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 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 2024年第一季度未經審核財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港聯交所」）第13.09 條及香港法例第571章《證券及期貨條例》第XIVA部刊發。 諾亞控股私人財富資產管理有限公司（「本公司」）欣然宣佈，根據美國（「美國」） 證券交易委員會的適用規則刊發截至2024年3月31日止第一季度的未經審核財 務業績（「2024年第一季度業績」）。2024年第一季度業績可於香港聯交所網站 www.hkexnews.hk及我們的網站ir.noahgroup.com閱覽 ...

Leadership and Governance Changes - The company underwent significant leadership changes, including the appointment of Yin Zhe as CEO effective December 29, 2023, replacing Wang Jingbo[5] - Key board changes occurred on August 29, 2023, including the transition of Zhang Jiayu to non-executive director and the resignation of Shen Nanpeng from the same position[5] - The company's audit committee saw leadership changes, with Chen Zhiwu appointed as chairman and Meng Jinhong joining as a new member on August 29, 2023[5] - Noah Holdings' corporate governance and nomination committee underwent restructuring, with Wang Jingbo appointed as chair on March 28, 2023[5] - The company separated the roles of CEO and Chairman, appointing Mr. Yin Zhe as CEO while Ms. Wang Jingbo continues as Chairman, aligning with global corporate governance best practices[12] - Yao Jinbo stepped down as a member of the Corporate Governance and Nomination Committee on March 28, 2023, and Wang Jingbo was appointed as the new chairperson of the committee[127] - Shen Nanpeng resigned as a non-executive director on August 29, 2023, and Wang Kai was appointed to replace him[127] - Yang Zijiang retired as an independent director and chairman of the Audit Committee on August 29, 2023, and Meng Jinhong was appointed as an independent director and member of the Audit Committee[127] Financial Performance - Total revenue for the year reached RMB 3,413,176 thousand, with net income of RMB 3,391,812 thousand[8] - Revenue from Gopher-managed funds amounted to RMB 1,651,229 thousand, contributing significantly to total income[8] - Operating income for the year was RMB 914,966 thousand, reflecting a decrease from the previous year's RMB 1,258,476 thousand[8] - Net profit attributable to shareholders was RMB 1,009,494 thousand, showing an increase from RMB 976,571 thousand in 2022[9] - Total assets increased to RMB 12,685,378 thousand, up from RMB 11,798,135 thousand in 2022[10] - Total liabilities decreased to RMB 2,257,815 thousand, compared to RMB 2,297,660 thousand in the previous year[10] - Shareholders' equity rose to RMB 10,427,563 thousand, indicating strong financial health[10] - Interest income surged to RMB 161,926 thousand, a significant increase from RMB 61,416 thousand in 2022[9] - Investment losses were recorded at RMB 61,486 thousand, compared to a gain of RMB 85,554 thousand in the previous year[9] - Government subsidies received amounted to RMB 89,278 thousand, contributing to the reduction in operating expenses[8] - Net income for 2023 reached RMB 3,294.7 million, a 6.3% increase from 2022, driven by expanded insurance product distribution and a 59.8% increase in placement fee income[14] - Shareholders' net profit increased by 3.4% from RMB 976.6 million in 2022 to RMB 1,009.5 million in 2023[14] - Non-GAAP shareholders' net profit slightly increased by 1.0% from RMB 1,008.6 million in 2022 to RMB 1,018.8 million in 2023[14] - Overseas AUM grew by 7.6% to USD 5.1 billion by the end of 2023, with overseas net income surging 73.0%[17] - Wealth management segment revenue rose 13.1% to RMB 2,500.6 million in 2023, driven by a 72.0% increase in insurance product distribution fees[18] - Total transaction value of investment products in 2023 reached RMB 74.1 billion, up 5.4% from 2022[18] - Asset management segment revenue declined 8.4% to RMB 768.5 million in 2023 due to weaker capital market performance[19] - Total AUM remained stable at RMB 1,546 billion by the end of 2023, with a slight 1.6% decrease from 2022[19] - Total revenue increased by 6.0% from RMB 3,128.9 million in 2022 to RMB 3,317.8 million in 2023, driven by increased fundraising fees from insurance product distribution in the wealth management business[22] - Wealth management business revenue grew by 13.1% from RMB 2,210.4 million in 2022 to RMB 2,500.6 million in 2023, with fundraising fees increasing by 72.0% due to higher insurance product distribution[23] - Asset management business revenue decreased by 8.4% from RMB 839.1 million in 2022 to RMB 768.5 million in 2023, primarily due to a 94.7% drop in fundraising fees from private equity product distribution[24] - Other business revenue declined by 38.7% from RMB 79.3 million in 2022 to RMB 48.7 million in 2023, mainly due to the reduction in lending activities[25] - Operating costs and expenses rose by 9.2% from RMB 2,011.9 million in 2022 to RMB 2,196.8 million in 2023, driven by increased client events and travel expenses as part of global expansion efforts[27] - The company's operating income increased by 0.9% from RMB 1,088.4 million in 2022 to RMB 1,097.9 million in 2023[35] - The company's net income increased by 3.0% from RMB 971.6 million in 2022 to RMB 1,001.0 million in 2023[37] - As of December 31, 2023, the company held cash and cash equivalents of RMB 5,192.1 million, with RMB 9.7 million held by consolidated funds[38] - The company's leverage ratio decreased to 17.8% as of December 31, 2023, compared to 19.5% as of December 31, 2022[41] - No accounts payable as of December 31, 2023 (December 31, 2022: none)[43] - Contingent liabilities related to the unresolved Chengxing incident amounted to RMB 482.8 million as of December 31, 2023 (December 31, 2022: RMB 568.0 million)[44] - Capital expenditures for 2023 were RMB 157.9 million, primarily due to the renovation and upgrade of the new headquarters in Shanghai (2022: RMB 62.7 million)[45] - No outstanding loans, overdrafts, or borrowings from banks or financial institutions as of