SHANGHAI, March 14, 2024 /PRNewswire/ -- Noah Holdings Limited (the "Company" or "Noah") (NYSE: NOAH and HKEX: 6686), a leading wealth management service provider offering comprehensive global investment and asset allocation advisory services primarily for Mandarin-speaking high-net-worth investors, today announced that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2023, on March 26, 2024. Noah's management team will hold an earnings conference call a ...

Core Viewpoint - Noah Holdings Limited is providing updates on legal proceedings related to certain credit funds managed by Shanghai Gopher Asset Management, which were involved in fraudulent activities linked to Camsing International Holding Limited [1][2][3][4]. Group 1: Legal Proceedings - The Camsing Credit Funds managed by Shanghai Gopher invested in supply chain account receivables related to Camsing's sales of electronics, which were later found to be associated with fraudulent activities [2]. - The Shanghai No.2 Intermediate People's Court convicted the controlling shareholder of Camsing of contract fraud, sentencing him to life imprisonment, while other defendants received varying prison sentences [3]. - The Shanghai High People's Court upheld the initial judgment, confirming the convictions and making the ruling final as of January 5, 2024 [3]. Group 2: Company Overview - Noah Holdings is a leading wealth management service provider in China, focusing on high-net-worth investors and offering global investment and asset allocation advisory services [1][5]. - In the first nine months of 2023, Noah distributed investment products worth RMB57.5 billion (approximately US$7.9 billion) and managed assets totaling RMB154.9 billion (approximately US$21.2 billion) as of September 30, 2023 [5]. - The company operates a network of 1,408 relationship managers across 59 cities, serving 452,222 registered clients, and provides a range of investment products including private equity and mutual funds [6].

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Company separates CEO and chairperson roles to improve corporate governance Mr. Zhe Yin appointed as CEO; Ms. Jingbo Wang to remain as Chairwoman SHANGHAI, Dec. 29, 2023 /PRNewswire/ -- Noah Holdings Limited (the "Company" or "Noah") (NYSE: NOAH and HKEX: 6686), a leading wealth management service provider in China offering comprehensive global investment and asset allocation advisory services primarily for high-net-worth investors, today announced that its Board of Directors (the "Board") has approved a se ...

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]

Exhibit 99.2 2023 Sustainability Report 諾亞控股私人財富資產管理有限公司 ...

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].

Noah Holdings Limited (NYSE:NOAH) Q2 2023 Results Conference Call August 28, 2023 8:00 PM ET Company Participants Melo Xi - Director, IR Wang Jingbo - Co-Founder, Chairlady and CEO Grant Pan - CFO Conference Call Participants Chiyao Huang - Morgan Stanley Peter Zhang - JP Morgan Operator Good day, and welcome to the Noah Holdings Second Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Melo Xi, Director of Investor Relations. Please go ahead. Melo ...

