Financial Performance - Net revenues for Q1 2024 were RMB649.5 million (US$90.0 million), a 19.2% decrease year-over-year, primarily due to declines in performance-based income from USD private equity products and recurring service fees from RMB private equity products[2]. - Income from operations for Q1 2024 was RMB121.5 million (US$16.8 million), a 56.4% decrease from the same period in 2023, driven by a 19.2% drop in net revenues and a 55.6% increase in general and administrative expenses[5]. - Net income attributable to Noah shareholders for Q1 2024 was RMB131.5 million (US$18.2 million), a 46.2% decrease year-over-year, mainly due to the significant decline in income from operations[7]. - Non-GAAP net income attributable to Noah shareholders for Q1 2024 was RMB161.2 million (US$22.3 million), a 32.7% decrease from the same period in 2023[8]. - Net income for Q1 2024 was RMB131.9 million (US$18.3 million), a 45.8% decrease from the same period in 2023, with a net margin of 20.3% compared to 30.3% in Q1 2023[35]. - Comprehensive income attributable to Noah shareholders decreased by 18.3% from RMB 227,427,000 to RMB 185,755,000[57]. - The company reported a diluted earnings per ADS of RMB 1.88 for the three months ended March 31, 2024, down 46.4% from RMB 3.51 for the same period in 2023[68]. Client Metrics - Total number of registered clients as of March 31, 2024, was 457,705, reflecting a 3.9% increase from the previous year, with overseas registered clients increasing by 17.1%[9]. - The number of registered clients reached 457,705 as of March 31, 2024, reflecting the company's growing client base[47]. - The number of active clients decreased by 7.5% from 11,236 to 10,391 during the same period[59]. Revenue Sources - Net revenues from mainland China in Q1 2024 were RMB342.8 million (US$47.5 million), a 28.8% decrease year-over-year, primarily due to declines in recurring service fees[3]. - Net revenues from one-time commissions increased by 7.4% year-over-year to RMB186.4 million (US$25.8 million), driven by a 4.6% rise in insurance product distribution revenues[26]. - Revenues from the Wealth Management Business decreased from RMB 588,653 thousand to RMB 464,210 thousand, a decline of 21.2%[63]. - Net revenues for the three months ended March 31, 2024, were RMB 649,535 thousand, compared to RMB 803,473 thousand for the same period in 2023, reflecting a decrease of 19.1%[61]. - The aggregate value of investment products distributed in Q1 2024 was RMB18.9 billion (US$2.6 billion), a 12.4% increase from Q1 2023, largely due to a 26.4% rise in mutual fund product distribution[10]. - Revenue from mutual fund products increased by 26.4% from RMB 9,975 million to RMB 12,610 million[59]. Operational Changes - The company streamlined its coverage network in mainland China to 18 cities as of March 31, 2024, down from 68 cities a year earlier[15]. - The number of relationship managers decreased by 16.4% year-over-year to 1,109 as of March 31, 2024, indicating a strategic focus on central hub cities[16]. - Total operating costs and expenses for the three months ended March 31, 2024, were RMB 528,049 thousand, compared to RMB 524,590 thousand for the same period in 2023, showing a slight increase of 0.9%[63]. - Operating costs and expenses for Q1 2024 were RMB528.0 million (US$73.1 million), a 0.7% increase from Q1 2023[31]. - The operating margin for Q1 2024 was 18.7%, down from 34.7% in the same period last year[33]. Asset Management - Total assets under management as of March 31, 2024, were RMB153.3 billion (US$21.2 billion), remaining stable compared to RMB154.6 billion as of December 31, 2023[18]. - The company managed assets totaling RMB153.3 billion (US$21.2 billion) through Gopher Asset Management as of March 31, 2024[47]. Foreign Currency and Interest Income - The company reported a foreign currency translation adjustment of RMB 53,400,000 in Q1 2024, compared to a loss of RMB 16,834,000 in Q1 2023[57]. - Interest income increased by 34.3% from RMB 34,388,000 to RMB 46,185,000[55].

SHANGHAI, Aug. 28, 2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the second quarter of 2024.SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS                                                                      ...