December 31, 2023 (December 31, 2022: none)[46] - The company's consolidated financial statements were audited by Deloitte Touche Tohmatsu, which will retire at the upcoming annual general meeting but is eligible for re-election[97] - The company paid RMB 10,070 thousand for audit services and RMB 154 thousand for audit-related services to its external auditor, Deloitte, for the year ended December 31, 2023[160] Business Operations and Strategy - Noah Holdings Private Wealth and Asset Management Limited reported its 2023 annual financial summary, covering the past five fiscal years from 2019 to 2023[7] - The company maintains dual listings on both the Hong Kong Stock Exchange (Stock Code: 6686) and the New York Stock Exchange (Ticker: NOAH)[6] - Noah Holdings' primary business operations are headquartered in Shanghai, China, with a major office in Hong Kong's Times Square[6] - The company's financial statements are audited by Deloitte Touche Tohmatsu, with Maples Fund Services (Cayman) Limited serving as the registrar in the Cayman Islands[6] - The company successfully recruited 89 overseas wealth managers by the end of 2023, with an additional 12 in the recruitment process, aiming to expand global influence in high-potential markets[12] - The company launched the CATS solution, focusing on cash and liquidity management, alternative global secondary market products, cross-cycle global private market products, and wealth preservation solutions[12] - The company upgraded its technology systems to enhance global client experience and optimize internal efficiency[12] - The company was recognized as "Best Wealth Manager for HNWIs" and "Best Wealth Manager for Overseas Asset Management" by *Asian Money* in 2023[13] - The company won the "Best Independent Wealth Manager – China" award at the 13th Asian Private Banker Awards and the "Best Wealth Management Platform – Investments and Digital Innovation" award at the iFAST Wealth Advisor Awards[13] - The company expects continued strong demand for asset safety, diversification, and insurance products in 2024 amid market volatility[20] - The company maintains a robust capital structure with total assets exceeding RMB 12 billion and no interest-bearing debt[19] - The company aims to expand its international private banking team to 200 by 2024, with a long-term goal of exceeding 300, and plans to increase dollar product assets under management from $8 billion to $20 billion[21] - The company plans to launch new products, including M&A funds, private equity S funds, and early-stage venture capital funds, leveraging undervalued opportunities in private markets[21] - The company's asset management scale remained stable at RMB 154.6 billion as of December 31, 2023, a slight decrease of 1.6% from RMB 157.1 billion in 2022[24] - Wealth management fundraising increased by 5.4% from RMB 70.3 billion in 2022 to RMB 74.1 billion in 2023, driven by a RMB 5.3 billion increase in private securities fund products[23] - The company's international team had 89 overseas wealth managers by the end of 2023, with an additional 12 in recruitment, targeting 1,000 to 1,500 new international black card clients to support growth[21] - The company acquired DD Finance Ltd. for RMB 8.8 million to enhance its digital capabilities and integrate AI technology for portfolio analysis, aiming to improve user experience and operational efficiency[63] - The company implemented strict customer due diligence processes, including identity verification, biometric recognition, and investment fund source declarations during account opening[59] - The company requires clients to complete a comprehensive "Know Your Customer" questionnaire before purchasing products, collecting detailed personal and financial information[59] - The company has a risk scoring model for clients and products, ensuring that recommended products match or are lower than the client's risk profile[60] - The company has established an anti-money laundering (AML) information reporting system and conducts regular AML training for employees[60] - The company continuously reviews and updates its risk management and internal control policies to ensure effectiveness and adequacy[60] - The company is committed to environmental sustainability, focusing on energy conservation, carbon reduction, and water management[61] - The company ensures compliance with all relevant laws and regulations, with no significant violations reported in 2023[62] - The company operates domestic asset management business through contractual arrangements, adhering to foreign investment restrictions in China[64] - Contract arrangements generated net income of RMB 922.1 million, accounting for 30.1% of the company's net income[65] - Total assets under contract arrangements amounted to RMB 3,618.8 million, representing 28.5% of the company's total assets[65] - The company relies on contract arrangements to conduct domestic asset management business due to foreign investment restrictions in China[65] - Risks associated with contract arrangements include potential legal and regulatory changes, tax scrutiny, and conflicts of interest among shareholders[66] - The company's current structure and operations may be affected by the new Foreign Investment Law[66] - No new contract arrangements were established, renewed, or terminated during the fiscal year ending December 31, 2023[67] - The exclusive purchase agreement allows the company to acquire equity in Noah Investment at the minimum price permitted by Chinese law[68] - The exclusive purchase agreement was amended in June 2022 to remove the 10-year validity period and automatic renewal clause[68] - Exercising the option to acquire Noah Investment's equity may result in significant costs and tax implications[68] - Exclusive Support Service Agreement between Noah Investment and Noah Group, with service fees based on Noah Investment's