Financial Performance - For the six months ended June 30, 2023, net income reached RMB 1,745.2 million, an increase of 13.8% compared to RMB 1,533.5 million in the same period of 2022[5] - Total revenue for the six months ended June 30, 2023, reached RMB 1,754.2 million, a 13.1% increase from RMB 1,550.9 million in the same period of 2022[6] - Non-GAAP net income decreased by 17.3% to RMB 552.6 million, down from RMB 668.6 million in the same period of 2022, primarily due to reduced investment income from associates[5] - The adjusted net income attributable to shareholders, a non-GAAP measure, decreased by 14.5% to RMB 559.6 million from RMB 654.2 million year-over-year[6] - Net income for the same period was RMB 1,745.2 million, reflecting a 13.8% growth compared to RMB 1,533.8 million in the previous year[6] - Operating income decreased by 1.4% from RMB 636.9 million for the six months ended June 30, 2022, to RMB 628.3 million for the six months ended June 30, 2023[27] - Net income decreased by 14.9% from RMB 653.1 million for the six months ended June 30, 2022, to RMB 555.6 million for the six months ended June 30, 2023[28] Revenue Segments - The wealth management segment generated total revenue of RMB 1,336.7 million, up 22.3% from RMB 1,092.8 million in the first half of 2022, driven by a 113.1% increase in fundraising fees[9] - The asset management segment reported total revenue of RMB 389.9 million, a decline of 5.7% due to a 73.0% drop in private equity product distribution revenue[10] - Fundraising fee revenue in wealth management surged by 113.1% from RMB 271.9 million to RMB 579.5 million, primarily due to increased distribution of insurance products[13] - Fundraising fee revenue in asset management plummeted by 93.5% from RMB 38.7 million to RMB 2.5 million, mainly due to a 73.0% drop in private equity product distribution[15] Business Expansion and Strategy - The international wealth management team expanded to 56 private bankers, with a target of reaching 100 in Hong Kong and 20 in Singapore by the end of 2023[4] - The company remains optimistic about growth opportunities in China, particularly in the technology sector, as economic recovery continues[11] - By the end of 2023, the company aims to have 100 private bankers in Hong Kong and 20 in Singapore to better serve overseas Chinese clients[11] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in regional assets under management by the end of 2024[89] - A strategic acquisition of a local asset management firm is anticipated to enhance the company's service capabilities and increase market share by 10%[89] Compliance and Governance - The company has maintained a commitment to compliance and has not established any fund pools, ensuring independent custody of client accounts[3] - The company emphasizes compliance with all relevant laws and regulations impacting its business operations, including the Securities and Futures Ordinance and the Insurance Ordinance[10] - The company is committed to enhancing corporate governance practices in line with the latest regulatory requirements[89] Costs and Expenses - Operating costs and expenses rose by 24.5% from RMB 896.9 million to RMB 1,116.9 million, driven by increased client events and travel expenses[18] - Wealth management operating costs increased by 25.8% from RMB 657.9 million to RMB 827.5 million, attributed to higher client event and travel expenses[19] - Total compensation and benefits for the reporting period increased to RMB 755.2 million, up from RMB 715.7 million for the six months ended June 30, 2022[21] - Wealth management business compensation and benefits rose by 13.6% to RMB 591.9 million for the six months ended June 30, 2023, compared to RMB 521.1 million for the same period in 2022[22] Assets and Liabilities - The total assets of the company reached RMB 12.6 billion with no interest-bearing debt, maintaining a robust capital structure[10] - Total assets increased to RMB 12,563,357 as of June 30, 2023, from RMB 11,798,135 as of December 31, 2022, reflecting a growth of about 6.5%[49] - Total liabilities rose to RMB 2,493,704 as of June 30, 2023, compared to RMB 2,297,660 as of December 31, 2022, an increase of approximately 8.5%[49] - Shareholders' equity increased to RMB 10,069,653 as of June 30, 2023, from RMB 9,500,475 as of December 31, 2022, representing a growth of about 6.0%[49] Legal and Contingent Liabilities - As of June 30, 2023, the company reported contingent liabilities related to unresolved incidents and civil lawsuits amounting to RMB 592.1 million, an increase from RMB 568.0 million as of December 31, 2022, primarily due to exchange rate fluctuations[33] - The company has 42 unresolved legal claims related to the Chengxing incident, with total claims exceeding RMB 140 million[42] - The company has reserved a contingent liability of RMB 99 million related to a civil judgment from December 2022, which is currently under appeal[42] Shareholder Information - The company did not recommend an interim dividend for the six months ended June 30, 2023[43] - The company reported a diluted earnings per share of RMB 16.10 for the six months ended June 30, 2023, compared to RMB 19.40 in the same period of 2022[46] - Basic earnings per share (EPS) for the first half of 2023 was RMB 16.12, down from RMB 19.46 in the same period of 2022, representing a decrease of 16.0%[60] Future Outlook - The outlook for U.S. private equity acquisitions and private credit products is promising due to favorable interest rate conditions and advancements in artificial intelligence[11] - The company aims for a revenue growth target of 15% for the upcoming fiscal year, driven by increased client engagement and new product launches[89] - New product offerings are expected to contribute an additional RMB 200 million in revenue for the next fiscal year[89]

