Financial Performance - For Q3 2024, net income was RMB 683.7 million (USD 97.4 million), a decrease of 8.8% compared to Q3 2023, primarily due to a 33.0% decline in net income from mainland China, partially offset by a 28.9% increase in overseas net income [8]. - Net income from mainland China for Q3 2024 was RMB 306.8 million (USD 43.7 million), down 33.0%, mainly due to a 89.9% decrease in income from domestic insurance product distribution and a 17.3% decline in recurring service fees from private equity products [8]. - Overseas net income for Q3 2024 was RMB 376.9 million (USD 53.7 million), an increase of 28.9%, driven by a 42.5% rise in income from overseas investment products and a 42.4% increase in insurance product income [8]. - Shareholders' net income attributable to Noah for Q3 2024 was RMB 134.4 million (USD 19.2 million), a decrease of 42.4% year-over-year, primarily due to a 3.2% decline in operating income and a foreign exchange loss of approximately RMB 43.6 million [10]. - Non-GAAP net income attributable to Noah for Q3 2024 was RMB 150.5 million (USD 21.4 million), a decrease of 35.2% year-over-year, but an increase of 41.9% compared to Q2 2024 [11]. - The net profit margin for Q3 2024 was 20.2%, down from 30.9% in Q3 2023 [39]. - The company reported a net profit margin of 30.9% for the three months ended September 30, 2024, compared to 20.2% for the same period in 2023 [59]. - The adjusted net income attributable to Noah Holdings shareholders (non-GAAP) for the three months ended September 30, 2024, was RMB 150.5 million, a decrease of 35.2% from RMB 232.4 million [75]. Client Metrics - The number of registered clients as of September 30, 2024, was 460,380, an increase of 1.8% year-over-year, with overseas registered clients totaling 17,287, up 20.9% from the previous year [12]. - Active clients in Q3 2024 totaled 7,857, a decrease of 17.2% year-over-year, while overseas active clients numbered 3,139, an increase of 37.4% compared to Q3 2023 [12]. - The number of overseas financial advisors increased by 89.6% year-over-year to 146 as of September 30, 2024, and increased by 29.2% from June 30, 2024 [18]. - The number of registered overseas clients increased to 17,287, representing a growth of 20.9% from 14,296 clients [73]. - The overseas active client count rose to 3,139, marking a significant increase of 37.4% from 2,284 clients [73]. Revenue and Income Sources - Operating income for Q3 2024 was RMB 240.8 million (USD 34.3 million), a decrease of 3.2% year-over-year, primarily due to the 8.8% decline in net income, partially offset by an 11.6% reduction in operating costs and expenses [9]. - In Q3 2024, net income from fundraising fees was RMB 175.1 million ($25.0 million), a decrease of 11.8% compared to Q3 2023, primarily due to reduced distribution of domestic insurance products [28]. - Net income from management fees in Q3 2024 was RMB 251.0 million ($35.8 million), down 10.3% year-over-year, mainly due to a decrease in asset management scale in mainland China [28]. - Performance fee income in Q3 2024 was RMB 3.0 million ($0.4 million), a significant decrease of 65.8% compared to the same period last year, attributed to lower performance fees from private equity products [28]. - The company achieved a significant increase in insurance product revenue, with a growth of 89.9% to RMB 85,445 thousand compared to the previous year [71]. Asset Management - As of September 30, 2024, total assets under management amounted to RMB 150.1 billion (USD 21.4 billion), a decrease of 2.5% from June 30, 2024, and a decrease of 3.1% from September 30, 2023 [21]. - The asset management scale in mainland China was RMB 110.6 billion (USD 15.8 billion) as of September 30, 2024, down from RMB 119.5 billion as of September 30, 2023 [21]. - The overseas asset management scale reached RMB 39.5 billion (USD 5.6 billion) as of September 30, 2024, compared to RMB 35.4 billion as of September 30, 2023 [21]. - The total value of overseas investment products distributed was RMB 6.9 billion, with public fund products accounting for RMB 2.0 billion (28.1%) as of September 30, 2023 [17]. - The total value of distributed investment products in Q3 2024 was RMB 14.3 billion (USD 2 billion), a decrease of 36.1% year-over-year, primarily due to a 42.1% reduction in public fund product distribution [13]. Operational Costs and Expenses - Operating costs and expenses for Q3 2024 totaled RMB 442.9 million ($63.1 million), a decrease of 11.6% from Q3 2023 [31]. - The operating profit margin for Q3 2024 was 35.2%, compared to 33.2% in Q3 2023 [34]. - The company reported a total operating cost of RMB 442,872 thousand for the three months ending September 30, 2024 [63]. Strategic Developments - The company opened a new office in Japan to attract local Chinese-speaking clients and is actively evaluating opportunities in Canada, Australia, Southeast Asia, and Europe [25]. - The company anticipates continued growth in overseas client acquisition and asset management services in the upcoming quarters [73]. - The company aims to enhance its product offerings and services through investments in research and development [50]. Market Presence - The company operates in major cities including mainland China, Hong Kong, New York, Silicon Valley, Singapore, and Los Angeles [47]. - Noah's investment products include private equity, public market securities, and insurance products denominated in RMB and other currencies [47]. - Noah's American Depositary Shares (ADS) are listed on the New York Stock Exchange under the ticker "NOAH" [46]. Currency and Exchange Rates - The exchange rate used for converting RMB to USD is 7.0176 as of September 30, 2024 [48].
诺亚控股(新)(06686) - 2024 Q3 - 季度业绩