revenue minus expenses and licensing fees, and the agreement is now valid indefinitely until all equity is transferred to Noah Group[69] - Equity Pledge Agreement where registered shareholders pledged their equity in Noah Investment to Noah Group as security for obligations under the Exclusive Support Service Agreement and Exclusive Purchase Agreement[70] - Power of Attorney granted by registered shareholders to Noah Group, allowing Noah Group to act on their behalf in all matters related to Noah Investment, including voting rights and equity transfers[71] - Exemptions granted by the Hong Kong Stock Exchange regarding the reporting, annual review, announcement, circular, independent financial advice, and shareholder approval requirements for transactions related to the contractual arrangements[72] - Conditions for the contractual arrangements, including no changes without independent director approval, no changes without independent shareholder approval, and the ability to renew or renegotiate the arrangements without shareholder approval[73][75] - Independent directors confirmed that the contractual arrangements were conducted in accordance with relevant provisions, no dividends were distributed to equity holders, and the arrangements were fair and reasonable[77] - Auditor's confirmation that the contractual arrangements were in compliance with the Hong Kong Listing Rules and relevant standards as of December 31, 2023[78] - Revenue from the top five clients accounted for 28.6% of the company's total revenue in 2023, up from 20.5% in 2022, with no single client contributing more than 10.0% of total revenue (2022: 11.1%)[80] - The company made charitable donations of RMB 6.3 million in 2023, compared to RMB 3.2 million in 2022[83] - The company's subsidiary, Shanghai Gopher, was involved in the Chengxing incident, affecting 818 clients with an outstanding amount of RMB 3.4 billion in unpaid receivables[85] - As of December 31, 2023, 1,462,340 restricted share units had been vested by clients who accepted the settlement offer related to the Chengxing incident[86] - The company's board authorized the issuance of up to 1.6% of the company's share capital annually for ten years to settle claims related to the Chengxing incident, starting from August 24, 2020[86] - The company plans to distribute a final dividend of RMB 509.0 million (approximately USD 71.7 million) for the fiscal year ending December 31, 2023, representing 50% of the non-GAAP net profit attributable to shareholders[87] - A special dividend of RMB 509.0 million (approximately USD 71.7 million) will also be distributed from the accumulated return surplus of previous years[87] - The final dividend and special dividend will be RMB 1.55 per share (approximately USD 0.22 or HKD 1.71), subject to adjustments based on the number of shares entitled to receive the dividend[88] - The distributable reserves of the company as of December 31, 2023, amounted to RMB 3,564.2 million, compared to RMB 2,778.3 million as of December 31, 2022[90] - The company has adopted a dividend policy that aims to provide stable and continuous returns to shareholders, with a minimum annual dividend of 35% of the non-GAAP net profit attributable to shareholders[87] - The final and special dividends are subject to approval at the annual general meeting scheduled for June 12, 2024, and are expected to be paid by August 2024[88] - The company's retirement benefit plan requires contributions based on a percentage of employee salaries, with no ongoing liability after contributions are made to the Chinese government-mandated multi-employer defined contribution plan[95] - No significant contracts or service agreements were entered into with the single largest shareholder during the year ended December 31, 2023[96] - No arrangements were made during the year for directors to acquire shares or bonds of the company or any other corporation[98] - The single largest shareholder and directors had no interests in businesses competing directly or indirectly with the company during the year[99] - Non-executive directors may hold positions in private or listed companies with similar industries, but their roles do not affect the company's independence[100] - Wang Jingbo, the company's founder and chairman, has over 22 years of experience in wealth and asset management and stepped down as CEO on December 29, 2023[102] - Yin Zhe, appointed as CEO on December 29, 2023, has over 22 years of professional experience in wealth and asset management and previously served as chairman of Gopher Asset Management[102] - Zhang Jiayu, a non-executive director, holds several non-executive roles within the group, including vice chairman of Noah Wealth and director of Noah Investment[105] - Wang Kai, a non-executive director since August 29, 2023, has extensive experience in venture capital and private equity investments and serves as managing director of HongShan Capital[105] - He Boquan has been an independent director since October 2011 and is the founder of Guangdong Today Investment Co., Ltd., focusing on new investments in China's retail and service industries[106] - Chen Zhiwu has been an independent director since January 2014 and is currently a professor of finance at the University of Hong Kong, with extensive experience in financial research and investment management[107] - Chen Zhiwu holds a Ph.D. in Financial Economics from Yale University and has served as an independent non-executive director for several listed companies, including PetroChina and Bank of Communications[107][108] - Meng Jinhong has been an independent director since August 2023 and has over a decade of experience in investment banking and equity research, particularly in the TMT sector[108] - Meng Jinhong founded Shende Investment Co., Ltd. in 2016 and has expertise in ESG/sustainability strategy and crisis management[108] - Meng Jinhong holds an MBA from Northwestern University's Kellogg School of Management and has professional qualifications from the Hong Kong Securities and Investment Institute[109] - The company decided to decentralize the risk management function to specific business divisions, eliminating the Chief Risk Officer position at the group level, effective March 27, 2024[114] - The company deviated from the Corporate Governance Code by having Ms. Wang Jingbo serve as both Chairman and CEO until December 29, 2023, when Mr. Yin Zhe was appointed as CEO to replace her[117] - Mr. Yin Zhe was appointed as CEO on December 29, 2023, separating the roles of Chairman and CEO, with Ms. Wang Jingbo continuing as Chairman[117] - Mr. Pan Qing has been serving as the company

