Flow and Financing - As of June 30, 2024, the company's cash and cash equivalents amounted to RMB 4,604.9 million (USD 633.7 million), down from RMB 5,129.4 million as of March 31, 2024[27]. - The net cash inflow from operating activities for Q2 2024 was RMB 49.6 million (USD 6.8 million), primarily due to cash inflows from operating net income[28]. - The net cash outflow from investing activities for Q2 2024 was RMB 548.2 million (USD 75.4 million), mainly due to cash used for short-term investments[28]. - The net cash outflow from financing activities for Q2 2024 was RMB 44.6 million (USD 6.1 million), compared to a net cash inflow of RMB 87.0 million in the same period of 2023[28]. - The company has authorized a share repurchase plan to buy back up to USD 50 million of its American Depositary Shares or common stock, effective immediately for a period of two years[29]. - The company initiated a USD 50 million share repurchase plan to enhance capital returns to shareholders[19]. Future Strategies - The company plans to continue investing in research and development to enhance its product offerings and services[38]. - Future business development strategies will focus on maintaining and strengthening relationships with key clients and expanding market presence[38]. - The company plans to expand its product offerings and enhance its market presence through strategic initiatives and new technology developments[50].