诺亚控股(06686) - 2025 Q2 - 季度业绩

Report Overview and Company Information Legal Disclaimer and Announcement Details This announcement presents Noah Holdings Private Wealth Asset Management Limited's unaudited Q2 2025 financial results, issued under HKEX Listing Rules and SFO, advising investor caution - Announcement issued under HKEX Listing Rule 13.09 and SFO Part XIVA inside information provisions[4] - Q2 2025 results prepared under US GAAP, differing from IFRS[4] - Interim results for the six months ended June 30, 2025, expected to be published on August 28, 2025 (HKT)[4] Company Profile and Reporting Structure Adjustment Noah Holdings Limited announced Q2 2025 unaudited financial results, adopting a refined segment reporting structure from Q4 2024 to disclose net revenue by onshore and offshore business segments - Noah Holdings Limited is a leading wealth management service provider, offering global investment and asset allocation advisory services to high-net-worth Chinese investors worldwide[8] - From Q4 2024, the company adopted a refined segment reporting structure, disclosing net revenue by onshore and offshore business segments, with Q4 2024 comparative data restated[8] Q2 2025 Financial and Operational Highlights Q2 2025 Financial Highlights In Q2 2025, Noah Holdings' net revenue increased by 2.2% year-over-year to RMB 629.5 million, operating income grew by 20.2%, and net income attributable to Noah shareholders surged by 79.0% to RMB 178.6 million Q2 2025 Key Financial Metrics Overview | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenue | 629.5 | 615.8 | +2.2% | | Operating Income | 161.0 | 134.0 | +20.2% | | Net Income Attributable to Noah Shareholders | 178.6 | 99.8 | +79.0% | | Non-GAAP Net Income Attributable to Noah Shareholders | 189.0 | 106.1 | +78.2% | - Net revenue growth primarily due to increased distribution of offshore private securities investment funds and onshore private securities investment funds[10] Q2 2025 Operational Performance Noah achieved growth in client numbers and total value of distributed products in Q2 2025, particularly strong in offshore clients and private securities investment funds, while AUM remained relatively stable with offshore AUM increasing Q2 2025 Client and Product Distribution Data | Metric | As of June 30, 2025 | As of June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Registered Clients | 464,631 | 459,072 | +1.2% | | Offshore Registered Clients | 18,967 | 16,786 | +13.0% | | Total Active Clients (Q2) | 9,160 | 8,634 | +6.1% | | Offshore Active Clients (Q2) | 3,650 | 3,244 | +12.5% | | Total Value of Distributed Investment Products (Q2) | RMB 17.0 billion | RMB 14.4 billion | +17.7% | | Offshore Investment Product Distribution (Q2) | RMB 8.3 billion | RMB 7.9 billion | +5.1% | - Growth in total value of distributed investment products primarily due to a 44.4% increase in private securities investment fund distribution[14][70] - As of June 30, 2025, total assets under management (AUM) were RMB 145.1 billion, a decrease from RMB 154.0 billion on June 30, 2024, but offshore AUM increased by 5.9% to RMB 41.4 billion[15][72] Management Commentary Chairperson's Statement Ms. Wang Jingbo, Co-founder and Chairperson of Noah Holdings, stated the company is steadily progressing amidst challenges, showing recovery in profitability and revenue, with significant growth in operating income and non-GAAP net profit - Operating income grew robustly by 20.2% year-over-year, and non-GAAP net profit surged by 78.2% year-over-year[19] - Offshore revenue continued to grow, now accounting for nearly 50% of total net revenue, solidifying the effectiveness of the global expansion strategy[19] - The company will continue to steadfastly execute its strategy to drive long-term sustainable business growth while prudently observing the market environment[19] Q2 2025 Detailed Financial Performance Net Revenue Analysis Q2 2025 net revenue was RMB 629.5 million, up 2.2% year-over-year, mainly driven by increased distribution of offshore and onshore private securities investment funds, with offshore protection and legacy services showing the fastest growth Q2 2025 Net Revenue by Segment | Segment | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Onshore Public Market Securities | 131.8 | 116.8 | +12.8% | | Onshore Asset Management | 177.1 | 198.1 | -10.6% | | Onshore Insurance | 7.2 | 11.7 | -38.7% | | Offshore Wealth Management | 129.4 | 150.6 | -14.1% | | Offshore Asset Management | 108.3 | 97.1 | +11.5% | | Offshore Protection and Legacy Services | 59.0 | 30.9 | +90.9% | | Headquarters | 16.7 | 10.6 | +57.3% | | Total Net Revenue | 629.5 | 615.8 | +2.2% | - Net revenue from offshore protection and legacy services increased by 90.9% year-over-year, primarily due to increased distribution fees from offshore insurance products by commission-based brokers[22] - Net revenue from onshore asset management decreased by 10.6% year-over-year, mainly due to reduced management fees and performance-based compensation from private equity products[22] Operating Costs and Expenses Analysis Total operating costs and expenses in Q2 2025 were RMB 468.5 million, a 2.8% year-over-year decrease, with key components including compensation and benefits, selling expenses, and general and administrative expenses, showing varied changes across segments Q2 2025 Operating Costs and Expenses Breakdown | Item | Amount (RMB million) | Percentage | YoY Change | | :--- | :--- | :--- | :--- | | Compensation and Benefits | 299.3 | 63.9% | +0.8% | | Selling Expenses | 62.3 | 13.3% | +0.7% | | General and Administrative Expenses | 71.2 | 15.2% | -10.9% | | Provision for Credit Losses | 41.2 | 8.8% | N/A | | Other Operating Expenses | 8.6 | 1.8% | -81.4% | | Government Subsidies (Income) | (14.1) | -3.0% | +434.4% | | Total | 468.5 | 100.0% | -2.8% | - Operating costs and expenses for onshore public market securities decreased by 57.4%, mainly due to reduced financial advisor compensation and increased government subsidies[24] - Headquarters operating costs and expenses increased by 58.9%, primarily due to increased provision for credit losses related to the suspension of lending business[24] Operating Income (Loss) Total operating income in Q2 2025 was RMB 161.0 million, a 20.2% year-over-year increase, with significant growth in onshore public market securities and onshore asset management, and offshore protection and legacy services surging by 186.8% Q2 2025 Operating Income (Loss) by Segment | Segment | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Onshore Public Market Securities | 107.8 | 60.7 | +77.8% | | Onshore Asset Management | 155.1 | 118.4 | +31.0% | | Onshore Insurance | (7.6) | (25.6) | -70.2% | | Offshore Wealth Management | 27.8 | 37.1 | -25.1% | | Offshore Asset Management | 72.6 | 74.2 | -2.1% | | Offshore Protection and Legacy Services | 29.8 | 10.4 | +186.8% | | Headquarters | (224.5) | (141.2) | +59.1% | | Total Operating Income | 161.0 | 134.0 | +20.2% | - Operating loss from onshore insurance decreased by 70.2% year-over-year, indicating a narrowing of business losses[25] Other Financial Metrics In Q2 2025, operating margin improved to 25.6%, net profit margin reached 28.4%, interest income decreased by 21.3% year-over-year, investments shifted from gain to loss, and income tax expense increased by 58.2% due to higher withholding tax on dividends in mainland China Q2 2025 Other Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Margin | 25.6% | 21.8% | +3.8 percentage points | | Net Profit Margin | 28.4% | 16.8% | +11.6 percentage points | | Interest Income | RMB 33.5 million | RMB 42.6 million | -21.3% | | Investment Gain (Loss) | (RMB 13.9 million) | RMB 10.4 million | Shift from gain to loss | | Income Tax Expense | RMB 63.7 million | RMB 40.3 million | +58.2% | - Investment loss primarily due to unrealized losses from fair value changes in equity investments[28] Net Income and Earnings Per Share In Q2 2025, net income increased by 72.2% year-over-year to RMB 178.5 million, with net income attributable to Noah shareholders growing by 79.0%, and non-GAAP net income attributable to Noah shareholders rising by 78.2% to RMB 189.0 million Q2 2025 Net Income and Earnings Per Share | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Income | RMB 178.5 million | RMB 103.7 million | +72.2% | | Net Income Attributable to Noah Shareholders | RMB 178.6 million | RMB 99.8 million | +79.0% | | Basic Net Income Per ADS | RMB 2.56 | RMB 1.42 | +80.3% | | Diluted Net Income Per ADS | RMB 2.54 | RMB 1.42 | +78.9% | | Non-GAAP Net Income Attributable to Noah Shareholders | RMB 189.0 million | RMB 106.1 million | +78.2% | | Non-GAAP Diluted Net Income Per ADS | RMB 2.69 | RMB 1.51 | +78.1% | Balance Sheet and Cash Flow Key Metrics As of June 