Financial Performance - For the fiscal year ending December 31, 2023, the net income reached RMB 3,294.7 million, representing a growth of 6.3% compared to 2022, primarily due to a 59.8% increase in fundraising fee income from expanded insurance product distribution[6]. - Shareholders' net profit increased by 3.4% to RMB 1,009.5 million for the year ending December 31, 2023, up from RMB 976.6 million in 2022[6]. - Total revenue for 2023 reached RMB 3,317.8 million, a 6.0% increase from RMB 3,128.9 million in 2022[7]. - Net income for 2023 was RMB 3,294.7 million, reflecting a 6.3% growth compared to RMB 3,100.4 million in 2022[9]. - The adjusted net income attributable to shareholders (non-GAAP) for 2023 was RMB 1,018.8 million, up 1.0% from RMB 1,008.6 million in 2022[7]. - Wealth management segment revenue increased by 13.1% to RMB 2,500.6 million in 2023, driven by a 72.0% rise in distribution fees from insurance products[10]. - Asset management segment revenue decreased by 8.4% to RMB 768.5 million in 2023, primarily due to a 52.1% drop in performance-based income[11]. - Total revenue for the wealth management segment was RMB 2,210,439,000, while the asset management segment generated RMB 839,098,000 in revenue[76]. - The company reported a total comprehensive income of RMB 1,078,005 for 2023, down from RMB 1,109,144 in 2022, a decrease of 2.8%[54]. Client and Market Expansion - The company has successfully recruited 89 overseas client managers and is in the process of hiring an additional 12 to enhance its global influence in high-potential markets[4]. - The company aims to expand its international private banking business, targeting a team of 200 overseas client managers by 2024, up from 89 at the end of 2023[13]. - The number of overseas registered clients and active clients increased by 14.2% and 38.0%, respectively, in 2023[9]. - The company continues to expand its global insurance product network and trust services to address the concerns of Chinese investors regarding geopolitical tensions[13]. - The total transaction value of various investment products reached RMB 741 billion in 2023, marking a 5.4% increase from 2022[10]. Corporate Governance and Management - The separation of the CEO and Chairman roles aims to enhance corporate governance and organizational capability[5]. - The company has maintained a stable core management team and has not experienced any significant labor disputes during the reporting period[40]. - The audit committee has reviewed the annual performance for the year ending December 31, 2023, and recommended approval to the board[43]. Technology and Innovation - The company has upgraded its technology system to improve global client experience and optimize internal efficiency[4]. - The company anticipates that advancements in artificial intelligence and other technologies will drive wealth creation in the next economic cycle[2]. - The launch of the CATS solution allows clients to leverage the current high-interest rate environment, reflecting the company's commitment to meet evolving client needs[4]. Operating Costs and Expenses - Operating costs and expenses increased by 9.2% from RMB 2,011.9 million in 2022 to RMB 2,196.8 million in 2023, driven by increased client events and travel expenses[19]. - Management fees decreased by 10.3% from RMB 1,232.3 million in 2022 to RMB 1,105.8 million in 2023, mainly due to reduced service fees charged to fund managers[16]. - Performance fees dropped by 57.4% from RMB 202.5 million in 2022 to RMB 86.3 million in 2023, attributed to decreased performance fees from private equity products[16]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 509.0 million (approximately USD 71.7 million), representing 50% of the net profit attributable to shareholders for the reporting period[50]. - The proposed special dividend also amounts to RMB 509.0 million (approximately USD 71.7 million), to be paid from accumulated surplus cash prior to 2023[50]. - The final dividend and special dividend are subject to shareholder approval at the upcoming annual general meeting scheduled for June 12, 2024[50]. Financial Position and Assets - The company maintained a robust capital structure with total assets exceeding RMB 120 billion and no interest-bearing debt as of December 31, 2023[11]. - As of December 31, 2023, the company had cash and cash equivalents of RMB 5,192.1 million, sufficient to meet expected cash needs for at least the next 12 months[31]. - The company's leverage ratio decreased to 17.8% as of December 31, 2023, down from 19.5% as of December 31, 2022[33]. - The company had no outstanding loans or borrowings from banks or other financial institutions as of December 31, 2023, consistent with the previous year[38]. Future Plans and Strategies - The company plans to launch new mergers and acquisitions, private equity funds, and early-stage venture capital funds to capitalize on undervalued opportunities in the private market[13]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[71]. - The company has adopted a share incentive plan in 2022 to enhance employee motivation and retention[40].

