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].
诺亚控股(06686) - 2024 Q1 - 季度业绩