30, 2025, cash and cash equivalents were RMB 3,821.8 million, a decrease from the previous quarter and prior year, with net cash inflow from operating activities at RMB 27.6 million, reduced net cash outflow from investing activities, and increased net cash outflow from financing activities due to share repurchases Cash and Cash Flow at Q2 2025 End | Metric | As of June 30, 2025 (RMB million) | As of March 31, 2025 (RMB million) | As of June 30, 2024 (RMB million) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,821.8 | 4,075.4 | 4,604.9 | | Net Cash Inflow from Operating Activities (Q2) | 27.6 | - | 49.7 | | Net Cash Outflow from Investing Activities (Q2) | 171.7 | - | 548.2 | | Net Cash Outflow from Financing Activities (Q2) | 71.5 | - | 44.6 | - Net cash inflow from operating activities decreased, primarily due to reduced redemption of trading debt securities in Q2 2025[34] - Net cash outflow from investing activities decreased, primarily due to reduced purchases of held-to-maturity investments[34] - Net cash outflow from financing activities increased, primarily due to share repurchases[34] Appendix Conference Call Information Noah Holdings will host a conference call on Wednesday, August 27, 2025, at 8:00 PM U.S. Eastern Time (Thursday, August 28, 2025, at 8:00 AM Hong Kong Time) to discuss Q2 2025 unaudited financial results and recent business activities - The conference call will be held on August 27, 2025, at 8 PM U.S. Eastern Time, with English and Chinese services available[36] - A replay of the conference call and webcast recording will be available on the company's investor relations website[36] Explanation of Non-GAAP Measures The company discloses non-GAAP financial measures to exclude share-based compensation, non-cash settlement expenses, and related tax impacts, supplementing US GAAP data to provide investors with a more comprehensive view of operating performance trends - Non-GAAP measures exclude share-based compensation, non-cash settlement expenses or reversals, and related tax impacts[37] - These non-GAAP measures should not be considered as substitutes for financial measures prepared in accordance with US GAAP[39] About Noah Holdings Limited Noah Holdings Limited is a leading wealth management service provider, offering one-stop advisory services to high-net-worth Chinese investors globally, listed on NYSE and HKEX, with operations spanning wealth and asset management across major Chinese cities and global financial centers - Noah Holdings Limited is listed on the New York Stock Exchange (NOAH) and the Hong Kong Stock Exchange (6686)[40] - As of June 30, 2025, Noah managed assets totaling RMB 145.1 billion and had 464,631 registered clients[40][41] Foreign Currency Translation Explanation All RMB to USD conversions in this announcement are made at an exchange rate of RMB 7.1636 to USD 1.00, which is the effective noon buying rate on June 30, 2025, as specified in the Federal Reserve Board's H.10 statistical release - The RMB to USD exchange rate is RMB 7.1636 to USD 1.00[43] Safe Harbor Statement This announcement contains forward-looking statements subject to inherent risks and uncertainties, where actual results may differ materially from expectations, and the company undertakes no obligation to update such statements - Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those contemplated in any forward-looking statement[44][45] - The company undertakes no obligation to update any such information as a result of new information, future events, or otherwise[45] Contact Information Provides contact information for Noah Holdings Limited Investor Relations - Contact: Rick Chan, Phone: +86-21-8035-8292, Email: ir@noahgroup.com[46] Financial Statements Appendix This appendix includes Noah Holdings Limited's condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income, segment condensed statements of operations, additional business data, supplementary revenue data by geographic region and product type, and reconciliation of GAAP to non-GAAP results as of June 30, 2025 - Includes condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statements of comprehensive income[47][50][55] - Includes segment condensed statements of operations, additional business data, and supplementary revenue data (by geographic region and product type)[57][61][65][67] - Includes reconciliation of GAAP to non-GAAP results[73][75]