Financial Performance - Net income for Q4 2023 was RMB 799.5 million (USD 112.6 million), a decrease of 9.4% year-over-year, primarily due to reduced performance fee income from private equity products [4]. - Total net income for the fiscal year 2023 was RMB 3,294.7 million (USD 464.0 million), an increase of 6.3% compared to 2022, driven by a 59.8% increase in fundraising fees from insurance product distribution [8]. - Operating profit for Q4 2023 was RMB 220.7 million (USD 31.1 million), remaining relatively stable compared to the same quarter in 2022 [5]. - For the fiscal year 2023, operating profit was RMB 1,097.9 million (USD 154.6 million), a growth of 0.9% compared to 2022 [9]. - Q4 2023 net income was RMB 213.3 million (USD 30.0 million), an increase of 51.8% year-over-year, with a net profit margin of 26.7% [30]. - The operating profit margin for 2023 was 33.3%, down from 35.1% in 2022 [33]. - The company reported a total net income of RMB 3,100,372 thousand for 2022, compared to RMB 2,199,977 thousand in 2021, indicating a growth of approximately 41% [57]. Client and Advisor Metrics - The number of registered clients as of December 31, 2023, was 455,827, representing a 4.2% increase year-over-year [11]. - Active clients trading with Noah in Q4 2023 totaled 9,033, a decrease of 30.0% year-over-year [12]. - As of December 31, 2023, the number of financial advisors was 1,252, a decrease of 11.1% from September 30, 2023, and a decrease of 1.9% from December 31, 2022 [15]. Revenue and Income Sources - In Q4 2023, net income from fundraising fees was RMB 306.4 million (USD 43.2 million), an increase of 15.1% year-over-year due to increased distribution of insurance products [21]. - In Q4 2023, net income from management fees was RMB 174.4 million (USD 24.6 million), a 13.5% increase year-over-year, attributed to the growth in real estate investments managed in the U.S. and overseas private equity investments [22]. - The wealth management segment generated RMB 2,491.2 million (USD 353.5 million) in revenue for the fiscal year 2023, reflecting a growth of 13.2% compared to 2022 [9]. - The company reported a total revenue of RMB 3,128,877 thousand for the twelve months ending December 31, 2022, compared to RMB 2,300,520 thousand for the same period in 2021, reflecting a growth of 36.0% [61]. Investment Products and Management - The total value of investment products distributed in Q4 2023 was RMB 16.5 billion (USD 2.3 billion), down 8.1% from the same period in 2022 [12]. - In 2023, the total value of distributed investment products reached RMB 74.1 billion (USD 10.4 billion), an increase of 5.4% compared to 2022, primarily driven by growth in private securities and public fund products [13]. - The total income from funds managed by the company was RMB 1,250,480 thousand, a decrease of 6.3% from RMB 1,334,772 thousand in 2022 [46]. Operating Costs and Expenses - Q4 2023 operating costs and expenses were RMB 578.8 million (USD 81.5 million), a decrease of 12.6% compared to the same period in 2022 [24]. - The total operating expenses for 2023 amounted to RMB 2,196,781 thousand, compared to RMB 2,011,923 thousand in 2022, reflecting an increase of about 9% [56]. Tax and Investment Losses - Q4 2023 income tax expense was RMB 34.1 million (USD 4.8 million), a decrease of 43.7% year-over-year due to a lower effective tax rate [28]. - The investment loss for 2023 was RMB 61.5 million (USD 8.7 million), compared to an investment income of RMB 85.6 million in 2022 [33]. Corporate Governance and Strategy - The company plans to separate the roles of CEO and Chairman to enhance corporate governance, appointing Yin Zhe as the new CEO [19]. - The company is focused on expanding its wealth management services and enhancing its product offerings through research and development [41]. - Noah Holdings aims to strengthen relationships with key clients and adapt to market trends and technological advancements [41].