Financial Performance - In Q2 2023, Noah Holdings reported net revenue of RMB 941.8 million (USD 129.9 million), a 27.6% increase year-over-year and a 17.2% increase from Q1 2023, primarily driven by increased distribution of insurance products[4]. - Wealth management revenue reached RMB 745.3 million, up 46.5% year-over-year, while asset management revenue decreased by 12.8% to RMB 183.4 million[5]. - Operating income for Q2 2023 was RMB 349.4 million (USD 48.2 million), an 8.1% increase year-over-year, with a 25.3% increase compared to Q1 2023[6]. - Net income attributable to shareholders was RMB 315.4 million (USD 43.5 million), a 9.6% decrease year-over-year, but a 29.2% increase from Q1 2023[6]. - Non-GAAP net income for Q2 2023 was RMB 313.1 million (USD 43.2 million), an 11.8% decrease year-over-year, but a 30.7% increase from Q1 2023[7]. - The net income for Q2 2023 was RMB 941.8 million (USD 129.9 million), representing a 27.6% increase year-over-year, primarily due to increased distribution of insurance products[14]. - Net income from fundraising fees in Q2 2023 was RMB 403.9 million (USD 55.7 million), up 127.2% year-over-year, driven by higher distribution of insurance products[15]. - Net income from management fees in Q2 2023 was RMB 269.3 million (USD 37.1 million), a decrease of 7.3% year-over-year, attributed to lower management fees from private equity fund products[15]. - The operating profit margin for Q2 2023 was 37.1%, down from 38.1% in the same period of 2022[19]. - The company reported a gross profit margin of 43.8% for the three months ended June 30, 2023, compared to 37.1% in the same period last year[31]. Client and Advisor Metrics - As of June 30, 2023, the total number of registered clients was 446,557, a 6.7% increase year-over-year, and active clients totaled 11,548, a 10.2% decrease year-over-year[8]. - The number of financial advisors increased to 1,375, a 9.6% increase year-over-year, with 56 overseas advisors, doubling from Q1 2023[10]. - Active client numbers decreased by 10.2% to 11,548 for the three months ended June 30, 2023, compared to 12,866 in the same period of 2022[36]. - The number of registered clients increased by 6.7% to 446,557 as of June 30, 2023, up from 418,675 in the previous year[35]. Investment and Asset Management - The total value of investment products distributed in Q2 2023 was RMB 18.4 billion (USD 2.5 billion), a 4.7% decrease year-over-year, with private equity product distribution down 84.2%[8]. - As of June 30, 2023, total managed assets amounted to RMB 156.9 billion (USD 21.6 billion), a decrease of 0.5% compared to March 31, 2023[12]. - The company distributed investment products worth RMB 35.2 billion (USD 4.9 billion) in the first half of 2023[26]. - The company reported a net investment in associates of RMB 1,464,702 thousand as of June 30, 2023, slightly up from RMB 1,474,736 thousand, reflecting a decrease of approximately 0.6%[30]. Operational Costs and Expenses - Operating costs and expenses for Q2 2023 were RMB 592.3 million (USD 81.7 million), an increase of 42.7% compared to the same period in 2022[18]. - Operating costs for the wealth management business in Q2 2023 were RMB 445.1 million (USD 61.4 million), an increase of 41.4% year-over-year[18]. - The total operating expenses for the six months ended June 30, 2023, were RMB 1,116,928, an increase of 24.5% from RMB 896,894 in the same period last year[32]. Cash Flow and Financial Position - As of June 30, 2023, the company's cash and cash equivalents amounted to RMB 4,740.4 million (USD 653.7 million), an increase from RMB 4,713.2 million as of March 31, 2023[21]. - The net cash inflow from operating activities in Q2 2023 was RMB 176.4 million (USD 24.3 million)[21]. - The net cash outflow from investing activities in Q2 2023 was RMB 329.2 million (USD 45.4 million), primarily due to several investments made[22]. - The net cash inflow from financing activities in Q2 2023 was RMB 87.0 million (USD 12.0 million), mainly due to the merger of an investment fund managed by Gao Fei[22]. - The total assets amounted to RMB 12,181,186 thousand, a decrease from RMB 12,563,357 thousand as of March 31, 2023, representing a decline of approximately 3.0%[30]. - Total liabilities were reported at RMB 2,493,704 thousand as of June 30, 2023, down from RMB 2,459,980 thousand, reflecting a decrease of approximately 1.4%[30]. - Shareholders' equity decreased to RMB 10,069,653 thousand as of June 30, 2023, from RMB 9,721,206 thousand, marking a decline of around 3.5%[30]. Future Strategies and Developments - The company has plans to enhance its product offerings and services through increased investment in research and development[28]. - The company aims to strengthen relationships with key clients and adapt to market trends and technological advancements[28]. - Future business development strategies will focus on expanding market presence and exploring potential mergers and acquisitions[28].