Core Viewpoint - Noah Holdings Limited has announced a share repurchase program authorizing the repurchase of up to US$50 million of its shares, reflecting its commitment to enhancing shareholder returns [1][3][4] Group 1: Share Repurchase Program - The share repurchase program is effective immediately and has a term of two years [1] - Repurchases will be conducted on the open market or through other legally permissible means, depending on market conditions [3] - The program will be funded from the company's existing cash balance and cash generated from operations [3] Group 2: Capital Management and Shareholder Return Policy - In November 2023, the company adopted a policy allocating up to 50% of its non-GAAP net income to a Corporate Actions Budget for dividends and share repurchases [2][6] - The Corporate Actions Budget for 2024 will be determined and announced alongside the earnings results for the fourth quarter and full year ending December 31, 2024 [2][6] Group 3: Financial Performance and Shareholder Returns - The company recently completed a record dividend payout of RMB1,018 million (approximately US$140.1 million) for the full year 2023, equivalent to 100% of its annual non-GAAP net income [5] - The company emphasizes its commitment to shareholder interests and believes its stock is undervalued relative to its growth prospects and strong financial position [4]

Core Viewpoint - Noah Holdings Limited has implemented a new capital management and shareholder return policy, resulting in a record dividend payout of RMB 1,018 million (approximately USD 140.1 million) to shareholders, reflecting the company's strong financial position and commitment to shareholder interests [1][2][4]. Financial Performance - The company distributed both a final dividend and a special dividend, each amounting to RMB 509.0 million (approximately USD 70.0 million), translating to a distribution ratio of RMB 1.54 (approximately USD 0.21 or HKD 1.65) per share for each dividend [3]. - Shareholder return for 2023 totaled over RMB 1 billion, equivalent to 100% of the company's annual non-GAAP net income, providing an attractive cash yield [2]. Capital Management Policy - In November 2023, Noah's Board of Directors adopted a policy allocating up to 50% of the company's non-GAAP net income attributable to shareholders for various purposes, including dividend distribution and share repurchases [4]. - The policy mandates that no less than 35% of the company's non-GAAP net income attributable to shareholders will be allocated toward dividends each calendar year [4]. Strategic Implications - Noah Holdings is committed to annual dividend distribution, enhancing its reputation as a trusted leader in global wealth management for Mandarin-speaking high-net-worth investors [5]. - The ongoing commitment to regular dividends reflects the company's dedication to maintaining client trust and long-term value creation [5]. Business Overview - Noah Holdings is a leading wealth management service provider, primarily serving Mandarin-speaking high-net-worth investors, with a distribution of RMB 18.9 billion (approximately USD 2.6 billion) of investment products in Q1 2024 [6]. - As of March 31, 2024, Noah managed assets totaling RMB 153.3 billion (approximately USD 21.2 billion) through Gopher Asset Management [6]. - The company's wealth management business includes private equity, mutual funds, and other products, supported by a network of 1,109 relationship managers across 18 cities [7].

SHANGHAI, July 1, 2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced changes to its Board of Directors (the "Board").Noah has appointed Mr. David Zhang as an Independent Director (non-executive Director according to the Rules Governing the Li ...

Core Points - Noah Holdings Limited held its annual general meeting in Hong Kong on June 12, 2024, where all proposed resolutions were approved by shareholders [1] - The company announced a final dividend of RMB509.0 million (approximately US$70.2 million) and a special dividend of the same amount, both with a distribution ratio of RMB1.54 (approximately US$0.21) per share [2] - As of March 31, 2024, Noah distributed RMB18.9 billion (US$2.6 billion) of investment products and managed assets totaling RMB153.3 billion (US$21.2 billion) through Gopher Asset Management [3] Company Overview - Noah Holdings Limited is a leading wealth management service provider focused on Mandarin-speaking high-net-worth investors, offering comprehensive advisory services on global investment and asset allocation [3][4] - The company operates a network of 1,109 relationship managers across 18 cities, providing customized financial solutions to 457,705 registered clients as of March 31, 2024 [4]

Noah Holdings Limited (NYSE:NOAH) Q1 2024 Results Conference Call May 29, 2024 8:00 PM ET Company Participants Melo Xi - Director of Investor Relations Zhe Yin - Co-Founder, Chief Executive Officer & Director Qing Pan - Group Chief Financial Officer Conference Call Participants Peter Zhang - JPMorgan Operator Good day, and welcome to the Noah Holdings First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over t ...