Financial Performance - For Q3 2023, net revenue was RMB 750.0 million (USD 102.8 million), an increase of 9.6% year-over-year, primarily due to increased fundraising fees[4] - Operating income for Q3 2023 was RMB 248.9 million (USD 34.1 million), up 7.4% year-over-year, but down 28.8% from Q2 2023 due to a 50.8% decrease in fundraising income[5] - Net income attributable to Noah's shareholders for Q3 2023 was RMB 233.3 million (USD 32.0 million), a 27.9% increase year-over-year, driven by a 158.0% rise in interest income from USD cash deposits[6] - Non-GAAP net income attributable to Noah's shareholders for Q3 2023 was RMB 232.4 million (USD 31.9 million), a 21.8% increase year-over-year[6] - The net profit for Q3 2023 was RMB 232.0 million (USD 31.8 million), reflecting a 30.4% increase year-over-year[20] - The company reported a significant increase in interest income by 158.0% to RMB 43,465 thousand for the three months ended September 30, 2023[32] - Net income for the three months ended September 30, 2023, rose by 30.4% to RMB 232,044 thousand from RMB 177,967 thousand in the same period of 2022[33] - Net income attributable to Noah shareholders was RMB 233,326 thousand, reflecting a growth of 27.9% year-over-year[41] - Adjusted net income attributable to Noah shareholders (non-GAAP) was RMB 232,446 thousand, an increase of 21.8%[41] Client and Advisor Metrics - Total registered clients as of September 30, 2023, reached 452,222, a 4.4% increase from the previous year, but active clients decreased by 58.1% year-over-year to 9,489[7] - The number of financial advisors increased by 12.0% year-over-year to 1,408, with 77 overseas advisors, a 37.5% increase from Q2 2023[7] - The company operates a network of 1,408 financial advisors across 59 cities, providing customized financial solutions[27] - Active customer count increased to 22,641, representing a growth of 58.1%[36] Fundraising and Asset Management - Total fundraising amount for investment products in Q3 2023 was RMB 22.3 billion (USD 3.1 billion), a 24.2% increase year-over-year, mainly due to an increase in public fund products[7] - The net income from fundraising fees in Q3 2023 was RMB 198.5 million (USD 27.2 million), a significant increase of 115.5% compared to the same period in 2022, driven by higher insurance product distribution[12] - The net income from management fees in Q3 2023 was RMB 279.7 million (USD 38.3 million), a decrease of 8.8% year-over-year, attributed to changes in product mix and client investment preferences[12] - The total income from the asset management business was RMB 191,784 thousand, indicating a strong performance[39] - The wealth management segment generated RMB 548.8 million in revenue for Q3 2023, a 17.8% increase year-over-year, while asset management revenue decreased by 4.4%[5] Operational Metrics - Total assets under management as of September 30, 2023, were RMB 154.9 billion (USD 21.2 billion), a decrease of 1.3% from Q2 2023 and 0.9% from the previous year[8] - Operating costs and expenses for Q3 2023 totaled RMB 501.1 million (USD 68.7 million), an increase of 10.7% compared to Q3 2022[15] - The company's operating profit margin in Q3 2023 decreased to 33.2% from 33.9% in the same quarter of 2022[16] - The operating profit margin for the three months ended September 30, 2023, was 33.9%[32] - The company reported a net profit margin of 31.1% for the quarter ended September 30, 2023[41] Strategic Initiatives - The company is expanding its global business, with ongoing recruitment of financial advisors in Hong Kong and Singapore, and the launch of a customer service center in Los Angeles[10] - The company is implementing an innovative "CCI" model to provide complex market conditions and asset allocation strategies to clients[10] - The company is committed to enhancing its product offerings and services through research and development investments[29] - The company plans to expand its market presence despite a 22.4% decrease in the number of covered cities in mainland China, now at 59[35] - The company is focusing on new product development and technological advancements to drive future growth[36] Cash Flow and Investments - In Q3 2023, the company's net cash inflow from operating activities was RMB 404.4 million (USD 55.4 million), primarily due to cash inflow from net income and collection of accounts receivable[23] - The net cash inflow from investing activities in Q3 2023 was RMB 4.0 million (USD 0.5 million), mainly from the collection of receivables[23] - The net cash outflow from financing activities in Q3 2023 was RMB 196.3 million (USD 26.9 million), primarily due to the distribution of final dividends[23] - As of September 30, 2023, the company's cash and cash equivalents amounted to RMB 4,959.6 million (USD 679.8 million), up from RMB 4,740.4 million as of June 30, 2023[22] Upcoming Events - The earnings conference call for Q3 2023 is scheduled for November 29, 2023, at 8 PM EST[26]

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 1,754,236, representing a 13.1% increase compared to RMB 1,550,904 for the same period in 2022[11]. - Net income for the six months ended June 30, 2023, was RMB 555,631, a decrease of 14.9% from RMB 653,099 in the same period last year[12]. - Operating income decreased by 1.4% to RMB 628.3 million from RMB 636.9 million for the six months ended June 30, 2022[38]. - Non-GAAP net income decreased by 17.3% to RMB 552.6 million, primarily due to reduced investment income from associates[17]. - Basic earnings per share for the six months ended June 30, 2023, was RMB 16.12, compared to RMB 19.46 for the same period in 2022, indicating a decline of approximately 17.9%[103]. Revenue Breakdown - Fund-raising fee income increased by 120.5% to RMB 570,092 from RMB 258,493 year-on-year[11]. - Performance fee income saw a significant decline of 94.9%, dropping to RMB 7,758 from RMB 152,392 year-on-year[11]. - The wealth management segment generated total revenue of RMB 1,336.7 million, a 22.3% increase