NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024

Core Viewpoint - Noah Holdings Limited reported a decline in net revenues for Q3 2024, primarily driven by a significant decrease in revenues from mainland China, although overseas revenues showed growth, indicating a shift in market dynamics and client demand for global asset allocation services [2][21][20]. Financial Performance - Net revenues for Q3 2024 were RMB683.7 million (US$97.4 million), an 8.8$43.7 million), while overseas revenues increased by 28.9% to RMB376.9 million (US$53.7 million) [3][4]. - Income from operations was RMB240.8 million (US$34.3 million), a 3.2% decrease year-over-year, but a 79.7% increase sequentially [7][20]. - Net income attributable to Noah shareholders was RMB134.4 million (US$19.2 million), a 42.4$66.2 million) [5]. - Asset management revenues increased by 9.2% to RMB208.9 million (US$29.7 million) [5]. - Other businesses remained flat at RMB9.8 million (US$1.4 million) [5]. Client Metrics - Total registered clients as of September 30, 2024, reached 460,380, a 1.8% increase year-over-year [10]. - The number of overseas registered clients increased by 20.9% to 17,287 [10]. - Active clients decreased by 17.2% to 7,857 compared to Q3 2023 [10]. Investment Products - The aggregate value of investment products distributed in Q3 2024 was RMB14.3 billion (US$2.0 billion), a 36.1$1.1 billion) [10]. Assets Under Management - Total assets under management as of September 30, 2024, were RMB150.1 billion (US$21.4 billion), a 2.5$15.8 billion), while overseas assets were RMB39.5 billion (US$5.6 billion) [16]. Operational Updates - The company expanded its team of relationship managers to 146, a 89.6% increase year-over-year [20]. - A new office was opened in Japan to attract local Mandarin-speaking clients, with plans to explore other markets such as Canada and Europe [20].