Financial Performance - In Q1 2024, net revenue was RMB 649.5 million (USD 90.0 million), a decrease of 19.2% compared to Q1 2023, primarily due to reduced performance fee income from USD private equity products and management fees from RMB private equity products and private securities funds[4]. - Operating income for Q1 2024 was RMB 121.5 million (USD 16.8 million), down 56.4% year-over-year, attributed to a 19.2% decrease in net revenue and a 55.6% increase in general and administrative expenses[6]. - The net income attributable to Noah's shareholders for Q1 2024 was RMB 131.5 million (USD 18.2 million), a decrease of 46.2% compared to Q1 2023, mainly due to the decline in operating income[7]. - The net income from mainland China in Q1 2024 was RMB 342.8 million (USD 47.5 million), down 28.8% year-over-year, primarily due to reduced management fees from private equity products[4]. - Non-GAAP net income attributable to Noah's shareholders for Q1 2024 was RMB 161.2 million (USD 22.3 million), a decrease of 32.7% year-over-year[7]. - The operating profit margin for Q1 2024 was 18.7%, down from 34.7% in Q1 2023[22]. - Net income for Q1 2024 was RMB 131.9 million ($18.3 million), a decrease of 45.8% compared to Q1 2023, with a net profit margin of 20.3%[24]. - The company reported a significant increase in performance fee income, which rose by 61.2% to RMB 3,430 thousand compared to the previous year[36]. - Noah Holdings Limited reported a net profit attributable to shareholders of RMB 244.21 million, a decrease of 46.2% compared to RMB 131.49 million in the same period last year[47]. Client and Advisor Metrics - The number of registered clients as of March 31, 2024, was 457,705, an increase of 3.9% year-over-year, with overseas registered clients totaling 15,725, up 17.1% from the previous year[8]. - The number of active clients in Q1 2024 was 10,391, a decrease of 7.5% year-over-year, but an increase of 15.0% compared to Q4 2023[8]. - The number of financial advisors decreased by 16.4% year-over-year to 1,109 as of March 31, 2024, while the number of overseas financial advisors increased by 2.2%[12]. - The wealth management business serves 457,705 registered clients through a network of 1,109 financial advisors across 18 cities in mainland China[31]. Investment Products and Distribution - The total value of investment products distributed in Q1 2024 was RMB 18.9 billion (USD 2.6 billion), a 12.4% increase year-over-year, driven by a 26.4% increase in public fund product distribution[8]. - The total value of public fund products reached RMB 10.0 billion, accounting for 59.4% of the total distribution in Q1 2024, compared to RMB 12.6 billion and 66.8% in the same period of 2023[9]. - The total value of private equity products was RMB 1.3 billion, representing 7.8% of the total distribution in Q1 2024, down from 6.3% in the same period of 2023[9]. - In Q1 2024, Noah Holdings distributed RMB 18.9 billion (USD 2.6 billion) in investment products[31]. Asset Management - As of March 31, 2024, the total asset management scale remained relatively stable at RMB 153.3 billion (USD 21.2 billion), compared to RMB 157.6 billion as of March 31, 2023, and RMB 154.6 billion as of December 31, 2023[13]. - The total asset management scale in mainland China was RMB 116.1 billion (USD 16.1 billion) as of March 31, 2024, down from RMB 124.2 billion as of March 31, 2023[13]. - The overseas asset management scale increased to RMB 37.2 billion (USD 5.1 billion) as of March 31, 2024, from RMB 36.0 billion as of December 31, 2023[15]. Operating Costs and Expenses - Operating costs and expenses in Q1 2024 were RMB 528.0 million ($73.1 million), an increase of 0.7% from Q1 2023, with compensation and benefits accounting for RMB 388.8 million ($53.8 million)[20]. - The company’s operating expenses totaled RMB 528,049 thousand, a slight increase of 0.7% from RMB 524,590 thousand in the previous quarter[37]. Future Plans and Strategic Initiatives - The company plans to launch new products originating from Japan and Dubai in the second half of the year[16]. - The company plans to expand its market presence and invest in new technologies to drive future growth[36]. - The company is focused on enhancing its product offerings and services through investment in research and development[33]. - The company acknowledges various risks and uncertainties that may affect its future performance, including market conditions and regulatory changes[33]. Cash and Liquidity - As of March 31, 2024, cash and cash equivalents were RMB 5,129.4 million ($710.4 million), down from RMB 5,192.1 million at the end of 2023[27]. - The net cash outflow from operating activities in Q1 2024 was RMB 181.8 million ($25.2 million), primarily due to an increase in trading debt products[27]. Stock Performance - The diluted net income per American Depositary Share for Q1 2024 was RMB 1.88 ($0.26), down from RMB 3.52 in Q1 2023[24]. - The diluted earnings per American Depositary Share (ADS) under non-GAAP was RMB 3.51, a decrease of 46.4% from RMB 1.88[47]. - The diluted earnings per ADS under GAAP was RMB 3.45, down 33.0% from RMB 2.31[47].

SHANGHAI, May 29, 2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the first quarter of 2024. FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS                                                                        ...

SHANGHAI, May 17, 2024 /PRNewswire/ -- Noah Holdings Limited (the "Company" or "Noah") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for Mandarin speaking high-net-worth investors, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2024, after U.S. markets close on May 29, 2024. Noah's management team will hold an earnings ...