from RMB 1,092.8 million in the first half of 2022, driven by a 113.1% increase in fundraising fee income[21]. - The asset management segment reported total revenue of RMB 389.9 million, a decrease of 5.7% compared to the same period in 2022, primarily due to a 73.0% decline in private equity product distribution revenue[22]. - Total revenue from other businesses fell by 38.3% from RMB 44.8 million to RMB 27.6 million, mainly due to a continuous reduction in lending activities[28]. Operating Costs and Expenses - Operating costs and expenses totaled RMB 1,116,928, an increase of 24.5% from RMB 896,894 year-on-year[11]. - Operating costs for wealth management business rose by 25.8% from RMB 657.9 million to RMB 827.5 million, mainly due to increased client events and travel expenses[31]. - Total compensation and benefits for the period amounted to RMB 755.2 million, an increase of 5.4% from RMB 715.7 million for the six months ended June 30, 2022[34]. - Sales expenses for wealth management rose by 39.4% to RMB 156.9 million, primarily due to increased client events[34]. - General and administrative expenses for wealth management increased by 23.8% to RMB 76.2 million, mainly due to increased travel expenses and a one-time loss from the sale of a previously leased property[35]. Asset Management and Investments - The company's asset management scale reached RMB 156.9 billion as of June 30, 2023, a 0.9% increase year-over-year, with overseas asset management scale growing to USD 4.7 billion, up 15.8%[22]. - The company reported a total of RMB 980,257,000 (approximately $135,184,000) in long-term investments as of June 30, 2023, compared to RMB 774,095,000 as of December 31, 2022[97]. - The total fair value of other long-term investments was RMB 645,363 as of June 30, 2023, with RMB 505,249 classified as Level 3 inputs, indicating a reliance on unobservable inputs for valuation[175]. - The company recorded an investment loss of RMB 13,343 from the sale of long-term investments for the six months ended June 30, 2023, compared to no loss in the same period of 2022[168]. - The company’s third-level investments increased from RMB 358,351 as of January 1, 2023, to RMB 505,249 as of June 30, 2023, reflecting a significant increase in the fair value of these investments[176]. Compliance and Governance - The company maintains a commitment to compliance and has never established a fund pool, ensuring independent custody of fund products and no leverage provision to clients[6]. - The company emphasizes compliance with all relevant laws and regulations, maintaining a robust capital structure with no interest-bearing debt as of June 30, 2023[22]. - The company operates under the US Generally Accepted Accounting Principles (GAAP) and complies with the listing rules of the Hong Kong Stock Exchange, ensuring transparency in financial reporting[119]. - The company has established contractual arrangements to consolidate the financial performance of its variable interest entities, including Noah Investment, which allows for effective control over its operations in China[123]. - The company has not reported any significant changes in its major accounting policies as of the end of 2022, maintaining consistency in its financial reporting practices[121]. Shareholder Information - Significant shareholdings include 21.33% by Ms. Wang Jingbo and 5.35% by Mr. Yin Zhe, among others, indicating strong insider ownership[53]. - Major shareholders include Noah Trust (Hong Kong) Limited with 8,526,944 shares (26.69%) and Jing Investors Co., Ltd. with 6,815,144 shares (21.33%) of the total issued shares[58]. - The company has established a family trust for wealth management and inheritance planning purposes, controlled by key individuals[54]. - The company has a maximum share issuance limit of 2,800,000 shares under its 2017 incentive plan, which includes stock options and restricted shares[200]. - The board proposed a stock split, changing the par value from $0.0005 to $0.00005, with a new ratio of one American depositary share representing five post-split shares[87]. Legal and Contingent Liabilities - The company is involved in ongoing legal proceedings with 42 investors related to the Chengxing incident, with total claims exceeding RMB 140 million[86]. - A civil judgment from December 2022 ordered the company to pay RMB 99 million, which is currently under appeal[86]. - The company has reserved a contingent liability of RMB 99 million related to the aforementioned judgment as of June 30, 2023[86]. - As of June 30, 2023, the company reported contingent liabilities of RMB 592.1 million related to unresolved litigation, an increase from RMB 568.0 million as of December 31, 2022, primarily due to exchange rate fluctuations[47]. - The company has no significant contingent liabilities or lawsuits that could adversely affect its business or financial condition, aside from those disclosed[47].

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 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) (1)截至2023年6月30日止六個月中期業績公告；及 (2)董事變更及董事會委員會組成變更 董事會欣然宣佈，本公司截至2023年6月30日止六個月的未經審核綜合中期業 績，連同2022年同期的比較數字。該等中期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。 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 點後一位或兩位數。任何表格、圖表或其他地方所示總額與所列數 ...

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 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 2023年第二季度未經審核財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）第 13.09條及第571章《證券及期貨條例》第XIVA部刊發。 諾亞控股私人財富資產管理有限公司（「本公司」）欣然宣佈，根據美國（「美國」） 證券交易委員會的適用規則刊發截至2023年6月30日止第二季度的未經審核財務 業績（「2023年第二季度業績」）。 2023年第二季度業績乃根據美國公認會計準則（「美國公認會計準則」）編製，該準 則有別於國際財務報告準則。 本文附表為本公司 ...

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 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） 2023年第一季度未經審核財務業績公告 我們謹此宣佈截至2023 年3 月3 1 日止第一季度的未經審核財務業績（「2023 年第一季度業績公告」）。2023 年第一季度業績公告可在香港聯交所網站 (www.hkexnews.hk)及我們的網站(ir.noahgroup.com)查閱。 承董事會命 諾亞控股私人財富資產管理有限公司 董事長 汪靜波 香港，2023年5月31日 於本公告日期，董事會包括董事長汪靜波女士、董事殷哲先生及章嘉玉女士；非 執行董事沈南鵬先生及何伯權先生；以及獨立董事陳志武博士 ...

