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].
诺亚控股(新)(06686) - 2024 Q2 - 季度业绩