Financial Performance - Total revenue for 2022 was RMB 3,128,877,000, a decrease of 27.8% compared to RMB 4,326,600,000 in 2021[8] - Net income for 2022 was RMB 976,571,000, down from RMB 1,314,131,000 in 2021, representing a decline of 25.7%[10] - Management fees for 2022 amounted to RMB 768,980,000, a decrease of 15.8% from RMB 913,700,000 in 2021[8] - Performance fee income in 2022 was RMB 184,048,000, significantly lower than RMB 391,903,000 in 2021, reflecting a decline of 53%[8] - The company reported a total income from managed funds of RMB 1,334,772,000 in 2022, down from RMB 1,728,121,000 in 2021, a decrease of 22.8%[8] - Operating costs for 2022 totaled RMB 2,011,923,000, a reduction from RMB 3,094,196,000 in 2021, indicating a cost-cutting strategy[8] - The company’s interest income for 2022 was RMB 61,416,000, a decrease from RMB 71,866,000 in 2021[10] - The adjusted net income attributable to shareholders was RMB 1.009 billion in 2022, a decrease of 26.5% from RMB 1.373 billion in 2021[16] - Operating income declined by 9.2% from RMB 1,198.9 million in 2021 to RMB 1,088.4 million in 2022[37] - Net income decreased by 25.6% from RMB 1,306.1 million for the year ended December 31, 2021, to RMB 971.6 million for the year ended December 31, 2022[38] Business Strategy and Market Position - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[6] - The board reported a strategic shift towards technology-driven solutions to improve operational efficiency and client engagement[6] - The company is exploring potential mergers and acquisitions to bolster its asset management capabilities and market share[6] - The company recommended a "protect first, then grow" asset allocation strategy to clients in response to macroeconomic uncertainties[13] - The company aims to meet the increasing asset allocation needs of high-net-worth individuals in China through robust wealth and asset management capabilities[23] Client and Fund Management - The number of black card clients increased by 18.2% to 9,689 in 2022, up from 8,197 in 2021[13] - The overseas business generated net income of RMB 828.4 million, accounting for 26.7% of total revenue in 2022, up from 23.5% in 2021[13] - The total assets under management reached RMB 32.5 billion, a 14.7% increase from 2021, driven by successful fundraising for alternative investment products[13] - Public fund product fundraising increased by 16.0% to RMB 43.1 billion in 2022, up from RMB 37.2 billion in 2021[15] - The company successfully restored over 1,000 lost or inactive accounts, enhancing overall customer satisfaction[13] Operational Efficiency - Operating profit margin improved from 27.9% to 35.1% due to effective cost management and reduced travel activities during COVID-19 lockdowns[15] - Wealth management operating costs decreased by 35.8% from RMB 2,273.4 million in 2021 to RMB 1,458.5 million in 2022, driven by reduced product distribution[30] - Operating costs and expenses reduced by 35.0% from RMB 3,094.2 million in 2021 to RMB 2,011.9 million in 2022, mainly due to decreased advisor compensation and cost control measures[29] Regulatory and Compliance - The company has implemented risk management and internal control policies, including effective operations and reliable financial reporting[57] - The company has adopted anti-money laundering policies and established a reporting system to prevent money laundering activities[58] - The company has complied with relevant laws and regulations, with no significant violations reported for the year ending December 31, 2022[60] - The company has established a risk management and internal control system to manage significant risks, providing reasonable assurance against material misstatements or losses[151] Corporate Governance - The company transitioned to a dual primary listing on the Hong Kong Stock Exchange on December 23, 2022, enhancing its corporate governance framework[117] - The board consists of nine members, including three executive directors, two non-executive directors, and four independent directors, ensuring a balanced governance structure[123] - The company has established three committees: audit committee, remuneration committee, and corporate governance and nomination committee[130] - The board retains decision-making authority over significant matters related to policy, strategy, budget, and risk management[129] Shareholder and Financial Policies - The proposed final dividend for the year ended December 31, 2022, is RMB 5.5 per share, totaling approximately RMB 1.765 billion (equivalent to USD 256 million) subject to shareholder approval[85] - The company has implemented a dividend policy to distribute at least 10% of the audited annual net profit attributable to shareholders, influenced by various factors[84] - The company has established a compensation committee to determine the remuneration policy for executive directors and senior management based on qualifications, positions, and experience[91] Risk Factors - The company faces various risks, including potential negative impacts on reputation and client relationships due to unrecognized investment risks[53] - Regulatory changes in China's wealth management and asset management sectors may affect the company's operations if necessary licenses are not maintained[54] - Risks related to the inability of PCAOB to fully inspect auditors in China may lead to the delisting of American Depositary Shares, significantly impacting investment value[55] Legal Matters - The company is currently involved in a civil lawsuit where a court has ordered it to pay RMB 99 million in damages, pending an appeal[195] - The company has not faced any other significant legal, arbitration, or administrative proceedings that could adversely affect its business or financial condition as of December 31, 2022[195] Employee and Management - The company employed a total of 2,884 staff as of December 31, 2022, with 44.2% in financial advisory roles and 17.7% in wealth management[46] - The company has invested in employee training and development programs to ensure compliance with policies and procedures[46] - The leadership team includes professionals with extensive experience in investment, finance, and technology, contributing to the company's strategic direction[109][112]